Exhibit 4.5


 


EXECUTION VERSION


 





 





 


DEUTSCHE MORTGAGE & ASSET RECEIVING
CORPORATION,

Depositor,


 


Keybank
national association,

Master Servicer,


 


AEGON
USA REALTY ADVISORS, LLC,

Special Servicer,


 


WELLS
FARGO BANK, NATIONAL ASSOCIATION,

Certificate Administrator, Trustee, Paying Agent and Custodian


 


and


 


park
bridge lender services llc,

Operating Advisor


 





 






 


TRUST
AND SERVICING AGREEMENT

Dated as of October 6, 2016


 


 




 


COMM 2016-667M Mortgage Trust

Commercial Mortgage Pass-Through Certificates


 

 


 






    


     


    







 


TABLE OF CONTENTS





	 	 	 	 
	 	 	 	Page
	 	 	 	 
	ARTICLE I
	 	 	 	 
	DEFINITIONS
	 	 	 	 
	Section 1.01	Defined Terms	 	2
	Section 1.02	Certain Calculations	 	74
	Section 1.03	Certain Constructions	 	77
	 	 	 	 
	ARTICLE II
	 	 	 	 
	CONVEYANCE OF THE MORTGAGE LOAN;

ORIGINAL ISSUANCE OF CERTIFICATES
	 
	Section 2.01	Conveyance of the Trust Loan; Assignment of Trust Loan Purchase Agreement	 	78
	Section 2.02	Acceptance by Custodian and the Trustee	 	84
	Section 2.03	Representations, Warranties and Covenants of the Depositor; Repurchase of Trust Loan	 	86
	Section 2.04	Representations, Warranties and Covenants of the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee and the Operating Advisor	 	93
	Section 2.05	Execution and Delivery of Certificates; Issuance of Lower-Tier Regular Interests	 	99
	Section 2.06	Miscellaneous REMIC Provisions	 	99
	 	 	 	 
	ARTICLE III
	 	 	 	 
	ADMINISTRATION AND SERVICING

OF THE TRUST FUND
	 
	Section 3.01	The Master Servicer To Act as Master Servicer; Special Servicer To Act as Special Servicer; Administration of the Whole Loan	 	100
	Section 3.02	Liability of the Master Servicer and the Special Servicer When Sub-Servicing	 	104
	Section 3.03	Collection of Whole Loan Payments	 	104
	Section 3.04	Collection of Taxes, Assessments and Similar Items; Escrow Accounts	 	104
	Section 3.05	Collection Account; Distribution Accounts and Interest Reserve Account	 	106
	Section 3.06	Permitted Withdrawals from the Collection Account and the Distribution Accounts; Trust Ledger	 	110


 


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	Section 3.07	Investment of Funds in the Collection Account, the REO Account, the Lock-Box Accounts, the Cash Collateral Accounts and the Reserve Accounts	 	119
	Section 3.08	Maintenance of Insurance Policies and Errors and Omissions and Fidelity Coverage	 	121
	Section 3.09	Enforcement of Due-on-Sale Clauses; Assumption Agreements; Defeasance Provisions	 	125
	Section 3.10	Appraisals; Realization upon Defaulted Whole Loan	 	130
	Section 3.11	Custodian to Cooperate; Release of Mortgage File	 	136
	Section 3.12	Servicing Fees, Trustee/Certificate Administrator Fee and Special Servicing Compensation	 	137
	Section 3.13	Reports to the Certificate Administrator; Collection Account Statements	 	143
	Section 3.14	Access to Certain Documentation	 	149
	Section 3.15	Title and Management of REO Property and REO Accounts	 	158
	Section 3.16	Sale of a Specially Serviced Loan or the REO Property	 	161
	Section 3.17	Additional Obligations of the Master Servicer and the Special Servicer; Inspections	 	166
	Section 3.18	Authenticating Agent	 	167
	Section 3.19	Appointment of Custodians	 	168
	Section 3.20	Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and Reserve Accounts	 	169
	Section 3.21	Property Advances	 	169
	Section 3.22	Appointment and Replacement of Special Servicer	 	173
	Section 3.23	Transfer of Servicing Between the Master Servicer and the Special Servicer; Record Keeping; Asset Status Report; Notice of Mezzanine Foreclosure	 	177
	Section 3.24	Special Instructions for the Master Servicer and/or Special Servicer	 	182
	Section 3.25	Certain Rights and Obligations of the Master Servicer and/or the Special Servicer	 	183
	Section 3.26	Modification, Waiver, Amendment and Consents	 	183
	Section 3.27	[Reserved]	 	185
	Section 3.28	[Reserved]	 	185
	Section 3.29	[Reserved]	 	185
	Section 3.30	No Downgrade Confirmation	 	185
	Section 3.31	Certain Co-Lender Matters Relating to the Whole Loan	 	187
	Section 3.32	Appointment and Duties of the Operating Advisor	 	191
	Section 3.33	Credit Risk Retention	 	195
	 	 	 	 
	ARTICLE IV
	 
	DISTRIBUTIONS TO CERTIFICATEHOLDERS
	 
	Section 4.01	Distributions	 	195
	Section 4.02	Statements to Certificateholders; Reports by Certificate Administrator; Other Information Available to the Holders and Others	 	201
	Section 4.03	Compliance with Withholding Requirements	 	212


 


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	Section 4.04	REMIC Compliance	 	212
	Section 4.05	Imposition of Tax on the Trust Fund	 	215
	Section 4.06	Remittances	 	216
	Section 4.07	P&I Advances and Administrative Advances	 	216
	Section 4.08	Appraisal Reductions and Collateral Deficiency Amounts	 	221
	 	 	 	 
	ARTICLE V
	 
	THE CERTIFICATES
	 
	Section 5.01	The Certificates	 	222
	Section 5.02	Registration, Transfer and Exchange of Certificates	 	226
	Section 5.03	Mutilated, Destroyed, Lost or Stolen Certificates	 	238
	Section 5.04	Appointment of Paying Agent	 	238
	Section 5.05	Access to Certificateholders’ Names and Addresses; Special Notices	 	238
	Section 5.06	Actions of Certificateholders	 	239
	Section 5.07	Rule 144A Information	 	239
	 	 	 	 
	ARTICLE VI
	 
	THE DEPOSITOR, THE MASTER SERVICER, THE SPECIAL SERVICER, THE 

DIRECTING HOLDER AND THE OPERATING ADVISOR
	 
	Section 6.01	Liability of the Depositor, the Master Servicer, the Special Servicer and the Operating Advisor	 	240
	Section 6.02	Merger or Consolidation of the Master Servicer, the Special Servicer, the Depositor or the Operating Advisor	 	240
	Section 6.03	Limitation on Liability of the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor and Others	 	241
	Section 6.04	Limitation on Resignation of the Master Servicer, the Special Servicer and the Operating Advisor; Termination of the Master Servicer, the Special Servicer and the Operating Advisor	 	242
	Section 6.05	Rights of the Depositor and the Trustee in Respect of the Master Servicer and the Special Servicer	 	244
	Section 6.06	The Master Servicer or Special Servicer as Owners of a Certificate	 	245
	Section 6.07	Selection and Removal of the Directing Holder	 	246
	Section 6.08	Limitation on Liability of Directing Holder; Acknowledgements of the Certificateholders	 	248
	Section 6.09	Rights and Powers of the Directing Holder	 	248
	Section 6.10	Directing Holder and Operating Advisor Contact with Master Servicer and Special Servicer	 	250


 


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	ARTICLE VII
	 	 	 	 
	TERMINATION EVENTS
	 
	Section 7.01	Servicer Termination Events	 	251
	Section 7.02	Trustee to Act; Appointment of Successor	 	259
	Section 7.03	Notification to Certificateholders and Other Persons	 	261
	Section 7.04	Other Remedies of Trustee	 	261
	Section 7.05	Waiver of Past Servicer Termination Events and Operating Advisor Termination Events; Termination	 	262
	Section 7.06	Trustee as Maker of Advances	 	262
	Section 7.07	Termination of the Operating Advisor	 	262
	 	 	 	 
	ARTICLE VIII
	 
	CONCERNING THE TRUSTEE AND CERTIFICATE ADMINISTRATOR
	 
	Section 8.01	Duties of Trustee and Certificate Administrator	 	265
	Section 8.02	Certain Matters Affecting the Trustee and the Certificate Administrator	 	268
	Section 8.03	Trustee and Certificate Administrator Not Liable for Certificates or the Trust Loan	 	271
	Section 8.04	Trustee and Certificate Administrator May Own Certificates	 	272
	Section 8.05	Payment of Trustee’s and Certificate Administrator’s Fees and Expenses; Indemnification	 	273
	Section 8.06	Eligibility Requirements for Trustee and Certificate Administrator	 	275
	Section 8.07	Resignation and Removal of Trustee and Certificate Administrator	 	277
	Section 8.08	Successor Trustee and Certificate Administrator	 	278
	Section 8.09	Merger or Consolidation of Trustee or Certificate Administrator	 	279
	Section 8.10	Appointment of Co-Trustee or Separate Trustee	 	279
	 	 	 	 
	ARTICLE IX
	 	 	 	 
	TERMINATION
	 
	Section 9.01	Termination	 	281
	 	 	 	 
	ARTICLE X
	 	 	 	 
	MISCELLANEOUS PROVISIONS
	 
	Section 10.01	Counterparts	 	286
	Section 10.02	Limitation on Rights of Certificateholders	 	286
	Section 10.03	Governing Law	 	287
	Section 10.04	Waiver of Jury Trial; Consent to Jurisdiction	 	287
	Section 10.05	Notices	 	287
	Section 10.06	Severability of Provisions	 	290


 


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	Section 10.07	Notice to the Depositor and Each Rating Agency	 	290
	Section 10.08	Amendment	 	292
	Section 10.09	Confirmation of Intent	 	295
	Section 10.10	No Intended Third-Party Beneficiaries	 	296
	Section 10.11	Entire Agreement	 	296
	Section 10.12	Third Party Beneficiaries	 	296
	 	 	 	 
	ARTICLE XI
	 	 	 	 
	EXCHANGE ACT REPORTING AND REGULATION AB COMPLIANCE
	 
	Section 11.01	Intent of the Parties; Reasonableness	 	297
	Section 11.02	Succession; Sub-Servicers; Subcontractors	 	297
	Section 11.03	Other Securitization Trust’s Filing Obligations	 	299
	Section 11.04	Form 10-D Disclosure	 	299
	Section 11.05	Form 10-K Disclosure	 	300
	Section 11.06	Form 8-K Disclosure	 	300
	Section 11.07	Annual Compliance Statements	 	301
	Section 11.08	Annual Reports on Assessment of Compliance with Servicing Criteria	 	302
	Section 11.09	Annual Independent Public Accountants’ Servicing Report	 	304
	Section 11.10	Significant Obligor	 	305
	Section 11.11	Sarbanes-Oxley Backup Certification	 	306
	Section 11.12	Indemnification	 	306
	Section 11.13	Amendments	 	310
	Section 11.14	Termination of the Certificate Administrator	 	310
	Section 11.15	Termination of Sub-Servicing Agreements	 	310
	Section 11.16	Notification Requirements and Deliveries in Connection with Securitization of the Companion Loan	 	310




 





TABLE OF EXHIBITS





	Exhibit A-1	Form of Class A Certificate 
	Exhibit A-2	Form of Class X-A Certificate 
	Exhibit A-3	Form of Class B Certificate 
	Exhibit A-4	Form of Class C Certificate 
	Exhibit A-5	Form of Class D Certificate 
	Exhibit A-6	Form of Class E Certificate 
	Exhibit A-7	Form of Class R Certificate 
	Exhibit A-8	Form of Class LR Certificate 
	Exhibit B	Mortgage Loan Schedule 
	Exhibit C-1	Form of Transferee Affidavit 
	Exhibit C-2	Form of Transferor Certificate 
	Exhibit D-1	Form of Investment Representation Letter 
	Exhibit D-2	Form of ERISA Representation Letter 
	Exhibit D-3	Form of Transferee Certificate for Transfers of any Class of Certificates constituting the EHRI










 






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	Exhibit D-4	Form of Transferor Certificate for Transfers of any Class of Certificates constituting the EHRI 
	Exhibit E	Form of Request for Release 
	Exhibit F	Securities Legend 
	Exhibit G	Form of Regulation S Transfer Certificate 
	Exhibit H	Form of Transfer Certificate for Exchange or Transfer from Rule 144A Global Certificate to Regulation S Global Certificate during the Restricted Period 
	Exhibit I	Form of Transfer Certificate for Exchange or Transfer from Rule 144A Global Certificate to Regulation S Global Certificate after the Restricted Period 
	Exhibit J	Form of Transfer Certificate for Exchange or Transfer from Regulation S Global Certificate to Rule 144A Global Certificate 
	Exhibit K	Form of Distribution Date Statement 
	Exhibit L-1-A	Form of Investor Certification for Non-Borrower Related Parties 
	Exhibit L-1-B	Form of Investor Certification for Borrower Related Parties 
	Exhibit L-1-C	Form of Notice of Conflicted Controlling Class Holder to Certificate Administrator 
	Exhibit L-1-D	Form of Certification of the Directing Holder 
	Exhibit L-2	Form of Investor Certification 
	Exhibit L-3	Form of Online Vendor Certification 
	Exhibit L-4	Form of CREFC® Certification 
	Exhibit M	Form of Notification from Custodian 
	Exhibit N-1	Form of Closing Date Custodian Certification 
	Exhibit N-2	Form of Post-Closing Custodian Certification 
	Exhibit O	Form of NRSRO Certification 
	Exhibit P-1	Form of Transferor Certificate for Transfer of the Excess Servicing Fee Rights 
	Exhibit P-2	Form of Transferee Certificate for Transfer of the Excess Servicing Fee Rights 
	Exhibit Q	Form of Power of Attorney to the Master Servicer and Special Servicer 
	Exhibit R	Form of Notice of Mezzanine Collateral Foreclosure 
	Exhibit S	Additional Form 10-D Disclosure 
	Exhibit T	Additional Form 10-K Disclosure 
	Exhibit U	Form 8-K Disclosure Information 
	Exhibit V	Additional Disclosure Notification 
	Exhibit W	Initial Sub-Servicers 
	Exhibit X	Form of Backup Certification 
	Exhibit Y	Form of Operating Advisor Annual Report 
	Exhibit Z	Form of Certificate Administrator Receipt of EHRI


 


TABLE OF SCHEDULES


 


	Schedule I	Servicing Criteria to be Addressed in Assessment of Compliance 
	Schedule II	Initial Companion Loan Holder







 






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Trust and Servicing Agreement,
dated as of October 6, 2016, between Deutsche Mortgage & Asset Receiving Corporation, as Depositor, KeyBank National Association,
as Master Servicer, AEGON USA Realty Advisors,
LLC, as Special Servicer, Wells Fargo Bank, National Association, as Certificate
Administrator, Trustee, Paying Agent and Custodian, and Park Bridge Lender Services llc,
as Operating Advisor.


 


PRELIMINARY STATEMENT:


 


(Terms used but not defined in this Preliminary
Statement shall have

the meanings specified in Article I hereof)


 


The Depositor intends
to sell pass-through certificates to be issued hereunder in multiple Classes which in the aggregate will evidence the entire beneficial
ownership interest in the Trust Fund consisting primarily of the Trust Loan.


 


The Lower-Tier REMIC
will hold the Trust Loan and certain other related assets subject to this Agreement, and will issue (i) the Lower-Tier Regular
Interests set forth in the table below (the “Lower-Tier Regular Interests”), as classes of “regular interests”
in the Lower-Tier REMIC and (ii) the Class LR Certificates, as the sole class of residual interests in the Lower-Tier REMIC.


 


The Upper-Tier REMIC
will hold the Lower-Tier Regular Interests and certain other related assets subject to this Agreement and will issue (i) the Class
A, Class X-A, Class B, Class C, Class D and Class E Certificates as Classes of “regular interests” in the Upper-Tier
REMIC and (ii) the Class R Certificates, as the sole class of residual interests in the Upper-Tier REMIC.


 


The following table sets
forth the Class designation and Certificate Balance or Notional Balance of each Class of Certificates (other than the Class R and
Class LR Certificates) (collectively, the “Corresponding Certificates”) and the corresponding Lower-Tier Regular
Interest (the “Corresponding Lower-Tier Regular Interest”) and Corresponding Component for each Class of Corresponding
Certificates and each Class of Corresponding Lower-Tier Regular Interests.


 


	Corresponding

                           Certificates 
	 	Certificate
                           Balance or

 Notional Balance 
	 	Corresponding
                           Lower-

Tier Regular

 Interests(1) 
	 	Lower-Tier


                           Principal Balance 
	 	Corresponding


                           Component 

	Class A 	 	$ 116,665,000	 	LA	 	$ 116,665,000	 	XA
	Class X-A 	 	$ 116,665,000(1)	 	N/A	 	N/A	 	Class A Certificates
    
	Class B 	 	$ 25,925,000	 	LB	 	$ 25,925,000	 	N/A
	Class C 	 	$ 24,770,000	 	LC	 	$ 24,770,000	 	N/A
	Class D 	 	$ 30,523,000	 	LD	 	$ 30,523,000	 	N/A
	Class E 	 	$ 16,117,000	 	LE	 	$ 16,117,000	 	N/A



 

 



		(1)	The
                                         Lower-Tier Regular Interest and the Component of the Class X-A Certificates that correspond
                                         to any particular Class of Certificates also correspond to each other and, accordingly,
                                         constitute the (i) “Corresponding Lower-Tier Regular Interest” and
                                         (ii) “Corresponding Component” respectively, with respect to each
                                         other. The Component Notional Balance for such Corresponding Component of the Class X-A
                                         Certificates shall at all times equal the then Lower-Tier Principal Balance of the Corresponding
                                         Lower-Tier Regular Interest.



 






    


     


    

 


The initial Certificate
Balance of each of the Class R and Class LR Certificates is zero. Additionally, the Class R and Class LR Certificates do not have
a Notional Balance. The Certificate Balance of any Class of Certificates outstanding at any time represents the maximum amount
which holders thereof are entitled to receive as distributions allocable to principal from the cash flow on the Trust Loan and
the other assets in the Trust Fund; provided, however, that in the event that amounts previously allocated as Realized
Losses to a Class of Certificates in reduction of the Certificate Balance thereof are subsequently recovered (including, without
limitation, after the reduction of the Certificate Balance of such Class to zero), such Class may receive distributions in respect
of such recoveries in accordance with the priorities set forth in Section 4.01 of this Agreement.


 


As of the Cut-off Date,
the Trust Loan has a Stated Principal Balance equal to approximately $214,000,000.


 


In consideration of the
mutual agreements herein contained, the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the
Trustee, the Operating Advisor and the other parties hereto hereby agree as follows:


 


ARTICLE
I



DEFINITIONS


 


Section 1.01 Defined
Terms. Whenever used in this Agreement, the following words and phrases, unless the context otherwise requires, shall have
the meanings specified in this Article.


 


“30/360 Basis”:
The accrual of interest calculated on the basis of a 360-day year consisting of twelve 30-day months.


 


“17g-5 Information
Provider”: The Certificate Administrator.


 


“17g-5 Information
Provider’s Website”: The internet website of the 17g-5 Information Provider, initially located at https://www.ctslink.com,
under the “NRSRO” tab of the respective transaction, access to which is limited to NRSROs who have provided an NRSRO
Certification to the 17g-5 Information Provider.


 


“A.M. Best”:
A.M. Best Company, Inc., or any of its successors in interest. If neither A.M. Best nor any successor remains in existence, “A.M.
Best” shall be deemed to refer to such other nationally recognized statistical rating agency or other comparable Person designated
by the Depositor, notice of which designation shall be given to the other parties hereto and specific ratings of A.M. Best herein
referenced shall be deemed to refer to the equivalent ratings of the party so designated.


 


“AB Modified
Loan”: Any Corrected Mortgage Loan (1) that became a Corrected Mortgage Loan due to a modification thereto that resulted
in the creation of an A/B note structure (or similar structure) and as to which the new junior note(s) did not previously exist
or the principal amount of the new junior note(s) was previously part of either an A note held by the


 






    -2- 


     


    

 


issuing
entity or the original unmodified Trust Loan and (2) as to which an Appraisal Reduction Amount is not in effect.


 


“Acceptable
Insurance Default”: With respect to the Whole Loan, any Default arising when the Loan Documents require that the Borrower
must maintain standard extended coverage casualty insurance or other insurance that covers acts of terrorism and the Special Servicer
has determined, in accordance with the Servicing Standard, that either (i) such insurance is not available at commercially reasonable
rates and the subject hazards are not at the time commonly insured against by for properties similar to the Mortgaged Property
and located in or around the geographic region in which the Mortgaged Property is located (but only by reference to such insurance
that has been obtained by such owners at current market rates), or (ii) such insurance is not available at any rate.


 


“Accrued AB
Loan Interest”: With respect to any AB Modified Loan and any date of determination, accrued and unpaid interest that
remains unpaid with respect to the new junior note(s) of such AB Modified Loan.


 


“Actual/360
Basis”: The accrual of interest calculated on the basis of the actual number of days elapsed during any calendar month
(or other applicable accrual period) in a year assumed to consist of 360 days.


 


“Additional
Disclosure Notification”: The form of notification to be included with any Additional Form 10-D Disclosure, Additional
Form 10-K Disclosure or Form 8-K Disclosure Information which is attached to this Agreement as Exhibit V.


 


“Additional
Exclusions”: Exclusions in addition to those customarily found in the insurance policies for mortgaged properties similar
to the Mortgaged Property on or prior to September 11, 2001.


 


“Additional
Form 10-D Disclosure”: The information described in the Form 10-D items set forth under the “Item on Form 10-D”
column on Exhibit S hereto.


 


“Additional
Form 10-K Disclosure”: The information described in the Form 10-K items set forth under the “Item on Form 10-K”
column on Exhibit T hereto.


 


“Additional
Servicer”: Each Affiliate of the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the
Trust Loan Seller or the Initial Purchaser (other than an Affiliate of any such party acting in the capacity of a Sub-Servicer),
that Services the Trust Loan, and each Person, other than the Special Servicer, who is not an Affiliate of any of the Master Servicer,
the Certificate Administrator, the Trustee, the Trust Loan Seller or the Initial Purchaser, who Services 10% or more of the Trust
Loan (based on its Stated Principal Balance).


 


“Additional
Trust Fund Expense”: Any extraordinary expense incurred with respect to the Trust Fund (including interest on Advances
(to the extent such amounts cannot be paid from Default Interest or late payment fees on the Whole Loan), Special Servicing Fees,
Liquidation Fees and Workout Fees) and not otherwise treated as a Realized Loss that would result in the Holders of any Class of
Regular Certificates receiving less than the full amount of


 






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principal
and/or the Interest Distribution Amount to which they are entitled on any Distribution Date. Expenses incurred as a result of
the exercise of the Master Servicer or Special Servicer, as applicable, of any right granted under the Loan Documents to obtain
terrorism insurance in the event that the Borrower (i) is not required to purchase such terrorism insurance or (ii) is only required
to purchase terrorism insurance up to a cap shall be an Additional Trust Fund Expense.


 


“Administrative
Advance”: As defined in Section 4.07(c) of this Agreement.


 


“Administrative
Fee Rate”: The percentage rate per annum equal to the sum of (i) the Servicing Fee Rate, (ii) the Trustee/Certificate
Administrator Fee Rate, (iii) the Operating Advisor Fee Rate and (iv) the CREFC® License Fee Rate. The Administrative
Fee Rate is equal to 0.02040% per annum and accrues on the same basis as
interest accrues on the Whole Loan.


 


“Advance”:
Any P&I Advance, Property Advance or Administrative Advance.


 


“Advance Interest
Amount”: Interest at the Advance Rate on the aggregate amount of P&I Advances, Property Advances and Administrative
Advances for which the Master Servicer or the Trustee, as applicable, has not been reimbursed for the number of days from the date
on which such Advance was made to the date of payment or reimbursement of the related Advance or other such amount, less any amount
of interest previously paid on such Advance; provided that if, during any Collection Period in which an Advance was made,
the Borrower makes a payment of an amount in respect of which such Advance was made with interest at the Default Rate or a late
payment fee, the Advance Interest Amount payable to the Master Servicer or the Trustee shall be paid first, from Default
Interest and late payment fees in the manner set forth in Section 9(d) of the Co-Lender Agreement, and then, upon
determining in accordance with the Servicing Standard that such Advance Interest Amount is not recoverable from such amounts from
other amounts on deposit in the Collection Account.


 


“Advance Rate”:
A per annum rate equal to the Prime Rate. Interest at the Advance Rate will accrue from (and including) the date on which
the related Advance is made or the related expense incurred to (but excluding) the date on which such amounts are recovered out
of amounts received on the Trust Loan as to which such Advances were made or servicing expenses incurred or the first Servicer
Remittance Date after a determination of non-recoverability, as the case may be, is made; provided that such interest at
the Advance Rate will continue to accrue to the extent funds are not available in the Collection Account for such reimbursement
of such Advance.


 


“Adverse REMIC
Event”: Any action, that, under the REMIC Provisions, if taken or not taken, as the case may be, could (i) endanger the
status of either Trust REMIC as a REMIC or (ii) result in the imposition of a tax upon either Trust REMIC or the Trust Fund (including
but not limited to the tax on “prohibited transactions” as defined in Section 860F(a)(2) of the Code and the tax on
contributions to a REMIC set forth in Section 860G(d) of the Code, but not including the tax on “net income from foreclosure
property”).


 


“Affected Reporting
Party”: As defined in Section 11.12 of this Agreement.


 


“Affiliate”:
With respect to any specified Person, any other Person controlling or controlled by or under common control with such specified
Person. For the purposes of this


 






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definition,
“control” when used with respect to any specified Person means the power to direct the management and policies of
such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise, and the terms
“controlling” and “controlled” have meanings correlative to the foregoing. The Trustee and the Certificate
Administrator may obtain and rely on an Officer’s Certificate of the Master Servicer, the Special Servicer, the Operating
Advisor or the Depositor to determine whether any Person is an Affiliate of such party.


 


“Affiliated
Person”: Any Person (other than a Rating Agency) involved in the organization or operation of the Depositor or an affiliate,
as defined in Rule 405 of the Securities Act, of such Person.


 


“Agent Member”:
Members of, or Depository Participants in, the Depository.


 


“Agreement”:
This Trust and Servicing Agreement and all amendments hereof and supplements hereto.


 


“Annual Budget”:
As defined in the Loan Agreement.


 


“Anticipated
Final Termination Date”: Any Distribution Date on which it is anticipated that the Trust Fund will be terminated pursuant
to Section 9.01(c) of this Agreement.


 


“Applicable
Procedures”: As defined in Section 5.02(c)(ii)(A) of this Agreement.


 


“Applicable
Rating Agency Criteria”: As defined in Section 3.30(a) of this Agreement.


 


“Applicable
State and Local Tax Law”: For purposes hereof, the Applicable State and Local Tax Law shall be (a) the tax laws of the
State of New York and (b) such state or local tax laws whose applicability shall have been brought to the attention of the Certificate
Administrator by either (i) an opinion of counsel delivered to it or (ii) written notice from the appropriate taxing authority
as to the applicability of such state or local tax laws.


 


“Appraisal”:
With respect to the Mortgaged Property, an appraisal prepared by an Independent MAI appraiser with at least five years of experience
in appraising properties of like kind, similar size, quality and condition and in the same area.


 


“Appraisal Reduction
Amount”: For any Distribution Date and for the Whole Loan as of which an Appraisal Reduction Event has occurred, an amount
calculated by the Special Servicer by the first Determination Date following the date the Special Servicer obtains the required
Appraisal (and thereafter by the first Determination Date following any change in the amounts set forth in the following equation)
and receipt of any additional relevant information from the Master Servicer equal to the excess, if any, of (a) the sum of (without
duplication) (i) the Stated Principal Balance of the Whole Loan, plus (ii) to the extent not previously advanced by the Master
Servicer or the Trustee or the Other Master Servicer or the Other Trustee, all unpaid interest on the Whole Loan at a per annum
rate equal to the Trust Loan Rate, plus (iii) all unreimbursed Property Advances and the principal portion of all unreimbursed
P&I Advances, and all unpaid interest on Advances at the Advance Rate, in respect of the Trust


 






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Loan
or the Companion Loan, plus (iv) any other unpaid Additional Trust Fund Expenses in respect of the Whole Loan, plus (v) all currently
due and unpaid real estate taxes, ground rents and assessments and insurance premiums (net of any escrows and reserves therefor)
and all other amounts (excluding principal, Default Interest, late charges, penalty charges, exit fees, Prepayment Charges and
any similar amounts) due and unpaid with respect to the Whole Loan (which taxes, premiums (net of any escrows and reserves therefor)
and other amounts that have not been the subject of an Advance by the Master Servicer or the Trustee, as applicable), over (b)
the sum of (without duplication) (i) 90% of the appraised value (net of any prior mortgage liens) of the Mortgaged Property as
determined by an Appraisal obtained by the Special Servicer (the costs of which shall be paid by the Master Servicer as a Property
Advance), plus (ii) all escrows, letters of credit and reserves (other than escrows and reserves for taxes, ground rents, assessments
and insurance), plus (iii) all insurance and casualty proceeds and condemnation awards that constitute collateral for the Whole
Loan (whether paid or then payable by any insurance company or government authority); provided that without limiting the
Special Servicer’s obligation to order and obtain such Appraisal, if the Special Servicer has not obtained an Appraisal
or an Updated Appraisal, as applicable, referred to above within 60 days of the Appraisal Reduction Event (or in the case of an
Appraisal Reduction Event occurring by reason of clause (ii) of the definition thereof, within 30 days of such Appraisal
Reduction Event), solely for purposes of determining the amount by which P&I Advances made by the Master Servicer or Other
Master Servicer with respect to the Trust Loan or the Companion Loan, as applicable, are to be reduced (and not for the purpose
of determining Voting Rights or whether a Subordinate Control Period, Subordinate Consultation Period and/or Operating Advisor
Consultation Period is in effect or for reducing the Voting Rights of Certificateholders), the Appraisal Reduction Amount shall
be deemed to be an amount equal to 25% of the current Stated Principal Balance of the Whole Loan until such time as such Updated
Appraisal referred to above is received and the Appraisal Reduction Amount is calculated.


 


Notwithstanding anything
herein to the contrary, the aggregate Appraisal Reduction Amount related to the Whole Loan or the REO Property will be reduced
to zero as of the date the Whole Loan is paid in full, liquidated, repurchased or otherwise removed from the Trust Fund. In addition,
to the extent an Appraisal Reduction Event has occurred, the Whole Loan shall no longer be subject to the Appraisal Reduction Amount
if (a) the Whole Loan has become a Corrected Mortgage Loan (if a Servicing Transfer Event had occurred with respect to the Whole
Loan) or (b) an Updated Appraisal is obtained and after giving effect thereto, no Appraisal Reduction Amount exists; provided
that in case of either of clause (a) or (b), no other Appraisal Reduction Event has occurred and is continuing. The
Trust Loan and the Companion Loan shall be treated as a single mortgage loan for purposes of calculating an Appraisal Reduction
Amount with respect to the mortgage loans that comprise such Whole Loan. Any Appraisal Reduction Amount in respect of the Whole
Loan shall be allocated first, to the Junior Note up to the full outstanding principal balance thereof, and second,
to the Senior Notes up to the full outstanding principal balances thereof, pro rata.


 


“Appraisal Reduction
Event”: With respect to the Whole Loan, on the earliest of the following (i) the date on which the Whole Loan becomes
a Modified Mortgage Loan, (ii) the 90th day following the occurrence of any uncured Delinquency in Monthly Payments,
(iii) receipt of notice that the Borrower has filed a bankruptcy petition or the date on which a receiver is appointed and continues
in such capacity in respect of the Mortgaged Property or the 60th day


 






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after
the Borrower becomes the subject of involuntary bankruptcy proceedings and such proceedings are not dismissed in respect of the
Mortgaged Property, (iv) the date on which the Mortgaged Property becomes an REO Property and (v) a payment default shall have
occurred with respect to the related Balloon Payment; provided, however, that for purposes of clause (v) above,
if (a) the Borrower is diligently seeking a refinancing commitment (and delivers a statement to that effect to the Master Servicer
within 30 days after the default, which shall promptly deliver a copy to the Special Servicer, the Operating Advisor (during any
Operating Advisor Consultation Period) and the Directing Holder (during any Subordinate Control Period or any Subordinate Consultation
Period is not in effect)), (b) the Borrower continues to make its Assumed Scheduled Payment, (c) no other Appraisal Reduction
Event has occurred and (D) during a Subordinate Control Period, the Directing Holder consents, then an Appraisal Reduction Event
will not occur until 60 days beyond the Maturity Date, unless extended by the Special Servicer in accordance with the Loan Documents
or this Agreement; and provided, further that if the Borrower has delivered to the Master Servicer, which shall
promptly deliver a copy to the Special Servicer, the Operating Advisor (during any Operating Advisor Consultation Period) and
the Directing Holder (during any Subordinate Control Period or any Subordinate Consultation Period), on or before the 60th day
after the Maturity Date, a refinancing commitment reasonably acceptable to the Special Servicer, and the Borrower continues to
make its Assumed Scheduled Payments (and no other Appraisal Reduction Event has occurred with respect to that Whole Loan), an
Appraisal Reduction Event will not occur until the earlier of (1) 120 days beyond the related Maturity Date (or extended Maturity
Date) and (2) the termination of the refinancing commitment. The Special Servicer shall notify the Master Servicer promptly upon
the occurrence of any of the foregoing events if the Whole Loan is a Specially Serviced Loan.


 


“Appraised-Out
Class”: As defined in Section 4.08(b) of this Agreement.


 


“Asset Status
Report”: As defined in Section 3.23(e) of this Agreement.


 


“Assignment
of Leases and Rents”: With respect to the Mortgaged Property, any assignment of leases and rents or similar agreement
executed by the Borrower, assigning to the mortgagee all of the income, rents and profits derived from the ownership, operation,
leasing or disposition of all or a portion of the Mortgaged Property, in the form which was duly executed, acknowledged and delivered,
as amended, modified, renewed or extended through the date hereof and from time to time hereafter.


 


“Assignment
of Management Agreement”: As defined in the Loan Agreement.


 


“Assignment
of Mortgage”: An Assignment of Mortgage without recourse, notice of transfer or equivalent instrument, in recordable
form, which is sufficient under the laws of the jurisdiction in which the Mortgaged Property is located to reflect of record the
sale of the Mortgage.


 


“Assumed Scheduled
Payment”: If the Trust Loan (including any REO Loan) is delinquent in respect of its Balloon Payment, an amount equal
to the sum of (a) the principal portion, if any, of the Monthly Payment that would have been due on the Trust Loan on the related
Due Date (or portion thereof not received), based on the constant payment required by the Trust Note or the amortization or payment
schedule thereof (as calculated with interest at the


 






    -7- 


     


    

 


Trust
Loan Rate) (if any), assuming such Balloon Payment had not become due, after giving effect to any prior modification, and (b)
interest at the Trust Loan Rate minus the Servicing Fee Rate.


 


“Assumption
Fees”: Any fees (other than assumption application fees) collected by the Master Servicer or the Special Servicer in
connection with an assumption of the Whole Loan or related substitution of the Borrower (or an interest therein) thereunder (in
each case, as permitted or set forth in the Loan Documents or under the provisions of this Agreement).


 


“Authenticating
Agent”: Any authenticating agent appointed by the Certificate Administrator pursuant to Section 3.18 of this Agreement.


 


“Available Funds”:
For any Distribution Date, with respect to the Trust Loan, the sum of (i) all previously undistributed Monthly Payments or other
receipts on account of principal and interest on or in respect of the Trust Loan (including Unscheduled Payments and Net REO Proceeds,
if any, transferred from an REO Account pursuant to Section 3.15(b) of this Agreement) received by or on behalf of the Master
Servicer in the Collection Period relating to such Distribution Date, (ii) all P&I Advances and Administrative Advances made
by the Master Servicer or the Trustee, as applicable, in respect of the Trust Loan as of such Distribution Date, (iii) all other
amounts received by the Master Servicer in the Collection Period and required to be deposited in the Collection Account by the
Master Servicer pursuant to Section 3.05 of this Agreement, (iv) without duplication, any late Monthly Payments on the Trust
Loan received after the end of the Collection Period relating to such Distribution Date but prior to the close of business on the
Business Day prior to the related Servicer Remittance Date, (v) any Master Servicer Prepayment Interest Shortfall Amount remitted
by the Master Servicer to the Collection Account, and (vi) with respect to the Distribution Date in March of each calendar year
(or February if the final Distribution Date occurs in such month), the Withheld Amounts then on deposit in the Interest Reserve
Account by the Certificate Administrator in accordance with Section 3.05 of this Agreement; but excluding (without duplication)
the following (in no order of priority):


 


(a)       all
amounts permitted to be used to reimburse the Master Servicer or the Trustee, as applicable, for previously unreimbursed Advances
and interest thereon as described in Section 3.06 of this Agreement;


 


(b)       the
aggregate amount of the Servicing Fee, the Trustee/Certificate Administrator Fee, the Operating Advisor Fee, the CREFC®
License Fee, the Special Servicing Fee, fees for primary servicing functions, Prepayment Interest Excess (net of any Prepayment
Interest Shortfall), Net Default Interest, late payment fees (to the extent not applied to the reimbursement of Advance Interest
Amounts and/or Additional Trust Fund Expenses as provided in Section 3.06 of this Agreement), Workout Fees, Liquidation
Fees, Assumption Fees, Modification Fees, Operating Advisor Consulting Fees, loan service transaction fees, Permitted Special Servicer/Affiliate
Fees, defeasance fees, demand fees, beneficiary statement charges and similar fees on the Trust Loan payable to the Master Servicer,
the Special Servicer, the Certificate Administrator and the Trustee, together with interest on Advances to the extent provided
herein, and reinvestment earnings on payments received for the Trust Loan (in the case of all of the foregoing, which the Master
Servicer, the Special Servicer, the Certificate Administrator


 






    -8- 


     


    

 


or the Trustee is entitled to retain as Servicing Compensation, Special
Servicing Compensation or other compensation, as applicable), in each case in respect of such Distribution Date;


 


(c)       all
amounts representing scheduled Monthly Payments on the Trust Loan due after the related Due Date;


 


(d)       that
portion of Net Liquidation Proceeds, Net Insurance Proceeds and Net Condemnation Proceeds with respect to the Trust Loan which
represents any unpaid Servicing Fee, Servicing Compensation, Special Servicing Compensation, Trustee/Certificate Administrator
Fee, the Operating Advisor Fee and CREFC® License Fee, to which the Master Servicer, the Special Servicer, any Sub-Servicer,
the Certificate Administrator, the Trustee and CREFC®, as the case may be, are entitled;


 


(e)       all
amounts representing certain fees and expenses, including indemnity amounts, reimbursable or payable to the Master Servicer, the
Special Servicer, the Operating Advisor, the Certificate Administrator (in all of its capacities under this Agreement), the Custodian
or the Trustee and other amounts permitted to be retained by the Master Servicer or withdrawn by the Master Servicer from the Collection
Account to the extent expressly set forth in this Agreement (including, without limitation, as provided in Section 3.06
of this Agreement and including any indemnities provided for herein), including interest thereon as expressly provided in this
Agreement (to the extent allocable to the Trust Loan);


 


(f)        any
interest or investment income on funds on deposit in the Collection Account or any interest on Permitted Investments in which such
funds may be invested;


 


(g)       all
amounts received with respect to the Trust Loan if previously purchased or repurchased from the Trust Fund pursuant to Section
2.03(e), Section 3.16 or Section 9.01 of this Agreement or the Trust Loan Purchase Agreement or any mezzanine
loan intercreditor agreement during the related Collection Period and subsequent to the date as of when the Trust Loan was purchased
or repurchased;


 


(h)       the
amount reasonably determined by the Certificate Administrator to be necessary to pay any applicable federal, state or local taxes
imposed on the Upper-Tier REMIC or the Lower-Tier REMIC under the circumstances and to the extent described in Section 4.05
of this Agreement;


 


(i)        Prepayment
Charges; and


 


(j)        with
respect to the Distribution Date occurring in (A) January of each calendar year that is not a leap year and (B) February of each
calendar year, in each case, unless such Distribution Date is the final Distribution Date, the Withheld Amounts deposited into
the Interest Reserve Account by the Certificate Administrator in accordance with Section 3.05(e) of this Agreement.


 


Available Funds will
not include any amounts allocable to the Companion Loan under the Co-Lender Agreement.


 






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“Balloon Payment”:
With respect to the Trust Loan or Whole Loan, as applicable, the scheduled payment of principal due on the Maturity Date (less
principal included in the applicable amortization schedule or scheduled Monthly Payment).


 


“Base Interest
Fraction”: With respect to any Principal Prepayment on the Trust Loan and any of the Class A, Class B, Class C, Class
D and Class E Certificates, a fraction (not greater than one) (a) the numerator of which is the greater of zero and the amount,
if any, by which (i) the Pass-Through Rate on such Class of Certificates exceeds (ii) the Discount Rate (as provided by the Master
Servicer) used in calculating the Prepayment Charges with respect to such Principal Prepayment and (b) the denominator of which
is the amount, if any, by which (i) the Trust Loan Rate on the Trust Loan exceeds (ii) the Discount Rate (as provided by the Master
Servicer) used in calculating the Prepayment Charges with respect to such Principal Prepayment; provided, that if such Discount
Rate is greater than or equal to the Trust Loan Rate on the Trust Loan, then the Base Interest Fraction shall be zero; provided,
further, that if such Discount Rate is greater than or equal to the Trust Loan Rate on the Trust Loan, but less than the
Pass-Through Rate described in the clause (a)(i) above, then the Base Interest Fraction will be one.


 


“Beneficial
Owner”: With respect to a Global Certificate, the Person who is the beneficial owner of such Certificate as reflected
on the books of the Depository or on the books of a Person maintaining an account with such Depository (directly as a Depository
Participant or indirectly through a Depository Participant, in accordance with the rules of such Depository) with respect to such
Classes. Each of the Trustee, the Certificate Administrator and the Master Servicer shall have the right to require, as a condition
to acknowledging the status of any Person as a Beneficial Owner under this Agreement, that such Person executes an Investor Certification.


 


“Book-Entry
Certificate” shall mean any Certificate registered in the name of the Depository or its nominee.


 


“Borrower”:
667 Madison Avenue DE LLC, a Delaware limited liability company, or the successor in interest to the foregoing under the Loan Agreement.


 


“Borrower Accounts”:
As defined in Section 3.07(a) of this Agreement.


 


“Borrower Related
Party”: Any of (a) the Borrower, the Loan Sponsor, a Manager or a Restricted Holder, (b) any other Person controlling
or controlled by or under common control with the Borrower, the Loan Sponsor, a Manager or a Restricted Holder, as applicable,
or (c) any other Person owning, directly or indirectly, 25% or more of the beneficial interests in the Borrower, the Loan Sponsor,
a Manager or a Restricted Holder, as applicable. For the purposes of this definition, “control” when used with respect
to any specified Person means the power to direct the management and policies of such Person, directly or indirectly, whether through
the ownership of voting securities, by contract or otherwise and the terms “controlling” and “controlled”
have meanings correlative to the foregoing.


 


“Breach”:
As defined in Section 2.03(e) of this Agreement.


 


“Business Day”:
Any day other than (i) a Saturday or a Sunday, (ii) a legal holiday in New York, New York, Cleveland, Ohio, Overland Park, Kansas
or Minneapolis, Minnesota or the principal cities in which the Master Servicer, the Special Servicer, the Trustee,


 






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the
Certificate Administrator or the Operating Advisor conduct servicing, trust administration or surveillance operations, or (iii)
day on which the Federal Reserve Bank of New York or banking institutions or savings associations in New York, New York, Cleveland,
Ohio, Overland Park, Kansas or Minneapolis, Minnesota or the principal cities in which the Master Servicer, the Special Servicer,
the Trustee, the Certificate Administrator or the Operating Advisor are located or conduct servicing, trust administration, certificate
transfers or surveillance operations are authorized or obligated by law or executive order to be closed.


 


“Calculation
Rate”: A discount rate appropriate for the type of cash flows being discounted, namely (i) for principal and interest
payment on the Trust Loan or Whole Loan or sale of a Defaulted Mortgage Loan, the highest of (1) the rate determined by the Master
Servicer or Special Servicer, as applicable, that approximates the market rate that would be obtainable by the Borrower on similar
non-defaulted debt of the Borrower as of such date of determination, (2) the Trust Loan Rate or Whole Loan Rate, as applicable,
and (3) the yield on 10-year U.S. treasuries as of such date of determination and (ii) for all other cash flows, including property
cash flow, the “discount rate” set forth in the most recent Appraisal (or Updated Appraisal).


 


“Cash Collateral
Account”: Any account or accounts created pursuant to a Mortgage, Loan Agreement, Cash Collateral Account Agreement or
other Loan Document into which the Lock-Box Account monies are swept on a regular basis for the benefit of the Trustee, on behalf
of the Certificateholders and the Companion Loan Holder, as successor to the Trust Loan Seller. Any Cash Collateral Account shall
be beneficially owned for federal income tax purposes by the Person who is entitled to receive all reinvestment income or gain
thereon in accordance with the terms and provisions of the Loan Agreement and Section 3.07 of this Agreement, which Person
shall be taxed on all reinvestment income or gain thereon in accordance with the terms of the Loan Agreement. The Master Servicer
shall be permitted to make withdrawals therefrom for deposit into the Collection Account. To the extent not inconsistent with the
terms of the related Loan Documents, the Cash Collateral Account shall be an Eligible Account.


 


“Cash Collateral
Account Agreement”: Each cash collateral account agreement between the Originator and the Borrower, pursuant to which
the Cash Collateral Account, if any, may have been established.


 


“Cash Management
Agreement”: As defined in the Loan Agreement.


 


“Certificate”:
Any Class A, Class X-A, Class B, Class C, Class D, Class E, Class R or Class LR Certificate issued, authenticated and delivered
hereunder.


 


“Certificate
Administrator”: Wells Fargo Bank, National Association, a national banking association, in its capacity as Certificate
Administrator, or its successor in interest, or any successor certificate administrator appointed as herein provided.


 


“Certificate
Administrator’s Website”: The internet website of the Certificate Administrator, initially located at https://www.ctslink.com.


 


“Certificate
Balance”: With respect to any Class of Principal Balance Certificates (a) on or prior to the first Distribution Date,
an amount equal to the aggregate initial Certificate


 






    -11- 


     


    

 


Balance
of such Class, as specified in the Preliminary Statement to this Agreement and (b) as of any date of determination after the first
Distribution Date, the Certificate Balance of such Class of Certificates on the Distribution Date immediately prior to such date
of determination less any distributions allocable to principal and any allocations of Realized Losses made thereon on such prior
Distribution Date.


 


“Certificate
Custodian”: Initially, the Certificate Administrator; thereafter, any other Certificate Custodian acceptable to the Depository
and selected by the Certificate Administrator.


 


“Certificate
Interest Accrual Period”: With respect to any Class of Regular Certificates and any Distribution Date, the calendar month
immediately preceding the month in which such Distribution Date occurs.


 


“Certificate
Register” and “Certificate Registrar”: The register maintained and the registrar appointed pursuant
to Section 5.02 of this Agreement.


 


“Certificateholder”:
The Person whose name is registered in the Certificate Register, subject to the following:


 


(a)       except
as provided in clauses (b) and (d), solely for the purpose of giving any consent or taking any action pursuant to
this Agreement, any Certificate beneficially owned by (x) the Depositor, the Master Servicer, the Special Servicer (in its individual
capacity), the Certificate Administrator, the Trustee (in its individual capacity), the Operating Advisor or any Person known to
a Responsible Officer of the Certificate Registrar to be an Affiliate of any of the foregoing parties, or (y) any Borrower Related
Party shall be deemed not to be outstanding and the Voting Rights to which it is entitled shall not be taken into account in determining
whether the requisite percentage of Voting Rights necessary to effect any such consent or take any such action has been obtained;


 


(b)       for
purposes of obtaining the consent of Certificateholders to an amendment of this Agreement, any Certificates beneficially owned
by the Master Servicer, the Special Servicer, or the Operating Advisor or an Affiliate thereof shall be deemed to be outstanding
for all purposes if such amendment does not relate to the increase in compensation or material reduction in obligations of the
Master Servicer, the Special Servicer or the Operating Advisor, respectively, in any material respect, provided that if
such amendment does relate to such matters, such Certificates shall be deemed not to be outstanding with respect to such matters;


 


(c)       for
purposes of obtaining the consent of Certificateholders (other than the Controlling Class Certificateholders or the Directing Holder)
to any action proposed to be taken by the Special Servicer with respect to the Whole Loan, any Certificates beneficially owned
by the Special Servicer or an Affiliate thereof shall be deemed not to be outstanding; and


 


(d)       for
purposes of providing or distributing any reports, statements or other information required or permitted to be provided to a Certificateholder
hereunder, a Certificateholder shall include any Beneficial Owner, or (subject to the execution of an


 






    -12- 


     


    

 


Investor Certification) any
Person identified by a Beneficial Owner as a prospective transferee of a Certificate beneficially owned by such Beneficial Owner,
but only if the Certificate Administrator or another party hereto furnishing such report, statement or information has been provided
with the name of the Beneficial Owner of the related Certificate or the Person identified as a prospective transferee thereof.


 


Notwithstanding anything
to the contrary in this paragraph, the limitations set forth in the foregoing clauses (a), (b), (c) and (d)
will not be construed so as to limit or prevent a Controlling Class Certificateholder or the Directing Holder, solely based on
it being an Affiliate of the Special Servicer, from exercising any appointment, consent, consultation or any other rights (including,
without limitation, Voting Rights) it may have under this Agreement solely in its capacity as Controlling Class Certificateholder
or Directing Holder (unless, for the avoidance of doubt, the Controlling Class Certificateholder or Directing Holder is a Borrower
Related Party).


 


For purposes of the foregoing,
the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Paying Agent or other
such Person may rely, without limitation, on a Depository Participant listing from the Depository or statements furnished by a
Person that on their face appear to be statements from a Depository Participant to such Person indicating that such Person beneficially
owns Certificates.


 


“Certificateholder
Quorum”: In connection with any solicitation of votes to replace the Special Servicer without the recommendation of the
Operating Advisor pursuant to Section 3.22(b), the holders of Principal Balance Certificates evidencing at least 66-2⁄3%
of the aggregate Voting Rights (taking into account Realized Losses and the application of any Appraisal Reduction Amounts and
Collateral Deficiency Amounts to notionally reduce the respective Certificate Balances) of all Principal Balance Certificates on
an aggregate basis.


 


“Certifying
Certificateholder”: A Certificateholder or Beneficial Owner of a Certificate that has provided the Certificate Administrator
with an executed Investor Certification.


 


“Certifying
Person”: As defined in Section 11.11 of this Agreement.


 


“Certifying
Servicer”: As defined in Section 11.07 of this Agreement.


 


“Class”:
All of the Certificates bearing the same alphabetical or alphanumeric Class designation, each separately designated Lower-Tier
Regular Interest.


 


“Class A Certificate”:
Any one of the Certificates with a “Class A” designation on the face thereof, executed and authenticated by the Certificate
Administrator or the Authenticating Agent on behalf of the Depositor in substantially the form of Exhibit A-1 to this Agreement.


 


“Class A Pass-Through
Rate”: A per annum rate equal to 3.1400%.


 


“Class B Certificate”:
Any one of the Certificates with a “Class B” designation on the face thereof, executed and authenticated by the Certificate
Administrator or the


 






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Authenticating Agent on behalf of the Depositor in substantially the form of Exhibit A-3 to this Agreement.


 


“Class B Pass-Through
Rate”: A per annum rate equal to the Net Mortgage Rate for the related Distribution Date.


 


“Class C Certificate”:
Any one of the Certificates with a “Class C” designation on the face thereof, executed and authenticated by the Certificate
Administrator or the Authenticating Agent on behalf of the Depositor in substantially the form of Exhibit A-4 to this Agreement.


 


“Class C Pass-Through
Rate”: A per annum rate equal to the Net Mortgage Rate for the related Distribution Date.


 


“Class D Certificate”:
Any one of the Certificates with a “Class D” designation on the face thereof, executed and authenticated by the Certificate
Administrator or the Authenticating Agent on behalf of the Depositor in substantially the form of Exhibit A-5 to this Agreement.


 


“Class D Pass-Through
Rate”: A per annum rate equal to the Net Mortgage Rate for the related Distribution Date.


 


“Class E Certificate”:
Any one of the Certificates with a “Class E” designation on the face thereof, executed and authenticated by the Certificate
Administrator or the Authenticating Agent on behalf of the Depositor in substantially the form of Exhibit A-6 to this Agreement.


 


“Class E Pass-Through
Rate”: A per annum rate equal to the Net Mortgage Rate for the related Distribution Date.


 


“Class Interest
Shortfall”: With respect to any Distribution Date (subsequent to the initial Distribution Date) for any Class of Regular
Certificates, the excess, if any, of (i) the Interest Distribution Amount and any Class Interest Shortfall for such Class of Regular
Certificates for the immediately preceding Distribution Date over (ii) all distributions of interest made on such Class of Regular
Certificates on the immediately preceding Distribution Date. No interest accrues on Class Interest Shortfalls. The Class Interest
Shortfall for each Class of Regular Certificates for the initial Distribution Date shall be zero.


 


“Class LA Interest”,
“Class LB Interest”, “Class LC Interest”, “Class LD Interest” and “Class
LE Interest”: Each, a regular interest in the Lower-Tier REMIC entitled to monthly distributions payable thereto pursuant
to Section 4.01 of this Agreement.


 


“Class LR Certificate”:
Any one of the Certificates with a “Class LR” designation on the face thereof, executed and authenticated by the Certificate
Administrator or the Authenticating Agent on behalf of the Depositor in substantially the form of Exhibit A-8 to this Agreement.
The Class LR Certificates have no Pass-Through Rate, Certificate Balance.


 






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“Class R Certificate”:
Any one of the Certificates with a “Class R” designation on the face thereof, executed and authenticated by the Certificate
Administrator or the Authenticating Agent on behalf of the Depositor in substantially the form of Exhibit A-7 to this Agreement.
The Class R Certificates have no Pass-Through Rate or Certificate Balance.


 


“Class X-A Certificates”:
Any one of the Certificates with a “Class X-A” designation on the face thereof, executed and authenticated by the Certificate
Administrator or the Authenticating Agent on behalf of the Depositor in substantially the form of Exhibit A-2 to this Agreement.


 


“Class X-A Component”:
Component XA.


 


“Class X-A Notional
Balance”: As of any date of determination, the then Component Notional Balance of the Class X-A Component.


 


“Class X-A Pass-Through
Rate”: With respect to any Distribution Date, the Class X Strip Rate at which interest accrues from time to time on the
Class X-A Component outstanding immediately prior to the related Distribution Date. The Class X-A Pass-Through Rate for the initial
Distribution Date is approximately 0.1445% per annum.


 


“Class X Strip
Rate”: For any Class of Certificates for any Distribution Date shall be equal to the excess, if any, of (i) the Net Mortgage
Rate for such Distribution Date over (ii) the Pass-Through Rate of such Class of Certificates.


 


“Clearstream”:
Clearstream Banking Luxembourg, a division of Clearstream International, société anonyme.


 


“Closing Date”:
October 26, 2016.


 


“Co-Lender Agreement”:
The co-lender agreement, dated as of October 6, 2016, between DBNYB as Holder of Note A-1, DBNYB as Holder of Note A-2 and DBNYB
as Holder of Note B.


 


“Code”:
The Internal Revenue Code of 1986, as amended from time to time, any successor statute thereto, and any temporary or final regulations
of the United States Department of the Treasury promulgated pursuant thereto.


 


“Collateral
Deficiency Amount”: With respect to any AB Modified Loan as of any Determination Date, an amount equal to the excess
of (i) the Stated Principal Balance of such AB Modified Loan (taking into account the related junior note(s) and any pari passu
notes included therein), over (ii) the sum of (solely to the extent allocable to the Trust Loan) (x) the most recent appraised
value for the Mortgaged Property, plus (y) solely to the extent not reflected or taken into account in such appraised value
and to the extent on deposit with, or otherwise under the control of, the Mortgage Lender as of such Determination Date, any capital
or additional collateral contributed by the Borrower at the time the Whole Loan became (and as part of the modification related
to) such AB Modified Loan for the benefit of the Mortgaged Property, plus (z) any other escrows or reserves (in addition
to any amounts set forth in the immediately preceding clause (y)) held by the Mortgage Lender in respect of such AB Modified


 






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Loan
as of such Determination Date. The Special Servicer and the Certificate Administrator will be entitled to conclusively rely on
the Master Servicer’s calculation or determination of any Collateral Deficiency Amount.


 


“Collection
Account”: The trust account or accounts created and maintained by the Master Servicer pursuant to Section 3.05(a)
of this Agreement, which shall be entitled “KeyBank National Association,
as Master Servicer, on behalf of Wells Fargo Bank, National Association, as Trustee, in trust for the benefit of the Holders of
COMM 2016-667M Mortgage Trust Commercial Mortgage Pass-Through Certificates, Collection Account” and/or “KeyBank National
Association, as Master Servicer, on behalf of Wells Fargo Bank, National Association, as Trustee, in trust for the benefit of the
Holders of COMM 2016-667M Mortgage Trust Commercial Mortgage Pass-Through Certificates, Companion Loan Account” and each
of which must be an Eligible Account.


 


“Collection
Period”: With respect to any Distribution Date, the period that begins immediately following the Determination Date in
the calendar month preceding the month in which such Distribution Date occurs (or, in the case of the initial Distribution Date,
immediately following the Cut-off Date) and ending at the close of business on such Determination Date in the calendar month in
which the Distribution Date occurs.


 


“Commission”:
The Securities and Exchange Commission.


 


“Companion Loan”:
That portion of the Whole Loan identified as Note A-2, which is owned by DBNYB as of the date hereof and has an outstanding principal
balance as of the Closing Date of $40,000,000.


 


“Companion Loan
Advance”: With respect to the Companion Loan that is part of an Other Securitization Trust, any advance of delinquent
scheduled payments with respect to such Companion Loan made by the Other Master Servicer or Other Trustee with respect to such
Other Securitization Trust.


 


“Companion Loan
Holder”: Any holder of the Companion Loan.


 


“Companion Loan
Rating Agency”: With respect to the Companion Loan, any rating agency that was engaged by a participant in the securitization
of such Companion Loan to assign a rating to the related Companion Loan Securities.


 


“Companion Loan
Securities”: Any commercial mortgage-backed securities that evidence an interest in or are secured by the assets of an
Other Securitization Trust, which assets include the Companion Loan (or a portion thereof or interest therein).


 


“Companion Loan
Service Provider”: With respect to the Companion Loan that has been deposited into a securitization trust, the related
Other Trustee, Other Servicer, Other Special Servicer, any sub-servicer and any other Person that makes principal and/or interest
advances in respect of such Companion Loan pursuant to the related Other Pooling and Servicing Agreement.


 


“Component”:
Component XA.


 






    -16- 


     


    

 


“Component Notional
Balance”: With respect to each Component and any date of determination, an amount equal to the then Lower-Tier Principal
Balance of its Corresponding Lower-Tier Regular Interest.


 


“Component XA”:
The component of the Class X-A Certificates having a Component Notional Balance equal to the then current Lower-Tier Principal
Balance of Lower-Tier Regular Interest LA.


 


“Condemnation
Proceeds”: Any awards resulting from the full or partial condemnation or any eminent domain proceeding or any conveyance
in lieu or in anticipation thereof with respect to the Mortgaged Property by or to any governmental, quasi-governmental authority
or private entity with condemnation powers (other than amounts to be applied to the restoration, preservation or repair of the
Mortgaged Property or released to the Borrower in accordance with the terms of the REMIC Provisions and the Whole Loan).


 


“Conflicted
Controlling Class Holder”: The Directing Holder or any Controlling Class Certificateholder, as applicable, that becomes
a Borrower Related Party. Immediately upon obtaining actual knowledge of any such party becoming a “Conflicted Controlling
Class Holder”, the Directing Holder or Controlling Class Certificateholder, as applicable, shall not be considered a Privileged
Person and shall provide notice in the form of Exhibit L-1-C hereto to the Master Servicer, the Special Servicer, the Trustee
and the Certificate Administrator, which such notice shall be physically delivered in accordance with Section 10.05 of this
Agreement and shall specifically identify the Conflicted Controlling Class Holder. As of the Closing Date, the Directing Holder
is not a Conflicted Controlling Class Holder.


 


“Controlling
Class”: As of any time of determination, the Class E Certificates so long as such Class has an outstanding Certificate
Balance (as reduced by any principal payments and Realized Losses allocable to such Class) that is equal to or greater than 25%
of the initial Certificate Balance of such Class. If such class does not satisfy the preceding sentence, then there will be no
Controlling Class; provided that if at any time the Certificate Balance of each Class of Certificates (other than the Class
E Certificates) has been reduced to zero as a result of the allocation of principal payments on the Trust Loan, then the Class
E Certificates will be the Controlling Class. No other Class of Certificates will be eligible to act as the Controlling Class or
appoint a Directing Holder.


 


“Controlling
Class Certificateholder”: Each Holder (or Beneficial Owner, if applicable) of the Controlling Class of Certificates,
as determined by the Certificate Registrar from time to time in accordance with the terms of Section 6.07(a) of this Agreement.


 


“Corporate Trust
Office”: The offices of the Trustee and the Certificate Administrator, located at 9062 Old Annapolis Road, Columbia,
Maryland 21045, Attention: COMM 2016-667M, or, in the case of any surrender, transfer or exchange at Wells Fargo Center, Sixth
Street and Marquette Avenue, Minneapolis, Minnesota 55479-0113, Attention: COMM 2016-667M, or the principal trust office of any
successor certificate administrator qualified and appointed pursuant to this Agreement.


 


“Corrected Mortgage
Loan”: As defined under the definition of Specially Serviced Loan.


 






    -17- 


     


    

 


“Corresponding
Certificates”: As defined in the Preliminary Statement with respect to any Corresponding Lower-Tier Regular Interest.


 


“Corresponding
Component”: As defined in the Preliminary Statement with respect to any Class of Corresponding Certificates or any Corresponding
Lower Tier Regular Interest.


 


“Corresponding
Lower-Tier Regular Interest”: As defined in the Preliminary Statement with respect to any Class of Corresponding Certificates
or any Corresponding Component.


 


“Credit Risk
Retention Rules”: The final rule promulgated to implement the credit risk retention requirements under Section 15G of
the Exchange Act, as added by Section 941 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (79 F.R. 77601; Pages:
77740-77766), as such rule may be amended from time to time, and subject to such clarification and interpretation as have been
provided by the Department of Treasury, the Federal Reserve System, the Federal Deposit Insurance Corporation, the Federal Housing
Finance Agency, the Securities and Exchange Commission and the Department of Housing and Urban Development in the adopting release
(79 FR 77601 et seq.) or by the staff of any such agency, or as may be provided by any such agency or its staff from time to time,
in each case, as effective from time to time as of the applicable compliance date specified therein.


 


“CREFC®”:
CRE Finance Council, formerly known as Commercial Mortgage Securities Association, or any association or organization that is a
successor thereto. If neither such association nor any successor remains in existence, “CREFC®”
shall be deemed to refer to such other association or organization as may exist whose principal membership consists of servicers,
trustees, certificateholders, issuers, placement agents and underwriters generally involved in the commercial mortgage loan securitization
industry, which is the principal such association or organization in the commercial mortgage loan securitization industry and whose
principal purpose is the establishment of industry standards for reporting transaction-specific information relating to commercial
mortgage pass-through certificates and commercial mortgage-backed bonds and the commercial mortgage loans and foreclosed properties
underlying or backing them to investors holding or owning such certificates or bonds, and any successor to such other association
or organization. If an organization or association described in one of the preceding sentences of this definition does not exist,
“CREFC®” shall be deemed to refer to such other association or organization as shall be selected by
the Master Servicer and reasonably acceptable to the Certificate Administrator, the Trustee and the Special Servicer.


 


“CREFC®
Appraisal Reduction Template”: A report substantially in the form of, and containing the information called for in, the
downloadable form of the “Appraisal Reduction Template” available and effective from time to time on the CREFC®
Website.


 


“CREFC®
Advance Recovery Report”: A monthly report substantially in the form of, and containing the information called for in,
the downloadable form of the “Advance Recovery Report” available as of the Closing Date on the CREFC®
Website, or such other form for the presentation of such information and containing such additional information as may from time
to time be approved by the CREFC® for commercial mortgage securities transactions generally.


 






    -18- 


     


    

 


“CREFC®
Bond Level File”: The data file in the “CREFC® Bond Level File” format substantially in the
form of and containing the information called for therein, or such other form for the presentation of such information as may be
approved from time to time by the CREFC® for commercial mortgage securities transactions generally.


 


“CREFC®
Collateral Summary File”: The data file in the “CREFC® Collateral Summary File” format substantially
in the form of and containing the information called for therein, or such other form for the presentation of such information as
may be approved from time to time by the CREFC® for commercial mortgage securities transactions generally.


 


“CREFC®
Comparative Financial Status Report”: The monthly report in “Comparative Financial Status Report” format
substantially in the form of and containing the information called for therein for the Whole Loan, or such other form for the presentation
of such information as may be approved from time to time by the CREFC® for commercial mortgage securities transactions
generally. In connection with preparing the CREFC® Comparative Financial Status Report, the Master Servicer shall
process (a) interim financial statements beginning with interim financial statements for the fiscal quarter ending March 2017,
and (b) annual financial statements beginning with annual financial statements for the 2017 fiscal year.


 


“CREFC®
Delinquent Loan Status Report”: A report substantially in the form of, and containing the information called for in,
the downloadable form of the “Delinquent Loan Status Report” available as of the Closing Date on the CREFC®
Website, or no later than 90 days after its adoption, such other form for the presentation of such information and containing such
additional information as may from time to time be approved by the CREFC® for commercial mortgage securities transactions
generally.


 


“CREFC®
Financial File”: The data file in the “CREFC® Financial File” format substantially in the
form of and containing the information called for therein for the Whole Loan, or such other form for the presentation of such information
as may be approved from time to time by the CREFC® for commercial mortgage securities transactions generally. The
initial data for this report shall be provided by the Trust Loan Seller.


 


“CREFC®
Historical Bond/Collateral Realized Loss Reconciliation Template”: A report substantially in the form of, and containing
the information called for in, the downloadable form of the “Historical Bond/Collateral Realized Loss Reconciliation Template”
available and effective from time to time on the CREFC® Website.


 


“CREFC®
Historical Liquidation Loss Template”: A report substantially in the form of, and containing the information called for
in, the downloadable form of the “Historical Liquidation Loss Template” available and effective from time to time on
the CREFC® Website.


 


“CREFC®
Historical Loan Modification and Corrected Mortgage Loan Report”: The monthly report in the “Historical Loan Modification
and Corrected Mortgage Loan Report” format substantially in the form of and containing the information called for therein
for the Whole Loan, or such other form for the presentation of such information as may be approved from time to time by the CREFC®
for commercial mortgage securities transactions generally.


 






    -19- 


     


    

 


“CREFC®
Interest Shortfall Reconciliation Template”: A report substantially in the form of, and containing the information called
for in, the downloadable form of the “Interest Shortfall Reconciliation Template” available and effective from time
to time on the CREFC® Website.


 


“CREFC®
Investor Reporting Package (CREFC® IRP)”:


 


(a)       The
following seven electronic files: (i) CREFC® Loan Setup File, (ii) CREFC® Loan Periodic Update File,
(iii) CREFC® Property File, (iv) CREFC® Bond Level File, (v) CREFC® Financial File,
(vi) CREFC® Collateral Summary File and (vii) CREFC® Special Servicer Loan File;


 


(b)       The
following eleven supplemental reports: (i) CREFC® Delinquent Loan Status Report, (ii) CREFC® Historical
Loan Modification and Corrected Mortgage Loan Report, (iii) CREFC® REO Status Report, (iv) CREFC®
Operating Statement Analysis Report, (v) CREFC® Comparative Financial Status Report, (vi) CREFC®
Servicer Watch List, (vii) CREFC® Loan Level Reserve/LOC Report, (viii) CREFC® NOI Adjustment Worksheet,
(ix) CREFC® Advance Recovery Report, and (x) CREFC® Total Loan Report;


 


(c)       the
following eight templates: (i) CREFC® Appraisal Reduction Template, (ii) CREFC® Servicer Realized
Loss Template, (iii) CREFC® Reconciliation of Funds Template, (iv) CREFC® Historical Bond/Collateral
Realized Loss Reconciliation Template, (v) CREFC® Historical Liquidation Loss Template, (vi) CREFC®
Interest Shortfall Reconciliation Template, (vii) CREFC® Servicer Remittance to Trustee Template and (viii) CREFC®
Significant Insurance Event Template; and


 


(d)       such
other reports and data files as CREFC® may designate as part of the “CREFC® Investor Reporting
Package (CREFC® IRP)” from time to time generally.


 


“CREFC®
License Agreement”: The License Agreement, in the form set forth on the website of CREFC® on the Closing
Date, relating to the use of the CREFC® trademarks and trade names.


 


“CREFC®
License Fee”: With respect to the Trust Loan (including any REO Loan) for any related Certificate Interest Accrual Period,
the amount of interest accrued during such related Certificate Interest Accrual Period at the CREFC® License Fee
Rate (adjusted to a monthly rate) on the same balance, in the same manner and for the same number of days as interest at the applicable
Trust Loan Rate accrued with respect to such Trust Loan during such related Certificate Interest Accrual Period is computed. Any
payments of the CREFC® License Fee shall be made to “CRE Finance Council” and delivered by wire transfer
pursuant to the following instructions (or such other instructions as may hereafter be furnished by CREFC® to the
Master Servicer in writing at least two Business Days prior to the Servicer Remittance Date):


 






    -20- 


     


    

 


Account Name: Commercial Real Estate
Finance Council (CREFC®)

Bank Name: JPMorgan Chase Bank, National Association

Bank Address: 80 Broadway, New York, NY 10005

Routing Number: 021000021

Account Number: 213597397


 


“CREFC®
License Fee Rate”: 0.0005% per annum.


 


“CREFC®
Loan Level Reserve/LOC Report”: A report substantially in the form of, and containing the information called for in,
the downloadable form of the “Loan Level Reserve/LOC Report” available and effective from time to time on the CREFC®
Website.


 


“CREFC®
Loan Periodic Update File”: The monthly data file substantially in the form of, and containing the information called
for in, the downloadable form of the “CREFC® Loan Periodic Update File” available and effective from
time to time on the CREFC® Website and; provided that each CREFC® Loan Periodic Update File
shall be accompanied by a CREFC® Advance Recovery Report, if such report is required for a particular month, and
all references herein to “CREFC® Loan Periodic Update File” shall be construed accordingly.


 


“CREFC®
Loan Setup File”: The data file substantially in the form of, and containing the information called for in, the downloadable
form of the “CREFC® Loan Setup File” available and effective from time to time on the CREFC®
Website.


 


“CREFC®
NOI Adjustment Worksheet”: A report substantially in the form of, and containing the information called for in, the downloadable
form of the “NOI Adjustment Worksheet” available and effective from time to time on the CREFC® Website.


 


“CREFC®
Operating Statement Analysis Report”: A report substantially in the form of, and containing the information called for
in, the downloadable form of the “Operating Statement Analysis Report” available and effective from time to time on
the CREFC® Website.


 


“CREFC®
Property File”: The monthly data file substantially in the form of, and containing the information called for, in the
downloadable form of the “CREFC® Property File” available and effective from time to time on the CREFC®
Website.


 


“CREFC®
Reconciliation of Funds Template”: A report substantially in the form of, and containing the information called for in,
the downloadable form of the “Reconciliation of Funds Template” available and effective from time to time on the CREFC®
Website, or such other form for the presentation of such information and containing such additional information as may from time
to time be recommended by the CREFC® for commercial mortgage securities transactions generally.


 


“CREFC®
REO Status Report”: A monthly report substantially in the form of, and containing the information called for in, the
downloadable form of the “REO Status Report” available and effective from time to time on the CREFC®
Website.


 






    -21- 


     


    

 


“CREFC®
Servicer Realized Loss Template”: A report substantially in the form of, and containing the information called for in,
the downloadable form of the “Servicer Realized Loss Template” available and effective from time to time on the CREFC®
Website.


 


“CREFC®
Servicer Watch List”: A report substantially in the form of, and containing the information called for in, the downloadable
form of the “Servicer Watch List” available and effective from time to time on the CREFC® Website.


 


“CREFC®
Special Servicer Loan File”: The monthly data file substantially in the form of, and containing the information called
for in, the downloadable form of the “Special Servicer Loan File” available and effective from time to time on the
CREFC® Website.


 


“CREFC®
Supplemental Servicer Reports”: The CREFC® Delinquent Loan Status Report, the CREFC® Historical
Loan Modification and Corrected Mortgage Loan Report, the CREFC® REO Status Report, the CREFC® Servicer
Watch List, the CREFC® NOI Adjustment Worksheet, the CREFC® Comparative Financial Status Report,
the CREFC® Operating Statement Analysis Report, the CREFC® Loan Level Reserve/LOC Report, the CREFC®
Advance Recovery Report and the CREFC® Total Loan Report.


 


“CREFC®
Total Loan Report”: The monthly report substantially in the form of, and containing the information called for in, the
downloadable form of the “Total Loan Report” available and effective from time to time on the CREFC®
Website.


 


“CREFC®
Website”: The CREFC®’s Website located at “www.crefc.org” or such other primary website
as the CREFC® may establish for dissemination of its report forms.


 


“Current Interest
Distribution Amount”: With respect to any Distribution Date for any Class of Regular Certificates is equal to the related
Regular Interest Distribution Amount.


 


“Custodial Agreement”:
The Custodial Agreement, if any, from time to time in effect between the Custodian named therein and the Certificate Administrator,
in the form agreed to by the Certificate Administrator and the Custodian, as the same may be amended or modified from time to time
in accordance with the terms thereof. No Custodian Agreement will be required if the Custodian is the same party as the Certificate
Administrator.


 


“Custodian”:
Any Custodian appointed pursuant to Section 3.19 of this Agreement. If a Custodian is not so appointed, then the Custodian
shall be the Certificate Administrator. The Custodian may (but need not) be the Certificate Administrator, the Trustee or the Master
Servicer or any Affiliate of the Certificate Administrator, the Trustee or the Master Servicer.


 


“Cut-off Date”:
October 6, 2016.


 


“DBNYB”:
Deutsche Bank AG, New York Branch, in its capacity as a lender under the Loan Agreement, and its successors in interest.


 


“DBRS”:
DBRS, Inc., or any successor thereto. If neither DBRS nor any successor remains in existence, “DBRS” shall be deemed
to refer to such other nationally


 






    -22- 


     


    

 


recognized statistical rating agency or other comparable Person designated by the Depositor,
notice of which designation shall be given to the other parties hereto and specific ratings of DBRS herein referenced shall be
deemed to refer to the equivalent ratings of the party so designated.


 


“Debt Service
Coverage Ratio”: As of any date of determination and for any period, the ratio calculated by dividing the net operating
income or net cash flow, as applicable, of the Mortgaged Property, for the most recently ended 12-month trailing or one-year period
for which data is available from the Borrower (or year-to-date until such time that data for the trailing 12-month period is available),
before payment of any scheduled payments of principal and interest on the Trust Loan or Whole Loan, as applicable, but after funding
of required reserves and “normalized” information from the CREFC® NOI Adjustment Worksheet for the Mortgaged
Property by the Master Servicer or Special Servicer, if applicable, pursuant to Section 3.13 of this Agreement, by the annual
debt service required by the Trust Loan or Whole Loan, as applicable. Annual debt service shall be calculated by multiplying the
Monthly Payment in effect on such date of determination by 12 (or such fewer number of months for which related information is
available).


 


“Default”:
An event of default under the Loan Documents, or an event which, with the passage of time or the giving of notice, or both, would
constitute an event of default under the Loan Documents.


 


“Default Interest”:
Interest accrued on the Whole Loan at the excess of (i) the Default Rate over (ii) the Trust Loan Rate.


 


“Default Rate”:
The per annum rate at which interest accrues on the Whole Loan following any event of default on the Whole Loan, including
a default in the payment of a Monthly Payment or a Balloon Payment.


 


“Defaulted Mortgage
Loan”: The Whole Loan, if it is delinquent at least 60 days in respect of its Monthly Payments or more than 60 days delinquent
in respect of its Balloon Payment, if any, in either case such Delinquency to be determined without giving effect to any grace
period permitted by the Loan Documents and without regard to any acceleration of payments under the Whole Loan.


 


“Defect”:
As defined in Section 2.03(e) of this Agreement.


 


“Deficient Exchange
Act Deliverable”: With respect to the Master Servicer, the Special Servicer, the Custodian, the Certificate Administrator,
the Trustee, the Operating Advisor and each Servicing Function Participant retained by it (other than a Sub-Servicer), any item
(x) regarding such party, (y) prepared by such party or any registered public accounting firm, attorney or other agent retained
by such party to prepare such item and (z) delivered by or on behalf of such party pursuant to the delivery requirements under
Article XI of this Agreement that does not conform to the applicable reporting requirements under the Securities Act, the
Exchange Act, the Sarbanes-Oxley Act and the rules and regulations promulgated thereunder.


 


“Delinquency”:
Any failure of the Borrower to make a scheduled Monthly Payment or Balloon Payment on a Due Date.


 






    -23- 


     


    

 


“Denomination”:
As defined in Section 5.01(a) of this Agreement.


 


“Depositor”:
Deutsche Mortgage & Asset Receiving Corporation, a Delaware corporation, and its successors and assigns.


 


“Depository”:
The Depository Trust Company or a successor appointed by the Certificate Registrar (which appointment shall be at the direction
of the Depositor if the Depositor is legally able to do so).


 


“Depository
Participant”: A Person for whom, from time to time, the Depository effects book-entry transfers and pledges of securities
deposited with the Depository.


 


“Determination
Date”: With respect to each calendar month commencing in November 2016, the 6th day of such calendar month or, if such
6th day is not a Business Day, then the immediately preceding Business Day.


 


“Directing Holder”:
The Controlling Class Certificateholder (or other representative) selected or designated, as applicable, in accordance with Section
6.07.


 


“Directly Operate”:
If the Mortgaged Property becomes an REO Property, the furnishing or rendering of services to the tenants thereof that are not
customarily provided to tenants in connection with the rental of space for occupancy only within the meaning of Treasury Regulations
Section 1.512(b)-1(c)(5), the management or operation of the REO Property, the holding of the REO Property primarily for sale to
customers in the ordinary course of a trade or business, or any use of the REO Property in a trade or business conducted by the
Trust Fund, or the performance of any construction work on the REO Property other than through an Independent Contractor; provided,
however, that the Special Servicer, on behalf of the Trust Fund, shall not be considered to Directly Operate the REO Property
solely because the Special Servicer, on behalf of the Trust Fund, establishes rental terms, chooses tenants, enters into or renews
leases, deals with taxes and insurance, or makes decisions as to repairs or capital expenditures with respect to the REO Property
or takes other actions consistent with Treasury Regulations Section l.856-4(b)(5)(ii).


 


“Disclosable
Special Servicer Fees”: With respect to the Whole Loan or any REO Property, any compensation and other remuneration (including,
without limitation, in the form of commissions, brokerage fees, rebates, and as a result of any other fee-sharing arrangement)
received or retained by the Special Servicer or any of its Affiliates that is paid by any Person (including, without limitation,
the Trust, the Borrower, a Manager, any guarantor or indemnitor in respect of the Whole Loan and any purchaser of the Whole Loan
or the REO Property) in connection with the disposition, workout or foreclosure of the Whole Loan, the management or disposition
of the REO Property, and the performance by the Special Servicer or any such Affiliate of any other special servicing duties under
this Agreement; provided that any compensation and other remuneration that the Master Servicer or the Certificate Administrator
is permitted to receive or retain pursuant to the terms of this Agreement in connection with its respective duties in such capacity
as master servicer or certificate administrator under this Agreement shall not be Disclosable Special Servicer Fees.


 


“Disclosure
Parties”: As defined in Section 3.14(e) of this Agreement.


 






    -24- 


     


    

 


“Disqualified
Non-U.S. Person”: With respect to a Class R or Class LR Certificate any Non-U.S. Person or agent thereof other than (a)
a Non-U.S. Person that holds the Class R or Class LR Certificate in connection with the conduct of a trade or business within the
United States and has furnished the transferor and the Certificate Registrar with an effective IRS Form W-8ECI (or applicable successor
Form promulgated by the IRS for the purpose of providing and certifying the information provided on Form W-8ECI as of the Closing
Date) or (b) a Non-U.S. Person that has delivered to both the transferor and the Certificate Registrar an opinion of a nationally
recognized tax counsel to the effect that the transfer of the Class R or Class LR Certificate to it is in accordance with the requirements
of the Code and the regulations promulgated thereunder and that such transfer of the Class R or Class LR Certificate will not be
disregarded for federal income tax purposes.


 


“Disqualified
Organization”: Any of (a) the United States, a State or any political subdivision thereof or any agency or instrumentality
of any of the foregoing (other than an instrumentality that is a corporation if all of its activities are subject to tax and, except
for FHLMC, a majority of its board of directors is not selected by any such governmental unit), (b) a foreign government, International
Organization (as defined below) or agency or instrumentality of either of the foregoing, (c) an organization that is exempt from
tax imposed by Code Chapter 1 (including the tax imposed by Section 511 of the Code on unrelated business taxable income) on any
excess inclusions (as defined in Section 860E(c)(1) of the Code) with respect to the Class R or Class LR Certificates (except certain
farmers’ cooperatives described in Section 521 of the Code), (d) rural electric and telephone cooperatives described in Section
1381(a)(2)(C) of the Code, or (e) any other Person so designated by the Certificate Registrar who is unable to provide an Opinion
of Counsel to the Certificate Registrar to the effect that any Transfer to such Person will not cause either Trust REMIC to be
subject to tax or to fail to qualify as a REMIC at any time that the Certificates are outstanding. For the purposes of this definition,
the terms “United States”, “State” and “International Organization” shall have the meanings
set forth in Section 7701 of the Code or successor provisions.


 


“Distribution
Accounts”: Collectively, the Upper-Tier Distribution Account and the Lower-Tier Distribution Account, each of which may
be a sub-account of a single Eligible Account.


 


“Distribution
Date”: During each calendar month commencing in November 2016, the fourth Business Day following the Determination Date
in such calendar month.


 


“Distribution
Date Statement”: As defined in Section 4.02(a) of this Agreement.


 


“Do Not Hire
List”: The list, as may be updated at any time, provided by the Depositor to the Master Servicer, Special Servicer, the
Certificate Administrator, Trustee and the Operating Advisor, which lists certain parties identified by the Depositor as having
failed to comply (after any applicable cure period) with their respective obligations under Article XI of this Agreement
or as having failed to comply (after any applicable cure period) with any similar Regulation AB reporting requirements under any
trust and servicing agreement relating to any other series of certificates offered by the Depositor.


 


“Due Date”:
With respect to (i) the Whole Loan on or prior to its Maturity Date, the day of the month set forth in the Note on which each Monthly
Payment thereon is scheduled


 






    -25- 


     


    

 


to
be first due and (ii) the Whole Loan after the Maturity Date therefore or any REO Loan, the day of the month set forth in the
Note on which each Monthly Payment on the Whole Loan had been scheduled to be first due.


 


“Early Termination
Notice Date”: Any date as of which the Stated Principal Balance of the Trust Loan is less than 1.0% of the Stated Principal
Balance of the Trust Loan as of the Cut-off Date.


 


“EHRI”:
Any interest in the Trust that satisfies the definition of “eligible horizontal interest” in the Credit Risk Retention
Rules. As of the Closing Date, the Class E Certificates shall constitute the EHRI.


 


“Eligible Account”:
Any of:


 


(i)            an
account or accounts


 


(A)       maintained
with a depository institution or trust company, (1) the short-term unsecured debt obligations or commercial paper of which are
rated at least “A-1” by S&P (or “A-2” by S&P so long as the long-term unsecured debt obligations
of such depository institution or trust company are rated at least “BBB” by S&P), “P-1” by Moody’s
and “R-1(middle)” from DBRS (if then rated by DBRS, or if not rated by DBRS, an equivalent rating (or higher) by at
least two (2) NRSROs (which may include Moody’s and/or S&P) or such other rating confirmed in a No Downgrade Confirmation)
in the case of accounts in which funds are held for 30 days or less, or (2) the long-term unsecured debt obligations of which are
rated at least “BBB” by S&P (so long as the short-term unsecured debt obligations of such depository institution
or trust company are rated at least “A-2” by S&P), “A2” by Moody’s and “A” by DBRS
(or, if not rated by DBRS, an equivalent (or higher) rating by any two other NRSROs (which may include Moody’s and/or S&P))
in the case of accounts in which funds are held for more than 30 days,


 


(B)       with
KeyBank National Association, so long as (1) the short term debt obligations, deposits or commercial paper of KeyBank National
Association are rated at least “A-2” by S&P, “P-1” by Moody’s and “R-1(low)” by DBRS
(if rated by DBRS or, if not rated by DBRS, an equivalent (or higher) rating by any two other NRSROs (which may include Moody’s
and S&P)) in the case of letters of credit or accounts in which funds are held for thirty (30) days or less and, (2) the long-term
unsecured debt obligations or deposits of KeyBank National Association are rated at least “BBB” by S&P (so long
as the short-term unsecured debt obligations of such depository institution or trust company are rated at least “A-2”
by S&P), “A2” by Moody’s and “BBB(high)” by DBRS (if rated by DBRS or, if not rated by DBRS,
an equivalent (or higher) rating by any two other NRSROs (which may include Moody’s and/or S&P)) in the case of letters
of credit or accounts in which funds are held for more than thirty (30) days,


 






    -26- 


     


    

 


(C)       maintained
with Wells Fargo Bank, National Association, a wholly owned subsidiary of Wells Fargo & Co., so long as it meets the eligibility
standards of the Certificate Administrator pursuant to Section 8.06, or


 


(ii)           a
segregated trust account or accounts maintained with the trust department of a federal or state chartered depository institution
or trust company (which, subject to the remainder of this clause (ii), may include the Certificate Administrator or the Trustee)
acting in its fiduciary capacity which, in either case, has a combined capital and surplus of at least $50,000,000 and is subject
to supervision or examination by federal or state authority and to regulations regarding fiduciary funds on deposit substantially
similar to Title 12 of the Code of Federal Regulations, Section 9.10(b) and the long term unsecured debt obligations of which are
rated at least “A2” by Moody’s,


 


(iii)           such
other account or accounts that, but for the failure to satisfy one or more of the minimum rating(s) set forth in the applicable
clause, would be listed in clauses (i)-(ii) above, with respect to which a No Downgrade Confirmation has been obtained from (i)
each Rating Agency and Moody’s for which the minimum ratings set forth in the applicable clause is not satisfied with respect
to such account, (ii) Morningstar and (iii) KBRA, or


 


(iv)          any
other account for which the Certificate Administrator, the Trustee, the Master Servicer or the Special Servicer, as applicable,
receives a No Downgrade Confirmation, which may be an account maintained by or with the Certificate Administrator, the Trustee,
the Master Servicer or the Special Servicer.


 


Eligible
Accounts may bear interest.


 


“Eligible Investor”:
Any of (i) a Qualified Institutional Buyer that is purchasing for its own account or for the account of a Qualified Institutional
Buyer to whom notice is given that the offer, sale or transfer is being made in reliance on Rule 144A or (ii) (except with respect
to the Class R and Class LR Certificates) an Institutional Accredited Investor that is not a Qualified Institutional Buyer.


 


“Environmental
Insurance Policy”: With respect to the Mortgaged Property or REO Property, any insurance policy covering pollution conditions
and/or other environmental conditions that is maintained from time to time in respect of the Mortgaged Property or REO Property,
as the case may be, for the benefit of, among others, the Trustee on behalf of the Certificateholders and the Companion Loan Holder.


 


“Eligible Operating
Advisor”: An institution (a) that is an operating advisor on another commercial mortgage-backed securities transaction
rated by any Rating Agency or Moody’s, and none of those rating agencies has qualified, downgraded or withdrawn any of the
ratings it has assigned to any of those transactions based solely or materially on concerns with respect to the Operating Advisor;
(b) that can and agrees to make the representations and warranties of the Operating Advisor set forth in Section 2.04(f)
of this Agreement; (c) that is not (and is not affiliated with) the Trust, the Depositor, the Trust Loan Seller, the Initial Purchaser,


 






    -27- 


     


    

 


the
Master Servicer, the Special Servicer, the Trustee, the Certificate Administrator or the Directing Holder, or a depositor, a trustee,
a certificate administrator, a master servicer or a special servicer with respect to the securitization of the Companion Loan
or any of their respective affiliates; (d) that has not and will not be paid by the Special Servicer or any successor special
servicer any fees, compensation or other remuneration (x) in respect of its obligations hereunder or (y) for the appointment or
recommendation for replacement of a successor special servicer to become the Special Servicer; and (e) that does not and shall
not, directly or indirectly, through one or more Affiliates or otherwise, own any interest in any Certificates, the Trust Loan,
the Companion Loan or any securities backed by the Companion Loan or otherwise have any financial interest in the securitization
transaction to which this Agreement relates, other than in fees from its role as Operating Advisor and except as set forth in
Section 3.32.


 


“Environmental
Report”: The environmental audit report or reports with respect to the Mortgaged Property delivered to the Trust Loan
Seller.


 


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


 


“Escrow Account”:
As defined in Section 3.04(b) of this Agreement. Any Escrow Account may be a sub-account of the related Cash Collateral
Account.


 


“Escrow Payment”:
Any payment made by the Borrower to the Master Servicer pursuant to the Mortgage, Cash Collateral Account Agreement, Lock-Box Agreement,
Loan Agreement or other Loan Document for the account of the Borrower for application toward the payment of taxes, insurance premiums,
assessments, environmental remediation and similar items in respect of the Mortgaged Property or related to the satisfaction of
closing conditions for the Whole Loan.


 


“Euroclear”:
Euroclear Bank, as operator of the Euroclear System and its successors in interest.


 


“Excess Prepayment
Interest Shortfall”: With respect to any Distribution Date, any portion of the aggregate Prepayment Interest Shortfalls
for such Distribution Date in excess of the sum of (i) the Master Servicer Prepayment Interest Shortfall Amount with respect to
such Distribution Date and (ii) any Prepayment Interest Excess with respect to such Distribution Date.


 


“Excess Servicing
Fee Rate”: With respect to the Trust Loan and the Companion Loan (and the successor REO Loan, if applicable), a rate
per annum equal to 0.00125%; provided that such rate shall be subject to reduction at any time following any resignation
of a Master Servicer pursuant to Section 6.04 of this Agreement (if no successor is appointed in accordance with Section
6.04 of this Agreement) or any termination of the Master Servicer pursuant to Section 7.01 of this Agreement, to the
extent reasonably necessary (in the sole discretion of the Trustee) for the Trustee to appoint a qualified successor Master Servicer
(which successor may include the Trustee) that meets the requirements of Section 7.02 of this Agreement.


 


“Excess Servicing
Fee Right”: With respect to the Trust Loan and the Companion Loan (and the successor REO Loan, if applicable), the right
to receive Excess


 






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Servicing
Fees. In the absence of any transfer of the Excess Servicing Fee Right, the Master Servicer shall be the owner of such Excess
Servicing Fee Right.


 


“Excess Servicing
Fees”: With respect to the Trust Loan and the Companion Loan (and the successor REO Loan, if applicable), that portion
of the Servicing Fee that accrues at a per annum rate equal to the Excess Servicing Fee Rate.


 


“Exchange Act”:
The Securities Exchange Act of 1934, as amended and the rules and regulations thereunder.


 


“FDIC”:
The Federal Deposit Insurance Corporation or any successor thereto.


 


“FHLMC”:
The Federal Home Loan Mortgage Corporation, or any successor thereto.


 


“Final Asset
Status Report”: An Asset Status Report, together with such other data or supporting information provided by the Special
Servicer to the Directing Holder, which does not include any communications (other than the related Asset Status Report) between
the Special Servicer and the Directing Holder; provided that no Asset Status Report shall be considered a Final Asset Status
Report unless (i) the Directing Holder (during any Subordinate Control Period) has either finally approved of and consented to
the actions proposed to be taken in connection therewith, or has exhausted all of its rights of approval or consent pursuant to
this Agreement in respect of such action, or has been deemed to approve or consent to such action or (ii) the Asset Status Report
is otherwise implemented by the Special Servicer in accordance with the terms of this Agreement.


 


“Final Recovery
Determination”: With respect to the Whole Loan or REO Loan, including after it becomes subject to repurchase by the Trust
Loan Seller pursuant to Section 2.03(e) of this Agreement or subject to purchase pursuant to any related mezzanine intercreditor
agreement, the recovery of all Insurance Proceeds, Liquidation Proceeds, the related Repurchase Price and other payments or recoveries
(including proceeds of the final sale of the REO Property) which the Master Servicer (or if the Whole Loan becomes a Specially
Serviced Loan or an REO Loan, the Special Servicer), in its reasonable judgment, as evidenced by a certificate of a Servicing Officer
delivered to the Trustee, the Certificate Administrator, the Custodian and the Operating Advisor (and the Master Servicer, if the
certificate is from the Special Servicer), expects to be finally recoverable. The Master Servicer shall maintain records, prepared
by a Servicing Officer, of each Final Recovery Determination until the earlier of (i) its termination as the Master Servicer hereunder
and the transfer of such records to a successor servicer and (ii) five years following the termination of the Trust Fund.


 


“Financial Market
Publisher”: BlackRock Financial Management, Bloomberg, L.P., Trepp, LLC, Intex Solutions, Inc., Interactive Data Corporation,
Markit LLC and Thomson Reuters Corporation, or any successor entities thereof.


 


“Fitch”:
Fitch Ratings, Inc., or any of its successors in interest.


 


“Form 8-K Disclosure”
The information described in the Form 8-K items set forth under the “Item on Form 8-K” column on Exhibit U hereto.


 






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“FNMA”:
The Federal National Mortgage Association or any successor thereto.


 


“GACC”:
German American Capital Corporation, in its capacity as the Trust Loan Seller, and its successors in interest.


 


“GACC Indemnification
Agreement”: The agreement dated as of the Pricing Date, among GACC, the Depositor and the Initial Purchaser.


 


“Global Certificates”:
Each of the Regulation S Global Certificates or Rule 144A Global Certificates if and so long as such class of Certificates is registered
in the name of a nominee of the Depository.


 


“Hazardous Materials”:
Any dangerous, toxic or hazardous pollutants, chemicals, wastes, or substances, including, without limitation, those so identified
pursuant to the Comprehensive Environmental Response, Compensation and Liability Act, 42 U.S.C. Section 9601 et seq., or
any other environmental laws now existing, and specifically including, without limitation, asbestos and asbestos-containing materials,
polychlorinated biphenyls (“PCBs”), radon gas, petroleum and petroleum products, urea formaldehyde and any substances
classified as being “in inventory,” “usable work in process” or similar classification which would, if
classified as unusable, be included in the foregoing definition.


 


“Holder”:
With respect to any Certificate, a Certificateholder; with respect to any Lower-Tier Regular Interest, the Trustee.


 


“Indemnified
Party”: As defined in Section 8.05(d), Section 8.05(g) or Section 8.05(h), as applicable, of this
Agreement, as the context requires.


 


“Indemnifying
Party”: As defined in Section 8.05(d), Section 8.05(g) or Section 8.05(h), as applicable, of this
Agreement, as the context requires.


 


“Independent”:
When used with respect to any specified Person, any such Person who (i) does not have any direct financial interest, or any material
indirect financial interest, in any of the Depositor, the Trustee, the Certificate Administrator, the Master Servicer, the Special
Servicer, the Operating Advisor, the Directing Holder, the Borrower or a Manager or any Affiliate thereof, and (ii) is not connected
with any such Person thereof as an officer, employee, promoter, underwriter, trustee, partner, director or Person performing similar
functions.


 


“Independent
Contractor”: Either (i) any Person that would be an “independent contractor” with respect to the applicable
Trust REMIC within the meaning of Section 856(d)(3) of the Code if such Trust REMIC were a real estate investment trust (except
that the ownership tests set forth in that section shall be considered to be met by any Person that owns, directly or indirectly,
35% or more of any Class or 35% or more of the aggregate value of all Classes of Certificates); provided that such Trust
REMIC does not receive or derive any income from such Person and the relationship between such Person and such Trust REMIC is at
arm’s length, all within the meaning of Treasury Regulations Section 1.856-4(b)(5) (except neither the Master Servicer nor
the Special Servicer shall be considered to be an Independent Contractor under the definition in this clause (i) unless
an Opinion of Counsel (at the expense of the party seeking to be deemed an Independent Contractor) addressed to the Master Servicer
or the Special Servicer,


 






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as
applicable, the Certificate Administrator and the Trustee has been delivered to the Certificate Administrator to that effect)
or (ii) any other Person (including the Master Servicer and the Special Servicer) if the Master Servicer or the Special Servicer,
as applicable, on behalf of itself, the Certificate Administrator and the Trustee has received an Opinion of Counsel (at the expense
of the party seeking to be deemed an Independent Contractor) to the effect that the taking of any action in respect of the REO
Property by such Person, subject to any conditions therein specified, that is otherwise herein contemplated to be taken by an
Independent Contractor will not cause the REO Property to cease to qualify as “foreclosure property” within the meaning
of Section 860G(a)(8) of the Code (determined without regard to the exception applicable for purposes of Section 860D(a) of the
Code) or cause any income realized in respect of the REO Property to fail to qualify as Rents from Real Property (provided
that such income would otherwise so qualify).


 


“Individual
Certificate”: Any Certificate in definitive, fully registered physical form without interest coupons.


 


“Initial Purchaser”:
Deutsche Bank Securities Inc., and its successors in interest.


 


“Initial Resolution
Period”: As defined in Section 2.03(e) of this Agreement.


 


“Inquiries”:
As defined in Section 4.02(c) of this Agreement.


 


“Institutional
Accredited Investor”: An institution that is an “accredited investor” within the meaning of Rule 501(a)(l),
(2), (3) or (7) under the Securities Act or any entity in which all of the equity owners come within such paragraphs.


 


“Insurance Proceeds”:
Proceeds of any fire and hazard insurance policy, title policy or other insurance policy relating to the Whole Loan (including
any amounts paid by the Master Servicer pursuant to Section 3.08 of this Agreement).


 


“Interest Distribution
Amount”: With respect to any Distribution Date and any Class of Regular Certificates, an amount equal to the Current
Interest Distribution Amount for such Class and such Distribution Date, less any excess Prepayment Interest Shortfall allocable
to such Class.


 


“Interest Reserve
Account”: The segregated non-interest bearing trust account or sub-account created and maintained by the Certificate
Administrator pursuant to Section 3.05(e) of this Agreement; which shall be entitled “Wells Fargo Bank, National Association,
as Certificate Administrator, for the benefit of Wells Fargo Bank, National Association, as Trustee, in trust for the benefit of
the Holders of COMM 2016-667M Mortgage Trust Commercial Mortgage Pass-Through Certificates, Interest Reserve Account” and
which must be an Eligible Account or a sub-account of an Eligible Account. The Interest Reserve Account shall be an asset of the
Lower-Tier REMIC.


 


“Interested
Person”: As of any date of determination, the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator,
the Trustee, the Operating Advisor, the Directing Holder (or any of their respective Affiliates), any Certificateholder, the Companion
Loan Holder, the Borrower, a Manager, any Independent Contractor engaged by the Special


 






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Servicer
pursuant to Section 3.15 of this Agreement, or any Person known to a Responsible Officer of the Trustee or the Certificate
Administrator, or to a Servicing Officer of the Special Servicer, to be an Affiliate of any of them.


 


“Investment
Account”: As defined in Section 3.07(a) of this Agreement.


 


“Investment
Representation Letter”: As defined in Section 5.02(c)(i)(A) of this Agreement.


 


“Investor Certification”:
A certificate (which may be in electronic form or “click-through format”) representing that such Person executing the
certificate is a Certificateholder, a Beneficial Owner or a prospective purchaser of a Certificate and that (i) for purposes of
obtaining certain information and notices (including access to information and notices on the Certificate Administrator’s
Website) pursuant to this Agreement, such Person (a) is not a Borrower Related Party or (b) is a Borrower Related Party, substantially
in the form of Exhibit L-1-A (in the case of clause (a)) or Exhibit L-1-B (in the case of clause (b)) to this Agreement
or in the form of an electronic certification contained on the Certificate Administrator’s Website and/or (ii) for purposes
of exercising Voting Rights, such Person is not the Depositor, the Certificate Administrator, the Trustee, the Operating Advisor
or a Borrower Related Party, substantially in the form of Exhibit L-2 to this Agreement or in the form of an electronic
certification contained on the Certificate Administrator’s Website. The Certificate Administrator may require that Investor
Certifications are resubmitted from time to time in accordance with its policies and procedures.


 


“Investor Q&A
Forum”: As defined in Section 4.02(c) of this Agreement.


 


“Investor Registry”:
As defined in Section 4.02(d) of this Agreement.


 


“IRS”:
The Internal Revenue Service.


 


“Junior Note”:
Note B in the original principal amount of $71,000,000.


 


“KBRA”:
Kroll Bond Rating Agency, Inc., or any of its successors in interest. If neither such rating agency nor any successor remains in
existence, “KBRA” shall be deemed to refer to such other nationally recognized statistical rating agency or other comparable
Person reasonably designated by the Depositor, notice of which designation shall be given to the other parties hereto, and specific
ratings of KBRA herein referenced shall be deemed to refer to the equivalent ratings of the party so designated


 


“Late Collections”:
With respect to the Whole Loan, all amounts received thereon during any Collection Period (or within the related grace period),
whether as payments, Insurance Proceeds, Condemnation Proceeds, Liquidation Proceeds or otherwise, which represent late payments
or collections of principal or interest due in respect of the Whole Loan (without regard to any acceleration of amounts due thereunder
by reason of default) on a Due Date in a previous Collection Period and not previously recovered. If the Whole Loan becomes an
REO Loan, all amounts received in connection with the REO Property during any Collection Period (including any grace period applicable
under the original Whole Loan), whether as Insurance Proceeds, Condemnation Proceeds, Liquidation Proceeds, REO Proceeds or otherwise,


 






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which
represent late collections of principal or interest due or deemed due in respect of the REO Loan or the predecessor Whole Loan
(without regard to any acceleration of amounts due under the predecessor Whole Loan by reason of default) on a Due Date in a previous
Collection Period and not previously recovered. The term “Late Collections” shall specifically exclude Penalty Charges.


 


“Liquidation
Expenses”: All customary, reasonable and necessary “out of pocket” costs and expenses incurred by the Master
Servicer, the Special Servicer, the Certificate Administrator and the Trustee in connection with the liquidation of the Whole Loan
or the liquidation of the REO Property or the sale of the Whole Loan pursuant to Section 3.16 or Section 9.01 of
this Agreement (including, without limitation, legal fees and expenses, committee or referee fees, and, if applicable, brokerage
commissions, and conveyance taxes).


 


“Liquidation
Fee”: A fee payable to the Special Servicer pursuant to Section 3.12(c) of this Agreement with respect to the
Whole Loan (if repurchased in accordance with Section 2.03(e) of this Agreement), Specially Serviced Loan or REO Loan (except
as specified in the following paragraph), in each case as to which the Special Servicer obtains a full, partial or discounted payoff
from the Borrower, a loan purchaser or the Trust Loan Seller, as applicable, or any Liquidation Proceeds with respect thereto (in
any case, other than amounts for which a Workout Fee has been paid, or will be payable), equal to the product of 0.500% and the
proceeds of such full, partial or discounted payoff or the Net Liquidation Proceeds related to such liquidated or repurchased Whole
Loan or Specially Serviced Loan, as the case may be, in each case exclusive of any portion of such full, partial or discounted
payoff or Net Liquidation Proceeds that represents Penalty Charges; provided that with respect to any particular liquidation
(or partial liquidation), as reduced by the amount of any and all related Offsetting Modification Fees received by the Special
Servicer as additional servicing compensation relating to the Specially Serviced Loan, REO Loan or Whole Loan.


 


No Liquidation Fee shall
be payable (a) with respect to clause (v) or clause (vii) of the definition of Liquidation Proceeds; (b) in the case
of clause (vi) of the definition of Liquidation Proceeds if exercised within 90 days after the first time that such holder’s
option to purchase the Whole Loan becomes exercisable, provided, however, that even if the purchase occurs before such expiration
the Liquidation Fee will be payable to the extent paid by, and collected from, the related borrower or the mezzanine lender; (c)
in the case of a final disposition consisting of the repurchase of the Trust Loan (or the REO Loan, if applicable) by the Trust
Loan Seller pursuant to the Trust Loan Purchase Agreement, if the Trust Loan Seller repurchases the Trust Loan within the resolution
time period set forth in Section 2.03(e) of this Agreement (and giving effect to any applicable extension period beyond
the end of the Initial Resolution Period set forth in Section 2.03(e) of this Agreement); (d) in connection with the purchase
of the Trust Loan if it has become a Defaulted Mortgage Loan by the Special Servicer or any Affiliate thereof within 90 days after
the transfer of the Defaulted Mortgage Loan to special servicing; (e) in connection with any indemnification payment made by the
Trust Loan Seller as a result of a Material Breach or Material Document Defect pursuant to Section 2.03(e), if the Trust
Loan Seller makes such indemnification payment within the resolution time period set forth in Section 2.03(e) of this Agreement
(and giving effect to any applicable extension period beyond the end of the Initial Resolution Period set forth in Section 2.03(e)
of this Agreement); (f) if the Whole Loan becomes a Specially Serviced Loan only because of an event described in clause (a) of
the


 






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definition
of “Specially Serviced Loan” and the related Liquidation Proceeds are received within three months following the related
maturity date as a result of the related Whole Loan being refinanced or otherwise repaid in full (provided that the Special
Servicer may collect from the Borrower and retain (x) a liquidation fee, (y) such other fees as are provided for in the Loan Documents,
and (z) other appropriate fees in connection with such liquidation); and (g) with respect to an Other Securitization Trust, in
connection with (A) a repurchase or replacement of such Companion Loan by the Trust Loan Seller due to a breach of a representation
or warranty or a document defect under the related mortgage loan purchase agreement related to the Other Pooling and Servicing
Agreement prior to the expiration of the cure period (including any applicable extension thereof) set forth therein or (B) a purchase
of such Companion Loan pursuant to a clean-up call or similar liquidation under the related Other Pooling and Servicing Agreement.


 


“Liquidation
Proceeds”: Cash amounts (other than Insurance Proceeds and Condemnation Proceeds and REO Proceeds) received by or paid
to the Master Servicer or the Special Servicer in connection with: (i) the liquidation of the Mortgaged Property or other collateral
constituting security for the Defaulted Mortgage Loan, through trustee’s sale, foreclosure sale, disposition of REO Property
or otherwise, including a final full, partial or discounted payoff of the Trust Loan, exclusive of any portion thereof required
to be released to the Borrower in accordance with applicable law and the terms and conditions of the Note and the Mortgage; (ii)
the realization upon any deficiency judgment obtained against the Borrower; (iii) the sale of the Defaulted Mortgage Loan; (iv)
a repurchase of the Trust Loan (or REO Loan) by the Trust Loan Seller pursuant to the Trust Loan Purchase Agreement; (v) the purchase
of the Trust Loan and all property acquired in respect of the Trust Loan by the Sole Certificateholder, the Special Servicer or
the Master Servicer pursuant to Section 9.01 of this Agreement; (vi) if applicable, in connection with any existing mezzanine
indebtedness or any mezzanine indebtedness that may exist on a future date, the purchase of the Whole Loan by a mezzanine lender;
or (vii) the purchase of the Trust Loan by the Companion Loan Holder.


 


“Loan Agreement”:
The Loan Agreement, dated as of September 8, 2016, by and between the Borrower, as borrower, and DBNYB, as lender.


 


“Loan Documents”:
The documents executed or delivered in connection with the origination or any subsequent modification of the Whole Loan or subsequently
added to the Mortgage File.


 


“Loan Sponsor”:
Hartz Financial Corp., a New Jersey corporation, and its successors in interest.


 


“Lock-Box Account”:
With respect to the Mortgaged Property, if applicable, any account created pursuant to the Loan Documents to receive revenues therefrom.
Any Lock-Box Account shall be beneficially owned for federal income tax purposes by the Person who is entitled to receive the reinvestment
income or gain thereon in accordance with the terms and provisions of the Whole Loan and Section 3.07 of this Agreement,
which Person shall be taxed on all reinvestment income or gain thereon. The Master Servicer shall be permitted to make withdrawals
therefrom for deposit into the related Cash Collateral Accounts in accordance with the terms of the Whole Loan.


 






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“Lock-Box Agreement”:
The lock-box agreement, if any, between the Originator and the Borrower, pursuant to which the Lock-Box Account, if any, may have
been established.


 


“Lower-Tier
Distribution Account”: The segregated non-interest bearing trust account or sub-account created and maintained by the
Certificate Administrator pursuant to Section 3.05(b) of this Agreement, which shall be entitled “Wells Fargo Bank,
National Association, as Certificate Administrator, for the benefit of Wells Fargo Bank, National Association, as Trustee, in trust
for the benefit of the Holders of COMM 2016-667M Mortgage Trust Commercial Mortgage Pass-Through Certificates, Lower-Tier Distribution
Account” and which must be an Eligible Account or a sub-account of an Eligible Account. The Lower-Tier Distribution Account
shall be an asset of the Lower-Tier REMIC.


 


“Lower-Tier
Distribution Amount”: As defined in Section 4.01 of this Agreement.


 


“Lower-Tier
Principal Balance”: With respect to any Class of Lower-Tier Regular Interest, initially will equal the original principal
balance set forth in the Preliminary Statement herein, and from time to time will equal such amount reduced by the amount of distributions
of the Lower-Tier Distribution Amount allocable to principal and Realized Losses allocable thereto in all prior periods as described
in Section 4.01(d) of this Agreement, such that at all times the Lower-Tier Principal Balance of a Lower-Tier Regular Interest
shall equal the Certificate Balance of its Corresponding Certificates.


 


“Lower-Tier
Regular Interests”: The Class LA Interest, the Class LB Interest, the Class LC Interest, the Class LD Interest and the
Class LE Interest issued by the Lower-Tier REMIC and held by the Trustee as assets of the Upper-Tier REMIC. Each Lower-Tier Regular
Interest (i) is designated as a “regular interest” in the Lower-Tier REMIC (ii) relates to its Corresponding Class
of Certificates, (iii) is uncertificated, (iv) has an initial Lower-Tier Principal Balance equal to the original Lower-Tier Principal
Balance set forth in the Preliminary Statement herein, (v) has a Pass-Through Rate equal to the Net Mortgage Rate, (vi) has a “latest
possible maturity date”, within the meaning of Treasury Regulations Section 1.860G-1(a), that is the Rated Final Distribution
Date and (vii) is entitled to the distributions in the amounts and at the times specified in Section 4.01(e) of this Agreement.


 


“Lower-Tier
REMIC”: A segregated asset pool within the Trust Fund consisting of the Trust Loan, collections thereon, the Trust’s
interest in any REO Property acquired in respect thereof, amounts related thereto held from time to time in the Collection Account
and the Lower-Tier Distribution Account, any REO Account, related amounts in the Interest Reserve Account and all other property
included in the Trust Fund that is not in the Upper-Tier REMIC.


 


“MAI”:
Member of the Appraisal Institute.


 


“Major Decision”:
Any of the following:


 


(a)       any
substitution or release of collateral or any acceptance of additional collateral for the Whole Loan (other than substitutions or
releases of immaterial and non-income producing real property collateral) except as expressly permitted by the Loan Documents without
the consent of the lender;


 






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(b)       any
waiver of or determination not to enforce a “due-on-sale” or “due-on-encumbrance” clause (unless such clause
is not exercisable under applicable law or such exercise is reasonably likely to result in successful legal action by the Borrower);


 


(c)       any
transfer of the Mortgaged Property or any portion of the Mortgaged Property, or any transfer of any direct or indirect ownership
interest in the Borrower to the extent lender consent under the Loan Documents is required, except in each case as expressly permitted
by the Loan Documents, or in connection with a pending or threatened condemnation;


 


(d)       any
consent to the incurrence of additional debt by the Borrower or mezzanine debt by a direct or indirect parent of the Borrower,
including modification or waiver of the terms of any document evidencing or securing any such additional debt and of any intercreditor
or subordination agreement executed in connection therewith and any waiver of or amendment or modification to the terms of or any
such document or agreement, in each case to the extent lender approval is required by the Loan Documents;


 


(e)       any
proposed or actual foreclosure upon or comparable conversion (which may include acquisitions of REO Properties) of the ownership
of the Mortgaged Property;


 


(f)       any
modification, consent to a modification or waiver of any monetary term (other than late fees and Default Interest but including,
without limitation, the timing or amount of payments and the acceptance of discounted payoffs) or material non-monetary term of
the Whole Loan or any extension of the maturity date of the Whole Loan;


 


(g)       following
a default or an event of default with respect to the Whole Loan, any exercise of remedies, including the acceleration of the Whole
Loan or initiation of judicial, bankruptcy or similar proceedings under the Loan Documents or with respect to the Borrower or the
Mortgaged Property;


 


(h)       any
sale or other disposition of the Whole Loan or the Mortgaged Property (including any REO Property) for less than the Repurchase
Price;


 


(i)        any
determination to bring the Mortgaged Property or REO Property into compliance with applicable environmental laws or to otherwise
address Hazardous Materials located at the Mortgaged Property or an REO Property;


 


(j)        any
modification, waiver or amendment of an intercreditor agreement, co-lender agreement, participation agreement or similar agreement
with any mezzanine lender, holder of the Companion Loan or subordinate debt holder related to the Whole Loan, or an action to enforce
rights or remedies with respect thereto, in each case in a manner that materially and adversely affects the Controlling Class (to
the extent that neither the Directing Holder, the majority holder of the Controlling Class, nor any affiliate or agent thereof
is a holder of the applicable mezzanine loan or any beneficial interest in such mezzanine loan);


 






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(k)       any
Manager changes with respect to the Whole Loan, to the extent lender approval is required by the Loan Documents;


 


(l)        releases
of any escrow accounts, reserve accounts or letters of credit held as performance escrows or reserves, other than those required
pursuant to the specific terms of the Whole Loan and for which there is no material lender discretion;


 


(m)      any
acceptance of an assumption agreement releasing the Borrower, the guarantor or other obligor from liability under the Whole Loan
or the Loan Documents other than as permitted pursuant to the specific terms of such Loan Documents and for which there is no material
lender discretion;


 


(n)       any
determination of an Acceptable Insurance Default under the Loan Documents;


 


(o)       the
execution, termination or renewal of any lease, to the extent lender approval is required under the Loan Documents and to the extent
such lease constitutes a “major lease” as defined in the Loan Documents, including entering into any subordination,
non-disturbance and attornment agreement;


 


(p)       any
adoption or implementation of the Annual Budget for which lender consent is required under the Loan Documents;


 


(q)       the
voting on any plan of reorganization, restructuring or similar plan in the bankruptcy of the Borrower;


 


(r)       the
exercise of the rights and powers granted under any intercreditor agreement to the “Senior Lender” or such other similar
term as may be set forth in any such intercreditor agreement and/or the “Servicer” referred to therein, if and to the
extent such rights or powers affect the priority, payments, consent rights, or security interest with respect to the “Senior
Lender” or such other similar term (to the extent that neither the Directing Holder, the majority holder of the Controlling
Class, nor any affiliate or agent thereof is the holder of the applicable mezzanine loan or any beneficial interest in such mezzanine
loan); and


 


(s)       to
the extent not included in clauses (a) through (r) above, (i) any material modification of, or waiver with respect
to, any provision of the Loan Agreement (including a mortgage, deed of trust, or other security agreement), (ii) foreclosure upon
or comparable conversion of the ownership of the Mortgaged Property, or (iii) the acquisition of the Mortgaged Property by the
Trust.


 


“Majority Controlling
Class Certificateholders”: The Holder(s) of Certificates representing more than 50% of the aggregate Certificate Balance
of the Controlling Class.


 


“Management
Agreement”: With respect to the Mortgaged Property, a property management agreement, if any, by and between a Manager
and the Borrower, or any successor property management agreement between such parties.


 






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“Manager”:
With respect to the Mortgaged Property, any property manager for the Mortgaged Property.


 


“Master Servicer”:
KeyBank National Association, a national banking association, its successor in interest (in such capacity), or if any successor
Master Servicer is appointed as herein provided, such successor Master Servicer or any successor master servicer appointed as herein
provided.


 


“Master Servicer
Prepayment Interest Shortfall Amount”: As defined in Section 3.17(c) of this Agreement.


 


“Master Servicer
Termination Event”: As defined in Section 7.01(a) of this Agreement.


 


“Master Servicer’s
Website”: Shall mean the internet website maintained by the Master Servicer; initially located at “www.keybank.com/Key2CRE”.


 


“Material Breach”:
As defined in Section 2.03(e) of this Agreement.


 


“Material Document
Defect”: As defined in Section 2.03(e) of this Agreement.


 


“Maturity Date”:
The maturity date on October 6, 2026.


 


“Mezzanine Loan”:
Any mezzanine indebtedness related to the Whole Loan.


 


“Modification
Fees”: With respect to the Whole Loan, any and all fees with respect to a modification, restructure, extension, waiver
or amendment that modifies, restructures, extends, amends or waives any term of the Loan Documents (as evidenced by a signed writing)
agreed to by the Master Servicer or the Special Servicer (other than all defeasance fees, Assumption Fees, consent fees, assumption
application fees, and fees similar to the foregoing). For the avoidance of doubt, Special Servicing Fees, Workout Fees and Liquidation
Fees due to the Special Servicer in connection with a modification, restructure, extension, waiver or amendment shall not be considered
Modification Fees. For each modification, restructure, extension, waiver or amendment in connection with working out the Whole
Loan after it has become a Specially Serviced Loan, the Modification Fees collected from the Borrower shall be subject to a cap
of 1.0% of the outstanding principal balance of the Whole Loan on the closing date of each related modification, restructure, extension,
waiver or amendment (prior to giving effect to such modification, restructure, extension, waiver or amendment); provided
that no aggregate cap exists in connection with the amount of Modification Fees which may be collected from the Borrower with respect
to a Specially Serviced Loan or REO Loan.


 


“Modified Mortgage
Loan”: A Specially Serviced Loan which has been modified by the Special Servicer pursuant to Section 3.26 of this
Agreement in a manner that:


 


(a)       reduces
or delays the amount or timing of any payment of principal or interest due thereon (other than, or in addition to, bringing current
Monthly Payments


 






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with respect to the Trust Loan or Companion Loan), including any reduction in the Monthly Payment;


 


(b)       except
as expressly contemplated by the Mortgage, results in a release of the lien of the Mortgage on any material portion of the Mortgaged
Property without a corresponding Principal Prepayment in an amount not less than the fair market value (as is), as determined by
an Appraisal delivered to the Special Servicer (at the expense of the Borrower and upon which the Special Servicer may conclusively
rely), of the property to be released; or


 


(c)       in
the reasonable good faith judgment of the Special Servicer, otherwise materially impairs the value of the security for the Whole
Loan or reduces the likelihood of timely payment of amounts due thereon.


 


“Monthly Payment”:
With respect to the Trust Loan or Whole Loan (in each case, other than an REO Loan), and any Due Date, the scheduled monthly payment
of principal, if any, and interest at the Whole Loan Rate, excluding any Balloon Payment (but not excluding any constant Monthly
Payment due on the Whole Loan), which is payable by the Borrower on the Due Date under the Note. The Monthly Payment with respect
to an REO Loan is the monthly payment that would otherwise have been payable on the Due Date had the Note not been discharged,
determined as set forth in the preceding sentence and on the assumption that all other amounts, if any, due thereunder are paid
when due.


 


“Moody’s”:
Moody’s Investors Service, Inc., or any of its successors in interest.


 


“Morningstar”:
Morningstar Credit Ratings, LLC, or any of its successors in interest. If neither Morningstar nor any successor remains in existence,
“Morningstar” shall be deemed to refer to such other nationally recognized statistical rating agency or other comparable
Person designated by the Depositor, notice of which designation shall be given to the other parties hereto and specific ratings
of Morningstar herein referenced shall be deemed to refer to the equivalent ratings of the party so designated.


 


“Mortgage”:
The mortgage, deed of trust or other instrument creating a first lien on or first priority ownership interest in the Mortgaged
Property securing the Notes.


 


“Mortgage File”:
Collectively, the mortgage documents listed in Section 2.01(a)(i) through Section 2.01(a)(xxi) of this Agreement
pertaining to the Whole Loan and any additional documents required to be added to the Mortgage File pursuant to the express provisions
of this Agreement; provided that whenever the term “Mortgage File” is used to refer to documents actually received
by the Depositor or the Custodian, such term shall not be deemed to include such documents and instruments required to be included
therein unless they are actually so received.


 


“Mortgage Loan
Schedule”: The schedule attached as Exhibit B to this Agreement, which schedule shall set forth the following
information:


 


(a)       the
Trust Loan name;


 






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(b)       the
street address (including city, state and zip code) of the Mortgaged Property;


 


(c)       the
Trust Loan Rate and Whole Loan Rate in effect as of the Cut-off Date;


 


(d)       the
original principal balance of the Trust Loan and the Whole Loan;


 


(e)       the
outstanding principal balance of the Trust Loan and the Whole Loan as of the Cut-off Date;


 


(f)        the
Maturity Date for the Whole Loan;


 


(g)       the
Due Date;


 


(h)       the
amount of the Monthly Payment due on the first Due Date following the Cut-off Date;


 


(i)        the
Servicing Fee Rate, the master servicing fee rate, the primary servicing fee rate, the Trustee/Certificate Administrator Fee Rate,
the Operating Advisor Fee Rate, the CREFC© License Fee Rate and the Administrative Fee Rate; and


 


(i)        whether
any letter of credit is held by the lender as a beneficiary or is assigned as security for the Whole Loan.


 


“Mortgaged Property”:
The underlying property securing the Whole Loan including any REO Property, consisting of, among other things, (i) a first priority
mortgage in the fee simple interest of the Borrower (as defined herein) in a 24-story, 273,983 square foot, Class A office building
with ground floor and basement retail located at 667 Madison Avenue in New York, New York, (ii) a first priority security interest
in and, as applicable, assignment of all rents, permits, licenses, leases, contracts, agreements, accounts, receivables, personal
property, furniture, fixtures and equipment and any other personal property relating to the Mortgaged Property and (iii) such other
collateral customary for a loan of this type.


 


“Net Condemnation
Proceeds”: Condemnation Proceeds, to the extent such proceeds are not to be applied to the restoration, preservation
or repair of the related Mortgaged Property or released to the Borrower in accordance with the express requirements of the Loan
Documents or other documents included in the Mortgage File or in accordance with the Servicing Standard.


 


“Net Default
Interest”: With respect to any Distribution Date, an amount equal to the sum of (i) the amount of Default Interest received
during the preceding Collection Period, minus (ii) any portions thereof withdrawn from the applicable Collection Account pursuant
to Section 3.06(a)(vi) of this Agreement for Advance Interest Amounts and unreimbursed Additional Trust Fund Expenses (including
Special Servicing Fees, Liquidation Fees and Workout Fees) incurred on the Trust Loan or Whole Loan, as applicable, during or prior
to such Collection Period.


 


“Net Insurance
Proceeds”: Insurance Proceeds, to the extent such proceeds are not to be applied to the restoration of the Mortgaged
Property or released to the Borrower in


 






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accordance
with the express requirements of the Loan Documents or other documents included in the Mortgage File or in accordance with prudent
and customary servicing practices.


 


“Net Liquidation
Proceeds”: The Liquidation Proceeds received with respect to the Whole Loan net of the amount of Liquidation Expenses
incurred with respect thereto.


 


“Net Mortgage
Rate”: With respect to any Distribution Date, the rate at which interest accrues on the Trust Loan (net of the Administrative
Fee Rate) and excluding Default Interest during the related Whole Loan Interest Accrual Period. The Net Mortgage Rate shall not
be reduced by any Operating Advisor Fee Rate following the Operating Advisor’s resignation pursuant to Section 6.04(e)
or the termination of the Operating Advisor pursuant to Section 7.07(e). Notwithstanding the foregoing, the Net Mortgage
Rate of such Trust Loan or Companion Loan for any Whole Loan Interest Accrual Period will be the annualized rate at which interest
would have to accrue in respect of such Trust Loan or Companion Loan on a 30/360 Basis in order to produce the aggregate amount
of interest actually accrued in respect of such Trust Loan or Companion Loan at the related Net Mortgage Rate during such Whole
Loan Interest Accrual Period; provided, that with respect to each such Trust Loan, the Net Mortgage Rate for the one-month
period (i) preceding the Distribution Dates in (a) January and February in each year that is not a leap year or (b) February only
in each year that is a leap year (in either case, unless the related Distribution Date is the final Distribution Date) (commencing
in 2017), shall be determined net of any Withheld Amounts from that month and (ii) preceding the Due Date in March (or February
if the related Distribution Date is the final Distribution Date), shall be determined inclusive of the Withheld Amounts, if applicable,
from the immediately preceding February, and, if applicable, January; provided further, that for purposes of calculating
Pass-Through Rates, the Net Mortgage Rate shall be determined without regard to any modification, waiver or amendment of the terms
of the Whole Loan, whether agreed to by the Master Servicer or the Special Servicer or resulting from a bankruptcy, insolvency
or similar proceeding involving the Borrower or otherwise.


 


“Net REO Proceeds”:
With respect to the REO Property, REO Proceeds with respect to the REO Property net of any insurance premiums, taxes, assessments
and other costs and expenses permitted to be paid therefrom pursuant to Section 3.15(b) of this Agreement.


 


“New Lease”:
Any lease of an REO Property entered into on behalf of the Lower-Tier REMIC, if such Trust REMIC has the right to renegotiate the
terms of such lease, including any lease renewed or extended on behalf of such Trust REMIC.


 


“No Downgrade
Confirmation” shall mean, with respect to any matter, confirmation in writing (which may be in electronic form and may
be in the form of a press release) by each applicable Rating Agency that a proposed action, failure to act or other event so specified
will not, in and of itself, result in the downgrade, withdrawal or qualification of the then-current rating assigned to any Class
of Certificates if then rated by the Rating Agency; provided that a written waiver or other acknowledgment from any Rating
Agency indicating its decision not to review the matter for which the No Downgrade Confirmation is sought shall be deemed to satisfy
the requirement for the No Downgrade Confirmation from such Rating Agency with respect to such matter. At any time during which
no Certificates are rated by a Rating Agency, no No Downgrade Confirmation shall be required from that Rating Agency. With respect
to any matter affecting the Companion Loan (if Companion Loan Securities exist),


 






    -41- 


     


    

 


any
No Downgrade Confirmation shall also refer to the nationally recognized statistical rating organizations then rating the securities
representing an interest in such loan and such rating organizations’ respective ratings of such securities.


 


“Non-Directing
Holder”: With respect to the Companion Loan, the “Non-Controlling Note Holder” or any analogous concept under
the Co-Lender Agreement.


 


“Non-Reduced
Certificates”: As of any date of determination, any Class of Principal Balance Certificates then outstanding for which
(a)(1) the initial Certificate Balance of such Class of Certificates minus (2) the sum (without duplication) of (x) the aggregate
payments of principal (whether as principal prepayments or otherwise) previously distributed to the Holders of such Class of Certificates
as of such date of determination, (y) any Appraisal Reduction Amounts and Collateral Deficiency Amounts then allocable to such
Class of Certificates as of such date of determination and (z) any Realized Losses previously allocated to such Class of Certificates
as of such date of determination, is equal to or greater than (b) 25% of the remainder of (i) the initial Certificate Balance of
such Class of Certificates less (ii) any payments of principal (whether as principal prepayments or otherwise) previously distributed
to the Holders of that Class of Certificates as of such date of determination.


 


“Non-U.S. Person”:
A person that is not a U.S. Person.


 


“Nonrecoverable
Administrative Advance”: Any Administrative Advance previously made or proposed to be made in respect of the Trust Loan
or REO Loan which, in the reasonable judgment of the Master Servicer, the Special Servicer, in each case in accordance with the
Servicing Standard and Section 4.07(d), or the Trustee in its reasonable judgment, as applicable, would not be ultimately
recoverable, together with any accrued and unpaid interest thereon, from late payments, Condemnation Proceeds, Insurance Proceeds,
Liquidation Proceeds and other collections on or in respect of the Trust Loan or REO Loan, which shall be evidenced by an Officer’s
Certificate as provided by Section 4.07(d) of this Agreement.


 


“Nonrecoverable
Advance”: Any Nonrecoverable P&I Advance, Nonrecoverable Property Advance or Nonrecoverable Administrative Advance.


 


“Nonrecoverable
P&I Advance”: Any P&I Advance previously made or proposed to be made in respect of the Trust Loan or REO Loan
which, in the reasonable judgment of the Master Servicer, the Special Servicer, in each case in accordance with the Servicing Standard
and Section 4.07(d) and Section 4.07(e), or the Trustee in its reasonable judgment, as applicable, would not be ultimately
recoverable, together with any accrued and unpaid interest thereon, from late payments, Condemnation Proceeds, Insurance Proceeds,
Liquidation Proceeds and other collections on or in respect of the Trust Loan or REO Loan, which shall be evidenced by an Officer’s
Certificate as provided by Section 4.07(d) of this Agreement.


 


“Nonrecoverable
Property Advance”: Any Property Advance previously made or proposed to be made in respect of the Whole Loan or REO Loan
that, as determined by the Master Servicer, the Special Servicer, in each case in accordance with the Servicing Standard and Section
3.21(d), or the Trustee in its reasonable judgment, as applicable, would not be ultimately recoverable, together with any accrued
and unpaid interest thereon, from late


 






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payments,
Condemnation Proceeds, Insurance Proceeds, Liquidation Proceeds and other collections on or in respect of the Whole Loan or REO
Loan, which shall be evidenced by an officer certificate as provided by Section 3.21(d) of this Agreement.


 


“Note”:
Collectively, as of any date of determination, the notes or other evidence of indebtedness and/or agreements evidencing the indebtedness
of the Borrower under the Whole Loan including any amendments or modifications, or any renewal or substitution note, as of such
date.


 


“Notice of Termination”:
Any of the notices given to the Trustee, the Certificate Administrator, the Special Servicer and the Master Servicer by the Special
Servicer, the Master Servicer or the Certificateholder owning a majority of the Percentage Interest in the Class R and Class LR
Certificates, as applicable, pursuant to Section 9.01(c) of this Agreement.


 


“Notional Balance”:
As of any date of determination, with respect to the Class X-A Certificates as a Class, the Class X-A Notional Balance as of such
date of determination and with respect to any of the Class X-A Certificates, the product of the Percentage Interest evidenced by
such Certificate and the Class X-A Notional Balance as of such date of determination.


 


“NRSRO”:
Any nationally recognized statistical ratings organization within the meaning of Section 3(a)(62) of the Exchange Act.


 


“NRSRO Certification”:
A certification (a) executed by a NRSRO in favor of the 17g-5 Information Provider substantially in the form attached hereto as
Exhibit O or (b) provided electronically and executed by an NRSRO by means of a “click-through” confirmation
on the 17g-5 Information Provider’s Website.


 


“Offering Circular”:
That certain Offering Circular, dated the Pricing Date, relating to the offering of the Certificates.


 


“Officer’s
Certificate”: A certificate signed by the Chairman of the Board, the Vice Chairman of the Board, the President or a Vice
President (however denominated) and by the Treasurer, the Secretary, one of the Assistant Treasurers or Assistant Secretaries,
any Trust Officer or other officer of the Master Servicer, Special Servicer or Operating Advisor customarily performing functions
similar to those performed by any of the above designated officers, any Servicing Officer and also with respect to a particular
matter, any other officer to whom such matter is referred because of such officer’s knowledge of and familiarity with the
particular subject, or an authorized officer of the Depositor, and delivered to the Depositor, the Trustee, the Certificate Administrator,
the Special Servicer or the Master Servicer, as the case may be.


 


“Offsetting
Modification Fees”: With respect to the Whole Loan or REO Loan and with respect to the Workout Fee or Liquidation Fee
payable by the Trust, any and all Modification Fees collected by the Special Servicer as additional servicing compensation, but
only to the extent that (1) such Modification Fees were earned and collected by the Special Servicer (A) in connection with the
workout or liquidation (including partial liquidation) of a Specially Serviced Loan or REO Loan as to which the subject Workout
Fee or Liquidation Fee


 






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became payable or (B) in connection with any workout of a Specially Serviced Loan that closed within the
prior 18 months (determined as of the closing day of the workout or liquidation as to which the subject Workout Fee or Liquidation
Fee became payable) and (2) such Modification Fees were earned in connection with a modification, restructure, extension, waiver
or amendment of the Whole Loan or REO Loan at a time when the Whole Loan or REO Loan was a Specially Serviced Loan.


 


“Operating Advisor”:
Park Bridge Lender Services LLC, a New York limited liability company, or its successor in interest, or any successor Operating
Advisor appointed as herein provided.


 


“Operating Advisor
Annual Report”: As defined in Section 3.32(d)(iv) of this Agreement.


 


“Operating Advisor
Consulting Fee”: A fee for each Major Decision on which the Operating Advisor has consulting rights equal to $10,000
with respect to any Mortgage Loan or such lesser amount as the Borrower agrees to pay, payable pursuant to Section 3.06
of this Agreement; provided, no such fee shall be payable unless paid by the Borrower. The Operating Advisor may in its sole discretion
reduce the Operating Advisor Consulting Fee with respect to any Major Decision. The Master Servicer or Special Servicer, as applicable,
may waive or reduce the amount of any Operating Advisor Consulting Fee payable by the Borrower if it determines that such full
or partial waiver is in accordance with the Servicing Standard; provided, that the Master Servicer or the Special Servicer,
as applicable, shall consult with the Operating Advisor prior to any such waiver or reduction.


 


“Operating Advisor
Consultation Period”: Any period when the aggregate Certificate Balance of the Class(es) of Certificates constituting
the EHRI (taking into account the application of any Appraisal Reduction Amounts and Collateral Deficiency Amounts to notionally
reduce such aggregate Certificate Balance of the Class(es) of Certificates constituting the EHRI) is less than 25% of the initial
aggregate Certificate Balance of Class(es) of Certificates constituting the EHRI.


 


“Operating Advisor
Fee”: With respect to the Trust Loan and any Distribution Date, an amount per Whole Loan Interest Accrual Period equal
to the product of (i) the applicable Operating Advisor Fee Rate and (ii) the Stated Principal Balance of the Trust Loan as of the
Due Date in the immediately preceding Collection Period (without giving effect to payments of principal on the Trust Loan on such
Due Date). Such fee shall be in addition to, and not in lieu of, any other fee or other sum payable to the Operating Advisor under
this Agreement. The Operating Advisor Fee shall be calculated in accordance with the provisions of Section 1.02(a) of this
Agreement. For the avoidance of doubt, the Operating Advisor Fee shall be payable from the Lower-Tier REMIC. For the avoidance
of doubt, no Operating Advisor Fee shall accrue on the principal balance of, or be payable with respect to, the Companion Loan.
No Operating Advisor Fee shall accrue following the Operating Advisor’s resignation pursuant to Section 6.04(e) or
the termination of the Operating Advisor pursuant to Section 7.07(e).


 


“Operating Advisor
Fee Rate”: For each Interest Accrual Period, a per annum rate equal to 0.0047% with respect to the Trust Loan.
At any time there is no Operating Advisor, the Operating Advisor Fee Rate shall be 0%.


 






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“Operating Advisor
Standard”: As defined in Section 3.32(b) of this Agreement.


 


“Operating Advisor
Termination Event”: As defined in Section 7.07(a) of this Agreement.


 


“Opinion of
Counsel”: A written opinion of counsel, who may, without limitation, be counsel for the Depositor, the Special Servicer
or the Master Servicer, as the case may be, acceptable to the Certificate Administrator and the Trustee, except that any opinion
of counsel relating to (a) qualification of either Trust REMIC as a REMIC or the imposition of tax under the REMIC Provisions on
any income or property of either Trust REMIC, (b) compliance with the REMIC Provisions (including application of the definition
of “Independent Contractor”), or (c) a resignation of the Master Servicer or the Special Servicer pursuant to Section
6.04(b) of this Agreement, must be an opinion of counsel who is Independent of the Depositor, the Master Servicer and the Special
Servicer.


 


“Originator”:
Deutsche Bank AG, New York Branch, in its capacity as originator of the Trust Loan under the Loan Agreement.


 


“Other Asset
Representations Reviewer”: The applicable other “asset representations reviewer” under an Other Pooling and
Servicing Agreement relating to the Companion Loan.


 


“Other Depositor”:
With respect to any Other Securitization Trust, the related “depositor” (within the meaning of Item 1101(e) of Regulation
AB).


 


“Other Exchange
Act Reporting Party”: With respect to any Other Securitization Trust that is subject to the reporting requirements of
the Exchange Act, the trustee, certificate administrator, master servicer, special servicer or depositor under the related Other
Pooling and Servicing Agreement that is responsible for the preparation and/or filing of Form 8-K, Form 10-D and Form 10-K with
respect to such Other Securitization Trust, as identified in writing to the parties to this Agreement; and, with respect to any
Other Securitization Trust that is not subject to the reporting requirements of the Exchange Act and for the purposes of Sections
11.7, 11.8, 11.9 and 11.16 only, the trustee, certificate administrator, master servicer, special servicer
or depositor under the related Other Pooling and Servicing Agreement that is responsible for the preparation and/or dissemination
of periodic distribution date statements or similar reports, as identified in writing to the parties to this Agreement.


 


“Other Operating
Advisor”: The applicable other “operating advisor” or “trust advisor” under the Other Pooling
and Servicing Agreement relating to the Companion Loan.


 


“Other Pooling
and Servicing Agreement”: The pooling and servicing agreement or other comparable agreement governing the creation of
any Other Securitization Trust and the issuance of securities backed by the assets of such Other Securitization Trust.


 


“Other Securitization
Trust”: Any “issuing entity” (within the meaning of Item 1101(f) of Regulation AB) that holds the Companion
Loan (or any portion thereof or interest therein), as identified in writing to the parties to this Agreement.


 






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“Other Servicer”:
The applicable other “master servicer” under an Other Pooling and Servicing Agreement relating to the Companion Loan.


 


“Other Special
Servicer”: The applicable other “special servicer” under an Other Pooling and Servicing Agreement relating
to the Companion Loan.


 


“Other Trustee”:
The applicable other “trustee” under an Other Pooling and Servicing Agreement relating to the Companion Loan.


 


“Ownership Interest”:
Any record or beneficial interest in a Class R or Class LR Certificate.


 


“P&I Advance”:
Any advance made by the Master Servicer or the Trustee pursuant to Section 4.07 of this Agreement. Each reference to the
payment or reimbursement of a P&I Advance shall be deemed to include, whether or not specifically referred to and without duplication,
payment or reimbursement of interest thereon at the Advance Rate. Neither the Master Servicer nor the Trustee will be required
to make P&I Advances with respect to any delinquent payment amounts due on the Companion Loan.


 


“P&I Advance
Determination Date”: With respect to the Distribution Date, the second Business Day prior to such Distribution Date.


 


“Pass-Through
Rate”: With respect to each Class of Regular Certificates, the rate for such Class as set forth below.


 


	
        Class
	 	
        Pass-Through
Rate

	Class A	 	Class A Pass-Through Rate
	Class X-A	 	Class X-A Pass-Through Rate
	Class B	 	Class B Pass-Through Rate
	Class C	 	Class C Pass-Through Rate
	Class D	 	Class D Pass-Through Rate
	Class E	 	Class E Pass-Through Rate


 


With respect to each
Class of Lower-Tier Regular Interests, the Net Mortgage Rate.


 


“Paying Agent”:
The paying agent appointed pursuant to Section 5.04 of this Agreement.


 


“PCAOB”:
The Public Company Accounting Oversight Board.


 


“Penalty Charges”:
With respect to the Whole Loan (or successor REO Loan), any amounts collected thereon from the Borrower that represent default
charges, penalty charges, late fees and/or Default Interest, and excluding any Prepayment Charge.


 


“Percentage
Interest”: As to any Certificate, the percentage interest evidenced thereby in distributions required to be made with
respect to the related Class. With respect to any Certificate (except the Class R and Class LR Certificates), the percentage interest
is equal to


 






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the initial denomination of such Certificate divided by the initial Certificate Balance or Notional Balance, as applicable,
of such Class of Certificates. With respect to any Class R or Class LR Certificate, the percentage interest is set forth on the
face thereof.


 


“Performing
Loan”: The Whole Loan if it is not a Specially Serviced Loan or REO Loan.


 


“Permitted Investments”:
Any one or more of the following obligations or securities payable on demand or having a fixed principal amount due on a scheduled
maturity date on or before the Business Day preceding the date upon which such funds are required to be drawn (and which do not
include any embedded options, unless full payment of principal will be paid in cash upon the exercise of such option), regardless
of whether issued by the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator or the Trustee or
any of their respective Affiliates and having at all times the required ratings, if any, provided for in this definition, unless
each Rating Agency shall have provided a No Downgrade Confirmation relating to the Certificates and the Companion Loan Securities:


 


(a)       direct
obligations of, and obligations fully guaranteed as to timely payment of principal and interest by, the United States of America,
Fannie Mae, Freddie Mac or any agency or instrumentality of the United States of America, the obligations of which are backed by
the full faith and credit of the United States of America that mature in one (1) year or less from the date of acquisition; provided
that any obligation of, or guarantee by, any agency or instrumentality of the United States of America shall be a Permitted Investment
only if such investment would not result in the downgrading, withdrawal or qualification of the then-current rating assigned by
each Rating Agency to any Certificate as evidenced in writing, other than (a) unsecured senior debt obligations of the U.S. Treasury
(direct or fully funded obligations), U.S. Department of Housing and Urban Development public housing agency bonds, Federal Housing
Administration debentures, Government National Mortgage Association guaranteed mortgage-backed securities or participation certificates,
RefCorp debt obligations and SBA-guaranteed participation certificates and guaranteed pool certificates and (b) Farm Credit System
consolidated systemwide bonds and notes, Federal Home Loan Banks’ consolidated debt obligations, Freddie Mac debt obligations,
and Fannie Mae debt obligations (1) rated at least “A-1” by S&P, if such obligations mature in 60 days or less,
or rated at least “AA-”, “A-1+” or “AAAm” by S&P, if such obligations mature in 365 days
or less, (2)(A) if it has a term of 30 days or less, the short-term obligations of which are rated in the highest short-term rating
category by Moody’s or the long-term obligations of which are rated at least “A2” by Moody’s, (B) if it
has a term of three months or less, but more than 30 days, the short-term obligations of which are rated in the highest short-term
rating category by Moody’s and the long-term obligations of which are rated at least “A2” by Moody’s, (C)
if it has a term of six months or less, but more than three months, the short-term obligations of which are rated in the highest
short-term rating category by Moody’s and the long-term obligations of which are rated at least “Aa3” by Moody’s,
and (D) if it has a term of more than six months, the short-term obligations of which are rated in the highest short-term rating
category by Moody’s and the long-term obligations of which are rated “Aaa” by Moody’s, and (3)(A) the short
term obligations of which bank or trust company are rated in the highest short term debt rating category of DBRS (or, if not rated


 






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by DBRS, an equivalent (or higher) rating by any two other NRSROs (which may include Moody’s and S&P)) and (B) if it
has a term in excess of six months, the long term debt obligations of which are rated “AAA” by DBRS (or, if not rated
by DBRS, an equivalent (or higher) rating by any two other NRSROs (which may include Moody’s and S&P));


 


(b)       repurchase
agreements on obligations specified in clause (a) of this definition, with a party agreeing to repurchase such obligations (A)
in the case of such investments with maturities of 30 days or less, the short term obligations of which are rated at least “A-1+”
by S&P (or “A-1” by S&P, if the obligations mature within 60 days) and “P-1” by Moody’s and
the long term obligations of which are rated at least “A2” by Moody’s (or, in the case of any such Rating Agency,
such lower rating as is the subject of a No Downgrade Confirmation relating to the Certificates and any Companion Loan Securities),
(B) in the case of such investments with maturities of three months or less, but more than 30 days, the short term obligations
of which are rated at least “A-1+” by S&P (or “A-1” by S&P, if the obligations mature within 60
days) and “P-1” by Moody’s (or the long term obligations of which are rated at least “A2” by Moody’s
(or, in the case of any such Rating Agency, such lower rating as is the subject of a No Downgrade Confirmation relating to the
Certificates and any Companion Loan Securities), (C) in the case of such investments with maturities of six months or less, but
more than three months, the short term obligations of which are rated at least in the highest short term rating category by Moody’s
and the long term obligations of which are rated at least “AAA” (or the equivalent) by S&P and at least “Aa3”
by Moody’s (or, in the case of any such Rating Agency, such lower rating as is the subject of a No Downgrade Confirmation
relating to the Certificates and any Companion Loan Securities), and (D) in the case of such investments with maturities of more
than six months (but less than 365 days), the short term obligations of which are rated at least “P-1” by Moody’s
and the long term obligations of which are rated at least “AAA” (or the equivalent) by S&P, or if not rated by
S&P, as is otherwise acceptable to such Rating Agency, and “Aaa” by Moody’s and (E) the short term obligations
of which bank or trust company are rated in the highest short term debt rating category of DBRS (or, if not rated by DBRS, an equivalent
(or higher) rating by any two other NRSROs (which may include Moody’s and S&P)) and, if it has a term in excess of six
months, the long term debt obligations of which are rated “AAA” by DBRS (or, if not rated by DBRS, an equivalent (or
higher) rating by any two other NRSROs (which may include Moody’s and S&P)) (or, in the case of any such Rating Agency,
such lower rating as is the subject of a No Downgrade Confirmation relating to the Certificates and any Companion Loan Securities);


 


(c)       federal
funds, unsecured uncertificated certificates of deposit, time deposits, demand deposits and bankers’ acceptances of any bank
or trust company organized under the laws of the United States or any state thereof, (1)(A) in the case of such investments with
maturities of 30 days or less, the short term obligations of which are rated at least “A-1+” by S&P (or “A-1”
by S&P, if the obligations mature within 60 days) and “P-1” by Moody’s (or, with respect to Moody’s,
the long term obligations of which are rated at least “A2” by Moody’s) (or, in the case of any such Rating Agency,
such lower rating as is the subject of a No Downgrade Confirmation relating to the Certificates and any Companion Loan Securities),
(B) in the case of such investments


 






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with maturities of three months or less, but more than 30 days, the short term obligations
of which are rated at least “A-1+” by S&P (or “A-1” by S&P, if the obligations mature within 60
days) and in the highest short-term debt rating category by Moody’s (or, with respect to Moody’s, the long-term obligations
of which are rated at least “A2” by Moody’s) (or, in the case of any such Rating Agency, such lower rating as
is the subject of a No Downgrade Confirmation relating to the Certificates and any Companion Loan Securities), (C) in the case
of such investments with maturities of six months or less, but more than three months, the short term obligations of which are
rated at least “A-1+” by S&P and the highest short-term debt rating category by Moody’s and the long-term
obligations of which are rated at least “Aa3” by Moody’s (or, in the case of any such Rating Agency, such lower
rating as is the subject of a No Downgrade Confirmation relating to the Certificates and any Companion Loan Securities), and (D)
in the case of such investments with maturities of more than six months (but less than 365 days), the short term obligations of
which are rated at least in the highest short term rating category of Moody’s and the long-term obligations of which are
rated at least “AAA” (or the equivalent) by S&P and “Aaa” by Moody’s or otherwise acceptable
to such Rating Agency, and (2)(A) in the case of such investments with maturities of three months or less, the short term obligations
of which bank or trust company are rated “R-1(low)” by DBRS (or, if not rated by DBRS, an equivalent (or higher) rating
by any two other NRSROs (which may include Moody’s and S&P)) and (B) in the case of such investments with maturities
in excess of three months, the long term debt obligations of which are rated “AAA” by DBRS (or, if not rated by DBRS,
an equivalent (or higher) rating by any two other NRSROs (which may include Moody’s and Fitch)) (or, in the case of any such
Rating Agency, such lower rating as is the subject of a No Downgrade Confirmation relating to the Certificates and any Companion
Loan Securities);


 


(d)       commercial
paper of any corporation incorporated under the laws of the United States or any state thereof (or of any corporation not so incorporated,
provided that the commercial paper is United States Dollar denominated and amounts payable thereunder are not subject to
any withholding imposed by any non-United States jurisdiction) (1)(A) in the case of such investments with maturities of 30 days
or less, the short term obligations of which are rated at least “A-1+” by S&P (or “A-1” by S&P,
if the obligations mature within 60 days) and “P-1” by Moody’s and the long term obligations of which are rated
at least “A2” by Moody’s (or, in the case of any such Rating Agency, such lower rating as is the subject of a
No Downgrade Confirmation relating to the Certificates and any Companion Loan Securities), (B) in the case of such investments
with maturities of three months or less, but more than 30 days, the short term obligations of which are rated at least “A-1+”
by S&P (or “A-1” by S&P, if the obligations mature within 60 days) and “P-1” by Moody’s (or,
with respect to Moody’s, the long-term obligations of which are rated at least “A2” by Moody’s) (or, in
the case of any such Rating Agency, such lower rating as is the subject of a No Downgrade Confirmation relating to the Certificates
and any Companion Loan Securities), (C) in the case of such investments with maturities of six months or less, but more than three
months, the short term obligations of which are rated at least “A-1+” by S&P and “P-1” by Moody’s
(or, with respect to Moody’s, the long-term obligations of which are rated at least “Aa3” by Moody’s) (or,
in the case of any such Rating Agency, such lower rating as is the subject of a No Downgrade Confirmation relating to the Certificates
and any


 






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Companion Loan Securities), and (D) in the case of such investments with maturities of more than six months (but less than
365 days), the long-term obligations of which are rated at least “AAA” (or the equivalent) by S&P and “Aaa”
by Moody’s (or, with respect to Moody’s, the short term obligations of which are rated at least in the highest short-term
debt rating category of Moody’s) or, if not so rated by S&P, as is otherwise acceptable to such Rating Agency, and (2)(A)
in the case of such investments with maturities of three months or less, the short term obligations of which bank or trust company
are rated in the “R-1(low)” by DBRS (or, if not rated by DBRS, an equivalent (or higher) rating by any two other NRSROs
(which may include Moody’s and S&P)) and (B) in the case of such investments with maturities in excess of three months,
the long term debt obligations of which are rated “AAA” by DBRS (or, if not rated by DBRS, an equivalent (or higher)
rating by any two other NRSROs (which may include Moody’s and Fitch)) (or, in the case of any such Rating Agency, such lower
rating as is the subject of a No Downgrade Confirmation relating to the Certificates and any Companion Loan Securities);


 


(e)       (1)
units of taxable money market mutual funds, issued by regulated investment companies, which seek to maintain a constant net asset
value per share (including the Federated Prime Obligation Money Market Fund, US Bank Long Term Eurodollar Sweep or the Wells Fargo
Advantage Heritage Money Market Fund) so long as any such fund is rated at least “AAAm” by S&P, is rated at least
“Aaa-mf” by Moody’s and has the highest rating obtainable for taxable money market mutual funds from DBRS (or,
if not rated by DBRS, an equivalent rating (or higher) by at least two (2) NRSROs (which may include any of the Rating Agencies)
or otherwise acceptable to such Rating Agency, in any such case, as confirmed in a No Downgrade Confirmation) or otherwise acceptable
to such Rating Agency, in any such case, as confirmed in a No Downgrade Confirmation relating to the Certificates and any Companion
Loan Securities), and (2) units of money market funds that (A) have substantially all of its assets invested continuously in the
types of investments referred to in clause (a) above, (B) has net assets of not less than $5,000,000,000, and (C) is rated at least
“AAAm” by S&P, is rated at least “Aaa-mf” by Moody’s and has the highest rating obtainable for
money market funds from DBRS (or, if not rated by DBRS, an equivalent rating (or higher) by at least two (2) NRSROs (which may
include any of the Rating Agencies) or otherwise acceptable to such Rating Agency, in any such case, as confirmed in a No Downgrade
Confirmation); and


 


(f)       any
other demand, money market or time deposit, demand obligation or any other obligation, security or investment, provided
that the Master Servicer, Special Servicer or Certificate Administrator, as applicable, has received a No Downgrade Confirmation
relating to the Certificates and any Companion Loan Securities;


 


provided, that no instrument or
security shall be a Permitted Investment if (a) (i) such instrument or security evidences a right to receive only interest payments
or (ii) the right to receive principal and interest payments derived from the underlying investment provides a yield to maturity
in excess of 120% of the yield to maturity at par of such underlying investment, (b) it may be redeemed of a price below the purchase
price, or (c) if such instrument or security is rated by S&P, such instrument or security has a qualified rating (i.e.,
one with a qualifying suffix), other than (x) a rating with a regulatory indicator, such as the “(sf)” subscript, (y)
an unsolicited rating,


 






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or (z) a rating with a “(p)” or “(i)” subscript that takes into consideration the
credit risk of the principal, and, if applicable, interest portion of such instrument or security. No Permitted Investment may
be purchased at a price in excess of par. No Permitted Investment may be sold prior to maturity if such sale would result in a
loss of principal.


 


“Permitted Special
Servicer/Affiliate Fees”: Any commercially reasonable treasury management fees, banking fees, customary title agency
fees and insurance commissions or fees received or retained by the Special Servicer or any of its Affiliates in connection with
any services performed by such party with respect to the Whole Loan or REO Property.


 


“Permitted Transferee”:
With respect to a Class R or Class LR Certificate, any Person or agent thereof that is a Qualified Institutional Buyer or an Affiliated
Person, other than (a) a Disqualified Organization, (b) a Person that is a Disqualified Non-U.S. Person, (c) any other Person so
designated by the Certificate Registrar who is unable to provide an Opinion of Counsel (provided at the expense of such Person
or the Person requesting the Transfer) to the effect that the Transfer of an Ownership Interest in any Class R or Class LR Certificate
to such Person will not cause either Trust REMIC to fail to qualify as a REMIC at any time that the Certificates are outstanding,
(d) an entity treated as a domestic partnership for U.S. federal income tax purposes, one or more of the direct or indirect beneficial
owners (other than through a U.S. corporation) of which is (or is permitted under the applicable partnership agreement to be) a
Disqualified Non-U.S. Person or (e) a U.S. Person with respect to whom income on the Class R or Class LR Certificate is attributable
to a fixed base or foreign permanent establishment, within the meaning of an applicable income tax treaty, of such transferee or
any other U.S. Person.


 


“Person”:
Any individual, corporation, limited liability company, partnership, joint venture, association, joint-stock company, trust, unincorporated
organization or government or any agency or political subdivision thereof.


 


“Plan”:
As defined in Section 5.02(k) of this Agreement.


 


“Platform-Level
Basis”: Only as used in connection with the Operating Advisor Annual Report, the term “platform-level basis”
refers to the Special Servicer’s performance of its duties as they relate to the resolution and/or liquidation of a Specially
Serviced Loan, taking into account the Special Servicer’s specific duties under this Agreement as well as the extent to which
those duties were performed in accordance with the Servicing Standard, with reasonable consideration by the Operating Advisor of
any assessment of compliance report, attestation report, Asset Status Report and other information delivered to the Operating Advisor
by the Special Servicer (other than any communications between the Directing Holder and the Special Servicer that would be Privileged
Information) pursuant to the provisions of this Agreement.


 


“Prepayment
Assumption”: The assumption that the Trust Loan does not prepay prior to its Maturity Date.


 


“Prepayment
Charge”: With respect to the Whole Loan, any yield maintenance premium, prepayment premium, spread maintenance premium
or similar fee required to be paid under the Loan Documents in connection with a Principal Prepayment in respect of the Whole Loan.
Any breakage costs payable to the “lender” (as such term is used in the related Loan


 






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Documents) under the Trust Loan
and actually collected from the Borrower in connection with a Principal Prepayment during or after a “lockout” period
shall constitute Prepayment Charges.


 


“Prepayment
Interest Excess”: With respect to any Distribution Date, if the Whole Loan was subject to Principal Prepayment in full
or in part, or as to which Insurance Proceeds, Liquidation Proceeds or Condemnation Proceeds, as applicable, were received by the
Master Servicer or Special Servicer for application to the Whole Loan, in each case after the Due Date in the related Collection
Period and on or prior to the close of business on the Business Day prior to the related Servicer Remittance Date, the aggregate
amount of interest accrued at the Net Mortgage Rate on the amount of such Principal Prepayments, Insurance Proceeds, Liquidation
Proceeds and Condemnation Proceeds after the Due Date in the related Collection Period and accruing in the manner set forth in
the Loan Documents, to the extent such interest is collected by the Master Servicer or the Special Servicer (without regard to
any Prepayment Charge actually collected).


 


“Prepayment
Interest Shortfall”: With respect to any Distribution Date, if the Whole Loan was subject to a Principal Prepayment in
full or in part which did not include a full month’s interest, or as to which Insurance Proceeds, Liquidation Proceeds or
Condemnation Proceeds, as applicable, were received by the Master Servicer or Special Servicer for application to the Whole Loan,
in each case on or prior to the Due Date in the related Whole Loan Interest Accrual Period preceding such Distribution Date, the
shortfall in the amount of interest that would have accrued and been payable through the end of the Whole Loan Interest Accrual
Period at the Net Mortgage Rate on the amount of such Principal Prepayment, Insurance Proceeds, Liquidation Proceeds or Condemnation
Proceeds had such Principal Prepayment, Insurance Proceeds, Liquidation Proceeds or Condemnation Proceeds not been made (without
regard to any Prepayment Charges actually collected).


 


“Pricing Date”:
October 12, 2016.


 


“Prime Rate”:
The “Prime Rate” as published in the “Money Rates” section of The Wall Street Journal,
Eastern edition (or, if such section or publication is no longer available, such other comparable publication as determined by
the Certificate Administrator in its reasonable discretion) as may be in effect from time to time, or, if the “Prime Rate”
no longer exists, such other comparable rate (as determined by the Certificate Administrator in its reasonable discretion) as may
be in effect from time to time. The Certificate Administrator shall notify in writing the Master Servicer and the Special Servicer
with regard to any determination of the Prime Rate in accordance with the parenthetical in the preceding sentence.


 


“Principal Balance
Certificates”: The Class A, Class B, Class C, Class D and Class E Certificates.


 


 






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“Principal Distribution
Amount”: For any Distribution Date, an amount equal to (i) the sum of (without duplication and to the extent not already
included in the Principal Distribution Amount, if any, for the prior Distribution Date and other than amounts received with respect
to the Trust Loan as recoveries of Realized Losses):



 


(A)      the
principal component, if any, of the scheduled Monthly Payment (other than any Balloon Payment) due on the Trust Loan on the Due
Date in the related Collection Period (if received during the related Collection Period or advanced);


 


(B)       the
principal component, if any, of the Assumed Scheduled Payment deemed due on the Due Date in the related Collection Period (if received
during the related Collection Period or advanced) with respect to the Trust Loan if it is delinquent in respect of its Balloon
Payment;


 


(C)       the
Stated Principal Balance of the Trust Loan if it was, during the Collection Period, repurchased from the Trust Fund in connection
with a Breach or Defect pursuant to Section 2.03 of this Agreement, purchased from the Trust Fund pursuant to Section
3.16 of this Agreement, or purchased from the Trust Fund pursuant to Section 9.01 of this Agreement;


 


(D)      the
portion of Unscheduled Payments allocable to principal of the Trust Loan received during the Collection Period;


 


(E)       the
principal component of any Balloon Payment and any other principal payment on the Trust Loan received on or after the Maturity
Date thereof, to the extent received during the Collection Period;


 


(F)       all
other Principal Prepayments on the Trust Loan received in the related Collection Period;


 


(G)      any
indemnification payment made by the Trust Loan Seller as a result of a Material Breach or Material Document Defect pursuant to
Section 2.03(e) of this Agreement to the extent that such amount was transferred into the Collection Account pursuant to
Section 3.05(a)(xi) of this Agreement during the related Collection Period;


 


(H)      any
other full or partial recoveries in respect of principal of the Trust Loan, including Net Insurance Proceeds, Net Liquidation Proceeds,
Net Condemnation Proceeds and Net REO Proceeds received in the related Collection Period; and


 


(I)        the
principal component of any late Monthly Payments or Unscheduled Payments on the Trust Loan received after the end of the Collection
Period relating to such Distribution Date but prior to the close of business on the Business Day prior to the related Servicer
Remittance Date; as reduced by


 


(ii) the principal portion of
all previously unreimbursed P&I Advances that are paid or reimbursed from the principal collections on the Trust Loan described
in clause (i) of this definition.


 






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The principal component of the
amounts set forth above shall be determined in accordance with Section 1.02 of this Agreement.


 


“Principal Prepayment”:
Any payment of principal made by the Borrower on the Whole Loan which is received in advance of its scheduled Due Date and which
is not accompanied by an amount of interest representing the full amount of scheduled interest due with respect to the related
Whole Loan Interest Accrual Period.


 


“Privileged
Information”: Any (i) correspondence or other communications between the Directing Holder (or the Controlling Class),
on the one hand, and the Special Servicer (or the Master Servicer), on the other hand, related to the Whole Loan if the Whole Loan
becomes a Specially Serviced Loan or the exercise of the consent or consultation rights of the Directing Holder under this Agreement
and the Co-Lender Agreement, (ii) strategically sensitive information that the Special Servicer has reasonably determined could
compromise the Trust’s position in any ongoing or future negotiations with the Borrower or other interested party and (iii)
information subject to attorney-client privilege; provided that the summary of any Final Asset Status Report prepared pursuant
to this Agreement is deemed not to be Privileged Information (although no such summary shall be made available to any Borrower
Related Party).


 


“Privileged
Information Exception”: With respect to any Privileged Information, at any time (a) such Privileged Information becomes
generally available and known to the public other than as a result of a disclosure directly or indirectly by the party restricted
from disclosing such Privileged Information (the “Restricted Party”), (b) it is reasonable and necessary for
the Restricted Party to disclose such Privileged Information in working with legal counsel, auditors, taxing authorities or other
governmental agencies, (c) such Privileged Information was already known to such Restricted Party and not otherwise subject to
a confidentiality obligation and/or (d) the Restricted Party is (in the case of the Master Servicer, the Special Servicer, the
Operating Advisor, the Certificate Administrator and the Trustee, as evidenced by an opinion of counsel (which will be an additional
expense of the Trust ) delivered to each of the Master Servicer, the Special Servicer, the Directing Holder, the Operating Advisor,
the Certificate Administrator and the Trustee), required by law, rule, regulation, order, judgment or decree to disclose such information.


 


“Privileged
Person”: A party to this Agreement, the Trust Loan Seller, a Rating Agency, a designee of the Depositor (including any
financial market publisher), any Affiliate of the Operating Advisor designated by the Operating Advisor, the Initial Purchaser,
the Directing Holder (but only during any Subordinate Control Period and any Subordinate Consultation Period), the Companion Loan
Holder, any other person who delivers to the Certificate Administrator an Investor Certification (which may be provided by the
Certificate Administrator upon request) and any NRSRO that delivers an NRSRO Certification to the 17g-5 Information Provider substantially
in the form of Exhibit O to this Agreement, which Investor Certification and NRSRO Certification may be submitted electronically
via the Certificate Administrator’s Website in a “click-through” format. For purposes of obtaining information
or access to the Certificate Administrator’s Website, any Borrower Related Party shall be prohibited from obtaining such
information or access pursuant to the terms of this Agreement (other than the Distribution Date Statement and the “risk retention
special notices” tab) and will not be considered Privileged Persons. For purposes of receiving any information or report
from the Certificate Administrator’s Website, other than Distribution Date Statements and the “risk


 






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retention special
notices” tab only, any Borrower Related Party (as evidenced by an Investor Certification) will be deemed to not be a Privileged
Person.


 


“Prohibited
Party”: Any proposed Servicing Function Participant (i) that is listed on the Depositor’s Do Not Hire List or (ii)
for which the Master Servicer, the Special Servicer, the Certificate Administrator or the Trustee that seeks to retain such Servicing
Function Participant has actual knowledge obtained by written notice or through actual experience that such party at any point
prior to such hiring, assignment or transfer failed to comply with the Servicing Function Participant’s reporting obligations
under Regulation AB with respect to any other securitization.


 


“Property Advance”:
Any advance made by the Master Servicer or the Trustee, as applicable, in respect of Property Protection Expenses or any expenses
incurred to protect, preserve and enforce the security for the Whole Loan or to pay taxes and assessments or insurance premiums
with respect to the Mortgaged Property, to the extent the making of any such advance is specifically provided for in this Agreement,
including, but not limited to, any advance made pursuant to Section 3.02 or Section 3.21 of this Agreement, as applicable.
Each reference to the payment or reimbursement of a Property Advance shall be deemed to include, whether or not specifically referred
to, payment or reimbursement of interest thereon at the Advance Rate. Notwithstanding anything to the contrary, “Property
Advance” shall not include allocable overhead of the Master Servicer or the Special Servicer, as applicable, such as costs
for office space, office equipment, supplies and related expenses, employee salaries and related expenses and similar internal
costs and expenses or costs and expenses incurred by any such party in connection with its purchase of the Whole Loan or REO Property.


 


“Property Protection
Expenses”: Any costs and expenses incurred by the Master Servicer or the Special Servicer pursuant to Section 3.04,
Section 3.08(a), Section 3.10, Section 3.11, Section 3.15(a), Section 3.15(b), Section 3.15(c),
Section 3.16(c) or Section 3.24(a) of this Agreement or indicated herein as being payable as a Property Advance or
as a cost or expense of the Trust Fund and the Companion Loan Holder but subject to the provisions of Section 1.02(e) or
the Lower-Tier REMIC or Upper-Tier REMIC to be paid out of the Collection Account.


 


“PTCE”:
Prohibited Transaction Class Exemption.


 


“Qualified Affiliate”:
Any Person (a) that is organized and doing business under the laws of any state of the United States or the District of Columbia,
(b) that is in the business of performing the duties of a servicer of mortgage loans (or, in the case of the Operating Advisor,
that is in the business of performing the duties of an operating advisor), and (c) as to which 50% or greater of its outstanding
voting stock or equity ownership interest are directly or indirectly owned by the Master Servicer, the Special Servicer or the
Operating Advisor, as applicable, or by any Person or Persons who directly or indirectly own equity ownership interests in the
Master Servicer, the Special Servicer or the Operating Advisor, as applicable.


 


“Qualified Institutional
Buyer”: A “qualified institutional buyer” within the meaning of Rule 144A.


 


“Qualified Insurer”:
As used in Section 3.08 of this Agreement:


 






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(i) an insurance
company or security or bonding company qualified to write the related insurance policy in the relevant jurisdiction and whose claims
paying ability is rated (a) (1) at least “A” by S&P; (2) at least “A” by DBRS; or (3) where the Borrower
elects to have its insurance coverage provided by a syndicate of insurers, then, (A) if four or fewer insurance companies issue
the related insurance policy, at least 75% of the insurance coverage is provided by insurance companies with a claims paying ability
rating of “A” or better by S&P, with no provider with a claims paying ability rated below “BBB” by
S&P, or (B) if five or more insurance companies issue the related insurance policy, at least 60% of the insurance coverage
is provided by insurance companies with a claims paying ability rating of “A” or better by S&P, with no carrier
with a claims paying ability rated below “BBB” by S&P, and (b) at least “A3” by Moody’s (or,
if not rated by Moody’s, an equivalent rating by (x) at least two NRSROs (which may include S&P and/or DBRS) or (y) one
NRSRO (which may include S&P and/or DBRS) and A.M. Best);


 


(ii) in the
case of the fidelity bond and the errors and omissions insurance required to be maintained pursuant to Section 3.08(d) of
this Agreement, (a) a company that shall have a claim paying ability rated at least equal to any one of the following: (1) “A-”
by S&P, (2) “A3” by Moody’s, (3) “A-” by Fitch, (4) “A (low)” by DBRS or (5) “A-:VIII”
by A.M. Best; and


 


(iii) in
the case of clauses (i) and (ii), such other rating as to which a No Downgrade Confirmation has been obtained from each Rating
Agency and, if applicable, each rating agency relating to the securitization of the Companion Loan for which the minimum rating
set forth in the applicable clause is not satisfied.


 


“Qualified Manager”:
As defined in the Loan Agreement.


 


“Qualified Mortgage”:
An obligation that is a “qualified mortgage” within the meaning of Section 860G(a)(3) of the Code (but without regard
to the rule in Treasury Regulations Section 1.860G-2(f)(2) that treats a defective obligation as a qualified mortgage), or any
substantially similar successor provision.


 


“Qualified Replacement
Special Servicer”: A replacement special servicer that (i) satisfies the Applicable Rating Agency Criteria, (ii) is not
the Operating Advisor or an Affiliate of the Operating Advisor, (iii) is not obligated to pay the Operating Advisor (x) any fees
or otherwise compensate the Operating Advisor in respect of its obligations under this Agreement, or (y) for the appointment of
the successor special servicer or the recommendation by the Operating Advisor for the replacement special servicer to become the
special servicer, (iv) is not entitled to receive any compensation from the Operating Advisor other than compensation that is not
material and is unrelated to the Operating Advisor’s recommendation that such party be appointed as the replacement special
servicer, (v) is not entitled to receive any fee from the Operating Advisor for its appointment as successor special servicer,
in each case, unless expressly approved by 100% of the Certificateholders and (vi) satisfies any other conditions set forth in
this Agreement for becoming the successor special servicer hereunder.


 


“Rated Final
Distribution Date”: With respect to the Regular Certificates, the Distribution Date in October 2036.


 






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“Rating Agency”:
Any of DBRS and S&P.


 


“Rating Agency
Q&A Forum and Document Request Tool”: As defined in Section 3.14(d) of this Agreement.


 


“Realized Loss”:
With respect to any Distribution Date, the amount, if any, by which (a) the aggregate Certificate Balance of the Principal Balance
Certificates after giving effect to distributions of principal on such Distribution Date exceeds (b) the Stated Principal Balance
of the Trust Loan immediately following the Determination Date preceding such Distribution Date.


 


“Record Date”:
With respect to each Distribution Date, the close of business on the last Business Day of the calendar month immediately preceding
the month in which such Distribution Date occurs.


 


“Regular Certificates”:
The Class A, Class X-A, Class B, Class C, Class D and Class E Certificates.


 


“Regular Interest
Distribution Amount”: With respect to any Distribution Date, an amount equal to, (i) for any Class of Principal Balance
Certificates, interest for the related Certificate Interest Accrual Period at the applicable Pass-Through Rate for such Class on
the related Certificate Balance immediately prior to such Distribution Date; and (ii) for any Class of Class X Certificates, interest
for the related Certificate Interest Accrual Period at the applicable Pass-Through Rate for such Class on the related Notional
Balance immediately prior to such Distribution Date.


 


“Regulation
AB”: Subpart 229.1100 – Asset Backed Securities (Regulation AB), 17 C.F.R. §§ 229.1100-229.1125, as such
may be amended from time to time, and subject to such clarification and interpretation as have been provided by the Commission
or by the staff of the Commission, or as may be provided by the Commission or its staff from time to time, in each case as effective
from time to time as of the compliance dates specified therein.


 


“Regulation
D”: Regulation D under the Securities Act.


 


“Regulation
S”: Regulation S under the Securities Act.


 


“Regulation
S Global Certificate”: Each of the Class A, Class X-A, Class B, Class C, Class D and Class E Certificates issued as such
on the Closing Date and registered in the name of a nominee of the Depository, interest in which is to be held by Regulation S
Investors.


 


“Regulation
S Investor”: With respect to a transferee of an interest in a Regulation S Global Certificate, a transferee that acquires
such interest pursuant to Regulation S.


 


“Regulation
S Transfer Certificate”: As defined in Section 5.02(c)(i)(B) of this Agreement.


 


“Relevant Servicing
Criteria”: The Servicing Criteria applicable to each Reporting Servicer (as set forth, with respect to the Master Servicer
and the Special Servicer, on


 






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Schedule I to this Agreement). For clarification purposes, multiple Reporting Servicers can
have responsibility for the same Relevant Servicing Criteria and some of the Servicing Criteria will not be applicable to certain
Reporting Servicers. With respect to a Servicing Function Participant engaged by the Master Servicer, the Special Servicer, the
Certificate Administrator or the Trustee, the term “Relevant Servicing Criteria” refers to the items of the Relevant
Servicing Criteria applicable to the Master Servicer, the Special Servicer, the Certificate Administrator or the Trustee that engaged
such Servicing Function Participant that are applicable to such Servicing Function Participant based on the functions it has been
engaged to perform.


 


“REMIC”:
A “real estate mortgage investment conduit” within the meaning of Section 860D of the Code and the REMIC Provisions.


 


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


 


“Remittance
Amount”: For each distribution date that a Master Servicer is required to make a distribution to the Companion Loan Holder
pursuant to Section 3.05(h), the amounts received by the Master Servicer (or, with respect to REO Property, the Special
Servicer) during the related Collection Period pursuant to the Co-Lender Agreement and available for payment after withdrawals
from the Collection Account payable to the Companion Loan Holder(s) pursuant to the Co-Lender Agreement.


 


“Rents from
Real Property”: With respect to the REO Property, gross income of the character described in Section 856(d) of the Code,
which income, subject to the terms and conditions of that Section of the Code in its present form, does not include:


 


(a)       except
as provided in Section 856(d)(4) of the Code or (6), any amount received or accrued, directly or indirectly, with respect to the
REO Property, if the determination of such amount depends in whole or in part on the income or profits derived by any Person from
such property (unless such amount is a fixed percentage or percentages of receipts or sales and otherwise constitutes Rents from
Real Property);


 


(b)       any
amount received or accrued, directly or indirectly, from any Person if the Trust Fund owns directly or indirectly (including by
attribution) a ten percent or greater interest in such Person determined in accordance with Sections 856(d)(2)(B) and (d)(5) of
the Code;


 


(c)       any
amount received or accrued, directly or indirectly, with respect to the REO Property if any Person Directly Operates the REO Property;


 


(d)       any
amount charged for services that are not customarily furnished in connection with the rental of property to tenants in buildings
of a similar class in the same geographic market as the REO Property within the meaning of Treasury Regulations Section 1.856-4(b)(1)
(whether or not such charges are separately stated); and


 






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(e)       rent
attributable to personal property unless such personal property is leased under, or in connection with, the lease of the REO Property
and, for any taxable year of the Trust Fund, such rent is no greater than 15 percent of the total rent received or accrued under,
or in connection with, the lease.


 


“REO Account”:
As defined in Section 3.15(b) of this Agreement.


 


“REO Loan”:
The Whole Loan if the Mortgaged Property has become an REO Property.


 


“REO Proceeds”:
With respect to the REO Property and the REO Loan, all revenues received by the Special Servicer with respect to the REO Property
or REO Loan which do not constitute Liquidation Proceeds.


 


“REO Property”:
The Mortgaged Property, title to which has been acquired by the Special Servicer on behalf of the Trust Fund through foreclosure,
deed-in-lieu of foreclosure or otherwise.


 


“Reporting Servicer”:
The Master Servicer, the Special Servicer (regardless of whether the Special Servicer has commenced special servicing of the Whole
Loan) and each Servicing Function Participant.


 


“Repurchase
Communication”: For purposes of Section 2.03(d) of this Agreement only, any communication, whether oral or written,
which need not be in any specific form.


 


“Repurchase
Price”: With respect to the Trust Loan if it is to be repurchased or purchased pursuant to Section 2.03(e) or
Section 9.01 of this Agreement, or if the Trust Loan becomes a Specially Serviced Loan or REO Loan that is to be sold pursuant
to Section 3.16 of this Agreement, an amount, calculated by the Master Servicer or the Special Servicer, as applicable,
equal to:


 


(a)       the
outstanding principal balance of the Trust Loan as of the date of purchase; plus


 


(b)       all
accrued and unpaid interest on the Trust Loan at the Trust Loan Rate in effect from time to time to but not including the Due Date
in the month of purchase (or, in the case of a purchase occurring after the Determination Date in the related month, to but not
including the Due Date in the month immediately succeeding such purchase), but excluding any yield maintenance or other prepayment
penalty; plus


 


(c)       all
related unreimbursed Property Advances and Administrative Advances plus accrued and unpaid interest on related Advances at the
Advance Rate, and all Special Servicing Fees and Workout Fees allocable to the Trust Loan; plus


 


(d)       any
Liquidation Fee due pursuant to Section 3.12 of this Agreement allocable to the Trust Loan or Specially Serviced Loan; plus


 


(e)       all
Additional Trust Fund Expenses; plus


 






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(f)       if
the Trust Loan (or REO Loan) is being purchased by the Trust Loan Seller pursuant to the Trust Loan Purchase Agreement, to the
extent not otherwise included in the amount described in clause (c) of this definition, all reasonable out-of-pocket expenses reasonably
incurred or to be incurred by the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator and the Trustee
in respect of the Breach or Defect giving rise to the repurchase obligation, including any such expenses arising out of the enforcement
of the repurchase obligation, including, without duplication, any such expenses previously reimbursed from the Collection Account,
plus accrued and unpaid interest thereon at the Advance Rate, to the extent payable to the Master Servicer, the Special Servicer,
the Certificate Administrator or the Trustee.


 


For purposes of this
Agreement, the “Repurchase Price” (i) in respect of the Companion Loan that is purchased by the Trust Loan Seller shall
be the repurchase price paid by the Trust Loan Seller under the related Other Pooling and Servicing Agreement or the applicable
servicing agreement and (ii) with respect to a sale of an REO Property, the term Whole Loan or REO Loan shall be construed to include
the Companion Loan.


 


“Repurchase
Request”: As defined in Section 2.03(d) of this Agreement.


 


“Repurchase
Request Recipient”: As defined in Section 2.03(d) of this Agreement.


 


“Repurchase
Request Rejection”: As defined in Section 2.03(d) of this Agreement.


 


“Repurchase
Request Withdrawal”: As defined in Section 2.03(d) of this Agreement.


 


“Request for
Release”: A request for a release signed by a Servicing Officer, substantially in the form of Exhibit E to this
Agreement.


 


“Requesting
Holders”: As defined in Section 4.08(b) of this Agreement.


 


“Requesting
Party”: As defined in Section 3.30(a) of this Agreement.


 


“Required Third
Party Purchaser Retention Amount”: $16,117,000 of the Class E Certificates, which is the aggregate Certificate Balance
of the Class of Certificates constituting the EHRI as of the Closing Date.


 


“Reserve Accounts”:
Reserve accounts, if any, established pursuant to the Mortgage or the Loan Agreement and any Escrow Account. Any Reserve Account
may be a sub-account of a related Cash Collateral Account. Any Reserve Account shall be beneficially owned for federal income tax
purposes by the Person who is entitled to receive the reinvestment income or gain thereon in accordance with the terms and provisions
of the Whole Loan and Section 3.07 of this Agreement, which Person shall be taxed on all reinvestment income or gain thereon.
The Master Servicer shall be permitted to make withdrawals therefrom for deposit into the related Cash Collateral Account, if applicable,
or the Collection Account or for the purposes set forth under the Loan Documents for the Whole Loan.


 






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“Residual Certificates”:
The Class R and Class LR Certificates, collectively.


 


“Resolution
Extension Period”: As used in this Agreement shall mean:


 


(a)       for
purposes of remediating a Material Breach with respect to the Trust Loan, the 90-day period following the end of the applicable
Initial Resolution Period;


 


(b)       for
purposes of remediating a Material Document Defect with respect to the Trust Loan, if it is not a Specially Serviced Loan at the
commencement of, and does not become a Specially Serviced Loan during, the applicable Initial Resolution Period, the period commencing
at the end of the applicable Initial Resolution Period and ending on, and including, the earlier of (i) the 90th day following
the end of such Initial Resolution Period and (ii) the 45th day following the Trust Loan Seller’s receipt of written notice
from the Master Servicer or the Special Servicer of the occurrence of any Servicing Transfer Event with respect to the Trust Loan
subsequent to the end of such Initial Resolution Period;


 


(c)       for
purposes of remediating a Material Document Defect with respect to the Trust Loan, if it is a not a Specially Serviced Loan as
of the commencement of the applicable Initial Resolution Period, but as to which a Servicing Transfer Event occurs during such
Initial Resolution Period, the period commencing at the end of the applicable Initial Resolution Period and ending on, and including,
the 90th day following the earlier of the end of such Initial Resolution Period and the Trust Loan Seller’s receipt of written
notice from the Master Servicer or the Special Servicer of the occurrence of such Servicing Transfer Event; and


 


(d)       for
purposes of remediating a Material Document Defect with respect to the Trust Loan, if it is a Specially Serviced Loan as of the
commencement of the applicable Initial Resolution Period, zero (-0-) days; provided that, if the Trust Loan Seller did not
receive written notice from the Master Servicer or the Special Servicer of the relevant Servicing Transfer Event as of the commencement
of the applicable Initial Resolution Period, then such Servicing Transfer Event shall be deemed to have occurred during such Initial
Resolution Period and clause (c) of this definition will be deemed to apply.


 


“Responsible
Officer”: When used with respect to the Trustee or the Certificate Administrator, any officer of the Trustee or the Certificate
Administrator, as the case may be, assigned to the Corporate Trust Office of such party; in each case, with direct responsibility
for the administration of this Agreement and also, with respect to a particular matter, any other officer to whom such matter is
referred because of such officer’s knowledge of and familiarity with the particular subject, and, in the case of any certification
required to be signed by a Responsible Officer, such an officer whose name and specimen signature appears on a list of corporate
trust officers furnished to the Master Servicer by the Trustee and the Certificate Administrator, as such list may from time to
time be amended.


 


“Restricted
Certificate”: As defined in Section 5.02(k) of this Agreement.


 






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“Restricted
Holder”: With respect to any mezzanine loan related to the Whole Loan, a mezzanine lender (or any affiliate or agent
thereof) or an owner of any interest in any such mezzanine loan (whether legally, beneficially or otherwise, including as a beneficial
owner of any securities collateralized by any such mezzanine loan) (a) as to which a Default has occurred giving rise to an automatic
acceleration of such mezzanine loan or the right of the lender thereunder to accelerate such mezzanine loan or (b) as to which
foreclosure proceedings against the related collateral have been initiated (and in respect of which, the Special Servicer has received
notice thereof).


 


“Restricted
Period”: The 40-day period prescribed by Regulation S commencing on the later of (a) the date upon which the Certificates
are first offered to institutions that are persons other than the Initial Purchaser and any other distributor (as defined in Regulation
S) of the Certificates and (b) the Closing Date.


 


“Rule 144A”:
Rule 144A under the Securities Act.


 


“Rule 144A Global
Certificate”: Each of the Class A, Class X-A, Class B, Class C, Class D and Class E Certificates issued as such on the
Closing Date and registered in the name of a nominee of the Depository, interest in which is to be held by Qualified Institutional
Buyers.


 


“Rule 15Ga-1
Notice”: As defined in Section 2.03(d) of this Agreement.


 


“Rule 15Ga-1
Notice Provider”: As defined in Section 2.03(d) of this Agreement.


 


“Sarbanes Oxley
Act” means the Sarbanes Oxley Act of 2002 and the rules and regulations of the Commission promulgated thereunder (including
any interpretations thereof by the Commission’s staff).


 


“Sarbanes-Oxley
Certification”: With respect to an Other Securitization Trust, the certification required to be filed together with such
Other Securitization Trust’s Exchange Act report on Form 10-K pursuant to Rule 13a-14 and Rule 15d-14 of the Exchange Act.


 


“S&P”:
S&P Global Ratings, or any successor thereto. If neither S&P nor any successor remains in existence, “S&P”
shall be deemed to refer to such other nationally recognized statistical rating agency or other comparable Person designated by
the Depositor, notice of which designation shall be given to the other parties hereto and specific ratings of S&P herein referenced
shall be deemed to refer to the equivalent ratings of the party so designated.


 


“Securities
Act”: The Securities Act of 1933, as it may be amended from time to time.


 


“Securities
Legend”: As defined in Section 5.02(c)(iii) of this Agreement.


 


“Securitization
Sponsor”: GACC.


 


“Senior Non-Trust
Note”: Note A-2 in the principal amount of $71,000,000.


 


“Senior Notes”:
The Senior Trust Note and the Senior Non-Trust Note.


 






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“Senior Trust
Note”: Note A-1-in the principal amount of $143,000,000.


 


“Service(s)(ing)”:
In accordance with Regulation AB, the act of servicing and administering the Trust Loan or any other assets of the Trust by an
entity that meets the definition of “servicer” set forth in Item 1101 of Regulation AB and is referenced in the disclosure
requirements set forth in Item 1108 of Regulation AB. For clarification purposes, any uncapitalized occurrence of this term shall
have the meaning commonly understood by participants in the commercial mortgage-backed securities market.


 


“Servicer Remittance
Date”: With respect to any Distribution Date, the Business Day preceding such Distribution Date.


 


“Servicer Termination
Event”: A Master Servicer Termination Event or Special Servicer Termination Event, as applicable.


 


“Servicing Compensation”:
With respect to any Collection Period, the related Servicing Fee, Prepayment Interest Excess (if any and to the extent any such
Prepayment Interest Excess exceeds the amount of any Prepayment Interest Shortfalls) and any other fees, charges or other amounts
payable to the Master Servicer under this Agreement for such period.


 


“Servicing Criteria”:
The criteria set forth in paragraph (d) of Item 1122 of Regulation AB as such may be amended from time to time.


 


“Servicing Fee”:
With respect to the Trust Loan or the Whole Loan, as the case may be, and for any Distribution Date, an amount per Certificate
Interest Accrual Period equal to interest at the Servicing Fee Rate accrued on the Stated Principal Balance of the Trust Loan or
the Whole Loan, as the case may be, as of the Due Date immediately preceding such Distribution Date (without giving effect to payments
of principal on the Trust Loan or the Whole Loan, as the case may be, on such Due Date). The Servicing Fee shall be calculated
in accordance with the provisions of Section 1.02(a) of this Agreement. For the avoidance of doubt, the Servicing Fee shall
be deemed for tax purposes as paid from the Lower-Tier REMIC.


 


“Servicing Fee
Rate”: (a) With respect to the Trust Loan, a master servicing fee rate equal to 0.00125% per annum, and (b) with
respect to the Whole Loan, a primary servicing fee rate equal to 0.00125% per annum.


 


“Servicing File”:
As defined in the Trust Loan Purchase Agreement.


 


“Servicing Function
Participant”: Any Person, other than the Master Servicer, the Special Servicer, the Certificate Administrator, the Custodian,
the Trustee or the Operating Advisor, that, within the meaning of Item 1122 of Regulation AB, is performing activities that address
the Servicing Criteria, unless the Master Servicer has assumed responsibility for the servicing activity, as provided for under
Regulation AB.


 


“Servicing Officer”:
Any officer or employee of the Master Servicer or the Special Servicer, as applicable, involved in, or responsible for, the administration
and servicing of the Trust Loan and/or the Companion Loan, or this Agreement and also, with respect to a particular matter, any
other officer to whom such matter is referred because of such officer’s or


 






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employee’s knowledge of and familiarity
with the particular subject, and, in the case of any certification required to be signed by a Servicing Officer, such an officer
or employee whose name and specimen signature appears on a list of servicing officers furnished to the Certificate Administrator,
the Trustee and the Operating Advisor by the Master Servicer or the Special Servicer, as applicable, as such list may from time
to time be amended.


 


“Servicing Standard”:
With respect to the Master Servicer (with respect to the Whole Loan) and the Special Servicer (with respect to the Specially Serviced
Loan or REO Loan), to diligently service and administer the Whole Loan, Specially Serviced Loan or REO Loan for which each is responsible
in the best interests of and for the benefit of all of the Certificateholders and the Companion Loan Holder (as a collective whole
as if such Certificateholders and Companion Loan Holder constitute a single lender), as determined by the Master Servicer or the
Special Servicer, as the case may be, in the exercise of its reasonable judgment, in accordance with applicable law, the terms
of this Agreement, the Loan Documents and the Co-Lender Agreement, and to the extent not inconsistent with the foregoing, in accordance
with the higher of the following standards of care:


 


(a)       the
same manner in which, and with the same care, skill, prudence and diligence with which, the Master Servicer or the Special Servicer,
as the case may be, services and administers similar mortgage loans for other third-party portfolios, giving due consideration
to the customary and usual standards of practice of prudent institutional commercial and multifamily mortgage loan servicers servicing
their own mortgage loans with a view to the timely recovery of all payments of principal and interest under the Whole Loan or if
the Whole Loan is a Defaulted Mortgage Loan, the maximization of timely recovery of principal and interest on a net present value
basis (determined in accordance with the Loan Documents or, in the event the Loan Documents are silent, at the Calculation Rate)
on the Whole Loan, and the best interests of the Trust and the Certificateholders and the Companion Loan Holder (as a collective
whole as if such Certificateholders and Companion Loan Holder constitute a single lender), as determined by the Master Servicer
or the Special Servicer, as the case may be, in the exercise of its reasonable judgment; and


 


(b)       the
same care, skill, prudence and diligence with which the Master Servicer or the Special Servicer, as the case may be, services and
administers commercial and multifamily mortgage loans owned, if any, by the Master Servicer or the Special Servicer, as the case
may be, with a view to the timely recovery of all payments of principal and interest under the Whole Loan or, if the Whole Loan
is a Defaulted Mortgage Loan, the maximization of timely recovery of principal and interest on a net present value basis (determined
in accordance with the Loan Documents or, in the event the Loan Documents are silent, at the Calculation Rate) on the Whole Loan,
and the best interests of the Trust and the Certificateholders and the Companion Loan Holder (as a collective whole as if such
Certificateholders and Companion Loan Holder constitute a single lender), as determined by the Master Servicer or the Special Servicer,
as the case may be, in the exercise of its reasonable judgment;


 


provided, that
in each of clauses (a) and (b) above, such standards shall be applied without regard to any potential conflict of
interest arising from (i) any relationship that the Master Servicer or the Special Servicer, as the case may be, or any Affiliate
of the Master Servicer or the Special


 






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Servicer, may have with the Borrower, the Trust Loan Seller, the Companion Loan Holder, any
other party to this Agreement or any Affiliate of the foregoing; (ii) the ownership of any Certificate or any interest in the Companion
Loan or any mezzanine loan related to the Whole Loan by the Master Servicer or the Special Servicer, as the case may be, or any
Affiliate of the Master Servicer or the Special Servicer; (iii) the Master Servicer’s obligation to make Advances; (iv) the
Master Servicer’s or the Special Servicer’s, as the case may be, right to receive compensation for its services hereunder
or with respect to any particular transaction; (v) the ownership, servicing or management for others of any other mortgage loans
or mortgaged properties by the Master Servicer or the Special Servicer or any Affiliate of the Master Servicer or the Special Servicer,
as applicable; and (vi) any debt that the Master Servicer or the Special Servicer or any Affiliate of the Master Servicer or the
Special Servicer, as applicable, has extended to the Borrower or an Affiliate of the Borrower (including, without limitation, any
mezzanine financing).


 


“Servicing Transfer
Event”: An event specified in the definition of Specially Serviced Loan.


 


“Significant
Obligor NOI Quarterly Filing Deadline”: With respect to each calendar quarter (other than the fourth calendar quarter
of any calendar year), the date that is 15 days after the Distribution Date occurring on or immediately following the 45th
day after the end of such calendar quarter.


 


“Significant
Obligor NOI Yearly Filing Deadline”: With respect to each calendar year, the date that is the 90th day after
the end of such calendar year.


 


“Similar Law”:
As defined in Section 5.02(k) of this Agreement.


 


“Sole Certificateholder”:
Any Holder (or Holders, provided they act in unanimity) holding 100% of the then outstanding Certificates (excluding the
Class R and Class LR Certificates) or an assignment of the Voting Rights thereof.


 


“Special Notice”:
Any (a) notice transmitted to Certificateholders pursuant to Section 5.05(c) of this Agreement, (b) notice of any request
by at least 25% of the Voting Rights allocable to the Certificates to terminate and replace the Special Servicer pursuant to Section
3.22(b) of this Agreement and (c) notice of any request by at least 15% of the Voting Rights of the Certificates to terminate
and replace the Operating Advisor pursuant to Section 7.07(b) of this Agreement.


 


“Special Servicer”:
AEGON USA Realty Advisors, LLC, an Iowa limited liability company, in its capacity as Special Servicer hereunder, its successor
in interest (in such capacity), or if any successor Special Servicer is appointed as herein provided, such successor Special Servicer.


 


“Special Servicer
Termination Event”: As defined in Section 7.01(b) of this Agreement.


 






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“Special Servicing
Compensation”: With respect to the Whole Loan, any of the Special Servicing Fee, Workout Fee, Liquidation Fee and any
other fees, charges or other amounts which shall be due to the Special Servicer.


 


“Special Servicing
Fee”: With respect to a Specially Serviced Loan (or REO Loan) for each calendar month (or portion thereof), the fraction
of the Special Servicing Fee Rate applicable to such month, or portion thereof (determined using the same interest accrual methodology
that is applied with respect to the Whole Loan Rate for such Specially Serviced Loan or REO Loan for such month) multiplied by
the Stated Principal Balance of such Specially Serviced Loan as of the Due Date (without giving effect to all payments of principal
on such Specially Serviced Loan or REO Loan on such Due Date) immediately preceding the applicable Distribution Date (or, in the
event that a Principal Prepayment in full or an event described in clauses (i)-(vii) under the definition of Liquidation
Proceeds has occurred with respect to a Specially Serviced Loan or REO Loan on a date that is not a Due Date, on the basis of the
actual number of days to elapse from and including the most recently preceding related Due Date to but excluding the date of such
Principal Prepayment or Liquidation Proceeds event in a month consisting of 30 days). For the avoidance of doubt, the Special Servicing
Fee shall be deemed for tax purposes as paid from the Lower-Tier REMIC.


 


“Special Servicing
Fee Rate”: A rate equal to 0.25% per annum.


 


“Specially Serviced
Loan”: Subject to Section 3.23 of this Agreement, the Whole Loan if:


 


(a)       a
payment default shall have occurred on the Whole Loan at its Maturity Date or, if the Maturity Date of the Whole Loan has been
extended in accordance with this Agreement, a payment default occurs on the Whole Loan at such extended Maturity Date; provided,
however, that if (A) the Borrower is diligently seeking a refinancing commitment (and delivers a statement to that effect
within 30 days after such default to the Master Servicer, who shall promptly deliver a copy to the Special Servicer, the Operating
Advisor and the Directing Holder (but only during a Subordinate Control Period or Subordinate Consultation Period), (B) the Borrower
continues to make its Assumed Scheduled Payment and (C) no other Servicing Transfer Event shall have occurred with respect to the
Whole Loan, a Servicing Transfer Event will not occur until 60 days beyond the Maturity Date, unless extended by the Special Servicer
in accordance with the Loan Documents, this Agreement and the Co-Lender Agreement; provided, further, that if the
Borrower has delivered to the Master Servicer (who shall promptly deliver a copy to the Special Servicer, the Operating Advisor
and, during any Subordinate Control Period or Subordinate Consultation Period, the Directing Holder) or the Special Servicer (who
shall promptly deliver a copy to the Operating Advisor and, during any Subordinate Control Period or Subordinate Consultation Period,
the Directing Holder), on or before the 60th day after the related Maturity Date, a refinancing commitment reasonably acceptable
to the Special Servicer, and the Borrower continues to make its Assumed Scheduled Payments (and no other Servicing Transfer Event
has occurred with respect to the Whole Loan), a Servicing Transfer Event will not occur until the earlier of (1) 120 days beyond
the related Maturity Date or extended Maturity Date and (2) the termination of the refinancing commitment;


 






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(b)       any
Monthly Payment (other than a Balloon Payment) or any amount due on a monthly basis as an Escrow Payment or reserve fund deposit,
is 60 days or more delinquent;


 


(c)       the
Master Servicer or Special Servicer (and in the case of the Special Servicer, during a Subordinate Control Period, with the consent
of the Directing Holder) determines in its reasonable business judgment, exercised in accordance with the Servicing Standard, that
(x) a default consisting of a failure to make a payment of principal or interest is reasonably foreseeable or there is a significant
risk of such default or (y) any other default that is likely to impair the use or marketability of the Mortgaged Property or the
value of the Mortgaged Property as security for the Whole Loan is reasonably foreseeable or there is a significant risk of such
default, which monetary or other default, in either case, would likely continue unremedied beyond the applicable grace period (or,
if no grace period is specified, for a period of 60 days) and is not likely to be cured by the Borrower within 60 days or, except
as provided in clause (a) above, in the case of a Balloon Payment, for at least 30 days;


 


(d)       the
Borrower has become a subject of a decree or order of a court or agency or supervisory authority having jurisdiction in the premises
in an involuntary case under any present or future federal or state bankruptcy, insolvency or similar law, or the appointment of
a conservator, receiver or liquidator in any insolvency, readjustment of debt, marshaling of assets and liabilities or similar
proceedings, or for the winding-up or liquidation of its affairs;


 


(e)       the
Borrower consents to the appointment of a conservator or receiver or liquidator in any insolvency, readjustment of debt, marshaling
of assets and liabilities or similar proceedings of or relating to the Borrower of or relating to all or substantially all of its
property;


 


(f)       the
Borrower admits in writing its inability to pay its debts generally as they become due, files a petition to take advantage of any
applicable insolvency or reorganization statute, makes an assignment for the benefit of its creditors, or voluntarily suspends
payment of its obligations;


 


(g)       a
default, of which the Master Servicer or Special Servicer has notice (other than a failure by the Borrower to pay principal or
interest) and which in the opinion of the Master Servicer or Special Servicer (and in the case of the Special Servicer, during
a Subordinate Control Period, with the consent of the Directing Holder) materially and adversely affects the interests of the Certificateholders
or the Companion Loan Holder, occurs and remains unremedied for the applicable grace period specified in the Loan Documents (or
if no grace period is specified for those defaults which are capable of cure, 60 days);


 


(h)       the
Master Servicer or Special Servicer receives notice of the foreclosure or proposed foreclosure of any lien on the Mortgaged Property;
or


 






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(i)       the
Master Servicer or the Special Servicer receives actual notice that the Borrower has violated any “due-on-sale” or
“due-on-encumbrance” provision in the related Loan Documents;


 


provided, however, that the
Whole Loan will cease to be a Specially Serviced Loan (a “Corrected Mortgage Loan”) (i) with respect to the
circumstances described in clauses (a) and (b) above, when the Borrower thereunder has brought the Whole Loan current
and thereafter made three consecutive full and timely Monthly Payments, including pursuant to any workout of the Whole Loan, (ii)
with respect to the circumstances described in clauses (c), (d), (e), (f) and (h) above, when
such circumstances cease to exist in the good faith judgment of the Special Servicer, or (iii) with respect to the circumstances
described in clauses (g) and (i) above, when such default is cured (as determined by the Special Servicer in accordance
with the Servicing Standard) or waived by the Special Servicer; provided, in each case, that at that time no circumstance
exists (as described above) that would cause the Whole Loan to continue to be characterized as a Specially Serviced Loan. Each
of the circumstances described in clauses (a) through (i) above shall be a “Servicing Transfer Event”.


 


“Startup Day”:
In the case of the Upper-Tier REMIC and Lower-Tier REMIC, the day designated as such pursuant to Section 2.06(a) of this
Agreement.


 


“Stated Principal
Balance”: With respect to the Trust Loan, the Companion Loan or the Whole Loan, on any date of determination, the principal
balance as of the Cut-off Date of such Trust Loan, Companion Loan or Whole Loan, as reduced (to not less than zero) on each Distribution
Date by (i) all payments (or P&I Advances or Companion Loan Advances in lieu thereof) of, and all other collections allocated
as provided in Section 1.02 of this Agreement to, principal of or with respect to such Trust Loan, Companion Loan or Whole
Loan, as applicable, that are distributed to Certificateholders on such Distribution Date or Companion Loan Holder on the related
remittance date in the same calendar month as such Distribution Date or applied to any other payments required under this Agreement
or the Co-Lender Agreement on or prior to such Distribution Date, and (ii) any principal forgiven by the Special Servicer and other
principal losses realized in respect of such Trust Loan, Companion Loan or Whole Loan during the related Collection Period.


 


The Trust Loan or the
REO Loan shall be deemed to be part of the Trust Fund and to have an outstanding Stated Principal Balance until the Distribution
Date on which Liquidation Proceeds, if any, are to be (or, if no such Liquidation Proceeds are received, would have been) distributed
to Certificateholders. The Stated Principal Balance of the Whole Loan with respect to which the Master Servicer or Special Servicer
has made a Final Recovery Determination is zero.


 


“Subcontractor”:
Any vendor, subcontractor or other Person that is not responsible for the overall servicing (as “servicing” is commonly
understood by participants in the mortgage-backed securities market) of Whole Loan but performs one or more discrete functions
identified in Item 1122(d) of Regulation AB with respect to Whole Loan under the direction or authority of the Master Servicer
or a Servicing Function Participant.


 


“Sub-Servicer”:
Any Person engaged by the Master Servicer or the Special Servicer to perform Servicing with respect to the Whole Loan or REO Loan.


 






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“Sub-Servicing
Agreement”: The written contract between the Master Servicer or the Special Servicer, on the one hand, and any Sub-Servicer,
on the other hand, relating to servicing and administration of the Whole Loan as provided in Section 3.01(c) of this Agreement.


 


“Subordinate
Consultation Period”: Any period when both (i) the Certificate Balance of the Class E Certificates (taking into account
the application of any Appraisal Reduction Amounts and Collateral Deficiency Amounts to notionally reduce the Certificate Balance
of such Certificates) is less than 25% of the initial Certificate Balance of the Class E Certificates and (ii) the Certificate
Balance of the Class E Certificates (without regard to the application of any Appraisal Reduction Amounts and Collateral Deficiency
Amounts allocated to the Class E Certificates) is at least 25% of the initial Certificate Balance of the Class E Certificates.
If the Directing Holder becomes a Borrower Related Party, a Subordinate Consultation Period shall be deemed to be terminated (except
for the purposes of determining whether the Directing Holder or a Majority Controlling Class Certificateholder has the right to
appoint the successor special servicer to a Special Servicer that has become a Borrower Related Party pursuant to Section 3.22(f)).


 


“Subordinate
Control Period”: Any period when the Certificate Balance of the Class E Certificates (taking into account the application
of any Appraisal Reduction Amounts and Collateral Deficiency Amounts to notionally reduce the Certificate Balance of such Certificates)
is at least 25% of the initial Certificate Balance of the Class E Certificates; provided that if at any time the Certificate
Balances of the Class A, Class B, Class C and Class D Certificates have been reduced to zero as a result of the allocation of principal
payments on the Trust Loan, then a Subordinate Control Period shall be deemed to then be in effect. If the Directing Holder becomes
a Borrower Related Party, a Subordinate Control Period shall be deemed to be terminated (except for the purposes of determining
whether the Directing Holder or a Controlling Class Certificateholder has the right to appoint the successor special servicer to
a Special Servicer that has become a Borrower Related Party pursuant to Section 3.22(g)).


 


“Tax Returns”:
The federal income tax returns on IRS Form 1066, U.S. Real Estate Mortgage Investment Conduit (REMIC) Income Tax Return, including
Schedule Q thereto, Quarterly Notice to Residual Interest Holders of REMIC Taxable Income or Net Loss Allocation, or any successor
forms, to be filed by the Certificate Administrator on behalf of each of the Upper-Tier REMIC and the Lower-Tier REMIC due to its
classification as a REMIC under the REMIC Provisions, together with any and all other information, reports or returns that may
be required to be furnished to the Certificateholders or filed with the IRS or any other governmental taxing authority under any
applicable provisions of federal law or Applicable State and Local Tax Law.


 


“Terminated
Party”: As defined in Section 7.01(c) of this Agreement.


 


“Terminating
Party”: As defined in Section 7.01(c) of this Agreement.


 


“Termination
Date”: The Distribution Date on which the Trust Fund is terminated pursuant to Section 9.01 of this Agreement.


 


“Third Party
Appraiser”: A Person performing an Appraisal.


 






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“Third Party
Purchaser”: PCSD PR Cap IV NR Reten Private Limited, a Singapore private limited company, or any Person that purchases
the EHRI in accordance with this Agreement and applicable laws and regulations.


 


“Third Party
Purchaser Safekeeping Account”: An account maintained by the Certificate Administrator, which account shall be deemed
to be owned by the Holders of the Class(es) of Certificates constituting the EHRI.


 


“Third Party
Purchaser Transfer Restriction Period”: The period from the Closing Date to the earliest of (i) the latest of (A) the
date on which the aggregate unpaid principal balance of the Trust Loan has been reduced to 33% of the Cut-off Date Balance of the
Trust Loan, (B) the date on which the outstanding principal balance of the Principal Balance Certificates has been reduced to 33%
of the aggregate outstanding principal balance of the Principal Balance Certificates as of the Closing Date, or (C) two years after
the Closing Date, or (ii) the date on which the Whole Loan has been defeased in accordance with the requirements set forth in §__.7(b)(8)(i)
of the Credit Risk Retention Rules.


 


“Third Party
Reports”: With respect to the Mortgaged Property, the related Appraisal, Phase I environmental report, Phase II environmental
report, seismic report (if any), engineering report, structural report, property condition report or similar report, if any.


 


“Transfer”:
Any direct or indirect transfer or other form of assignment of any Ownership Interest in any Class(es) of Certificates constituting
the EHRI, Class R or Class LR Certificate.


 


“Transferee
Affidavit”: As defined in Section 5.02(l)(ii) of this Agreement.


 


“Transferor
Certificate”: As defined in Section 5.02(l)(ii) of this Agreement.


 


“Trust”
or “Trust Fund”: The corpus of the trust created hereby and to be administered hereunder, consisting of (in
each case, to the extent of the Trust Fund’s interest therein and specifically excluding any interest of the Companion Loan
Holder therein): (i) the Trust Loan, together with the Mortgage File relating thereto; (ii) all scheduled or unscheduled payments
on or collections in respect of the Trust Loan due after the Cut-off Date; (iii) any REO Property; (iv) all revenues received in
respect of any REO Property; (v) any indemnities or guaranties given as additional security for the Trust Loan; (vi) a security
interest in all assets deposited in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts, and Reserve Accounts; (vii)
amounts on deposit in the Collection Account attributable to the Trust Loan as identified on the Trust Ledger, the Distribution
Accounts, the Interest Reserve Account or the REO Account, including any reinvestment income, as applicable; (viii) a security
interest in any environmental indemnity agreements relating to the Mortgaged Property; (ix) a security interest in all insurance
policies with respect to the Trust Loan and the Mortgaged Property; (x) the rights and remedies under the Trust Loan Purchase Agreement
relating to document delivery requirements with respect to the Trust Loan and the representations and warranties of the Trust Loan
Seller regarding the Trust Loan; (xi) the Lower-Tier Regular Interests; and (xii) the proceeds of the foregoing (other than any
interest earned on deposits in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and any Reserve Accounts, to the
extent such interest belongs to the Borrower).


 






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“Trust Ledger”:
Amounts deposited in the Collection Account attributable to the Whole Loan, which are maintained pursuant to Section 3.06(a)
of this Agreement and held on behalf of the Trustee on behalf of the Certificateholders and the Companion Loan Holder.


 


“Trust Loan”:
The portion of the Whole Loan evidenced by Note A-1 and Note B, which is transferred and assigned to the Trustee pursuant to Section
2.01 of this Agreement and held in the Trust Fund. The Trust Loan originally so transferred, assigned and held is identified
on the Mortgage Loan Schedule as of the Closing Date. The term “Trust Loan” also includes an REO Loan, unless the context
clearly indicates otherwise.


 


“Trust Loan
Purchase Agreement”: The Trust Loan Purchase Agreement dated and effective as of the Pricing Date, between GACC and the
Depositor.


 


“Trust Loan
Rate”: With respect to the Trust Loan and any Whole Loan Interest Accrual Period, the annual rate at which interest accrues
on the Trust Loan during such period (in the absence of a default), as set forth in the related Trust Notes from time to time.


 


“Trust Loan
Seller”: GACC.


 


“Trust Loan
Seller Sub-Servicer”: Any party required to be retained by the Master Servicer or the Special Servicer by the Trust Loan
Seller.


 


“Trust Notes”:
Collectively, as of any date of determination, the notes or other evidence of indebtedness and/or agreements evidencing the indebtedness
of the Borrower under the Trust Loan including any amendments or modifications, or any renewal or substitution note, as of such
date. As of the Cut-off Date, Note A-1 and Note B constitute the Trust Notes.


 


“Trust REMICs”:
The Lower-Tier REMIC and the Upper-Tier REMIC.


 


“Trustee”:
Wells Fargo Bank, National Association, a national banking association, in its capacity as Trustee, or its successor in interest,
or any successor Trustee appointed as herein provided.


 


“Trustee/Certificate
Administrator Fee”: With respect to the Trust Loan and for any Distribution Date, an amount per Certificate Interest
Accrual Period equal to interest at the Trustee/Certificate Administrator Fee Rate accrued on the Stated Principal Balance of the
Trust Loan as of the Due Date in the related Collection Period (without giving effect to payments of principal on the Trust Loan
on such Due Date). The Trustee/Certificate Administrator Fee shall be calculated in accordance with the provisions of Section
1.02(a) of this Agreement. A monthly fee shall be paid by the Certificate Administrator to the Trustee as the Trustee’s
fee, which amount shall be paid from the Trustee/Certificate Administrator Fee.


 


“Trustee/Certificate
Administrator Fee Rate”: A rate equal to 0.0127% per annum.


 


“Underwriter
Exemption”: Department of Labor Final Authorization Number 97-03E, as most recently amended by Prohibited Transaction
Exemption 2013-08 and as further amended by the Department of Labor from time to time.


 






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“Unscheduled
Payments”: With respect to the Whole Loan and a Collection Period, all Net Liquidation Proceeds, all Net Condemnation
Proceeds and Net Insurance Proceeds payable under the Trust Loan or the Whole Loan, as applicable, the Repurchase Price or purchase
price if the Trust Loan is repurchased or purchased pursuant to Section 2.03(e), Section 3.16 or Section 9.01
of this Agreement or by a mezzanine lender, any indemnification payment made by the Trust Loan Seller as a result of a Material
Breach or Material Document Defect pursuant to Section 2.03(e) of this Agreement and any other payments under or with respect
to the Trust Loan or the Whole Loan, as applicable, not scheduled to be made, including Principal Prepayments received by the Master
Servicer (but excluding Prepayment Charges, if any) during such Collection Period.


 


“Updated Appraisal”:
An Appraisal of the Mortgaged Property or REO Property, as the case may be, conducted subsequent to any appraisal performed on
or prior to the Cut-off Date and in accordance with Appraisal Institute standards, the costs of which shall be paid as a Property
Advance by the Master Servicer. Updated Appraisals shall be conducted by an Independent MAI appraiser selected by the Special Servicer.


 


“Upper-Tier
Distribution Account”: The segregated non-interest bearing trust account or sub-account created and maintained by the
Certificate Administrator pursuant to Section 3.05(c) of this Agreement, which shall be entitled “Wells Fargo Bank,
National Association, as Certificate Administrator, for the benefit of Wells Fargo Bank, National Association, as Trustee, in trust
for the benefit of the Holders of COMM 2016-667M Mortgage Trust Commercial Mortgage Pass-Through Certificates, Upper-Tier Distribution
Account” and which must be an Eligible Account or a sub-account of an Eligible Account. The Upper-Tier Distribution Account
shall be an asset of the Upper-Tier REMIC.


 


“Upper-Tier
REMIC”: A segregated asset pool within the Trust Fund consisting of the Lower-Tier Regular Interests, the Upper-Tier
Distribution Account and amounts held therein from time to time.


 


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


 


“Voting Rights”:
The portion of the voting rights of all of the Certificates that is allocated to any Certificateholder or Class of Certificateholders.
At all times during the term of this Agreement, the percentage of Voting Rights assigned to each Class shall be: (a) 98% to be
allocated among the Certificateholders of the respective Classes of Principal Balance Certificates in proportion to the Certificate
Balances of their Certificates, (b) 2% to be allocated the among Certificateholders of the Class X Certificates for as long as
any of the Class X Certificates are outstanding, and (c) except as otherwise set forth in this Agreement with respect to any particular


 






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matter, 0%, in the case of the Class R and Class LR Certificates. Voting Rights allocated to a Class of Certificateholders shall
be allocated among such Certificateholders in proportion to the Percentage Interests in such Class evidenced by their respective
Certificates.


 


“Whole Loan”:
Collectively, the Trust Loan and the Companion Loan. References herein to the Whole Loan shall be construed to refer to the aggregate
indebtedness under Note A-1, Note A-2 and Note B.


 


“Whole Loan
Interest Accrual Period”: With respect to the Whole Loan, the period commencing on the 6th day of each calendar month
during the term of the Whole Loan and ending on and including the 5th day of the next occurring calendar month.


 


“Whole Loan
Rate”: With respect to the Whole Loan and any Whole Loan Interest Accrual Period, the annual rate at which interest accrues
on the Whole Loan during such period (in the absence of a default), as set forth in the Notes from time to time.


 


“Withheld Amount”:
With respect to the Trust Loan and with respect to each Distribution Date occurring in January of each calendar year that is not
a leap year and February of each calendar year, unless in either case such Distribution Date is the final Distribution Date, an
amount equal to one day’s interest at the Trust Loan Rate (net of any Servicing Fee, Trustee/Certificate Administrator Fee
and the CREFC® License Fee payable therefrom) on the Stated Principal Balance as of the Due Date in the month preceding
the month in which such Distribution Date occurs, to the extent that a Monthly Payment or a P&I Advance is made in respect
thereof.


 


“Workout Fee”:
An amount equal to 0.50% of each collection of interest and principal (including scheduled payments, prepayments (provided
that a repurchase by the Trust Loan Seller of the Trust Loan due to a Material Document Defect or a Material Breach shall not be
considered a prepayment for purposes of this definition if the Trust Loan Seller repurchases the Trust Loan within the resolution
time period set forth in Section 2.03(e) of this Agreement (and giving effect to any applicable extension period beyond
the end of the Initial Resolution Period set forth in Section 2.03(e) of this Agreement)), Balloon Payments and payments
at maturity, but excluding late payment charges and Default Interest) received if the Whole Loan is a Specially Serviced Loan that
becomes a Corrected Mortgage Loan for so long as it remains a Corrected Mortgage Loan, pursuant to Section 3.12(c) of this
Agreement; provided, further, that no Workout Fee shall be payable by the Trust with respect to any Corrected Mortgage
Loan if and to the extent that the Corrected Mortgage Loan became a Specially Serviced Loan under clause (c) of the definition
of “Specially Serviced Loan” and no event of default actually occurs, unless the Whole Loan is modified by the Special
Servicer in accordance with the terms of this Agreement or the Whole Loan subsequently qualifies as a Specially Serviced Loan for
a reason other than under clause (c) of the definition thereof; provided, further that if the Whole Loan becomes
a Specially Serviced Loan only because of an event described in clause (a) of the definition of “Specially Serviced
Loan” and the related collection of principal and interest is received within three months following the related maturity
date as a result of the Whole Loan being refinanced or otherwise repaid in full, the Special Servicer shall not be entitled to
collect a Workout Fee out of the proceeds received in connection with such workout if such fee would reduce the amount available
for distributions to Certificateholders, but the Special Servicer may collect from the Borrower and retain (x) a workout fee, (y)
such other fees as are provided for in


 






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the Loan Documents and (z) other appropriate fees in connection with such workout. The total
amount of Workout Fees payable by the Trust with respect to the Corrected Mortgage Loan and with respect to any particular workout
(assuming, for the purposes of this calculation, that the Corrected Mortgage Loan continues to perform throughout its term in accordance
with the terms of the related workout) shall be reduced by the amount of any and all Offsetting Modification Fees received by the
Special Servicer as additional servicing compensation relating to the Corrected Mortgage Loan; provided that the Special
Servicer shall be entitled to collect such Workout Fees from the Trust until such time it has been fully paid such reduced amount.
For the avoidance of doubt, the Trust Loan Seller shall pay a Workout Fee in connection with a repurchase to the extent the Special
Servicer was entitled to such a fee and such fee was unpaid immediately prior to such repurchase or was previously paid by the
Trust and was not reimbursed by the Borrower immediately prior to such repurchase. In furtherance of the foregoing, upon the Specially
Serviced Loan becoming a Corrected Mortgage Loan, the Special Servicer shall provide the Master Servicer with a calculation of
the total amount of Workout Fees expected to be payable by the Trust with respect to the Corrected Mortgage Loan throughout its
term (which calculation shall be reasonably acceptable to the Master Servicer) and the total amount of Offsetting Modification
Fees received by the Special Servicer.


 


Section 1.02 Certain
Calculations. Unless otherwise specified herein, the following provisions shall apply:


 


(a)       All
calculations of interest with respect to the Whole Loan (and of Advances in respect thereof) provided for herein shall be made
on Actual/360 Basis. The Servicing Fee, the Trustee/Certificate Administrator Fee, the Operating Advisor Fee and the CREFC®
License Fee for the Trust Loan shall accrue on the same basis as interest accrues on the Whole Loan. The Certificates will accrue
interest on a 30/360 basis.


 


(b)       Any
Whole Loan payment is deemed to be received on the date such payment is actually received by the Master Servicer or the Certificate
Administrator; provided, however, that for purposes of calculating distributions on the Certificates and Prepayment
Interest Excess, Principal Prepayments with respect to the Whole Loan are deemed to be received on the date they are applied in
accordance with Section 3.01(b) of this Agreement to reduce the Stated Principal Balance of the Whole Loan on which interest
accrues.


 


(c)       Except
as otherwise provided in the Loan Documents or the Co-Lender Agreement, any amounts received in respect of the Whole Loan as to
which a default has occurred and is continuing in excess of Monthly Payments shall be applied to Default Interest and other amounts
due on the Whole Loan prior to the application to late fees.


 


(d)       Allocations
of payments between the Trust Loan and the Companion Loan shall be made in accordance with the Co-Lender Agreement.


 


(e)       All
amounts collected by or on behalf of the Trust in respect of the Whole Loan in the form of payments from the Borrower, Liquidation
Proceeds, Condemnation Proceeds or Insurance Proceeds (exclusive of any amounts payable to the Companion Loan Holder pursuant to
the Co-Lender Agreement) shall be allocated to amounts due and owing under the Loan Documents (including for principal and accrued
and unpaid interest) in accordance with the express provisions of the Loan Documents and the Co-Lender Agreement; provided,
however,


 






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that absent such express provisions, all such amounts collected (exclusive of any amounts payable to the Companion
Loan Holder pursuant to the Co-Lender Agreement) shall be deemed to be allocated for purposes of collecting amounts due under the
Whole Loan in the following order of priority:


 


(i)       as
a recovery of any unreimbursed Advances with respect to the Trust Loan or the Whole Loan with respect to Property Advances or Nonrecoverable
Advances and unpaid interest at the Advance Rate on such Advances and, if applicable, unreimbursed and unpaid Additional Trust
Fund Expenses with respect to the Whole Loan;


 


(ii)      as
a recovery of Nonrecoverable Advances and any interest at the Advance Rate thereon to the extent previously allocated to principal
collections with respect to the Trust Loan or Whole Loan, as applicable;


 


(iii)     to
the extent not previously allocated pursuant to clause (i) above, as a recovery of accrued and unpaid interest on the Trust
Loan (exclusive of Default Interest) to the extent of the excess of (A) accrued and unpaid interest on the Trust Loan at the Trust
Loan Rate to, but not including, the date of receipt by or on behalf of the Trust (or, in the case of a full Monthly Payment from
the Borrower, through the related Due Date), over (B) the sum of (a) the cumulative amount of the reductions (if any) in the amount
of related P&I Advances for the Trust Loan that have theretofore occurred under Section 4.07(e) of this Agreement in
connection with Appraisal Reduction Amounts (to the extent that collections have not been allocated as a recovery of accrued and
unpaid interest pursuant to clause (v) below on earlier dates) and (b) Accrued AB Loan Interest allocable to the Trust Loan;


 


(iv)     to
the extent not previously allocated pursuant to clause (i) above, as a recovery of principal of the Trust Loan then due
and owing, including by reason of acceleration of the Trust Loan following a default thereunder (or, if the Trust Loan has been
liquidated, as a recovery of principal to the extent of its entire remaining unpaid principal balance);


 


(v)      as
a recovery of (a) accrued and unpaid interest on the Trust Loan to the extent of the cumulative amount of the reductions (if any)
in the amount of P&I Advances for the Trust Loan that have theretofore occurred under Section 4.07(e) of this Agreement
in connection with related Appraisal Reduction Amounts and (b) Accrued AB Loan Interest (in each of clause (a) and (b),
to the extent that collections have not been allocated as recovery of accrued and unpaid interest pursuant to this clause (v)
on earlier dates);


 


(vi)     as
a recovery of amounts to be currently allocated to the payment of, or escrowed for the future payment of, real estate taxes, assessments
and insurance premiums and similar items relating to the Whole Loan (and allocable to the Trust Loan);


 


(vii)    as
a recovery of any other reserves to the extent then required to be held in escrow with respect to the Whole Loan (and allocable
to the Trust Loan);


 






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(viii)   as
a recovery of any Prepayment Charge then due and owing under the Trust Loan;


 


(ix)      as
a recovery of any late payment charges and Default Interest then due and owing under the Whole Loan (and allocable to the Trust
Loan);


 


(x)       as
a recovery of any Assumption Fees, assumption application fees and Modification Fees then due and owing under the Whole Loan (and
allocable to the Trust Loan);


 


(xi)      as
a recovery of any other amounts then due and owing under the Trust Loan other than remaining unpaid principal (if both consent
fees and Operating Advisor Consulting Fees are due and owing, first, allocated to consent fees and then, allocated
to Operating Advisor Consulting Fees); and


 


(xii)     as
a recovery of any remaining principal of the Trust Loan to the extent of its entire remaining unpaid principal balance;


 


provided that,
to the extent required under the REMIC Provisions, payments or proceeds received with respect to any partial release of the Mortgaged
Property (including following a condemnation) at a time when the loan-to-value ratio of the Whole Loan exceeds 125% (based solely
on the value of real property and excluding personal property and going concern value) must be allocated to reduce the principal
balance of the Whole Loan in the manner permitted by such REMIC Provisions.


 


(f)       Collections
by or on behalf of the Trust in respect of the REO Property (exclusive of amounts to be allocated to the payment of the costs of
operating, managing, leasing, maintaining and disposing of the REO Property and exclusive of any amounts payable to the Companion
Loan Holder pursuant to the Co-Lender Agreement) shall be deemed to be allocated for purposes of collecting amounts due under the
Whole Loan in the following order of priority:


 


(i)       as
a recovery of any unreimbursed Advances with respect to the Trust Loan or the Whole Loan with respect to Property Advances or Nonrecoverable
Advances and unpaid interest at the Advance Rate on such Advances and, if applicable, unreimbursed and unpaid Additional Trust
Fund Expenses with respect to the Whole Loan;


 


(ii)      as
a recovery of Nonrecoverable Advances and any interest at the Advance Rate thereon to the extent previously allocated to principal
collections with respect to the Trust Loan or Whole Loan, as applicable;


 


(iii)     to
the extent not previously allocated pursuant to clause (i) above, as a recovery of accrued and unpaid interest on the Trust
Loan (exclusive of Default Interest) to the extent of the excess of (A) accrued and unpaid interest on the Trust Loan at the Trust
Loan Rate to, but not including, the Due Date in the Collection Period in which such collections were received, over (B) the sum
of (x) the cumulative amount of the reductions (if any) in the amount of related P&I Advances for the Trust Loan that have


 






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theretofore occurred under Section 4.07(e) of this Agreement in connection with related Appraisal Reduction Amounts (to
the extent that collections have not been allocated as a recovery of accrued and unpaid interest pursuant to clause (v)
below or Section 1.02(e)(v) on earlier dates) and (y) Accrued AB Loan Interest allocable to the Trust Loan;


 


(iv)      to
the extent not previously allocated pursuant to clause (i) above, as a recovery of principal of the Trust Loan to the extent
of its entire unpaid principal balance;


 


(v)       as
a recovery of (a) accrued and unpaid interest on the Trust Loan to the extent of the cumulative amount of the reductions (if any)
in the amount of related P&I Advances for the Trust Loan that have theretofore occurred under Section 4.07(e) of this
Agreement in connection with related Appraisal Reduction Amounts (b) Accrued AB Loan Interest (in each of clause (a) and
(b), to the extent that collections have not theretofore been allocated as a recovery of accrued and unpaid interest pursuant
to this clause (v) or Section 1.02(e)(v) on earlier dates);


 


(vi)      as
a recovery of any Prepayment Charge then due and owing under the Trust Loan;


 


(vii)     as
a recovery of any late payment charges and Default Interest then due and owing under the Whole Loan (and allocable to the Trust
Loan);


 


(viii)    as
a recovery of any Assumption Fees, assumption application fees and Modification Fees then due and owing under the Whole Loan; and


 


(ix)       as
a recovery of any other amounts then due and owing under the Trust Loan other than remaining unpaid principal (including as a recovery
of any Operating Advisor Consulting Fees then due and owing to the Operating Advisor).


 


(g)       The
applications of amounts received in respect of the Trust Loan pursuant to paragraph (e) of this Section 1.02 shall be determined
by the Master Servicer in accordance with the Servicing Standard. The applications of amounts received in respect of the Trust
Loan or any REO Property pursuant to paragraph (f) of this Section 1.02 shall be determined by the Special Servicer in accordance
with the Servicing Standard.


 


(h)       All
net present value calculations and determinations made hereunder with respect to the Trust Loan or the Mortgaged Property or REO
Property (including for purposes of the definition of “Servicing Standard”) shall be made in accordance with the Loan
Documents or, in the event the related Loan Documents are silent, using the Calculation Rate.


 


Section 1.03 Certain
Constructions. For purposes of this Agreement, references to the most or next most subordinate Class of Certificates outstanding
at any time shall mean the most or next most subordinate Class of Certificates then outstanding as among the Class A, Class X-A,
Class B, Class C, Class D and Class E Certificates. For purposes of this Agreement, each Class of Certificates (other than the
Class LR and Class R Certificates) shall be deemed to be outstanding only to the extent its respective Certificate Balance or
Notional Balance, as


 






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applicable, has not been
reduced to zero. For purposes of this Agreement, the Class R and Class LR Certificates shall be outstanding so long as the Trust
Fund has not been terminated pursuant to Section 9.01 of this Agreement or any other Class of Certificates remains outstanding.


 


ARTICLE
II



CONVEYANCE OF the MORTGAGE LOAN;

ORIGINAL ISSUANCE OF CERTIFICATES


 


Section 2.01 Conveyance
of the Trust Loan; Assignment of Trust Loan Purchase Agreement. (a) The Depositor, concurrently with the execution and delivery
hereof on the Closing Date, does hereby establish a trust designated as “COMM 2016-667M Mortgage Trust”, appoint the
Trustee as trustee of the Trust Fund and sell, transfer, assign, set over and otherwise convey to the Trustee without recourse
(except to the extent herein provided) all the right, title and interest of the Depositor in and to the Trust Loan, including
all rights to payment in respect thereof, except as set forth below, and any security interest thereunder (whether in real or
personal property and whether tangible or intangible) in favor of the Depositor, and a security interest in all Reserve Accounts,
Lock-Box Accounts, Cash Collateral Accounts and all other assets to the extent included or to be included in the Trust Fund for
the benefit of the Certificateholders. Such transfer and assignment includes all interest and principal due on or with respect
to the Trust Loan after the Cut-off Date. The Depositor, concurrently with the execution and delivery hereof, does also hereby
transfer, assign, set over and otherwise convey to the Trustee without recourse (except to the extent provided herein), for the
benefit of the Certificateholders, all the right, title and interest of the Depositor in, to and under the Trust Loan Purchase
Agreement as provided therein (excluding Sections 6(f)-(h) and 9 of the Trust Loan Purchase Agreement, and excluding the Depositor’s
rights and remedies under the GACC Indemnification Agreement) to the extent related to the Trust Loan. The Depositor shall cause
the Reserve Accounts, Cash Collateral Accounts and Lock-Box Accounts relating to the Whole Loan to be transferred to and held
in the name of the Master Servicer on behalf of the Trustee as successor to the Trust Loan Seller.


 


In connection with such
transfer and assignment, the Depositor does hereby deliver to, and deposit with, the Custodian, with copies to the Master Servicer
and the Special Servicer, the following documents or instruments with respect to the Whole Loan so assigned (provided, however,
that the original of documents specified in items (xix) and (xx) shall be delivered to the Master Servicer):


 


(i)        each
original Trust Note, bearing, or accompanied by, all prior or intervening endorsements, endorsed by the most recent endorsee prior
to the Trustee or, if none, by the Originator, without recourse, either in blank or to the order of the Trustee in the following
form: “Pay to the order of Wells Fargo Bank, National Association, as Trustee, in trust for the benefit of the Holders of
COMM 2016-667M Mortgage Trust Commercial Mortgage Pass-Through Certificates, without recourse”;


 


(ii)        the
original (or a copy thereof certified from the applicable recording office) of the Mortgage and, if applicable, the originals (or
copies thereof certified from


 






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the applicable recording office) of any intervening assignments thereof showing a complete chain
of assignment from the Originator of the Whole Loan to the most recent assignee of record thereof prior to the Trustee, if any,
in each case with evidence of recording indicated thereon;


 


(iii)       an
original Assignment of Mortgage, in recordable form, executed by the most recent assignee of record thereof prior to the Trustee
or, if none, by the Originator, either in blank or in favor of the Trustee in the following form: “Wells Fargo Bank, National
Association, as Trustee, in trust for the benefit of the Holders of COMM 2016-667M Mortgage Trust Commercial Mortgage Pass-Through
Certificates (and the Companion Loan Holder)”;


 


(iv)       (A)
an original or copy of any related security agreement (if such item is a document separate from the Mortgage) and, if applicable,
the originals or copies of any intervening assignments thereof showing a complete chain of assignment from the Originator of the
Whole Loan to the most recent assignee thereof prior to the Trustee, if any; and (B) an original assignment of any related security
agreement (if such item is a document separate from the Mortgage) executed by the most recent assignee thereof prior to the Trustee
or, if none, by the Originator, either in blank or in favor of the Trustee in the following form: “Wells Fargo Bank, National
Association, as Trustee, in trust for the benefit of the Holders of COMM 2016-667M Mortgage Trust Commercial Mortgage Pass-Through
Certificates (and the Companion Loan Holder)”, which assignment may be included as part of the corresponding Assignment of
Mortgage referred to in clause (iii) above;


 


(v)        (A)
stamped or certified copies of any UCC financing statements and continuation statements which were filed in order to perfect (and
maintain the perfection of) any security interest held by the Originator of the Whole Loan (and each assignee of record prior to
the Trustee) in and to the personalty of the Borrower at the Mortgaged Property (in each case with evidence of filing or recording
thereon) and which were in the possession of the Trust Loan Seller (or their agents) at the time the Mortgage Files were delivered
to the Custodian, together with original UCC-2 or UCC-3 assignment of financing statements showing a complete chain of assignment
from the secured party named in such UCC-1 financing statement to the most recent assignee of record thereof prior to the Trustee,
if any, and (B) if any such security interest is perfected and the earlier UCC financing statements and continuation statements
were in the possession of the Trust Loan Seller, an assignment of UCC financing statement by the most recent assignee of record
prior to the Trustee or, if none, by the Originator, evidencing the transfer of such security interest, either in blank or in favor
of the Trustee in the following form: “Wells Fargo Bank, National Association, as Trustee, in trust for the benefit of the
Holders of COMM 2016-667M Mortgage Trust Commercial Mortgage Pass-Through Certificates (and the Companion Loan Holder)”;
provided that other evidence of filing or recording reasonably acceptable to the Trustee may be delivered in lieu of delivering
such UCC financing statements including, without limitation, evidence of such filed or recorded UCC financing statement as shown
on a written UCC search report from a reputable search firm, such as CSC/LexisNexis Document Solutions, Corporation Service Company,
CT Corporation System and the like or printouts of on-


 






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line confirmations from such UCC filing or recording offices or authorized
agents thereof;


 


(vi)       the
original or a copy of the Loan Agreement relating to the Whole Loan;


 


(vii)      the
original or a copy of the lender’s title insurance policy issued in connection with the origination of the Whole Loan, together
with all endorsements or riders (or copies thereof) that were issued with or subsequent to the issuance of such policy, insuring
the priority of the Whole as a first lien on the Mortgaged Property, or, subject to Section 2(d) of the Trust Loan Purchase Agreement,
a “marked up” commitment to insure marked as binding and countersigned by the related insurer or its authorized agent
(which may be a pro forma or specimen title insurance policy which has been accepted or approved as binding in writing by
the related title insurance company), or, subject to Section 2(d) of the Trust Loan Purchase Agreement, an agreement to provide
the same pursuant to binding escrow instructions executed by an authorized representative of the title company;


 


(viii)     (A)
the original or a copy of the related Assignment of Leases and Rents (if such item is a document separate from the Mortgage) and,
if applicable, the originals or copies of any intervening assignments thereof showing a complete chain of assignment from the Originator
of the Whole Loan to the most recent assignee of record thereof prior to the Trustee, if any, in each case with evidence of recording
thereon; and (B) an original or copy of an assignment of any related Assignment of Leases and Rents (a “Reassignment of
Assignment of Leases and Rents”) (if such item is a document separate from the Mortgage), in recordable form (except
for missing recording information and, if delivered in blank, except for the name of the assignee), executed by the most recent
assignee of record thereof prior to the Trustee or, if none, by the Originator, either in blank or in favor of the Trustee in the
following form: “Wells Fargo Bank, National Association, as Trustee, in trust for the benefit of the Holders of COMM 2016-667M
Mortgage Trust Commercial Mortgage Pass-Through Certificates” (and the Companion Loan Holder)”, which assignment may
be included as part of the corresponding Assignment of Mortgage referred to in clause (iii) above;


 


(ix)       the
original or a copy of any environmental indemnity agreements and copies of any environmental insurance policies pertaining to the
Mortgaged Property required in connection with origination of the Whole Loan, if any, and copies of Environmental Reports;


 


(x)        an
original or a copy of the Assignment of Management Agreement and originals or copies of the currently effective Management Agreement,
if any, for the Mortgaged Property;


 


(xi)        the
original or copy of the ground lease, if applicable, and any related lessor estoppel or similar agreement or a copy thereof, if
any;


 


(xii)       an
original Assignment of Agreements, Licenses, Permits and Contracts, executed by the most recent assignee of record thereof prior
to the Trustee or, if none, by the Originator, either in blank or in favor of the Trustee in the following form: “Wells


 






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Fargo
Bank, National Association, as Trustee, in trust for the benefit of the Holders of COMM 2016-667M Mortgage Trust Commercial Mortgage
Pass-Through Certificates (and the Companion Loan Holder)”;


 


(xiii)      if
the related assignment of contracts is separate from the Mortgage, the original executed version of such assignment of contracts
or a copy thereof and the assignment thereof to the Trustee (in such capacity, for the benefit of the Certificateholders and the
Companion Loan Holder);


 


(xiv)      if
any related Lock-Box Agreement or Cash Collateral Account Agreement is separate from the Mortgage or Loan Agreement, a copy thereof;
with respect to the Reserve Accounts, Cash Collateral Accounts and Lock-Box Accounts, if any, a copy of the UCC-1 financing statements,
if any, submitted for filing with respect to the related mortgagee’s security interest in the Reserve Accounts, Cash Collateral
Accounts and Lock-Box Accounts and all funds contained therein (and UCC-3 assignments of financing statements assigning such UCC-1
financing statements to the Trustee (in such capacity, for the benefit of the Certificateholders and the Companion Loan Holder));


 


(xv)       originals
or copies of all assumption, modification, written assurance and substitution agreements, with evidence of recording thereon if
appropriate, in those instances where the terms or provisions of the Mortgage, Trust Notes or any related security document have
been modified or the Whole Loan has been assumed;


 


(xvi)      the
original or a copy of any guaranty of the obligations of the Borrower under the Whole Loan together with, as applicable, (A) the
original or copies of any intervening assignments of such guaranty showing a complete chain of assignment from the Originator of
the Whole Loan to the most recent assignee thereof prior to the Trustee, if any, and (B) an original assignment of such guaranty
executed by the most recent assignee thereof prior to the Trustee or, if none, by the Originator;


 


(xvii)     [Reserved];


 


(xviii)    a
copy of the Co-Lender Agreement and any mezzanine loan intercreditor agreement;


 


(xix)       the
original (or copy, if the original is held by the Master Servicer pursuant to Section 2.01(c)) of any letter of credit held
by the lender as beneficiary or assigned as security for the Whole Loan;


 


(xx)        the
appropriate assignment or amendment documentation related to the assignment to the Trust of any letter of credit securing the Whole
Loan (or copy thereof, if the original is held by the Master Servicer pursuant to Section 2.01(c)) which entitles the Master
Servicer on behalf of the Trust and, with respect to the Whole Loan, the Companion Loan Holder, to draw thereon; and


 


(xxi)       an
original or a copy of the Cash Management Agreement;


 






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provided that whenever
the term “Mortgage File” is used to refer to documents actually received by the Depositor or the Custodian, such term
shall not be deemed to include such documents and instruments required to be included therein unless they are actually so received.
The original assignments referred to in clauses (iii), (iv)(B) and (xvi)(B) above, may be in the form of one
or more instruments in recordable form in any applicable filing or recording offices.


 


On or prior to the Closing
Date, the Trust Loan Seller shall retain a third party vendor (which may be the Trustee or the Custodian) to complete the assignment
and recordation or filing of the Loan Documents in the name of the Trustee on behalf of the Certificateholders and the Companion
Loan Holder. On or promptly following the Closing Date, the Trust Loan Seller shall (A) promptly deliver or cause to be delivered
to such third party vendor recorded copies of the Mortgage and the documents described in Section 2.01(a)(iii), (v)
and (xiv) and (B) cause such third party vendor, at the expense of the Trust Loan Seller, (1) to promptly prepare and record
(in favor of the Trustee, in trust for the Holders of COMM 2016-667M Mortgage Trust Commercial Mortgage Pass-Through Certificates)
in the appropriate public recording office in no event later than 30 Business Days following the receipt thereof, each Assignment
of Mortgage referred to in Section 2.01(a)(iii) which has not yet been submitted for recording; and (2) to prepare and file
in the appropriate public filing office each UCC assignment of financing statement referred to in Section 2.01(a)(v)(B)
and (xiv) which has not yet been submitted for filing or recording in no event later than 60 days following the receipt
thereof. Each such document shall reflect that the recorded original should be returned by the public recording office to the Custodian
or its designee following recording, and each such document shall reflect that the file copy thereof should be returned to the
Custodian or its designee following filing; provided that in those instances where the public recording office retains the
original Assignment of Mortgage or Assignment of Leases and Rents, if applicable, the Custodian shall use commercially reasonable
efforts to obtain therefrom a certified copy of the recorded original, at the expense of the Depositor. In the event that any such
document or instrument in respect of the Whole Loan is lost or returned unrecorded or unfiled, as the case may be, because of a
defect therein, the Trust Loan Seller shall promptly prepare or cause the preparation of a substitute thereof or cure or cause
the curing of such defect, as the case may be, and shall thereafter deliver the substitute or corrected document to or at the direction
of the Custodian for recording or filing, as appropriate, at the expense of the Trust Loan Seller (as set forth in the Trust Loan
Purchase Agreement). The Trust Loan Seller shall, promptly upon receipt of the original recorded or filed copy (and in no event
later than five Business Days following such receipt) deliver such original to the Custodian, with evidence of filing or recording
thereon. Notwithstanding anything to the contrary contained in this Section 2.01, in those instances where the public recording
office retains the original Mortgage, Assignment of Mortgage or Assignment of Leases and Rents, if applicable, after any has been
recorded, the obligations of the Trust Loan Seller under the Trust Loan Purchase Agreement shall be deemed to have been satisfied
upon delivery to the Custodian of a certified copy of the recorded original of such Mortgage, Assignment of Mortgage or Assignment
of Leases and Rents, if applicable.


 


If the Trust Loan Seller
cannot deliver, or cause to be delivered, as to the Whole Loan, the original or a copy of the related lender’s title insurance
policy referred to in Section 2.01(a)(vii) solely because such policy has not yet been issued, the delivery requirements
of this Section 2.01 will be deemed to be satisfied as to such missing item, and such missing item will


 






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be deemed to have
been included in the Mortgage File by delivery to the Custodian of a binder marked as binding and countersigned by the title insurer
or its authorized agent (which may be a pro forma or specimen title insurance policy which has been accepted or approved
as binding in writing by the related title insurance company) or an acknowledged closing instruction or escrow letter, and the
Trust Loan Seller shall be required to deliver to the Custodian, promptly following the receipt thereof, the original related lender’s
title insurance policy (or a copy thereof). Copies of recorded or filed Assignments of Mortgage and UCC assignments of financing
statements shall be held by the Custodian.


 


Subject to the third
preceding paragraph, all original documents relating to the Whole Loan which are not delivered to the Custodian are and shall be
held by the Depositor or the Master Servicer (or a Sub-Servicer on its behalf), as the case may be, in trust for the benefit of
the Certificateholders and the Companion Loan Holder. In the event that any such original document is required pursuant to the
terms of this Section to be a part of the Mortgage File in order to effectuate the purposes of this Agreement, such document shall
be delivered promptly to the Custodian.


 


(b)       In
connection with the Depositor’s assignment pursuant to subsection (a) above, the Depositor shall direct, and hereby
represents and warrants that it has directed, the Trust Loan Seller pursuant to the Trust Loan Purchase Agreement to deliver to
and deposit with or cause to be delivered to and deposited with, (i) the Custodian, on or before the Closing Date, for the Trust
Loan so assigned, among other things, the original Trust Notes, the original or a copy of the Mortgage and any intervening assignments
thereof, the original or a copy of the title policy for the Trust Loan, a copy of any ground lease, if applicable, for the Trust
Loan and an original (or copy, if the original is held by the Master Servicer pursuant to Section 2.01(c)) of any letters of credit
held by the lender as beneficiary or assigned as security for the Trust Loan, and, within 30 days following the Closing Date, the
remaining applicable documents referred to in Section 2.01(a) for the Whole Loan, in each case with copies to the Master
Servicer and (ii) the Master Servicer, on or before the Closing Date, all documents and records that are part of each applicable
Servicing File. If the Trust Loan Seller cannot deliver, or cause to be delivered, as to the Trust Loan, the original Trust Note,
the Trust Loan Seller shall deliver a copy or duplicate original of the Trust Note, together with an affidavit certifying that
the original thereof has been lost or destroyed and an indemnification in favor of the Certificate Administrator, the Trustee and
the Custodian.


 


If the Trust Loan Seller
or the Depositor cannot deliver, or cause to be delivered, as to the Whole Loan, the original or a copy of any of the documents
and/or instruments referred to in Section 2.01(a)(ii), Section 2.01(a)(v)(A), Section 2.01(a)(viii), Section
2.01(a)(xv) and Section 2.01(a)(xvii) and the UCC financing statements and UCC assignments of financing statements referred
to in Section 2.01(a)(xiv), with evidence of recording or filing thereon, solely because of a delay caused by the public
recording or filing office where such document or instrument has been delivered for recordation or filing, or because such original
recorded or filed document has been lost or returned from the recording or filing office and subsequently lost, as the case may
be, the delivery requirements of Section 2.01 shall be deemed to have been satisfied as to such missing item, and such missing
item shall be deemed to have been included in the Mortgage File, provided that a copy of such document or instrument (without
evidence of recording or filing thereon, but certified (which certificate may relate to multiple documents


 






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and/or instruments)
by the applicable public recording or filing office, the applicable title insurance company or the Trust Loan Seller to be a true
and complete copy of the original thereof submitted for recording or filing, as the case may be) has been delivered to the Custodian
within 30 days after the Closing Date, and either the original of such missing document or instrument, or a copy thereof, with
evidence of recording or filing, as the case may be, thereon, is delivered to the Custodian within 180 days after the Closing Date
(or within such longer period after the Closing Date so long as the Trust Loan Seller has provided the Custodian with evidence
of such recording or filing, as the case may be, or has certified to the Custodian as to the occurrence of such recording or filing,
as the case may be, and is, as certified to the Custodian and the Trustee no less often than quarterly, in good faith attempting
to obtain from the appropriate county recorder’s or filing office such original or copy, provided such extensions
do not exceed 24 months in the aggregate).


 


(c)       Notwithstanding
anything herein to the contrary, with respect to the documents referred to in Section 2.01(a)(xix) and Section 2.01(a)(xx)
of this Agreement, the Master Servicer shall hold the original of each such document in trust on behalf of the Trust in order to
draw on such letter of credit on behalf of the Trust and the Trust Loan Seller shall be deemed to have satisfied the delivery requirements
of the Trust Loan Purchase Agreement and this Section 2.01 of this Agreement by delivering the original of each such document
to the Master Servicer, which shall forward a copy of the applicable document to the Custodian. The Trust Loan Seller shall pay
any costs of assignment or amendment of such letter of credit (which amendment shall change the beneficiary of the letter of credit
to the Trust in care of the Master Servicer) required in order for the Master Servicer to draw on such letter of credit on behalf
of the Trust. In the event that the documents specified in clause (a)(xx) of Section 2.01(a) of this Agreement are
missing because the related assignment or amendment documents have not been completed, the Trust Loan Seller shall take all necessary
steps to enable the Master Servicer to draw on the related letter of credit on behalf of the Trust including, if necessary, drawing
on the letter of credit in its own name pursuant to written instructions from the Master Servicer and immediately remitting such
funds (or causing such funds to be remitted) to the Master Servicer.


 


Section 2.02 Acceptance
by Custodian and the Trustee. By its execution and delivery of this Agreement, the Trustee acknowledges the assignment to
it of the Trust Loan in good faith without notice of adverse claims and declares that the Custodian holds and will hold such documents
and all others delivered to it constituting the Mortgage File (to the extent the documents constituting the Mortgage File are
actually delivered to the Custodian) for the Trust Loan assigned to the Trustee hereunder in trust, upon the conditions herein
set forth, for the use and benefit of all present and future Certificateholders and Companion Loan Holder.


 


The Custodian hereby
certifies to each of the Depositor, the Certificate Administrator, the Trustee, the Master Servicer, the Special Servicer, the
Operating Advisor and the Trust Loan Seller that except as identified in the Custodian’s closing date certification, which
shall be delivered no later than two Business Days after the Closing Date, and which is attached as Exhibit N-1 to this
Agreement, each Trust Note is in its possession and has been reviewed by the Custodian and (A) appears regular on its face (handwritten
additions, changes or corrections shall not constitute irregularities if initialed by the Borrower), (B) appears to have been executed
(where appropriate) and (C) purports to relate to the Whole Loan and each of the documents specified in Section 2.01(a)(ii), Section
2.01(a)(vii) and Section 2.01(a)(xix) of this Agreement


 






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have been received, have been executed, appear to be what they purport
to be, purport to be recorded or filed (as applicable) and have not been torn or mutilated or otherwise defaced, and that such
documents relate to the Whole Loan identified in the Mortgage Loan Schedule. If the Custodian does not send a certification on
the Closing Date, it shall send an email confirmation to the Trustee and the Master Servicer on the Closing Date that it has received
the Trust Note (or a copy or a lost note affidavit, as permitted), subject to any exceptions noted therein.


 


On or about the 60th
day following the Closing Date (and, if any exceptions are noted, again on or about the 90th day following the Closing
Date and monthly thereafter until the earliest of (i) the second anniversary of the Closing Date, (ii) the day on which all material
exceptions have been removed and (iii) the day on which the Trust Loan Seller has repurchased or substituted for the Trust Loan),
the Custodian shall review each Mortgage File and shall certify to each of the Depositor, the Trust Loan Seller, the Certificate
Administrator, the Trustee, the Master Servicer, the Special Servicer and the Operating Advisor in the form attached as Exhibit
N-2 to this Agreement that all documents (other than documents referred to in clauses Section 2.01(a)(xix) and Section
2.01(a)(xx) of this Agreement, which shall be delivered to the Master Servicer and the documents referred to in clauses
(iii), (v)(B) and (viii) of Section 2.01(a) of this Agreement and the assignments of financing statements
referred to in clause (xiv) of Section 2.01(a) of this Agreement, which shall be delivered for filing or recording
by the Trust Loan Seller as provided herein) referred to in Section 2.01(a) above (in the case of the documents referred
to in Section 2.01(a)(iv), (v), (vi), (vii) (in the case of any endorsement thereto), (viii)
and (ix) through (xxi) of this Agreement, as identified to it in writing as a document required to be delivered by
the Trust Loan Seller) and any original recorded documents included in the delivery of the Mortgage File have been received, have
been executed, appear to be what they purport to be, purport to be recorded or filed (as applicable) and have not been torn in
any materially adverse manner or mutilated or otherwise defaced, and that such documents relate to the Whole Loan. In so doing,
the Custodian may rely on the purported due execution and genuineness of any such document and on the purported genuineness of
any signature thereon.


 


If at the conclusion
of such review any document or documents constituting a part of the Mortgage File has not been executed or received, has not been
recorded or filed (if required), is unrelated to the Whole Loan, appear not to be what they purport to be or has been torn in any
materially adverse manner or mutilated or otherwise defaced, the Custodian shall promptly so notify (in the form attached as Exhibit
M to this Agreement) the Trustee, the Depositor, the Certificate Administrator, the Master Servicer, the Special Servicer,
the Operating Advisor and the Trust Loan Seller by providing a written report, setting forth for the affected Whole Loan, with
particularity, the nature of the defective or missing document. The Depositor shall or shall cause the Trust Loan Seller to deliver
to the Custodian an executed, recorded or undamaged document, as applicable, or, if the failure to deliver such document in such
form constitutes a Material Document Defect, the Depositor shall cause the Trust Loan Seller to cure, repurchase or make an indemnification
payment with respect to the Whole Loan in the manner provided in Section 2.03(e) of this Agreement. None of the Master Servicer,
the Special Servicer, the Certificate Administrator, the Custodian or the Trustee shall be responsible for any loss, cost, damage
or expense to the Trust Fund resulting from any failure to receive any document constituting a portion of the Mortgage File noted
on such a report or for any failure by the Depositor to use its best efforts to deliver any such document.


 






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Contemporaneously with
its execution of this Agreement, the Depositor shall cause the Trust Loan Seller to deliver, a power of attorney substantially
in the form of Exhibit C to the Trust Loan Purchase Agreement to the Master Servicer and Special Servicer, to take such
other action as is necessary to effect the delivery, assignment and/or recordation of any documents and/or instruments relating
to the Whole Loan which has not been delivered, assigned or recorded at the time required for enforcement by the Trust Fund. Pursuant
to the Trust Loan Purchase Agreement, the Trust Loan Seller shall be required to effect (at the expense of the Trust Loan Seller)
the assignment and recordation of its the Loan Documents until the assignment and recordation of all Loan Documents has been completed.


 


In reviewing any Mortgage
File pursuant to the third preceding paragraph of Section 2.01 of this Agreement, the Master Servicer shall have no responsibility
to cause the Custodian or Trustee to, and the Custodian or Trustee will have no responsibility to, examine any opinions or determine
whether any document is legal, valid, binding, sufficient, duly authorized or enforceable, whether the text of any assignment or
endorsement is in proper or recordable form (except, if applicable, to determine if the Trustee is the assignee or endorsee), whether
any document has been recorded in accordance with the requirements of any applicable jurisdiction, whether a blanket assignment
is permitted in any applicable jurisdiction, or whether any Person executing any document or rendering any opinion is authorized
to do so or whether any signature thereon is genuine.


 


Section 2.03 Representations,
Warranties and Covenants of the Depositor; Repurchase of Trust Loan. (a) The Depositor hereby represents and warrants that:


 


(i)       The
Depositor is a corporation duly organized, validly existing and in good standing under the laws of the State of Delaware;


 


(ii)      The
Depositor has taken all necessary action to authorize the execution, delivery and performance of this Agreement by it, and has
the power and authority to execute, deliver and perform this Agreement and all the transactions contemplated hereby, including,
but not limited to, the power and authority to sell, assign and transfer the Trust Loan in accordance with this Agreement;


 


(iii)     This
Agreement has been duly and validly executed and delivered by the Depositor and assuming the due authorization, execution and delivery
of this Agreement by each other party hereto, this Agreement and all of the obligations of the Depositor hereunder are the legal,
valid and binding obligations of the Depositor, enforceable in accordance with the terms of this Agreement, except as such enforcement
may be limited by bankruptcy, insolvency, reorganization, liquidation, receivership, moratorium or other laws relating to or affecting
creditors’ rights generally, or by general principles of equity (regardless of whether such enforceability is considered
in a proceeding in equity or at law);


 


(iv)     The
execution and delivery of this Agreement and the performance of its obligations hereunder by the Depositor will not conflict with
any provision of its certificate of incorporation or bylaws, or any law or regulation to which the Depositor is subject, or conflict
with, result in a breach of or constitute a default under (or an event which with notice or lapse of time or both would constitute
a default under) any of the


 






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terms, conditions or provisions of any agreement or instrument to which the Depositor is a party or
by which it is bound, or any law, order or decree applicable to the Depositor, or result in the creation or imposition of any lien
on any of the Depositor’s assets or property, which would materially and adversely affect the ability of the Depositor to
carry out the transactions contemplated by this Agreement;


 


(v)          The
certificate of incorporation of the Depositor provides that the Depositor is permitted to engage in only the following activities:


 


(A)       to
acquire, own, hold, sell, transfer, assign, pledge and otherwise deal with the following: (I) “fully-modified pass-through”
certificates (“GNMA Certificates”) issued and guaranteed as to timely payment of principal and interest by the
Government National Mortgage Association (“GNMA”), a wholly-owned corporate instrumentality of the United States
within the Department of Housing and Urban Development organized and existing under Title III of the National Housing Act of 1934;
(II) Guaranteed Mortgage Pass-Through Certificates (“FNMA Certificates”) issued and guaranteed as to timely
payment of principal and interest by FNMA; (III) Mortgage Participation Certificates (“FHLMC Certificates”)
issued and guaranteed as to timely payment of interest and ultimate or full payment of principal by FHLMC; (IV) any other participation
certificates, pass-through certificates or other obligations or interests backed directly or indirectly by mortgage loans and issued
or guaranteed by GNMA, FNMA or FHLMC (collectively with the GNMA Certificates, FNMA Certificates and FHLMC Certificates, the “Agency
Securities”); (V) mortgage-backed securities, which securities need not be issued or guaranteed, in whole or in part,
by any governmental entity, issued by one or more private entities (hereinafter referred to as “Private Securities”);
(VI) mortgage loans secured by first, second or more junior liens on one-to-four family residential properties, multifamily properties
that are either rental apartment buildings or projects containing five or more residential units or commercial properties, regardless
of whether insured or guaranteed in whole or in part by any governmental entity, or participation interests or stripped interests
in such mortgage loans (“Mortgage Assets”); (VII) conditional sales contracts and installment sales or loan
agreements or participation interests therein secured by manufactured housing (“Contract”); and (VIII) receivables
of third-parties or other financial assets of third-parties, either fixed or revolving, that by their terms convert into cash within
a finite time period (“Other Assets”);


 


(B)       to
loan its funds to any person under loan agreements and other arrangements which are secured by Agency Securities, Private Securities,
Mortgage Assets, Contracts and/or Other Assets;


 


(C)       to
authorize, issue, sell and deliver bonds or other evidences of indebtedness that are secured by Agency Securities, Private Securities,
Mortgage Assets, Contracts and/or Other Assets;


 






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(D)       to
authorize, issue, sell and deliver certificates evidencing beneficial ownership interests in pools of Agency Securities, Private
Securities, Mortgage Assets, Contracts and/or Other Assets; and


 


(E)       to
engage in any activity and to exercise any powers permitted to corporations under the laws of the State of Delaware that are incident
to the foregoing and necessary or convenient to accomplish the foregoing.


 


Capitalized terms defined in
this clause (v) shall apply only to such clause;


 


(vi)      There
is no action, suit, proceeding or investigation pending or threatened against the Depositor in any court or by or before any other
governmental agency or instrumentality which would materially and adversely affect the ability of the Depositor to carry out its
obligations under this Agreement;


 


(vii)     No
consent, approval, authorization or order of, or registration or filing with, or notice to any court or governmental agency or
body, is required for the execution, delivery and performance by the Depositor of or compliance by the Depositor with this Agreement,
or if required, such approval has been obtained prior to the Cut-off Date; and


 


(viii)    The
Trustee, if not the owner of the Trust Loan, will have a valid and perfected security interest of first priority in the Trust Loan
and any proceeds thereof.


 


(b)       The
Depositor hereby represents and warrants with respect to the Trust Loan that:


 


(i)        Immediately
prior to the transfer and assignment to the Trustee, the Trust Note and the Mortgage were not subject to an assignment or pledge,
and the Depositor had good title to, and was the sole owner of, the Trust Loan and had full right to transfer and sell the Trust
Loan to the Trustee free and clear of any encumbrance, equity, lien, pledge, charge, claim or security interest;


 


(ii)       The
Depositor is transferring the Trust Loan free and clear of any and all liens, pledges, charges or security interests of any nature
encumbering the Trust Loan;


 


(iii)      The
related Assignment of Mortgage constitutes the legal, valid and binding assignment of the Mortgage from the Depositor to the Trustee;
and


 


(iv)      No
claims have been made by the Depositor under the lender’s title insurance policy, and the Depositor has not done anything
which would impair the coverage of such lender’s title insurance policy.


 


(c)       It
is understood and agreed that the representations and warranties set forth in this Section 2.03 shall survive delivery of
the Mortgage File to the Custodian until the termination of this Agreement, and shall inure to the benefit of the Certificateholders,
the Companion Loan Holder, the Certificate Administrator, the Trustee, the Custodian, the Master Servicer and the Special Servicer.


 






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(d)       If
the Master Servicer or the Special Servicer (i) receives a Repurchase Communication of a request or demand for repurchase or replacement
of the Trust Loan because of a Breach or a Defect (each as defined below) (any such request or demand, a “Repurchase Request”,
and the Master Servicer or the Special Servicer, as applicable, to the extent it receives a Repurchase Request, the “Repurchase
Request Recipient” with respect to such Repurchase Request), (ii) receives a Repurchase Communication of a withdrawal
of a Repurchase Request by the Person making such Repurchase Request (a “Repurchase Request Withdrawal”), (iii)
receives a Repurchase Communication that the Trust Loan has been repurchased or replaced (a “Repurchase”), or
(iv) receives a Repurchase Communication of the rejection of a Repurchase Request (a “Repurchase Request Rejection”),
then such Person shall deliver written notice of such Repurchase Request, Repurchase Request Withdrawal, Repurchase or Repurchase
Request Rejection (each such notice, a “Rule 15Ga-1 Notice”) to the Depositor and the Trust Loan Seller, in
each case within ten Business Days from such party’s receipt of a Repurchase Communication of such Repurchase Request, Repurchase
Request Withdrawal, Repurchase or Repurchase Request Rejection, as applicable; provided, however, that if the Master
Servicer receives notice of a Repurchase Request Withdrawal or Repurchase Request Rejection from the Special Servicer, the Master
Servicer shall have no obligation to deliver such notice to any other party.


 


Each Rule 15Ga-1 Notice
shall include (i) the identity of the Trust Loan, (ii) the date the Repurchase Communication of the Repurchase Request, Repurchase
Request Withdrawal, Repurchase or Repurchase Request Rejection, as applicable, was received and (iii) in the case of a Repurchase
Request, (A) the identity of the Person making such Repurchase Request, (B) if known, the basis for the Repurchase Request (as
asserted in the Repurchase Request) and (C) a statement from the Repurchase Request Recipient as to whether it currently plans
to pursue such Repurchase Request.


 


No Person that is required
to provide a Rule 15Ga-1 Notice pursuant to this Section 2.03(d) (a “Rule 15Ga-1 Notice Provider”) shall
be required to provide any information in a Rule 15Ga-1 Notice protected by the attorney-client privilege or attorney work product
doctrines. The Trust Loan Purchase Agreement will provide that (i) any Rule 15Ga-1 Notice provided pursuant to this Section
2.03(d) is so provided only to assist the Trust Loan Seller, the Depositor and its Affiliates to comply with Rule 15Ga-1 under
the Exchange Act, Items 1104 and 1121 of Regulation AB and any other requirement of law or regulation and (ii) (A) no action taken
by, or inaction of, a Rule 15Ga-1 Notice Provider and (B) no information provided pursuant to this Section 2.03(d) by a
Rule 15Ga-1 Notice Provider, shall be deemed to constitute a waiver or defense to the exercise of any legal right the Rule 15Ga-1
Notice Provider may have with respect to the Trust Loan Purchase Agreement, including with respect to any Repurchase Request that
is the subject of a Rule 15Ga-1 Notice.


 


In the event that the
Depositor, the Trustee, the Certificate Administrator, the Operating Advisor or the Custodian receives a Repurchase Communication
of a Repurchase Request or a Repurchase Request Withdrawal, then such party shall promptly forward such Repurchase Communication
of such Repurchase Request or Repurchase Request Withdrawal to the Master Servicer, if relating to a Performing Loan, or to the
Special Servicer, if relating to a Specially Serviced Loan or REO Property, and include the following statement in the related
correspondence: “This is a “[Repurchase Request][Repurchase Request Withdrawal]” under Section 2.03(d) of the
Trust and Servicing Agreement relating to the COMM 2016-667M


 






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Mortgage Trust Commercial Mortgage Pass-Through Certificates requiring
action by you as the recipient of such Repurchase Request or Repurchase Request Withdrawal thereunder”. Upon receipt of such
Repurchase Communication of such Repurchase Request or Repurchase Request Withdrawal by the Master Servicer or the Special Servicer,
as applicable, such party shall be deemed to be the Repurchase Request Recipient of such Repurchase Communication of such Repurchase
Request or Repurchase Request Withdrawal, and such party shall comply with the procedures set forth in this Section 2.03(d)
with respect to such Repurchase Request or Repurchase Request Withdrawal. In no event shall the Custodian, by virtue of this provision,
be required to provide any notice other than as set forth in Section 2.02 of this Agreement in connection with its review
of the Mortgage File.


 


(e)       A
“Defect” shall exist with respect to the Trust Loan if any document constituting a part of the Mortgage File
has not been delivered within the time periods provided for in the Trust Loan Purchase Agreement, has not been properly executed,
is missing, does not appear to be regular on its face or contains information that does not conform in any material respect with
the corresponding information set forth in the Mortgage Loan Schedule. A “Breach” shall mean a breach of any
representation or warranty of the Trust Loan Seller made pursuant to the Trust Loan Purchase Agreement with respect to the Trust
Loan. If any party hereto discovers or receives notice of a Defect or a Breach, and if such Defect is a Material Document Defect
or such Breach is a Material Breach, as applicable, then such party, on behalf of the Trust Fund, shall upon its actual knowledge
thereof notify the Trust Loan Seller, the other parties hereto and the 17g-5 Information Provider (who shall promptly post such
notice to the 17g-5 Information Provider’s Website pursuant to Section 3.14(d) of this Agreement) and the Companion
Loan Holder. If any such Defect or Breach materially and adversely affects the value of the Trust Loan, the value of the Mortgaged
Property or the interests of the Trust in the Trust Loan hereunder or causes the Trust Loan to be other than a Qualified Mortgage,
then such Defect shall constitute a “Material Document Defect” or such Breach shall constitute a “Material
Breach,” as the case may be; provided, however, that if any of the documents specified in clauses (i),
(ii), (vii) and (xix) of Section 2.01(a) of this Agreement are not delivered as required in the Trust
Loan Purchase Agreement and certified as missing pursuant to Section 2.02 of this Agreement, it shall be deemed a Material
Document Defect; provided, further, that no Defect (except as provided in the immediately preceding proviso and Defects
that cause the Trust Loan to be other than a Qualified Mortgage) shall be considered to be a Material Document Defect unless the
document with respect to which the Defect exists is required in connection with an imminent enforcement of the lender’s rights
or remedies under the Trust Loan, defending any claim asserted by the Borrower or a third party with respect to the Trust Loan,
establishing the validity or priority of any lien on any collateral securing the Trust Loan or for any immediate significant servicing
obligation. The Custodian, the Certificate Administrator and the Trustee shall not be required to make any such determination absent
written notice or direction from Certificateholders in accordance with Section 8.02(a)(iii). Promptly upon receiving written
notice of any such Material Document Defect or Material Breach with respect to the Trust Loan, accompanied by a written demand
to take the actions contemplated by this sentence from the Depositor, the Master Servicer, the Special Servicer, the Trustee, the
Certificate Administrator, the Operating Advisor or the Custodian, on behalf of the Trust Fund, the Trust Loan Seller shall, not
later than 90 days from the Trust Loan Seller’s receipt of such notice of, and such written demand to take action with respect
to, such Material Document Defect or Material Breach, as the case may be (or, in the case of a Material Breach or Material Document
Defect that would cause


 






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the Trust Loan not to be a Qualified Mortgage, within 90 days of the Trust Loan Seller or any party to
this Agreement discovering such Material Breach or Material Document Defect) (any such 90-day period, the “Initial Resolution
Period”), (i) cure the same in all material respects, (ii) repurchase the Trust Loan at the Repurchase Price in conformity
with the Trust Loan Purchase Agreement or (iii) if such Material Document Defect or Material Breach is not related to the Trust
Loan not being a Qualified Mortgage, indemnify the Trust for the losses directly related to such Material Breach or Material Document
Defect, subject to receipt of No Downgrade Confirmation from each Rating Agency with respect to such action; provided that
if (i) such Material Document Defect or Material Breach is capable of being cured but not within the Initial Resolution Period,
(ii) such Material Document Defect or Material Breach is not related to the Trust Loan not being a Qualified Mortgage and (iii)
the Trust Loan Seller has commenced and is diligently proceeding with the cure of such Material Document Defect or Material Breach
within the Initial Resolution Period, then the Trust Loan Seller shall have an additional period equal to the applicable Resolution
Extension Period to complete such cure or, failing such cure, to repurchase the Trust Loan or indemnify the Trust as described
above. Notwithstanding the foregoing, the failure to deliver to the Trustee and the Custodian copies of the UCC financing statements
with respect to the Trust Loan shall not be a Material Document Defect.


 


(f)       In
connection with any repurchase of the Trust Loan contemplated by this Section 2.03, (A) the Custodian, the Master Servicer
(with respect to a Performing Loan) and the Special Servicer (with respect to a Specially Serviced Loan) shall each tender to the
Trust Loan Seller or their designees all portions of the Mortgage File (in the case of the Custodian) and the Servicing File (in
the case of the Master Servicer and the Special Servicer, as applicable) (including the original Trust Notes) and other documents
pertaining to the Trust Loan possessed by it, upon delivery (i) to each of the Master Servicer or the Special Servicer, as applicable,
of a trust receipt and (ii) to the Custodian by the Master Servicer or the Special Servicer, as applicable, of a Request for Release
and an acknowledgement by the Master Servicer or Special Servicer, as applicable, of its receipt of the Repurchase Price from the
Trust Loan Seller, (B) each document that constitutes a part of the Mortgage File that was endorsed or assigned to the Trustee
shall be endorsed or assigned without recourse in the form of endorsement or assignment provided to the Custodian by the Trust
Loan Seller, as the case may be, to the Trust Loan Seller as shall be necessary to vest in the Trust Loan Seller the legal and
beneficial ownership of the repurchased Trust Loan to the extent such ownership was transferred to the Trustee (provided,
however, that the Master Servicer or Special Servicer, as applicable, shall use reasonable efforts to cooperate in furnishing
necessary information to the extent in its possession to the Trust Loan Seller in connection with the preparation by the Trust
Loan Seller of such endorsement or assignment) and (C) the Certificate Administrator, the Master Servicer and the Special Servicer
shall release, or cause the release of, any escrow payments and reserve funds held by or on behalf of the Certificate Administrator,
the Master Servicer and the Special Servicer, as applicable, or on the Certificate Administrator’s, the Master Servicer’s
and the Special Servicer’s, as applicable, behalf, in respect of the Trust Loan to the Trust Loan Seller.


 


(g)       The
Master Servicer (with respect to a Performing Loan) and the Special Servicer (with respect to a Specially Serviced Loan) shall,
for the benefit of the Certificateholders and the Trustee, use reasonable efforts to enforce the obligations of the Trust Loan
Seller under Section 6 of the Trust Loan Purchase Agreement. Such enforcement,


 






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including, without limitation, the legal prosecution
of claims, shall be carried out in accordance with the Servicing Standard. The Trustee, the Certificate Administrator, the Master
Servicer and the Special Servicer, as the case may be, shall be reimbursed for the reasonable costs of such enforcement: first,
pursuant to Section 3.06 of this Agreement (with respect to the Trust Loan), out of the related Repurchase Price or indemnification
amounts to the extent that such expenses are a specific component thereof; and second, if at the conclusion of such enforcement
action it is determined that the amounts described in clause first are insufficient, then pursuant to Section 3.06
of this Agreement, out of general collections on the Trust Loan on deposit in the Collection Account in each case with interest
thereon at the Advance Rate from the time such expense was incurred to, but excluding, the date such expense was reimbursed. To
the extent the Trust Loan Seller prevails in such proceeding, the Trust Loan Seller shall be entitled to reimbursement from the
Trust for all necessary and reasonable costs and expenses incurred in connection with such proceeding.


 


So long as document exceptions
are outstanding, on each anniversary of the Closing Date, the Custodian shall prepare and forward to the Depositor, the Trustee,
the Certificate Administrator, the Master Servicer, the Special Servicer, the Operating Advisor and the Trust Loan Seller, a document
exception report setting forth the then current status of any Defects related to the Mortgage Files in a format mutually agreed
upon between the Custodian and the Trustee.


 


It is understood and
agreed that Section 6 of the Trust Loan Purchase Agreement provides the sole remedy available to the Certificateholders and the
Trustee on behalf of the Certificateholders respecting any Breach (including a Breach with respect to the Trust Loan failing to
constitute a Qualified Mortgage) or any Defect.


 


(h)       In
the event that any litigation is commenced which alleges facts which, in the judgment of the Depositor, could constitute a breach
of any of the Depositor’s representations and warranties relating to the Trust Loan, the Depositor hereby reserves the right
to conduct the defense of such litigation at its expense and shall not be required to obtain any consent from the Master Servicer
or the Special Servicer, unless such defense results in any liability of the Master Servicer or the Special Servicer, as applicable.


 


(i)       If
for any reason the Trust Loan Seller fails to fulfill its obligations under the Trust Loan Purchase Agreement with respect to the
Trust Loan, the Master Servicer (with respect to a Performing Loan) and the Special Servicer (with respect to a Specially Serviced
Loan) shall use reasonable efforts in enforcing any obligation of the Trust Loan Seller to cure or repurchase or make an indemnity
payment with respect to the Trust Loan under the terms of the Trust Loan Purchase Agreement all at the expense of the Trust Loan
Seller.


 






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Section 2.04 Representations,
Warranties and Covenants of the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee and the Operating
Advisor. (a) KeyBank National Association, as the Master Servicer, hereby represents and warrants with respect to itself to
the Trustee (for its own benefit and the benefit of the Certificateholders and the Companion Loan Holder), the Depositor, the
Certificate Administrator, the Special Servicer and the Operating Advisor, as of the Closing Date, that:


 


(i)       It
is a national banking association, duly organized, validly existing, and is in good standing, under the laws of the United States
of America and it is in compliance with the laws of each state (within the United States of America) in which the Mortgaged Property
is located to the extent necessary to perform its obligations under this Agreement;


 


(ii)      Its
execution and delivery of this Agreement, and its performance and compliance with the terms of this Agreement, do not (A) violate
its organizational documents or (B) constitute a default (or an event which, with notice or lapse of time, or both, would constitute
a default) under, or result in the breach of, any material agreement or other material instrument to which it is a party or which
is applicable to it or any of its assets, or (C) violate any law, rule, regulation, order, judgment or decree to which it or its
property is subject, which, in the case of either (B) or (C), is likely to materially and adversely affect either its ability to
perform its obligations under this Agreement or its financial condition;


 


(iii)     It
has the full power and authority to enter into and consummate all transactions to be performed by it contemplated by this Agreement,
has duly authorized the execution, delivery and performance of this Agreement, and has duly executed and delivered this Agreement;


 


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


 


(v)      It
is not in default with respect to any law, any order or decree of any court, or any order, regulation or demand of any federal,
state, municipal or governmental agency, which default in its reasonable judgment is likely to materially and adversely affect
the financial condition or its operations or its properties taken as a whole or its ability to perform its duties and obligations
hereunder;


 


(vi)     No
litigation is pending or, to the best of its knowledge, threatened against it which would prohibit it from entering into this Agreement
or, in its good faith and reasonable judgment is likely to materially and adversely affect either its ability to perform its obligations
under this Agreement or its financial condition;


 


(vii)    No
consent, approval, authorization or order of any court or governmental agency or body is required for its execution, delivery and
performance of, or compliance


 






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by it, with, this Agreement or the consummation of the transactions contemplated by this Agreement,
except for any consent, approval, authorization or order which has been obtained, or which, if not obtained would not have a materially
adverse effect on the ability of it to perform its obligations hereunder; and


 


(viii)   Each
of its officers and employees that has responsibilities concerning the servicing and administration of the Trust Loan is covered
by errors and omissions insurance and the fidelity bond in the amounts and with the coverage required by this Agreement.


 


(b)      It
is understood and agreed that the representations and warranties set forth in this Section shall survive delivery of the Mortgage
File to the Trustee or the Custodian on behalf of the Trustee until the termination of this Agreement, and shall inure to the benefit
of the Trustee, the Depositor, the Certificate Administrator, the Operating Advisor, the Companion Loan Holder and the Master Servicer
or Special Servicer, as the case may be. Upon discovery by the Depositor, the Master Servicer, the Special Servicer, the Operating
Advisor or a Responsible Officer of the Trustee or the Certificate Administrator (or upon written notice thereof from any Certificateholder)
of a breach of any of the representations and warranties set forth in this Section which materially and adversely affects the interests
of the Certificateholders, the Certificate Administrator, the Master Servicer, Special Servicer, the Operating Advisor, the Companion
Loan Holder or the Trustee in the Trust Loan, the party discovering such breach shall give prompt written notice to the other parties
hereto, the Companion Loan Holder and the Trust Loan Seller.


 


(c)       The
Trustee hereby represents and warrants to the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator,
the Operating Advisor, the Certificateholders and the Companion Loan Holder as of the Closing Date, that:


 


(i)       The
Trustee is a national banking association, duly organized, validly existing and in good standing under the laws of the United States
of America and has full power, authority and legal right to own its properties and conduct its business as presently conducted
and to execute, deliver and perform the terms of this Agreement.


 


(ii)      This
Agreement has been duly authorized, executed and delivered by the Trustee and, assuming due authorization, execution and delivery
by the other parties hereto, constitutes a legal, valid and binding instrument enforceable against the Trustee in accordance with
its terms, except as such enforcement may be limited by bankruptcy, insolvency, reorganization or other similar laws affecting
the enforcement of creditors’ rights in general and by general equity principles (regardless of whether such enforcement
is considered in a proceeding in equity or at law).


 


(iii)     Neither
the execution and delivery of this Agreement by the Trustee nor the consummation by the Trustee of the transactions herein contemplated
to be performed by the Trustee, nor compliance by the Trustee with the provisions hereof, will conflict with or result in a breach
of, or constitute a default under, any of the provisions of any applicable law (subject to the appointment in accordance with such
applicable law of any co-Trustee or separate Trustee required pursuant to this Agreement), governmental rule, regulation, judgment,
decree or order binding on the Trustee or its properties or the


 






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organizational documents of the Trustee or the terms of any material
agreement, instrument or indenture to which the Trustee is a party or by which it is bound which, in the Trustee’s good faith
and reasonable judgment, is likely to affect materially and adversely the ability of the Trustee to perform its obligations under
this Agreement.


 


(iv)     The
Trustee is not in violation of, and the execution and delivery of this Agreement by the Trustee and its performance and compliance
with the terms of this Agreement will not constitute a violation with respect to, any order or decree of any court binding on the
Trustee or any law, order or regulation of any federal, state, municipal or governmental agency having jurisdiction, or result
in the creation or imposition of any lien, charge or encumbrance which, in any such event, would have consequences that would materially
and adversely affect the ability of the Trustee to perform its obligations under this Agreement.


 


(v)      No
consent, approval, authorization or order of, or registration or filing with, or notice to any court or governmental agency or
body, is required for the execution, delivery and performance by the Trustee of or compliance by the Trustee with this Agreement,
or if required, such approval has been obtained prior to the Cut-off Date or which, if not obtained, would have a materially adverse
effect on the Trustee’s ability to perform its obligations hereunder.


 


(vi)     To
the best of the Trustee’s knowledge, no litigation is pending or threatened against the Trustee which would prohibit its
entering into or materially and adversely affect its ability to perform its obligations under this Agreement or the Indemnification
Agreement, dated the Pricing Date, between the Trustee, the Depositor and the Initial Purchaser.


 


(d)      The
Certificate Administrator hereby represents and warrants to the Depositor, the Trustee, the Master Servicer, the Special Servicer,
the Operating Advisor, the Certificateholders and the Companion Loan Holder as of the Closing Date, that:


 


(i)       The
Certificate Administrator is a national banking association, duly organized, validly existing and in good standing under the laws
of the United States of America and has full power, authority and legal right to own its property and conduct its business as presently
conducted and to execute, deliver and perform the terms of this Agreement.


 


(ii)      This
Agreement has been duly authorized, executed and delivered by the Certificate Administrator and, assuming due authorization, execution
and delivery by the other parties hereto, constitutes a legal, valid and binding instrument enforceable against the Certificate
Administrator in accordance with its terms, except as such enforcement may be limited by bankruptcy, insolvency, reorganization
or other similar laws affecting the enforcement of creditors’ rights in general and by general equity principles (regardless
of whether such enforcement is considered in a proceeding in equity or at law).


 


(iii)     Neither
the execution and delivery of this Agreement by the Certificate Administrator nor the consummation by the Certificate Administrator
of the transactions


 






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herein contemplated to be performed by the Certificate Administrator, nor compliance by the Certificate Administrator
with the provisions hereof, will conflict with or result in a breach of, or constitute a default under, any of the provisions of
any applicable law, governmental rule, regulation, judgment, decree or order binding on the Certificate Administrator or its properties
or the organizational documents of the Certificate Administrator or the terms of any material agreement, instrument or indenture
to which the Certificate Administrator is a party or by which it is bound which, in the Certificate Administrator’s good
faith and reasonable judgment, is likely to affect materially and adversely the ability of the Certificate Administrator to perform
its obligations under this Agreement.


 


(iv)     The
Certificate Administrator is not in violation of, and the execution and delivery of this Agreement by the Certificate Administrator
and its performance and compliance with the terms of this Agreement will not constitute a violation with respect to, any order
or decree of any court binding on the Certificate Administrator or any law, order or regulation of any federal, state, municipal
or governmental agency having jurisdiction, or result in the creation or imposition of any lien, charge or encumbrance which, in
any such event, would have consequences that would materially and adversely affect the ability of the Certificate Administrator
to perform its obligations under this Agreement;


 


(v)      No
consent, approval, authorization or order of, or registration or filing with, or notice to any court or governmental agency or
body, is required for the execution, delivery and performance by the Certificate Administrator of or compliance by the Certificate
Administrator with this Agreement, or if required, such approval has been obtained prior to the Cut-off Date or which, if not obtained,
would have a materially adverse effect on the Certificate Administrator’s ability to perform its obligations hereunder; and


 


(vi)     To
the best of the Certificate Administrator’s knowledge, no litigation is pending or threatened against the Certificate Administrator
which would prohibit its entering into or materially and adversely affect its ability to perform its obligations under this Agreement
or the Indemnification Agreement, dated the Pricing Date, between the Certificate Administrator, the Depositor and the Initial
Purchaser.


 


(e)      AEGON
USA Realty Advisors, LLC, as the Special Servicer, hereby represents and warrants with respect to itself to the Trustee (for its
own benefit and the benefit of the Certificateholders and the Companion Loan Holder), the Depositor, the Certificate Administrator,
the Operating Advisor and the Master Servicer, as of the Closing Date, that:


 


(i)       It
is a limited liability company, duly organized, validly existing, and is in good standing, under the laws of the State of Iowa
and it is in compliance with the laws of each state (within the United States of America) in which the Mortgaged Property is located
to the extent necessary to perform its obligations under this Agreement;


 


(ii)      Its
execution and delivery of this Agreement, and its performance and compliance with the terms of this Agreement, do not (A) violate
its organizational documents or (B) constitute a default (or an event which, with notice or lapse of time, or


 






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both, would constitute
a default) under, or result in the breach of, any material agreement or other material instrument to which it is a party or which
is applicable to it or any of its assets, or (C) violate any law, rule, regulation, order, judgment or decree to which it or its
property is subject, which, in the case of either (B) or (C), is likely to materially and adversely affect either its ability to
perform its obligations under this Agreement or its financial condition;


 


(iii)     It
has the full power and authority to enter into and consummate all transactions to be performed by it contemplated by this Agreement,
has duly authorized the execution, delivery and performance of this Agreement, and has duly executed and delivered this Agreement;


 


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


 


(v)      It
is not in default with respect to any law, any order or decree of any court, or any order, regulation or demand of any federal,
state, municipal or governmental agency, which default in its reasonable judgment is likely to materially and adversely affect
the financial condition or its operations or its properties taken as a whole or its ability to perform its duties and obligations
hereunder;


 


(vi)     No
litigation is pending or, to the best of its knowledge, threatened against it which would prohibit it from entering into this Agreement
or, in its good faith and reasonable judgment is likely to materially and adversely affect either its ability to perform its obligations
under this Agreement or its financial condition;


 


(vii)    No
consent, approval, authorization or order of any court or governmental agency or body is required for its execution, delivery and
performance of, or compliance by it, with, this Agreement or the consummation of the transactions contemplated by this Agreement,
except for any consent, approval, authorization or order which has been obtained, or which, if not obtained would not have a materially
adverse effect on the ability of it to perform its obligations hereunder; and


 


(viii)   Each
of its officers and employees that has responsibilities concerning the servicing and administration of the Trust Loan is covered
by errors and omissions insurance and the fidelity bond in the amounts and with the coverage required by this Agreement.


 


(f)       The
Operating Advisor hereby represents and warrants to and covenants with the Trustee (for its own benefit and the benefit of the
Certificateholders), the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator and the Companion
Loan Holder, as of the Closing Date, that:


 






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(i)         The
Operating Advisor is a limited liability company, duly organized, validly existing and in good standing under the laws of the State
of New York and has full power, authority and legal right to own its properties and conduct its business as presently conducted
and to execute, deliver and perform the terms of this Agreement;


 


(ii)        The
execution and delivery of this Agreement by the Operating Advisor, and the performance and compliance with the terms of this Agreement
by the Operating Advisor, do not (A) violate the Operating Advisor’s organizational documents, (B) constitute a default (or
an event which, with notice or lapse of time, or both, would constitute a default) under, or result in the breach of, any material
agreement or other material instrument to which it is a party or which is applicable to it or any of its assets, or (C) violate
any law, rule, regulation, order, judgment or decree to which the Operating Advisor or its property is subject, which, in the case
of either (B) or (C), is likely to materially and adversely affect either the ability of the Operating Advisor to perform its obligations
under this Agreement or its financial condition;


 


(iii)       The
Operating Advisor has the full limited liability company power and authority to enter into and consummate all transactions to be
performed by it contemplated by this Agreement, has duly authorized the execution, delivery and performance by it of this Agreement,
and has duly executed and delivered this Agreement;


 


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


 


(v)       The
Operating Advisor is not in violation of, and its execution and delivery of this Agreement and its performance and compliance with
the terms of this Agreement will not constitute a violation of, any law, order or decree of any court or arbiter, or any order
regulation or demand of any federal, state or local governmental or regulatory authority, which violation, in the Operating Advisor’s
good faith and reasonable judgment, is likely to materially and adversely affect either the ability of the Operating Advisor to
perform its obligations under this Agreement or the financial condition of the Operating Advisor;


 


(vi)      No
litigation is pending or, to the best of the Operating Advisor’s knowledge, threatened against the Operating Advisor, which
would prohibit the Operating Advisor from entering into this Agreement or, in the Operating Advisor’s good faith and reasonable
judgment, is likely to materially and adversely affect either the ability of the Operating Advisor to perform its obligations under
this Agreement or the financial condition of the Operating Advisor; and


 


(vii)       No
consent, approval, authorization or order of any court or governmental agency or body is required for the execution, delivery and
performance by the Operating


 



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Advisor of, or compliance by the Operating Advisor with, this Agreement or the consummation of the
transactions of the Operating Advisor contemplated by this Agreement, except for any consent, approval, authorization or order
which has been obtained, or which, if not obtained would not have a materially adverse effect on the ability of the Operating Advisor
to perform its obligations hereunder; and


 


(viii)     The
Operating Advisor is an Eligible Operating Advisor.


 


Section 2.05 Execution
and Delivery of Certificates; Issuance of Lower-Tier Regular Interests. The Trustee acknowledges the assignment to it of
the Trust Loan and the delivery of the Mortgage File to the Custodian (to the extent the documents constituting the Mortgage
File is actually delivered to the Custodian), subject to the provisions of Section 2.01 and Section 2.02 of this Agreement
and, concurrently with such delivery, (i) acknowledges and hereby declares that it holds the Trust Loan and the other assets
included in the Lower-Tier REMIC on behalf of the Lower-Tier REMIC and the Holders of the Certificates; (ii) acknowledges the
issuance of the Lower-Tier Regular Interests to the Depositor in exchange for the Trust Loan and other assets included in the
Lower-Tier REMIC, (iii) acknowledges the contribution by the Depositor of the Lower-Tier Regular Interests to the Upper-Tier
REMIC and hereby declares that it holds the Lower-Tier Regular Interests on behalf of the Upper-Tier REMIC and the Holders of
the Certificates (other than the Class LR Certificates); and (iv) acknowledges the issuance of the Class LR Certificates and,
in exchange for the Lower-Tier Regular Interests, acknowledges the issuance of the Regular Certificates and Class R
Certificates, in authorized Denominations, in each case registered in the names set forth in such order or as so directed in
this Agreement and duly authenticated by the Authenticating Agent, which Certificates, evidence ownership of the entire Trust
Fund.


 


Section 2.06 Miscellaneous
REMIC Provisions. (a) The Lower-Tier Regular Interests issued hereunder are hereby designated as the “regular
interests” in the Lower-Tier REMIC within the meaning of Section 860G(a)(1) of the Code, and the Class LR Certificates
are hereby designated as the sole class of “residual interests” in the Lower-Tier REMIC within the meaning of
Section 860G(a)(2) of the Code.


 


The Regular Certificates
are hereby designated as “regular interests” in the Upper-Tier REMIC within the meaning of Section 860G(a)(1) of the
Code, and the Class R Certificates are hereby designated as the sole Class of “residual interests” in the Upper-Tier
REMIC within the meaning of Section 860G(a)(2) of the Code.


 


The Closing Date is hereby
designated as the “Startup Day” of the Lower-Tier REMIC and the Upper-Tier REMIC within the meaning of Section 860G(a)(9)
of the Code. The “latest possible maturity date” for purposes of Section 860G(a)(l) of the Code for the Lower-Tier
Regular Interests and the Regular Certificates is the Rated Final Distribution Date.


 


(b)       None
of the Depositor, the Trustee, the Certificate Administrator, the Master Servicer or the Special Servicer shall enter into any
arrangement by which the Trust Fund will receive a fee or other compensation for services other than as specifically contemplated
herein.


 






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ARTICLE
III



ADMINISTRATION AND SERVICING

OF THE TRUST FUND


 


Section 3.01 The
Master Servicer To Act as Master Servicer; Special Servicer To Act as Special Servicer; Administration of the Whole Loan.(a)
The Master Servicer (with respect to the Whole Loan if it is a Performing Loan) and the Special Servicer (with respect to the
Whole Loan if it is a Specially Serviced Loan or an REO Loan), each as an independent contractor servicer, shall service and administer
the Whole Loan on behalf of the Trust Fund and the Trustee (as Trustee for the Certificateholders) and the Companion Loan Holder
(as a collective whole as if such Certificateholders and Companion Loan Holder constituted a single lender), in accordance with
the Servicing Standard.


 


The Master Servicer’s
or Special Servicer’s liability for actions and omissions in its capacity as Master Servicer or Special Servicer, as the
case may be, hereunder is limited as provided herein (including, without limitation, pursuant to Section 6.03 hereof). To
the extent consistent with the foregoing and subject to any express limitations set forth in this Agreement, the Master Servicer
and Special Servicer shall seek to maximize the timely and complete recovery of principal and interest on the Note; provided,
however, that nothing herein contained shall be construed as an express or implied guarantee by the Master Servicer or Special
Servicer of the collectability of the Whole Loan. Subject only to the Servicing Standard, the Master Servicer and Special Servicer
shall have full power and authority, acting alone or through one or more Sub-Servicers (subject to paragraph (c) of this
Section 3.01, to the related Sub-Servicing Agreement with each Sub-Servicer and to Section 3.02 of this Agreement),
to do or cause to be done any and all things in connection with such servicing and administration that it may deem consistent with
the Servicing Standard and, in its reasonable judgment, in the best interests of the Certificateholders and the Companion Loan
Holder (as a collective whole as if such Certificateholders and Companion Loan Holder constituted a single lender), including,
without limitation, with respect to the Whole Loan to prepare, execute and deliver, on behalf of the Certificateholders and the
Companion Loan Holder and the Trustee or any of them: (i) any and all financing statements, continuation statements and other documents
or instruments necessary to maintain the lien on the Mortgaged Property and related collateral; (ii) any modifications, waivers,
consents or amendments to or with respect to any documents contained in the Mortgage File; and (iii) any and all instruments of
satisfaction or cancellation, or of partial or release or discharge, and all other comparable instruments, with respect to the
Whole Loan and the Mortgaged Property. Notwithstanding the foregoing, neither the Master Servicer nor the Special Servicer shall
modify, amend, waive or otherwise consent to any change of the terms of the Whole Loan except under the circumstances described
in Section 3.03, Section 3.09, Section 3.10, Section 3.24, Section 3.25 and Section 3.26
hereof. The Master Servicer (with respect to the Whole Loan if it is a Performing Loan) and the Special Servicer (with respect
to the Whole Loan if it is a Specially Serviced Loan or an REO Loan) shall provide to the Borrower reports required to be provided
to it pursuant to the Loan Documents. Subject to Section 3.11 of this Agreement, the Trustee shall, upon the receipt of
a written request of a Servicing Officer, execute and deliver to the Master Servicer and Special Servicer, as applicable, any powers
of attorney (substantially in the form attached hereto as Exhibit Q or such other form as mutually agreed to by the Trustee
and the Master Servicer or the Special Servicer, as applicable) and other


 



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documents (including, but not limited to, other powers
of attorney) prepared by the Master Servicer and Special Servicer, as applicable, and necessary or appropriate (as certified in
such written request) to enable the Master Servicer and Special Servicer, as applicable, to carry out their servicing and administrative
duties hereunder. The Trustee shall not be held liable for any misuse of any such power of attorney by the Master Servicer and
Special Servicer, as applicable. Notwithstanding anything contained herein to the contrary, none of the Master Servicer or the
Special Servicer shall, without the Trustee’s written consent: (i) initiate any action, suit or proceeding solely under the
Trustee’s name without indicating the Master Servicer’s or Special Servicer’s, as applicable, representative
capacity; provided, however, that in those jurisdictions in which the foregoing requirement would not be legally
or procedurally permissible, the Master Servicer or the Special Servicer, as applicable, shall provide five (5) Business Days’
prior written notice to the Trustee of the initiation of such action, suit or proceeding (or provide such prior written notice
as the Master Servicer or the Special Servicer, as applicable, shall determine in its reasonable judgment exercised in accordance
with the Servicing Standard, to be reasonably practicable prior to filing such action, suit or proceeding) (and shall not be required
to obtain the Trustee’s written consent or indicate the Master Servicer’s or the Special Servicer’s, as applicable,
representative capacity) or (ii) take any action with the intent to cause, and that actually causes, the Trustee to be registered
to do business in any state.


 


(b)       Unless
otherwise provided in the Note, Loan Agreement or Co-Lender Agreement, the Master Servicer shall apply any partial Principal Prepayment
received on the Whole Loan on a date other than a Due Date to the Stated Principal Balance of the Whole Loan as of the Due Date
immediately following the date of receipt of such partial Principal Prepayment; provided that the Master Servicer shall
apply any total or partial Principal Prepayment received on the Whole Loan on a date following a Due Date but prior to the close
of business on the Business Day prior to the related Servicer Remittance Date to the Stated Principal Balance of the Whole Loan
as of the Due Date immediately preceding the date of receipt of such total or partial Principal Prepayment. Unless otherwise provided
in the Note, if the Whole Loan is defeased, the Master Servicer shall apply any amounts received on U.S. Treasury obligations pursuant
to the terms of the Loan Documents to the Stated Principal Balance of and interest on the Whole Loan as of the Due Date immediately
following the receipt of such amounts.


 


(c)       The
Master Servicer and the Special Servicer, may enter into Sub-Servicing Agreements with third parties with respect to any of its
respective obligations hereunder, provided that (i) any such agreement requires the Sub-Servicer to comply in all material
respects with all of the applicable terms and conditions of this Agreement and shall be consistent with the provisions of this
Agreement, the terms of the Loan Documents and the Co-Lender Agreement, (ii) if such Sub-Servicer is a Servicing Function Participant,
any such agreement provides that (x) the failure of such Sub-Servicer to comply with any of the requirements under Sections
3.27, 3.28 or 3.29 of this Agreement applicable to such Sub-Servicer, including the failure to deliver any reports
or certificates at the time such report or certification is required under Sections 3.27, 3.28 or 3.29 of
this Agreement and (y) the failure of such Sub-Servicer to comply with any requirements to deliver any items required by Items
1122 and 1123 of Regulation AB under any other trust and servicing agreement relating to any other series of certificates offered
by the Depositor shall constitute a termination event by such Sub-Servicer upon the occurrence of which the Master Servicer shall
(and the Depositor may)


 



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immediately terminate the related Sub-Servicer under the related Sub-Servicing Agreement, which termination
shall be deemed for cause, (iii) no Sub-Servicer retained by the Master Servicer or the Special Servicer, as applicable, shall
grant any modification, waiver or amendment to the Whole Loan or foreclose on the Mortgage without the approval of the Master Servicer
or the Special Servicer, as applicable, which approval shall be given or withheld in accordance with the procedures set forth in
Section 3.09, Section 3.10, Section 3.24, Section 3.25 and Section 3.26 (as applicable), (iv)
such agreement shall be consistent with the Servicing Standard and (v) with respect to any Sub-Servicing Agreement entered into
after the Closing Date, if such Sub-Servicer is a Servicing Function Participant, such Sub-Servicer, at the time the related Sub-Servicing
Agreement is entered into, is not a Prohibited Party. Any such Sub-Servicing Agreement may permit the Sub-Servicer to delegate
its duties to agents or Subcontractors so long as the related agreements or arrangements with such agents or Subcontractors are
consistent with the provisions of this Section 3.01(c) (including, for the avoidance of doubt, that no such agent or Subcontractor
is a Prohibited Party, if such agent or Subcontractor would be a Servicing Function Participant, at the time the related Sub-Servicing
Agreement is entered into). Any monies received by a Sub-Servicer pursuant to a Sub-Servicing Agreement (other than sub-servicing
fees) shall be deemed to be received by the Master Servicer on the date received by such Sub-Servicer.


 


Any Sub-Servicing Agreement
entered into by the Master Servicer or the Special Servicer, as applicable, shall provide that it may be assumed by the Trustee
(in its sole discretion) if the Trustee has assumed the duties of the Master Servicer or the Special Servicer, respectively, or
any successor Master Servicer or Special Servicer, as applicable, without cost or obligation to the assuming party or the Trust
Fund, upon the assumption by such party of the obligations, except to the extent they arose prior to the date of assumption, of
the Master Servicer or the Special Servicer, as applicable, pursuant to Section 7.02 (it being understood that any such
obligations shall be the obligations of the terminated Master Servicer or Special Servicer, as applicable, only).


 


Any Sub-Servicing Agreement,
and any other transactions or services relating to the Whole Loan involving a Sub-Servicer, shall be deemed to be between the Master
Servicer or the Special Servicer, as applicable, and such Sub-Servicer alone, and the Trustee, the Certificate Administrator, the
Operating Advisor, the Trust Fund, Certificateholders and the Companion Loan Holder shall not be deemed parties thereto and shall
have no claims, rights (except as specified below), obligations, duties or liabilities with respect to the Sub-Servicer, except
as set forth in Section 3.01(c)(ii) and Section 3.01(d).


 


Notwithstanding the provisions
of any Sub-Servicing Agreement and this Section 3.01, in no event shall the Trust Fund, the Trustee, the Certificate Administrator,
the Depositor or the Companion Loan Holder bear any termination fee required to be paid to any Sub-Servicer as a result of the
termination of any Sub-Servicing Agreement.


 


(d)       If
the Trustee or any successor Master Servicer assumes the obligations of the Master Servicer, or if the Trustee or any successor
Special Servicer assumes the obligations of the Special Servicer, in each case in accordance with Section 7.02, the Trustee,
the successor Master Servicer or such successor Special Servicer, as applicable, to the extent necessary to permit the Trustee,
the successor Master Servicer or such successor Special Servicer, as applicable, to carry out the provisions of Section 7.02,
shall, without act or deed on the part of


 



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the Trustee, the successor Master Servicer or such successor Special Servicer, as applicable,
succeed to all of the rights and obligations of the Master Servicer or the Special Servicer, as applicable, under any Sub-Servicing
Agreement entered into by the Master Servicer or the Special Servicer, as applicable, pursuant to Section 3.01(c). In such
event, such successor shall be deemed to have assumed all of the Master Servicer’s or the Special Servicer’s interest,
as applicable, therein (but not any liabilities or obligations in respect of acts or omissions of the Master Servicer or the Special
Servicer, as applicable, prior to such deemed assumption) and to have replaced the Master Servicer or the Special Servicer, as
applicable, as a party to such Sub-Servicing Agreement to the same extent as if such Sub-Servicing Agreement had been assigned
to such successor, except that the Master Servicer or the Special Servicer, as applicable, shall not thereby be relieved of any
liability or obligations under such Sub-Servicing Agreement that accrued prior to the succession of such successor.


 


If the Trustee or any
successor Master Servicer or successor Special Servicer, as applicable, assumes the servicing obligations of the Master Servicer
or the Special Servicer, as applicable, then upon request of such successor, the Master Servicer or Special Servicer, as applicable,
shall at its own expense (except in the event that the Special Servicer is terminated pursuant to Section 3.22, at the expense
of the Certificateholders effecting such termination, as applicable) deliver to such successor all documents and records relating
to any Sub-Servicing Agreement and the Trust Loan and/or the Companion Loan then being serviced thereunder and an accounting of
amounts collected and held by it, if any, and shall otherwise use commercially reasonable efforts to effect the orderly and efficient
transfer of any Sub-Servicing Agreement to such successor. The Master Servicer shall not be required to assume the obligations
of the Special Servicer and nothing in this paragraph shall imply otherwise.


 


(e)        In
order to comply with laws, rules, regulations and executive orders in effect from time to time applicable to banking institutions,
including those relating to the funding of terrorist activities and money laundering (for purposed of this clause (e), “Applicable
Law”), the Master Servicer and the Special Servicer, as the case may be, are required to obtain, verify and record certain
information relating to individuals and entities that maintain a business relationship with the Master Servicer or the Special
Servicer. Accordingly, each of the parties hereto agrees to provide to the Master Servicer and the Special Servicer, upon its respective
request from time to time, such identifying information and documentation as may be available for such party in order to enable
the Master Servicer and the Special Servicer to comply with Applicable Law.


 


(f)        The
parties hereto acknowledge that the Whole Loan is subject to the terms and conditions of the Co-Lender Agreement. The parties hereto
further recognize the rights and obligations of the Companion Loan Holder under the Co-Lender Agreement, including, without limitation
with respect to (A) the allocation of collections (and all other amounts received in connection with the Whole Loan) on or in respect
of the Whole Loan and (B) the allocation of Default Interest on or in respect of the Whole Loan. In the event of any inconsistency
or discrepancy between the provisions, terms or conditions of the Co-Lender Agreement and the provisions, terms or conditions of
this Agreement, the Co-Lender Agreement shall govern, and as to any matter on which the Co-Lender Agreement is silent or makes
reference to this Agreement, this Agreement shall govern.


 






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Section 3.02 Liability
of the Master Servicer and the Special Servicer When Sub-Servicing. Notwithstanding any Sub-Servicing Agreement, any of the
provisions of this Agreement relating to agreements or arrangements between the Master Servicer or Special Servicer, as applicable,
and any Person acting as Sub-Servicer (or its agents or Subcontractors) or any reference to actions taken through any Person acting
as Sub-Servicer or otherwise, the Master Servicer or the Special Servicer, as applicable, shall remain obligated and primarily
liable to the Trustee (on behalf of the Certificateholders and the Companion Loan Holder) and the Certificateholders for the servicing
and administering of the Whole Loan in accordance with the provisions of this Agreement without diminution of such obligation
or liability by virtue of such Sub-Servicing Agreements or arrangements or by virtue of indemnification from the Depositor or
any other Person acting as Sub-Servicer (or its agents or Subcontractors) to the same extent and under the same terms and conditions
as if the Master Servicer or the Special Servicer, as applicable, alone was servicing and administering the Whole Loan. Each of
the Master Servicer and the Special Servicer shall be entitled to enter into an agreement with any Sub-Servicer providing for
indemnification of the Master Servicer or the Special Servicer, as applicable, by such Sub-Servicer, and nothing contained in
this Agreement shall be deemed to limit or modify such indemnification, but no such agreement for indemnification shall be deemed
to limit or modify this Agreement.


 


Section
3.03 Collection of Whole Loan Payments. (a) The Master Servicer (with respect to the Whole Loan if it is a
Performing Mortgage Loan) and the Special Servicer (with respect to the Whole Loan if it is a Specially Serviced Loan) shall
use reasonable efforts to collect all payments called for under the terms and provisions of the Whole Loan, and shall follow
the Servicing Standard with respect to such collection procedures; provided, however, that nothing herein
contained shall be construed as an express or implied guarantee by the Master Servicer or the Special Servicer of the
collectibility of the Whole Loan. With respect to the Performing Loan, the Master Servicer shall use its reasonable efforts,
consistent with the Servicing Standard, to collect income statements and rent rolls from the Borrower as required by the Loan
Documents and the terms hereof. The Master Servicer shall provide at least 90 days’ notice (with a copy to the Special
Servicer) to the Borrower of Balloon Payments coming due. Consistent with the foregoing, the Master Servicer (with respect to
the Whole Loan if it is a Performing Loan) or the Special Servicer (with respect to the Whole Loan if it is a Specially
Serviced Loan) may in their discretion waive any late payment charge or Default Interest in connection with any delinquent
Monthly Payment or Balloon Payment with respect to the Whole Loan. In addition, the Special Servicer shall be entitled to
take such actions with respect to the collection of payments on the Whole Loan as is permitted or required under this
Agreement.


 


Section 3.04 Collection
of Taxes, Assessments and Similar Items; Escrow Accounts. (a) The Master Servicer shall maintain accurate records with respect
to the Mortgaged Property reflecting the status of taxes, assessments and other similar items that is or may become a lien thereon
and the status of insurance premiums payable with respect thereto. If the Whole Loan is a Specially Serviced Loan, the Special
Servicer shall use its reasonable efforts, consistent with the Servicing Standard, to collect income statements and rent rolls
from Borrower as required by the Loan Documents. The Special Servicer, in the case of an REO Loan, and the Master Servicer, in
the case of the Whole Loan, shall use reasonable efforts consistent with the Servicing Standard to, from time to time, (i) obtain
all bills for the payment of such items (including renewal premiums), and (ii) effect, or, if the Special Servicer, to use


 



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reasonable
efforts to cause the Master Servicer to effect, payment of all such bills with respect to the Mortgaged Property prior to the
applicable penalty or termination date, in each case employing for such purpose Escrow Payments as allowed under the terms of
the Loan Documents. If the Borrower fails to make any such payment on a timely basis or collections from the Borrower are insufficient
to pay any such item before the applicable penalty or termination date, the Master Servicer shall advance the amount of any shortfall
as a Property Advance unless the Master Servicer determines in accordance with the Servicing Standard that such Advance would
be a Nonrecoverable Advance (provided that with respect to advancing insurance premiums or delinquent tax assessments the
Master Servicer shall comply with the provisions of Section 3.21(d) of this Agreement). The Master Servicer shall be entitled
to reimbursement of Property Advances, with interest thereon at the Advance Rate, that it makes pursuant to this Section 3.04
of this Agreement from amounts received on or in respect of the Whole Loan respecting which such Advance was made or if such
Advance has become a Nonrecoverable Advance, to the extent permitted by Section 3.06 of this Agreement. No costs incurred
by the Master Servicer in effecting the payment of taxes and assessments on the Mortgaged Property shall, for the purpose of calculating
distributions to Certificateholders, be added to the amount owing under the Whole Loan, notwithstanding that the terms of the
Whole Loan so permit.


 


(b)       The
Master Servicer shall segregate and hold all funds collected and received constituting Escrow Payments separate and apart from
any of its own funds and general assets and shall establish and maintain one or more segregated custodial accounts (each, an “Escrow
Account”) into which all Escrow Payments shall be deposited within two (2) Business Days after receipt of properly identified
funds and maintained in accordance with the requirements of the Whole Loan and in accordance with the Servicing Standard. The Master
Servicer shall also deposit into each Escrow Account any amounts representing losses on Permitted Investments to the extent required
pursuant to Section 3.07(b) of this Agreement and any Insurance Proceeds or Liquidation Proceeds which are required to be
applied to the restoration or repair of the Mortgaged Property pursuant to the Whole Loan. Escrow Accounts shall be Eligible Accounts
(except to the extent the Loan Documents require it to be held in an account that is not an Eligible Account); provided,
however, that in the event the ratings of the financial institution holding such account are downgraded to a ratings level
below that of an Eligible Account (except to the extent the Loan Documents require it to be held in an account that is not an Eligible
Account), the Master Servicer shall have 30 Business Days (or such longer time as confirmed by a No Downgrade Confirmation, obtained
at the expense of the Master Servicer relating to the Certificates) to transfer such account to an Eligible Account. Escrow Accounts
shall be entitled, “KeyBank National Association, as Master Servicer, on behalf of Wells Fargo Bank, National Association,
as Trustee, in trust for the benefit of the Holders of COMM 2016-667M Mortgage Trust Commercial Mortgage Pass-Through Certificates
and the Borrower and the Companion Loan Holder”. Withdrawals from an Escrow Account may be made by the Master Servicer only:


 


(i)        to
effect timely payments of items constituting Escrow Payments for the Mortgage;


 


(ii)       to
transfer funds to the Collection Account (or any sub-account thereof) to reimburse the Master Servicer or the Trustee for any Property
Advance (with interest


 



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thereon at the Advance Rate) relating to Escrow Payments, but only from amounts received with respect to
the Whole Loan which represent late collections of Escrow Payments thereunder;


 


(iii)      for
application to the restoration or repair of the Mortgaged Property in accordance with the Whole Loan and the Servicing Standard;


 


(iv)      to
clear and terminate such Escrow Account upon the termination of this Agreement or pay-off of the Whole Loan;


 


(v)       to
pay from time to time to the Borrower any interest or investment income earned on funds deposited in the Escrow Account if such
income is required to be paid to the Borrower under law or by the terms of the Loan Documents, or otherwise to the Master Servicer;
or


 


(vi)      to
remove any funds deposited in an Escrow Account that were not required to be deposited therein or to refund amounts to Borrower
determined to be overages.


 


(c)        The
Master Servicer shall, as to the Whole Loan (i) maintain accurate records with respect to the Mortgaged Property reflecting the
status of real estate taxes, assessments and other similar items that are or may become a lien thereon and the status of insurance
premiums and any ground rents payable in respect thereof and (ii) use reasonable efforts to obtain, from time to time, all bills
for (or otherwise confirm) the payment of such items (including renewal premiums) and, if the Whole Loan requires the Borrower
to escrow for such items, shall effect payment thereof prior to the applicable penalty or termination date. For purposes of effecting
any such payment for which it is responsible, the Master Servicer shall apply Escrow Payments as allowed under the terms of the
Loan Documents (or, if the Whole Loan does not require the Borrower to escrow for the payment of real estate taxes, assessments,
insurance premiums, ground rents (if applicable) and similar items, the Master Servicer shall use reasonable efforts consistent
with the Servicing Standard to cause the Borrower to comply with the requirement of the Mortgage that the Borrower makes payments
in respect of such items at the time they first become due and, in any event, prior to the institution of foreclosure or similar
proceedings with respect to the Mortgaged Property for nonpayment of such items). Subject to Section 3.21 of this Agreement,
the Master Servicer shall timely make a Property Advance to cover any such item which is not so paid, including any penalties or
other charges arising from the Borrower’s failure to timely pay such items.


 


Section 3.05 Collection
Account; Distribution Accounts and Interest Reserve Account. (a) The Master Servicer shall establish and maintain a Collection
Account, for the benefit of the Certificateholders, the Companion Loan Holder and the Trustee as the Holder of the Lower-Tier
Regular Interests. The Collection Account shall be established and maintained as an Eligible Account.


 



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The Master Servicer shall
deposit or cause to be deposited in the Collection Account within two Business Days following receipt of properly identified funds
of the following payments and collections received or made by or on behalf of it on or with respect to the Whole Loan subsequent
to the Cut-off Date:


 


(i)        all
payments on account of principal on the Whole Loan, including the principal component of all Unscheduled Payments;


 


(ii)       all
payments on account of interest on the Whole Loan (net of the related Servicing Fee Rate), including Default Interest, Prepayment
Charges and the interest component of all Unscheduled Payments;


 


(iii)      any
amounts required to be deposited pursuant to Section 3.07(b) of this Agreement, in connection with net losses realized
on Permitted Investments with respect to funds held in the Collection Account;


 


(iv)      all
Net REO Proceeds withdrawn from the related REO Account pursuant to Section 3.15(b) of this Agreement;


 


(v)       any
amounts received from the Borrower which represent recoveries of Property Protection Expenses or items for which Administrative
Advances were made and are allocable to the Whole Loan, to the extent not permitted to be retained by the Master Servicer as provided
herein;


 


(vi)      all
Insurance Proceeds, Condemnation Proceeds and Liquidation Proceeds received in respect of the Whole Loan or REO Property, other
than Liquidation Proceeds that are received in connection with a purchase of the Whole Loan or REO Property that are to be deposited
in the Lower Tier Distribution Account pursuant to Section 9.01 of this Agreement, together with any amounts representing
recoveries of Nonrecoverable Advances in respect of the Whole Loan;


 


(vii)      Penalty
Charges on the Whole Loan to the extent required to offset interest on Advances and Additional Trust Fund Expenses pursuant Section
3.12(d) of this Agreement;


 


(viii)    any
amounts required to be deposited by the Master Servicer or the Special Servicer pursuant to Section 3.08(b) of this Agreement
in connection with losses resulting from a deductible clause in a blanket or master force-placed policy in respect of the Mortgaged
Property;


 


(ix)       any
other amounts required by the provisions of this Agreement (including without limitation, with respect to the Companion Loan or
any mezzanine indebtedness that may exist on a future date, all amounts received pursuant to the cure and purchase rights or reimbursement
obligations set forth in the Co-Lender Agreement and the related mezzanine intercreditor agreement) to be deposited into the Collection
Account by the Master Servicer or Special Servicer;


 






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(x)        any
Master Servicer Prepayment Interest Shortfall Amounts in respect of the Trust Loan pursuant to Section 3.17(c) of this
Agreement; and


 


(xi)       any
indemnity payment received from the Trust Loan Seller in connection with its indemnification of the Trust for losses directly
related to a Material Breach or Material Document Defect pursuant to Section 2.03(e) of this Agreement.


 


The foregoing requirements
for deposits in the Collection Account shall be exclusive, it being understood and agreed that, without limiting the generality
of the foregoing, payments in the nature of late payment charges (subject to Section 3.12 and the Co-Lender Agreement),
Assumption Fees, Modification Fees, consent fees, loan service transaction fees, extension fees, demand fees, defeasance fees,
beneficiary statement charges and similar fees need not be deposited in the Collection Account by the Master Servicer or the Special
Servicer, as applicable, and, to the extent permitted by applicable law, the Master Servicer or the Special Servicer, as applicable,
in accordance with Section 3.12 hereof, shall be entitled to retain any such charges and fees received with respect to the
Trust Loan as additional compensation.


 


In the event that the
Master Servicer deposits in the Collection Account any amount not required to be deposited therein, it may at any time withdraw
such amount from the Collection Account, any provision herein to the contrary notwithstanding.


 


Upon receipt of any of
the amounts described in clauses (i), (ii), (v), (vi), (vii) and (ix) above of this Section
3.05(a) with respect to the Whole Loan if it is a Specially Serviced Loan but is not an REO Loan, the Special Servicer shall
remit such amounts within one Business Day after receipt thereof (except, if such amounts are not properly identified, the Special
Servicer shall promptly identify such amounts and shall remit such amounts within one Business Day after such identification) to
the Master Servicer for deposit into the Collection Account in accordance with the second paragraph of this Section 3.05
of this Agreement, unless the Special Servicer determines, consistent with the Servicing Standard, that a particular item should
not be deposited because of a restrictive endorsement or other appropriate reason. Any such amounts received by the Special Servicer
with respect to the REO Property shall be deposited by the Special Servicer into the REO Account and remitted to the Master Servicer
for deposit into the Collection Account pursuant to Section 3.15(b) of this Agreement. With respect to any such amounts
paid by check to the order of the Special Servicer, the Special Servicer shall endorse without recourse or warranty such check
to the order of the Master Servicer and shall promptly deliver any such check to the Master Servicer by overnight courier.


 


(b)       The
Certificate Administrator shall establish and maintain the Lower-Tier Distribution Account in its own name for the benefit of the
Trustee, in trust for the benefit of the Certificateholders, the Companion Loan Holder and the Trustee as the Holder of the Lower-Tier
Regular Interests. The Lower-Tier Distribution Account shall be established and maintained as an Eligible Account or as a sub-account
of an Eligible Account.


 


(c)       With
respect to each Distribution Date, the Master Servicer shall deliver to the Certificate Administrator on or before the Servicer
Remittance Date Available Funds then on deposit in the Collection Account after giving effect to withdrawals of funds pursuant
to Section 3.06(a) of this Agreement. Upon receipt from the Master Servicer of such amounts held in the Collection Account,
the Certificate Administrator shall deposit in the Lower-Tier Distribution


 



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Account (A) the amount of Available Funds to be distributed
pursuant to Section 4.01 of this Agreement hereof, (B) Prepayment Charges to be distributed pursuant to Section 4.01(d)
of this Agreement and (C) in the Interest Reserve Account as part of the Lower-Tier REMIC, the amount of any Withheld Amounts to
be deposited pursuant to Section 3.05(e) of this Agreement.


 


(d)       The
Certificate Administrator shall establish and maintain the Upper-Tier Distribution Account in its own name for the benefit of the
Trustee, in trust for the benefit of the Certificateholders. The Upper-Tier Distribution Account shall be established and maintained
as an Eligible Account or a sub-account of an Eligible Account. Promptly on each Distribution Date, the Certificate Administrator
shall withdraw or be deemed to withdraw from the Lower-Tier Distribution Account and deposit or be deemed to deposit in the Upper-Tier
Distribution Account on or before such date the Lower-Tier Distribution Amount for such Distribution Date to be distributed in
respect of the Lower-Tier Regular Interests pursuant to Section 4.01(a) of this Agreement on such date.


 


(e)        The
Certificate Administrator shall establish and maintain the Interest Reserve Account in its own name on behalf of the Trustee, in
trust for the benefit of the Certificateholders and the Trustee as the holder of the Lower-Tier Regular Interests. The Interest
Reserve Account shall be established and maintained as an Eligible Account or as a sub-account of an Eligible Account.


 


(f)        On
each Servicer Remittance Date occurring in (i) January of each calendar year that is not a leap year and (ii) February of each
calendar year, unless in either case such Servicer Remittance Date is the final Servicer Remittance Date, the Certificate Administrator
shall calculate the Withheld Amounts. On each such Servicer Remittance Date, the Certificate Administrator shall withdraw or be
deemed to withdraw from the Lower-Tier Distribution Account and deposit or be deemed to deposit in the Interest Reserve Account
an amount equal to the aggregate of the Withheld Amounts calculated in accordance with the previous sentence. If the Certificate
Administrator shall deposit in the Interest Reserve Account any amount not required to be deposited therein, it may at any time
withdraw such amount from the Interest Reserve Account any provision herein to the contrary notwithstanding. On or prior to the
Servicer Remittance Date in March of each calendar year (or in February if the final Distribution Date will occur in such month),
the Certificate Administrator shall transfer to the Lower-Tier Distribution Account the aggregate of all Withheld Amounts on deposit
in the Interest Reserve Account.


 


(g)       Funds
in the Collection Account and the REO Account may be invested in Permitted Investments in accordance with the provisions of Section
3.07 of this Agreement. Funds in the Distribution Account and the Interest Reserve Account shall remain uninvested.


 


The Master Servicer shall
give written notice to the Depositor, the Trustee, the Certificate Administrator and the Special Servicer of the location and account
number of the Collection Account as of the Closing Date and shall notify the Depositor, the Special Servicer, the Certificate Administrator
and the Trustee, as applicable, in writing prior to any subsequent change thereof. The Certificate Administrator shall give written
notice to the Depositor, the Trustee, the Special Servicer and the Master Servicer of the location and account number of each of
the Distribution Accounts and the Interest Reserve Account as of the Closing Date and shall


 



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notify the Depositor, the Trustee,
the Special Servicer and the Master Servicer, as applicable, in writing prior to any subsequent change thereof.


 


(h)       Notwithstanding
anything to the contrary contained herein, with respect to each Due Date, within one (1) Business Day after each Determination
Date, or, from and after the date when the Companion Loan is deposited into a securitization, unless provided otherwise in the
Co-Lender Agreement, on the second Business Day before the “servicer remittance date,” as such term or a similar term
is defined in the related Other Pooling and Servicing Agreement (as long as such date is at least two (2) Business Days after receipt
of properly identified funds), the Master Servicer shall remit, from amounts on deposit in the Collection Account, to the Companion
Loan Holder by wire transfer in immediately available funds to the account of such Companion Loan Holder or an agent therefor appearing
on the Companion Loan Holder Register on the related date such amounts as are required to be remitted (or, if no such account so
appears or information relating thereto is not provided at least five (5) Business Days prior to the date such amounts are required
to be remitted, by check sent by first class mail to the address of such Companion Loan Holder or its agent appearing on the Companion
Loan Holder Register) the applicable Remittance Amount allocable to such Companion Loan Holder.


 


Section 3.06 Permitted
Withdrawals from the Collection Account and the Distribution Accounts; Trust Ledger. (a) The Master Servicer shall maintain
a separate Trust Ledger with respect to the Whole Loan on which it shall make ledger entries as to amounts deposited (or credited)
or withdrawn (or debited) with respect thereto. On each Servicer Remittance Date (or such other date as specified below or on
which funds are available for such purpose as specified below), with respect to the Whole Loan, the Master Servicer shall make
withdrawals from amounts allocated thereto in the Collection Account (and may debit the Trust Ledger and any related sub-ledger))
for the purposes listed below in accordance with the allocation priorities in the Co-Lender Agreement (the order set forth below
not constituting an order of priority for such withdrawals):


 


(i)            on
or before 3:00 p.m. (New York City time) on each Servicer Remittance Date, to remit to the Certificate Administrator the amounts
to be deposited into the Lower-Tier Distribution Account (including without limitation the aggregate of the Available Funds and
Prepayment Charges) which the Certificate Administrator shall then deposit into the Upper-Tier Distribution Account and the Interest
Reserve Account, pursuant to Section 3.05(d) and Section 3.05(c) of this Agreement, respectively;


 


(ii)           to
pay (A) itself, unpaid Servicing Fees (or, with respect to any Excess Servicing Fee Rights, to pay any Excess Servicing Fees to
the holder of such Excess Servicing Fee Rights pursuant to Section 3.12(a) of this Agreement); the Operating Advisor, unpaid
Operating Advisor Fees; and the Special Servicer, unpaid Special Servicing Fees, Liquidation Fees and Workout Fees in respect of
the Whole Loan, Specially Serviced Loan or REO Loan, as applicable, the Master Servicer’s, Operating Advisor’s or Special
Servicer’s, as applicable, rights to payment of Servicing Fees, Operating Advisor Fees, and Special Servicing Fees, Liquidation
Fees and Workout Fees pursuant to this clause (ii)(A) with respect to the Whole Loan, Specially Serviced Loan or REO Loan,
as applicable, being limited to amounts received on or in respect of the Whole Loan, Specially Serviced Loan or REO Loan, as applicable
(whether in the form of payments, Liquidation Proceeds, Insurance Proceeds or Condemnation Proceeds), that


 



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are allocable as recovery
of interest thereon, (B) the Special Servicer, any unpaid Special Servicing Fees, Liquidation Fees and Workout Fees in respect
of a Specially Serviced Loan or an REO Loan, as applicable, remaining unpaid out of general collections on the Whole Loan, Specially
Serviced Loan and REO Property, and (C) the Operating Advisor, any unpaid Operating Advisor Consulting Fees (but only to the extent
such Operating Advisor Consulting Fees were received from the Borrower);


 


(iii)          to
reimburse itself or the Trustee, as applicable (in reverse of such order with respect to the Trust Loan), for unreimbursed P&I
Advances with respect to the Trust Loan (other than Nonrecoverable Advances, which are reimbursable pursuant to clause (v)
below) and to reimburse each related Companion Loan Service Provider for unreimbursed Companion Loan P&I Advances with respect
to the Companion Loan (other than such advance which have been determined to be nonrecoverable, which are reimbursable pursuant
to clause (v) below), the Master Servicer’s, the Trustee’s and the applicable Serviced Companion Loan Service
Provider’s right to reimbursement pursuant to this clause (iii) being limited to amounts received which represent
Late Collections for the Trust Loan or the Companion Loan, as applicable (as allocated thereto pursuant to the Co-Lender Agreement),
during the applicable period;


 


(iv)          to
reimburse itself or the Trustee, as applicable (in reverse of such order with respect to the Whole Loan or REO Property), for unreimbursed
Property Advances and Administrative Advances, the Master Servicer’s or the Trustee’s respective rights to receive
payment pursuant to this clause (iv) with respect to the Whole Loan or REO Property being limited to, as applicable, payments
received from the Borrower which represent reimbursements of such Property Advances or Administrative Advances, as applicable,
Liquidation Proceeds, Insurance Proceeds, Condemnation Proceeds and REO Proceeds with respect to the Whole Loan or REO Property;


 


(v)           (A)
first, to reimburse itself and the Trustee, as applicable (in reverse of such order with respect to the Whole Loan or REO
Property), with respect to Nonrecoverable Property Advances and second, to reimburse itself and the Trustee, as applicable
(in reverse of such order with respect to the Whole Loan or REO Property) and each related Companion Loan Service Provider on a
pro rata and pari passu basis (based on the total outstanding principal balance of the Trust Loan and the Companion
Loan, respectively) with respect to Nonrecoverable P&I Advances and Companion Loan Advances which have been determined to be
nonrecoverable, first, out of Liquidation Proceeds, Insurance Proceeds, Condemnation Proceeds and REO Proceeds received
on the Whole Loan and REO Property, second, out of the principal portion of general collections on the Whole Loan and REO
Property, and then, to the extent the principal portion of general collections is insufficient and with respect to such
deficiency only, subject to any election at its sole discretion (or at the Trustee’s sole discretion for the reimbursement
of the Trustee) to defer reimbursement thereof pursuant to this Section 3.06(a) of this Agreement, out of other collections
on the Whole Loan and REO Property; provided that, in the case of Nonrecoverable Property Advances, only to the extent that
amounts on deposit in the Collection Account are insufficient for reimbursement therefor after taking into account any allocation
set forth in the Co-Lender Agreement, the Master Servicer shall use commercially reasonable efforts to exercise on behalf of the
Trust the


 



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rights of the Trust under the Co-Lender Agreement to obtain reimbursement for a pro rata portion of such amount
allocable to the Companion Loan from the Companion Loan Holder and (B) to pay itself or the Special Servicer out of general collections
on the Whole Loan and REO Property, with respect to the Whole Loan or REO Property any related earned Servicing Fee, Special Servicing
Fee, Liquidation Fee or Workout Fee, as applicable, that remained unpaid in accordance with clause (ii) above following
a Final Recovery Determination made with respect to the Whole Loan or REO Property and the deposit into the Collection Account
of all amounts received in connection therewith;


 


(vi)         at
such time as it reimburses itself and the Trustee, as applicable (in reverse of such order with respect to the Whole Loan or REO
Property), for (A) any unreimbursed P&I Advance made with respect to the Trust Loan or any unreimbursed Companion Loan P&I
Advances made with respect to the Companion Loan pursuant to clause (iii) above, to pay itself the Trustee or the applicable
Companion Loan Service Provider, as applicable, any Advance Interest Amounts accrued and payable thereon, (B) any unreimbursed
Property Advances made with respect to the Whole Loan or REO Property or Administrative Advances made with respect to the Trust
Loan or REO Property pursuant to clause (iv) above, to pay itself or the Trustee, as the case may be, any Advance Interest
Amounts accrued and payable thereon or (C) any Nonrecoverable Advances (or nonrecoverable Companion Loan Advances) made with respect
to the Trust Loan or Whole Loan, as applicable, or REO Property pursuant to clause (v) above, to pay itself, the Trustee
or the applicable Companion Loan Service Provider, as the case may be, any Advance Interest Amounts (or interest on Companion Loan
Advances) accrued and payable thereon, in each case first from Penalty Charges as provided in Section 3.12(d) and then from
general collections; provided that, in the case of (A) above, such party’s right to reimbursement pursuant to this
clause (vii) shall be limited to amounts on deposit in the Collection Account allocable to the Trust Loan or the Companion
Loan for which the advance was made;


 


(vii)         to
reimburse itself, the Special Servicer, the Custodian, the Certificate Administrator or the Trustee, as the case may be, for any
unreimbursed expenses reasonably incurred by such Person in respect of any Breach or Defect giving rise to a repurchase obligation
of the Trust Loan Seller under Section 6 of the Trust Loan Purchase Agreement, including, without limitation, any expenses arising
out of the enforcement of the repurchase obligation, together with interest thereon at the Advance Rate, each such Person’s
right to reimbursement pursuant to this clause (vii) with respect to the Trust Loan subject to the following: (a) if the
Repurchase Price is paid for the Trust Loan, then such Person’s right to reimbursement shall be limited to that portion of
the Repurchase Price that represents such expense in accordance with clause (e) of the definition of Repurchase Price, or
(b) if no Repurchase Price or an indemnity payment pursuant to Section 2.03(e) is paid and proceedings are instituted to
enforce the Trust Loan Seller’s payment or performance pursuant to the Trust Loan Purchase Agreement, then such Person shall
be entitled to reimbursement from the Trust following the adjudication of such proceedings in favor of the Trust Loan Seller or
settlement of the Breach or Defect claim with respect to collections relating to the Trust Loan;


 






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(viii)        to
pay itself all Prepayment Interest Excesses on the Whole Loan (if and to the extent any such Prepayment Interest Excess exceeds
the amount of any Master Servicer Prepayment Interest Shortfalls calculated pursuant to Section 3.17(c) of this Agreement);


 


(ix)          (A)
to pay itself, as additional Servicing Compensation in accordance with Section 3.12(a) of this Agreement, (1) interest and
investment income earned in respect of amounts relating to the Trust Fund held in the Collection Account as provided in Section
3.12(b) of this Agreement (but only to the extent of the net investment earnings with respect to such Collection Account for
any period from any Distribution Date to the immediately succeeding Servicer Remittance Date) and (2) Penalty Charges on the Whole
Loan so long as it is not a Specially Serviced Loan or REO Loan, but only to the extent collected from the Borrower and only to
the extent that all amounts then due and payable with respect to the Whole Loan have been paid and are not needed to pay interest
on Advances or Companion Loan Advances in accordance with Section 3.12 and/or pay or reimburse the Trust for Additional
Trust Fund Expenses incurred with respect to the Whole Loan during or prior to the related Collection Period (including Special
Servicing Fees, Workout Fees or Liquidation Fees); and (B) to pay the Special Servicer, as additional servicing compensation in
accordance with Section 3.12(c) of this Agreement, Penalty Charges on the Whole Loan so long as it is a Specially Serviced
Loan or REO Loan, but only to the extent collected from the Borrower and only to the extent that all amounts then due and payable
with respect to the Specially Serviced Loan have been paid and are not needed to pay interest on Advances or Additional Trust Fund
Expenses (including Special Servicing Fees, Workout Fees or Liquidation Fees), all in accordance with Section 3.12;


 


(x)           to
pay itself, the Special Servicer, the Operating Advisor, the Depositor or any of their respective directors, officers, members,
managers, employees and agents, as the case may be, any amounts payable to any such Person pursuant to Section 6.03(a) of
this Agreement;


 


(xi)          to
pay for the cost of the Opinions of Counsel contemplated by Sections 3.10(d), 3.10(e), 3.15(a), 3.15(b)
and 10.08 of this Agreement;


 


(xii)         to
pay out of general collections on the Whole Loan and REO Property any and all federal, state and local taxes imposed on the Upper-Tier
REMIC, the Lower-Tier REMIC or any of their assets or transactions, together with all incidental costs and expenses, to the extent
that none of the Master Servicer, the Special Servicer or the Trustee is liable therefor pursuant to this Agreement;


 


(xiii)        to
reimburse the Trustee, the Custodian or the Certificate Administrator out of general collections on the Whole Loan and REO Property
for expenses incurred by and reimbursable to it by the Trust Fund;


 


(xiv)        to
pay any Person permitted to purchase the Trust Loan under Section 3.16 of this Agreement with respect to the Trust Loan,
if any, previously purchased by such Person pursuant to this Agreement, all amounts received thereon subsequent to the date of
purchase relating to periods after the date of purchase;


 






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(xv)         to
pay to itself, the Special Servicer, the Trustee, the Certificate Administrator, the Custodian, the Operating Advisor or the Depositor,
as the case may be, any amount specifically required to be paid to such Person at the expense of the Trust Fund under any provision
of this Agreement to which reference is not made in any other clause of this Section 3.06(a) of this Agreement, it being
acknowledged that this clause (xv) shall not be construed to modify any limitation or requirement otherwise set forth in
this Agreement as to the time at which any Person is entitled to payment or reimbursement of any amount or as to the funds from
which any such payment or reimbursement is permitted to be made;


 


(xvi)        to
withdraw from the Collection Account any sums deposited therein in error and pay such sums to the Persons entitled thereto;


 


(xvii)       to
pay from time to time to itself in accordance with Section 3.07(b) of this Agreement any interest or investment income earned
on funds deposited in the Collection Account;


 


(xviii)      [Reserved];


 


(xix)        to
pay itself, the Special Servicer or the Trust Loan Seller, as the case may be, with respect to the Trust Loan, if any, previously
purchased by such Person pursuant to or as contemplated by this Agreement, all amounts received on the Trust Loan subsequent to
the date of purchase;


 


(xx)         to
pay to the Certificate Administrator, the Trustee, the Custodian or any of their directors, officers, employees, representatives
and agents, as the case may be, any amounts payable or reimbursable to any such Person pursuant to Section 8.05(d) of this
Agreement;


 


(xxi)        pursuant
to the CREFC® License Agreement, to pay the CREFC® License Fee to CREFC® on a monthly
basis;


 


(xxii)       to
clear and terminate the Collection Account at the termination of this Agreement pursuant to Section 9.01 of this Agreement
; and


 


(xxiii)      to
make remittances each month in an aggregate amount of immediately available funds equal to the Remittance Amount to the Companion
Loan Holder in accordance with Section 3.05(h) and in accordance with the Co-Lender Agreement, including amounts to be remitted
to the Companion Loan Holder or the Companion Loan Servicer Providers under clauses (iii), (v) and (vi); provided
that Liquidation Proceeds relating to the repurchase of the Companion Loan by the related seller thereof shall be remitted solely
to the holder of the Companion Loan and Liquidation Proceeds relating to the repurchase of the Trust Loan by the Trust Loan Seller
shall be remitted solely to the Collection Account.


 


For the avoidance of
doubt, and notwithstanding the foregoing provisions of this Section 3.06(a), any such amounts payable from the Collection
Account to the Special Servicer, the Certificate Administrator, the Trustee or to itself for which the Master Servicer (or the


 



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Trustee) is required to advance as an Administrative Advance shall be paid from Administrative Advances therefor deposited into
the Collection Account (or deemed deposited into the Collection Account if such payment is advanced by the Master Servicer (or
the Trustee) directly to the party entitled to such payment).


 


Upon written request,
the Master Servicer shall provide to the Certificate Administrator such records and any other information in the possession of
the Master Servicer to enable the Certificate Administrator to determine the amounts attributable to the Lower-Tier REMIC.


 


The Master Servicer shall
pay to the Trustee, the Certificate Administrator, the Operating Advisor or the Special Servicer from the Collection Account amounts
permitted to be paid to such person therefrom, promptly upon receipt of a certificate of a Responsible Officer of the Trustee,
a Responsible Officer of the Certificate Administrator a Responsible Officer of the Operating Advisor or a Servicing Officer of
the Special Servicer, as applicable, describing the item and amount to which such Person is entitled (unless such payment to the
Trustee, the Certificate Administrator, the Operating Advisor or the Special Servicer, as the case may be, is specifically required
pursuant to this Agreement and the timing and the amount of payment is specified in, or calculable pursuant to, this Agreement,
in which case a certificate is not required). The Master Servicer may rely conclusively on any such certificate and shall have
no duty to recalculate the amounts stated therein.


 


The Trustee, the Certificate
Administrator, the Custodian, the Special Servicer, the Master Servicer, the Operating Advisor and CREFC® shall
in all cases have a right prior to the Certificateholders to any funds on deposit in the Collection Account from time to time for
the reimbursement or payment of the Servicing Compensation (including investment income), Trustee/Certificate Administrator Fee,
Special Servicing Compensation (including investment income), Operating Advisor Fees, Operating Advisor Consulting Fees (but only
to the extent such Operating Advisor Consulting Fees are actually received from the Borrower), the CREFC® License
Fee, Advances, Advance Interest Amounts (for the Master Servicer or the Trustee), their respective indemnification payments (if
any) pursuant to Section 6.03, Section 8.05 or Section 10.02 of this Agreement (for each of such Persons other
than CREFC®), their respective expenses hereunder to the extent such fees and expenses are to be reimbursed or paid
from amounts on deposit in the Collection Account pursuant to this Agreement. For the avoidance of doubt, any fees or expenses
(including legal fees) for which a party is to be indemnified pursuant to Section 6.03 herein may be submitted directly
to the Trust Fund to be paid from amounts on deposit in the Collection Account. In addition, the Certificate Administrator, the
Trustee, the Special Servicer, the Master Servicer and the Operating Advisor shall in all cases have a right prior to the Certificateholders
to any funds on deposit in the Collection Account from time to time for the reimbursement or payment of any federal, state or local
taxes imposed on either Trust REMIC.


 


Upon the determination
that a previously made Advance is a Nonrecoverable Advance, to the extent that the reimbursement thereof would exceed the full
amount of the principal portion of general collections on the Whole Loan deposited in the Collection Account and available for
distribution on the next Distribution Date, the Master Servicer or the Trustee, each at its own option and in its sole discretion,
as applicable, instead of obtaining reimbursement for the remaining amount of such Nonrecoverable Advance pursuant to Section


 



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3.06(a) or Section 3.06(b) of this Agreement immediately, may elect to refrain from obtaining such reimbursement for
such portion of the Nonrecoverable Advance during the Collection Period ending on the then-current Determination Date for successive
one-month periods for a total period not to exceed 12 months. If the Master Servicer or the Trustee makes such an election at its
sole option and in its sole discretion to defer reimbursement with respect to all or a portion of a Nonrecoverable Advance (together
with interest thereon), then such Nonrecoverable Advance (together with interest thereon) or portion thereof shall continue to
be fully reimbursable in the subsequent Collection Period (subject, again, to the same sole discretion to elect to defer; it is
acknowledged that, in such a subsequent period, such Nonrecoverable Advance shall again be payable first from principal
collections as described above prior to payment from other collections). In connection with a potential election by the Master
Servicer or the Trustee to refrain from the reimbursement of a particular Nonrecoverable Advance or portion thereof during the
one-month Collection Period ending on the related Determination Date for any Distribution Date, the Master Servicer or the Trustee
shall further be authorized (in its sole discretion) to wait for principal collections on the Trust Loan and the Companion Loan
to be received before making its determination of whether to refrain from the reimbursement of a particular Nonrecoverable Advance
(or portion thereof) until the end of such Collection Period; provided, however, the Master Servicer or the Trustee
shall give notice of its election to the 17g-5 Information Provider (who shall promptly post such notice to the 17g-5 Information
Provider’s Website pursuant to Section 3.14(d) of this Agreement), at least 15 days prior to any reimbursement to
it of Nonrecoverable Advances from amounts in the Collection Account allocable to interest on the Whole Loan unless (1) the Master
Servicer or the Trustee determines in its sole discretion that waiting 15 days after such a notice could jeopardize its ability
to recover Nonrecoverable Advances, (2) changed circumstances or new or different information becomes known to the Master Servicer
or the Trustee that could affect or cause a determination of whether any Advance is a Nonrecoverable Advance, whether to defer
reimbursement of a Nonrecoverable Advance or the determination in clause (1) above, or (3) the Master Servicer or the Trustee has
not timely received from the Certificate Administrator information requested by the Master Servicer or the Trustee to consider
in determining whether to defer reimbursement of a Nonrecoverable Advance; provided that, if clause (1), (2) or (3) apply,
the Master Servicer or the Trustee shall give notice of an anticipated reimbursement to it of Nonrecoverable Advances from amounts
in the Collection Account allocable to interest on the Whole Loan as soon as reasonably practicable in such circumstances to the
17g-5 Information Provider (who shall promptly post such notice to the 17g-5 Information Provider’s Website pursuant to Section
3.14(d) of this Agreement). Neither the Master Servicer nor the Trustee shall have any liability for any loss, liability or
expense resulting from any notice provided to each Rating Agency contemplated by the immediately preceding sentence.


 


The foregoing shall not,
however, be construed to limit any liability that may otherwise be imposed on such Person for any failure by such Person to comply
with the conditions to making such an election under this Section 3.06(a) or to comply with the terms of this Section
3.06(a) and the other provisions of this Agreement that apply once such an election, if any, has been made. If the Master Servicer
or the Trustee, as applicable, determines, in its sole discretion, that it should recover the Nonrecoverable Advances without deferral
as described above, then the Master Servicer or the Trustee, as applicable, shall be entitled to immediate reimbursement of Nonrecoverable
Advances with interest thereon at the Advance Rate from all amounts in the Collection Account for such Distribution Date. Any such
election by any such


 



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party to refrain from reimbursing itself or obtaining reimbursement for any Nonrecoverable Advance or portion
thereof with respect to any one or more Collection Periods shall not limit the accrual of interest at the Advance Rate on such
Nonrecoverable Advance for the period prior to the actual reimbursement of such Nonrecoverable Advance. The Master Servicer’s
or the Trustee’s, as applicable, election to defer reimbursement of such Nonrecoverable Advances as set forth above is an
accommodation to the Certificateholders and the Companion Loan Holder and shall not be construed as an obligation on the part of
the Master Servicer or the Trustee, as applicable, or a right of the Certificateholders or the Companion Loan Holder. Nothing herein
shall be deemed to create in the Certificateholders or the Companion Loan Holder a right to prior payment of distributions over
the Master Servicer’s or the Trustee’s, as applicable, right to reimbursement for Advances (deferred or otherwise).
In all events, the decision to defer reimbursement or to seek immediate reimbursement of Nonrecoverable Advances shall be deemed
to be (a) in accordance with the Servicing Standard with respect to the Master Servicer and (b) in accordance with good faith business
judgment, with respect to the Trustee, and in each case, neither the Master Servicer, the Trustee nor the other parties to this
Agreement shall have any liability to one another or to any of the Certificateholders or the Companion Loan Holder for any such
election that such party makes as contemplated by this Section 3.06(a) or for any losses, damages or other adverse economic
or other effects that may arise from such an election.


 


None of the Master Servicer,
the Special Servicer or the Trustee shall be permitted to reverse any other Person’s determination that an Advance is a Nonrecoverable
Advance.


 


If the Master Servicer
or the Trustee, as applicable, is reimbursed out of general collections for any unreimbursed Advances that are determined to be
Nonrecoverable Advances (together with any interest accrued and payable thereon at the Advance Rate), then (for purposes of calculating
distributions on the Certificates) such reimbursement and payment of interest shall be deemed to have been made: first,
out of the Principal Distribution Amount, which, but for its application to reimburse a Nonrecoverable Advance and/or to pay interest
thereon at the Advance Rate, would be included in Available Funds for any subsequent Distribution Date and, second, out
of other amounts which, but for their application to reimburse a Nonrecoverable Advance and/or to pay interest thereon, would be
included in Available Funds for any subsequent Distribution Date.


 


(b)       Notwithstanding
anything to the contrary contained herein, with respect to the Companion Loan, the Master Servicer shall withdraw from the Collection
Account and remit to the Companion Loan Holder, within one (1) Business Day after the Determination Date, any amounts that represent
Late Collections or Principal Prepayments on the Companion Loan or any successor REO Loan with respect thereto, that are received
by the Master Servicer on the related Due Date therefor in any calendar month (exclusive of any portion of such amount payable
or reimbursable to any third party in accordance with the Co-Lender Agreement or this Agreement), unless such amount would otherwise
be included in the scheduled monthly remittance to the holder of such Companion Loan for such month.


 


If the Master Servicer
fails, as of 5:00 p.m. (New York City time) on any Servicer Remittance Date or any other date a remittance is required to be made,
to remit to the Certificate Administrator (in respect of the Trust Loan) or the Companion Loan Holder (in respect of the Companion
Loan) any amounts required to be so remitted hereunder by such date (including any


 



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P&I Advance pursuant to Section 4.07
and any Excess Liquidation Proceeds allocable to the Companion Loan pursuant to Section 4.01(e)), the Master Servicer shall
pay to the Certificate Administrator (in respect of the Trust Loan) or the Companion Loan Holder (in respect of the Companion Loan),
for the account of the Certificate Administrator (in respect of the Trust Loan) or the Companion Loan Holder (in respect of the
Companion Loan), interest, calculated at the Prime Rate, on such amount(s) not timely remitted, from the time such payment was
required to be made (without regard to any grace period) until (but not including) the date such late payment is received by the
Certificate Administrator or the Companion Loan Holder, as applicable. Any such interest shall not be an Additional Trust Fund
Expense.


 


(c)        On
each Servicer Remittance Date, all net income and gain realized from investment of funds to which the Master Servicer or the Special
Servicer is entitled pursuant to Section 3.07(b) of this Agreement shall be subject to withdrawal by the Master Servicer
or the Special Servicer, as applicable.


 


(d)       If
amounts required to pay the expenses allocable to the Companion Loan exceed amounts on deposit in the Collection Account and the
Master Servicer, the Special Servicer, the Certificate Administrator or the Trustee, as applicable, shall have sought reimbursement
from the Trust Fund with respect to such expenses allocable to the Companion Loan, the Master Servicer or Special Servicer, as
applicable, shall seek (on behalf of the Trust Fund, subject to the Co-Lender Agreement) payment or reimbursement for the pro
rata portion of such expenses allocable to the Companion Loan from the Companion Loan Holder or, if such Companion Loan has
been deposited into a securitization, out of general collections in the collection account established pursuant to the related
Other Pooling and Servicing Agreement.


 


(e)       [Reserved].


 


(f)        The
Certificate Administrator, may, from time to time, make withdrawals from the Lower-Tier Distribution Account for any of the following
purposes (the order set forth below shall not indicate any order of priority), in each case to the extent not previously paid from
the Collection Account:


 


(i)        to
make deposits of the Lower-Tier Distribution Amount and the amount of any Prepayment Charges distributable pursuant to Section
4.01(a) of this Agreement in the Upper-Tier Distribution Account, and to make distributions on the Class LR Certificates pursuant
to Section 4.01(a) of this Agreement;


 


(ii)       to
pay itself, the Trustee and the Custodian respective portions of any accrued but unpaid Trustee/Certificate Administrator Fee;


 


(iii)      [Reserved];


 


(iv)      to
pay to itself, the Trustee, the Custodian or any of their directors, officers, employees, representatives and agents, as the case
may be, any amounts payable or reimbursable to any such Person pursuant to Section 8.05(c) and Section 8.05(d) of
this Agreement;


 






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(v)       to
recoup any amounts deposited in the Lower-Tier Distribution Account in error; and


 


(vi)      to
clear and terminate the Lower-Tier Distribution Account at the termination of this Agreement pursuant to Section 9.01 of
this Agreement.


 


(g)       The
Certificate Administrator, may make withdrawals from the Upper-Tier Distribution Account for any of the following purposes:


 


(i)        to
make distributions to Certificateholders (other than Holders of the Class LR Certificates) on each Distribution Date pursuant to
Section 4.01 or 9.01 of this Agreement, as applicable;


 


(ii)       to
recoup any amounts deposited in the Upper-Tier Distribution Account in error; and


 


(iii)      to
clear and terminate the Upper-Tier Distribution Account at the termination of this Agreement pursuant to Section 9.01 of
this Agreement.


 


Section 3.07 Investment
of Funds in the Collection Account, the REO Account, the Lock-Box Accounts, the Cash Collateral Accounts and the Reserve Accounts.
(a) The Master Servicer (with respect to the Collection Account and the Borrower Accounts (as defined below and subject to the
second succeeding sentence)) and the Special Servicer (with respect to any REO Account) may direct any depository institution
maintaining the Collection Account, the Borrower Accounts and the REO Account (each such account, for purposes of this Section
3.07, an “Investment Account”), to invest the funds in such Investment Account maintained by it in one
or more Permitted Investments that bear interest or are sold at a discount, and that mature, unless payable on demand, no later
than the Business Day preceding the date on which such funds are required to be withdrawn from such Investment Account pursuant
to this Agreement. Any investment of funds on deposit in an Investment Account by the Master Servicer or the Special Servicer
shall be documented in writing and shall provide evidence that such investment is a Permitted Investment which matures at or prior
to the time required hereby or is payable on demand. In the case of any Escrow Account, Lock-Box Account, Cash Collateral Account
or Reserve Account (the “Borrower Accounts”), the Master Servicer shall act upon the written request of the
Borrower or Manager to the extent that the Master Servicer is required to do so under the terms of the Loan Documents, provided
that in the absence of appropriate written instructions from the Borrower or Manager meeting the requirements of this Section
3.07, the Master Servicer shall have no obligation to, but will be entitled to, direct the investment of funds in such accounts
in Permitted Investments. All such Permitted Investments shall be held to maturity, unless payable on demand. Any investment of
funds in an Investment Account shall be made in the name of the Trustee (in its capacity as such) or in the name of a nominee
of the Trustee. Neither the Certificate Administrator nor the Trustee shall have any responsibility or liability with respect
to the investment directions of the Master Servicer, the Special Servicer, the Borrower or Manager or any losses resulting therefrom,
whether from Permitted Investments or otherwise. The Master Servicer shall have no responsibility or liability with respect to
the investment directions of the Special Servicer, the Certificate Administrator, the Trustee, the Borrower or Manager or any
losses resulting therefrom, whether from Permitted Investments or otherwise. The Special Servicer shall have no responsibility
or liability with respect to the


 



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investment directions of the Master Servicer, the Certificate Administrator, the Trustee, the
Borrower or Manager or any losses resulting therefrom, whether from Permitted Investments or otherwise. In the event amounts on
deposit in an Investment Account are at any time invested in a Permitted Investment payable on demand, the Master Servicer (or
the Special Servicer) shall:


 


(x)        consistent
with any notice required to be given thereunder, demand that payment thereon be made on the last day such Permitted Investment
may otherwise mature hereunder in an amount equal to the lesser of (1) all amounts then payable thereunder and (2) the amount required
to be withdrawn on such date; and


 


(y)       demand
payment of all amounts due thereunder promptly upon determination by the Master Servicer (or the Special Servicer) that such Permitted
Investment would not constitute a Permitted Investment in respect of funds thereafter on deposit in the related Investment Account.


 


(b)       All
income and gain realized from investment of funds deposited in any Investment Account shall be for the benefit of the Master Servicer
(except with respect to the investment of funds deposited in (i) the Borrower Accounts, which shall be for the benefit of the Borrower
to the extent required under the Loan Documents or applicable law or (ii) the REO Account, which shall be for the benefit of the
Special Servicer) and, if held in the Collection Account or REO Account shall be subject to withdrawal by the Master Servicer or
the Special Servicer, as applicable, in accordance with Section 3.06 or Section 3.15(b) of this Agreement, as applicable.
The Master Servicer, or with respect to the REO Account, the Special Servicer, shall deposit from its own funds into the Collection
Account or any REO Account, as applicable, the amount of any loss incurred in respect of any such Permitted Investment immediately
upon realization of such loss; provided, however, that the Master Servicer or the Special Servicer, as applicable,
may reduce the amount of such payment to the extent it forgoes any investment income in such Investment Account otherwise payable
to it. The Master Servicer shall also deposit from its own funds in the Borrower Account immediately upon realization of such loss
the amount of any loss incurred in respect of Permitted Investments, except to the extent that amounts are invested at the direction
of or for the benefit of the Borrower under the terms of the Loan Documents or applicable law; provided that neither the
Master Servicer nor the Special Servicer shall be required to deposit any loss on an investment of funds in an Investment Account
if such loss is incurred solely as a result of the insolvency of the federal or state chartered depository institution or trust
company that holds such Investment Account, so long as such depository institution or trust company has satisfied the qualifications
set forth in the definition of Eligible Account both (x) at the time the investment was made and (y) 30 days prior to such insolvency.


 


(c)        Except
as otherwise expressly provided in this Agreement, if any default occurs in the making of a payment due under any Permitted Investment,
or if a default occurs in any other performance required under any Permitted Investment, in either case as a result of an action
or inaction of the Master Servicer or the Special Servicer, as applicable, the Trustee may, and upon the request of Holders of
Certificates entitled to a majority of the Voting Rights allocated to any Class shall, take such action as may be appropriate to
enforce such payment or performance, including the institution and prosecution of appropriate proceedings. In the event the Trustee
takes any such action, (i) the Master Servicer, if such Permitted Investment was for the benefit of the Master Servicer or (ii)
the Special Servicer, if such Permitted Investment was


 



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for the benefit of the Special Servicer, shall pay or reimburse the Trustee
for all reasonable out-of-pocket expenses, disbursements and advances incurred or made by the Trustee in connection therewith.


 


For the avoidance of
doubt, the Collection Account, each REO Account, the Interest Reserve Account and the Lower-Tier Distribution Account (including
interest, if any, earned on the investment of funds in such accounts) will be owned by the Lower-Tier REMIC, and the Upper-Tier
Distribution Account shall be owned by the Upper-Tier REMIC, each for federal income tax purposes.


 


Section 3.08 Maintenance
of Insurance Policies and Errors and Omissions and Fidelity Coverage. (a) Unless the Whole Loan is an REO Loan, the Master
Servicer shall use efforts consistent with the Servicing Standard to cause the Borrower to maintain the following insurance coverage
(including identifying the extent to which Borrower is maintaining insurance coverage and, if the Borrower does not so maintain
such coverage, the Master Servicer will itself cause to be maintained with Qualified Insurers) for the Mortgaged Property: (x)
except where the Loan Documents permit the Borrower to rely on self-insurance provided by a tenant, a fire and casualty extended
coverage insurance policy, which does not provide for reduction due to depreciation, in an amount that is at least equal to the
lesser of (i) the full replacement cost of improvements securing the Whole Loan or (ii) the Stated Principal Balance of the Whole
Loan, but, in any event, in an amount sufficient to avoid the application of any co-insurance clause and (y) all other insurance
coverage (including, but not limited to, coverage for acts of terrorism) that is required, subject to applicable law, under the
Loan Documents; provided that:


 


(i)        the
Master Servicer shall not be required to maintain any earthquake or environmental insurance policy on the Mortgaged Property unless
the Trustee has an insurable interest and such insurance policy (x) was in effect at the time of the origination of the Whole Loan
or (y) was required by the Loan Documents and is available at commercially reasonable rates, provided that the Master Servicer
shall require the Borrower to maintain such insurance in the amount, in the case of clause (x), maintained at origination,
and in the case of clause (y), required by the Whole Loan to the extent such amounts are available at commercially reasonable
rates and to the extent the Trustee has an insurable interest;


 


(ii)       if
and to the extent that the Loan Document grants the lender thereunder any discretion (by way of consent, approval or otherwise)
as to the insurance provider from whom the Borrower is to obtain the requisite insurance coverage, the Master Servicer shall (to
the extent consistent with the Servicing Standard) require the Borrower to obtain the requisite insurance coverage from Qualified
Insurers;


 


(iii)      the
Master Servicer shall have no obligation beyond using its efforts consistent with the Servicing Standard to cause the Borrower
to maintain the insurance required to be maintained under the Loan Documents; provided, however, that this clause
shall not limit the Master Servicer’s obligation to obtain and maintain a force-placed insurance policy, as provided herein;


 


(iv)      except
as provided below (including under clause (vi) below), in no event shall the Master Servicer be required to cause the Borrower
to maintain, or itself obtain,


 



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insurance coverage to the extent that the failure of the Borrower to maintain insurance coverage
is an Acceptable Insurance Default (as determined by the Special Servicer);


 


(v)       to
the extent that the Master Servicer itself is required to maintain insurance that the Borrower does not maintain, the Master Servicer
will not be required to maintain insurance other than what is available to the Master Servicer on a force-placed basis at commercially
reasonable rates, and only to the extent the Trustee as lender has an insurable interest thereon; and


 


(vi)      any
explicit terrorism insurance requirements contained in the Loan Documents shall be enforced by the Master Servicer in accordance
with the Servicing Standard, unless the Special Servicer has consented to a waiver (including a waiver to permit the Master Servicer
to accept insurance that does not comply with specific requirements contained in the Loan Documents) in writing of that provision
in accordance with the Servicing Standard; provided that the Special Servicer shall promptly notify the Master Servicer
in writing of such waiver.


 


The Master Servicer shall
notify the Special Servicer, the Certificate Administrator and the Trustee if the Master Servicer determines in accordance with
the Servicing Standard that the Borrower has failed to maintain insurance required under the Loan Documents and such failure materially
and adversely affects the interests of the Certificateholders or if the Borrower has notified the Master Servicer in writing that
the Borrower does not intend to maintain such insurance and that the Master Servicer has determined in accordance with the Servicing
Standard that such failure materially and adversely affects the interests of the Certificateholders.


 


Subject to Section
3.15(b) of this Agreement, if the Mortgaged Property is an REO Property, and only if and to the extent the Trustee has an insurable
interest, the Special Servicer shall use efforts, consistent with the Servicing Standard, to maintain (subject to the right of
the Special Servicer to direct the Master Servicer to make a Property Advance for the costs associated with coverage that the Special
Servicer determines to maintain, in which case the Master Servicer shall make such Property Advance) with Qualified Insurers to
the extent reasonably available at commercially reasonable rates and to the extent the Trustee has an insurable interest, (a) a
fire and casualty extended coverage insurance policy, which does not provide for reduction due to depreciation, in an amount that
is at least equal to the lesser of the full replacement value of the Mortgaged Property or the Stated Principal Balance of the
Whole Loan or the REO Loan, as applicable (or such greater amount of coverage required by the Loan Documents (unless such amount
is not available)), but, in any event, in an amount sufficient to avoid the application of any co-insurance clause, (b) a comprehensive
general liability insurance policy with coverage comparable to that which would be required under prudent lending requirements
and in an amount not less than $1.0 million per occurrence, and (c) to the extent consistent with the Servicing Standard, a business
interruption or rental loss insurance covering revenues or rents for a period of at least 18 months; provided, however,
that the Special Servicer shall not be required in any event to maintain or obtain insurance coverage described in this paragraph
beyond what is reasonably available at a commercially reasonable rate and consistent with the Servicing Standard.


 






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All such insurance policies
maintained as described above shall contain (if they insure against loss to property) a “standard” mortgagee clause,
with loss payable to the Master Servicer (on behalf of the Trustee on behalf of Certificateholders and the Companion Loan Holder),
or shall name the Trustee as the insured, with loss payable to the Special Servicer on behalf of the Trustee (on behalf of Certificateholders
and the Companion Loan Holder) (in the case of insurance maintained if the Mortgaged Property is an REO Property). Any amounts
collected by the Master Servicer or Special Servicer, as applicable, under any such policies (other than amounts to be applied
to the restoration or repair of the Mortgaged Property or REO Property or amounts to be released to the Borrower, in each case
in accordance with the Servicing Standard) shall be deposited in the Collection Account, subject to withdrawal pursuant to Section
3.06 of this Agreement, in the case of amounts received in respect of the Whole Loan, or in the REO Account of the Special
Servicer, subject to withdrawal pursuant to Section 3.15 of this Agreement, in the case of amounts received in respect of
the REO Property. Any cost incurred by the Master Servicer or the Special Servicer in maintaining any such insurance shall not,
for purposes hereof, including calculating monthly distributions to Certificateholders or Companion Loan Holder, be added to the
Stated Principal Balance of the Whole Loan, notwithstanding that the terms of the Loan Agreement may so permit; provided,
however, that this sentence shall not limit the rights of the Master Servicer or Special Servicer on behalf of the Trust
Fund to enforce any obligations of the Borrower under the Whole Loan. Any costs incurred by the Master Servicer in maintaining
insurance policies in respect of the Whole Loan or a Specially Serviced Loan (other than the REO Property) (i) if the Borrower
defaults on their obligation to do so, shall be advanced by the Master Servicer as a Property Advance and will be charged to the
Borrower and (ii) shall not, for purposes of calculating monthly distributions to Certificateholders, be added to the Stated Principal
Balance of the Whole Loan, notwithstanding that the terms of the Whole Loan may so permit. Any cost incurred by the Special Servicer
in maintaining any such insurance policies with respect to the REO Property shall be an expense of the Trust Fund (allocated in
accordance with the allocation provisions of the Co-Lender Agreement) payable out of the REO Account or, if the amount on deposit
therein is insufficient therefor, advanced by the Master Servicer as a Property Advance (or paid from the Collection Account if
the Master Servicer determines such Advance would be a Nonrecoverable Advance, subject to Section 3.21(d) of this Agreement).


 


(b)       If
either:


 


(x) the Master
Servicer or Special Servicer obtains and maintains, or causes to be obtained and maintained, a blanket policy or master force-placed
policy insuring against hazard losses on all of the Mortgaged Property or REO Property, as applicable, then, to the extent such
policy


 


(i) is obtained
from a Qualified Insurer, and


 


(ii) provides
protection equivalent to the individual policies otherwise required, or


 


(y) the Master
Servicer or Special Servicer has long-term unsecured debt obligations or deposit accounts that are rated not lower than “A-”
by S&P, and the Master Servicer or Special Servicer self-insures for its obligation to maintain the individual policies otherwise
required,


 






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then the Master Servicer or the Special
Servicer, as the case may be, shall conclusively be deemed to have satisfied its obligation to cause hazard insurance to be maintained
on the Mortgaged Property or REO Property, as applicable.


 


Such a blanket or master
force-placed policy may contain a deductible clause (not in excess of a customary amount), in which case the Master Servicer or
Special Servicer, as the case may be, that maintains such policy shall, if there shall not have been maintained on the Mortgaged
Property or REO Property thereunder a hazard insurance policy complying with the requirements of Section 3.08(a) of this
Agreement, and there shall have been one or more losses that would have been covered by such an individual policy, promptly deposit
into the Collection Account, from its own funds, the amount not otherwise payable under the blanket or master force-placed policy
in connection with such loss or losses because of such deductible clause to the extent that any such deductible exceeds the deductible
limitation that pertained to the Whole Loan (or, in the absence of any such deductible limitation, the deductible limitation for
an individual policy which is consistent with the Servicing Standard). The Master Servicer and Special Servicer, as the case may
be, shall prepare and present, on behalf of itself, the Trustee and Certificateholders and the Companion Loan Holder claims under
any such blanket or master force-placed policy maintained by it in a timely fashion in accordance with the terms of such policy.
If the Master Servicer or Special Servicer, as applicable, causes the Mortgaged Property or REO Property to be covered by such
“force-placed” insurance policy, the incremental costs of such insurance applicable to the Mortgaged Property or REO
Property (i.e., other than any minimum or standby premium payable for such policy whether or not the Mortgaged Property
or REO Property is covered thereby) shall be paid as a Property Advance.


 


(c)        If
the Whole Loan is subject to an Environmental Insurance Policy, and the Master Servicer has actual knowledge of any event giving
rise to a claim under an Environmental Insurance Policy, the Master Servicer shall notify the Special Servicer to such effect and
the Master Servicer shall take reasonable actions as are in accordance with the Servicing Standard and the terms and conditions
of such Environmental Insurance Policy to make a claim thereunder and achieve the payment of all amounts to which the Trust is
entitled thereunder. If the Whole Loan becomes a Specially Serviced Loan or an REO Loan and is subject to an Environmental Insurance
Policy, if the Special Servicer has actual knowledge of any event giving rise to a claim under an Environmental Insurance Policy,
such Special Servicer shall take reasonable actions as are in accordance with the Servicing Standard and the terms and conditions
of such Environmental Insurance Policy to make a claim thereunder and achieve the payment of all amounts to which the Trust, on
behalf of the Certificateholders and the Companion Loan Holder, is entitled thereunder. Any legal fees or other out-of-pocket costs
incurred in accordance with the Servicing Standard in connection with any claim under an Environmental Insurance Policy described
above (whether by the Master Servicer or Special Servicer) shall be paid by, and reimbursable to, the Master Servicer as a Property
Advance.


 


(d)       The
Master Servicer and Special Servicer shall at all times during the term of this Agreement (or, in the case of the Special Servicer,
at all times during the term of this Agreement during which the Whole Loan is a Specially Serviced Loan or an REO Loan) keep in
force with a Qualified Insurer, a fidelity bond in such form and amount as are consistent with the Servicing Standard. The Master
Servicer or Special Servicer, as applicable, shall be deemed to have complied with the foregoing provision if an Affiliate thereof
has such fidelity bond


 



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coverage and, by the terms of such fidelity bond, the coverage afforded thereunder extends to the Master
Servicer or Special Servicer, as the case may be. Such fidelity bond shall provide that it may not be canceled without ten days’
prior written notice to the Trustee. So long as the long-term unsecured debt obligations or deposit accounts of the Master Servicer
(or its corporate parent if such insurance is guaranteed by its parent) or the Special Servicer (or its corporate parent if such
insurance is guaranteed by its parent), as applicable, are rated not lower than “A-” by S&P, the Master Servicer
or the Special Servicer, as applicable, may self-insure with respect to the fidelity bond coverage required as described above,
in which case it shall not be required to maintain an insurance policy with respect to such coverage.


 


The Master Servicer and
Special Servicer, as applicable, shall at all times during the term of this Agreement (or, in the case of the Special Servicer,
at all times during the term of this Agreement during which the Whole Loan is a Specially Serviced Loan or an REO Loan) also keep
in force with a Qualified Insurer a policy or policies of insurance covering loss occasioned by the errors and omissions of its
officers and employees in connection with their servicing obligations hereunder, which policy or policies shall be in such form
and amount as are consistent with the Servicing Standard. The Master Servicer or the Special Servicer, as applicable, shall be
deemed to have complied with the foregoing provisions if an Affiliate thereof has such insurance and, by the terms of such policy
or policies, the coverage afforded thereunder extends to the Master Servicer or Special Servicer, as the case may be. Any such
errors and omissions policy shall provide that it may not be canceled without ten days’ prior written notice to the Trustee.
So long as the long-term unsecured debt obligations or deposit accounts of the Master Servicer (or its corporate parent if such
insurance is guaranteed by its parent) or the Special Servicer (or its corporate parent), as applicable, are rated not lower than
“A” by S&P, the Master Servicer or the Special Servicer, as applicable, may self-insure with respect to the errors
and omissions coverage required as described above, in which case it shall not be required to maintain an insurance policy with
respect to such coverage.


 


Section
3.09 Enforcement of Due-on-Sale Clauses; Assumption Agreements; Defeasance Provisions. (a) If the Whole Loan
contains a provision in the nature of a “due-on-sale” clause (including, without limitation, sales or transfers
of the Mortgaged Property (in full or part) or the sale, transfer, pledge or hypothecation of direct or indirect interests in
the Borrower or its owners), which by its terms:


 


(i)        provides
that the Whole Loan will (or may at the mortgagee’s option) become due and payable upon the sale or other transfer of an
interest in the Mortgaged Property (including, without limitation, the sale, transfer, pledge or hypothecation of direct or indirect
interests in the Borrower or its owners),


 


(ii)       provides
that the Whole Loan may not be assumed without the consent of the related mortgagee in connection with any such sale or other transfer,
or


 


(iii)      provides
that the Whole Loan may be assumed or transferred without the consent of the mortgagee, provided certain conditions set
forth in the Loan Documents are satisfied,


 


then, for so long as the Trust Loan
is included in the Trust Fund, subject to the consent rights of the Directing Holder during a Subordinate Control Period, neither
the Master Servicer (with


 



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respect to the Whole Loan if it is a Performing Loan) (with the consent of the Special Servicer) nor
the Special Servicer (with respect to the Whole Loan if it is a Specially Serviced Loan), as applicable, on behalf of the Trust
Fund, shall be required to enforce any such due-on-sale clauses and in connection therewith neither shall be required to (x) accelerate
payments thereon or (y) withhold its consent to such an assumption if (1) such provision is not enforceable under applicable law
or if the Master Servicer (with respect to the Whole Loan if it is a Performing Loan, and with the consent of the Special Servicer)
or the Special Servicer (with respect to the Whole Loan if it is a Specially Serviced Loan or an REO Loan), as applicable, determines,
that the enforcement of such provision is reasonably likely to result in meritorious legal action by the Borrower or (2) the Master
Servicer (with the consent of the Special Servicer) or the Special Servicer, as applicable, determines, in accordance with the
Servicing Standard, that granting such consent would be likely to result in a greater recovery, on a present value basis (discounting
at the related Calculation Rate), than would enforcement of such clause. If the Master Servicer (with respect to the Whole Loan
if it is a Performing Loan and with the consent of the Special Servicer) or the Special Servicer (with respect to the Whole Loan
if it is a Specially Serviced Loan or an REO Loan), as applicable, determines that (A) granting such consent would be likely to
result in a greater recovery, (B) such provision is not legally enforceable, or (C) that the conditions described in clause
(a)(iii) above relating to the assumption or transfer of the Whole Loan have been satisfied, the Master Servicer (with respect
to the Whole Loan if it is a Performing Loan) (with the consent of the Special Servicer) or the Special Servicer (with respect
to the Whole Loan if it is a Specially Serviced Loan or REO Loan) is authorized to take or enter into an assumption agreement from
or with the Person to whom the Mortgaged Property has been or is about to be conveyed, and to release the original Borrower from
liability upon the Whole Loan and substitute the new borrower as obligor thereon, provided that (a) the credit status of
the prospective new borrower is in compliance with the Master Servicer’s or the Special Servicer’s servicing standards
and criteria and the terms of the Mortgage and (b) the Master Servicer (with respect to the Whole Loan if it is a Performing Loan)
or the Special Servicer (with respect to the Whole Loan if it is a Specially Serviced Loan or REO Loan), as applicable, has received
a No Downgrade Confirmation from each the Rating Agencies (or has been deemed to satisfy such requirement). In addition, with respect
to the Companion Loan, neither the Master Servicer nor the Special Servicer shall waive any rights under a due on sale clause unless
it first obtains a No Downgrade Confirmation with respect to the Companion Loan Securities to the extent required under the related
Other Securitization Trust. The Master Servicer and the Special Servicer shall be entitled to rely on the Other Servicer and/or
the Other Special Servicer of the related Other Securitization Trust to determine whether a No Downgrade Confirmation is required
with respect to the Companion Loan pursuant to and in accordance with the related Other Pooling and Servicing Agreement. In connection
with each such assumption or substitution entered into by the Special Servicer, the Special Servicer shall give prior notice thereof
to the Master Servicer. The Master Servicer (with respect to the Whole Loan if it is a Performing Loan) or the Special Servicer
(with respect to the Whole Loan if it is a Specially Serviced Loan or an REO Loan) shall notify the Trustee and the Certificate
Administrator that any such assumption or substitution agreement has been completed by forwarding to the Custodian (with a copy
to the Master Servicer, the Certificate Administrator and the Trustee, as applicable) the original copy of such agreement, which
copies shall be added to the Mortgage File and shall, for all purposes, be considered a part of the Mortgage File to the same extent
as all other documents and instruments constituting a part thereof. To the extent not otherwise precluded by the Loan Documents,
neither the Master Servicer (with respect to the Whole Loan


 



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if it is a Performing Loan) (with the consent of the Special Servicer)
nor the Special Servicer (with respect to a Specially Serviced Loan or an REO Loan) shall approve an assumption or substitution
without requiring the Borrower to pay any fees owed to the Rating Agencies associated with the approval of such assumption or substitution.
However, in the event that the Borrower is required but fails to pay such fees, such fees shall be an expense of the Trust Fund;
provided that the Master Servicer (if the Whole Loan is a Performing Loan) or the Special Servicer (if the Whole Loan is
a Specially Serviced Loan), shall be required, after receiving payment from amounts on deposit in the Collection Account, if any,
to (i) promptly notify the Companion Loan Holder and (ii) use efforts consistent with the Servicing Standard to exercise on behalf
of the Trust Fund the rights of the Trust Fund under the Co-Lender Agreement to obtain reimbursement for a pro rata portion
of such amount allocable to the Companion Loan from the Companion Loan Holder.


 


(b)       If
the Whole Loan contains a provision in the nature of a “due-on-encumbrance” clause, which by its terms:


 


(i)        provides
that the Whole Loan shall (or may at the mortgagee’s option) become due and payable upon the creation of any lien or other
encumbrance on the Mortgaged Property or any direct or indirect ownership interest in the Borrower (including, unless specifically
permitted, any mezzanine financing of the Borrower or the Mortgaged Property or any sale or transfer of preferred equity in the
Borrower or its owners),


 


(ii)       requires
the consent of the mortgagee to the creation of any such lien or other encumbrance on the Mortgaged Property (including, without
limitation, any mezzanine financing of the Borrower or the Mortgaged Property or any sale or transfer of preferred equity in the
Borrower or its owners), or


 


(iii)      provides
that the Mortgaged Property may be further encumbered without the consent of the mortgagee (including, without limitation, any
mezzanine financing of the Borrower or the Mortgaged Property or any sale or transfer of preferred equity in the Borrower or its
owners), provided that certain conditions set forth in the Loan Documents are satisfied,


 


then, subject to the consent rights
of the Directing Holder during a Subordinate Control Period, neither the Master Servicer (with respect to the Whole Loan if it
is a Performing Loan) (with the consent of the Special Servicer) nor the Special Servicer (with respect to the Whole Loan if it
is a Specially Serviced Loan or an REO Loan), on behalf of the Trust Fund, shall be required to enforce such due-on-encumbrance
clauses and in connection therewith, will not be required to (i) accelerate the payments on the Whole Loan or (ii) withhold its
consent to such lien or encumbrance, if the Master Servicer (with the consent of the Special Servicer) or the Special Servicer,
as applicable, (x) determines, in accordance with the Servicing Standard that such enforcement would not be in the best interests
of the Trust Fund or Companion Loan Holders, or that in the case of the circumstances described in clause (b)(iii) above,
that the conditions to further encumbrance have been satisfied and (y) receives prior No Downgrade Confirmation from the Rating
Agencies (or has been deemed to satisfy such requirement). In addition, with respect to the Companion Loan, neither the Master
Servicer nor the Special Servicer shall waive any rights under a due on encumbrance clause unless it first obtains a No Downgrade


 



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Confirmation with respect to the related Companion Loan Securities to the extent required under each related Other Securitization
Trust. The Master Servicer and the Special Servicer shall be entitled to rely on the Other Servicer and/or the Other Special Servicer
of the related Other Securitization Trust to determine whether a No Downgrade Confirmation is required with respect to the Companion
Loan pursuant to and in accordance with the related Other Pooling and Servicing Agreement. To the extent not otherwise precluded
by the Loan Documents, neither the Master Servicer (with respect to the Whole Loan if it is a Performing Loan) nor the Special
Servicer (with respect to the Whole Loan if it is a Specially Serviced Loan or REO Loan) shall approve such lien or encumbrance
without requiring the Borrower to pay any fees owed to the Rating Agencies associated with the approval of such lien or encumbrance.
However, in the event that the Borrower is required but fails to pay such fees, such fees shall be an expense of the Trust Fund;
provided that the Master Servicer (if the Whole Loan is a Performing Loan) or the Special Servicer (if the Whole Loan is
a Specially Serviced Loan), shall be required, after receiving payment from amounts on deposit in the Collection Account, if any,
to (i) promptly notify the Companion Loan Holder and (ii) use efforts consistent with the Servicing Standard to exercise on behalf
of the Trust Fund the rights of the Trust Fund under the Co-Lender Agreement to obtain reimbursement for a pro rata portion
of such amount allocable to the Companion Loan from the Companion Loan Holder.


 


(c)       [Reserved].


 


(d)       The
Master Servicer and the Special Servicer, as applicable, shall each provide copies of any waivers it effects pursuant to Section
3.09(a) or (b) of this Agreement to the other party and the 17g-5 Information Provider (which shall promptly post such
waivers to the 17g-5 Information Provider’s Website pursuant to Section 3.14(d) of this Agreement) with respect to
the Trust Loan.


 


(e)       Nothing
in this Section 3.09 shall constitute a waiver of the Trustee’s right, as the mortgagee of record, to receive notice
of any assumption of the Trust Loan, any sale or other transfer of the Mortgaged Property or the creation of any lien or other
encumbrance with respect to the Mortgaged Property.


 


(f)        In
connection with the taking of, or the failure to take, any action pursuant to this Section 3.09, the Special Servicer shall
not agree to modify, waive or amend, and no assumption or substitution agreement entered into pursuant to Section 3.09(a)
of this Agreement shall contain any terms that are different from, any term of the Whole Loan or the Note, other than pursuant
to Section 3.26 hereof, as applicable.


 


(g)       When
the Special Servicer’s consent is requested under this Section 3.09, such consent shall be deemed given 15 Business
Days after receipt (unless earlier objected to) by the Special Servicer from the Master Servicer of the Master Servicer’s
written analysis and recommendation with respect to such proposed action together with such other information reasonably required
by the Special Servicer.


 


(h)       If
the Whole Loan permits release of the Mortgaged Property through defeasance:


 






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(i)        subject
to the consent rights and process set forth in Section 6.09 with respect to Major Decisions, the Master Servicer shall process
all defeasances of the Whole Loan in accordance with the terms of the related Loan Documents, and shall be entitled to any defeasance
fees paid relating thereto;


 


(ii)       if
the Whole Loan requires that the lender purchase the required government securities, then the Master Servicer shall purchase, or
shall cause the purchase of, such obligations on behalf of the Trust, at the Borrower’s expense, in accordance with the terms
of the Whole Loan; provided that the Master Servicer shall not accept the amounts paid by the Borrower to effect defeasance until
acceptable government securities have been identified;


 


(iii)       to
the extent not inconsistent with the Whole Loan, the Master Servicer shall require the Borrower to provide an Opinion of Counsel
(which shall be an expense of the Borrower) to the effect that the Trustee has a first priority perfected security interest in
the defeasance collateral (including the government securities) and the assignment of the defeasance collateral is valid and enforceable;


 


(iv)      to
the extent not inconsistent with the Whole Loan, the Master Servicer shall require a certificate at the Borrower’s expense
from an Independent certified public accountant certifying to the effect that the government securities will provide cash flows
sufficient to meet all payments of interest and principal (including payments at maturity) on the Whole Loan in compliance with
the requirements of the terms of the related Loan Documents;


 


(v)       prior
to permitting release of the Mortgaged Property through defeasance, the Master Servicer shall require an Opinion of Counsel to
the effect that such release will not cause either Trust REMIC to fail to qualify as a REMIC at any time that any Certificates
are outstanding or cause a tax to be imposed on the Trust Fund under the REMIC Provisions; provided that to the extent not inconsistent
with the Whole Loan, the Borrower shall pay the cost related to the Opinion of Counsel (and shall otherwise be a Property Advance);


 


(vi)      no
defeasance shall occur on or prior to the second anniversary of the Startup Day of the Trust REMICs or if the Companion Loan is
held by a REMIC, on or prior to the second anniversary of the startup day of such REMIC;


 


(vii)     the
Master Servicer shall, at the expense of the Borrower (to the extent not inconsistent with the related Loan Documents), cause the
U.S. government securities to be held for the benefit of the Certificateholders and the Companion Loan Holder, and apply payments
of principal and interest received on the government obligations in respect of the defeased Whole Loan in accordance with the terms
of the Loan Documents;


 


(viii)    the
Master Servicer shall, in accordance with the Servicing Standard, enforce provisions in the Whole Loan requiring the Borrower to
pay all reasonable expenses associated with a defeasance;


 






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(ix)       to
the extent not inconsistent with the Whole Loan, or to the extent the Loan Documents provide the lender with discretion, the Master
Servicer shall require a single purpose entity, formed solely for the purpose of owning and pledging the government securities
related to the Whole Loan, to act as a successor borrower;


 


(x)        to
the extent not inconsistent with the Whole Loan, each Rating Agency and, to the extent required by the Other Securitization Trust,
each rating agency relating to any Companion Loan Securities must provide a No Downgrade Confirmation; and


 


(xi)       to
the extent not required or permitted to be placed in a separate account, the Master Servicer shall deposit all payments received
by it from defeasance collateral substituted for the Mortgaged Property into the Collection Account and treat any such payments
as payments made on the Whole Loan in advance of its Due Date in accordance with clause (a) of the definition of Principal Distribution
Amount, and not as a prepayment of the Whole Loan. Notwithstanding anything herein to the contrary, in no event shall the Master
Servicer permit such amounts to be maintained in the Collection Account for a period in excess of 365 days.


 


Section
3.10 Appraisals; Realization upon Defaulted Whole Loan. (a) Contemporaneously with the earliest of (i) the
effective date of any (A) modification of the Maturity Date or extended Maturity Date, the Whole Loan Rate, principal balance
or amortization terms of the Whole Loan, (B) extension of the Maturity Date or extended Maturity Date of the Whole Loan as
described below in Section 3.26 of this Agreement, or (C) consent to the release of the Mortgaged Property from the
lien of the Mortgage other than pursuant to the terms of the Whole Loan and (ii) the occurrence of an Appraisal Reduction
Event, the Special Servicer shall use commercially reasonable efforts to obtain an Updated Appraisal (or a letter update for
an existing appraisal which is less than two years old) within 60 days of such event, the cost of which shall constitute a
Property Advance; provided, however, that the Special Servicer shall not be required to obtain an Updated
Appraisal pursuant to clauses (i) and (ii) above with respect to the Mortgaged Property for which there exists
an Appraisal or Updated Appraisal which is less than nine months old unless the Special Servicer has actual knowledge of a
material adverse change in circumstances that, consistent with the Servicing Standard, would call into question the validity
of such Appraisal or Updated Appraisal. For so long as the Whole Loan is a Specially Serviced Loan, the Special Servicer
shall obtain letter updates to an Updated Appraisal every nine months. The Special Servicer shall use all Updated Appraisals
it obtains to calculate any Appraisal Reduction Amount. Prior to the Special Servicer granting extensions beyond one year or
any subsequent extension after granting a one year extension with respect to the Whole Loan, the Special Servicer shall
recalculate any Appraisal Reduction Amount based on an Updated Appraisal. The Special Servicer shall obtain letter
updates, every nine months, to an Updated Appraisal for so long as an Appraisal Reduction Event exists with respect to the
Whole Loan and recalculate the Appraisal Reduction Amount based on such Updated Appraisal. In addition, upon receipt of each
Updated Appraisal, the Special Servicer shall re-compute the Appraisal Reduction Amount, which shall be adjusted accordingly,
and if required in accordance with any such adjustment, each Class of Certificates that has been notionally reduced as a
result of Appraisal Reduction Amounts shall have its related Certificate Balance notionally restored to the extent required
by such adjustment of the Appraisal Reduction Amount, and the Special Servicer shall redetermine whether a Subordinate
Control Period or a Subordinate Consultation


 



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Period is then in effect and, for the avoidance of doubt, which Class of
Certificates is the then-Controlling Class. The Special Servicer shall send all such letter updates and Updated Appraisals to
the Trustee, the Certificate Administrator, the Directing Holder (during any Subordinate Control Period and any Subordinate
Consultation Period), the Operating Advisor and the 17g-5 Information Provider (which shall promptly post such materials to
the 17g-5 Information Provider’s Website pursuant to Section 3.14(d) of this Agreement). Within 15 days after
the occurrence of an Appraisal Reduction Event, the Special Servicer will be required to notify the Directing Holder (but
only during any Subordinate Control Period and any Subordinate Consultation Period) and the Operating Advisor of the
occurrence of such Appraisal Reduction Event. The Special Servicer shall also notify the Other Servicer and Other Trustee of
the existence of an Appraisal Reduction Event and any related Appraisal Reduction Amount. The Special Servicer shall be
deemed to have delivered notice of any such Appraisal Reduction Event and any related Appraisal Reduction Amount if
the Master Servicer includes such event and/or amount in its monthly servicer statements provided to the Other Servicer.


 


The Special Servicer
shall monitor the Whole Loan so long as it is a Specially Serviced Loan, evaluate whether the causes of the default can be corrected
over a reasonable period without significant impairment of the value of the Mortgaged Property, initiate corrective action (with
(i) notification to and the consent of the Directing Holder during any Subordinate Control Period and upon consultation with the
Directing Holder during any Subordinate Consultation Period, and (ii) upon consultation with the Operating Advisor during any Operating
Advisor Consultation Period) in cooperation with the Borrower if, in the Special Servicer’s judgment a cure is likely, and
take such other actions (including without limitation, negotiating and accepting a discounted payoff of the Whole Loan) as are
consistent with the Servicing Standard. If, in the Special Servicer’s judgment, such corrective action has been unsuccessful,
no satisfactory arrangement can be made for collection of delinquent payments, and the Specially Serviced Loan has not been released
from the Trust Fund pursuant to any provision hereof, and except as otherwise specifically provided in Section 3.09(a) and
3.09(b) of this Agreement, the Special Servicer may, to the extent consistent with the Asset Status Report and with the
Servicing Standard, accelerate the Specially Serviced Loan and commence a foreclosure or other acquisition with respect to the
Mortgaged Property; provided that the Special Servicer determines that such acceleration and foreclosure are more likely
to produce a greater recovery to Certificateholders and the Companion Loan Holder (as a collective whole as if such Certificateholders
and Companion Loan Holder constituted a single lender) on a present value basis (discounting at the related Calculation Rate) than
would a waiver of such default or an extension or modification in accordance with the provisions of Section 3.26 hereof.
The Master Servicer shall pay the costs and expenses in any such proceedings as a Property Advance unless the Master Servicer or
the Special Servicer, as applicable, determines, in its good faith judgment, that such Property Advance would constitute a Nonrecoverable
Advance; provided, however, that if such Property Advance would constitute a Nonrecoverable Advance but the Special
Servicer determines (with the Master Servicer permitted to conclusively rely upon any such determination) that such payment would
be in the best interests of the Certificateholders and the Companion Loan Holder (as a collective whole as if such Certificateholders
and Companion Loan Holder constituted a single lender) the Special Servicer shall direct the Master Servicer to make such payment
from the Collection Account, which payment shall be an Additional Trust Fund Expense. The Trustee shall be entitled to conclusively
rely upon any determination of the Master Servicer or Special Servicer that a Property Advance, if made, would constitute a


 



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Nonrecoverable
Advance. If the Master Servicer does not make such Property Advance in violation of the second preceding sentence, the Trustee
shall make such Property Advance, unless the Trustee determines that such Property Advance would be a Nonrecoverable Advance. The
Master Servicer and the Trustee, as applicable, shall be entitled to reimbursement of Property Advances (with interest at the Advance
Rate) made pursuant to this paragraph to the extent permitted by Section 3.06 of this Agreement.


 


The Master Servicer shall
deliver by electronic mail (or via other means of electronic delivery reasonably acceptable to the Master Servicer and the Special
Servicer) to the Special Servicer any information in the Master Servicer’s possession that is reasonably required to determine,
calculate, redetermine or recalculate any Appraisal Reduction Amount or updated Appraisal Reduction Amount pursuant to the definition
thereof, using reasonable best efforts to deliver such information, within four (4) Business Days following the Special Servicer’s
written request therefor (which request shall be made promptly, but in no event later than ten (10) Business Days after the Special
Servicer’s receipt of the applicable Appraisal); provided, however, that the Special Servicer’s failure
to timely make such request shall not relieve the Master Servicer of its obligation to provide such information to the Special
Servicer in the manner and timing set forth in this sentence; provided, further, that it shall not be a Special Servicer
Termination Event if the Special Servicer fails to satisfy its obligation to determine, calculate, redetermine or recalculate an
Appraisal Reduction Amount within the time periods set forth in this Agreement to the extent such failure is due to or caused by
the Master Servicer’s failure to deliver the information reasonably required to make such determination, calculation, redetermination
or recalculation within the time periods set forth in this Agreement. The Master Servicer shall not calculate Appraisal Reduction
Amounts.


 


(b)       If
the Special Servicer elects to proceed with a non-judicial foreclosure in accordance with the laws of the state where the Mortgaged
Property is located, the Special Servicer shall not be required to pursue a deficiency judgment against the Borrower or any other
liable party if (i) the laws of the state do not permit such a deficiency judgment after a non-judicial foreclosure or (ii) if
the Special Servicer determines, in its best judgment, that the likely recovery if a deficiency judgment is obtained will not be
sufficient to warrant the cost, time, expense and/or exposure of pursuing the deficiency judgment and such determination is evidenced
by an Officer’s Certificate delivered to the Trustee and the Certificate Administrator.


 


(c)        In the event that title to the Mortgaged Property is acquired in foreclosure or by deed-in-lieu of foreclosure,
the deed or certificate of sale shall be issued to the Trustee, or to its nominee (which shall not include the Special
Servicer) or a separate Trustee or co-Trustee on behalf of the Trustee as Holder of the Lower-Tier Regular Interests and the
Certificateholders and the Companion Loan Holder. Notwithstanding any such acquisition of title and cancellation or partial
cancellation of the Whole Loan, the Whole Loan shall (except for purposes of Section 9.01 of this Agreement) be
considered to be an REO Loan until such time as the REO Property shall be sold by the Trust Fund and shall be reduced only by
collections net of expenses. Consistent with the foregoing, for purposes of all calculations hereunder, so long as the Whole
Loan shall be considered to be an outstanding Whole Loan, as applicable:


 


(i)        it
shall be assumed that, notwithstanding that the indebtedness evidenced by the Note shall have been discharged or partially discharged,
the Note and, for purposes of determining the Stated Principal Balance thereof, the related amortization


 



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schedule, if any, in effect
at the time of any such acquisition of title shall remain in effect; and


 


(ii)       subject
to Section 1.02(f) of this Agreement, Net REO Proceeds received in any month shall be applied to amounts that would have
been payable under the Note in accordance with the terms of the Note and the Co-Lender Agreement. In the absence of such terms,
Net REO Proceeds shall, subject to Section 1.02(f) of this Agreement, be deemed to have been received first, in payment
of the accrued interest that remained unpaid on the date that the REO Property was acquired by the Trust Fund; second, in
respect of the delinquent principal installments that remained unpaid on such date; and thereafter, Net REO Proceeds received
in any month shall be applied to the payment of installments of principal, if any, and accrued interest on the Whole Loan deemed
to be due and payable in accordance with the terms of the Note and such amortization schedule, if any, until such principal has
been paid in full and then to other amounts due under the Whole Loan. If such Net REO Proceeds exceed the Monthly Payment then
payable, the excess shall be treated as a Principal Prepayment received in respect of the Whole Loan.


 


(d)       Notwithstanding
any provision herein to the contrary, the Special Servicer shall not acquire for the benefit of the Trust Fund and the Companion
Loan Holder any personal property pursuant to this Section 3.10 unless either:


 


(i)        such
personal property is incident to real property (within the meaning of Section 856(e)(l) of the Code) so acquired by the Special
Servicer for the benefit of the Trust Fund and the Companion Loan Holder; or


 


(ii)       the
Special Servicer shall have requested and received an Opinion of Counsel (which opinion shall be an expense of the Lower-Tier REMIC)
to the effect that the holding of such personal property by the Lower-Tier REMIC will not cause an Adverse REMIC Event at any time
that any Certificate is outstanding.


 


(e)       Notwithstanding
any provision to the contrary in this Agreement, the Special Servicer shall not, on behalf of the Trust Fund, obtain title to any
direct or indirect partnership interest or other equity interest in the Borrower pledged pursuant to any pledge agreement unless
the Special Servicer shall have requested and received an Opinion of Counsel (which opinion shall be an expense of the Trust Fund
and in accordance with the allocation provisions of the Co-Lender Agreement) to the effect that the holding of such partnership
interest or other equity interest by the Trust Fund will not cause an Adverse REMIC Event at any time that any Certificate is outstanding.


 


(f)        Notwithstanding
any provision to the contrary contained in this Agreement, the Special Servicer shall not cause the Trustee, on behalf of the Trust
Fund, to obtain title to the Mortgaged Property as a result of or in lieu of foreclosure or otherwise, to obtain title to any direct
or indirect partnership interest in the Borrower pledged pursuant to a pledge agreement and thereby be the beneficial owner of
the Mortgaged Property, to have a receiver of rents appointed with respect to, and shall not otherwise cause the Trustee to acquire
possession of, or take any other action with respect to, the Mortgaged Property if, as a result of any such action, the Trustee,
for the Trust Fund or the Certificateholders or Companion Loan


 



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Holder would be considered to hold title to, to be a “mortgagee-in-possession”
of, or to be an “owner” or “operator” of the Mortgaged Property within the meaning of the Comprehensive
Environmental Response, Compensation and Liability Act of 1980, as amended from time to time, or any comparable law, unless the
Special Servicer has previously determined in accordance with the Servicing Standard, based on an updated environmental assessment
prepared by an Independent Person who regularly conducts environmental audits, that:


 


(i)        the
Mortgaged Property is in compliance with applicable environmental laws or, if not, after consultation with an environmental consultant,
that it would be in the best economic interest of the Certificateholders and the Companion Loan Holder, as a collective whole as
if such Certificateholders and Companion Loan Holder constituted a single lender, to take such actions as are necessary to bring
the Mortgaged Property in compliance therewith, and


 


(ii)       there
are no circumstances present at the Mortgaged Property relating to the use, management or disposal of any Hazardous Materials for
which investigation, testing, monitoring, containment, clean-up or remediation could be required under any currently effective
federal, state or local law or regulation, or that, if any such Hazardous Materials are present for which such action could be
required, after consultation with an environmental consultant, it would be in the best economic interest of the Certificateholders
and the Companion Loan Holder, as a collective whole as if such Certificateholders and the Companion Loan Holder constituted a
single lender, to take such actions with respect to the Mortgaged Property.


 


In the event that the
environmental assessment first obtained by the Special Servicer with respect to the Mortgaged Property indicates that the Mortgaged
Property may not be in compliance with applicable environmental laws or that Hazardous Materials may be present but does not definitively
establish such fact, the Special Servicer shall cause such further environmental tests to be conducted by an Independent Person
who regularly conducts such tests as the Special Servicer shall deem prudent to protect the interests of Certificateholders and
the Companion Loan Holder. Any such tests shall be deemed part of the environmental assessment obtained by the Special Servicer
for purposes of this Section 3.10.


 


(g)       The
environmental assessment contemplated by Section 3.10(f) of this Agreement shall be prepared within three months (or as
soon thereafter as practicable) of the determination that such assessment is required by any Independent Person who regularly conducts
environmental audits for purchasers of commercial property where the Mortgaged Property is located, as determined by the Special
Servicer in a manner consistent with the Servicing Standard. Upon the written direction of the Special Servicer and delivery by
the Special Servicer to the Master Servicer of pertinent back-up information the Master Servicer shall advance the cost of preparation
of such environmental assessments as a Property Advance unless the Master Servicer determines, in its good faith judgment, that
such Property Advance would be a Nonrecoverable Advance. The Master Servicer shall be entitled to reimbursement of Property Advances
(with interest at the Advance Rate) made pursuant to the preceding sentence to the extent permitted by Section 3.06. The
Special Servicer shall provide written reports and a copy of any environmental assessments in electronic format to the Master Servicer,
the Companion Loan Holder and the 17g-5 Information Provider (which shall promptly post such materials to the 17g-5 Information
Provider’s Website pursuant to Section 3.14(d) of this


 



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Agreement), monthly regarding any actions taken by the Special
Servicer with respect to the Mortgaged Property securing a Defaulted Mortgage Loan as to which the environmental testing contemplated
by Section 3.10(f) of this Agreement has revealed that either of the conditions set forth in clause (i) and (ii)
of the first sentence thereof has not been satisfied, in each case until the earlier to occur of (i) satisfaction of both such
conditions, (ii) repurchase of the Trust Loan by the Trust Loan Seller or (iii) release of the lien of the Mortgage on the Mortgaged
Property.


 


(h)       If
the Special Servicer determines pursuant to Section 3.10(f)(i) of this Agreement that the Mortgaged Property is not in compliance
with applicable environmental laws but that it is in the best economic interest of the Trust Fund and the Companion Loan Holder,
as a collective whole as if the Certificateholders and the Companion Loan Holder constituted a single lender, to take such actions
as are necessary to bring the Mortgaged Property in compliance therewith, or if the Special Servicer determines pursuant to Section
3.10(f)(ii) of this Agreement that the circumstances referred to therein relating to Hazardous Materials are present but that
it is in the best economic interest of the Trust Fund and the Companion Loan Holder, as a collective whole as if the Certificateholders
and the Companion Loan Holder constituted a single lender, to take such action with respect to the containment, clean-up or remediation
of Hazardous Materials affecting the Mortgaged Property as is required by law or regulation, the Special Servicer shall take such
action (subject to the rights of the Directing Holder to consent to and/or consult in respect of such action) as it deems to be
in the best economic interest of the Trust Fund and Companion Loan Holder, as a collective whole as if such Certificateholders
and Companion Loan Holder constituted a single lender, but only if the Certificate Administrator has mailed notice to the Holders
of the Regular Certificates and Companion Loan Holder of such proposed action, which notice shall be prepared by the Special Servicer,
and only if the Certificate Administrator does not receive, within 30 days of such notification, instructions from the Holders
of Regular Certificates entitled to a majority of the Voting Rights and the Companion Loan Holder directing the Special Servicer
not to take such action. Notwithstanding the foregoing, if the Special Servicer reasonably determines that it is likely that within
such 30-day period irreparable environmental harm to the Mortgaged Property would result from the presence of such Hazardous Materials
and provides a prior written statement to the Trustee and the Certificate Administrator setting forth the basis for such determination,
then the Special Servicer may take or cause to be taken such action to remedy such condition as may be consistent with the Servicing
Standard. None of the Trustee, the Certificate Administrator, the Master Servicer or the Special Servicer shall be obligated to
take any action or not take any action pursuant to this Section 3.10(h) at the direction of the Certificateholders and the
Companion Loan Holder unless the Certificateholders and the Companion Loan Holder agree to indemnify the Trustee, the Certificate
Administrator, the Master Servicer and the Special Servicer with respect to such action or inaction. The Master Servicer shall
advance the cost of any such compliance, containment, clean-up or remediation as a Property Advance unless the Master Servicer
determines, in its good faith judgment, that such Advance would constitute a Nonrecoverable Advance.


 


(i)         The
Special Servicer shall notify the Master Servicer if the Mortgaged Property is abandoned or foreclosed and requires reporting to
the IRS and shall provide the Master Servicer with all information regarding forgiveness of indebtedness, abandonment or foreclosure
as required to be reported with respect to the Whole Loan and the Master Servicer shall report to the IRS and the Borrower, in
the manner required by applicable law, such


 



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information via Form 1099C or 1099A, all forgiveness of indebtedness, abandonment or
foreclosure to the extent such information has been provided to the Master Servicer by the Special Servicer. The Master Servicer
shall deliver a copy of any such report to the Trustee, the Certificate Administrator and the Special Servicer.


 


(j)         The
costs of any Updated Appraisal obtained pursuant to this Section 3.10 shall be paid by the Master Servicer as a Property
Advance and shall be reimbursable from the Collection Account.


 


Section 3.11 Custodian
to Cooperate; Release of Mortgage File. Upon the payment in full of the Whole Loan, or the receipt by the Master Servicer
of a notification that payment in full has been escrowed in a manner customary for such purposes, the Master Servicer shall immediately
notify the Custodian by a certification (which certification shall include a statement to the effect that all amounts received
or to be received in connection with such payment which are required to be deposited in the Collection Account pursuant to Section
3.05 of this Agreement have been or will be so deposited) of a Servicing Officer and shall request delivery to it of the Mortgage
File. Any expense incurred in connection with any instrument of satisfaction or deed of reconveyance that is not paid by the Borrower
shall be chargeable to the Trust Fund. The Master Servicer agrees to use reasonable efforts in accordance with the Servicing Standard
to enforce any provisions in the Loan Documents that require the Borrower to pay such amounts. No expenses incurred in connection
with any instrument of satisfaction or deed of reconveyance shall be an expense of the Trustee or the Custodian or chargeable
to the Collection Account.


 


From time to time upon
request of the Master Servicer or the Special Servicer and delivery to the Custodian of a Request for Release, the Custodian shall
promptly release the Mortgage File (or any portion thereof) designated in such Request for Release to the Master Servicer or the
Special Servicer, as applicable. Upon return of the foregoing to the Custodian, or in the event of a liquidation or conversion
of the Whole Loan into an REO Loan, or receipt by the Custodian of a certificate of a Servicing Officer stating that the Mortgaged
Property was liquidated and that all amounts received or to be received in connection with such liquidation which are required
to be deposited into the Collection Account have been so deposited, or that the Whole Loan has become an REO Loan, the Custodian
shall deliver a copy of the Request for Release to the Master Servicer or the Special Servicer, as applicable.


 


Upon written certification
of a Servicing Officer, the Trustee shall execute and deliver to the Master Servicer (with respect to the Whole Loan if it is a
Performing Loan) and the Special Servicer (with respect to the Whole Loan if it is a Specially Serviced Loan or an REO Loan) any
court pleadings, requests for a trustee’s sale or other documents prepared by the Special Servicer, its agents or attorneys,
necessary to the foreclosure or trustee’s sale in respect of the Mortgaged Property or to any legal action brought to obtain
judgment against the Borrower on the Notes or Mortgage or to obtain a deficiency judgment, or to enforce any other remedies or
rights provided by the Note or Mortgage or otherwise available at law or in equity. Each such certification shall include a request
that such pleadings or documents be executed by the Trustee and a statement as to the reason such documents or pleadings are required,
that the proposed action is consistent with the Servicing Standard and that the execution and delivery thereof by the Trustee will
not invalidate or otherwise affect the lien of the related Mortgage, except for the termination of such a lien upon completion
of the foreclosure or trustee’s sale.


 






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Section 3.12 Servicing
Fees, Trustee/Certificate Administrator Fee and Special Servicing Compensation. (a) As compensation for its activities hereunder,
the Master Servicer shall be entitled to the Servicing Fee. The Master Servicer’s rights to the Servicing Fee may not be
transferred in whole or in part except in connection with the transfer of all of the Master Servicer’s responsibilities
and obligations under this Agreement or as provided in the following paragraph with respect to the Excess Servicing Fee. In addition,
the Master Servicer shall be entitled to receive, as additional Servicing Compensation, to the extent permitted by applicable
law and the Loan Documents and the Co-Lender Agreement, (i) all investment income earned on amounts on deposit in the Collection
Account and certain Reserve Accounts (to the extent consistent with the Loan Documents), (ii) any Net Default Interest and any
other Penalty Charges collected by the Master Servicer or the Special Servicer during a Collection Period accrued on the Whole
Loan if it is a Performing Loan, in each case, remaining after application thereof during such Collection Period to pay the Advance
Interest Amount relating to such Performing Loan and to pay or reimburse the Trust for any unreimbursed Additional Trust Fund
Expenses (including Special Servicing Fees, Workout Fees and Liquidation Fees) relating to such Performing Loan incurred during
or prior to such Collection Period, and as further described in (d), (iii) any amounts collected for checks returned for insufficient
funds (with respect to the Whole Loan if it is Performing Loan or a Specially Serviced Loan), demand fees (with respect to the
Whole Loan if it is a Performing Loan) or similar items (with respect to the Whole Loan if it is a Performing Loan) (but not including
Prepayment Charges) and (iv) to the extent permitted by applicable law and the Loan Documents, 100% of any Modification Fees and
consent fees with respect to (and other similar fees relating to) the Whole Loan if it is a Performing Loan where the consent
of the Special Servicer is not required (50% of such fees where the consent of the Special Servicer is required), 100% of any
defeasance fees (provided, that for the avoidance of doubt, any such defeasance fee shall not include any Modification Fees or
waiver fees in connection with a defeasance that the Special Servicer is entitled to under this Agreement), 100% of Assumption
Fees and consent fees (or similar fees) relating to the transactions referred to in Section 3.09(b) of this Agreement with
respect to the Whole Loan if it is a Performing Loan where the consent of the Special Servicer is not required (50% of such fees
where the consent of the Special Servicer is required), 100% of loan service transaction fees, 100% of beneficiary statement charges,
demand fees or similar items (but not including Prepayment Charges) with respect to the Whole Loan if it is a Performing Loan
and 100% of assumption application fees with respect to the Whole Loan if it is a Performing Loan, in each case to the extent
received and not required to be deposited or retained in the Collection Account pursuant to Section 3.05 of this Agreement.
For the avoidance of doubt, with respect to any fee split between the Master Servicer and the Special Servicer pursuant to the
terms of Section 3.12(a) or (b) hereof, the Master Servicer and the Special Servicer shall each have the right,
but not any obligation, to reduce or elect not to charge its respective percentage interest in any such fee; provided, however
(x) neither the Master Servicer nor the Special Servicer shall have the right to reduce or elect not to charge the percentage
interest of any fee due to the other and (y) to the extent either of the Master Servicer or the Special Servicer exercises its
right to reduce or elect not to charge its respective percentage interest in any fee, the party that reduced or elected not to
charge such fee shall not have any right to share in any portion of the other party’s fee. For the avoidance of doubt, if
the Master Servicer decides not to charge any fee, the Special Servicer shall still be entitled to charge the portion of the related
fee the Special Servicer would have been entitled to if the Master Servicer had charged a fee and the Master Servicer shall not
be entitled to any of such fee charged by the Special Servicer. The Master Servicer shall also be entitled


 



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pursuant to, and to
the extent provided in, Section 3.06(a)(viii) or 3.07(b) of this Agreement, as applicable, to withdraw from the Collection
Account and to receive from any Borrower Accounts (to the extent not payable to the Borrower under the Whole Loan or applicable
law), Prepayment Interest Excess (if any and to the extent any such Prepayment Interest Excess exceeds the amount of any Prepayment
Interest Shortfalls) and any interest or other income earned on deposits therein.


 


KeyBank National Association
and any successor holder of the Excess Servicing Fee Rights that relate to the Whole Loan (and a successor REO Loan) shall be entitled,
at any time, at its own expense, to transfer, sell, pledge or otherwise assign such Excess Servicing Fee Rights in whole (but not
in part), in either case, to any Qualified Institutional Buyer or Institutional Accredited Investor (other than a Plan); provided
that no such transfer, sale, pledge or other assignment shall be made unless (i) that transfer, sale, pledge or other assignment
is exempt from the registration and/or qualification requirements of the Securities Act and any applicable state securities laws
and is otherwise made in accordance with the Securities Act and such state securities laws, (ii) the prospective transferor shall
have delivered to the Depositor a certificate substantially in the form attached as Exhibit P-1 hereto, and (iii) the prospective
transferee shall have delivered to the Master Servicer and the Depositor a certificate substantially in the form attached as Exhibit
P-2 hereto. None of the Depositor, the Trustee, the Certificate Administrator, the Operating Advisor or the Certificate Registrar
is obligated to register or qualify an Excess Servicing Fee Right under the Securities Act or any other securities law or to take
any action not otherwise required under this Agreement to permit the transfer, sale, pledge or assignment of an Excess Servicing
Fee Right without registration or qualification. KeyBank National Association and each holder of an Excess Servicing Fee Right
desiring to effect a transfer, sale, pledge or other assignment of such Excess Servicing Fee Right shall, and the Master Servicer
hereby agrees, and each such holder of an Excess Servicing Fee Right by its acceptance of such Excess Servicing Fee Right shall
be deemed to have agreed, in connection with any transfer of such Excess Servicing Fee Right effected by such Person, to indemnify
the Certificateholders, the Trust, the Depositor, the Initial Purchaser, the Certificate Administrator, the Trustee, the Master
Servicer, the Certificate Registrar, the Operating Advisor and the Special Servicer against any liability that may result if such
transfer is not exempt from registration and/or qualification under the Securities Act or other applicable federal and state securities
laws or is not made in accordance with such federal and state laws or in accordance with the foregoing provisions of this paragraph.
By its acceptance of an Excess Servicing Fee Right, the holder thereof shall be deemed to have agreed not to use or disclose such
information in any manner that could result in a violation of any provision of the Securities Act or other applicable securities
laws or that would require registration of such Excess Servicing Fee Right or any Certificate pursuant to the Securities Act. From
time to time following any transfer, sale, pledge or assignment of an Excess Servicing Fee Right, the Master Servicer with respect
to the Whole Loan or successor REO Loan with respect thereto to which the Excess Servicing Fee Right relates, shall pay, out of
each amount paid to the Master Servicer as Servicing Fee with respect to the Whole Loan or REO Loan, as the case may be, the related
Excess Servicing Fees to the holder of such Excess Servicing Fee Right within one Business Day following the payment of such Servicing
Fee to the Master Servicer, in each case in accordance with payment instructions provided by such holder in writing to the Master
Servicer. The holder of an Excess Servicing Fee Right shall not have any rights under this Agreement except as set forth in the
preceding sentences of this paragraph. None of the Certificate Administrator, the Certificate Registrar, the


 



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Operating Advisor,
the Depositor, the Special Servicer or the Trustee shall have any obligation whatsoever regarding payment of the Excess Servicing
Fee or the assignment or transfer of the Excess Servicing Fee Right.


 


As compensation for its
activities hereunder on each Distribution Date, the Certificate Administrator shall be entitled with respect to the Trust Loan
to its portion of the Trustee/Certificate Administrator Fee, which shall be payable from amounts on deposit in the Lower-Tier Distribution
Account. The Certificate Administrator shall pay the Trustee the Trustee’s portion of the Trustee/Certificate Administrator
Fee and the routine fees of the Certificate Registrar, the Paying Agent and the Authenticating Agent. The Certificate Administrator’s
and the Trustee’s rights to the Trustee/Certificate Administrator Fee may not be transferred in whole or in part except in
connection with the transfer of all of its respective responsibilities and obligations under this Agreement.


 


Except as otherwise provided
herein, the Master Servicer shall pay all of its overhead expenses incurred by it in connection with its servicing activities hereunder,
including all fees of any Sub-Servicers retained by it. Except as otherwise provided herein, the Trustee and the Certificate Administrator
shall each pay all expenses incurred by it in connection with its activities hereunder.


 


(b)       As
compensation for its activities hereunder, the Special Servicer shall be entitled with respect to a Specially Serviced Loan or
an REO Loan to the Special Servicing Compensation, which shall be payable from amounts on deposit in the Collection Account as
set forth in Section 3.06 of this Agreement. The Special Servicer’s rights to the Special Servicing Fee may not be
transferred in whole or in part except in connection with the transfer of all of the Special Servicer’s responsibilities
and obligations under this Agreement. In addition, the Special Servicer shall be entitled to receive, as Special Servicing Compensation,
to the extent permitted by applicable law and the Loan Documents, (i) any late payment charges and any Net Default Interest and
any other default charges and Penalty Charges collected by the Master Servicer or the Special Servicer during a Collection Period
accrued on a Specially Serviced Loan remaining after application thereof during such Collection Period (subject to the terms of
the Co-Lender Agreement) to pay the Advance Interest Amount relating to such Specially Serviced Loan and any unreimbursed Additional
Trust Fund Expenses (including Special Servicing Fees, Workout Fees and Liquidation Fees) incurred during or prior to such Collection
Period on a Specially Serviced Loan (but not NSF check fees and the like, which shall be paid to the Master Servicer) as further
described below in subsection (c), (ii) 50% of any Assumption Fees, consent fees (or similar fees) relating to the transactions
referred to in Section 3.09(b) of this Agreement, Modification Fees (and other similar fees) and loan service transaction
fees, beneficiary statement charges or similar items with respect to the Whole Loan if it is a Performing Loan, when the approval
from the Special Servicer is required (and excluding any Prepayment Charges), (iii) any interest or other income earned on deposits
in the REO Accounts and (iv) 100% of any Assumption Fees, assumption application fees, consent fees (or similar fees) relating
to the transactions referred to in Section 3.09(b) of this Agreement, Modification Fees (and other similar fees), loan service
transaction fees, beneficiary statement charges, demand fees or similar items relating to a Specially Serviced Loan or REO Loan.
For the avoidance of doubt, with respect to any fee split between the Master Servicer and the Special Servicer pursuant to the
terms of Section 3.12(a) or (b) hereof, the Master Servicer and the Special


 



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Servicer shall each have the right, but
not any obligation, to reduce or elect not to charge its respective percentage interest in any such fee; provided, however (x)
neither the Master Servicer nor the Special Servicer shall have the right to reduce or elect not to charge the percentage interest
of any fee due to the other and (y) to the extent either of the Master Servicer or the Special Servicer exercises its right to
reduce or elect not to charge its respective percentage interest in any fee, the party that reduced or elected not to charge such
fee shall not have any right to share in any portion of the other party’s fee. For the avoidance of doubt, if the Master
Servicer decides not to charge any fee, the Special Servicer shall still be entitled to charge the portion of the related fee the
Special Servicer would have been entitled to if the Master Servicer had charged a fee and the Master Servicer shall not be entitled
to any of such fee charged by the Special Servicer.


 


Except as otherwise provided
herein, the Special Servicer shall pay all expenses incurred by it in connection with its servicing activities hereunder, including
all fees of any Sub-Servicers retained by it.


 


(c)        In
addition, a Workout Fee will be payable to the Special Servicer with respect to the Whole Loan if it ceases to be a Specially Serviced
Loan pursuant to the definition thereof. The Workout Fee will be payable out of each collection of interest and principal (including
scheduled payments, prepayments, Balloon Payments and payments at maturity) received on the Whole Loan for so long as it remains
a Corrected Mortgage Loan. The Workout Fee will cease to be payable if the Whole Loan again becomes a Specially Serviced Loan or
if the Mortgaged Property becomes an REO Property; provided that a new Workout Fee will become payable if and when the Whole
Loan again ceases to be a Specially Serviced Loan. If the Special Servicer is terminated (other than for cause) or resigns with
respect to any or all of its servicing duties, it shall retain the right to receive any and all Workout Fees payable with respect
to the Whole Loan if the Whole Loan ceases to be a Specially Serviced Loan during the period that it had responsibility for servicing
the Specially Serviced Loan or had ceased being a Specially Serviced Loan (or the Specially Serviced Loan had not yet become a
Corrected Mortgage Loan because as of the time that the Special Servicer is terminated, the Borrower has not made three consecutive
monthly debt service payments and subsequently, the Specially Serviced Loan becomes a Corrected Mortgage Loan) at the time of such
termination or resignation (and the successor Special Servicer shall not be entitled to any portion of such Workout Fees), in each
case until the Workout Fee for any such loan ceases to be payable in accordance with the preceding sentence.


 


A Liquidation Fee will
be payable to the Special Servicer with respect to (i) the Trust Loan if repurchased by the Trust Loan Seller after the applicable
time period (including any applicable extension thereof) in Section 2.03(e) of this Agreement, (ii) a Specially Serviced
Loan as to which the Special Servicer obtains a full, partial or discounted payoff from the Borrower and (iii) except as otherwise
described below, with respect to a Specially Serviced Loan or REO Property as to which the Special Servicer recovered any Liquidation
Proceeds. As to the Trust Loan repurchased by the Trust Loan Seller after the applicable time period (including any applicable
extension thereof) in Section 2.03(e) of this Agreement or a Specially Serviced Loan or an REO Property, the Liquidation
Fee will be payable from the related payment or proceeds. Notwithstanding anything to the contrary described above, no Liquidation
Fee will be payable based on, or out of, Liquidation Proceeds to the extent set forth in the


 



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definition of “Liquidation Fee”
herein. With respect to any future mezzanine debt, to the extent not prohibited by the Loan Documents, the Master Servicer or Special
Servicer, as applicable, shall require that the related mezzanine intercreditor agreement provide that in the event of a purchase
of the Whole Loan by the related mezzanine lender after 90 days following the first time that such holder’s option to purchase
the Whole Loan becomes exercisable (provided, however, that even if the purchase occurs before such expiration the Liquidation
Fee will be payable to the extent paid by, and collected from, the related borrower or the mezzanine lender), such mezzanine lender
shall be required to pay a Liquidation Fee equal to the amount that the Special Servicer would otherwise be entitled to under this
Agreement with respect to a liquidation of the Whole Loan (provided, however, that such Liquidation Fee shall in
all circumstances be payable by the related mezzanine lender and shall not, under any circumstances, be payable out of the Trust
unless the Master Servicer fails to require the related mezzanine intercreditor agreement to require the mezzanine lender to pay
such amounts in breach of its obligation to do so under this paragraph). If, however, Liquidation Proceeds are received with respect
to a Specially Serviced Loan as to which the Special Servicer is properly entitled to a Workout Fee, such Workout Fee will be payable
based on and out of the portion of such Liquidation Proceeds that constitute principal and/or interest. Notwithstanding anything
herein to the contrary, the Special Servicer shall only be entitled to receive a Liquidation Fee or a Workout Fee, but not both,
with respect to Liquidation Proceeds received on the Whole Loan or a Specially Serviced Loan. In the event that (i) the Special
Servicer resigns or has been terminated, and (ii) prior or subsequent to such resignation or termination, either (A) a Specially
Serviced Loan was liquidated or modified pursuant to an action plan submitted by the initial Special Servicer or the Special Servicer
has determined to grant a forbearance, or (B) a Specially Serviced Loan being monitored by the Special Servicer subsequently became
a Corrected Mortgage Loan, then in either such event the Special Servicer (and not the successor special servicer) shall be paid
the related Workout Fee or Liquidation Fee, as applicable.


 


The Special Servicer
shall be required to pay out of its own funds all expenses incurred by it in connection with its servicing activities hereunder
(including, without limitation, payment of any amounts, other than management fees in respect of the REO Property, due and owing
to any of its sub servicers, any amounts due and owing to any of its Affiliates, and the premiums for any blanket insurance policy
obtained by it insuring against hazard losses pursuant to Section 3.08 of this Agreement, except to the extent such premiums
are reimbursable pursuant to Section 3.08 of this Agreement), if and to the extent such expenses are not expressly payable
directly out of the Collection Account or the REO Account or as a Property Advance, and the Special Servicer shall not be entitled
to reimbursement therefor except as expressly provided in this Agreement.


 


The Special Servicer
and its Affiliates shall be prohibited from receiving or retaining any compensation or any other remuneration (including, without
limitation, in the form of commissions, brokerage fees, rebates, or as a result of any other fee-sharing arrangement) from any
Person (including, without limitation, the Trust, the Borrower, a Manager, any guarantor or indemnitor in respect of the Whole
Loan and any purchaser of the Whole Loan or REO Property) in connection with the disposition, workout or foreclosure of the Whole
Loan, the management or disposition of the REO Property, or the performance of any other special servicing duties under this Agreement,
other than as expressly provided in this Section 3.12; provided that such prohibition shall not apply to Permitted
Special Servicer/Affiliate Fees; and


 



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provided, further, that any compensation or other remuneration that the Master
Servicer or Certificate Administrator is permitted to receive or retain pursuant to this Agreement in connection with its duties
in such capacity as the Master Servicer or Certificate Administrator under this Agreement will not be Disclosable Special Servicer
Fees.


 


(d)       In
determining the compensation of the Master Servicer or Special Servicer, as applicable, with respect to Penalty Charges, on any
Distribution Date, the aggregate Penalty Charges collected on the Whole Loan during the related Collection Period shall be applied
(as between Default Interest and late payment charges, in the priority set forth in the definition of “Advance Interest Amount”)
to reimburse (i) the Master Servicer or the Trustee for interest on Advances at the Advance Rate with respect to the Trust Loan
or Whole Loan that accrued in the period that such Penalty Charges were collected and advance interest to each Companion Loan Service
Provider for any debt service advance made by such party with respect to the Companion Loan that accrued in the period that such
Penalty Charges were collected, (ii) the Trust Fund for all interest on Advances with respect to the Trust Loan or Whole Loan previously
paid to the Master Servicer, the Trustee or to any Companion Loan Service Provider pursuant to Section 3.06(a)(vi) of this
Agreement and (iii) the Trust Fund for any Additional Trust Fund Expenses (including Special Servicing Fees, Workout Fees and Liquidation
Fees) with respect to the Trust Loan or the Whole Loan paid during or prior to the Collection Period that such Penalty Charges
were collected and not previously paid out of Penalty Charges, and any Penalty Charges remaining thereafter shall be distributed
pro rata to the Master Servicer and the Special Servicer based upon the amount of Penalty Charges the Master Servicer or
the Special Servicer would otherwise have been entitled to receive during such period with respect to the Whole Loan without any
such application.


 


(e)       The
Master Servicer, the Special Servicer, the Certificate Administrator and the Trustee shall be entitled to reimbursement from the
Collection Account in accordance with Section 3.06 for the costs and expenses incurred by them in the performance of their
respective duties under this Agreement which are “unanticipated expenses incurred by the REMIC” within the meaning
of Treasury Regulations Section 1.860G-1(b)(3)(iii). Such expenses shall include, by way of example and not by way of limitation,
environmental assessments, Updated Appraisals and appraisals in connection with foreclosure, the fees and expenses of any administrative
or judicial proceeding and expenses expressly identified as reimbursable in Section 3.06(a)(xv) of this Agreement. All such
costs and expenses shall be treated as costs and expenses of the Lower-Tier REMIC and the Companion Loan, if applicable.


 


(f)        No
provision of this Agreement or of the Certificates shall require the Master Servicer, the Special Servicer, the Operating Advisor,
the Certificate Administrator or the Trustee to expend or risk their own funds or otherwise incur any financial liability in the
performance of any of their duties hereunder or thereunder, or in the exercise of any of their rights or powers, if, in the good
faith business judgment of the Master Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator or the
Trustee, as the case may be, repayment of such funds would not be ultimately recoverable from late payments, Net Insurance Proceeds,
Net Liquidation Proceeds, Net Condemnation Proceeds and other collections on or in respect of the Trust Loan, or from adequate
indemnity from other assets comprising the Trust Fund against such risk or liability.


 






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If the Master Servicer,
the Special Servicer, the Certificate Administrator, the Operating Advisor or the Trustee receives a request or inquiry from the
Borrower, any Certificateholder or any other Person the response to which would, in the Master Servicer’s, the Special Servicer’s,
the Certificate Administrator’s, the Operating Advisor’s or the Trustee’s good faith business judgment require
the assistance of Independent legal counsel or other consultant to the Master Servicer, the Special Servicer, the Certificate Administrator,
the Operating Advisor or the Trustee, the cost of which would not be an expense of the Trust Fund or the Companion Loan Holder
hereunder, then the Master Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator or the Trustee,
as the case may be, shall not be required to take any action in response to such request or inquiry unless the Borrower, such Certificateholder,
or such other Person, as applicable, makes arrangements for the payment of the Master Servicer’s, the Special Servicer’s,
the Certificate Administrator’s, the Operating Advisor’s or the Trustee’s expenses associated with such counsel
(including, without limitation, posting an advance payment for such expenses) satisfactory to the Master Servicer, the Special
Servicer, the Operating Advisor, the Certificate Administrator or the Trustee, as the case may be, in its sole discretion. Unless
such arrangements have been made, the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor
or the Trustee, as the case may be, shall have no liability to any Person for the failure to respond to such request or inquiry.


 


Section
3.13 Reports to the Certificate Administrator; Collection Account Statements. (a) The Master Servicer shall
deliver to the Certificate Administrator no later than 3:00 p.m. (New York City time) one Business Day prior to the Servicer
Remittance Date prior to each Distribution Date, the CREFC® Loan Periodic Update File with respect to the
Trust Loan for the related Distribution Date (which shall include, without limitation, the amount of Available Funds
allocable to all of the Trust Loan) including information therein that states the anticipated P&I Advances for the
related Distribution Date and any CREFC® License Fee Rate. The Master Servicer’s responsibilities under
this Section 3.13(a) with respect to REO Loan shall be subject to the satisfaction of the Special Servicer’s
obligations under Section 3.23 of this Agreement. In the event of the receipt by the Master Servicer of a Principal
Prepayment or other Unscheduled Payment after a Determination Date but prior to the related Servicer Remittance Date, the
Master Servicer shall be permitted to deliver to the Certificate Administrator a revised CREFC® Loan Periodic
Update File by no later than 10:00 a.m. (New York time) on the Servicer Remittance Date. In connection with the delivery of
any revised report, the Master Servicer shall not be required to pay the Certificate Administrator or any other party any
“re-state fee” or any other fee for delivery of such revised report and shall not be required to bear
any expenses or penalty charges in connection with the processing of such Principal Prepayment or Unscheduled Payment. With
respect to the Companion Loan, the Master Servicer shall (no later than the time(s) that it or any portion thereof is made to
the Certificate Administrator) make available to the Companion Loan Holder or, if such Companion Loan is securitized, the
applicable related Other Servicer, the CREFC® Investor Reporting Package (excluding any templates) pursuant to
the terms of this Agreement on a monthly basis. The Special Servicer shall provide any templates relating to the Companion
Loan included in the CREFC® Investor Reporting Package and prepared by the Special Servicer pursuant to the
terms hereof to the Master Servicer promptly upon reasonable request. The Master Servicer shall provide any templates
relating to the Companion Loan included in the CREFC® Investor Reporting Package (with respect to templates
required to be prepared by the Special Servicer pursuant to the terms hereof, to the extent received) to a related Other
Servicer upon reasonable request.


 






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(b)       For
so long as the Master Servicer makes deposits into or credits to and withdrawals or debits from the Collection Account, not later
than 15 days after each Distribution Date, the Master Servicer shall forward to the Certificate Administrator a statement prepared
by the Master Servicer setting forth the status of the Collection Account as of the close of business on the last Business Day
of the Collection Period related to such Distribution Date and showing the aggregate amount of deposits into and withdrawals from
the Collection Account of each category of deposit (or credit) specified in Section 3.05 of this Agreement and each category
of withdrawal (or debit) specified in Section 3.06 of this Agreement for the related Collection Period, in each case for
the Trust Loan. The Trustee and the Certificate Administrator and its agents and attorneys may at any time during normal business
hours, upon reasonable notice, inspect and copy the books, records and accounts of the Master Servicer solely relating to the Trust
Loan and the performance of its duties hereunder.


 


(c)       Beginning
in November 2016, no later than 4:00 p.m. (New York City time) on each Servicer Remittance Date, the Master Servicer shall deliver
or cause to be delivered to the Certificate Administrator (which shall promptly post such report to the Certificate Administrator’s
Website pursuant to Section 4.02(b) of this Agreement), the Companion Loan Holder, the Operating Advisor and the 17g-5 Information
Provider (which shall post such reports to the 17g-5 Information Provider’s website) the following reports (in electronic
form) with respect to the Trust Loan (and, if applicable, the REO Property), providing the required information as of the immediately
preceding Determination Date: (i) to the extent the Master Servicer has received the most recent CREFC® Special
Servicer Loan File from the Special Servicer at the time required, the most recent CREFC® Delinquent Loan Status
Report, CREFC® Historical Loan Modification and Corrected Mortgage Loan Report, the CREFC® Loan Setup
File (with respect to the first Distribution Date) and CREFC® REO Status Report received from such Special Servicer,
(ii) the most recent CREFC® Property File, CREFC® Financial File, CREFC® Comparative
Financial Status Report and the CREFC® Loan Level Reserve/LOC Report (in each case incorporating the data required
to be included in the CREFC® Special Servicer Loan File), (iii) the CREFC® Servicer Watch List with
information that is current as of such Determination Date and (iv) the CREFC® Advance Recovery Report.


 


The information that
pertains to a Specially Serviced Loan or REO Property reflected in such reports shall be based solely upon the reports delivered
by the Special Servicer to the Master Servicer (other than information as to which the Master Servicer has the primary responsibility
to generate) at least two Business Days prior to the related Determination Date in the form required by Section 3.13(f)
of this Agreement or shall be provided by means of such reports so delivered by the Special Servicer to the Master Servicer in
the form so required. In the absence of manifest error, the Master Servicer shall be entitled to conclusively rely upon, without
investigation or inquiry, the information and reports delivered to it by the Special Servicer, and the Certificate Administrator
shall be entitled to conclusively rely upon the Master Servicer’s reports and the Special Servicer’s reports and any
information provided by the Certificate Administrator or the Trustee without any duty or obligation to recompute, verify or recalculate
any of the amounts and other information stated therein.


 


(d)       The
Master Servicer shall deliver or cause to be delivered to the Trustee, the Certificate Administrator, the Companion Loan Holder,
the Initial Purchaser, the Operating Advisor and the 17g-5 Information Provider (which shall promptly post such materials to the


 



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17g-5 Information Provider’s Website), the following materials, in each case to the extent that such materials or the information
on which they are based have been received by the Master Servicer with respect to the Trust Loan, which shall be made available
by the Certificate Administrator on the Certificate Administrator’s Website:


 


(i)         Within
45 days of receipt by the Master Servicer (or within 60 days of receipt by the Special Servicer with respect to a Specially Serviced
Loan or REO Property pursuant to Section 3.13(g)(i)) of any annual year-end operating statements beginning in 2017, with
respect to the Mortgaged Property or REO Property (to the extent prepared by and received from the Special Servicer in the case
of a Specially Serviced Loan or REO Property), a CREFC® Operating Statement Analysis Report, together with copies
of the related operating statements and rent rolls (but only to the extent the Borrower is required by the Mortgage to deliver,
or otherwise agrees to provide such information and, with respect to operating statements and rent rolls for such Specially Serviced
Loan or REO Property, only to the extent received by the Special Servicer) for the current trailing 12 months, if available, or
year-to-date. The Master Servicer (or the Special Servicer in the case of a Specially Serviced Loan or REO Property) shall use
efforts consistent with the Servicing Standard to obtain said annual and other periodic operating statements and related rent
rolls, which efforts shall include a letter sent to the Borrower (followed up with telephone calls), requesting such annual and
other periodic operating statements and related rent rolls until they are received to the extent such action is consistent with
applicable law and the terms of the Whole Loan. Upon receipt of such annual and other periodic operating statements (including
year-to-date statements) and related rent rolls the Master Servicer shall promptly update the CREFC® Operating
Statement Analysis Report, provided, however, that any analysis or update with respect to year end or the first calendar quarter
of each year will not be required to the extent such analysis or update is not required under the then current CREFC®
guidelines.


 


(ii)        Within
45 days after receipt by the Master Servicer (or within 60 days of receipt by the Special Servicer in the case of a Specially
Serviced Loan or REO Property pursuant to Section 3.13(g)(ii)) of any annual year-end operating statements beginning in
2017, with respect to the Mortgaged Property or REO Property (to the extent prepared by and received from the Special Servicer
in the case of a Specially Serviced Loan or REO Property), a CREFC® NOI Adjustment Worksheet for the Mortgaged
Property (with the annual year-end operating statements attached thereto as an exhibit). The Master Servicer will use the “Normalized”
column from the CREFC® NOI Adjustment Worksheet to update the full year-end data on any CREFC® Operating
Statement Analysis Report and will use any operating statements received with respect to the Mortgaged Property (other than an
REO Property or the Mortgaged Property for so long as the Whole Loan is a Specially Serviced Loan) to update the CREFC®
Operating Statement Analysis Report for the Mortgaged Property, provided, however, that any analysis or update with respect
to year end or the first calendar quarter of each year will not be required to the extent such analysis or update is not required
under the then current CREFC® guidelines.


 






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Upon request for receipt
of any such items from any Rating Agency, the Master Servicer shall forward such items to the 17g-5 Information Provider (who shall
promptly post such items to the 17g-5 Information Provider’s Website pursuant to Section 3.14(d) of this Agreement).


 


In addition, the Master
Servicer shall deliver the CREFC® Operating Statement Analysis Report and CREFC® NOI Adjustment Worksheet
for the Mortgaged Property on a monthly basis; provided that the Master Servicer shall have no obligation to update such reports
except as required under this Agreement and no analysis or update shall be required to the extent such analysis or update is not
required to be provided under the then-current applicable CREFC® guidelines.


 


The Master Servicer shall
maintain one CREFC® Operating Statement Analysis Report for the Mortgaged Property or REO Property (to the extent
prepared by and received from the Special Servicer in the case of an REO Property or the Mortgaged Property for so long as the
Whole Loan is a Specially Serviced Loan) relating to the Whole Loan. The CREFC® Operating Statement Analysis Report
for the Mortgaged Property (other than an REO Property or the Mortgaged Property while the Whole Loan is a Specially Serviced Loan)
is to be updated with trailing 12-month information, as available (commencing with the quarter ending in December 2016), or year-to-date
information until 12-month trailing information is available by the Master Servicer and such updated report shall be delivered
to the Trustee, the Certificate Administrator, the Operating Advisor and the Companion Loan Holder in the calendar month following
receipt by the Master Servicer of such updated trailing or year-to-date operating statements and related rent rolls for the Mortgaged
Property.


 


The Special Servicer
shall pursuant to Section 3.13(d) of this Agreement deliver to the Master Servicer the information required of it pursuant
to this Section 3.13(d) with respect to a Specially Serviced Loan or REO Loan.


 


(e)       In
connection with their servicing of the Whole Loan, the Master Servicer and the Special Servicer, as applicable, shall provide to
each other and to the Trustee and the Certificate Administrator, written notice of any event that comes to their knowledge with
respect to the Whole Loan or REO Property that the Master Servicer or the Special Servicer, respectively, determines, in accordance
with the Servicing Standard, would have a material adverse effect on the Whole Loan or REO Property, which notice shall include
an explanation as to the reason for such material adverse effect.


 


(f)        On
each Determination Date, the Special Servicer shall deliver, or cause to be delivered, to the Master Servicer and, upon the request
of any of the Trustee, the Certificate Administrator, the Operating Advisor or the Depositor, to such requesting party, the CREFC®
Special Servicer Loan File with respect to the Specially Serviced Loan (and, if applicable, the REO Property), providing the required
information as of the Business Day prior to such Determination Date (or, upon the reasonable request of the Master Servicer, data
files in a form acceptable to the Master Servicer), which CREFC® Special Servicer Loan File shall include data,
to enable the Master Servicer to produce the CREFC® Supplemental Servicer Reports. In addition, at least two Business
Days prior to each Servicer Remittance Date, the Special Servicer shall deliver the CREFC® Special Servicer Loan
File to the 17g-5 Information Provider (which


 



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shall promptly post such item to the 17g-5 Information Provider’s Website).
Such reports or data shall be presented in writing and in an electronic format acceptable to the Master Servicer.


 


(g)       The
Special Servicer shall deliver or cause to be delivered to the Master Servicer and, upon the request of any of the Trustee, the
Certificate Administrator, the Operating Advisor, the Depositor or any Rating Agency, to such requesting party, without charge,
the following materials for a Specially Serviced Loan, in each case to the extent that such materials or the information on which
they are based have been received by the Special Servicer:


 


(i)        Beginning
in 2017, within 60 days of receipt by the Special Servicer of any annual operating statements with respect to a Specially Serviced
Loan, a CREFC® Operating Statement Analysis Report for the Mortgaged Property or REO Property as of the end of
the preceding calendar year, together with copies of the operating statements and rent rolls for the Mortgaged Property or REO
Property as of the end of the preceding calendar year (but only to the extent the Borrower is required by the Mortgage to deliver,
or otherwise agrees to provide, such information) and for the current trailing 12 months, if available, or year-to-date. The Special
Servicer shall use commercially reasonable efforts to obtain said annual and other periodic operating statements and related rent
rolls with respect to the Mortgaged Property for so long as the Whole Loan is a Specially Serviced Loan or REO Property, which
efforts shall include a letter sent to the Borrower or other appropriate party each quarter (followed up with telephone calls)
requesting such annual and other periodic operating statements until they are received, provided, however, that any analysis or
update with respect to year end or the first calendar quarter of each year will not be required to the extent such analysis or
update is not required under the then current CREFC® guidelines.


 


(ii)       Beginning
in 2017, within 60 days of receipt by the Special Servicer of any annual operating statements with respect to the Mortgaged Property
for so long as the Whole Loan is a Specially Serviced Loan, a CREFC® NOI Adjustment Worksheet for the Mortgaged
Property or REO Property (with the annual operating statements attached thereto as an exhibit); provided, however,
that, with the consent of the Master Servicer, the Special Servicer may instead provide data files in a form acceptable to the
Master Servicer. The Special Servicer will use the “Normalized” column from the CREFC® NOI Adjustment
Worksheet to update the full year-end data on any CREFC® Operating Statement Analysis Report and will use any operating
statements received with respect to the Mortgaged Property for so long as the Whole Loan is a Specially Serviced Loan or an REO
Property to update the CREFC® Operating Statement Analysis Report for the Mortgaged Property, provided, however,
that any analysis or update with respect to year end or the first calendar quarter of each year will not be required to the extent
such analysis or update is not required under the then current CREFC® guidelines.


 


Upon request for receipt
of any such items from any Rating Agency, the Special Servicer shall forward such items to the 17g-5 Information Provider (who
shall promptly post such items to the 17g-5 Information Provider’s Website pursuant to Section 3.14(d) of this Agreement).


 


The Special Servicer
shall maintain one CREFC® Operating Statement Analysis Report for the Mortgaged Property for so long as the Whole
Loan is a Specially Serviced Loan


 



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or the Mortgaged Property is an REO Property. The CREFC® Operating Statement Analysis
Report for the Mortgaged Property or REO Property is to be updated by the Special Servicer and such updated report delivered to
the Master Servicer within 45 days after receipt by the Special Servicer of updated operating statements and related rent rolls
for the Mortgaged Property when the Whole Loan is a Specially Serviced Loan or the Mortgaged Property is an REO Property; provided,
that the Special Servicer may instead provide data files in an electronic form acceptable to the Special Servicer. The Special
Servicer shall provide each such report to the Master Servicer in the then applicable CREFC® format.


 


(h)       If
the Master Servicer or the Special Servicer, as applicable, is required to deliver any statement, report or information under any
provision of this Agreement (including Section 3.14), the Master Servicer or the Special Servicer, as the case may be, may
satisfy such obligation by (x) delivering such statement, report or information in a commonly used electronic format or (y) making
such statement, report or information available on the Master Servicer’s Website, unless this Agreement expressly specifies
a particular method of delivery; provided that all reports required to be delivered to the Certificate Administrator shall
be delivered in accordance with clause (x) or (y).


 


(i)        The
Master Servicer may, but is not required to, make any of the reports or files it delivers pursuant to this Section 3.13
available each month on the Master Servicer’s Website only with the use of a password, in which case the Master Servicer
shall provide such password to (i) the other parties to this Agreement, who by their acceptance of such password shall be deemed
to have agreed not to disclose such password to any other Person and (ii) each Certificateholder and prospective Certificateholder
who requests such password, provided that any such Certificateholder or prospective Certificateholder, as the case may be,
and has delivered an Investor Certification to the Trustee, the Certificate Administrator and the Master Servicer. In connection
with providing access to the Master Servicer’s Website, the Master Servicer may require registration and the acceptance of
a disclaimer and otherwise (subject to the preceding sentence) adopt reasonable rules and procedures, which may include, to the
extent the Master Servicer deems necessary or appropriate, conditioning access on execution of an agreement governing the availability,
use and disclosure of such information, and which may provide indemnification to the Master Servicer for any liability or damage
that may arise therefrom.


 


(j)        With
respect to each Collection Period, the Special Servicer shall deliver or cause to be delivered to the Master Servicer, without
charge and within two Business Days following the related Determination Date, an electronic report which may include html, word
or excel compatible format, clean and searchable pdf format or such other format as mutually agreeable between the Certificate
Administrator and the Special Servicer that discloses and contains an itemized listing of any Disclosable Special Servicer Fees
received by the Special Servicer or any of its Affiliates during the related Collection Period (and the Master Servicer, if it
has received such information, shall forward such information to the Certificate Administrator no later than the Servicer Remittance
Date). Such report to the Certificate Administrator may omit any information that has previously been delivered to the Certificate
Administrator by the Master Servicer or the Special Servicer; provided that the Certificate Administrator shall include all such
related information in the Distribution Date Statement regardless of how such information was conveyed to it.


 






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Section
3.14 Access to Certain Documentation. (a) The Master Servicer and Special Servicer, as applicable, shall provide
to any Certificateholders and the Companion Loan Holder (and any registered holder or beneficial holder of Companion Loan
Securities) that are federally insured financial institutions, the Operating Advisor (but only during an Operating Advisor
Consultation Period), the Directing Holder (but only during a Subordinate Control Period or a Subordinate Consultation
Period), the Federal Reserve Board, the FDIC and the OTS and the supervisory agents and examiners of such boards and such
corporations, and any other federal or state banking or insurance regulatory authority that may exercise authority over any
Certificateholder or Companion Loan Holder (or any registered holder or beneficial holder of Serviced Companion Loan
Securities) is subject, access to the documentation regarding the Trust Loan required by applicable regulations of the
Federal Reserve Board, FDIC, OTS or any such federal or state banking or regulatory authority, such access being afforded
without charge but only upon reasonable written request and during normal business hours at the offices of the Master
Servicer or Special Servicer, as applicable. In addition, upon reasonable prior written notice to the Master Servicer or the
Special Servicer, as the case may be, the Trustee, the Certificate Administrator, the Operating Advisor (but only during an
Operating Advisor Consultation Period), the Depositor or their accountants or other representatives shall have reasonable
access to review the documents, correspondence and records in the possession of the Master Servicer or the Special Servicer,
as the case may be, as they relate to the Mortgaged Property and any REO Property during normal business hours at the offices
of the Master Servicer or the Special Servicer, as the case may be. Nothing in this Section 3.14 shall detract from
the obligation of the Master Servicer and Special Servicer to observe any applicable law prohibiting disclosure of
information with respect to the Borrower, and the failure of the Master Servicer and Special Servicer to provide access as
provided in this Section 3.14 as a result of such obligation shall not constitute a breach of this Section
3.14.


 


(b)       In
connection with providing or granting any information or access pursuant to the prior paragraph to a Certificateholder, Companion
Loan Holder (or any registered holder or beneficial owner of Companion Loan Securities) or any regulatory authority that may exercise
authority over a Certificateholder or Companion Loan Holder (or any registered holder or beneficial owner of Companion Loan Securities),
the Master Servicer and the Special Servicer may each require payment from such Certificateholder or Companion Loan Holder (or
any registered holder or beneficial owner of Companion Loan Securities) of a sum sufficient to cover the reasonable costs and expenses
of providing such information or access, including copy charges and reasonable fees for employee time and for space; provided
that no charge may be made if such information or access was required to be given or made available under applicable law. In connection
with providing Certificateholders or Companion Loan Holder (or any registered holder or beneficial owner of Companion Loan Securities)
access to the information described in the preceding paragraph the Master Servicer and the Special Servicer, as applicable, may
require (prior to affording such access) a written confirmation executed by the requesting Person substantially in such form as
may be reasonably acceptable to the Master Servicer or the Special Servicer, as the case may be, generally to the effect that such
Person is a Holder of Certificates or a beneficial holder of Book-Entry Certificates or Companion Loan Holder (or any registered
holder or beneficial owner of Companion Loan Securities) or a regulator or governmental body and will keep such information confidential.


 






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(c)       Upon
the reasonable request of any Certificateholder or Companion Loan Holder (or any registered holder or beneficial owner of Companion
Loan Securities) identified to the Master Servicer to the Master Servicer’s reasonable satisfaction, the Master Servicer
may provide (or forward electronically) (at the expense of such Certificateholder or Companion Loan Holder or registered holder
or beneficial owner of Companion Loan Securities) copies of any appraisals, operating statements, rent rolls and financial statements
obtained by the Master Servicer; provided that, in connection therewith, the Master Servicer may require a written confirmation
executed by the requesting Person substantially in such form as may be reasonably acceptable to the Master Servicer, generally
to the effect that such Person is a Holder of Certificates or Companion Loan Securities (or any registered holder or beneficial
owner of Companion Loan Securities) or a beneficial holder of Book-Entry Certificates or a regulator or a governmental body and
will keep such information confidential.


 


(d)       The
17g-5 Information Provider shall make available solely to the Depositor and to any NRSRO that delivers an NRSRO Certification to
the 17g-5 Information Provider the following items to the extent such items are delivered to it via electronic mail at 17g5informationprovider@wellsfargo.com
(or such other address as the 17g-5 Information Provider shall specify by written notice to the other parties hereto) in an electronic
format readable and uploadable (that is not locked or corrupted) on the 17g-5 Information Provider’s system, specifically
with a subject reference of “COMM 2016-667M” and an identification of the type of information being provided in the
body of such electronic mail; or via any alternative electronic mail address following notice to the parties hereto or any other
delivery method established or approved by the 17g-5 Information Provider if or as may be necessary or beneficial (provided,
however, if such information is not in electronic format readable and uploadable (that is not locked or corrupted), then
the 17g-5 Information Provider shall immediately notify the applicable delivering party thereof, whereupon such party shall promptly
deliver the subject information in such format):


 


(i)        any
waivers delivered to the 17g-5 Information Provider pursuant to Section 3.09 of this Agreement;


 


(ii)       any
Officer’s Certificate supporting any determination that any Advance was (or, if made, would be) a Nonrecoverable Advance
delivered to the 17g-5 Information Provider pursuant to Section 3.21(d) or Section 4.07(d) of this Agreement and
notice of determination not to refrain from reimbursement of all Nonrecoverable Advances;


 


(iii)      any
Asset Status Report delivered by the Special Servicer pursuant to Section 3.23(e) of this Agreement;


 


(iv)      any
environmental assessments delivered by the Special Servicer pursuant to Section 3.10(g) of this Agreement;


 


(v)       any
annual statements as to compliance and related Officer’s Certificates delivered pursuant to Section 11.07 and Section
11.08 of this Agreement;


 


(vi)      any
annual independent public accountants’ attestation reports delivered pursuant to Section 11.09 of this Agreement;


 






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(vii)     any
Appraisals delivered to the 17g-5 Information Provider pursuant to Section 3.10 of this Agreement;


 


(viii)    any
notice to the Rating Agencies relating to the Special Servicer’s determination to take action without receiving a No Downgrade
Confirmation from any Rating Agency as set forth in the definition of “No Downgrade Confirmation” pursuant to Section
3.30 of this Agreement;


 


(ix)       copies
of any questions or requests submitted by the Rating Agencies directed toward the Master Servicer, Special Servicer, Certificate
Administrator or Trustee;


 


(x)        any
requests for a No Downgrade Confirmation that are delivered to the 17g-5 Information Provider pursuant to Section 3.30 of this
Agreement;


 


(xi)       any
notice of resignation of the Trustee or Certificate Administrator and any notice of the acceptance of appointment by the successor
Trustee or successor Certificate Administrator pursuant to Section 8.07 or Section 8.08, as applicable, of this
Agreement;


 


(xii)      any
notice of resignation or assignment of the rights of the Master Servicer or the Special Servicer pursuant to Section 6.04
of this Agreement;


 


(xiii)     any
notice of Servicer Termination Event or termination of the Master Servicer or the Special Servicer delivered pursuant to Section
7.03 of this Agreement;


 


(xiv)     any
notice of the merger or consolidation of the Certificate Administrator or the Trustee pursuant to Section 8.09 of this
Agreement;


 


(xv)      any
notice of the merger or consolidation of the Master Servicer, the Special Servicer or the Operating Advisor pursuant to Section
6.02 of this Agreement;


 


(xvi)     any
notice of any amendment that modifies the procedures herein relating to Exchange Act Rule 17g-5 pursuant to Section 10.08
of this Agreement;


 


(xvii)    any
notice or other information provided by the Master Servicer pursuant to Section 10.07 of this Agreement;


 


(xviii)   any
summary of oral communication with the Rating Agencies delivered to the 17g-5 Information Provider pursuant to Section 3.14(f)
of this Agreement; provided that the summary of such oral communication shall not attribute which Rating Agency the
communication was with;


 


(xix)      the
Rating Agency Q&A Forum and Document Request Tool; and


 


(xx)       such
information as is delivered to the 17g-5 Information Provider by the Depositor in mutually agreeable electronic format within
fifteen (15) days of the Closing Date.


 






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The foregoing information
shall be made available by the 17g-5 Information Provider on the 17g-5 Information Provider’s Website (a link to which shall
be provided on the Depositor’s website at www.intralinks.com or such other website as the Depositor may notify the parties
hereto in writing). Information will be posted on the same Business Day of receipt provided that such information is received by
2:00 p.m. (eastern time) or, if received after 2:00 p.m., on the next Business Day by 12:00 p.m. (eastern time). The 17g-5 Information
Provider shall have no obligation or duty to verify, confirm or otherwise determine whether the information being delivered is
accurate, complete, conforms to the transaction, or otherwise is or is not anything other than what it purports to be or whether
such information (other than (solely with respect to the 17g-5 Information Provider’s obligation to post such information)
the information set forth in clauses (i) through (xix) above) is required to be posted on the 17g-5 Information Provider’s
Website pursuant to this Agreement or Rule 17g-5. In the event that any information is delivered or posted in error, the 17g-5
Information Provider may remove it from the 17g-5 Information Provider’s Website. The Certificate Administrator and the 17g-5
Information Provider have not obtained and shall not be deemed to have obtained actual knowledge of any information only by receipt
and posting to the 17g-5 Information Provider’s Website. Access will be provided by the 17g-5 Information Provider to the
Rating Agencies, and to the NRSROs upon receipt of an NRSRO Certification in the form of Exhibit O hereto (which certification
may be submitted electronically via the 17g-5 Information Provider’s Website) on the same Business Day as the request if
such certification is submitted by 2:00 p.m., and if such certification is submitted after 2:00 p.m., on the following Business
Day. Questions regarding delivery of information to the 17g-5 Information Provider may be directed to 17g5informationprovider@wellsfargo.com
(or such other address as the 17g-5 Information Provider shall specify by written notice to the other parties hereto).


 


Upon delivery by the
Depositor to the 17g-5 Information Provider of information designated by the Depositor as pre-closing information from the Depositor’s
17g-5 Website (the “Pre-close Information”), the 17g-5 Information Provider shall make such information available
only to the Depositor and to NRSROs via the 17g-5 Information Provider’s Website pursuant to this Section 3.14(d).
Such information shall be provided to the 17g-5 Information Provider via electronic media and delivered to the 17g-5 Information
Provider as mutually agreed. The Depositor shall not be entitled to direct the 17g-5 Information Provider to provide access to
the Pre-close Information or any other information on the 17g-5 Information Provider’s Website to any designee or third party.
The Master Servicer or the Special Servicer, as applicable, may, but shall not be obligated to, provide information to the 17g-5
Information Provider that is neither specifically required hereunder, nor required by any Rating Agency; however, the 17g-5 Information
Provider shall post such information provided to it pursuant to the terms hereof.


 


The 17g-5 Information
Provider shall notify (i) any party that delivers information to the 17g-5 Information Provider under this Agreement that such
information was received and (ii) any party that delivers information to the 17g-5 Information Provider under this Agreement and
each Person that has signed up for access to the 17g-5 Information Provider’s Website in respect of the transaction governed
by this Agreement each time an additional document is posted to the 17g-5 Information Provider’s Website and such notice
shall specifically identify such document. The 17g-5 Information Provider shall send such notice to such Persons to the email address
that has been provided by and is used by such Person for the purpose of accessing the 17g-5 Information Provider’s Website,
including a general email address if such general


 



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email address has been provided to the 17g-5 Information Provider in connection
with a completed NRSRO Certification in the form of Exhibit O hereto. In addition to notifying each Person that has been
signed up for access to the 17g-5 Information Provider’s Website when an additional document has been posted, the 17g-5 Information
Provider shall automatically provide such notifications to the following email addresses: cmbs.surveillance@dbrs.com, cmbs_info_17g5@standardandpoors.com
and cmbssurveillance@moodys.com.


 


The 17g-5 Information
Provider shall make available, only to the Rating Agencies and NRSROs, the Rating Agency Q&A Forum and Document Request Tool.
The “Rating Agency Q&A Forum and Document Request Tool” shall be a service available on the 17g-5 Information
Provider’s Website, where Rating Agencies and NRSROs may (i) submit Inquiries to the Certificate Administrator relating to
the Distribution Date Statement, or submit Inquiries to the Master Servicer or the Special Servicer, as applicable, relating to
the reports being made available pursuant to this Section 3.14(d), the Whole Loan or the Mortgaged Property or submit inquiries
to the Operating Advisor relating to the Operating Advisor Annual Reports or actions by the Master Servicer or the Special Servicer
as to which the Operating Advisor has consultation rights pursuant to Section 3.32, whether or not referenced in such Operating
Advisor Annual Report, (ii) view Inquiries that have been previously submitted and answered, together with the answers thereto
and (iii) submit requests for loan-level reports and information. Upon receipt of an Inquiry for the Certificate Administrator,
the Operating Advisor, the Master Servicer or the Special Servicer, the 17g-5 Information Provider shall forward the Inquiry to
the Certificate Administrator, the Operating Advisor, the Master Servicer or the Special Servicer, as applicable, in each case
within a commercially reasonable period following receipt thereof. Following receipt of an Inquiry or request relating to the subject
matters described in clauses (i) or (iii) above, the Certificate Administrator, the Operating Advisor, the Master
Servicer or the Special Servicer, as applicable, unless it determines not to answer such Inquiry as provided below, shall reply
to the Inquiry, which reply of the Certificate Administrator, Operating Advisor, Master Servicer or Special Servicer shall be by
email to the 17g-5 Information Provider. The 17g-5 Information Provider shall post (within a commercially reasonable period following
preparation or receipt of such answer, as the case may be) such Inquiry and the related answer (or reports, as applicable) to the
17g-5 Information Provider’s Website. Any report posted by the 17g-5 Information Provider in response to a request may be
posted on a page accessible by a link on the 17g-5 Information Provider’s Website. If the Certificate Administrator, the
Operating Advisor, the Master Servicer or the Special Servicer determines, in its respective sole discretion, that (i) the Inquiry
is beyond the scope outlined above, (ii) answering any Inquiry would be in violation of applicable law, the Servicing Standard,
this Agreement or the applicable Loan Documents, (iii) answering any Inquiry would or is reasonably expected to result in a waiver
of an attorney-client privilege or the disclosure of attorney work product or is not otherwise advisable to answer or (iv)(A) answering
any Inquiry would materially increase the duties of, or result in significant additional cost or expense to, the Certificate Administrator,
the Operating Advisor, the Master Servicer or the Special Servicer, as applicable, and (B) the Certificate Administrator the Operating
Advisor, the Master Servicer or the Special Servicer, as applicable, determines in accordance with the Servicing Standard (or in
good faith, in the case of the Certificate Administrator or the Operating Advisor) that the performance of such duties or the payment
of such costs and expenses is beyond the scope of its duties in its capacity as Certificate Administrator, the Operating Advisor,
Master Servicer or Special Servicer, as applicable, under this Agreement, it shall not be required to answer such


 



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Inquiry and,
in the case of the Certificate Administrator, the Operating Advisor, Master Servicer or the Special Servicer, shall promptly notify
the 17g-5 Information Provider, and the 17g-5 Information Provider shall post such Inquiry on the Rating Agency Q&A Forum and
Document Request Tool together with a statement that such Inquiry was not answered. Answers posted on the Rating Agency Q&A
Forum and Document Request Tool will be attributable only to the respondent, and shall not be deemed to be answers from any of
the Depositor, the Initial Purchaser, the Master Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator
or the Trustee or any of their respective Affiliates and no such party shall have any responsibility or liability for the content
of any such information. The 17g-5 Information Provider shall not be required to post to the 17g-5 Information Provider’s
Website any Inquiry or answer thereto that the 17g-5 Information Provider determines, in its sole discretion, is administrative
or ministerial in nature. The Rating Agency Q&A Forum and Document Request Tool will not reflect questions, answers and other
communications between the 17g-5 Information Provider and any Person which are not submitted via the 17g-5 Information Provider’s
Website.


 


In connection with providing
access to the Certificate Administrator’s Website and the 17g-5 Information Provider’s Website, the Certificate Administrator
and/or the 17g-5 Information Provider may require registration and the acceptance of a disclaimer. The Certificate Administrator
and the 17g-5 Information Provider, as the case may be, shall not be liable for the dissemination of information in accordance
with the terms of this Agreement, make no representations or warranties as to the accuracy or completeness of such information
being made available, and assume no responsibility for such information; provided that it is acknowledged and agreed that
the 17g-5 Information Provider shall not be charged with knowledge of any of the contents of such information solely by virtue
of its compliance with its obligations to post such information to the 17g-5 Information Provider’s Website. The 17g-5 Information
Provider shall not be liable for its failure to make any information available to the NRSROs unless such information was delivered
to the 17g-5 Information Provider at the email address set forth herein (or other form of electronic delivery reasonably acceptable
to the 17g-5 Information Provider and Master Servicer or Special Servicer, as applicable) in an electronic format readable and
uploadable (that is not locked or corrupted) on the 17g-5 Information Provider’s system, with a subject heading of “COMM
2016-667M” and sufficient detail to indicate that such information is required to be posted on the 17g-5 Information Provider’s
Website; provided, however, that if such information is not in electronic format readable and uploadable (that is
not locked or corrupted), then the 17g-5 Information Provider shall immediately notify the applicable delivering party thereof,
whereupon such party shall promptly deliver the subject information in such format.


 


The 17g-5 Information
Provider shall not be responsible or have any liability for any act, omission or delay attributable to the failure of any other
party to this Agreement to timely deliver information to be posted on the 17g-5 Information Provider’s Website or for any
errors or defects in the information supplied by any such party. Neither the Certificate Administrator nor the 17g-5 Information
Provider has obtained and neither shall be deemed to have obtained actual knowledge of any information solely by receipt or posting
to the Certificate Administrator’s Website or the 17g-5 Information Provider’s Website, as applicable.


 






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The 17g-5 Information
Provider’s obligations in respect of Rule 17g-5 or any other law or regulation related thereto shall be limited to the specific
obligations contained in this Agreement and the 17g-5 Information Provider makes no representations or warranties as to the compliance
of the Depositor with Rule 17g-5 or any other law or regulation related thereto.


 


(e)       Each
of the Master Servicer and the Special Servicer may, in accordance with such reasonable rules and procedures as it may adopt, also
deliver, produce or otherwise make available through its website or otherwise, any additional information identified in Section
3.14(d) of this Agreement relating to the Whole Loan, the Mortgaged Property or the Borrower, for review by the Depositor,
the Initial Purchaser and any other Persons who deliver an Investor Certification in accordance with this Section 3.14,
the Companion Loan Holder and the Rating Agencies (collectively, the “Disclosure Parties”) (only to the extent
such additional information is simultaneously or previously delivered to the 17g-5 Information Provider in accordance with the
provisions of Section 3.14(d) of this Agreement, which shall post such additional information on the 17g-5 Information Provider’s
Website in accordance with the provisions of Section 3.14(d) of this Agreement), in each case, except to the extent doing
so is prohibited by this Agreement, applicable law or by the Loan Documents. Each of the Master Servicer and the Special Servicer
shall be entitled to (i) indicate the source of such information and affix thereto any disclaimer it deems appropriate in its discretion
and/or (ii) require that the recipient of such information (A) except for the Depositor, enter into an Investor Certification or
other confidentiality agreement acceptable to the Master Servicer or the Special Servicer, as the case may be, and (B) acknowledge
that the Master Servicer or the Special Servicer may contemporaneously provide such information to any other Disclosure Party.
In addition, to the extent access to such information is provided via the Master Servicer’s or the Special Servicer’s
website, the Master Servicer and the Special Servicer may require registration and the acceptance of a reasonable and customary
disclaimer and/or an additional or alternative agreement as to the confidential nature of such information. In connection with
providing access to or copies of the information described in this Section 3.14(e) to current or prospective Certificateholders
the form of confidentiality agreement used by the Master Servicer or the Special Servicer, as applicable, shall be: (i) in the
case of a Certificateholder (or a licensed or registered investment advisor acting on behalf of such Certificateholder), an Investor
Certification executed by the requesting Person indicating that such Person is a Holder of Certificates and will keep such information
confidential (except that such Certificateholder may provide such information (x) to its auditors, legal counsel and regulators
and (y) to any other Person that holds or is contemplating the purchase of any Certificate or interest therein (provided
that such other Person confirms in writing such ownership interest or prospective ownership interest and agrees to keep such information
confidential)); and (ii) in the case of a prospective purchaser of Certificates or interests therein (or a licensed or registered
investment advisor acting on behalf of such prospective purchaser), an Investor Certification indicating that such Person is a
prospective purchaser of a Certificate or an interest therein and is requesting the information for use in evaluating a possible
investment in Certificates and will otherwise keep such information confidential with no further dissemination (except that such
Certificateholder may provide such information to its auditors, legal counsel and regulators). In the case of a licensed or registered
investment advisor acting on behalf of a current or prospective Certificateholder, the Investor Certification shall be executed
and delivered by both the investment advisor and such current or prospective Certificateholder.


 






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Neither the Master Servicer
nor the Special Servicer shall be liable for its dissemination of information in accordance with this Agreement or by others in
violation of the terms of this Agreement. Neither the Master Servicer nor the Special Servicer shall be responsible or have any
liability for the completeness or accuracy of the information delivered, produced or otherwise made available pursuant to this
Section 3.14 unless (i) the Master Servicer or Special Servicer, as applicable, is the original source for such information
and (ii) such failure to deliver complete and accurate information is by reason of such party’s willful misconduct, bad faith,
fraud and/or negligence.


 


(f)        The
Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor and the Trustee shall be permitted
(but shall not be required) to orally communicate with the Rating Agencies regarding the Trust Loan, the Whole Loan, any Class
of Certificates, the Companion Loan Holder, the Mortgaged Property or any REO Property; provided that such party summarizes
the information provided to the Rating Agencies in such communication and provides the 17g-5 Information Provider with such summary
in accordance with the procedures set forth in Section 3.14(d) of this Agreement the same day such communication takes place;
provided that the summary of such oral communications shall not attribute which Rating Agency the communication was with.
The 17g-5 Information Provider shall post such summary on the 17g-5 Information Provider’s Website in accordance with the
procedures set forth in Section 3.14(d) of this Agreement.


 


(g)       None
of the foregoing restrictions in this Section 3.14 or otherwise in this Agreement shall prohibit or restrict oral or written
communications, or providing information, between the Master Servicer, the Operating Advisor, or the Special Servicer, on the one
hand, and any Rating Agency or NRSRO, on the other hand, with regard to (i) such Rating Agency’s or NRSRO’s review
of the ratings it assigns to the Master Servicer, the Operating Advisor or the Special Servicer, as applicable, (ii) such Rating
Agency’s or NRSRO’s approval of the Master Servicer, the Operating Advisor, or the Special Servicer, as applicable,
as a commercial mortgage master, special or primary servicer or (iii) such Rating Agency’s or NRSRO’s evaluation of
the Master Servicer’s, the Operating Advisor’s, or the Special Servicer’s, as applicable, servicing operations
in general; provided that the Master Servicer, the Operating Advisor, or the Special Servicer, as applicable, shall not
provide any information relating to the Certificates or the Trust Loan to any Rating Agency or NRSRO in connection with such review
and evaluation by such Rating Agency or NRSRO unless (x) Borrower, property and other deal specific identifiers are redacted; (y)
such information has already been provided to the 17g-5 Information Provider pursuant to the terms hereof; or (z) the Rating Agency
confirms in writing that it does not intend to use such information in undertaking credit rating surveillance with respect to the
Certificates; provided, however, that the Rating Agencies may use information delivered in reliance on the certification
provided in this clause (z) for any purpose to the extent it is publicly available (unless the availability results from
a breach of this Agreement or any other confidentiality agreement to which such Rating Agency is subject) or comprises information
collected by the applicable Rating Agency from the 17g-5 Information Provider’s Website (or another 17g-5 information provider’s
website that such Rating Agency has access to) (in each case, subject to any agreement governing the use of such information, including
any engagement letter with the Depositor or any other applicable depositor).


 






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(h)       The
costs and expenses of compliance with this Section 3.14 by the Depositor, the Master Servicer, the Special Servicer, the
Trustee and any other party hereto shall not be Additional Trust Fund Expenses.


 


(i)        If
any of the parties to this Agreement receives a Form ABS Due Diligence-15E from any party in connection with any third-party due
diligence services such party may have provided with respect to the Trust Loan (“Due Diligence Service Provider”),
such receiving party shall promptly forward such Form ABS Due Diligence-15E to the 17g-5 Information Provider for posting on the
17g-5 Information Provider’s Website. The 17g-5 Information Provider shall post on the 17g-5 Information Provider’s
Website any Form ABS Due Diligence-15E it receives directly from a Due Diligence Service Provider or from another party to this
Agreement, promptly upon receipt thereof.


 






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Section
3.15 Title and Management of REO Property and REO Accounts. (a) In the event that title to the Mortgaged Property
is acquired for the benefit of Certificateholders and the Companion Loan Holder in foreclosure, by deed-in-lieu of
foreclosure or upon abandonment or reclamation from bankruptcy, the deed or certificate of sale shall be taken in the name of
the Trustee, or its nominee (which shall not include the Master Servicer), or a separate Trustee or co-Trustee, in each case
on behalf of the Trust Fund and the Companion Loan Holder. The Special Servicer, on behalf of the Trust Fund and the
Companion Loan Holder, shall dispose of any REO Property prior to the close of the third calendar year following the year in
which the Trust Fund acquires ownership of the REO Property for purposes of Section 860G(a)(8) of the Code, unless (i) the
Special Servicer on behalf of the Lower-Tier REMIC has applied for an extension of such period pursuant to Sections 856(e)(3)
and 860G(a)(8)(A) of the Code, in which case the Special Servicer shall sell the REO Property within the applicable extension
period or if the Special Servicer has applied for extension as provided in this clause (i) but such request has not
yet been granted or denied, the additional time specified in such request, or (ii) the Special Servicer seeks and
subsequently receives an Opinion of Counsel (which opinion shall be an expense of the Trust Fund and allocated in accordance
with the allocation provisions set forth in the Co-Lender Agreement), addressed to the Special Servicer, the Certificate
Administrator and the Trustee, to the effect that the holding by the Trust Fund of the REO Property for an additional
specified period will not cause the REO Property to fail to qualify as “foreclosure property” within the meaning
of Section 860G(a)(8) of the Code (determined without regard to the exception applicable for purposes of Section 860D(a) of
the Code) at any time that any Certificate is outstanding, in which event such period shall be extended by such
additional specified period subject to any conditions set forth in such Opinion of Counsel. The Special Servicer, on behalf
of the Trust Fund and the Companion Loan Holder, shall dispose of any REO Property held by the Trust Fund prior to the last
day of such period (taking into account extensions) by which the REO Property is required to be disposed of pursuant to the
provisions of the immediately preceding sentence in a manner provided under Section 3.16 hereof. The Special Servicer
shall manage, conserve, protect and operate the REO Property for the Certificateholders and the Companion Loan Holder solely
for the purpose of its prompt disposition and sale in a manner which does not cause the REO Property to fail to qualify as
“foreclosure property” within the meaning of Section 860G(a)(8) of the Code (determined without regard to the
exception applicable for purposes of Section 860D(a) of the Code) and such that income from the operation or sale of such
property does not result in receipt by the Trust Fund of any income from non-permitted assets as described in Section
860F(a)(2)(B) of the Code with respect to such property.


 


(b)       The
Special Servicer shall have full power and authority, subject only to the Servicing Standard and the specific requirements and
prohibitions of this Agreement, to do any and all things in connection with any REO Property as are consistent with the manner
in which the Special Servicer manages and operates similar property owned or managed by the Special Servicer or any of its Affiliates,
all on such terms and for such period as the Special Servicer deems to be in the best interests of Certificateholders and the Companion
Loan Holder, in connection therewith, the Special Servicer shall agree to the payment of management fees that are consistent with
general market standards. Consistent with the foregoing, the Special Servicer shall cause or permit to be earned with respect to
the REO Property any “net income from foreclosure property”, within the meaning of Section 860G(c) of the Code, which
is subject to tax under the REMIC Provisions, only if it has determined, and has so advised the Trustee and the Certificate Administrator
in writing, that the earning of such income on a net after-tax basis


 



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could reasonably be expected to result in a greater recovery
on behalf of Certificateholders and the Companion Loan Holder than an alternative method of operation or rental of the REO Property
that would not be subject to such a tax.


 


The Special Servicer
shall segregate and hold all revenues received by it with respect to any REO Property separate and apart from its own funds and
general assets and shall establish and maintain with respect to any REO Property a segregated custodial account (each, an “REO
Account”), each of which shall be an Eligible Account and shall be entitled “Strategic Asset Services LLC, on behalf
of Wells Fargo Bank, National Association, as Trustee, in trust for the benefit of the Holders of COMM 2016-667M Mortgage Trust
Commercial Mortgage Pass-Through Certificates, REO Account” and the Companion Loan Holder. The Special Servicer shall be
entitled to withdraw for its account any interest or investment income earned on funds deposited in the REO Account to the extent
provided in Section 3.07(b) of this Agreement. The Special Servicer shall deposit or cause to be deposited REO Proceeds
in the REO Account within one Business Day after receipt of the REO Proceeds, and shall withdraw therefrom funds necessary for
the proper operation, management and maintenance of the REO Property and for other Property Protection Expenses with respect to
the REO Property, including:


 


(i)         all
insurance premiums due and payable in respect of any REO Property;


 


(ii)        all
real estate taxes and assessments in respect of any REO Property that may result in the imposition of a lien thereon;


 


(iii)       all
costs and expenses reasonable and necessary to protect, maintain, manage, operate, repair and restore any REO Property; and


 


(iv)       any
taxes imposed on the Lower-Tier REMIC in respect of net income from foreclosure property in accordance with Section 4.05.


 


To the extent that such
REO Proceeds are insufficient for the purposes set forth in clauses (i) through (iii) above, the Master Servicer
shall make such Advance unless the Master Servicer determines, in accordance with the Servicing Standard, that such Property Advance
would constitute a Nonrecoverable Advance (provided that with respect to advancing insurance premiums or delinquent tax
assessments the Master Servicer shall comply with the provisions of the second to last paragraph in Section 3.21(d) of this
Agreement) and if the Master Servicer does not make any such Advance, the Trustee, to the extent the Trustee has actual knowledge
of the Master Servicer’s failure to make such Advance, shall make such Advance, unless in each case, the Master Servicer
or the Trustee, as applicable, determines that such Advance would be a Nonrecoverable Advance. The Trustee shall be entitled to
rely, conclusively, on any determination by the Special Servicer or the Master Servicer, as applicable, that an Advance, if made,
would be a Nonrecoverable Advance. The Trustee, when making an independent determination whether or not a proposed Advance would
be a Nonrecoverable Advance, shall make such determination in accordance with Section 3.21(d) based on its reasonable judgment.
The Master Servicer or the Trustee, as applicable, shall be entitled to reimbursement of such Advances (with interest at the Advance
Rate) made pursuant to the preceding sentence, to the extent permitted by Section 3.06 of this Agreement. The Special Servicer
shall withdraw from the REO Account and remit to the Master Servicer for deposit into the Collection Account on a monthly basis
prior to or on the related Due Date the Net REO Proceeds received or collected


 



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from each REO Property, except that in determining
the amount of such Net REO Proceeds, the Special Servicer may retain in each REO Account reasonable reserves for repairs, replacements
and necessary capital improvements and other related expenses.


 


Notwithstanding the foregoing,
the Special Servicer shall not:


 


(i)         permit
any New Lease to be entered into, renewed or extended, if the New Lease by its terms will give rise to any income that does not
constitute Rents from Real Property;


 


(ii)        permit
any amount to be received or accrued under any New Lease, other than amounts that will constitute Rents from Real Property;


 


(iii)       authorize
or permit any construction on any REO Property, other than the repair or maintenance thereof or the completion of a building or
other improvement thereon, and then only if more than ten percent of the construction of such building or other improvement was
completed before default on the Trust Loan became imminent, all within the meaning of Section 856(e)(4)(B) of the Code; or


 


(iv)       Directly
Operate or allow any Person to Directly Operate any REO Property on any date more than 90 days after its date of acquisition by
the Trust Fund, unless such Person is an Independent Contractor;


 


unless, in any such case, the Special Servicer
has requested and received an Opinion of Counsel addressed to the Special Servicer, the Certificate Administrator and the Trustee
(which opinion shall be an expense of the Trust Fund and allocated in accordance with the allocation provisions of the Co-Lender
Agreement) to the effect that such action will not cause the REO Property to fail to qualify as “foreclosure property”
within the meaning of Section 860G(a)(8) of the Code (determined without regard to the exception applicable for purposes of Section
860D(a) of the Code) at any time that it is held by the Trust Fund, in which case the Special Servicer may take such actions as
are specified in such Opinion of Counsel.


 


The Special Servicer
shall be required to contract with an Independent Contractor, the fees and expenses of which shall be an expense of the Trust Fund
and allocated in accordance with the allocation provisions of the Co-Lender Agreement and payable out of REO Proceeds, for the
operation and management of any REO Property, within 90 days of the Trust Fund’s acquisition thereof (unless the Special
Servicer shall have provided the Trustee and the Certificate Administrator with an Opinion of Counsel that the operation and management
of any REO Property other than through an Independent Contractor shall not cause the REO Property to fail to qualify as “foreclosure
property” within the meaning of Section 860G(a)(8) of the Code) (which opinion shall be an expense of the Trust Fund and
allocated in accordance with the allocation provisions of the Co-Lender Agreement; provided that:


 


(i)         the
terms and conditions of any such contract shall be reasonable and customary for the area and type of property and shall not be
inconsistent herewith;


 


(ii)        any
such contract shall require, or shall be administered to require, that the Independent Contractor pay all costs and expenses incurred
in connection with the


 



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operation and management of the REO Property, including those listed above, and remit all related revenues
(net of such costs and expenses) to the Special Servicer as soon as practicable, but in no event later than 30 days following the
receipt thereof by such Independent Contractor;


 


(iii)       none
of the provisions of this Section 3.15(b) relating to any such contract or to actions taken through any such Independent
Contractor shall be deemed to relieve the Special Servicer of any of its duties and obligations to the Trust Fund, the Trustee
on behalf of the Certificateholders and the Companion Loan Holder, with respect to the operation and management of any the REO
Property; and


 


(iv)       the
Special Servicer shall be obligated with respect thereto to the same extent as if it alone were performing all duties and obligations
in connection with the operation and management of the REO Property.


 


The Special Servicer
shall be entitled to enter into any agreement with any Independent Contractor performing services for it related to its duties
and obligations hereunder for indemnification of the Special Servicer by such Independent Contractor, and nothing in this Agreement
shall be deemed to limit or modify such indemnification.


 


(c)       Promptly
following any acquisition by the Special Servicer of an REO Property on behalf of the Trust Fund, the Special Servicer shall notify
the Master Servicer thereof, and, the Special Servicer shall obtain an Updated Appraisal thereof, but only in the event that any
Updated Appraisal with respect thereto is more than 9 months old and the Special Servicer has no actual knowledge of any material
adverse change in circumstances that, consistent with the Servicing Standard, would call into question the validity of such Updated
Appraisal, in order to determine the fair market value of the REO Property and shall notify the Depositor and the Master Servicer
and the Companion Loan Holder of the results of such Appraisal. Any such Appraisal shall be conducted in accordance with Appraisal
Institute standards and the cost thereof shall be advanced as a Property Advance. The Special Servicer shall obtain a new Updated
Appraisal or a letter update every 9 months thereafter until the REO Property is sold.


 


(d)       When
and as necessary, the Special Servicer shall send to the Certificate Administrator a statement prepared by the Special Servicer
setting forth the amount of net income or net loss, as determined for federal income tax purposes, resulting from the operation
and management of a trade or business on, the furnishing or rendering of a non-customary service to the tenants of, or the receipt
of any other amount not constituting Rents from Real Property in respect of, any REO Property in accordance with Sections 3.15(a)
and 3.15(b) of this Agreement.


 


Section
3.16 Sale of a Specially Serviced Loan or the REO Property. (a) The parties hereto may sell or purchase, or
permit the sale or purchase of, the Whole Loan only on the terms and subject to the conditions set forth in this Section
3.16 or as otherwise expressly provided in or contemplated by Section 2.03(e) and Section 9.01 of this
Agreement or in the Co-Lender Agreement.


 






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(b)       If
the Special Servicer determines in accordance with the Servicing Standard that it would be in the best interests of the Certificateholders
and the Companion Loan Holder (as a collective whole as if such Certificateholders and Companion Loan Holder constituted a single
lender) to attempt to sell the Trust Loan if it is a Defaulted Mortgage Loan, the Special Servicer shall use efforts consistent
with the Servicing Standard to solicit offers for such Defaulted Mortgage Loan on behalf of the Certificateholders and the Companion
Loan Holder in such manner as will be reasonably likely to realize a fair price; provided, that the Special Servicer shall
be required to sell (with the consent of the Directing Holder during a Subordinate Control Period) the Trust Loan together with
the Companion Loan as one Whole Loan (subject to the terms of the Co-Lender Agreement). The Special Servicer shall accept the first
(and, if multiple offers are received, the highest cash offer received in the solicitation process within the time frame set for
such process by the Special Servicer) cash offer received from any Person that constitutes a fair price for such Defaulted Mortgage
Loan, subject to any consent or consultation rights of the Directing Holder during any Subordinate Control Period and any Subordinate
Consultation Period.


 


The Special Servicer
shall give the Trustee, the Certificate Administrator, the Master Servicer, the Operating Advisor (during any Operating Advisor
Consultation Period), the Directing Holder (during any Subordinate Control Period and any Subordinate Consultation Period), and
the Companion Loan Holder not less than ten (10) Business Days’ (or five (5) Business Days’ notice in the case of the
Directing Holder) prior written notice of its intention to sell a Defaulted Mortgage Loan (and the Certificate Administrator shall
promptly forward such notice to the Certificateholders), and notwithstanding anything to the contrary herein, neither the Trustee,
in its individual capacity, nor any of its Affiliates may make an offer for or purchase any Defaulted Mortgage Loan pursuant to
this Agreement. The notice provided to the Directing Holder and the Companion Loan Holder pursuant to the previous sentence shall
include notice of the Directing Holder’s and the Companion Loan Holder’s opportunity to bid on the Defaulted Mortgage
Loan.


 


(c)       Whether
any cash offer constitutes a fair price for such Defaulted Mortgage Loan, as the case may be, shall be determined by the Special
Servicer, if the highest offeror is a Person other than an Interested Person, and by the Trustee, if the highest offeror is an
Interested Person. In determining whether any offer received from an Interested Person represents a fair price for a Defaulted
Mortgage Loan, the Trustee shall be supplied with and shall rely on the most recent Appraisal or Updated Appraisal conducted in
accordance with this Agreement within the preceding 9-month period or in the absence of any such Appraisal, on a narrative appraisal
prepared by an Independent MAI appraiser selected by (i) the Special Servicer if the Special Servicer or an Affiliate of the Special
Servicer is not making an offer with respect to a Defaulted Mortgage Loan, (ii) by the Master Servicer if the Special Servicer
is making such an offer unless the Master Servicer and Special Servicer are Affiliates or (iii) the Operating Advisor if the Master
Servicer and Special Servicer are Affiliates and the Special Servicer is making an offer. The cost of any such Updated Appraisal
or narrative appraisal shall be covered by, and shall be reimbursable as, a Property Advance. No offer from an Interested Person
shall constitute a fair price unless (i) if the offer is equal to or greater than the applicable Repurchase Price, the offer is
the highest offer received, or (ii) if the offer is less than the applicable Repurchase Price, (a) the offer is the highest offer
received and (b) at least two other offers are received from independent third parties. In addition, the Trustee shall be permitted
to


 



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retain, at the expense of the related Interested Person, an independent third party expert in real estate or commercial mortgage
loan matters with at least five years’ experience in valuing or investing in loans similar to the Trust Loan that has been
selected with reasonable care by the Trustee to determine such fair price and will be permitted to conclusively rely on the opinion
of such third party’s determination. Any costs and fees of the Trustee in connection with an offer by an Interested Person
and the Trustee’s duties therewith shall be paid by such Interested Person.


 


In determining whether
any offer from a Person other than an Interested Person constitutes a fair price for a Defaulted Mortgage Loan, the Special Servicer
shall take into account (in addition to the results of any Appraisal or Updated Appraisal that it may have obtained pursuant to
this Agreement within the prior 9 months), and in determining whether any offer from an Interested Person constitutes a fair price
for such Defaulted Mortgage Loan, any appraiser shall be instructed to take into account, as applicable, among other factors, the
period and amount of the Delinquency on such Defaulted Mortgage Loan, the period and amount of the occupancy level and physical
condition of the Mortgaged Property, the state of the local economy in the area where the Mortgaged Property is located, the expected
recovery from such Defaulted Mortgage Loan if the Special Servicer were to pursue a workout strategy, and the time and expense
associated with a purchaser’s foreclosing on the Mortgaged Property. The Repurchase Price for a Defaulted Mortgage Loan shall
in all cases be deemed a fair price.


 


In addition, the Special
Servicer shall refer to all other relevant information obtained by it or otherwise contained in the Mortgage File; provided
that the Special Servicer shall take account of any change in circumstances regarding the Mortgaged Property known to the Special
Servicer that has occurred subsequent to, and that would, in the Special Servicer’s reasonable judgment, materially affect
the value of the Mortgaged Property reflected in the most recent related Appraisal. Furthermore, the Special Servicer may consider
available objective third party information obtained from generally available sources, as well as information obtained from vendors
providing real estate services to the Special Servicer, concerning the market for distressed real estate loans and the real estate
market for the subject property type in the area where the Mortgaged Property is located. The Special Servicer may, to the extent
it is reasonable to do so in accordance with the Servicing Standard, conclusively rely on any opinions or reports of qualified
Independent experts in real estate or commercial mortgage loan matters with at least five years’ experience in valuing or
investing in loans similar to the subject Specially Serviced Loan, selected with reasonable care by the Special Servicer, in making
such determination. All reasonable costs and expenses incurred by the Special Servicer pursuant to this Section 3.16(c)
shall constitute, and be reimbursable as, Property Advances. The other parties to this Agreement shall cooperate with all reasonable
requests for information made by the Special Servicer in order to allow the Special Servicer to perform its duties pursuant to
this Section 3.16(c).


 


(d)       Subject
to subsection (c) above, the Special Servicer shall act on behalf of the Trustee (for the benefit of the Certificateholders
and the Companion Loan Holder) in negotiating and taking any other action necessary or appropriate in connection with the sale
of a Defaulted Mortgage Loan, and the applicable collection of all amounts payable in connection therewith. In connection therewith,
the Special Servicer may charge for its own account prospective offerors, and may retain, fees that approximate the Special Servicer’s
actual costs in


 



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the preparation and delivery of information pertaining to such sales or exchanging offers without obligation to
deposit such amounts into the REO Account or the Collection Account. Any sale of a Defaulted Mortgage Loan shall be final and without
recourse to the Trustee or the Trust Fund (except such recourse to the Trust Fund imposed by those representations and warranties
typically given in such transactions, any prorations applied thereto and any customary closing matters), and if such sale is consummated
in accordance with the terms of this Agreement, none of the Special Servicer, the Master Servicer, the Depositor, the Certificate
Administrator, the Operating Advisor or the Trustee shall have any liability to any Certificateholder or Companion Loan Holder
with respect to the purchase price therefor accepted by the Special Servicer or the Trustee.


 


(e)       Any
sale of a Defaulted Mortgage Loan shall be for cash only.


 


(f)       The
Controlling Class (or the Directing Holder on its behalf) or the Affiliates of the foregoing shall be entitled to participate in,
and submit a bid in connection with, any sale of the REO Property.


 


(g)       The
parties hereto may sell or purchase, or permit the sale or purchase of, an REO Property only on the terms and subject to the conditions
set forth in this Section 3.16.


 


(h)       The
Special Servicer shall use efforts consistent with the Servicing Standard to solicit offers for an REO Property on behalf of the
Certificateholders and the Companion Loan Holder in such manner as will be reasonably likely to realize a fair price within the
time period provided for by Section 3.15(a) of this Agreement. The Special Servicer shall accept the first (and, if multiple
offers are contemporaneously received, the highest) cash offer received from any Person that constitutes a fair price for the REO
Property. If the Special Servicer determines, in its good faith and reasonable judgment, that it will be unable to realize a fair
price for any REO Property within the time constraints imposed by Section 3.15(a) of this Agreement, then the Special Servicer
shall dispose of the REO Property upon such terms and conditions as the Special Servicer shall deem necessary and desirable to
maximize the recovery thereon under the circumstances and, in connection therewith, shall accept the highest outstanding cash offer,
regardless of from whom received.


 


The Special Servicer
shall give the Trustee, the Certificate Administrator, the Master Servicer and the Operating Advisor not less than ten Business
Days’ prior written notice of its intention to sell an REO Property, and notwithstanding anything to the contrary herein,
neither the Trustee, in its individual capacity, nor any of its Affiliates may make an offer for or purchase any REO Property pursuant
to this Agreement.


 


(i)        Whether
any cash offer constitutes a fair price for an REO Property, as the case may be, shall be determined by the Special Servicer, if
the highest offeror is a Person other than an Interested Person, and by the Trustee, if the highest offeror is an Interested Person;
provided, however, that no offer from an Interested Person shall constitute a fair price unless it is the highest
offer received. In determining whether any offer received from an Interested Person represents a fair price for an REO Property,
the Trustee shall be supplied with and shall rely on the most recent appraisal or Updated Appraisal conducted in accordance with
this Agreement within the preceding 9-month period or in the absence of any such appraisal, on a narrative appraisal prepared by
an Independent MAI Appraiser selected by the Special Servicer if the


 



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Special Servicer or an Affiliate of the Special Servicer is
not making an offer with respect to the REO Property (or by the Trustee if the Special Servicer is making such an offer). The cost
of any such Updated Appraisal or narrative appraisal and any related costs and fees of the Trustee shall be covered by, and shall
be reimbursable as, a Property Advance. The Trustee shall be permitted to retain, at the expense of the related Interested Person,
an independent third party to determine such fair price and shall be permitted to conclusively rely on the opinion of such third
party’s determination. In determining whether any offer from a Person other than an Interested Person constitutes a fair
price for an REO Property, the Special Servicer shall take into account (in addition to the results of any Appraisal or Updated
Appraisal that it may have obtained pursuant to this Agreement within the prior 9 months), and in determining whether any offer
from an Interested Person constitutes a fair price for the REO Property, any appraiser shall be instructed to take into account,
as applicable, among other factors, the period and amount of the occupancy level and physical condition of the Mortgaged Property
or REO Property, the state of the local economy and the obligation to dispose of the REO Property within the time period specified
in Section 3.15(a) of this Agreement. The Repurchase Price for an REO Property shall in all cases be deemed a fair price.


 


(j)        Subject
to subsections (h) and (i) above, the Special Servicer shall act on behalf of the Trustee (for the benefit of the
Certificateholders and the Companion Loan Holder) in negotiating and taking any other action necessary or appropriate in connection
with the sale of an REO Property, and the applicable collection of all amounts payable in connection therewith. In connection therewith,
the Special Servicer may charge for its own account prospective offerors, and may retain, fees that approximate the Special Servicer’s
actual costs in the preparation and delivery of information pertaining to such sales or exchanging offers without obligation to
deposit such amounts into the Collection Account. Any sale of an REO Property shall be final and without recourse to the Trustee
or the Trust Fund (except such recourse to the Trust Fund imposed by those representations and warranties typically given in such
transactions, any prorations applied thereto and any customary closing matters), and if such sale is consummated in accordance
with the terms of this Agreement, none of the Special Servicer, the Master Servicer, the Depositor or the Trustee shall have any
liability to any Certificateholder or Companion Loan Holder with respect to the purchase price therefor accepted by the Special
Servicer or the Trustee.


 


(k)       Any
sale of an REO Property shall be for cash only.


 


(l)        Notwithstanding
any of the foregoing paragraphs of this Section 3.16, the Special Servicer shall not be required to accept the highest cash
offer if the Special Servicer determines, in its reasonable and good faith judgment, that rejection of such offer would be in the
best interests of the Certificateholders and the Companion Loan Holder, as a collective whole as if such Certificateholders and
Companion Loan Holder constituted a single lender, and the Special Servicer may accept a lower cash offer (from any Person other
than itself or an Affiliate) if it determines, in its reasonable and good faith judgment, that acceptance of such offer would be
in the best interests of the Certificateholders and the Companion Loan Holder (for example, if the prospective buyer making the
lower offer is more likely to perform its obligations or the terms offered by the prospective buyer making the lower offer are
more favorable), as a collective whole as if such Certificateholders and Companion Loan Holder constituted a single lender.


 






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(m)      The
Special Servicer shall have the obligation to sell the Defaulted Mortgage Loan (including the Companion Loan) pursuant to the terms
of the Co-Lender Agreement as if the Trust Loan and the Companion Loan were one whole loan on behalf of the Certificateholders
and the Companion Loan Holder. The Special Servicer shall provide notice to the applicable Other Special Servicer (if any) and,
to the extent it has received prior written notice, the controlling class representative of the related Other Securitization Trust
as soon as practicable following its decision to attempt to sell, and prior to the commencement of marketing of, the Companion
Loan.


 


Section
3.17 Additional Obligations of the Master Servicer and the Special Servicer; Inspections. (a) The Master Servicer
(at its own expense) (or, with respect to a Specially Serviced Loan or REO Property, the Special Servicer) shall inspect or
cause to be inspected the Mortgaged Property securing the Whole Loan at such times and in such manner as is consistent with
the Servicing Standard, but in any event shall inspect the Mortgaged Property at least once every 12 months commencing in
2017; provided, however, that if the Whole Loan becomes a Specially Serviced Loan, the Special Servicer is
required to inspect or cause to be inspected the Mortgaged Property as soon as practicable after the Whole Loan becomes a
Specially Serviced Loan and annually thereafter for so long as the Whole Loan remains a Specially Serviced Loan; provided, further,
that the Master Servicer will not be required to inspect the Mortgaged Property that has been inspected in the previous 12
months. The cost of each such inspection performed in accordance with the Servicing Standard by the Special Servicer shall be
paid by the Master Servicer as a Property Advance; provided, however, that if such Advance would be a
Nonrecoverable Advance, then the cost of such inspections shall be an expense of the Trust payable from the Collection
Account, which expense shall first be reimbursed to the Trust as an Additional Trust Fund Expense; provided that in
the case of any deficiency of amounts on deposit in the Collection Account, the Master Servicer shall, after receiving
payment or making payments from amounts on deposit in the Collection Account, if any (i) promptly notify the Companion Loan
Holder and (ii) use efforts consistent with the Servicing Standard to exercise on behalf of the Trust the rights of the Trust
under the Co-Lender Agreement to obtain reimbursement for a pro rata portion of such amount allocable to the Companion
Loan from the Companion Loan Holder. The Master Servicer or the Special Servicer, as applicable, shall prepare a written
report of the inspection describing, among other things, the condition of and any damage to the Mortgaged Property
securing the Whole Loan and specifying the existence of any material vacancies in the Mortgaged Property, any sale, transfer
or abandonment of the Mortgaged Property of which it has actual knowledge, any material adverse change in the condition of
the Mortgaged Property, or any visible material waste committed on the Mortgaged Property. The Master Servicer or Special
Servicer, as applicable, shall send such reports to the 17g-5 Information Provider (which shall promptly post such reports to
the 17g-5 Information Provider’s Website pursuant to Section 3.14(d) of this Agreement) and, upon request, to
the Initial Purchaser within 20 days of completion, each inspection report, unless the Rating Agencies notify the Master
Servicer or Special Servicer, as applicable, that they do not want such reports.


 


(b)       The
Master Servicer (with respect to the Whole Loan if it is a Performing Loan) or the Special Servicer (with respect to the Whole
Loan if it is a Specially Serviced Loan), as applicable, shall exercise the Trustee’s rights, in accordance with the Servicing
Standard, with respect to any Manager under the related Loan Documents and Management Agreement, if any.


 






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(c)       If
the Master Servicer has accepted a voluntary Principal Prepayment with respect to the Whole Loan (other than a Specially Serviced
Loan or a previously Specially Serviced Loan with respect to which the Special Servicer has waived or amended the prepayment restrictions)
(except (A) in accordance with the terms of the Loan Documents, (B) in connection with the payment of insurance proceeds or condemnation
proceeds, (C) subsequent to a default under the Loan Documents (provided that the Master Servicer reasonably believes that
acceptance of such prepayment is consistent with the Servicing Standard), (D) pursuant to applicable law or a court order, or (E)
at the request of or with the consent of the Special Servicer) resulting in a Prepayment Interest Shortfall the Master Servicer
shall deliver to the Certificate Administrator on each Servicer Remittance Date for deposit in the Lower-Tier Distribution Account
(or with respect to the Companion Loan, remit to the Companion Loan Holder a pro rata portion of the following amount),
without any right of reimbursement therefor, a cash payment (a “Master Servicer Prepayment Interest Shortfall Amount”),
in an amount equal to the lesser of (x) the aggregate amount of Prepayment Interest Shortfalls incurred in connection with such
voluntary Principal Prepayments received in respect of the Whole Loan (if it is a Performing Loan) during the related Collection
Period, and (y) the sum of (A) the aggregate of that portion of its Servicing Fees that is being paid in such Collection Period
(calculated for this purpose at 0.125 basis points (0.00125%) per annum) that is being paid in such Collection Period with
respect to the Whole Loan if it is a Performing Loan and (B) any Prepayment Interest Excess with respect to the related Collection
Period. The Master Servicer’s obligations to pay any Master Servicer Prepayment Interest Shortfall Amount, and the rights
of the Certificateholders to offset of the aggregate Prepayment Interest Shortfalls against those amounts, shall not be cumulative.


 


(d)       The
Master Servicer shall, if the Whole Loan is secured by the interest of the Borrower under a ground lease, promptly (and in any
event within 60 days) after the Closing Date deliver notice to the related ground lessor of the transfer of the Whole Loan to the
Trust pursuant to this Agreement and inform such ground lessor that any notices of default under the related ground lease should
thereafter be forwarded to the Master Servicer; provided that the Trust Loan Seller shall cooperate with the Master Servicer
with respect to such notices, including, without limitation, providing the form of notice to be delivered to such ground lessors.


 


(e)       The
Master Servicer shall, to the extent consistent with the Servicing Standard and permitted by the Loan Documents, not apply any
funds with respect to the Whole Loan (whether arising in the form of a holdback, earnout reserve, cash trap or other similar feature)
to the prepayment of the Whole Loan prior to an event of default or reasonably foreseeable event of default with respect to the
Whole Loan. Prior to an event of default or reasonably foreseeable event of default any such amounts described in the immediately
preceding sentence shall be held by the Master Servicer as additional collateral for the Whole Loan.


 


Section
3.18 Authenticating Agent. The Certificate Administrator may appoint an Authenticating Agent to execute and to
authenticate Certificates. The Authenticating Agent must be acceptable to the Depositor and must be a corporation organized
and doing business under the laws of the United States of America or any state, having a principal office and place of
business in a state and city acceptable to the Depositor, having a combined capital and surplus of at least $15,000,000,
authorized under such laws to do a trust business and subject to


 



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supervision or examination by federal or state authorities.
The Certificate Administrator shall serve as the initial Authenticating Agent.


 


Any corporation into
which the Authenticating Agent may be merged or converted or with which it may be consolidated, or any corporation resulting from
any merger, conversion or consolidation to which the Authenticating Agent shall be party, or any corporation succeeding to the
corporate agency business of the Authenticating Agent, shall be the Authenticating Agent without the execution or filing of any
paper or any further act on the part of the Certificate Administrator or the Authenticating Agent.


 


The Authenticating Agent
may at any time resign by giving at least 30 days’ advance written notice of resignation to the Certificate Administrator,
the Trustee, the Depositor and the Master Servicer. The Certificate Administrator may at any time terminate the agency of the Authenticating
Agent by giving written notice of termination to the Authenticating Agent, the Depositor and the Master Servicer. Upon receiving
a notice of resignation or upon such a termination, or in case at any time the Authenticating Agent shall cease to be eligible
in accordance with the provisions of this Section 3.18, the Certificate Administrator may appoint a successor Authenticating
Agent, which shall be acceptable to the Depositor, and shall mail notice of such appointment to all Certificateholders. Any successor
Authenticating Agent upon acceptance of its appointment hereunder shall become vested with all the rights, powers, duties and responsibilities
of its predecessor hereunder, with like effect as if originally named as Authenticating Agent herein. No successor Authenticating
Agent shall be appointed unless eligible under the provisions of this Section 3.18.


 


The Authenticating Agent
shall have no responsibility or liability for any action taken by it as such at the direction of the Certificate Administrator.
Any compensation paid to the Authenticating Agent shall be an unreimbursable expense of the Certificate Administrator, as applicable.


 


Section
3.19 Appointment of Custodians. Wells Fargo Bank, National Association is hereby appointed as the initial
Custodian. The Certificate Administrator may, at its own expense and with the consent of the Master Servicer, appoint one or
more additional Custodians to hold all or a portion of the Mortgage Files on behalf of the Trustee and otherwise perform the
duties set forth in Article II, by entering into a Custodial Agreement with any Custodian who is not the Depositor; provided
that if the additional Custodian is an Affiliate of the Certificate Administrator such consent of the Master Servicer need
not be obtained and the Certificate Administrator shall instead notify the Master Servicer of such appointment. The
Certificate Administrator agrees to comply with the terms of each Custodial Agreement and to enforce the terms and provisions
thereof against the Custodian for the benefit of the Certificateholders and the Companion Loan Holder. The Certificate
Administrator shall not be liable for any act or omission of the Custodian under the Custodial Agreement, nor will the
Certificate Administrator have any obligation to oversee the activities of a non-Affiliate Custodian. Each Custodian shall be
a depository institution subject to supervision by federal or state authority, shall have a combined capital and surplus (or
shall have its performance guaranteed by an Affiliate with a combined capital and surplus) of at least $10,000,000, shall
have a long-term debt rating of at least “BBB” from S&P. Each Custodian shall be subject to the same
obligations and standard of care as would be imposed on the Certificate Administrator hereunder in connection with the
retention of the Mortgage File directly by the Certificate


 



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Administrator. The appointment of one or more Custodians shall not
relieve the Certificate Administrator from any of its duties, liabilities or obligations hereunder. If the Custodian is
an entity other than the Certificate Administrator, the Custodian shall maintain a fidelity bond in the form and amount that
are customary for securitizations similar to the securitization evidenced by this Agreement. The Custodian shall be deemed to
have complied with this provision if one of its Affiliates has such fidelity bond coverage and, by the terms of such fidelity
bond, the coverage afforded thereunder extends to the Custodian. In addition, the Custodian shall keep in force during the
term of this Agreement a policy or policies of insurance covering loss occasioned by the errors and omissions of its officers
and employees in connection with its obligations hereunder in the form and amount that are customary for securitizations
similar to the securitization evidenced by this Agreement. All fidelity bonds and policies of errors and omissions insurance
obtained under this Section 3.19 shall be issued by a Qualified Insurer. For the avoidance of doubt, the Certificate
Administrator shall bear no responsibility for any acts or omissions on the part of the Custodian.


 


Section
3.20 Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and Reserve Accounts. The Master Servicer shall
administer each Lock-Box Account, Cash Collateral Account, Escrow Account and Reserve Account in accordance with the Mortgage
or Loan Agreement, Cash Collateral Account Agreement or Lock-Box Agreement, if any relating to the Whole Loan it is
servicing.


 


Section
3.21 Property Advances. (a) The Master Servicer (or, to the extent provided in Section 3.21(c) of this
Agreement, the Trustee) to the extent specifically provided for in this Agreement, shall make any Property Advances as and to
the extent otherwise required pursuant to the terms hereof with respect to the Whole Loan. For purposes of distributions to
Certificateholders and compensation to the Master Servicer, the Special Servicer or the Trustee, Property Advances shall not
be considered to increase the Stated Principal Balance of the Whole Loan, notwithstanding that the terms of the Whole Loan so
provide.


 


(b)       Notwithstanding
anything in this Agreement to the contrary, the Special Servicer shall give the Master Servicer not less than five Business Days’
written notice with respect to any Property Advance to be made on a Specially Serviced Loan, before the date on which the Master
Servicer is required to make such Property Advance with respect to a Specially Serviced Loan or an REO Loan; provided, however,
that the Special Servicer shall be required to provide the Master Servicer with only two Business Days’ written notice in
respect of Property Advances required to be made on an urgent or emergency basis (which may include, without limitation, Property
Advances required to make tax or insurance payments). If the Master Servicer, the Special Servicer or the Trustee makes a Property
Advance with respect to the Whole Loan, then it shall provide written notice to the related Other Servicer, Other Special Servicer
and Other Trustee of the amount of such Property Advance with respect to the Whole Loan within two (2) Business Days of making
such Property Advance.


 


(c)       The
Master Servicer shall notify the Trustee and the Certificate Administrator in writing promptly upon, and in any event within one
Business Day after, becoming aware that it will be unable to make any Property Advance required to be made pursuant to the terms
hereof, and in connection therewith, shall set forth in such notice the amount of such Property Advance, the Person to whom it
is to be paid, and the circumstances and purpose of such Property Advance, and shall set forth therein information and instructions


 



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for the payment of such Property Advance, and, on the date specified in such notice for the payment of such Property Advance, or,
if the date for payment has passed or if no such date is specified, then within five Business Days following such notice, the Trustee,
subject to the provisions of Section 3.21(d) of this Agreement, shall pay the amount of such Property Advance in accordance
with such information and instructions.


 


(d)       The
Special Servicer shall promptly furnish any party required to make Property Advances hereunder with any information in its possession
regarding a Specially Serviced Loan or an REO Property as such party required to make Property Advances may reasonably request
for purposes of making nonrecoverability determinations. Notwithstanding anything to the contrary in this Agreement, the Special
Servicer shall have no obligation to make an affirmative determination that any Advance is, or would be, a Nonrecoverable Advance,
and in the absence of a determination by the Special Servicer that such an Advance is a Nonrecoverable Advance, then all such decisions
shall remain with the Master Servicer or the Trustee, as applicable.


 


Notwithstanding anything
herein to the contrary, no Property Advance shall be required hereunder if the Person otherwise required to make such Property
Advance determines that such Property Advance would, if made, constitute a Nonrecoverable Property Advance. In addition, the Master
Servicer shall not make any Property Advance to the extent that it determines or has received written notice that the Special Servicer
has determined that such Property Advance would, if made, constitute a Nonrecoverable Property Advance. In making such recoverability
determination, such Person will be entitled to (i) give due regard to the existence of any Nonrecoverable Advance with respect
to the Whole Loan, the recovery of which, at the time of such consideration, is being deferred or delayed by the Master Servicer
or the Trustee, as applicable, in light of the fact that proceeds on the Whole Loan are a source of recovery not only for the Property
Advance, Administrative Advance or P&I Advance under consideration, but also as a potential source of recovery of such Nonrecoverable
Advance which is being or may be deferred or delayed and (ii) consider (among other things) the obligations of the Borrower under
the terms of the Whole Loan as it may have been modified, (iii) consider (among other things) the Mortgaged Property in its “as-is”
or then-current condition and occupancy, as modified by such party’s assumptions (consistent with the Servicing Standard
in the case of the Master Servicer or the Special Servicer) regarding the possibility and effects of future adverse changes with
respect to the Mortgaged Property, (iv) estimate and consider (consistent with the Servicing Standard in the case of the Master
Servicer or the Special Servicer) (among other things) future expenses and (v) estimate and consider (among other things) the timing
of recoveries.


 


If an Appraisal of the
Mortgaged Property shall not have been obtained within the prior 9 month period (and the Master Servicer and the Trustee shall
each request any such appraisal from the Special Servicer prior to ordering an Appraisal pursuant to this sentence) or if such
an Appraisal shall have been obtained but as a result of unforeseen occurrences, such Appraisal does not, in the good faith determination
of the Master Servicer, the Special Servicer or the Trustee, reflect current market conditions, and the Master Servicer or the
Trustee, as applicable, and the Special Servicer cannot agree on the appropriate downward adjustment to such Appraisal, the Master
Servicer, the Special Servicer or the Trustee, as the case may be, may, subject to its reasonable and good faith determination
that such Appraisal will demonstrate


 



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the nonrecoverability of the related Advance, obtain an Appraisal for such purpose at the
expense of the Trust Fund (and such expense shall be allocated in accordance with the allocation provisions of the Co-Lender Agreement).


 


Any determination by
the Master Servicer, Special Servicer or the Trustee that the Master Servicer or Trustee, as the case may be, has made a Property
Advance that is a Nonrecoverable Property Advance or any determination by the Master Servicer, the Special Servicer or the Trustee
that any proposed Property Advance, if made, would constitute a Nonrecoverable Property Advance shall be evidenced, in the case
of the Master Servicer or the Special Servicer, by a certificate of a Servicing Officer delivered to the other, to the Trustee,
the Certificate Administrator, the Depositor, the Companion Loan Holder and the Directing Holder (during any Subordinate Control
Period and any Subordinate Consultation Period), the Operating Advisor, and, in the case of the Trustee, by a certificate of a
Responsible Officer of the Trustee, delivered to the Depositor, the Certificate Administrator, the Master Servicer, the Special
Servicer, the Companion Loan Holder and the Directing Holder (during any Subordinate Control Period and any Subordinate Consultation
Period), the Operating Advisor, which in each case sets forth such recoverability determination and the considerations of the Master
Servicer, the Special Servicer or the Trustee, as applicable, forming the basis of such determination (such certificate to be accompanied
by, to the extent available, income and expense statements, rent rolls, occupancy status, property inspections and other information
used by the Master Servicer, the Special Servicer or the Trustee, as applicable, to make such determination, together with any
existing Appraisal or any Updated Appraisal); provided, however, that the Special Servicer may, at its option, make
a determination in accordance with the Servicing Standard, that any Property Advance previously made or proposed to be made is
nonrecoverable and shall deliver to the Master Servicer, the Certificate Administrator, the Trustee, the Directing Holder (during
any Subordinate Control Period and any Subordinate Consultation Period), the Operating Advisor, the Companion Loan Holder and the
17g-5 Information Provider (which shall promptly post such notice to the 17g-5 Information Provider’s Website pursuant to
Section 3.14(d) of this Agreement), notice of such determination together with a certificate of a Servicing Officer and
supporting information described above, if applicable. Any such determination shall be conclusive and binding on the Master Servicer,
the Special Servicer and the Trustee. Notwithstanding the foregoing, the Special Servicer shall have no obligation to make an affirmative
determination that any Advance is, or would be, a Nonrecoverable Advance, and in the absence of a determination by the Special
Servicer that such an Advance is a Nonrecoverable Advance, then all such decisions shall remain with the Master Servicer.


 


Any such Person may update
or change its recoverability determinations at any time (but not reverse any other Person’s determination that a Property
Advance is a Nonrecoverable Advance) and (consistent with the Servicing Standard in the case of the Master Servicer or the Special
Servicer) may obtain, at the expense of the Trust (and such expense shall be allocated in accordance with the allocation provisions
of the Co-Lender Agreement), any analysis, Appraisals or market value estimates or other information for such purposes. Absent
bad faith, any such determination as to the recoverability of any Property Advance shall be conclusive and binding on the Certificateholders
and the Companion Loan Holder.


 


Notwithstanding the above,
the Trustee shall be entitled to rely conclusively on any determination by the Master Servicer and the Master Servicer and the
Trustee shall be bound


 



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by any determination of the Special Servicer that a Property Advance, if made, would be a Nonrecoverable
Property Advance. The Trustee, in determining whether or not a Property Advance previously made is, or a proposed Property Advance,
if made, would be, a Nonrecoverable Property Advance shall be subject to the standards applicable to the Master Servicer hereunder.


 


With respect to the payment
of insurance premiums and delinquent tax assessments, in the event that the Master Servicer determines that a Property Advance
of such amounts would constitute a Nonrecoverable Advance, the Master Servicer shall deliver notice of such determination to the
Trustee, the Certificate Administrator and the Special Servicer. Upon receipt of such notice, the Master Servicer (with respect
to the Whole Loan if it is a Performing Loan) and the Special Servicer (with respect to the Whole Loan if it becomes a Specially
Serviced Loan or the Mortgaged Property becomes an REO Property) shall determine (with the reasonable assistance of the Master
Servicer) whether the payment of such amount (i) is necessary to preserve the Mortgaged Property and (ii) would be in the best
interests of the Certificateholders and the Companion Loan Holder, as a collective whole as if such Certificateholders and Companion
Loan Holder constituted a single lender. If the Master Servicer or the Special Servicer determines that the payment of such amount
(i) is necessary to preserve the Mortgaged Property and (ii) would be in the best interests of the Certificateholders and the Companion
Loan Holder, as a collective whole as if such Certificateholders and Companion Loan Holder constituted a single lender, the Special
Servicer (in the case of a determination by the Special Servicer) shall direct the Master Servicer in writing to make such payment
and, in either case, the Master Servicer shall make such payment, to the extent of available funds, from amounts in the Collection
Account.


 


Notwithstanding anything
to the contrary contained in this Section 3.21, the Master Servicer may elect (but shall not be required) to make a payment
out of the Collection Account to pay for certain expenses specified in this sentence notwithstanding that the Master Servicer has
determined that a Property Advance with respect to such expenditure would be a Nonrecoverable Property Advance (unless, with respect
to the Whole Loan if it is a Specially Serviced Loan or an REO Loan, the Special Servicer has notified the Master Servicer to not
make such expenditure), where making such expenditure would prevent (i) the Mortgaged Property from being uninsured or being sold
at a tax sale or (ii) any event that would cause a loss of the priority of the lien of the related Mortgage, or the loss of any
security for the Whole Loan; provided that in each instance, the Master Servicer determines in accordance with the Servicing
Standard (as evidenced by a certificate of a Servicing Officer delivered to the Trustee and the Certificate Administrator) that
making such expenditure is in the best interests of the Certificateholders and the Companion Loan Holder, all as a collective whole
as if such Certificateholders and Companion Loan Holder constituted a single lender. The Master Servicer may elect to obtain reimbursement
of Nonrecoverable Property Advances from the Trust Fund in accordance with Section 3.06 of this Agreement.


 


(e)       The
Master Servicer and/or the Trustee, as applicable, shall be entitled to the reimbursement of Property Advances made by it to the
extent permitted pursuant to Section 3.06 of this Agreement, if applicable, of this Agreement, together with any related
Advance Interest Amount in respect of such Property Advances, and the Master Servicer, the Special Servicer and the Trustee each
hereby covenants and agrees to promptly seek and effect the


 



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reimbursement of such Property Advances from the Borrower to the extent
permitted by applicable law and the related Loan Documents.


 


(f)        If
the Master Servicer, the Special Servicer or the Trustee, as applicable, determines that a proposed Property Advance, if made,
or any outstanding Property Advance with respect to any such Whole Loan previously made, would be, or is, as applicable, a Nonrecoverable
Advance or if the Master Servicer, Special Servicer or Trustee, as applicable, subsequently determines that a proposed Property
Advance would be a Nonrecoverable Advance or an outstanding Property Advance is or would be a Nonrecoverable Advance, the Master
Servicer or Trustee, as applicable, shall provide the Other Servicer, Other Special Servicer and the Other Trustee under each related
Other Pooling and Servicing Agreement with written notice of such determination, together with supporting evidence for such determination,
promptly and in any event within two (2) Business Days after such determination or such longer time period permitted by the Co-Lender
Agreement.


 


Section
3.22 Appointment and Replacement of Special Servicer. (a) AEGON USA Realty Advisors, LLC is hereby appointed as
the initial Special Servicer to service a Specially Serviced Loan. During any Subordinate Control Period, and subject to the
right of the Operating Advisor to recommend the termination of the Special Servicer and recommend a replacement Special
Servicer and the right of the Certificateholders to approve the replacement of the Special Servicer with such replacement
Special Servicer pursuant to Section 3.22(b), the Directing Holder shall have the right to direct the Trustee to
terminate the Special Servicer as provided in Section 7.01(c) hereof.


 


(b)       If
the Operating Advisor determines, in its sole discretion exercised in good faith, that (i) the Special Servicer is not performing
its duties as required hereunder or has failed to comply with the Servicing Standard, and (ii) such replacement would be in the
best interest of the Certificateholders as a collective whole, the Operating Advisor shall deliver to the Trustee and the Certificate
Administrator, with a copy to the Special Servicer, a written recommendation setting forth the reasons supporting its position
(along with any information the Operating Advisor considered relevant to its recommendation) and recommending a replacement special
servicer; provided, that in no event shall the information or any other content included in such written recommendation
contravene any provision of this Agreement and recommending a suggested replacement special servicer, which shall satisfy the requirements
set forth in Section 3.22(d). In such event, the Certificate Administrator shall promptly post notice to all Certificateholders
of such recommendation on the Certificate Administrator’s Website, and by mail conduct the solicitation of votes of all Certificates
in such regard. Upon (i) the affirmative vote of at least a majority of the aggregate Voting Rights of Holders of Principal Balance
Certificates (taking into account the application of any Appraisal Reduction Amounts and Collateral Deficiency Amounts to notionally
reduce the respective Certificate Balances) of a quorum of Certificateholders (which, for this purpose, is the Holders of Certificates
that (A) evidence at least 20% of the Voting Rights (taking into account the application of any Appraisal Reduction Amounts and
Collateral Deficiency Amounts to notionally reduce the respective Certificate Balances) of all Principal Balance Certificates on
an aggregate basis and (B) consist of at least three Certificateholders or Beneficial Holders that are not affiliated with each
other) and (ii) receipt of a No Downgrade Confirmation from each Rating Agency with respect to the termination of the Special Servicer
and the appointment of a successor special servicer


 



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recommended by the Operating Advisor by the Certificate Administrator following
satisfaction of the foregoing clause (i), the Trustee shall (i) terminate all of the rights and obligations of the Special
Servicer under this Agreement and appoint such successor Special Servicer and (ii) promptly notify such outgoing Special Servicer
of the effective date of such termination. The reasonable out-of-pocket costs and expenses (including reasonable legal fees and
expenses of outside counsel) associated with obtaining such No Downgrade Confirmations and administering such vote and the Operating
Advisor’s identification of a replacement Special Servicer shall be an additional expense of the Trust. In the event that
the Certificate Administrator does not receive the affirmative vote of at least a majority of the quorum described in clause
(i) of the preceding sentence, then the Certificate Administrator shall have no obligation to remove the Special Servicer.
Prior to the appointment of any replacement special servicer, such replacement special servicer shall have agreed to succeed to
the obligations of the Special Servicer under this Agreement and to act as the Special Servicer’s successor hereunder.


 


(c)       After
the termination of a Subordinate Control Period, upon (a) the written direction of holders of Principal Balance Certificates evidencing
not less than 25% of the Voting Rights (taking into account the application of any Appraisal Reduction Amounts and Collateral Deficiency
Amounts to notionally reduce the Certificate Balances of the Certificates pursuant to Section 4.08 of this Agreement) allocable
to the Principal Balance Certificates requesting a vote to replace the Special Servicer with a new special servicer designated
in such written direction, (b) payment by such holders to the Certificate Administrator of the reasonable fees and expenses (including
any legal fees and any Rating Agency fees and expenses) to be incurred by the Certificate Administrator in connection with administering
such vote and (c) delivery by such holders to the Certificate Administrator of a No Downgrade Confirmation from each Rating Agency
and each Companion Loan Rating Agency, the Certificate Administrator shall promptly provide written notice to all Certificateholders
of such request by posting such notice on its internet website, and by mail, and conduct the solicitation of votes of all Certificates
in such regard. At any time other than during a Subordinate Control Period, upon the written direction of (i) Holders of Principal
Balance Certificates evidencing at least 75% of a Certificateholder Quorum or (ii) Holders of Non-Reduced Certificates evidencing
more than 50% of the Voting Rights allocable to each Class of Non-Reduced Certificates, to remove the Special Servicer, the Trustee
shall (x) terminate all of the rights and obligations of the Special Servicer under this Agreement and appoint the successor Special
Servicer designated by such Certificateholders, provided such termination is subject to the terminated Special Servicer’s
rights to indemnification, payment of outstanding fees and other compensation, reimbursement of advances and other rights set forth
in this Agreement which survive termination and (y) promptly notify such outgoing Special Servicer of the effective date of such
termination; provided that if such written direction is not provided within 180 days of the notice from the Certificate
Administrator of the request for a vote to terminate and replace the Special Servicer, then such written direction shall have no
force and effect. The provisions set forth in the foregoing sentences of this paragraph shall be binding upon and inure to the
benefit of solely the Certificateholders and the Trustee as between each other. The Special Servicer shall not have any cause of
action based upon or arising from any breach or alleged breach of such provisions other than as may arise as a result of the failure
to comply with the above described voting procedures. As between the Special Servicer, on the one hand, and the Certificateholders,
on the other, the Certificateholders shall be entitled in their sole discretion to vote for the termination or not vote for the
termination of the Special Servicer. The Holders of the Certificates that initiated


 



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the vote to replace the Special Servicer shall
pay the costs and expenses incurred in connection with the removal and replacement of the Special Servicer pursuant to this paragraph
(including the costs associated with administering such vote). The Certificate Administrator shall include on each Distribution
Date Statement a statement that each Certificateholder and Beneficial Owner may access notices on the Certificate Administrator’s
Website and each Certificateholder and Beneficial Owner may register to receive email notifications when such notices are posted
on the Certificate Administrator’s Website; provided that the Certificate Administrator shall be entitled to reimbursement
from the requesting Certificateholders for the reasonable expenses of posting such notices.


 


(d)       The
Trustee shall, promptly after receiving any removal notice pursuant to Section 3.22(b) or (c) or Section 7.01(c)
of this Agreement or direction to terminate pursuant to Section 3.22(a) of this Agreement, so notify the Certificate Administrator,
the Companion Loan Holder and the 17g-5 Information Provider (which shall promptly post such notice to the 17g-5 Information Provider’s
Website pursuant to Section 3.14(d) of this Agreement). The termination of the Special Servicer and appointment of a successor
Special Servicer pursuant to this Section 3.22 or Section 7.01(c) shall not be effective until (i) the delivery of
a No Downgrade Confirmation from each Rating Agency to the Trustee and a No Downgrade Confirmation with respect to the Companion
Loan, (ii) the successor special servicer has assumed all of its responsibilities, duties and liabilities of the Special Servicer
hereunder pursuant to a writing reasonably satisfactory to the Trustee, (iii) receipt by the Trustee of an Opinion of Counsel to
the effect that (x) the designation of such replacement to serve as Special Servicer is in compliance with this Agreement, (y)
such replacement will be bound by the terms of this Agreement and (z) this Agreement will be enforceable against such replacement
in accordance with its terms and (iv) the replacement Special Servicer certifies that such replacement special servicer satisfies
all related qualifications set forth in the Co-Lender Agreement. Any successor Special Servicer shall make the representations
and warranties provided for in Section 2.04(e) of this Agreement applicable to the Special Servicer mutatis mutandis.
Further, such successor shall be a Qualified Replacement Special Servicer; provided that the licensing requirements set
forth in Section 2.04(e) may, with respect to any successor Special Servicer, be satisfied by a sub-servicer appointed by
such successor Special Servicer in accordance with the terms of this Agreement.


 


The existing Special
Servicer shall be deemed to have been removed simultaneously with such designated Person’s becoming the Special Servicer
hereunder; provided, however, that the Special Servicer removed pursuant to this Section shall be entitled to receive,
and shall have received, all amounts accrued or owing to it under this Agreement on or prior to the effective date of such resignation
and it shall continue to be entitled to any rights that accrued prior to the date of such resignation (including the right to receive
all fees, expenses and other amounts accrued or owing to it under this Agreement, plus the right to receive any Workout Fee and/or
Liquidation Fee specified in Section 3.12(c) of this Agreement in the event that the Special Servicer is terminated and
any indemnification rights that the Special Servicer is entitled to pursuant to Section 6.03(a) of this Agreement) notwithstanding
any such removal. Such removed Special Servicer shall cooperate with the Trustee and the replacement Special Servicer in effecting
the termination of the resigning Special Servicer’s responsibilities and rights hereunder, including without limitation the
transfer within two Business Days to the successor Special Servicer for administration by it of all cash amounts that are thereafter
received with respect to the Whole Loan.


 






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(e)       The
appointment of any such successor Special Servicer shall not relieve the Master Servicer or the Trustee of their respective obligations
to make Advances as set forth herein; provided, however, that neither the Trustee nor the Master Servicer shall be
liable for any actions or any inaction of such successor Special Servicer.


 


(f)        No
penalty or fee shall be payable to the terminated Special Servicer with respect to any termination pursuant to this Section
3.22 or Section 7.01(c). All costs and expenses of any such termination made without cause shall be paid by the Trust
as an Additional Trust Fund Expense.


 


(g)       Notwithstanding
anything to the contrary contained in this Section 3.22, if the Special Servicer becomes a Borrower Related Party, the Special
Servicer shall resign as Special Servicer. In the event that the Special Servicer is required to resign as Special Servicer because
it has become a Borrower Related Party, during any Subordinate Control Period or Subordinate Consultation Period, (i) if the Directing
Holder is not a Borrower Related Party, the Directing Holder shall appoint a successor special servicer that is not a Borrower
Related Party in accordance with this Agreement and (ii) if the Directing Holder is a Borrower Related Party, the largest Controlling
Class Certificateholder (by Certificate Balance) that is not a Conflicted Controlling Class Holder shall appoint the successor
special servicer in accordance with this Agreement.


 


In the event that the
Special Servicer is required to resign as Special Servicer because it has become a Borrower Related Party and either (i) a Subordinate
Control Period or a Subordinate Consultation Period is in effect, the Directing Holder is a Borrower Related Party and there is
no Controlling Class Certificateholder that is not a Borrower Related Party or (ii) neither a Subordinate Control Period nor a
Subordinate Consultation Period is in effect, then upon resignation of the Special Servicer, at the expense of the Trust, the Certificate
Administrator shall promptly provide written notice of such resignation to all Certificateholders by posting such notice on the
Certificate Administrator’s Website and the successor special servicer shall be appointed upon the written direction of more
than 50% of the Voting Rights of the Certificates that exercise their right to vote (provided that holders of at least 20% of the
Voting Rights of the Certificates exercise their right to vote). If such successor special servicer has not been appointed pursuant
to the immediately preceding sentence within 30 days after the Special Servicer has provided its written notice of resignation,
the Certificate Administrator shall provide written notice to the resigning Special Servicer that such successor special servicer
has not been appointed and such resigning Special Servicer shall use reasonable efforts to appoint such successor special servicer
that is a Qualified Replacement Special Servicer and the agreement of a proposed successor to accept the same or lower compensation,
and at the expense of the Trust, if such successor special servicer has not been appointed within 30 days after such notice by
the Certificate Administrator to the resigning Special Servicer, the resigning Special Servicer shall petition any court of competent
jurisdiction for the appointment of a successor special servicer.


 


The successor special
servicer shall perform all of the obligations of the Special Servicer and will be entitled to all special servicing compensation
earned during such time as the successor special servicer is acting as special servicer.


 






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Section
3.23 Transfer of Servicing Between the Master Servicer and the Special Servicer; Record Keeping; Asset Status Report;
Notice of Mezzanine Foreclosure. (a) Upon the occurrence of any event specified in the definition of Specially Serviced
Loan with respect to the Whole Loan of which the Master Servicer has notice, the Master Servicer shall promptly give notice
thereof to the Special Servicer, the Certificate Administrator, the Trustee, the Operating Advisor, the Companion Loan Holder
and the Trust Loan Seller, and shall use efforts in accordance with the Servicing Standard to provide the Special Servicer
with all information, documents (but excluding the original documents constituting the Mortgage File) and records (including
records stored electronically) relating to the Whole Loan and reasonably requested by the Special Servicer to enable it to
assume its duties hereunder with respect thereto without acting through a Sub-Servicer. The Master Servicer shall use efforts
in accordance with the Servicing Standard to comply with the preceding sentence within five Business Days of the date it has
notice of the occurrence of any event specified in the definition of Specially Serviced Loan and in any event shall continue
to act as Master Servicer and administrator of the Whole Loan until the Special Servicer has commenced the servicing of the
Whole Loan, which shall occur upon the receipt by the Special Servicer of the information, documents and records referred to
in the preceding sentence. With respect to the Whole Loan that becomes a Specially Serviced Loan, the Master Servicer shall
instruct the Borrower to continue to remit all payments in respect of the Whole Loan to the Master Servicer. The Master
Servicer shall forward any notices it would otherwise send to the Borrower of a Specially Serviced Loan to the Special
Servicer, which shall send such notice to the Borrower.


 


Upon determining that
a Specially Serviced Loan has become a Corrected Mortgage Loan, the Special Servicer shall immediately give notice thereof to the
Master Servicer, and upon giving such notice, the Whole Loan shall cease to be a Specially Serviced Loan in accordance with the
first proviso of the definition of Specially Serviced Loan, the Special Servicer’s obligation to service the Whole Loan shall
terminate and the obligations of the Master Servicer to service and administer the Whole Loan as a Whole Loan that is not a Specially
Serviced Loan shall resume.


 


(b)       In
servicing a Specially Serviced Loan, the Special Servicer shall provide to the Custodian originals of documents included within
the definition of “Mortgage File” for inclusion in the Mortgage File (to the extent such documents are in the possession
of the Special Servicer) and copies of any additional Whole Loan information, including correspondence with the Borrower, and the
Special Servicer shall promptly provide copies of all of the foregoing to the Master Servicer as well as copies of any analysis
or internal review prepared by or for the benefit of the Special Servicer.


 


(c)       Not
later than two Business Days preceding each date on which the Master Servicer is required to furnish a report under Section
3.13(a) of this Agreement to the Certificate Administrator, the Special Servicer shall deliver to the Certificate Administrator,
with a copy to the Trustee, the Operating Advisor and the Master Servicer, a written statement describing (i) the amount of all
payments on account of interest received on a Specially Serviced Loan, the amount of all payments on account of principal, including
Principal Prepayments, on a Specially Serviced Loan, the amount of Net Insurance Proceeds, Net Liquidation Proceeds and Net Condemnation
Proceeds received with respect to a Specially Serviced Loan, and the amount of net income or net loss, as determined from management
of a trade or business on, the furnishing


 



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or rendering of a non-customary service to the tenants of, or the receipt of any rental
income that does not constitute Rents from Real Property with respect to the REO Property relating to a Specially Serviced Loan,
in each case in accordance with Section 3.15 of this Agreement (it being understood and agreed that to the extent this information
is provided in accordance with Section 3.13(f) of this Agreement, this Section 3.23(c) shall be deemed to be satisfied)
and (ii) such additional information relating to a Specially Serviced Loan as the Master Servicer, the Certificate Administrator
or the Trustee reasonably request, to enable it to perform its duties under this Agreement. Such statement and information shall
be furnished to the Master Servicer in writing and/or in such electronic media as is acceptable to the Master Servicer.


 


(d)       Notwithstanding
the provisions of the preceding Section 3.23(c), the Master Servicer shall maintain ongoing payment records with respect
to a Specially Serviced Loan relating to the Trust Loan and shall provide the Special Servicer and the Operating Advisor with any
information reasonably required by the Special Servicer or the Operating Advisor to perform its duties under this Agreement. The
Special Servicer shall provide the Master Servicer with any information reasonably required by the Master Servicer to perform its
duties under this Agreement.


 


(e)        No
later than 60 days after the Whole Loan becomes a Specially Serviced Loan, the Special Servicer shall deliver to the Master Servicer,
the Directing Holder (during any Subordinate Control Period and any Subordinate Consultation Period), the Operating Advisor and
the 17g-5 Information Provider (which shall promptly post such report to the 17g-5 Information Provider’s Website pursuant
to Section 3.14(d) of this Agreement), a report (the “Asset Status Report”) with respect to the Whole
Loan and the Mortgaged Property. Such Asset Status Report shall set forth the following information to the extent reasonably determinable:


 


(i)         the
date of transfer of servicing of the Whole Loan to the Special Servicer;


 


(ii)        a
summary of the status of the Specially Serviced Loan and any negotiations with the Borrower;


 


(iii)       a
discussion of the legal and environmental considerations reasonably known to the Special Servicer, consistent with the Servicing
Standard, that are applicable to the exercise of remedies as aforesaid and to the enforcement of any related guaranties or other
collateral for the Whole Loan and whether outside legal counsel has been retained;


 


(iv)       the
most current rent roll and income or operating statement available for the Mortgaged Property;


 


(v)        (A)
the Special Servicer’s recommendations on how the Specially Serviced Loan might be returned to performing status (including
the modification of a monetary term, and any workout, restructure or debt forgiveness) and returned to the Master Servicer for
regular servicing or foreclosed or otherwise realized upon (including any proposed sale of a Defaulted Mortgage Loan or REO Property),
(B) a description of any such proposed or taken actions, and (C) the alternative courses of action that were or are being considered
by the Special Servicer in connection with the proposed or taken actions;


 






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(vi)       the
status of any foreclosure actions or other proceedings undertaken with respect thereto, any proposed workouts with respect thereto
and the status of any negotiations with respect to such workouts, and an assessment of the likelihood of additional defaults under
the Whole Loan;


 


(vii)      a
description of any amendment, modification or waiver of a material term of any ground lease;


 


(viii)     the
decision that the Special Servicer made, or intends or proposes to make, including a narrative analysis setting forth the Special
Servicer’s rationale for its proposed decision, including its rejection of the alternatives;


 


(ix)       an
analysis of whether or not taking such proposed action is reasonably likely to produce a greater recovery on a present value basis
than not taking such action, setting forth (x) the basis on which the Special Servicer made such determination and (y) the net
present value calculation (including the applicable Calculation Rate used) and all related assumptions;


 


(x)        the
appraised value of the Mortgaged Property together with the assumptions used in the calculation thereof, and a copy of the last
obtained Appraisal of the Mortgaged Property; and


 


(xi)       such
other information as the Special Servicer deems relevant in light of the Servicing Standard.


 


The Special Servicer
shall, subject to the rights of the Directing Holder (during any Subordinate Control Period and any Subordinate Consultation Period),
take such actions consistent with the Servicing Standard and the Asset Status Report. The Special Servicer shall not take any action
inconsistent with the Asset Status Report, unless such action would be required in order to act in accordance with the Servicing
Standard, this Agreement, applicable law or the Loan Documents.


 


If, during any Subordinate
Control Period, (i) the Directing Holder affirmatively approves in writing an Asset Status Report, (ii) after ten (10) Business
Days from receipt of an Asset Status Report, together with all information in the possession of the Special Servicer that is reasonably
necessary for the Directing Holder to make a decision regarding the Asset Status Report, the Directing Holder does not object to
such Asset Status Report or (iii) within ten (10) Business Days after receipt of an Asset Status Report, together with all information
in the possession of the Special Servicer that is reasonably necessary for the Directing Holder to make a decision regarding the
Asset Status Report, the Directing Holder objects to such Asset Status Report and the Special Servicer makes a determination in
accordance with the Servicing Standard that such objection is not in the best interest of all the Certificateholders, then the
Special Servicer shall take the recommended actions described in the Asset Status Report. Within ten (10) Business Days after receipt
of an Asset Status Report, together with all information reasonably requested by the Directing Holder in the possession of the
Special Servicer that is reasonably necessary to make a decision regarding the Asset Status Report, the Directing Holder may object
to such Asset Status Report; provided that following the occurrence of an extraordinary event with respect to the Mortgaged
Property, or if a failure to take any such


 



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action at such time would be inconsistent with the Servicing Standard, the Special Servicer
may take actions with respect to the Mortgaged Property before the expiration of such ten (10) Business Day period if the Special
Servicer reasonably determines in accordance with the Servicing Standard that failure to take such action before the expiration
of such ten (10) Business Day period would materially and adversely affect the interest of the Certificateholders, and, during
any Subordinate Control Period, the Special Servicer has made a reasonable effort to contact the Directing Holder.


 


During any Subordinate
Control Period, if the Directing Holder objects to an Asset Status Report within the above-referenced ten (10) Business Day period,
then the Special Servicer (absent a determination set forth in clause (iii) of the first sentence of the immediately preceding
paragraph) shall revise such Asset Status Report as soon as practicable thereafter, but in no event later than thirty (30) days
after the objection to the Asset Status Report by the Directing Holder. During any Subordinate Control Period, the Special Servicer
shall revise such Asset Status Report as provided in the prior paragraph until the earlier of (a) the delivery by the Directing
Holder of an affirmative approval in writing of such revised Asset Status Report, (b) the failure of the Directing Holder to disapprove
such revised Asset Status Report in writing within ten (10) Business Days of its receipt thereof and (c) the determination of the
Special Servicer, consistent with the Servicing Standard, that the objection of the Directing Holder is not in the best interests
of all the Certificateholders and the Companion Loan Holder. In any event, during any Subordinate Control Period, if the Directing
Holder does not approve an Asset Status Report within 90 days from the first submission of such Asset Status Report, or the Special
Servicer’s determination to take the recommended action is provided, the Special Servicer shall take such action as set forth
in the most recent Asset Status Report, provided such action does not violate the Servicing Standard. The Special Servicer may,
from time to time, modify any Asset Status Report it has previously delivered and implement the new action in such revised report
so long as such revised report has been prepared, reviewed and either approved or not rejected as provided above.


 


During a Subordinate
Consultation Period, the Directing Holder shall have no right to consent to any Asset Status Report under this Section 3.23.
During a Subordinate Consultation Period, the Directing Holder, and during an Operating Advisor Consultation Period, the Operating
Advisor, shall be entitled to consult with the Special Servicer and propose alternative courses of action and provide other feedback
in respect of any Asset Status Report. If a Subordinate Control Period or a Subordinate Consultation Period is no longer in effect,
the Directing Holder (other than in its capacity as a Certificateholder) shall have no right to receive any Asset Status Report
or otherwise consult with the Special Servicer with respect to Asset Status Reports, and the Special Servicer shall only be obligated
to consult with the Operating Advisor with respect to any Asset Status Report as described above. The Special Servicer may choose
to revise the Asset Status Report as it deems reasonably necessary in accordance with the Servicing Standard to take into account
any input and/or recommendations of the Operating Advisor or the Directing Holder during an Operating Advisor Consultation Period
or during a Subordinate Consultation Period, but is under no obligation to follow any particular recommendation of the Operating
Advisor or the Directing Holder.


 


The Asset Status Report
is not intended to replace or satisfy any other specific consent or approval right which the Directing Holder may have.


 






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If neither the Operating
Advisor nor the Directing Holder proposes alternative courses of action within 10 Business Days after receipt of such Asset Status
Report, the Special Servicer shall implement the Asset Status Report as proposed by the Special Servicer.


 


The Special Servicer
may not take any action inconsistent with an Asset Status Report that has been adopted as provided above, unless such action would
be required in order to act in accordance with the Servicing Standard. During any Subordinate Control Period or any Subordinate
Consultation Period, if the Special Servicer takes any action inconsistent with an Asset Status Report that has been adopted as
provided above, the Special Servicer shall promptly notify the Directing Holder of such inconsistent action and provide a reasonably
detailed explanation of the reasons therefor.


 


The Special Servicer
shall deliver to the Master Servicer, the Directing Holder (during any Subordinate Control Period and any Subordinate Consultation
Period), the Operating Advisor, the 17g-5 Information Provider (which shall promptly post the same to the 17g-5 Information Provider’s
Website), the Companion Loan Holder and, subject to Section 4.02(c), each Rating Agency a copy of each Final Asset Status
Report, in each case with reasonable promptness following the adoption thereof.


 


Notwithstanding anything
herein to the contrary: (i) the Special Servicer shall have no right or obligation to consult with or to seek and/or obtain consent
or approval from the Directing Holder prior to acting (and provisions of this Agreement requiring such consultation, consent or
approval shall be of no effect) during the period following any resignation or removal of the Directing Holder and before a replacement
is selected and/or identified; and (ii) no advice, direction or objection from or by the Directing Holder, as contemplated by Section
6.09, or the Operating Advisor, as contemplated by Section 3.32, or pursuant to any other provision of this Agreement,
as contemplated by this Agreement or any intercreditor agreement, may (and the applicable Special Servicer shall ignore and act
without regard to any such advice, direction or objection that such Special Servicer has determined, in its reasonable, good faith
judgment, would): (A) require or cause such Special Servicer to violate applicable law, the terms of the Loan Documents, any intercreditor
agreement or any Section of this Agreement, including the Special Servicer’s obligation to act in accordance with the Servicing
Standard, (B) result in the imposition of federal income tax on the Trust, cause any REMIC to fail to qualify as a REMIC, (C) expose
the Trust, any Certificateholder, the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the
Trustee, the Operating Advisor, the Companion Loan Holder, any holders of Companion Loan Securities, any Other Depositor, any Other
Servicer, any Other Special Servicer, any Other Operating Advisor or any of their respective Affiliates, members, managers, officers,
directors, employees or agents, to any material claim, suit or liability or (D) materially expand the scope of the Master Servicer’s,
Special Servicer’s, Certificate Administrator’s or Trustee’s responsibilities under this Agreement. Notwithstanding
anything to the contrary contained herein, in no instance will the Trust Loan be allocated, or bear any expense attributable to,
any operating advisor, trust advisor or party serving in a similar capacity for any Other Securitization Trust.


 


(f)        While
the Whole Loan is a Specially Serviced Loan, the Special Servicer shall have the authority to meet with the Borrower.


 






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(g)       The
Special Servicer shall (x) deliver to the Certificate Administrator a proposed notice to Certificateholders that will include a
summary of any Final Asset Status Report in an electronic format (which shall be a brief summary of the current status of the Mortgaged
Property and strategy with respect to the resolution and workout of the Trust Loan), and the Certificate Administrator shall post
such summary on the Certificate Administrator’s Website pursuant to Section 4.02(b) and shall deliver such summary
of any Asset Status Reports to the 17g-5 Information Provider (which shall post such summary to the website pursuant to Section
4.02(b)) and (y) implement the applicable Final Asset Status Report in the form delivered to the 17g-5 Information Provider
pursuant to Section 3.23(e). The Special Servicer may, from time to time, modify any Asset Status Report it has previously
delivered and, following the prompt delivery of such modified Asset Status Report to the 17g-5 Information Provider, which the
17g-5 Information Provider shall post on the 17g-5 Information Provider’s Website pursuant to Section 4.02(b), implement
such report.


 


(h)        If
a Responsible Officer or Servicing Officer, as applicable, of any of the Master Servicer, Special Servicer, Depositor,
Trustee or Certificate Administrator shall receive written notice pursuant to the mezzanine intercreditor agreement that the mezzanine
lender has either accelerated the Mezzanine Loan or commenced foreclosure proceedings against the Mezzanine Collateral or collateral
related to a future mezzanine loan, as applicable, it shall provide such notice in the form of Exhibit R to the other parties
hereto.


 


Section
3.24 Special Instructions for the Master Servicer and/or Special Servicer. (a) Prior to taking any action with
respect to the Whole Loan secured by the Mortgaged Property located in a “one-action” state, the Master Servicer
or Special Servicer, as applicable, shall consult with legal counsel, the fees and expenses of which shall be an expense of
the Trust Fund and shall be allocated in accordance with the allocation provisions of the Co-Lender Agreement.


 


(b)       The
Master Servicer shall send written notice to the Borrower and the applicable Manager and clearing bank relating to the Whole Loan
that, if applicable, it and/or the Trustee has been appointed as the “Designee” of the “Lender” under any
related Lock-Box Agreement.


 


(c)       Without
limiting the obligations of the Master Servicer hereunder with respect to the enforcement of the Borrower’s obligations under
the Loan Documents, the Master Servicer agrees that it shall, in accordance with the Servicing Standard, enforce the provisions
of the Loan Documents relating to the Whole Loan with respect to the collection of Prepayment Charges.


 


(d)       In
the event that a Rating Agency shall charge a fee in connection with providing a No Downgrade Confirmation, the Master Servicer
shall require the Borrower to pay such fee to the extent not inconsistent with the applicable Loan Documents. In the event that
such fee remains unpaid, such fee shall be an expense of the Trust Fund (allocated as an Additional Trust Fund Expense in the same
manner as Realized Losses as set forth in Section 4.01(e) of this Agreement).


 


(e)       With
respect to the Whole Loan, to the extent not inconsistent with the Whole Loan, the Master Servicer shall not consent to a change
of franchise affiliation with


 



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respect to the Mortgaged Property, if applicable, or a property manager with respect to the Mortgaged
Property unless the Master Servicer obtains a No Downgrade Confirmation relating to the Certificates and Serviced Companion Loan
Securities, if any.


 


Section
3.25 Certain Rights and Obligations of the Master Servicer and/or the Special Servicer. In addition to its rights
and obligations with respect to a Specially Serviced Loan, the Special Servicer has the right, whether or not the Whole Loan
is a Specially Serviced Loan, to approve (i) certain modifications and Major Decisions and (ii) certain waivers of
due-on-sale or due-on-encumbrance clauses as described above under Section 3.09 of this Agreement. With respect to a
Performing Loan, the Master Servicer shall promptly notify the Special Servicer of any request for approval (a
“Request for Approval”) received relating to the Special Servicer’s above-referenced approval rights
and forward to the Special Servicer written notice of any Request for Approval accompanied by its written recommendation and
analysis and any other information or documents reasonably requested by the Special Servicer (to the extent such information
or documents are in the Master Servicer’s possession). The Special Servicer shall have 15 Business Days (from the date
that the Special Servicer receives the information it requested from the Master Servicer) to analyze and make a
recommendation with respect to a Request for Approval with respect to a Performing Loan. If the Special Servicer does not
respond within such 15 Business-Day period (or in connection with an Acceptable Insurance Default, 90 days) (unless earlier
objected to), the Special Servicer’s consent shall be deemed given.


 


Section
3.26 Modification, Waiver, Amendment and Consents. (a) Subject to Sections 3.25 and 3.26(f), and
subject to the rights of the Directing Holder during any Subordinate Control Period or Subordinate Consultation Period and
the Operating Advisor during any Operating Advisor Consultation Period, (i) the Master Servicer (subject to the Special
Servicer’s consent if required pursuant to Sections 3.25 and 6.09(a)) or (ii) with respect to the Whole
Loan if it is a Specially Serviced Loan, the Special Servicer may modify, waive or amend any term of the Whole Loan if such
modification, waiver or amendment (A) is consistent with the Servicing Standard and (B) would not constitute a
“significant modification” of the Whole Loan pursuant to Treasury Regulations Section 1.860G-2(b) and would not
otherwise (1) cause either Trust REMIC to fail to qualify as a REMIC or (2) result in the imposition of a tax upon either
Trust REMIC or the Trust Fund (including but not limited to the tax on “prohibited transactions” as defined in
Section 860F(a)(2) of the Code and the tax on contributions to a REMIC set forth in Section 860G(d) of the Code, but not
including the tax on “net income from foreclosure property” under Section 860G(c) of the Code). In order to meet
the foregoing requirements in the case of a release of real property collateral securing the Whole Loan, the Master Servicer
or Special Servicer, as applicable, shall observe the REMIC requirements of the Code with respect to a required payment of
principal if the related loan-to-value ratio immediately after the release exceeds 125% with respect to the related real
property.


 


(b)       Neither
the Master Servicer nor the Special Servicer may extend the Maturity Date of the Whole Loan beyond the date that is the date occurring
later than seven years prior to the Rated Final Distribution Date.


 


(c)       Neither
the Master Servicer nor the Special Servicer shall permit the Borrower to add or substitute collateral for an outstanding Whole
Loan, which collateral constitutes real property, unless the Master Servicer or the Special Servicer, as applicable, shall


 



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have
obtained a No Downgrade Confirmation relating to the Certificates and the Companion Loan Securities, if any.


 


(d)       Any
payment of interest that is deferred pursuant to any modification, waiver or amendment permitted hereunder, shall not, for purposes
hereof, including, without limitation, calculating monthly distributions to Certificateholders or Companion Loan Holder, be added
to the unpaid principal balance of the Whole Loan, notwithstanding that the terms of the Whole Loan or such modification, waiver
or amendment so permit.


 


(e)       Except
for waivers of Penalty Charges and waivers of notice periods, all material modifications, waivers and amendments of the Whole Loan
in accordance with this Section 3.26 of this Agreement shall be in writing.


 


(f)       The
Master Servicer or the Special Servicer, as applicable, shall notify the Trustee, the Certificate Administrator, the Depositor,
the Directing Holder (during any Subordinate Control Period or any Subordinate Consultation Period), the Operating Advisor, the
Companion Loan Holder and the 17g-5 Information Provider (which shall promptly post such notice to the 17g-5 Information Provider’s
Website pursuant to Section 3.14(d) of this Agreement), in writing, of any modification, waiver, material consent or amendment
of any term of the Whole Loan and the date thereof, and shall deliver to the Custodian for deposit in the Mortgage File, an original
counterpart of the agreement relating to such modification, waiver, material consent or amendment, promptly (and in any event within
10 Business Days) following the execution thereof.


 


(g)       The
Master Servicer or the Special Servicer may (subject to the Servicing Standard), as a condition to granting any request by the
Borrower for consent, modification, waiver or indulgence or any other matter or thing, the granting of which is within its discretion
pursuant to the terms of the instruments evidencing or securing the Whole Loan and is permitted by the terms of this Agreement
and applicable law, require that the Borrower pays to it (i) as additional servicing compensation, a reasonable and customary fee
for the additional services performed in connection with such request (provided that the charging of such fee would not
constitute a “significant modification” of the Whole Loan within the meaning of Treasury Regulations Section 1.860G-2(b)),
and (ii) any related costs and expenses incurred by it. In no event shall the Master Servicer or the Special Servicer be entitled
to payment for such fees or expenses unless such payment is collected from the Borrower.


 


(h)       Notwithstanding
the foregoing, the Master Servicer shall not permit the substitution of any Mortgaged Property pursuant to the defeasance provisions
of the Whole Loan (or any portion thereof), if any, unless such defeasance complies with Treasury Regulations Section 1.860G-2(a)(8)(ii)
and satisfies the conditions set forth in Section 3.09(h) of this Agreement.


 


(i)        Notwithstanding
anything herein or in the Loan Documents to the contrary, the Master Servicer may permit the substitution of direct, non-callable
“government securities” within the meaning of Section 2(a)(16) of the Investment Company Act of 1940, or any other
securities that comply with Treasury Regulations Section 1.860G-2(a)(8)(ii) (including U.S. government agency securities if such
securities are eligible defeasance collateral under then current guidelines of the Rating Agencies) for the Mortgaged Property
pursuant to the


 



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defeasance provisions of the Whole Loan (or any portion thereof) in lieu of the defeasance collateral specified
in the Loan Documents; provided that, the Master Servicer receives an Opinion of Counsel (at the expense of the Borrower to the
extent permitted under the Loan Documents) to the effect that such use would not be and would not constitute a “significant
modification” of the Whole Loan pursuant to Treasury Regulations Section 1.860G-2(b) and would not otherwise endanger the
status of the Lower-Tier REMIC or the Upper-Tier REMIC as a REMIC or result in the imposition of a tax upon the Lower-Tier REMIC,
the Upper-Tier REMIC or the Trust Fund (including but not limited to the tax on “prohibited transactions” as defined
in Section 860F(a)(2) of the Code and the tax on contributions to a REMIC set forth in Section 860G(d) of the Code, but not including
the tax on “net income from foreclosure property”).


 


(j)        Any
modification, waiver or amendment of or consents or approvals relating to the Whole Loan that is a Specially Serviced Loan or an
REO Loan shall be performed by the Special Servicer and not the Master Servicer.


 


(k)       Any
modification, waiver or amendment of or consents or approvals relating to the Whole Loan if it is a Performing Loan shall, unless
otherwise set forth in this Section 3.26, be subject to the consent of the Special Servicer. When the Special Servicer’s
consent is required, the Master Servicer shall promptly provide the Special Servicer with written notice of any request for modification,
waiver, amendment, consent or approval accompanied by the Master Servicer’s recommendation and analysis and any and all information
in the Master Servicer’s possession that the Special Servicer may reasonably request to grant or withhold such consent. When
the Special Servicer’s consent is required hereunder, such consent shall be deemed given 15 Business Days after receipt (or,
in connection with an Acceptable Insurance Default, 90 days) (unless earlier objected to) by the Special Servicer from the Master
Servicer of the Master Servicer’s written analysis and recommendation with respect to such proposed action together with
such other information reasonably required by the Special Servicer.


 


Section 3.27 [Reserved].


 


Section 3.28 [Reserved].


 


Section 3.29 [Reserved].


 


Section
3.30 No Downgrade Confirmation. (a) Notwithstanding the terms of any Loan Documents or other provisions of this
Agreement, if any action under the Loan Documents or this Agreement requires No Downgrade Confirmation as a condition
precedent to such action, if the party (the “Requesting Party”) attempting to obtain such No Downgrade
Confirmation from each Rating Agency has made a request to any Rating Agency for such No Downgrade Confirmation and, within
ten Business Days of the No Downgrade Confirmation request being posted to the 17g-5 Information Provider’s Website,
such Rating Agency has not replied to such request or has responded in a manner that indicates that such Rating Agency is
neither reviewing such request nor waiving the requirement for No Downgrade Confirmation, then (i) such Requesting Party
shall (without providing notice to the 17g-5 Information Provider) confirm that the applicable Rating Agency has received the
No Downgrade Confirmation request, and, if it has not, promptly request the related No Downgrade Confirmation again, and (ii)
if there is no response to either such No Downgrade Confirmation


 



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request within five Business Days of such second request, or
such Rating Agency has responded in a manner that indicates it is neither reviewing such request nor waiving the requirement
for No Downgrade Confirmation, (x) with respect to any such condition in any Loan Document requiring such No Downgrade
Confirmation or any other matter under this Agreement relating to the servicing of the Whole Loan (other than as set forth in
clause (y) below), the Requesting Party (or, if the Requesting Party is the Borrower, then the Master Servicer (with respect
to the Whole Loan if it is a Performing Loan) or the Special Servicer (with respect to the Whole Loan if it is Specially
Serviced Loan or an REO Loan), as applicable) shall determine, in accordance with its duties under this Agreement and in
accordance with the Servicing Standard, except as provided in Section 3.30(b), whether or not such action would be in
the best interests of the Certificateholders and the Companion Loan Holder (as a collective whole as if such
Certificateholders and Companion Loan Holder constituted a single lender), and if the Requesting Party (or, if the
Requesting Party is the Borrower, then the Master Servicer or the Special Servicer, as applicable) determines that such
action would be in the best interest of the Certificateholders and the Companion Loan Holder (as a collective whole as if
such Certificateholders and Companion Loan Holder constituted a single lender), then the requirement for a No Downgrade
Confirmation will be deemed not to apply as to the non-responding Rating Agency, and (y) with respect to a replacement of the
Master Servicer or Special Servicer, such condition shall be deemed to be satisfied with respect to (i) DBRS, if the
replacement master servicer or special servicer, as applicable, has been appointed and currently serves as a master servicer
or a special servicer, as applicable, on a transaction-level basis on a transaction currently rated by DBRS that currently
has securities outstanding and for which DBRS has not cited servicing concerns of the replacement master servicer or special
servicer, as applicable, as the sole or material factor in any qualification, downgrade or withdrawal of the ratings (or
placement on “watch status” in contemplation of a ratings downgrade or withdrawal) of securities in any other
commercial mortgage-backed securitization transaction serviced by the applicable replacement master servicer or special
servicer prior to the time of determination, if DBRS is the non-responding Rating Agency; (ii) S&P, if the replacement
servicer is listed on S&P’s Select Servicer List as a U.S. Commercial Mortgage Master Servicer or a U.S. Commercial
Mortgage Special Servicer, as applicable, if S&P is the non-responding Rating Agency; and (iii) Moody’s, if the
replacement master servicer or special servicer, as applicable, has been appointed and currently serves as a master
servicer or a special servicer, as applicable, on a transaction-level basis on a transaction currently rated by Moody’s
that currently has securities outstanding and for which Moody’s has not cited servicing concerns of the applicable
replacement master servicer or special servicer as the sole or a material factor in any qualification, downgrade or
withdrawal of the ratings (or placement on “watch status” in contemplation of a rating downgrade or withdrawal)
of securities in a commercial mortgage-backed securitization transaction serviced by the applicable replacement master
servicer or special servicer prior to the time of determination, if Moody’s is the non-responding agency (clauses
(i), (ii) and (iii), “Applicable Rating Agency Criteria”).


 


Any No Downgrade Confirmation
request made by the Master Servicer, Special Servicer, Certificate Administrator or Trustee, as applicable, pursuant to this Agreement,
shall be made in writing, which writing shall contain a cover page indicating the nature of the No Downgrade Confirmation request,
and shall contain all back-up material necessary for the Rating Agency to process such request. Such written No Downgrade Confirmation
request shall be provided in electronic format to the 17g-5 Information Provider, and the 17g-5 Information


 



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Provider shall post
such request on the 17g-5 Information Provider’s Website in accordance with Section 3.14(d) of this Agreement.


 


Promptly following the
Master Servicer’s or Special Servicer’s determination to take any action discussed in this Section 3.30(a) following
any requirement to obtain a No Downgrade Confirmation being considered satisfied, the Master Servicer or Special Servicer, as the
case may be, shall provide electronic written notice to the 17g-5 Information Provider of the action taken for the particular item
at such time, and the 17g-5 Information Provider shall post such notice on the 17g-5 Information Provider’s Website in accordance
with Section 3.14(d) of this Agreement.


 


(b)       Notwithstanding
anything to the contrary in this Section 3.30, for purposes of the provisions of any Loan Document relating to defeasance
(including without limitation the type of collateral acceptable for use as defeasance collateral), release or substitution of any
collateral, any No Downgrade Confirmation requirement in the Loan Documents with respect to which the Master Servicer or Special
Servicer would have been required to make the determination described in Section 3.30(a) shall be deemed not to apply regardless
of any such determination by the Requesting Party (or, if the Requesting Party is the Borrower, the Master Servicer (with respect
to the Whole Loan if it is a Performing Loan) or the Special Servicer (with respect to the Whole Loan if it is a Specially Serviced
Loan or an REO Loan), as applicable); provided that the Requesting Party (or the Master Servicer or the Special Servicer,
as applicable) shall in any event review the conditions required under the Loan Documents with respect to such defeasance or release
and confirm to its satisfaction in accordance with the Servicing Standard that such conditions (other than the requirement for
a No Downgrade Confirmation) have been satisfied).


 


(c)       For
all other matters or actions not specifically discussed in Section 3.30(a) above, the applicable Requesting Party shall
deliver No Downgrade Confirmation from each Rating Agency.


 


Section
3.31 Certain Co-Lender Matters Relating to the Whole Loan. (a) Except for those duties to be performed by, and
notices to be furnished by, the Trustee or the Certificate Administrator under this Agreement, the Master Servicer or the
Special Servicer, as applicable, shall perform such duties and furnish such notices, reports and information on behalf of the
Trust Fund as may be the obligation of the Trust, or the obligation of the master servicer or the special servicer, as
applicable, following securitization, under the Co-Lender Agreement.


 


(b)       The
Master Servicer shall maintain a register (the “Companion Loan Noteholder Register”) on which the Master Servicer
shall record the names and addresses of the Companion Loan Holder and wire transfer instructions for the Companion Loan Holder
from time to time, to the extent such information is provided in writing to the Master Servicer by the Companion Loan Holder. The
Companion Loan Holder has agreed to inform the Master Servicer of its name, address, taxpayer identification number and wiring
instructions (to the extent the foregoing information is not already contained in the Co-Lender Agreement) and of any transfer
thereof (together with any instruments of transfer). The name and address of the initial Companion Loan Holder as of the Closing
Date is set forth on Schedule II hereto. The Master Servicer shall be entitled to conclusively rely upon the information
delivered by the Companion Loan Holder including the identity of the controlling class representative in any


 



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related Other Securitization
Trust until it receives notice of transfer or of any change in information.


 


In no event shall the
Master Servicer be obligated to pay any party the amounts payable to the Companion Loan Holder hereunder other than the Person
listed as the Companion Loan Holder on the Companion Loan Holder Register. In the event that the Companion Loan Holder transfers
the Companion Loan without notice to the Master Servicer, the Master Servicer shall have no liability whatsoever for any misdirected
payment on such Companion Loan and shall have no obligation to recover and redirect such payment.


 


The Master Servicer shall
promptly provide the names and addresses of the Companion Loan Holder, including the identity of the controlling class representative
in any related Other Securitization Trust, to any party hereto, the Companion Holder or any successor thereto upon written request,
and any such party or successor may, without further investigation, conclusively rely upon such information. The Master Servicer
shall have no liability to any Person for the provision of any such names and addresses.


 


(c)       Neither
the Directing Holder nor any Controlling Class Certificateholder shall owe any fiduciary duty to the Trustee, the Master Servicer,
the Special Servicer, any Certificateholder (including any Controlling Class Certificateholder) or the Companion Loan Holder, as
applicable. Neither the Directing Holder nor any Controlling Class Certificateholder will not have any liability to the Certificateholders
(including any Controlling Class Certificateholder, if applicable), the Master Servicer, the Special Servicer, the Certificate
Administrator, the Trustee, the Operating Advisor or the Companion Loan Holder, as applicable, for any action taken, or for refraining
from the taking of any action or the giving of any consent, pursuant to this Agreement, or for errors in judgment.


 


(d)       The
Directing Holder shall be entitled to exercise the consent rights, cure rights and purchase rights, as applicable, allocated to
the “controlling holder” to the extent set forth in the Co-Lender Agreement, in accordance with the terms of the Co-Lender
Agreement and this Agreement.


 


(e)       The
Special Servicer (with respect to the Companion Loan if such Companion Loan is a Specially Serviced Loan or has become a REO Loan)
or the Master Servicer (otherwise), as applicable, shall take all actions relating to the servicing and/or administration of, and
(subject to Section 3.13 and Section 3.17 of this Agreement and the following paragraph) the preparation and delivery
of reports and other information with respect to, the Whole Loan or any related REO Property required to be performed by the holder
of the Trust Loan or contemplated to be performed by a servicer, in any case pursuant to and as required by the Co-Lender Agreement.
In addition notwithstanding anything herein to the contrary, none of the Master Servicer, the Special Servicer or the Trustee shall
make or be permitted to make any P&I Advance with respect to the Companion Loan.


 


The Master Servicer or
Special Servicer, as applicable, shall timely provide to the Companion Loan Holder any reports or notices required to be delivered
to the Companion Loan Holder pursuant to the Co-Lender Agreement (provided, that to the extent that the Companion Loan has been
included in an Other Securitization Trust, such reports or notices required to be delivered by the Special Servicer to the Companion
Loan Holder shall be delivered to the


 



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controlling class representative for such Other Securitization Trust to the extent that the
Special Servicer receives written notice of the identity of the controlling class representative for such Other Securitization
Trust), and the Special Servicer shall reasonably cooperate with the Master Servicer and the Master Servicer shall reasonably cooperate
with the Special Servicer in preparing/delivering any such report or notice with respect to special servicing matters.


 


If the Companion Loan
or any portion thereof or any particular payments thereon are included in a REMIC or a “grantor trust”, then neither
the Master Servicer nor the Special Servicer shall knowingly take any action that would result in the equivalent of an Adverse
REMIC Event with respect to such REMIC or adversely affect the tax status of such grantor trust as a grantor trust.


 


The parties hereto acknowledge
that the Companion Loan Holder shall not (1) owe any fiduciary duty to the Trustee, the Certificate Administrator, the Master Servicer,
the Special Servicer or any Certificateholder or (2) have any liability to the Trustee or the Certificateholders for any action
taken, or for refraining from the taking of any action pursuant to the Co-Lender Agreement or the giving of any consent or for
errors in judgment. Each Certificateholder, by its acceptance of a Certificate, shall be deemed to have confirmed its understanding
that the Companion Loan Holder (i) may take or refrain from taking actions that favor its interests or the interests of its affiliates
over the Certificateholders, (ii) may have special relationships and interests that conflict with the interests of the Certificateholders
and shall be deemed to have agreed to take no action against the Companion Loan Holder or any of their respective officers, directors,
employees, principals or agents as a result of such special relationships or conflicts, and (iii) shall not be liable by reason
of its having acted or refrained from acting solely in its interest or in the interest of its affiliates.


 


The parties hereto recognize
and acknowledge the respective rights of the Companion Loan Holder under the Co-Lender Agreement. Each of the rights of the Companion
Loan Holder under or contemplated by this Section 3.31(e) may be exercisable by a designee thereof on its behalf; provided
that the Master Servicer, the Special Servicer, the Certificate Administrator and the Trustee are provided with written notice
by the Companion Loan Holder of such designation (upon which such party may conclusively rely) and the contact details of the designee.


 


Notwithstanding anything
herein or in the Co-Lender Agreement to the contrary, no direction or objection by the Companion Loan Holder may require or cause
the Master Servicer or the Special Servicer, as applicable, to violate any provision of any Loan Agreement, applicable law, this
Agreement, the Co-Lender Agreement or the REMIC Provisions, including without limitation the Master Servicer’s or Special
Servicer’s obligation to act in accordance with the Servicing Standard, or expose the Master Servicer, the Special Servicer,
the Depositor, the Trust Loan Seller, the Operating Advisor, the Paying Agent, the Trust Fund, the Certificate Administrator or
the Trustee to liability, or materially expand the scope of the Master Servicer’s or Special Servicer’s responsibilities
hereunder.


 


Any reference to servicing
of the Trust Loan or the Whole Loan in accordance with any of the related Loan Documents (including the related Note and Mortgage)
shall also mean, in the case of the Companion Loan, in accordance with the Co-Lender Agreement.


 






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To the extent not otherwise
expressly included herein, any provisions required to be included herein pursuant to the Co-Lender Agreement are deemed incorporated
herein by reference, and the parties hereto shall comply with those provisions as if set forth herein in full.


 


For purposes of exercising
any rights that the directing holder of the Trust Loan Note for any Trust Loan may have under the Co-Lender Agreement, the Directing
Holder shall be the designee of the Trust, as such noteholder, and the Trustee shall, upon request, take such actions as may be
necessary under the Co-Lender Agreement to effect such designation. The Certificate Administrator shall provide notice of the identity
of the Directing Holder (to the extent the Certificate Administrator has received notice of a change in the identity of the Directing
Holder), to the other parties to the Co-Lender Agreement, to the extent the identity and contact information of such parties to
such Co-Lender Agreement are actually known to the Certificate Administrator.


 


(f)        With
respect to the Trust Loan, the Master Servicer or the Special Servicer, as applicable, shall provide the Companion Loan Holder
within the same time frame and to the same extent it is required to provide such information and materials to the Certificateholders
hereunder with (1) copies of each financial statement received by the Master Servicer pursuant to the terms of the related Loan
Documents, (2) copies of any notice of default sent to the Borrower and (3) subject to the terms of the Loan Documents and the
Co-Lender Agreement, copies of any other documents or information relating to the Trust Loan that the Master Servicer is required
to make available to Certificateholders hereunder. In no event shall the Master Servicer or the Special Servicer provide the Companion
Loan Holder any information delivered to the Directing Holder or any other notice, information or report that it is required to
provide to the Directing Holder pursuant to this Agreement with respect to any Major Decision or with respect to any “major
decisions” or “major actions” as set forth in the related Co-Lender Agreement or the implementation of any recommended
actions outlined in an Asset Status Report relating to the Trust Loan. Any copies to be furnished by the Master Servicer or the
Special Servicer may be furnished by hard copy or electronic means.


 


(g)       With
respect to the Whole Loan, if the Companion Loan becomes the subject of an “asset review” (or such analogous term defined
in the related Other Pooling and Servicing Agreement) pursuant to the related Other Pooling and Servicing Agreement, the Master
Servicer, the Special Servicer, the Trustee, the Certificate Administrator and the Custodian shall reasonably cooperate with the
Other Asset Representations Reviewer or any other party to the Other Pooling and Servicing Agreement in connection with such asset
review by providing the Other Asset Representations Reviewer or such other requesting party with copies of any documents reasonably
requested by the Other Asset Representations Reviewer or such other requesting party, but only to the extent that (i) such asset
representations reviewer or such other requesting party has not been able to obtain such documents from the Trust Loan Seller (as
mortgage loan seller) or any party to the related Other Pooling and Servicing Agreement, and (ii) such documents are in the possession
of the Master Servicer, the Special Servicer, the Trustee, the Certificate Administrator or the Custodian, as the case may be.
For the avoidance of doubt, none of the Master Servicer, the Special Servicer, the Trustee, the Certificate Administrator or the
Custodian (i) shall have any further obligations with respect to any asset review nor shall any such party be bound by the results
of any asset review, or (ii) shall be


 



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obligated to provide such documents if providing such documents, in its reasonable determination,
would be a violation of this Agreement or any related Intercreditor Agreement.


 


Section 3.32 Appointment
and Duties of the Operating Advisor


 


(a)       Park
Bridge Lender Services LLC is hereby appointed to serve as the initial Operating Advisor.


 


(b)       The
Operating Advisor, as an independent contractor, shall review the Special Servicer’s operational practices in respect of
the Specially Serviced Loan, consult, in certain circumstances with the Special Servicer and perform each other obligation of the
Operating Advisor as set forth in this Agreement solely on behalf of the Trust Fund and in the best interest of, and for the benefit
of, all of the Certificateholders and the Companion Loan Holder (as a collective whole as if such Certificateholders and Companion
Loan Holder constituted a single lender), and not to any particular Class of those Certificateholders (as determined by the Operating
Advisor in the exercise of its good faith and reasonable judgment), but without regard to any conflict of interest arising from
any relationship that the Operating Advisor or any of its affiliates may have with any of the Borrower, the Loan Sponsor, the Securitization
Sponsor, the Trust Loan Seller, the Depositor, the Master Servicer, the Special Servicer, the Directing Holder or any of their
affiliates (the “Operating Advisor Standard”). The Operating Advisor shall not owe any fiduciary duty to the
Master Servicer, the Special Servicer or any other Person in connection with this Agreement. By purchasing a Certificate, Certificateholders
are deemed to acknowledge and agree that there could be multiple strategies to resolve the Specially Serviced Loan and that the
goal of the Operating Advisor’s participation is to provide additional oversight relating to the Special Servicer’s
compliance with the Servicing Standard in making its determinations as to which strategy to execute.


 


(c)        If
an Operating Advisor Consultation Period is in effect, the Operating Advisor shall:


 


(i)         promptly
review all information available to Privileged Persons on the Certificate Administrator’s Website relevant to the Operating
Advisor’s obligations under this Agreement;


 


(ii)         promptly
review each Final Asset Status Report;


 


(iii)       consult
with the Master Servicer and/or Special Servicer, on a non-binding basis, in connection with the determination of whether a Servicing
Transfer Event exists in accordance with the Servicing Standard.


 


(d)    
   The Operating Advisor shall:


 


(i)         consult
(on a non-binding basis) with the Special Servicer in connection with each Asset Status Report pursuant to Section 6.09
of this Agreement;


 


(ii)        consult
(on a non-binding basis) with the Special Servicer in connection with any Major Decision pursuant to Section 6.09 of this
Agreement;


 






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(iii)       review
any Appraisal Reduction Amount and net present value calculations pursuant to Section 3.32(f) of this Agreement; and


 


(iv)       in
connection with the preparation of the Operating Advisor Annual Report (defined below), review, in accordance with the Operating
Advisor Standard, the Special Servicer’s operational practices on a Platform-Level Basis in respect of the Specially Serviced
Loan, if applicable, in order to formulate an opinion as to whether or not those operational practices generally satisfy the Servicing
Standard with respect to the resolution and/or liquidation of the Specially Serviced Loan;


 


(v)        within
120 days of the end of the prior calendar year (if the Trust Loan was a Specially Serviced Loan during the prior calendar year),
deliver an annual report setting forth the Operating Advisor’s assessment of the Special Servicer’s performance of
its duties under this Agreement on a Platform-Level Basis with respect to the resolution and liquidation of such Specially Serviced
Loan during the prior calendar year (the “Operating Advisor Annual Report”) to the Trustee, the Master Servicer,
the Certificate Administrator (which shall promptly post such Operating Advisor Annual Report on the Certificate Administrator’s
Website), the Companion Loan Holder and the 17g-5 Information Provider (who shall promptly post such notice to the 17g-5 Information
Provider’s Website pursuant to Section 3.14(d) of this Agreement); provided, that in the event the Special
Servicer is replaced, the Operating Advisor’s annual report will only relate to the entity that was acting as Special Servicer
as of December 31 in the prior calendar year and is continuing in such capacity through the date of such annual report. Each Operating
Advisor Annual Report shall be substantially in the form of Exhibit Y of this Agreement (which form may be modified or altered
as to either its organization or content by the Operating Advisor, subject to compliance of such form with the terms and provisions
of this Agreement) and shall be based on the Operating Advisor’s review of any annual compliance statement and any assessment
of compliance delivered to the Operating Advisor pursuant to Section 11.07 of this Agreement, as applicable, any attestation
report delivered to the Operating Advisor pursuant to Section 11.09 of this Agreement, any Asset Status Report, other information
(other than any communications between the Directing Holder and the Special Servicer that would be Privileged Information) delivered
to the Operating Advisor by the Special Servicer and oral communications with the Special Servicer or made available to the Operating
Advisor on the Certificate Administrator’s Website; provided that in no event shall the information or any other
content included in the Operating Advisor Annual Report contravene any provision of this Agreement. Subject to the restrictions
in this Agreement, including, without limitation, Section 3.32(b) of this Agreement, each such Operating Advisor Annual
Report shall (A) identify any material deviations (i) from the Servicing Standard and (ii) from the Special Servicer’s obligations
under this Agreement with respect to the resolution or liquidation of the Specially Serviced Loan, if applicable and (B) comply
with all of the confidentiality requirements applicable to the Operating Advisor described in this Agreement. Promptly upon receipt
of each Operating Advisor Annual Report, the Certificate Administrator shall post such Operating Advisor Annual Report on the
Certificate Administrator’s Website. The Special Servicer shall be given an opportunity to review any Operating Advisor
Annual Report at least five Business Days prior to its delivery to the Trustee and the Certificate Administrator; provided,
that the Operating


 



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Advisor shall have no obligation to adopt any comments to such Operating Advisor Annual Report that are provided by the Special
Servicer. No Operating Advisor Annual Report shall be required from the Operating Advisor with respect to the Special Servicer
if during the prior calendar year no Asset Status Report was prepared by the Special Servicer in connection with the Specially
Serviced Loan or REO Property.


 


Prior to an Operating
Advisor Consultation Period, the Operating Advisor’s review of information (other than a Final Asset Status Report and information
accompanying such report) or interaction with the Special Servicer if the Trust Loan becomes a Specially Serviced Loan is only
to provide background information to support the Operating Advisor’s duties following a servicing transfer, if needed, or
to allow more meaningful interaction with the Special Servicer.


 


(e)       The
Special Servicer shall promptly deliver each Asset Status Report prepared in connection with a Specially Serviced Loan to the Operating
Advisor (and during any Subordinate Control Period or Subordinate Consultation Period, the Directing Holder). The Operating Advisor
shall provide comments to the Special Servicer in respect of the Asset Status Report, if any, within 10 business days following
the later of (i) receipt of such Asset Status Report or (ii) such related additional information reasonably requested by the Operating
Advisor, and propose possible alternative courses of action to the extent it determines such alternatives to be in the best interest
of the Certificateholders (including any Certificateholders that are holders of the Controlling Class Certificates), as a collective
whole. The Special Servicer shall consider such alternative courses of action and any other feedback provided by the Operating
Advisor and, during any Subordinate Control Period and any Subordinate Consultation Period, the Directing Holder. During any Operating
Advisor Consultation Period, the Special Servicer shall revise the Asset Status Reports as it deems necessary to take into account
any input and/or comments from the Operating Advisor (and, during any Subordinate Control Period and any Subordinate Consultation
Period, the Directing Holder), to the extent the Special Servicer determines that the Operating Advisor’s and/or Directing
Holder’s input and/or recommendations are consistent with the Servicing Standard and in the best interest of the Certificateholders,
taking into account the interests of all of the Certificateholders as a collective whole.


 


(f)        (i)
After the calculation but prior to the utilization by the Special Servicer of any of the calculations related to (A) Appraisal
Reduction Amounts or (B) net present value, the Special Servicer shall forward such calculations, together with any supporting
material or additional information necessary in support thereof (including such additional information reasonably requested by
the Operating Advisor to confirm the mathematical accuracy of such calculations, but not including any Privileged Information and,
in the case of the Appraisal Reduction Amount, only to the extent the Master Servicer has provided such information to the Special
Servicer), to the Operating Advisor promptly, but in any event no later than 2 Business Days after finalizing the preparation of
such calculations, and the Operating Advisor shall promptly, but no later than 3 Business Days after receipt of such calculations
and any supporting or additional materials, recalculate and verify the accuracy of the mathematical calculations and the corresponding
application of the non-discretionary portion of the applicable formulas required to be utilized in connection with any such calculation.


 






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(ii) In
connection with this Section 3.32(f), if the Operating Advisor does not agree with the mathematical calculations or the
application of the applicable non-discretionary portions of the formula required to be utilized for such calculation, the Operating
Advisor and Special Servicer shall consult, on a non-binding basis, with each other in order to resolve any inaccuracy or disagreement
in the mathematical calculations or the application of the non-discretionary portions of the related formula in arriving at those
mathematical calculations or any disagreement within 5 Business Days of delivery of such calculations to the Operating Advisor.
If the Operating Advisor and Special Servicer are not able to resolve such inaccuracies or disagreement prior to the end of such
5 Business Day period, the Operating Advisor shall promptly notify the Certificate Administrator of such disagreement and the Certificate
Administrator shall examine the calculations and supporting materials provided by the Special Servicer and the Operating Advisor
and shall determine which calculation is to apply. In making such determination, the Certificate Administrator may hire an independent
third-party to assist with any such calculation at the expense of the Trust and shall be entitled to conclusively rely on such
third party’s determination (provided such third party has been selected with reasonable care by the Certificate Administrator).


 


(g)          Subject
to the requirements of confidentiality imposed on the Operating Advisor herein (including without limitation in respect of Privileged
Information), the Operating Advisor shall respond to Inquiries proposed by Privileged Persons from time to time in accordance with
the terms of Section 4.02(c) of this Agreement.


 


(h)          The
Operating Advisor and its Affiliates shall keep all Privileged Information confidential and shall not disclose such Privileged
Information to any Person (including Certificateholders other than the Directing Holder), other than (1) to the extent expressly
required by this Agreement, to the other parties to this Agreement with a notice indicating that such information is Privileged
Information or (2) pursuant to a Privileged Information Exception. Each party to this Agreement that receives Privileged Information
from the Operating Advisor with a notice stating that such information is Privileged Information shall not disclose such Privileged
Information to any Person without the prior written consent of the Special Servicer and, so long as a Subordinate Control period
is in effect, the Directing Holder, other than pursuant to a Privileged Information Exception. Subject to the terms and conditions
in this Agreement related to Privileged Information, the Operating Advisor agrees that it shall use information received from the
Special Servicer pursuant to the terms of this Agreement solely for purposes of complying with its duties and obligations hereunder.


 


(i)           On
each Servicer Remittance Date, the Operating Advisor shall be paid the applicable Operating Advisor Fee from amounts on deposit
in the Collection Account pursuant to Section 3.06 of this Agreement, as applicable. In addition, the Operating Advisor
Consulting Fee shall be payable to the Operating Advisor with respect to each Major Decision for which the Operating Advisor has
consultation rights. Each of the Operating Advisor Fee and the Operating Advisor Consulting Fee shall be payable from funds on
deposit in the Collection Account as provided in Section 3.06 of this Agreement, but with respect to the Operating Advisor
Consulting Fee only to the extent such Operating Advisor Consulting Fee is actually received from the Borrower. When the Operating
Advisor has consultation rights with respect to a Major Decision under this Agreement, the Master Servicer or the Special Servicer,
as applicable, shall use commercially reasonable efforts consistent with the Servicing Standard to


 






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collect the applicable Operating
Advisor Consulting Fee from the Borrower in connection with such Major Decision, but only to the extent not prohibited by the related
Loan Documents. The Master Servicer or Special Servicer, as applicable, may waive or reduce the amount of any Operating Advisor
Consulting Fee payable by the Borrower if it determines that such full or partial waiver is in accordance with the Servicing Standard,
but in no event shall the Master Servicer or the Special Servicer take any enforcement action with respect to the collection of
such Operating Advisor Consulting Fee other than requests for collection; provided that the Master Servicer or the Special
Servicer, as applicable, shall consult with the Operating Advisor prior to any such waiver or reduction.


 


(j)           Neither
the Operating Advisor nor any of its affiliates may make any investment in any Class of Certificates; provided, however,
that such prohibition will not apply to (i) riskless principal transactions effected by a broker dealer affiliate of the Operating
Advisor or (ii) investments by an affiliate of the Operating Advisor if the Operating Advisor and such affiliate maintain policies
and procedures that (A) segregate personnel involved in the activities of the Operating Advisor under this Agreement from personnel
involved in such affiliate’s investment activities and (B) prevent such affiliate and its personnel from gaining access to
information regarding the Trust and the Operating Advisor and its personnel from gaining access to such affiliate’s information
regarding its investment activities.


 


(k)          The
Depositor is not obligated to monitor or supervise the performance of the Operating Advisor under this Agreement or otherwise.


 


Section
3.33 Credit Risk Retention. (a) The initial Third Party Purchaser (or any successor Third Party Purchaser), prior
to its acquisition of the EHRI, shall be required to enter into an agreement (the “Credit Risk Retention
Agreement”) with the Securitization Sponsor pursuant to which, among other things, such Third Party Purchaser shall
agree (i) to comply with the requirements applicable to it set forth in the Credit Risk Retention Rules, and (ii) not to
transfer, directly or indirectly, the EHRI (or any portion thereof) during the Third Party Purchaser Transfer Restriction
Period unless it is permitted to do so under the Credit Risk Retention Rules, the Securitization Sponsor has consented to
such transfer and unless and until it causes the transferee to enter into a new agreement, substantially in the form of the
Credit Risk Retention Agreement, with the Securitization Sponsor, and it notifies the other parties to this Agreement of such
transfer promptly after such transfer.


 


(b)          Pursuant
to the Trust Loan Purchase Agreement, the Securitization Sponsor shall be required to timely deliver (or cause to be timely delivered)
to the Certificate Administrator any notices contemplated by Section 4.02(b)(ii) of this Agreement.


 


ARTICLE
IV



DISTRIBUTIONS TO CERTIFICATEHOLDERS


 


Section
4.01 Distributions. (a) On each Distribution Date, amounts held in the Lower-Tier Distribution Account shall be
withdrawn (to the extent of the Available Funds, including or reduced by, to the extent required by Section 3.05(e) of this
Agreement, the Withheld Amounts and Prepayment Charges) in the case of all Classes of Lower-Tier Regular


 






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Interests (such
amount, the “Lower-Tier Distribution Amount”). Each Class of Lower-Tier Regular Interests shall be deemed
to have received interest at its related Pass-Through Rate on its Lower-Tier Principal Balance outstanding immediately prior
to the related Distribution Date in accordance with the next sentence and distributions in respect of principal in an amount
equal to the amount of principal actually distributable to its respective Corresponding Certificates as provided in Section
4.01(b) of this Agreement. On each Distribution Date, distributions of interest made in respect of any Class of Regular
Certificates on each Distribution Date pursuant to Section 4.01(b) or Section 9.01 of this Agreement shall be
deemed to have first been distributed from the Lower-Tier REMIC to the Upper-Tier REMIC in respect of its
Corresponding Lower-Tier Regular Interest set forth in the Preliminary Statement to this Agreement; provided that the
Class LA Interest shall be deemed to have received distributions of interest in an amount equal to the Interest Distribution
Amount and Class Interest Shortfalls in respect of the Class X-A Certificates to the extent actually distributable thereon as
provided in Section 4.01(b) of this Agreement.


 


All distributions of
reimbursements of Realized Losses made in respect of any Class of Principal Balance Certificates on each Distribution Date pursuant
to Section 4.01(b) of this Agreement shall be deemed to have first been distributed from the Lower-Tier REMIC to the Upper-Tier
REMIC in a manner such that the Lower-Tier Principal Balance of each of the Class LA, Class LB, Class LC, Class LD and Class LE
Interests equals the Certificate Balance of the Corresponding Certificates.


 


The Certificate Administrator
shall be deemed to deposit the Lower-Tier Distribution Amount and Prepayment Charges distributable to the Lower-Tier Regular Interests
pursuant to Section 4.01(b) into the Upper-Tier Distribution Account. Any amount in respect of the Trust Loan that remains
in the Lower-Tier Distribution Account on each Distribution Date after the deemed distribution described in the preceding sentence
shall be distributed to the Holders of the Class LR Certificates (but only to the extent of such amount for such Distribution Date
remaining in the Lower-Tier Distribution Account, if any).


 


(b)          On
each Distribution Date, the Certificate Administrator shall withdraw from the Upper-Tier Distribution Account the amounts deposited
in the Upper-Tier Distribution Account in respect of such Distribution Date pursuant Section 4.01(a) of this Agreement,
and distribute such amount to the Holders of the Regular Certificates in the amounts and in the order of priority set forth below:


 


(i)          First,
to the Class A and Class X-A Certificates, in respect of interest, up to an amount equal to, and pro rata in accordance
with, the respective Interest Distribution Amounts for such Classes;


 


(ii)          Second,
to the Class A and Class X-A Certificates, in respect of interest, up to an amount equal to, and pro rata in accordance
with, the respective Class Interest Shortfalls for such Classes;


 






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(iii)         Third,
to the Class A Certificates, in reduction of the Certificate Balance thereof, an amount up to the Principal Distribution Amount
for such Distribution Date, until the Certificate Balance of such Class is reduced to zero;


 


(iv)         Fourth,
to the Class A Certificates, for the unreimbursed amounts of Realized Losses, if any, up to an amount equal to the aggregate of
such unreimbursed Realized Losses previously allocated to such Class;


 


(v)          Fifth,
to the Class B Certificates, in respect of interest, up to an amount equal to the Interest Distribution Amount of such Class;


 


(vi)         Sixth,
to the Class B Certificates, in respect of interest, up to an amount equal to the Class Interest Shortfall for such Class;


 


(vii)        Seventh,
to the Class B Certificates, in reduction of the Certificate Balance thereof, an amount up to the Principal Distribution Amount
less the portion of the Principal Distribution Amount distributed pursuant to all prior clauses, until the Certificate Balance
of such Class is reduced to zero;


 


(viii)       Eighth,
to the Class B Certificates, for the unreimbursed amounts of Realized Losses, if any, up to an amount equal to the aggregate of
such unreimbursed Realized Losses previously allocated to such Class;


 


(ix)          Ninth,
to the Class C Certificates, in respect of interest, up to an amount equal to the Interest Distribution Amount of such Class;


 


(x)          Tenth,
to the Class C Certificates, in respect of interest, up to an amount equal to the Class Interest Shortfall for such Class;


 


(xi)          Eleventh,
to the Class C Certificates, in reduction of the Certificate Balance thereof, an amount up to the Principal Distribution Amount
less the portion of the Principal Distribution Amount distributed pursuant to all prior clauses, until the Certificate Balance
of such Class is reduced to zero;


 


(xii)        Twelfth,
to the Class C Certificates, for the unreimbursed amounts of Realized Losses, if any, up to an amount equal to the aggregate of
such unreimbursed Realized Losses previously allocated to such Class;


 


(xiii)       Thirteenth,
to the Class D Certificates, in respect of interest, up to an amount equal to the Interest Distribution Amount of such Class;


 


(xiv)       Fourteenth,
to the Class D Certificates, in respect of interest, up to an amount equal to the Class Interest Shortfall for such Class;


 


(xv)        Fifteenth,
to the Class D Certificates, in reduction of the Certificate Balance thereof, an amount up to the Principal Distribution Amount
less the portion of the Principal Distribution Amount distributed pursuant to all prior clauses, until the Certificate Balance
of such Class is reduced to zero;


 






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(xvi)       Sixteenth,
to the Class D Certificates, for the unreimbursed amounts of Realized Losses, if any, up to an amount equal to the aggregate of
such unreimbursed Realized Losses previously allocated to such Class;


 


(xvii)      Seventeenth,
to the Class E Certificates, in respect of interest, up to an amount equal to the Interest Distribution Amount of such Class;


 


(xviii)     Eighteenth,
to the Class E Certificates, in respect of interest, up to an amount equal to the Class Interest Shortfall for such Class;


 


(xix)        Nineteenth,
to the Class E Certificates, in reduction of the Certificate Balance thereof, an amount up to the Principal Distribution Amount
less the portion of the Principal Distribution Amount distributed pursuant to all prior clauses, until the Certificate Balance
of such Class is reduced to zero;


 


(xx)        Twentieth,
to the Class E Certificates, for the unreimbursed amounts of Realized Losses, if any, up to an amount equal to the aggregate of
such unreimbursed Realized Losses previously allocated to such Class; and


 


(xxi)        Twenty-first,
when the Certificate Balances of all Classes of Principal Balance Certificates have been reduced to zero and after payment in full
of all unpaid expenses of the Trust, to the Class R and Class LR Certificates.


 


All references to “pro
rata” in the preceding clauses with respect to interest and Class Interest Shortfalls shall mean pro rata based
on the amount distributable pursuant to such clauses, with respect to distribution of principal other than for unreimbursed Realized
Losses shall mean pro rata based on Certificate Balance and with respect to distributions with respect to unreimbursed Realized
Losses shall mean pro rata based on the amount of unreimbursed Realized Losses previously allocated to the applicable Classes.


 


(c)          [Reserved].


 


(d)          On
each Distribution Date, following the distribution from the Lower-Tier Distribution Account in respect of the Lower-Tier Regular
Interests pursuant to Section 4.01(a) of this Agreement, the Certificate Administrator shall make distributions of any Prepayment
Charges received in the related Collection Period from amounts deposited in the Upper-Tier Distribution Account pursuant to Section
3.05(c) of this Agreement, as follows:


 


Prepayment Charges received
with respect to the Trust Loan shall be distributed to the Class A, Class B, Class C, Class D and Class E Certificates, in an amount
equal to the product of (a) a fraction, not greater than one, the numerator of which is the amount distributed as principal to
such Class on such Distribution Date, and the denominator of which is the total amount distributed as principal to the Class A,
Class B, Class C, Class D and Class E Certificates on such Distribution Date, (b) the Base Interest Fraction for the related Principal
Prepayment and such Class of Certificates and (c) the aggregate amount of the Prepayment Charges collected on such Principal Prepayment
during the related Collection Period.


 






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Any Prepayment Charges
collected during the related Collection Period remaining after such distributions described in the preceding paragraph will be
allocated to the Class X-A Certificates


 


(e)          On
each Distribution Date, immediately following the distributions to be made on such date pursuant to Section 4.01(b), the
Certificate Administrator shall calculate the amount, if any, of Realized Losses. Any allocation of Realized Losses to a Class
of Principal Balance Certificates shall be made by reducing the Certificate Balance thereof by the amount so allocated. Any Realized
Losses allocated to a Class of Principal Balance Certificates shall be allocated among the respective Certificates of such Class
in proportion to the Percentage Interests evidenced thereby. The allocation of Realized Losses shall constitute an allocation of
losses and other shortfalls experienced by the Trust Fund. Reimbursement of previously allocated Realized Losses will not constitute
distributions of principal for any purpose and will not result in an additional reduction in the Certificate Balance of the Class
in respect of which any such reimbursement is made.


 


The Certificate Balances
of each Class of Principal Balance Certificates will be reduced without distribution on any Distribution Date as a write-off to
the extent of any Realized Losses allocated to such Class with respect to such date. Any such write-offs shall be applied to the
Classes of Principal Balance Certificates in the following order, in each case until the Certificate Balance of such Class is reduced
to zero: first, to the Class E Certificates, second, to the Class D Certificates; third, to the Class C Certificates;
fourth, to the Class B Certificates; and finally, to the Class A Certificates based upon their respective Certificate
Balances. Any amounts recovered in respect of amounts previously written off as Realized Losses shall be distributed to the Classes
of Principal Balance Certificates described above in reverse order of allocation of Realized Losses thereto in accordance with
Section 4.01(b) of this Agreement. Additional Trust Fund Expenses and shortfalls in Available Funds due to extraordinary
expenses of the Trust Fund (including indemnification expenses), a reduction in the Trust Loan Rate on the Trust Loan by a bankruptcy
court pursuant to a plan of reorganization or pursuant to any of its equitable powers, or otherwise, shall be treated as and allocated
in the same manner as Realized Losses.


 


With respect to any Distribution
Date, any Realized Losses allocated pursuant to Section 3.06 of this Agreement with respect to such Distribution Date shall
reduce the Lower-Tier Principal Balances of the Lower-Tier Regular Interests as a write-off and shall be allocated among the Lower-Tier
Regular Interests in the same priority as the Class of Corresponding Certificates.


 


(f)          All
amounts distributable to a Class of Certificates pursuant to this Section 4.01 on each Distribution Date shall be allocated
pro rata among the outstanding Certificates in each such Class based on their respective Percentage Interests. Such distributions
shall be made on each Distribution Date other than the Termination Date to each Certificateholder of record on the related Record
Date, by wire transfer of immediately available funds to the account of such Holder at a bank or other entity located in the United
States and having appropriate facilities therefor provided that such Holder shall have provided the Paying Agent with wire
instructions in writing at least five Business Days prior to the related Record Date, or, otherwise, by check mailed by first-class
mail to the address set forth therefor in the Certificate Register. The final distribution on each Certificate shall be made in
like manner, but only upon presentment and


 






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surrender of such Certificate at the office of the Certificate Administrator or its
agent (which may be the Paying Agent or the Certificate Registrar acting as such agent) that is specified in the notice to Holders
of such final distribution.


 


(g)          Except
as otherwise provided in Section 9.01 with respect to an Anticipated Final Termination Date, the Certificate Administrator
shall, as soon as reasonably practicable within the month preceding the month in which the final distribution with respect to any
Class of Certificates is expected to be made, mail to each Holder of such Class of Certificates on such date a notice to the effect
that:


 


(A)          the
Certificate Administrator reasonably expects based upon information previously provided to it that the final distribution with
respect to such Class of Certificates will be made on such Distribution Date, but only upon presentation and surrender of such
Certificates at the office of the Certificate Administrator therein specified, and


 


(B)          if
such final distribution is made on such Distribution Date, no interest shall accrue on such Certificates from and after such Distribution
Date;


 


provided, however, that the
Class R and Class LR Certificates shall remain outstanding until there is no other Class of Certificates or Lower-Tier Regular
Interests outstanding.


 


Any funds not distributed
to any Holder or Holders of such Classes of Certificates on such Distribution Date because of the failure of such Holder or Holders
to tender their Certificates shall, on such date, be set aside and held in trust for the benefit of the appropriate non-tendering
Holder or Holders. If any Certificates as to which notice has been given pursuant to this Section 4.01(g) shall not have
been surrendered for cancellation within six months after the time specified in such notice, the Certificate Administrator shall
mail a second notice to the remaining non-tendering Holders to surrender their Certificates for cancellation to receive the final
distribution with respect thereto. If within one year after the second notice not all of such Certificates shall have been surrendered
for cancellation, the Certificate Administrator may, directly or through an agent, take appropriate steps to contact the remaining
non-tendering Holders concerning surrender of their Certificates. The costs and expenses of holding such funds in trust and of
contacting such Holders shall be paid out of such funds. If within two years after the second notice any such Certificates shall
not have been surrendered for cancellation, the Paying Agent shall distribute to the Certificate Administrator all amounts distributable
to the Holders thereof, and the Certificate Administrator shall thereafter hold such amounts for the benefit of such Holders until
the earlier of (i) its termination as Certificate Administrator hereunder and the transfer of such amounts to a successor Certificate
Administrator and (ii) subject to applicable law, the termination of the Trust Fund and distribution of such amounts to the Class
R Certificateholders. No interest shall accrue or be payable to any Holder on any amount held in trust hereunder or by the Certificate
Administrator as a result of such Holder’s failure to surrender its Certificate(s) for final payment thereof in accordance
with this Section 4.01(g). Any such amounts transferred to the Certificate Administrator may be invested in Permitted Investments
and all income and gain realized from investment of such funds shall accrue for its benefit.


 






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(h)          Shortfalls
in Available Funds resulting from Excess Prepayment Interest Shortfalls shall be allocated to, and Master Servicer Prepayment Interest
Shortfall Amounts shall be deemed distributed to, each Class of Regular Certificates and correspondingly to the respective Class
of Corresponding Lower-Tier Regular Interests, pro rata, based upon the Interest Distribution Amount distributable to each
such Class of Certificates prior to reduction by such Excess Prepayment Interest Shortfalls. Master Servicer Prepayment Interest
Shortfall Amounts shall be deposited by the Master Servicer into the Collection Account on or prior to the Servicer Remittance
Date.


 


Section
4.02 Statements to Certificateholders; Reports by Certificate Administrator; Other Information Available to the
Holders and Others. (a) On each Distribution Date, the Certificate Administrator shall make available on the Certificate
Administrator’s Website to any Privileged Person a statement (substantially in the form set forth as Exhibit K
to this Agreement and based in part on the information set forth in (i) the CREFC® Investor Reporting Package
(CREFC® IRP) prepared by the Master Servicer (other than the CREFC® Special Servicer Loan File)
and the other reports prepared by the Master Servicer and Special Servicer relating to such Distribution Date, including the
CREFC® Special Servicer Loan File, upon which information the Certificate Administrator may conclusively rely,
in accordance with CREFC® guidelines and (ii) the CREFC® Reconciliation of Funds Template
prepared by the Certificate Administrator) as to distributions made on such Distribution Date (each, a “Distribution
Date Statement”) setting forth (with respect to each Class of Certificates) the following information:


 


(i)          the
Record Date, Whole Loan Interest Accrual Period, and Determination Date for such Distribution Date;


 


(ii)          the
aggregate amount of the distribution to be made on such Distribution Date to the Holders of each Class of Regular Certificates;


 


(iii)         the
aggregate amount of the distribution to be made on such Distribution Date to the Holders of each Class of Regular Certificates
allocable to (A) the Interest Distribution Amount and/or (B) Class Interest Shortfalls;


 


(iv)         the
aggregate amount of Advances made in respect of the Distribution Date and the amount of interest paid on Advances since the prior
Distribution Date (including, to the extent material, the general use of funds advanced and general source of funds for reimbursements);


 


(v)          the
aggregate amount of compensation paid to the Trustee, the Certificate Administrator and the Operating Advisor and servicing compensation
paid to the Master Servicer and the Special Servicer for the related Determination Date, CREFC® and any other fees
or expenses accrued and paid from the Trust Fund;


 


(vi)         the
Stated Principal Balance of the Trust Loan or REO Loan and the Companion Loan outstanding immediately before and immediately after
the Distribution Date;


 






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(vii)        the
remaining term to maturity and the mortgage rate of the Trust Loan as of the related Determination Date;


 


(viii)       whether
the Trust Loan is (A) delinquent 30-59 days, (B) delinquent 60-89 days, (C) delinquent 90 days or more or (D) current but is a
Specially Serviced Loan or in foreclosure (but not REO Loan);


 


(ix)         the
Available Funds for such Distribution Date, and any other cash flows received on the Trust Loan and applied to pay fees and expenses
(including the components of the Available Funds, or such other cash flows);


 


(x)          the
amount of the distribution on the Distribution Date to any Class of Certificates allocable to Prepayment Charges;


 


(xi)         the
accrued Interest Distribution Amount in respect of each Class of Regular Certificates for such Distribution Date;


 


(xii)        the
Pass-Through Rate for each Class of Regular Certificates for the Distribution Date and the next succeeding Distribution Date;


 


(xiii)        (A)
the Principal Distribution Amount for the Distribution Date and (B) the portion of the Principal Distribution Amount distributed
to each Class of Principal Balance Certificates;


 


(xiv)       the
aggregate Certificate Balance or aggregate Notional Balance, as the case may be, of each Class of Certificates (other than the
Residual Certificates), before and after giving effect to the distributions made on such Distribution Date, separately identifying
any reduction in the aggregate Certificate Balance (or, if applicable, the aggregate Notional Balance) of each such Class due to
Realized Losses and/or Additional Trust Fund Expenses;


 


(xv)        the
fraction, expressed as a decimal carried to at least eight places, the numerator of which is the then related Certificate Balance,
and the denominator of which is the related initial aggregate Certificate Balance, for each class of Regular Certificates immediately
following the Distribution Date;


 


(xvi)       the
amount of any Appraisal Reduction Amounts and Collateral Deficiency Amounts allocated during the related Collection Period and
the total Appraisal Reduction Amounts and Collateral Deficiency Amounts as of such Distribution Date;


 


(xvii)      a
statement as to whether the Trust Loan was modified, extended or waived during the related Collection Period (including a description
of any material modifications, extensions or waivers to Trust Loan terms, fees, penalties or payments during the Collection Period
or that have cumulatively become material over time);


 


(xviii)     the
amount of any remaining unpaid Class Interest Shortfalls for each Class of Regular Certificates as of the Distribution Date;


 






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(xix)        a
statement as to whether the Trust Loan was the subject of a Principal Prepayment (other than Liquidation Proceeds and Insurance
Proceeds) during the related Collection Period and the amount of Principal Prepayment occurring, together with the aggregate amount
of Principal Prepayments made during the related Collection Period;


 


(xx)         a
statement as to whether the Trust Loan was defeased during the related Collection Period;


 


(xxi)        the
amount of the distribution to the holders of each Class of Certificates on the Distribution Date attributable to reimbursement
of Realized Losses;


 


(xxii)       if
a repurchase of any portion of the Trust Loan was made by the Trust Loan Seller or the Trust Loan was otherwise liquidated or disposed
of during the related Collection Period, the amount of proceeds of any repurchase of the Trust Loan, Liquidation Proceeds and/or
other amounts, if any, received thereon during the related Collection Period and the portion thereof included in the Available
Funds for such Distribution Date;


 


(xxiii)      the
amount on deposit in the Interest Reserve Account before and after giving effect to the distribution made on such Distribution
Date;


 


(xxiv)      the
then-current credit support levels for each Class of Principal Balance Certificates;


 


(xxv)       the
original and then-current ratings of each Class of Certificates;


 


(xxvi)      if
the Mortgaged Property becomes an REO Property during the preceding calendar month, the latest Debt Service Coverage Ratio and
the current Stated Principal Balance;


 


(xxvii)     if
the Mortgaged Property became REO Property during the preceding calendar month, the value of any REO Property included in the Trust
Fund at the close of business on the Determination Date based on the most recent appraisal;


 


(xxviii)    with
respect to an REO Property sold or otherwise disposed of during the related Collection Period and for which a Final Recovery Determination
has been made, (A) the Realized Loss attributable to the Trust Loan, (B) the amount of sale proceeds and other amounts, if any,
received in respect of the REO Property during the related Collection Period and the portion thereof included in the Available
Funds for such Distribution Date and (C) the date of the Final Recovery Determination;


 


(xxix)      the
amount of the distribution on the Distribution Date to the holders of the Residual Certificates;


 


(xxx)       material
breaches of Trust Loan representations and warranties or any covenants of which the Trustee, the Certificate Administrator, the
Master Servicer or the Special Servicer has received written notice;


 


(xxxi)      the
identity of the Operating Advisor;


 






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(xxxii)     the
amount of Realized Losses, Additional Trust Fund Expenses and Class Interest Shortfalls, if any, incurred with respect to the Trust
Loan during the related Collection Period and in the aggregate for all prior Collection Periods (except to the extent reimbursed
or paid);


 


(xxxiii)    an
itemized listing of any Disclosable Special Servicer Fees received by the Special Servicer or any of its Affiliates during the
related Collection Period;


 


(xxxiv)    identity
of the Controlling Class (by Class designation, but not the Holders thereof);


 


(xxxv)     identity
of the Directing Holder; and


 


(xxxvi)    the
amount of any CREFC® License Fee payable on such Distribution Date.


 


In the case of information
furnished pursuant to sub-clauses (ii), (iii), (iv), (vi), (xi), (xiii), (xix) and (xxi) above,
the amounts shall be expressed as a dollar amount in the aggregate for all Certificates of each applicable Class and per $1,000
of original Certificate Balance or Notional Balance, as the case may be.


 


On each Distribution
Date, the Certificate Administrator shall make available to each Holder of a Class R or Class LR Certificate a copy of the reports
made available to the other Certificateholders on such Distribution Date and a statement setting forth the amounts, if any, actually
distributed with respect to the Class R or Class LR Certificates on such Distribution Date. Such obligation of the Certificate
Administrator shall be deemed to have been satisfied to the extent that it provided substantially comparable information pursuant
to any requirements of the Code as from time to time in force.


 


Within a reasonable period
of time after the end of each calendar year, the Certificate Administrator shall furnish, upon request, to each Person who at any
time during the calendar year was a Certificateholder of record, a report summarizing on an annual basis (if appropriate) the items
provided to Certificateholders pursuant to clauses (i) and (ii) above as to the applicable Class, aggregated for
such calendar year or applicable portion thereof during which such person was a Certificateholder, together with such other information
as may be required to enable such Certificateholders to prepare their federal income tax returns. Such information shall include
the amount of original issue discount accrued on each Class of Certificates held by Persons other than Holders exempted from the
reporting requirements and information regarding the expenses of the Trust Fund. Such requirement shall be deemed to be satisfied
to the extent such information is provided pursuant to applicable requirements of the Code from time to time in force.


 


On each Distribution
Date, the Certificate Administrator shall deliver the related Distribution Date Statement to the Depositor in electronic format
at dbinvestor@list.db.com (or to such other address as the Depositor shall specify by written notice to the Certificate Administrator).


 






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(b)          The
Certificate Administrator shall make available via the Certificate Administrator’s Website, to any Privileged Person, the
following items, in each case to the extent received by the Certificate Administrator:


 


(i)          the
following “deal documents”:


 


(A)          the
Offering Circular;


 


(B)          this
Agreement, each Sub-Servicing Agreement delivered to the Certificate Administrator from and after the Closing Date (if any), the
Trust Loan Purchase Agreement and any amendments and exhibits hereto or thereto; and


 


(C)          the
CREFC® Loan Setup File prepared by the Master Servicer and delivered to the Certificate Administrator;


 


(ii)          the
following “periodic reports”:


 


(A)          the
Distribution Date Statements;


 


(B)          the
supplemental reports and the CREFC® data files (other than the CREFC® Loan Setup File) identified
as such in the definition of “CREFC® Investor Reporting Package (CREFC® IRP)”, to the
extent it has received or prepared such report or file; and


 


(C)          all
Operating Advisor Annual Reports.


 


(iii)         the
following “additional documents”:


 


(A)          the
summary of any Final Asset Status Report delivered to the Certificate Administrator in electronic format;


 


(B)          any
other Third Party Reports (or updates thereto) delivered to the Certificate Administrator in electronic format; and


 


(C)          any
reports delivered to the Certificate Administrator by the Operating Advisor in connection with its review of the Special Servicer’s
Appraisal Reduction Amounts and net present value calculations;


 


(iv)         the
following “special notices”:


 


(A)          any
notice with respect to a release pursuant to Section 3.10(h);


 


(B)          all
Special Notices;


 


(C)          notice
of any waiver, modification or amendment of any term of the Trust Loan;


 


(D)          notice
of final payment on the Certificates;


 






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(E)          all
notices of the occurrence of any Servicer Termination Events received by the Certificate Administrator;


 


(F)          notice
of termination or resignation of the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor
or the Trustee (and appointments of successors to the Master Servicer, the Special Servicer, the Certificate Administrator, the
Operating Advisor or the Trustee);


 


(G)          any
notice to Certificateholders of the Operating Advisor’s recommendation to replace the Special Servicer and the related report
prepared by the Operating Advisor in connection with such recommendation;


 


(H)          any
notice of any request by requisite percentage of Certificateholders for a vote to terminate the Special Servicer or the Operating
Advisor;


 


(I)          [Reserved];


 


(J)          [Reserved];


 


(K)          any
and all Officer’s Certificates and other evidence delivered to the Certificate Administrator supporting the Master Servicer’s,
the Trustee’s or the Special Servicer’s, as the case may be, determination that any Advance was (or, if made, would
be) a Nonrecoverable Advance;


 


(L)          any
notice of the termination of the Trust;


 


(M)          any
notice of the initiation or termination of a Subordinate Control Period;


 


(N)          any
notice of the initiation or termination of a Subordinate Consultation Period;


 


(O)          any
notice of the initiation or termination of an Operating Advisor Consultation Period;


 


(P)          any
recommendation received by the Trustee from the Operating Advisor for the termination of the Special Servicer and any direction
of the requisite percentage of the Certificateholders to terminate the Special Servicer in response to such recommendation;


 


(Q)          the
annual assessments as to compliance (in the case of the Master Servicer and the Special Servicer) and the Officer’s Certificates
delivered by the Master Servicer and the Special Servicer to the Certificate Administrator since the Closing Date pursuant to Section
11.08 of this Agreement; and


 


(R)          the
annual independent public accountants’ servicing report caused to be delivered by the Master Servicer and the Special Servicer
to the Certificate Administrator since the Closing Date pursuant to Section 3.28 of this Agreement;


 






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(v)          the
following “risk retention special notices”, if any:


 


(A)          any
changes to the fair values set forth in the “Credit Risk Retention” section of the Offering Circular between
the Pricing Date and the Closing Date;


 


(B)          any
material differences between the valuation methodology or any of the key inputs and assumptions that were used in calculating the
fair value or range of fair values prior to the pricing of the Certificates and the Closing Date; and


 


(C)          any
noncompliance of the applicable credit risk retention requirements under Section 15G of the Exchange Act by the Third Party Purchaser
or a successor third party purchaser as and to the extent the Securitization Sponsor is required under the credit risk retention
requirements under Section 15G of the Exchange Act;


 


(vi)         the
Investor Q&A Forum; and


 


(vii)        solely
to Certificateholders and Beneficial Owners, the Investor Registry.


 


The Certificate Administrator
may require a receipt of any of the information set forth above to execute a confidentiality agreement (which may be in the form
of a web page “click through”). After March 31, 2017, the Certificate Administrator shall, in addition to posting the
applicable notices on the “risk retention special notices” tab described in clause (v) above, provide email notification
to any Privileged Person (other than Financial Market Publishers) that has registered to receive access to the Certificate Administrator’s
Website that a notice has been posted to the “risk retention special notices” tab.


 


Any Person (including
the Directing Holder or any Controlling Class Certificateholder) that is a Borrower Related Party shall only be entitled to access
the Distribution Date Statements and the “risk retention special notices” tab, and the following items to the extent
that they are made available to the general public: this Agreement, the Trust Loan Purchase Agreement and any SEC filings on the
Certificate Administrator’s Website.


 


In the case of the Directing
Holder or a Controlling Class Certificateholder that is not a Borrower Related Party, upon delivery of an investor certification
substantially in the form of Exhibit L-1-A hereto, such Directing Holder or Controlling Class Certificateholder shall be
entitled to access all information on the Certificate Administrator’s Website. The Master Servicer, the Special Servicer,
the Operating Advisor, the Certificate Administrator and the Trustee may each rely on (i) an investor certification in the form
of Exhibit L-1-A hereto from the Directing Holder or a Controlling Class Certificateholder to the effect that such Person
is not a Borrower Related Party and (ii) an investor certification in the form of Exhibit L-1-B hereto from the Directing
Holder or a Controlling Class Certificateholder to the effect that such Person is a Borrower Related Party. In the event the Directing
Holder or a Controlling Class Certificateholder becomes a Borrower Related Party, such party shall promptly notify each of the
Master Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator and the Trustee in writing substantially
in the form of Exhibit L-1-C that such party is a Borrower


 






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Related Party and thereafter shall not be entitled to any information
(other than the Distribution Date Statement and the “risk retention special notices” tab) available on the Certificate
Administrator’s Website.


 


The Certificate Administrator
makes no representations or warranties as to the accuracy or completeness of such information and assumes no responsibility therefor.
In addition, the Certificate Administrator may disclaim responsibility for any information distributed by the Certificate Administrator
for which it is not the original source. The Certificate Administrator shall not be responsible for the accuracy or completeness
of any information supplied to it by the Master Servicer or Special Servicer that is included in any reports, statements, materials
or information prepared or provided by the Master Servicer or Special Servicer, as applicable, and the Certificate Administrator
shall be entitled to conclusively rely upon the Master Servicer’s reports and the Special Servicer’s reports without
any duty or obligation to recompute, verify or re-evaluate any of the amounts or other information stated therein. In connection
with providing access to the Certificate Administrator’s Website, the Certificate Administrator may require registration
and the acceptance of a disclaimer. The Certificate Administrator shall not be liable for the dissemination of information in accordance
herewith.


 


The provisions in this
Section shall not limit the Master Servicer’s ability to make accessible certain information regarding the Trust Loan at
a website maintained by the Master Servicer. In providing access to any information, the Master Servicer shall be entitled to rely
on the certifications delivered to it pursuant to and in accordance with the terms of this Agreement. The Master Servicer shall
not be liable for the dissemination of information in accordance with this Agreement.


 


(c)          The
Certificate Administrator shall make available, only to Privileged Persons, the Investor Q&A Forum. The “Investor
Q&A Forum” shall be a service available on the Certificate Administrator’s Website, where (i) Certificateholders
and Beneficial Owners may submit questions to (a) the Certificate Administrator relating to the Distribution Date Statement, (b)
the Master Servicer or the Special Servicer, as applicable, relating to the reports being made available pursuant to this Section
4.02(c), the Trust Loan or the Mortgaged Property, or (c) the Operating Advisor relating to the Operating Advisor Annual Reports
or actions by the Special Servicer referenced in such reports (collectively, “Inquiries”), and (ii) Privileged
Persons may view Inquiries that have been previously submitted and answered, together with the answers thereto. Upon receipt of
an Inquiry for the Master Servicer, Special Servicer or the Operating Advisor, the Certificate Administrator shall forward the
Inquiry to the Master Servicer, the Special Servicer or the Operating Advisor, as applicable, in each case within a commercially
reasonable period following receipt thereof. Following receipt of an Inquiry, the Certificate Administrator, the Master Servicer,
the Special Servicer or the Operating Advisor, as applicable, unless it determines not to answer such Inquiry as provided below,
shall reply to the Inquiry, which reply of the Master Servicer, Special Servicer or the Operating Advisor shall be sent by email
to the Certificate Administrator. The Certificate Administrator shall post (within a commercially reasonable period following preparation
or receipt of such answer, as the case may be) such Inquiry and the related answer to the Investor Q&A Forum. If the Certificate
Administrator, the Master Servicer, the Special Servicer or the Operating Advisor determines, in its respective sole discretion,
that (i) any Inquiry is beyond the scope outlined above,


 






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(ii) answering any Inquiry would not be in the best interests of the Trust
and/or the Certificateholders (as a collective whole as if such Certificateholders constituted a single lender), (iii) answering
any Inquiry would be in violation of applicable law, this Agreement or the Loan Documents, (iv) answering any Inquiry would or
is reasonably expected to result in a waiver of an attorney-client privilege or the disclosure of attorney work product, (v) answering
any Inquiry would materially increase the duties of, or result in significant additional cost or expense to, the Certificate Administrator,
the Master Servicer, the Special Servicer or the Operating Advisor, as applicable, or (vi) answering any Inquiry is otherwise for
any reason not advisable to answer, it shall not be required to answer such Inquiry, in which case the Certificate Administrator
shall not post the related inquiry. In addition, no party shall post or otherwise disclose information known to such party to be
Privileged Information as part of its response to any Inquiry without the prior written consent of the Depositor. The Certificate
Administrator shall notify the Person who submitted such Inquiry in the event that the Inquiry will not be answered. The Certificate
Administrator shall not be required to post to the Investor Q&A Forum any Inquiry or answer thereto that the Certificate Administrator
determines, in its sole discretion, is administrative or ministerial in nature. The Special Servicer shall not post or otherwise
disclose direct communications with the Directing Holder as part of its response to any Inquiries; provided that the Certificate
Administrator shall have no obligation to review any inquiry or answer received by it for posting to the Investor Q&A Forum
to determine if such inquiry or answer contains any such direct communication with the Directing Holder, or otherwise to consult
with the party from whom such Inquiry or answer is received to confirm the same, and the Certificate Administrator shall have no
liability in connection with its posting to the Investor Q&A Forum of any Inquiry or answer containing such direct communication.
The Investor Q&A Forum will not reflect questions, answers and other communications between the Certificate Administrator or
any other Person which are not submitted via the Investor Q&A Forum.


 


(d)          The
Certificate Administrator shall make available to any Certificateholder and Beneficial Owner, the Investor Registry. The “Investor
Registry” shall be a voluntary service available on the Certificate Administrator’s Website, where Certificateholders
and Beneficial Owners can register and thereafter obtain contact information with respect to any other Certificateholder or Beneficial
Owner that has so registered. Any person registering to use the Investor Registry will be required to certify that (a) it is a
Certificateholder or a Beneficial Owner and (b) it grants authorization to the Certificate Administrator to make its name and contact
information available on the Investor Registry for at least 45 days from the date of such certification to other registered Certificateholders
and registered Beneficial Owners. Such Person shall then be asked to enter certain mandatory fields such as the individual’s
name, the company name and email address, as well as certain optional fields such as address, phone, and Class(es) of Certificates
owned. If any Certificateholder or Beneficial Owner notifies the Certificate Administrator that it wishes to be removed from the
Investor Registry (which notice may not be within 45 days of its registration), the Certificate Administrator shall promptly remove
it from the Investor Registry. The Certificate Administrator will not be responsible for verifying or validating any information
submitted on the Investor Registry, or for monitoring or otherwise maintaining the accuracy of any information thereon. The Certificate
Administrator may require acceptance of a waiver and disclaimer for access to the Investor Registry.


 






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(e)          The
Master Servicer may, but is not required to, at its sole cost and expense, make any of the reports or files it delivers pursuant
to this Agreement available on the Master Servicer’s Website only with the use of a password, in which case the Master Servicer
shall provide such password to (i) the other parties to this Agreement, who by their acceptance of such password shall be deemed
to have agreed not to disclose such password to any other Person and (ii) each Certificateholder and prospective Certificateholder
who requests such password, provided that any such Certificateholder or prospective Certificateholder, as the case may be,
has delivered an Investor Certification to the Trustee, the Certificate Administrator and the Master Servicer. In connection with
providing access to the Master Servicer’s Website, the Master Servicer may require registration and the acceptance of a disclaimer
and otherwise (subject to the preceding sentence) adopt reasonable rules and procedures, which may include, to the extent the Master
Servicer deems necessary or appropriate, conditioning access on execution of an agreement governing the availability, use and disclosure
of such information, and which may provide indemnification to the Master Servicer for any liability or damage that may arise therefrom.
The Master Servicer shall not be liable for dissemination of this information in accordance with this Agreement; provided
that such information otherwise meets the requirements set forth herein with respect to the form and substance of such information
or reports. The Master Servicer shall be entitled to attach to any report provided pursuant to this subsection, any reasonable
disclaimer with respect to information provided, or any assumptions required to be made by such report. Notwithstanding anything
herein to the contrary, the Master Servicer may, at its sole cost and expense, make available by electronic media, bulletin board
service or Internet website any reports or other information the Master Servicer is required or permitted to provide to the Borrower
with respect to the Borrower’s Whole Loan to the extent such action does not conflict with the terms of this Agreement, the
terms of the Loan Documents or applicable law. If the Master Servicer is required to deliver any statement, report or other information
under any provision of this Agreement, then, the Master Servicer may satisfy such obligation by (x) physically delivering a paper
copy of such statement, report or information, (y) delivering such statement, report or information in a commonly used electronic
format, or (z) making such statement, report or information available on the Master Servicer’s Website, unless this Agreement
expressly specifies a particular method of delivery; provided that all reports required to be delivered to the Certificate
Administrator shall be delivered in accordance with clause (x) or (y) or, upon request, clause (z).


 


(f)          The
Special Servicer shall from time to time (and, in any event, as may be reasonably required by the Master Servicer) provide the
Master Servicer with such information in its possession regarding a Specially Serviced Loan or an REO Property as may be reasonably
necessary for the Master Servicer to prepare each report and any supplemental information to be provided by the Master Servicer
to the Certificate Administrator. Neither the Certificate Administrator nor the Depositor shall have any obligation to recompute,
verify or recalculate the information provided thereto by the Master Servicer. Unless the Certificate Administrator has actual
knowledge that any report or file received from the Master Servicer contains erroneous information, the Certificate Administrator
is authorized to rely thereon in calculating and making distributions to Certificateholders and allocating Realized Losses to the
Certificates in accordance with Section 4.01 of this Agreement and preparing the statements to Certificateholders required
by Section 4.02(a) of this Agreement.


 






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(g)          As
soon as reasonably practicable, upon the written request of and at the expense of any Certificateholder, the Certificate Administrator
shall provide the requesting Certificateholder with such information that is in the Certificate Administrator’s possession
or can reasonably be obtained by the Certificate Administrator as is requested by such Certificateholder, for purposes of satisfying
applicable reporting requirements under Rule 144A under the Securities Act. Neither the Certificate Registrar nor the Certificate
Administrator shall have any responsibility for the sufficiency under Rule 144A or any other securities laws of any available information
so furnished to any person including any prospective purchaser of a Certificate or any interest therein, nor for the content or
accuracy of any information so furnished which was prepared or delivered to them by another.


 


(h)          The
Certificate Administrator shall make available at its offices, during normal business hours, upon not less than two Business Days
prior notice, for review by any Privileged Person upon resubmission of an Investor Certification, originals or copies of documents
relating to the Trust Loan and any REO Property to the extent in its possession, including, without limitation, the following items
(except to the extent prohibited by applicable law or under any of the Loan Documents):


 


(i)          any
and all notices and reports delivered to the Certificate Administrator with respect to the Mortgaged Property as to which the environmental
testing contemplated by Section 3.10(f) of this Agreement revealed that neither of the conditions set forth in clauses
(i) and (ii) thereof was satisfied;


 


(ii)          the
most recent annual (or more frequent, if available) operating statements, rent rolls (to the extent such rent rolls have been made
available by the Borrower) and/or lease summaries and retail “sales information”, if any, collected by or on behalf
of the Master Servicer or the Special Servicer in respect to the Mortgaged Property;


 


(iii)          the
Mortgage File, including any and all modifications, waivers and amendments of the terms of the Whole Loan entered into by the Master
Servicer and/or the Special Servicer and delivered to the Certificate Administrator; and


 


(iv)          any
other information that may be necessary, as determined by the Depositor, to satisfy the requirements of subsection (d)(4)(i) of
Rule 144A under the Securities Act to the extent in the Certificate Administrator’s possession.


 


Copies of any and all
of the foregoing items will be available from the Certificate Administrator upon request. The Certificate Administrator will be
permitted to require payment by the requesting party (other than a Rating Agency) of a sum sufficient to cover the reasonable costs
and expenses of making such information available and providing any copies thereof. The Certificate Administrator’s obligation
under this Section 4.02(h) to make available any document is subject to the Certificate Administrator’s receipt of
such document.


 


The Certificate Administrator
shall not be liable for providing or disseminating information in accordance with the terms of this Agreement.


 






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(i)           The
Depositor hereby authorizes the Certificate Administrator to make available to any Financial Market Publisher or such other vendor
chosen by the Depositor that submits to the Certificate Administrator a certification substantially in the form of Exhibit L-3
to this Agreement or in the form of an electronic certification contained on the Certificate Administrator’s Website, all
the Distribution Date Statements, CREFC® reports and supplemental notices delivered or made available pursuant to
this Section 4.02 to Privileged Persons.


 


(j)           Upon
request and delivery by CREFC® of a certification substantially in the form of Exhibit L-4 hereto (which
may be a “click-through” confirmation), the Certificate Administrator shall make available to CREFC®,
with respect to any Distribution Date, the related Distribution Date Statement and CREFC® IRP.


 


Section
4.03 Compliance with Withholding Requirements. Notwithstanding any other provision of this Agreement, the Paying
Agent shall comply with all federal withholding requirements with respect to payments to Certificateholders and payees of
interest or original issue discount that the Paying Agent reasonably believes are applicable under the Code. The consent of
Certificateholders or payees shall not be required for any such withholding. If the Paying Agent or its agent withholds any
amount from interest or original issue discount payments or advances thereof to any Certificateholder or payee pursuant to
federal withholding requirements, the Paying Agent shall indicate the amount withheld to such Certificateholder. Any amount
so withheld shall be treated as having been distributed to such Certificateholder for all purposes of this Agreement.


 


Section
4.04 REMIC Compliance. (a) The parties intend that the Lower-Tier REMIC and the Upper-Tier REMIC shall
constitute, and that the affairs of each of the Lower-Tier REMIC and the Upper-Tier REMIC shall be conducted so as to qualify
as a “real estate mortgage investment conduit” as defined in, and in accordance with, the REMIC Provisions at all
times any Certificates are outstanding, and the provisions hereof shall be interpreted consistently with this intention. In
furtherance of such intention, the Certificate Administrator shall, to the extent permitted by applicable law, act as agent,
and is hereby appointed to act as agent, of each Trust REMIC and shall on behalf of each Trust REMIC:


 


(i)          make
or cause to be made an election, on behalf of each of the Lower-Tier REMIC and the Upper-Tier REMIC, to be treated as a REMIC on
Form 1066 for its first taxable year, in accordance with the REMIC Provisions;


 


(ii)          prepare
and timely file, or cause to be prepared and timely filed, and cause the Trustee to sign (and the Trustee shall sign), all required
Tax Returns for the Lower-Tier REMIC and the Upper-Tier REMIC, using a calendar year as the taxable year for each of such REMIC
as required by the REMIC Provisions and other applicable federal, state or local income tax laws;


 


(iii)         prepare
and forward, or cause to be prepared and forwarded, to the Certificateholders and the IRS and applicable state and local tax authorities
all information reports as and when required to be provided to them in accordance with the REMIC Provisions;


 






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(iv)         if
the filing or distribution of any documents of an administrative nature not addressed in clauses (i) through (iii)
of this Section 4.04(a) is then required by the REMIC Provisions in order to maintain the status of the Lower-Tier REMIC
and the Upper-Tier REMIC as a REMIC or is otherwise required by the Code, prepare and file or distribute, or cause to be prepared
and signed and filed or distributed, such documents with or to such Persons when and as required by the REMIC Provisions or the
Code or comparable provisions of state and local law;


 


(v)          within
30 days of the Closing Date, obtain a taxpayer identification number for each of the Lower-Tier REMIC and the Upper-Tier REMIC
on IRS Form SS-4 and (in the case of the Upper-Tier REMIC only), furnish or cause to be furnished to the IRS, on Form 8811 or as
otherwise may be required by the Code, the name, title and address of the person that the Certificateholders may contact for tax
information relating thereto (and the Certificate Administrator shall act as the representative of the Upper-Tier REMIC for this
purpose), together with such additional information as may be required by such Form, and shall update such information at the time
or times and in the manner required by the Code (and the Depositor agrees within 10 Business Days of the Closing Date to provide
any information reasonably requested by the Master Servicer, the Special Servicer or the Certificate Administrator and necessary
to make such filing); and


 


(vi)         maintain
such records relating to the Lower-Tier REMIC and the Upper-Tier REMIC as may be necessary to prepare the foregoing returns, schedules,
statements or information, such records, for federal income tax purposes, to be maintained on a calendar year and on an accrual
basis.


 


The Holder of the largest
Percentage Interest in the Class R Certificates shall be the tax matters person and the Holder of the largest Percentage Interest
in the Class LR Certificates shall be the tax matters person of the Lower-Tier REMIC pursuant to Treasury Regulations Section 1.860F-4(d).
If more than one Holder shall hold an equal Percentage Interest in the Class R or Class LR Certificates larger than that held by
any other Holder, the first such Holder to have acquired such Class R or Class LR Certificates shall be such tax matters person.
The Certificate Administrator shall act as attorney-in-fact and agent for the tax matters person of the Lower-Tier REMIC and the
Upper-Tier REMIC, and each Holder of a Percentage Interest in the Class R or Class LR Certificates, by acceptance hereof, is deemed
to have consented to the Certificate Administrator’s appointment in such capacities and agrees to execute any documents required
to give effect thereto, and any fees and expenses incurred by the Certificate Administrator in connection with any audit or administrative
or judicial proceeding shall be paid by the Trust Fund.


 


The Certificate Administrator
shall be designated as the “partnership representative” within the meaning of Section 6223 of the Code of the Trust
REMICs to the extent such provision is applicable to the Trust REMICs. Each Holder of a Class R or Class LR Certificates, by acceptance
thereof, is deemed to have consented to the Certificate Administrator’s designation as such and agrees to execute any documents
required to give effect thereto, and any fees and expenses incurred by the Certificate Administrator in connection with fulfilling
its obligations as “partnership representative” shall be paid by the Trust Fund.


 






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The Certificate Administrator
shall not intentionally take any action or intentionally omit to take any action if, in taking or omitting to take such action,
the Certificate Administrator has actual knowledge that such action or omission (as the case may be) would cause the termination
of the REMIC status of the Lower-Tier REMIC or the Upper-Tier REMIC or the imposition of tax on the Lower-Tier REMIC or the Upper-Tier
REMIC (other than a tax on income expressly permitted to be received by the terms of this Agreement). Notwithstanding any provision
of this paragraph to the contrary, the Certificate Administrator shall not be required to take any action that the Certificate
Administrator in good faith believes to be inconsistent with any other provision of this Agreement, nor shall the Certificate Administrator
be deemed in violation of this paragraph if it takes any action expressly required or authorized by any other provision of this
Agreement, and the Certificate Administrator shall have no responsibility or liability with respect to any act or omission of the
Depositor, the Trustee, the Master Servicer or the Special Servicer which does not enable the Certificate Administrator to comply
with any of clauses (i) through (vi) of the first paragraph of this Section 4.04(a) or which results in any
action contemplated by clauses (i) or (ii) of the next succeeding sentence. In this regard the Certificate Administrator
shall (i) exercise reasonable care not to allow the occurrence of any “prohibited transactions” within the meaning
of Section 860F(a) of the Code, unless the party seeking such action shall have delivered to the Certificate Administrator an Opinion
of Counsel (at such party’s expense) that such occurrence would not (A) result in a taxable gain, (B) otherwise subject the
Lower-Tier REMIC or the Upper-Tier REMIC to tax (other than a tax at the highest marginal corporate tax rate on net income from
foreclosure property), or (c) cause the Lower-Tier REMIC or the Upper-Tier REMIC to fail to qualify as a REMIC; and (ii) exercise
reasonable care not to allow the Trust Fund to receive any contributions, or any income from the performance of services or from
assets not permitted under the REMIC Provisions to be held by a REMIC (provided, however, that the receipt of any
income expressly permitted or contemplated by the terms of this Agreement shall not be deemed to violate this clause). None of
the Master Servicer, the Special Servicer, the Trustee or the Depositor shall be (i) permitted to take any action that the Certificate
Administrator would not be permitted to take pursuant to the preceding two sentences or (ii) responsible or liable (except in connection
with taking any act or omission referred to in the two preceding sentences or the following sentence) for any failure by the Certificate
Administrator to comply with the provisions of this Section 4.04. The Depositor, the Trustee, the Master Servicer and the
Special Servicer shall cooperate in a timely manner with the Certificate Administrator in supplying any information within the
Depositor’s, the Trustee’s, the Master Servicer’s or the Special Servicer’s control (other than any confidential
information) that is reasonably necessary to enable the Certificate Administrator to perform its duties under this Section 4.04.


 


(b)          The
following assumptions are to be used for purposes of determining the anticipated payments of principal and interest for calculating
the original yield to maturity and original issue discount with respect to the Regular Certificates: (i) the Trust Loan will pay
principal and interest in accordance with its terms and scheduled payments will be timely received on their Due Dates, provided
that the Trust Loan will prepay in accordance with the Prepayment Assumption; (ii) none of the Sole Certificateholder, the Master
Servicer, the Special Servicer or the Certificateholder owning a majority of the Percentage Interest in the Class R and Class LR
Certificates will exercise the right described in Section 9.01 of this Agreement to cause early termination of the Trust
Fund; and (iii) no Trust Loan is repurchased by the Trust Loan Seller pursuant to Article II hereof.


 






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Section 4.05 Imposition
of Tax on the Trust Fund. In the event that any tax, including interest, penalties or assessments, additional amounts or additions
to tax, is imposed on the Lower-Tier REMIC or the Upper-Tier REMIC, such tax shall be charged against amounts otherwise distributable
to the Holders of the Certificates; provided that any taxes imposed on any net income from foreclosure property pursuant
to Section 860G(d) of the Code or any similar tax imposed by a state or local jurisdiction shall instead be treated as an expense
of the related REO Property in determining Net REO Proceeds with respect to the REO Property (and until such taxes are paid, the
Special Servicer from time to time shall withdraw from amounts in the REO Account allocable to the Trust Loan and transfer to
the Certificate Administrator amounts reasonably determined by the Certificate Administrator to be necessary to pay such taxes,
which the Certificate Administrator shall maintain in a separate, non-interest-bearing account, and the Certificate Administrator
shall send to the Special Servicer for deposit in the REO Account the excess determined by the Certificate Administrator from
time to time of the amount in such account over the amount necessary to pay such taxes) and shall be paid therefrom; provided that any such tax imposed on net income from foreclosure property that exceeds the amount in any such reserve shall be retained
from Available Funds as provided in Section 3.06(a)(xii) of this Agreement, and the next sentence. Except as provided in
the preceding sentence, the Certificate Administrator is hereby authorized to and shall retain or cause to be retained from Available
Funds sufficient funds to pay or provide for the payment of, and to actually pay, such tax as is legally owed by the applicable
Trust REMIC (but such authorization shall not prevent the Trustee from contesting, at the expense of the Trust Fund, on a pro
rata basis between the Trust Loan and the Companion Loan) any such tax in appropriate proceedings, and withholding payment
of such tax, if permitted by law, pending the outcome of such proceedings). The Certificate Administrator is hereby authorized
to and shall segregate or cause to be segregated, into a separate non-interest bearing account, (i) the net income allocable to
the Trust Loan from any “prohibited transaction” under Section 860F(a) of the Code or (ii) the amount of any contribution
to the Lower-Tier REMIC or the Upper-Tier REMIC after the Startup Day that is subject to tax under Section 860G(d) of the Code
and use such income or amount, to the extent necessary, to pay such tax (and return the balance thereof, if any, to the Collection
Account, the Lower-Tier Distribution Account or the Upper-Tier Distribution Account, as the case may be). To the extent that any
such tax is paid to the IRS, the Certificate Administrator shall retain an equal amount from future amounts otherwise distributable
to the Holders of the Class R or the Class LR Certificates, as the case may be, and shall distribute such retained amounts to
the Holders of Regular Certificates, or the Trustee as Holder of the Lower-Tier Regular Interests, until they are fully reimbursed
and then to the Holders of the Class R Certificates or the Class LR Certificates, as applicable. Neither the Master Servicer,
the Special Servicer, the Certificate Administrator, nor the Trustee shall be responsible for any taxes imposed on the Lower-Tier
REMIC or the Upper-Tier REMIC except to the extent such tax is attributable to a breach of a representation or warranty or the
negligence or willful misconduct of the Master Servicer, the Special Servicer, the Certificate Administrator or the Trustee or
an act or omission of the Master Servicer, the Special Servicer, the Certificate Administrator or the Trustee in contravention
of this Agreement, provided, further, that such breach, act or omission could result in liability under Section
6.03 of this Agreement, in the case of the Master Servicer, Section 4.04 of this Agreement, in the case of the Trustee
or Section 4.04 of this Agreement, in the case of the Certificate Administrator in accordance with the standard of liability
set forth in those sections. Notwithstanding anything in this Agreement to the contrary, in each such case, the Master Servicer
or the Special Servicer shall not be responsible for the Trustee’s or the Certificate


 






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Administrator’s breaches, acts
or omissions, the Trustee shall not be responsible for the breaches, acts or omissions of the Certificate Administrator, the Master
Servicer or the Special Servicer and the Certificate Administrator shall not be responsible for the breaches, acts or omissions
of the Trustee, the Master Servicer or the Special Servicers.


 


The Certificate Administrator
shall be responsible for obtaining a tax identification number for any REMIC specified herein, and shall be responsible for the
preparation of the related IRS Form W-9, if such form is requested. The Trustee shall be entitled to rely on the information contained
therein, and is hereby directed to execute such IRS Form W-9; provided, however, the Certificate Administrator shall also be directed
to execute such IRS Form W-9 (in lieu of the Trustee) if permitted by IRS regulations.


 


Section
4.06 Remittances. On the Servicer Remittance Date immediately preceding each Distribution Date, the Master
Servicer shall remit to (a) the Certificate Administrator for deposit in the Lower-Tier Distribution Account, an amount equal
to the Available Funds for such Distribution Date and (b) remit to CREFC® the CREFC® License
Fee.


 


Section
4.07 P&I Advances and Administrative Advances. (a) On or before 3:00 p.m. (New York City time) on each
Servicer Remittance Date, the Master Servicer shall either (i) remit to the Certificate Administrator for deposit into the
Lower-Tier Distribution Account from its own funds an amount equal to the aggregate amount of P&I Advances, if any, to be
made in respect of the related Distribution Date, (ii) apply amounts held in the Collection Account for future distribution
to Certificateholders in subsequent months in discharge of any such obligation to make P&I Advances; provided,
that such amounts in the Collection Account shall only be applied up to the Trust Loan’s pro rata share of the
amounts held therein on such date (unless such P&I Advance has been determined to be nonrecoverable, in which case such
amounts shall be applied pursuant to the Co-Lender Agreement) or (iii) make P&I Advances in the form of any combination
of (i) and (ii) aggregating the total amount of P&I Advances to be made by the Master Servicer, except that the portion
of such P&I Advance equal to the CREFC® License Fee shall not be remitted to the Certificate Administrator
but shall instead be remitted to CREFC®. Any amounts held in the Collection Account for future distribution
and so used to make P&I Advances shall be appropriately reflected in the Master Servicer’s records and replaced by
the Master Servicer by deposit in the Collection Account on or before the next succeeding P&I Advance Determination Date
(to the extent not previously replaced through either (x) the deposit of Late Collections of the delinquent principal and/or
interest in respect of which such P&I Advances were made or (y) the deposit of Monthly Payments collected prior to the
expiration of any applicable grace period that ends after the P&I Advance Determination Date in respect of which such
P&I Advances were made). The Master Servicer shall notify the Trustee and the Certificate Administrator of (i) the
aggregate amount of P&I Advances for a Distribution Date and (ii) the amount of any Nonrecoverable P&I Advances for
such Distribution Date, on or before the P&I Advance Determination Date. If the Master Servicer fails to make a
required P&I Advance by 3:00 p.m. (New York City time) on any Servicer Remittance Date, then the Trustee shall make such
P&I Advance pursuant to Section 7.06 of this Agreement by 12:00 noon (New York City time) on the related
Distribution Date, in each case unless the Master Servicer shall have cured such failure (and provided written notice
of such cure to the Trustee) by 11:00 a.m. (New York City time) on such Distribution Date or the Trustee determines that such
P&I Advance, if made, would be a Nonrecoverable Advance. If the Master


 






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Servicer or the Trustee makes a P&I Advance
with respect to the Trust Loan, then it shall provide written notice to the related Other Servicer, Other Special Servicer
and Other Trustee of the amount of such P&I Advance within two (2) Business Days of making such P&I Advance.


 


(b)          Subject
to Section 4.07(d) and 4.07(e) below, the aggregate amount of P&I Advances to be made by the Master Servicer
with respect to any Distribution Date shall equal the aggregate of: (i) the Monthly Payment (net of related Servicing Fees) other
than the Balloon Payment that was due during the related Collection Period and delinquent (or unpaid, pending the expiration of
any applicable grace period with respect to the Trust Loan having a grace period extending past the P&I Advance Determination
Date) as of the close of business on the P&I Advance Determination Date (or not advanced by the Master Servicer or any Sub-Servicer
on behalf of the Master Servicer) with respect to the Trust Loan and (ii) with respect to the Balloon Payment that was due during
or prior to the related Collection Period and was delinquent (including any applicable grace period) as of the end of the related
Collection Period (including any REO Loan as to which the Balloon Payment would have been past due), an amount equal to the Assumed
Scheduled Payment therefor. Subject to subsection (c) below, the obligation of the Master Servicer or the Trustee, as applicable,
to make such P&I Advances with respect to the Trust Loan (or REO Loan) is mandatory, and with respect to the Trust Loan or
REO Loan, shall continue until the Distribution Date on which Liquidation Proceeds or REO Proceeds, if any, are to be distributed.
The Monthly Payment or Assumed Scheduled Payment shall be reduced, for purposes of P&I Advances, by any modifications pursuant
to Section 3.26 of this Agreement or otherwise and by any reductions by a bankruptcy court pursuant to a plan of reorganization
or pursuant to any of its equitable powers.


 


(c)          Subject
to Section 4.07(d) and 4.07(e) below, the Master Servicer shall also make advances (“Administrative Advances”)
with respect to the Trust Loan to pay Special Servicing Fees, Workout Fees, Liquidation Fees, Advance Interest Amounts and other
out-of-pocket costs and expenses incurred by the Trust or by the Master Servicer, the Special Servicer, the Certificate Administrator,
the Custodian or the Trustee in connection with the servicing and administration of the Whole Loan allocable to the Trust Loan
not otherwise covered by a Property Advance, including in connection with any workout of the Whole Loan or enforcement of the terms
of the Loan Documents, in each case, to the extent the Borrower (1) is obligated to reimburse the Trust for such amounts pursuant
to the Loan Documents and (2) does not pay such amounts on or prior to the time when the party is entitled to payment or reimbursement
of such amounts from the Collection Account or the Distribution Account in accordance with terms of this Agreement. The Master
Servicer shall deposit Administrative Advances into the Collection Account within the same time frame required for P&I Advances
as provided in Section 4.07(a). The Master Servicer shall notify the Trustee and the Certificate Administrator of (i) the
aggregate amount of Administrative Advances for a Distribution Date and (ii) the amount of any Nonrecoverable Administrative Advances
for such Distribution Date, on or before the P&I Advance Determination Date. If the Master Servicer fails to make a required
Administrative Advance by 3:00 p.m. (New York City time) on any Servicer Remittance Date, then the Trustee shall make such Administrative
Advance pursuant to Section 7.06 of this Agreement by 12:00 noon (New York City time) on the related Distribution Date,
in each case unless the Master Servicer shall have cured such failure (and provided written notice of such cure to the Trustee)
by 11:00 a.m. (New York City time) on such Distribution Date or the Trustee determines that such Administrative Advance, if made,
would be a Nonrecoverable Advance.


 






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(d)          Notwithstanding
anything herein to the contrary, no P&I Advance or Administrative Advance shall be required hereunder if the Master Servicer,
the Special Servicer or the Trustee, as applicable, determines that such P&I Advance or Administrative Advance (together with
interest on such P&I Advance or Administrative Advance, as applicable at the Advance Rate) would, if made, constitute a Nonrecoverable
Advance. In addition, the Master Servicer shall not make any P&I Advance or Administrative Advance to the extent that it has
received written notice that the Special Servicer has determined that such P&I Advance or Administrative Advance would, if
made, constitute a Nonrecoverable P&I Advance or Nonrecoverable Administrative Advance. In making such nonrecoverability determination,
the Master Servicer, the Special Servicer and Trustee shall be entitled (i) to give due regard to the existence of any Nonrecoverable
Advance with respect to the Trust Loan, the recovery of which, at the time of such consideration, is being deferred or delayed
by the Master Servicer or the Trustee, as applicable, in light of the fact that proceeds on the Trust Loan are a source of recovery
not only for the Advance under consideration, but also as a potential source of recovery of such Nonrecoverable Advance which is
being or may be deferred or delayed, (ii) to consider (among other things) the obligations of the Borrower under the terms of the
Whole Loan as it may have been modified, (iii) to consider (among other things) the Mortgaged Property in its “as-is”
or then-current conditions and occupancy, as modified by such party’s assumptions (consistent with the Servicing Standard
in the case of the Master Servicer or the Special Servicer) regarding the possibility and effects of future adverse changes with
respect to the Mortgaged Property, (iv) to estimate and consider (consistent with the Servicing Standard in the case of the Master
Servicer or the Special Servicer) (among other things) future expenses and (v) to estimate and consider (among other things) the
timing of recoveries.


 


If an Appraisal of the
Mortgaged Property shall not have been obtained within the prior 9-month period (and the Master Servicer and the Trustee shall
each request any such appraisal from the Special Servicer prior to ordering an Appraisal pursuant to this sentence) or if such
an Appraisal shall have been obtained but as a result of unforeseen occurrences, such Appraisal does not, in the good faith determination
of the Master Servicer, the Special Servicer or the Trustee, reflect current market conditions, and the Master Servicer or the
Trustee, as applicable, and the Special Servicer cannot agree on the appropriate downward adjustment to such Appraisal, the Master
Servicer, the Special Servicer or the Trustee, as the case may be, may, subject to its reasonable and good faith determination
that such Appraisal will demonstrate the nonrecoverability of the related Advance, obtain an Appraisal for such purpose at the
expense of the Trust Fund.


 


Any such determination
by the Master Servicer, Special Servicer or the Trustee that the Master Servicer or Trustee, as applicable, has made a Nonrecoverable
Advance or that any proposed P&I Advance or Administrative Advance, if made, would constitute a Nonrecoverable Advance shall
be evidenced, in the case of the Master Servicer or the Special Servicer, by a certificate of a Servicing Officer delivered to
the other, and to the Depositor, the Trustee, the Certificate Administrator, the Operating Advisor and the Directing Holder (if
such determination was made during a Subordinate Control Period or a Subordinate Consultation Period) and, in the case of the Trustee,
by a certificate of a Responsible Officer of the Trustee, delivered to the Depositor, the Certificate Administrator, the Master
Servicer, the Special Servicer, the Operating Advisor and the Directing Holder (if such determination was made during a Subordinate
Control Period or a Subordinate Consultation Period), which in each case


 






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sets forth such nonrecoverability determination and the
considerations of the Master Servicer, Special Servicer or the Trustee, as applicable, forming the basis of such determination
(such certificate to be accompanied by, to the extent available, income and expense statements, rent rolls, occupancy status, property
inspections and other information used by the Master Servicer, Special Servicer or the Trustee, as applicable, to make such determination,
together with any existing Appraisal or any Updated Appraisal); provided, however, that the Special Servicer may,
at its option, make a determination in accordance with the Servicing Standard, that any P&I Advance or Administrative Advance
previously made or proposed to be made is nonrecoverable and shall deliver to the Master Servicer, Special Servicer, the Operating
Advisor, the Certificate Administrator, the Trustee, the 17g-5 Information Provider (which shall promptly post such notice to the
17g-5 Information Provider’s Website pursuant to Section 3.14(d) of this Agreement) notice of such determination,
together with a certificate of a Servicing Officer and the supporting information described above. Any such determination shall
be conclusive and binding on the Master Servicer, the Special Servicer and the Trustee.


 


Any such Person may update
or change its recoverability determinations at any time (but not reverse any other Person’s determination that a P&I
Advance or Administrative Advance is a Nonrecoverable Advance) and (consistent with the Servicing Standard in the case of the Master
Servicer or the Special Servicer) may obtain, at the expense of the Trust Fund, any analysis, Appraisals or market value estimates
or other information for such purposes. Absent bad faith, any such determination as to the recoverability of any P&I Advance
or Administrative Advance shall be conclusive and binding on the Certificateholders.


 


Notwithstanding the above,
(i) the Trustee shall be entitled to rely conclusively on, and shall be bound by, any determination by the Master Servicer or the
Special Servicer, as applicable, that a P&I Advance or Administrative Advance, if made, would be a Nonrecoverable Advance,
if such determination is received prior to the applicable Advance, and (ii) the Master Servicer will be entitled to rely conclusively
on, and shall be bound by, any determination of the Special Servicer that a P&I Advance or Administrative Advance, if made,
would be a Nonrecoverable Advance, if such determination is received prior to the applicable Advance. The Trustee, in determining
whether or not a P&I Advance or Administrative Advance previously made is, or a proposed P&I Advance or Administrative
Advance, if made, would be, a Nonrecoverable Advance shall be subject to the standards applicable to the Master Servicer hereunder.
The Special Servicer shall promptly furnish the Master Servicer and the Trustee with any information in its possession regarding
a Specially Serviced Loan or an REO Property as each such party may reasonably request for purposes of making recoverability determinations.


 


(e)          In
connection with the recovery of any P&I Advance or Administrative Advance out of the Collection Account pursuant to Section
3.06(a) of this Agreement, the Master Servicer shall be entitled to pay itself or the Trustee, as the case may be (in reverse
of such order with respect to the Trust Loan or REO Property) out of any amounts then on deposit in the Collection Account interest
at the Advance Rate in effect from time to time, accrued on the amount of such P&I Advance or Administrative Advance from the
date made with respect to the Trust Loan. The Master Servicer shall reimburse itself or the Trustee, as the case may be, for any
outstanding P&I Advance or Administrative Advance as soon as practicably possible after funds available for such purpose are
deposited in the Collection Account with respect to the Trust Loan.


 






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Notwithstanding anything
to the contrary contained in Section 4.06 of this Agreement, (i) neither the Master Servicer nor the Trustee shall make
an advance for Prepayment Charges, Penalty Charges or any cure payments and (ii) the interest portion of any P&I Advance with
respect to the Trust Loan as to which there has been an Appraisal Reduction Amount will be an amount equal to the product of (x)
the amount required to be advanced without giving effect to the Appraisal Reduction Amount and (y) a fraction, the numerator of
which is the Stated Principal Balance of the Trust Loan as of the immediately preceding Determination Date less any Appraisal Reduction
Amount applicable to the Trust Loan and the denominator of which is the Stated Principal Balance of the Trust Loan as of such Determination
Date. All P&I Advances for the Trust Loan that has been modified shall be calculated on the basis of their terms as modified.
For the avoidance of doubt, the Master Servicer shall have no obligation to make a principal and interest advance or an administrative
advance with respect to the Companion Loan.


 


The portion of any Insurance
Proceeds, Net Liquidation Proceeds and Net Condemnation Proceeds in respect of the Trust Loan or any REO Loan allocable to principal
shall equal the total amount of such proceeds minus (i) any portion thereof payable to the Master Servicer, the Special Servicer,
the Operating Advisor, the Certificate Administrator or the Trustee pursuant to this Agreement and (ii) a portion thereof equal
to the interest component of the Monthly Payment(s), as accrued at the related Net Mortgage Rate from the date as to which interest
was last paid by the Borrower up to but not including the Due Date in the Collection Period in which such proceeds are received;
provided, however, that in the event that the interest portion(s) of one or more P&I Advances with respect of
the Trust Loan or REO Loan, as applicable, were reduced as a result of an Appraisal Reduction Event, the amount of the Net Liquidation
Proceeds and Net Condemnation Proceeds to be applied to interest shall be reduced by the aggregate amount of such reductions and
the portion of such Net Liquidation Proceeds and Net Condemnation Proceeds to be applied to principal shall be increased by such
amount, and if the amount of the Net Liquidation Proceeds and Net Condemnation Proceeds to be applied to principal has been applied
to pay the principal of the Trust Loan or REO Loan in full, any remaining Net Liquidation Proceeds and Net Condemnation Proceeds
shall then be applied to pay any remaining accrued and unpaid interest of the Trust Loan or REO Loan.


 


(f)          The
Master Servicer or the Trustee, as applicable, shall be entitled to the reimbursement of P&I Advances or Administrative Advances
it makes to the extent permitted pursuant to Section 3.06 of this Agreement together with any related Advance Interest Amount
in respect of such P&I Advances or Administrative Advances to the extent permitted pursuant to Section 3.06 of this
Agreement and the Master Servicer and the Special Servicer each hereby covenants and agrees to promptly seek and effect the reimbursement
of such Advances from the Borrower to the extent permitted by applicable law and the Trust Loan and this Agreement.


 


(g)          The
Master Servicer will be permitted to make its determination that it has made a P&I Advance on the related Trust Loan that is
a Nonrecoverable P&I Advance or that any proposed P&I Advance, if made, would constitute a Nonrecoverable P&I Advance
with respect to such Trust Loan in accordance with Section 4.07(a) independently of any determination made in respect of
the Companion Loan, by the master servicer under the related Other Pooling and Servicing Agreement. If the Master Servicer or Trustee,
as applicable, determines that a proposed P&I Advance with respect to the Whole Loan, if made, or any


 






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outstanding P&I Advance
with respect to any such Trust Loan previously made, would be, or is, as applicable, a Nonrecoverable Advance or if the Master
Servicer or Trustee, as applicable, subsequently determines that a proposed Property Advance would be a Nonrecoverable Advance
or an outstanding Property Advance is or would be a Nonrecoverable Advance, the Master Servicer or Trustee, as applicable, shall
provide the Other Servicer, Other Special Servicer and the Other Trustee under each related Other Pooling and Servicing Agreement
with written notice of such determination, promptly and in any event within two (2) Business Days after such determination or such
longer time period permitted by the applicable Co-Lender Agreement. If the Master Servicer receives written notice from any master
servicer under any such Other Pooling and Servicing Agreement that such master servicer has determined, with respect to the Companion
Loan, that any proposed advance of principal and/or interest with respect to such Companion Loan would be, or any outstanding advance
of principal and interest is, a nonrecoverable advance of principal and/or interest, such determination shall not be binding on
the Certificateholders, the Master Servicer or the Trustee.


 


Section
4.08 Appraisal Reductions and Collateral Deficiency Amounts.  (a) For purposes of determining the Controlling
Class, determining whether a Subordinate Control Period or Subordinate Consultation Period is then in effect or determining
Voting Rights of the related Classes for certain purposes, including replacement of the Special Servicer, any Appraisal
Reduction Amounts and Collateral Deficiency Amounts shall be allocated to each Class of Principal Balance Certificates in
reverse sequential order to notionally reduce the related Certificate Balances until the Certificate Balance of each such
Class is reduced to zero (i.e., first, to the Class E Certificates, second, to the Class D Certificates, third,
to the Class C Certificates, fourth, to the Class B Certificates, and fifth, to the Class A Certificates). For
the avoidance of doubt, Appraisal Reduction Amounts and Collateral Deficiency Amounts shall not be allocated concurrently to
the Principal Balance Certificates. The Master Servicer shall notify the Paying Agent of any Collateral Deficiency Amounts
with respect to the Trust Loan.


 


As of the first Determination
Date following the Whole Loan becoming an AB Modified Loan, the Master Servicer shall calculate whether a Collateral Deficiency
Amount exists with respect to such AB Modified Loan, taking into account the most recent Appraisal obtained by the Special Servicer
with respect to the Whole Loan, and all other information relevant to a Collateral Deficiency Amount determination. None of the
Special Servicer, the Trustee or the Certificate Administrator shall calculate or verify any Collateral Deficiency Amount.


 


The Master Servicer shall
promptly notify the Certificate Administrator of the amount of any Appraisal Reduction Amounts allocated to the Whole Loan and
any Collateral Deficiency Amount allocated to the AB Modified Loan (by providing the CREFC® Appraisal Reduction
Amount Template simultaneously with the CREFC® Loan Periodic Update File). Based on information in its possession,
the Certificate Administrator shall determine from time to time whether the Class E is the Controlling Class. Promptly upon its
determination that Class E is not the Controlling Class, the Certificate Administrator shall notify the Master Servicer, the Special
Servicer and the Operating Advisor.


 


(b)          If
the Certificate Balance of the Class E Certificates (taking into account the application of any Appraisal Reduction Amounts to
notionally reduce the Certificate Balance of such Class) has been reduced to less than 25% of its initial Certificate Balance,
such Class


 






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shall be referred to as an “Appraised-Out Class”. The holders of the majority (by Certificate Balance)
of the Appraised-Out Class shall have the right, at its sole expense, to require the Special Servicer to order a second appraisal
of the Mortgaged Property (such holders, the “Requesting Holders”), and the Special Servicer shall use its commercially
reasonable efforts to obtain an appraisal from an MAI appraiser reasonably acceptable to the Special Servicer within sixty (60)
days from receipt of the Requesting Holders’ written request. Any Appraised-Out Class for which the requesting Holders are
challenging the Appraisal Reduction Amount determination shall not exercise any rights of the Controlling Class until such time,
if any, as such Class is reinstated as the Controlling Class and the rights of the Controlling Class shall be exercised by the
most senior of such Class, if any, during such period.


 


In addition, the Requesting
Holders of any Appraised-Out Class shall have the right, at their sole expense, to require the Special Servicer to order an additional
appraisal of the Mortgaged Property following an Appraisal Reduction Event if an event has occurred at, or with regard to, the
Mortgaged Property that would have a material effect on its appraised value, and the Special Servicer shall use reasonable efforts
to obtain an appraisal from an MAI appraiser reasonably acceptable to the Special Servicer within 60 days from receipt of the Requesting
Holders’ written request; provided that the Special Servicer shall not be required to obtain such appraisal if it
determines in accordance with the Servicing Standard that no events at, or with regard to, the Mortgaged Property have occurred
that would have a material effect on the appraised value of the Mortgaged Property. The right of the holders of an Appraised-Out
Class to require the Special Servicer to order an additional appraisal as described in this paragraph shall be limited to no more
frequently than once in any 9-month period.


 


Upon receipt of such
additional appraisal, the Special Servicer shall determine, in accordance with the Servicing Standard, whether, based on its assessment
of such second appraisal, any recalculation of the Appraisal Reduction Amount is warranted and, if so warranted, shall direct the
Master Servicer, and the Master Servicer shall, to recalculate such Appraisal Reduction Amount based upon such second appraisal.
If required by any such recalculation, the applicable Appraised-Out Class shall be reinstated as the Controlling Class and each
Appraised-Out Class shall have its Certificate Balance notionally restored to the extent required by such recalculation of the
Appraisal Reduction Amount based on such second appraisal.


 


Appraisals that are permitted
to be obtained at the request of the holders of the Appraised-Out Class shall be in addition to any appraisals that the Special
Servicer may otherwise be required to obtain in accordance with the Servicing Standard (or otherwise pursuant to this Agreement)
or that the Special Servicer is otherwise required or permitted to order under this Agreement without regard to any appraisal requests
made by any Requesting Holder.


 


ARTICLE
V



THE CERTIFICATES


 


Section
5.01 The Certificates. (a) The Certificates consist of the Class A Certificates, the Class X-A Certificates, the
Class B Certificates, the Class C Certificates, the


 






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Class D Certificates, the Class E Certificates, the Class R Certificates
and the Class LR Certificates.


 


The Class A, Class X-A,
Class B, Class C, Class D, Class E, Class R and Class LR Certificates will be substantially in the forms of Exhibits A-1
through A-8 to this Agreement, as set forth in the Table of Exhibits to this Agreement. The Certificates of each Class will
be issuable in registered form only, in minimum denominations of authorized Certificate Balance or Notional Balance, as applicable,
as described in the succeeding table, and multiples of $l in excess thereof (or such lesser amount if the Certificate Balance or
Notional Balance, as applicable, is not a multiple of $1). With respect to any Certificate or any beneficial interest in a Certificate,
the “Denomination” thereof shall be (i) the amount (A) set forth on the face thereof or (B) in the case of any
Global Certificate, set forth on a schedule attached thereto or, in the case of any beneficial interest in a Global Certificate,
the amount set forth on the books and records of the related Depository Participant or indirect participating brokerage firm, as
applicable, (ii) expressed in terms of Certificate Balance or Notional Balance, as applicable, and (iii) be in an authorized denomination,
as set forth below.


 


	
        Class

        
	 	Minimum
 Denomination





	 	Aggregate Denomination of
 all Certificates of Class 



	A 	 	 $100,000	 	 	$116,665,000	 
	X-A 	 	 $1,000,000	 	 	$116,665,000	 
	B 	 	 $100,000	 	 	$25,925,000	 
	C 	 	 $100,000	 	 	$24,770,000	 
	D 	 	 $100,000	 	 	$30,523,000	 
	E 	 	 $100,000	 	 	$16,117,000	 


 


Each Certificate will
share ratably in all rights of the related Class. Each Class of Certificates constituting the EHRI will be issuable in one or more
registered, definitive physical certificates at all times during the Third Party Purchaser Transfer Restriction Period. The Class
R and Class LR Certificates will each be issuable in one or more registered, definitive physical certificates in minimum denominations
of 5% Percentage Interests and integral multiples of a 1% Percentage Interest in excess thereof and together aggregating the entire
100% Percentage Interest in each such Class.


 


The Global Certificates
(other than any Class of Certificates constituting the EHRI during any Third Party Purchaser Transfer Restriction Period) shall
be issued as one or more certificates registered in the name of a nominee designated by the Depository, and Beneficial Owners shall
hold interests in the Global Certificates through the book-entry facilities of the Depository in the minimum Denominations and
aggregate Denominations and Classes as set forth above.


 


The Global Certificates
shall in all respects be entitled to the same benefits under this Agreement as Individual Certificates authenticated and delivered
hereunder.


 


(b)          Except
insofar as pertains to any Individual Certificate, the Trust Fund, the Certificate Administrator, the Paying Agent and the Trustee
may for all purposes (including the making of payments due on the Global Certificates and the giving of notice to Holders thereof)
deal with the Depository as the authorized representative of the Beneficial Owners with respect


 






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to the Global Certificates for
the purposes of exercising the rights of Certificateholders hereunder; provided, however, that, for purposes of transmitting
communications pursuant to Section 5.05(a) of this Agreement, to the extent that the Depository has provided the Certificate
Administrator with the names of Beneficial Owners (even if such Certificateholders hold their Certificates through the Depository)
the Certificate Administrator shall provide such information to such Beneficial Owners directly. The rights of Beneficial Owners
with respect to Global Certificates shall be limited to those established by law and agreements between such Certificateholders
and the Depository and Depository Participants. Except as set forth in Section 5.01(e) below, Beneficial Owners of Global
Certificates shall not be entitled to physical certificates for the Global Certificates as to which they are the Beneficial Owners.
Requests and directions from, and votes of, the Depository as Holder of the Global Certificates shall not be deemed inconsistent
if they are made with respect to different Beneficial Owners. Subject to the restrictions on transfer set forth in this Section
5.01 of this Agreement and Applicable Procedures, the holder of a beneficial interest in a Global Certificate may request that
the Certificate Administrator cause the Depository (or any Agent Member) to notify the Certificate Registrar and the Certificate
Custodian in writing of a request for transfer or exchange of such beneficial interest for an Individual Certificate or Certificates.
Upon receipt of such a request and payment by the related Beneficial Owner of any attendant expenses, the Certificate Administrator
shall cause the issuance and delivery of such Individual Certificates. The Depositor may establish a reasonable record date in
connection with solicitations of consents from or voting by Certificateholders and give notice to the Depository of such record
date. Without the written consent of the Certificate Registrar, no Global Certificate may be transferred by the Depository except
to a successor Depository that agrees to hold the Global Certificates for the account of the Beneficial Owners.


 


(c)          Any
of the Certificates may be issued with appropriate insertions, omissions, substitutions and variations, and may have imprinted
or otherwise reproduced thereon such legend or legends, not inconsistent with the provisions of this Agreement, as may be required
to comply with any law or with rules or regulations pursuant thereto, or with the rules of any securities market in which the Certificates
are admitted to trading, or to conform to general usage.


 


(d)          The
Global Certificates (i) shall be delivered by the Certificate Registrar to the Depository or, pursuant to the Depository’s
instructions on behalf of the Depository to, and deposited with, the Certificate Custodian, and in either case shall be registered
in the name of Cede & Co. and (ii) shall bear a legend substantially to the following effect:


 


“Unless this certificate is presented
by an authorized representative of The Depository Trust Company, a New York corporation (“DTC”), to the Certificate
Registrar for registration of transfer, exchange or payment, and any certificate issued is registered in the name of Cede &
Co. or in such other name as is requested by an authorized representative of DTC (and any payment is made to Cede & Co. or
to such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE
OR OTHERWISE BY OR TO ANY


 






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PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest herein”.


 


The Global Certificates
may be deposited with such other Depository as the Certificate Registrar may from time to time designate, and shall bear such legend
as may be appropriate.


 


(e)          If
(i) the Depository advises the Certificate Administrator in writing that the Depository is no longer willing, qualified or able
properly to discharge its responsibilities as Depository, and the Depositor is unable to locate a qualified successor or (ii) the
Depositor, at its sole option, elects in writing to the Certificate Administrator and to the Depository to terminate the book-entry
system through the Depository with respect to all or any portion of any Class of Certificates, the Certificate Administrator shall
notify the affected Beneficial Owner or Owners through the Depository of the occurrence of such event and the availability of Individual
Certificates to such Beneficial Owners requesting them. Upon surrender to the Certificate Administrator of Global Certificates
by the Depository, accompanied by registration instructions from the Depository for registration of transfer, the Certificate Administrator
shall issue the Individual Certificates. Neither the Trustee, the Certificate Administrator, the Certificate Registrar, the Master
Servicer, the Special Servicer nor the Depositor shall be liable for any actions taken by the Depository or its nominee, including,
without limitation, any delay in delivery of such instructions. Upon the issuance of Individual Certificates, the Trustee, the
Certificate Administrator, the Certificate Registrar, the Master Servicer and the Special Servicer shall recognize the Holders
of Individual Certificates as Certificateholders hereunder.


 


(f)          If
the Trustee, its agents, the Certificate Administrator, its agents or the Master Servicer or Special Servicer have instituted or
have been directed to institute any judicial proceeding in a court to enforce the rights of the Certificateholders under the Certificates,
and the Trustee, the Certificate Administrator, the Master Servicer or the Special Servicer have been advised by counsel that in
connection with such proceeding it is necessary or appropriate for the Trustee, the Certificate Administrator, the Master Servicer
or the Special Servicer to obtain possession of the Certificates, the Trustee, the Certificate Administrator, the Master Servicer
or the Special Servicer may in their sole discretion determine that the Certificates represented by the Global Certificates shall
no longer be represented by such Global Certificates. In such event, the Certificate Administrator or the Authenticating Agent
will execute and authenticate and the Certificate Registrar will deliver, in exchange for such Global Certificates, Individual
Certificates (and if the Certificate Administrator or the Certificate Custodian has in its possession Individual Certificates previously
executed, the Authenticating Agent will authenticate and the Certificate Registrar will deliver such Certificates) in a Denomination
equal to the aggregate Denomination of such Global Certificates.


 


(g)          Each
Certificate may be printed or in typewritten or similar form, and each Certificate shall, upon original issue, be executed and
authenticated by the Certificate Administrator or the Authenticating Agent and delivered to, or at the order of, the Depositor.
All Certificates shall be executed by manual or facsimile signature on behalf of the Certificate Administrator or Authenticating
Agent by an authorized officer or signatory. Certificates bearing the signature of an individual who was at any time the proper
officer or signatory of the Certificate Administrator or Authenticating Agent shall bind the Certificate Administrator or Authenticating
Agent, notwithstanding that such individual has ceased to hold such office or


 






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position prior to the delivery of such Certificates
or did not hold such office or position at the date of such Certificates. No Certificate shall be entitled to any benefit under
this Agreement, or be valid for any purpose, unless there appears on such Certificate a certificate of authentication in the form
set forth in Exhibits A-1 through A-8 executed by the Authenticating Agent by manual signature, and such certificate
of authentication upon any Certificate shall be conclusive evidence, and the only evidence, that such Certificate has been duly
authenticated and delivered hereunder. All Certificates shall be dated the date of their authentication.


 


(h)          If,
in connection with any Distribution Date, the Certificate Administrator shall have reported the amount of an anticipated distribution
to the Depository based on the expected receipt of any monthly payment based on information set forth in any report of the Master
Servicer or the Special Servicer, or any other monthly payment, Balloon Payment or prepayment expected to be paid on the last two
Business Days preceding such Distribution Date, and the Borrower fails to make such payments at such time, the Certificate Administrator
shall use commercially reasonable efforts to cause the Depository to make the revised distribution on a timely basis on such Distribution
Date. Any out-of-pocket costs incurred by the Certificate Administrator as a consequence of the Borrower failing to make such payments
shall be reimbursable to the Certificate Administrator as an expense of the Trust Fund.


 


Section 5.02 Registration,
Transfer and Exchange of Certificates. (a) The Certificate Administrator shall keep or cause to be kept at its offices books
(the “Certificate Register”) for the registration, transfer and exchange of Certificates (the Certificate Administrator,
in such capacity, being the “Certificate Registrar”). The Depositor, the Trustee, the Master Servicer and the
Special Servicer shall have the right to inspect the Certificate Register or to obtain a copy thereof at all reasonable times,
and to rely conclusively upon a certificate of the Certificate Registrar as to the information set forth in the Certificate Register.
The names and addresses of all Certificateholders and the names and addresses of the transferees of any Certificates shall be
registered in the Certificate Register; provided, however, that in no event shall the Certificate Registrar be required
to maintain in the Certificate Register the names of the individual Participants holding beneficial interests in the Trust Fund
through the Depository. The Person in whose name any Certificate is so registered shall be deemed and treated as the sole owner
and Holder thereof for all purposes of this Agreement and the Depositor, Certificate Registrar, the Master Servicer, Special Servicer,
the Trustee, the Certificate Administrator, any Paying Agent and any agent of any of them shall not be affected by any notice
or knowledge to the contrary. An Individual Certificate is transferable or exchangeable only upon the surrender of such Certificate
to the Certificate Registrar at its offices together with an assignment and transfer (executed by the Holder or his duly authorized
attorney), subject to the requirements of Section 5.01(g) and Sections 5.02(c), (d), (e), (f),
(g), (h) and (i) of this Agreement. Upon request of the Certificate Administrator, the Certificate Registrar
shall provide the Certificate Administrator with the names, addresses and Percentage Interests of the Holders.


 


(b)          Upon
surrender for registration of transfer of any Individual Certificate, subject to the requirements of Sections 5.02(c), (d),
(e), (f), (g), (h) and (i) of this Agreement, the Certificate Administrator shall execute and
the Authenticating Agent shall duly authenticate in the name of the designated transferee or transferees, one or more new Certificates
in Denominations of a like aggregate Denomination as the Individual Certificate being surrendered.


 






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Such Certificates shall be delivered
by the Certificate Registrar in accordance with Section 5.02(e) of this Agreement. Each Certificate surrendered for registration
of transfer shall be canceled and subsequently destroyed by the Certificate Registrar. Each new Certificate issued pursuant to
this Section 5.02 shall be registered in the name of any Person as the transferring Holder may request, subject to the provisions
of Sections 5.01(g) and 5.02(c), (d), (e), (f), (g), (h) and (i) of this
Agreement.


 


(c)          In
addition to the provisions of Sections 5.01(g) and 5.02(d), (e), (f), (g), (h) and (i)
of this Agreement and the rules of the Depository, the exchange, transfer and registration of transfer of Individual Certificates
or beneficial interests in the Global Certificates shall be subject to the following restrictions:


 


(i)          Transfers
between Holders of Individual Certificates. With respect to the transfer and registration of transfer of an Individual Certificate
to a transferee that takes delivery in the form of an Individual Certificate:


 


(A)          The
Certificate Registrar shall register the transfer of an Individual Certificate if (1) the requested transfer is being made (x)
in connection with the initial transfer from the Initial Purchaser to an initial investor or (y) by a transferee who has provided
the Certificate Registrar with an Investment Representation Letter substantially in the form of Exhibit D-1 to this Agreement
(an “Investment Representation Letter”), to the effect that the transfer is being made to a Qualified Institutional
Buyer in accordance with Rule 144A or (2) prior to the transfer the related transferee furnishes to the Certificate Registrar (x)
an Investment Representation Letter to the effect that the transfer is being made to an Institutional Accredited Investor (other
than a Qualified Institutional Buyer) or to an Affiliated Person in accordance with an applicable exemption under the Securities
Act, and (y) in the case of a transfer to an Affiliated Person, an opinion of counsel acceptable to the Certificate Registrar that
such transfer is in compliance with the Securities Act; or


 


(B)          The
Certificate Registrar shall register the transfer of an Individual Certificate pursuant to Regulation S after the expiration of
the Restricted Period if (1) the transferor has provided the Certificate Registrar with a Regulation S Transfer Certificate substantially
in the form of Exhibit G to this Agreement (a “Regulation S Transfer Certificate”), and (2) the transferee
furnishes to the Certificate Registrar an Investment Representation Letter;


 


and, in each case, the Certificate
Registrar shall register the transfer of an Individual Certificate only if prior to the transfer the transferee furnishes to the
Certificate Registrar a written undertaking by the transferor to reimburse the Trust Fund for any costs incurred by it in connection
with the proposed transfer. In addition, the Certificate Registrar may, as a condition of the registration of any such transfer,
require the transferor to furnish such other certificates, legal opinions or other information (at the transferor’s expense)
as the Certificate Registrar may reasonably require to confirm that the proposed transfer is being made pursuant to an exemption
from, or in a transaction not subject to, the registration requirements of the Securities Act and other applicable laws.


 






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(ii)          Transfers
within the Global Certificates. Notwithstanding any provision to the contrary herein, so long as a Global Certificate remains
outstanding and is held by or on behalf of the Depository, transfers within the Global Certificates shall only be made in accordance
with this Section 5.02(c)(ii).


 


(A)          Rule
144A Global Certificate to Regulation S Global Certificate During the Restricted Period. If, during the Restricted Period,
a Beneficial Owner of an interest in a Rule 144A Global Certificate wishes at any time to transfer its beneficial interest in such
Rule 144A Global Certificate to a Person who wishes to take delivery thereof in the form of a beneficial interest in the related
Regulation S Global Certificate, such Beneficial Owner may, in addition to complying with all applicable rules and procedures of
the Depository and Clearstream or Euroclear applicable to transfers by their respective participants (the “Applicable
Procedures”), transfer or cause the transfer of such beneficial interest for an equivalent beneficial interest in such
Regulation S Global Certificate only upon compliance with the provisions of this Section 5.02(c)(ii)(A). Upon receipt by
the Certificate Registrar at the Corporate Trust Office of (1) written instructions given in accordance with the Applicable Procedures
from an Agent Member directing the Certificate Registrar to credit or cause to be credited to another specified Agent Member’s
account a beneficial interest in the Regulation S Global Certificate in an amount equal to the Denomination of the beneficial interest
in the Rule 144A Global Certificate to be transferred, (2) a written order given in accordance with the Applicable Procedures containing
information regarding the account of the Agent Member and the Euroclear or Clearstream account, as the case may be, to be credited
with, and the account of the Agent Member to be debited for, such beneficial interest, and (3) a certificate in the form of Exhibit
H to this Agreement given by the Beneficial Owner of such interest, the Certificate Registrar shall instruct the Depository
or the Certificate Custodian, as applicable, to reduce the Denomination of the Rule 144A Global Certificate by the Denomination
of the beneficial interest in the Rule 144A Global Certificate to be so transferred and, concurrently with such reduction, to increase
the Denomination of the Regulation S Global Certificate by the Denomination of the beneficial interest in the Rule 144A Global
Certificate to be so transferred, and to credit or cause to be credited to the account of the Person specified in such instructions
(who shall be an Agent Member acting for or on behalf of Euroclear or Clearstream, or both, as the ease may be) a beneficial interest
in the Regulation S Global Certificate having a Denomination equal to the amount by which the Denomination of the Rule 144A Global
Certificate was reduced upon such transfer.


 


(B)          Rule
144A Global Certificate to Regulation S Global Certificate After the Restricted Period. If, after the Restricted Period, a
Beneficial Owner of an interest in a Rule 144A Global Certificate wishes at any time to transfer its beneficial interest in such
Rule 144A Global Certificate to a Person who wishes to take delivery thereof in the form of a beneficial interest in the related
Regulation S Global Certificate, such holder may, in addition to complying with all Applicable Procedures, transfer or cause the
transfer of such beneficial interest for


 






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an equivalent beneficial interest in such Regulation S Global Certificate only upon compliance
with the provisions of this Section 5.02(c)(ii)(B). Upon receipt by the Certificate Registrar at the Corporate Trust Office
of (1) written instructions given in accordance with the Applicable Procedures from an Agent Member directing the Certificate Registrar
to credit or cause to be credited to another specified Agent Member’s account a beneficial interest in the Regulation S Global
Certificate in an amount equal to the Denomination of the beneficial interest in the Rule 144A Global Certificate to be transferred,
(2) a written order given in accordance with the Applicable Procedures containing information regarding the account of the Agent
Member and, in the case of a transfer pursuant to and in accordance with Regulation S, the Euroclear or Clearstream account, as
the case may be, to be credited with, and the account of the Agent Member to be debited for, such beneficial interest, and (3)
a certificate in the form of Exhibit I to this Agreement given by the Beneficial Owner of such interest, the Certificate
Registrar shall instruct the Depository or the Certificate Custodian, as applicable, to reduce the Denomination of the Rule 144A
Global Certificate by the aggregate Denomination of the beneficial interest in the Rule 144A Global Certificate to be so transferred
and, concurrently with such reduction, to increase the Denomination of the Regulation S Global Certificate by the aggregate Denomination
of the beneficial interest in the Rule 144A Global Certificate to be so transferred, and to credit or cause to be credited to the
account of the Person specified in such instructions a beneficial interest in the Regulation S Global Certificate having a Denomination
equal to the amount by which the Denomination of the Rule 144A Global Certificate was reduced upon such transfer.


 


(C)          Regulation
S Global Certificate to Rule 144A Global Certificate. If the Beneficial Owner of an interest in a Regulation S Global Certificate
wishes at any time to transfer its beneficial interest in such Regulation S Global Certificate to a Person who wishes to take delivery
thereof in the form of a beneficial interest in the related Rule 144A Global Certificate, such Beneficial Owner may, in addition
to complying with all Applicable Procedures, transfer or cause the transfer of such beneficial interest for an equivalent beneficial
interest in such Rule 144A Global Certificate only upon compliance with the provisions of this Section 5.02(c)(ii)(C). Upon
receipt by the Certificate Registrar at the Corporate Trust Office of (1) written instructions given in accordance with the Applicable
Procedures from an Agent Member directing the Certificate Registrar to credit or cause to be credited to another specified Agent
Member’s account a beneficial interest in the Rule 144A Global Certificate in an amount equal to the Denomination of the
beneficial interest in the Regulation S Global Certificate to be transferred, (2) a written order given in accordance with the
Applicable Procedures containing information regarding the account of the Agent Member to be credited with, and the account of
the Agent Member or, if such account is held for Euroclear or Clearstream, the Euroclear or Clearstream account, as the case may
be, to be debited for, such beneficial interest, and (3) with respect to a transfer of a beneficial interest in a Regulation S
Global Certificate for a beneficial interest in the related Rule 144A Global Certificate (i) during the


 






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Restricted Period, a certificate
in the form of Exhibit J to this Agreement given by the holder of such beneficial interest or (ii) after the Restricted
Period, an Investment Representation Letter from the transferee to the effect that such transferee is a Qualified Institutional
Buyer, the Certificate Registrar shall instruct the Depository or the Certificate Custodian, as applicable, to reduce the Denomination
of the Regulation S Global Certificate by the aggregate Denomination of the beneficial interest in the Regulation S Global Certificate
to be transferred, and, concurrently with such reduction, to increase the Denomination of the Rule 144A Global Certificate by the
aggregate Denomination of the beneficial interest in the Regulation S Global Certificate to be so transferred, and to credit or
cause to be credited to the account of the Person specified in such instructions a beneficial interest in such Rule 144A Global
Certificate having a Denomination equal to the amount by which the Denomination of the Regulation S Global Certificate was reduced
upon such transfer.


 


(iii)          Transfers
from the Global Certificates to Individual Certificates. Any and all transfers from a Global Certificate to a transferee wishing
to take delivery in the form of an Individual Certificate will require the transferee to take delivery subject to the restrictions
on the transfer of such Individual Certificate described in a legend set forth on the face of such Certificate substantially in
the form of Exhibit F to this Agreement (the “Securities Legend”), and such transferee agrees that it
will transfer such Individual Certificate only as provided therein and herein. No such transfer shall be made and the Certificate
Registrar shall not register any such transfer unless such transfer is made in accordance with this Section 5.02(c)(iii).


 


(A)          Transfers
of a beneficial interest in a Global Certificate to an Institutional Accredited Investor (other than a Qualified Institutional
Buyer) will require delivery in the form of an Individual Certificate and the Certificate Registrar shall register such transfer
only upon compliance with the provisions of Section 5.02(c)(i)(A) of this Agreement.


 


(B)          Transfers
of a beneficial interest in a Global Certificate to a Qualified Institutional Buyer or a Regulation S Investor wishing to take
delivery in the form of an Individual Certificate will be registered by the Certificate Registrar only upon compliance with the
provisions of Section 5.02(c)(i)(A) and (B) of this Agreement, respectively.


 


(C)          Notwithstanding
the foregoing, no transfer of a beneficial interest in a Regulation S Global Certificate to an Individual Certificate pursuant
to subparagraph (B) above shall be made prior to the expiration of the Restricted Period.


 


Upon acceptance for exchange
or transfer of a beneficial interest in a Global Certificate for an Individual Certificate, as provided herein, the Certificate
Registrar shall endorse on the schedule affixed to the related Global Certificate (or on a continuation of such schedule affixed
to such Global Certificate and made a part thereof) an appropriate notation evidencing the date of such exchange or transfer and
a decrease in the


 






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Denomination of such Global Certificate equal to the Denomination of such Individual Certificate issued in exchange
therefor or upon transfer thereof. Unless determined otherwise by the Certificate Registrar and the Depositor in accordance with
applicable law, an Individual Certificate issued upon transfer of or exchange for a beneficial interest in the Global Certificate
shall bear the Securities Legend.


 


(iv)         Transfers
of Individual Certificates to the Global Certificates. If a Holder of an Individual Certificate wishes at any time to transfer
such Certificate to a Person who wishes to take delivery thereof in the form of a beneficial interest in the related Regulation
S Global Certificate or the related Rule 144A Global Certificate, such transfer may be effected only in accordance with the Applicable
Procedures and this Section 5.02(c)(iv). Upon receipt by the Certificate Registrar at the Corporate Trust Office of (l)
the Individual Certificate to be transferred with an assignment and transfer pursuant to Section 5.05(a) of this Agreement,
(2) written instructions given in accordance with the Applicable Procedures from an Agent Member directing the Certificate Registrar
to credit or cause to be credited to a specified Agent Member’s account a beneficial interest in such Regulation S Global
Certificate or such Rule 144A Global Certificate, as the case may be, in an amount equal to the Denomination of the Individual
Certificate to be so transferred, (3) a written order given in accordance with the Applicable Procedures containing information
regarding the account of the Agent Member and, in the case of any transfer pursuant to Regulation S, the Euroclear or Clearstream
account, as the case may be, to be credited with such beneficial interest, and (4)(x) an Investment Representation Letter from
the transferee and, if delivery is to be taken in the form of a beneficial interest in the Regulation S Global Certificate, a Regulation
S Transfer Certificate from the transferor or (y) an Investment Representation Letter from the transferee to the effect that such
transferee is a Qualified Institutional Buyer if delivery is to be taken in the form of a beneficial interest in the Rule 144A
Global Certificate, the Certificate Registrar shall cancel such Individual Certificate, execute and deliver a new Individual Certificate
for the Denomination of the Individual Certificate not so transferred, registered in the name of the Holder or the Holder’s
transferee (as instructed by the Holder), and the Certificate Registrar shall instruct the Depository or the Certificate Custodian,
as applicable, to increase the Denomination of the Regulation S Global Certificate or the Rule 144A Global Certificate, as the
case may be, by the Denomination of the Individual Certificate to be so transferred, and to credit or cause to be credited to the
account of the Person specified in such instructions who, in the case of any increase in the Regulation S Global Certificate during
the Restricted Period, shall be an Agent Member acting for or on behalf of Euroclear or Clearstream, or both, as the case may be,
a corresponding Denomination of the Rule 144A Global Certificate or the Regulation S Global Certificate, as the case may be.


 


It is the intent of the foregoing
that under no circumstances may an Institutional Accredited Investor that is not a Qualified Institutional Buyer take delivery
in the form of a beneficial interest in a Rule 144A Global Certificate.


 


(v)          All
Transfers. An exchange of a beneficial interest in a Global Certificate for an Individual Certificate or Certificates, an exchange
of an Individual Certificate or Certificates for a beneficial interest in a Global Certificate and an exchange of an


 






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Individual
Certificate or Certificates for another Individual Certificate or Certificates (in each case, whether or not such exchange is made
in anticipation of subsequent transfer, and, in the case of the Global Certificates, so long as the Global Certificates remain
outstanding and are held by or on behalf of the Depository), may be made only in accordance with this Section 5.02 and in
accordance with the rules of the Depository and Applicable Procedures.


 


(vi)         Transfers
of any Class of Certificates constituting the EHRI. At all times, if a Transfer of any Class of Certificates constituting the
EHRI is to be made, then the Certificate Registrar shall refuse to register such transfer unless it receives (and, upon receipt,
may conclusively rely upon) (i) a certification from such Certificateholder’s prospective transferee substantially in the
form attached hereto as Exhibit D-3, which such certification shall be countersigned by the Securitization Sponsor and (ii)
a certification from the Certificateholder desiring to effect such transfer substantially in the form attached hereto as Exhibit
D-4, which such certification must be countersigned by the Securitization Sponsor. Upon receipt of the foregoing certifications,
the Certificate Registrar shall, subject to Section 5.02(a) and Section 5.02(m), reflect such Class of Certificates
constituting the EHRI in the name of the prospective transferee. For the avoidance of doubt, in no event shall any Class of Certificates
constituting the EHRI be held as a Book-Entry Certificate during the Third Party Purchaser Transfer Restriction Period.


 


(d)          If
Certificates are issued upon the transfer, exchange or replacement of Certificates not bearing the Securities Legend, the Certificates
so issued shall not bear the Securities Legend. If Certificates are issued upon the transfer, exchange or replacement of Certificates
bearing the Securities Legend, or if a request is made to remove the Securities Legend on a Certificate, the Certificates so issued
shall bear the Securities Legend, or the Securities Legend shall not be removed, as the case may be, unless there is delivered
to the Certificate Registrar such satisfactory evidence, which may include an opinion of counsel (at the expense of the party requesting
the removal of such legend) familiar with United States securities laws, as may be reasonably required by the Certificate Registrar,
that neither the Securities Legend nor the restrictions on transfers set forth therein are required to ensure that transfers of
any Certificate comply with the provisions of Rule 144A or Rule 144 under the Securities Act or that such Certificate is not a
“restricted security” within the meaning of Rule 144 under the Securities Act. Upon provision of such satisfactory
evidence, the Certificate Registrar shall execute and deliver a Certificate that does not bear the Securities Legend.


 


(e)          Subject
to the restrictions on transfer and exchange set forth in Section 5.01(i) and in this Section 5.02, the Holder of
any Individual Certificate may transfer or exchange the same in whole or in part (with a denomination equal to any authorized denomination)
by surrendering such Certificate at the office of the Certificate Administrator or at the office of any transfer agent appointed
as provided under this Agreement, together with an instrument of assignment or transfer (executed by the Holder or its duly authorized
attorney), in the case of transfer, and a written request for exchange, in the case of exchange. Following a proper request for
transfer or exchange, the Certificate Registrar shall, within five Business Days of such request if made at such office of the
Certificate Registrar or within ten Business Days if made at the office of a transfer agent (other than the Certificate Registrar),
execute and deliver at


 






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the office of the Certificate Registrar or at the office of such transfer agent, as the case may be, to
the transferee (in the case of transfer) or Holder (in the case of exchange) or send by first-class mail (at the risk of the transferee
in the case of transfer or Holder in the case of exchange) to such address as the transferee or Holder, as applicable, may request,
an Individual Certificate or Certificates, as the case may require, for a like aggregate Denomination and in such Denomination
or Denominations as may be requested. The presentation for transfer or exchange of any Individual Certificate shall not be valid
unless made at the office of the Certificate Registrar or at the office of a transfer agent by the registered Holder in person,
or by a duly authorized attorney-in-fact. The Certificate Registrar may decline to accept any request for an exchange or registration
of transfer of any Certificate during the period of 15 days preceding any Distribution Date.


 


(f)          An
Individual Certificate (other than an Individual Certificate issued in exchange for a beneficial interest in a Global Certificate
pursuant to Section 5.01 of this Agreement) or a beneficial interest in a Global Certificate may only be transferred to
Eligible Investors or Regulation S Investors, as described herein. In the event that a Responsible Officer of the Certificate Registrar
has actual knowledge that such an Individual Certificate or beneficial interest in a Global Certificate is being held by or for
the benefit of a Person who is not an Eligible Investor, or that such holding is unlawful under the laws of a relevant jurisdiction,
then the Certificate Registrar shall have the right to void such transfer, if permitted under applicable law, or to require the
investor to sell such Individual Certificate or beneficial interest in a Global Certificate to an Eligible Investor within fourteen
days after notice of such determination and each Certificateholder by its acceptance of a Certificate authorizes the Certificate
Registrar to take such action.


 


(g)          Subject
to the provisions of this Section 5.02 regarding transfer and exchange, transfers of the Global Certificates shall be limited
to transfers of such Global Certificates in whole, but not in part, to nominees of the Depository or to a successor of the Depository
or such successor’s nominee.


 


(h)          No
fee or service charge shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer
or exchange referred to in this Section 5.02 other than for transfers to Institutional Accredited Investors that are not
Qualified Institutional Buyers, as provided herein. In connection with any transfer to an Institutional Accredited Investor, the
transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s counsel’s
review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar as provided
herein) incurred by the Certificate Registrar in connection with such transfer. The Certificate Registrar may require payment by
each transferor of a sum sufficient to cover any tax, expense or other governmental charge payable in connection with any such
transfer.


 


(i)           Subject
to Section 5.02(e) of this Agreement, transfers of the Class R and Class LR Certificates may be made only in accordance
with this Section 5.02(i). The Certificate Registrar shall register the transfer of a Class R or Class LR Certificate only
if (x) the transferor has advised the Certificate Registrar in writing that such Certificate is being transferred to a Qualified
Institutional Buyer or an Affiliated Person and (y) prior to such transfer the transferee furnishes to the Certificate Registrar
an Investment Representation Letter. In addition, the Certificate Registrar may as a condition of the registration of any such
transfer require the


 






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transferor to furnish such other certifications, legal opinions or other information (at the transferor’s
expense) as it may reasonably require to confirm that the proposed transfer is being made pursuant to an exemption from, or in
a transaction not subject to, the registration requirements of the Securities Act and other applicable laws.


 


(j)           No
transfer, sale, pledge or other disposition of any Certificate or interest therein shall be made unless that transfer, sale, pledge
or other disposition is exempt from the registration and/or qualification requirements of the Securities Act and any applicable
state securities laws, or is otherwise made in accordance with the Securities Act and such state securities laws. Neither the Depositor,
the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee nor the Certificate Registrar are obligated
to register or qualify the Certificates under the Securities Act or any other securities law or to take any action not otherwise
required under this Agreement to permit the transfer of such Certificates without registration or qualification. Any Certificateholder
desiring to affect such a transfer shall, and does hereby agree to, indemnify the Depositor, the Master Servicer, the Special Servicer,
the Certificate Administrator, the Trustee, the Initial Purchaser and the Certificate Registrar, against any loss, liability or
expense that may result if the transfer is not so exempt or is not made in accordance with such federal and state laws.


 


(k)          No
transfer of any Class R or Class LR Certificate (each, a “Restricted Certificate”) shall be made to (i) an employee
benefit plan subject to the fiduciary responsibility provisions of ERISA, or Section 4975 of the Code, or a governmental plan,
as defined in Section 3(32) of ERISA, or other plan subject to any federal, state or local law (“Similar Law”)
which is to a material extent similar to the foregoing provisions of ERISA or the Code (each, a “Plan”) or (ii)
a collective investment fund in which a Plan is invested, an insurance company that is using the assets of any insurance company
separate account or general account in which the assets of any such Plan are invested (or which are deemed pursuant to ERISA or
any Similar Law to include assets of Plans) to acquire any such Restricted Certificate or any other Person acting on behalf of
any Plan or using the assets of any Plan to acquire any such Restricted Certificate, other than (with respect to transfers of Restricted
Certificates other than the Residual Certificates) an insurance company using the assets of its general account under circumstances
whereby such transfer to such insurance company would be exempt from the “prohibited transaction” provisions of Sections
406 and 407 of ERISA and Section 4975 of the Code under Sections I and III of PTCE 95-60, or a substantially similar exemption
under. Each prospective transferee of a Restricted Certificate (other than in the case of the initial transfer from the Initial
Purchaser to an initial investor) shall deliver to the Depositor, the Certificate Registrar and the Certificate Administrator,
a transfer or representation letter, substantially in the form of Exhibit D-2 to this Agreement, stating that the prospective
transferee is not and will not become a Person referred to in clauses (i) or (ii) above. None of the Certificate
Administrator or the Certificate Registrar shall register a Class R or Class LR Certificate in any Person’s name unless such
Person has provided the letter referred to in the preceding sentence. Each beneficial owner of a Certificate (other than a Class
R or Class LR Certificate) or any interest therein will be deemed to have represented, by virtue of its acquisition or holding
of such Certificate or interest therein, that (i) it is not a Plan and is not acting on behalf of or using the assets of a Plan
to purchase the Certificates, (ii) in the case of a Certificate that meets the rating requirements of the Underwriter Exemption
at the time of purchase, that (w) it has acquired and is holding such Certificate or an interest therein in reliance on the Underwriter
Exemption, (or, in the case of a


 






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Plan subject to Similar Law, its acquisition, holding and disposition of the Certificate will
not result in a non-exempt violation of Similar Law), (x) its acquisition, holding and disposition of the ERISA Eligible Certificate
or interest therein will not constitute or result in a non-exempt violation of Section 406 of ERISA or Section 4975 of the Code
(or, in the case of a Plan subject to Similar Law, will not result in a non-exempt violation of Similar Law) and (y) it is an institutional
“accredited investor” as defined in Rule 501(a)(1) of Regulation D, or (iii) it is an insurance company general account
and all requirements of Sections I and III of PTCE 95-60 will be met with respect to its acquisition, holding and disposition of
the Certificates (or, in the case of a Plan subject to Similar Law, that its acquisition, holding and disposition of the Certificates
will not result in a non-exempt violation of Similar Law). Any transfer of a Certificate that would violate these restrictions
or result in a non-exempt prohibited transaction under ERISA or Section 4975 of the Code or Similar Law shall be deemed absolutely
null and void ab initio.


 


(l)           Each
Person who has or acquires any Ownership Interest shall be deemed by the acceptance or acquisition of such Ownership Interest to
have agreed to be bound by the following provisions and the rights of each Person acquiring any Ownership Interest are expressly
subject to the following provisions:


 


(i)           Each
Person acquiring or holding any Ownership Interest shall be a Permitted Transferee and shall not acquire or hold such Ownership
Interest as agent (including a broker, nominee or other middleman) on behalf of any Person that is not a Permitted Transferee.
Any such Person shall promptly notify the Certificate Registrar of any change or impending change in its status (or the status
of the beneficial owner of such Ownership Interest) as a Permitted Transferee. Any acquisition described in the first sentence
of this Section 5.02(l) by a Person who is not a Permitted Transferee or by a Person who is acting as an agent of a Person
who is not a Permitted Transferee shall be void and of no effect, and the immediately preceding owner who was a Permitted Transferee
shall be restored to registered and beneficial ownership of the Ownership Interest as fully as possible.


 


(ii)          No
Ownership Interest may be Transferred, and no such Transfer shall be registered in the Certificate Register, without the express
written consent of the Certificate Registrar (such consent not to be unreasonably withheld), and the Certificate Registrar shall
not recognize the Transfer, and such proposed Transfer shall not be effective, without such consent with respect thereto. In connection
with any proposed Transfer of any Ownership Interest, the Certificate Registrar shall, as a condition to such consent, (x) require
delivery to it in form and substance satisfactory to it, and the proposed transferee shall deliver to the Certificate Registrar
and to the proposed transferor an affidavit in substantially the form attached as Exhibit C-1 (a “Transferee Affidavit”)
of the proposed transferee (A) that such proposed transferee is a Permitted Transferee and (B) stating that (i) the proposed transferee
historically has paid its debts as they have come due and intends to do so in the future, (ii) the proposed transferee understands
that, as the holder of an Ownership Interest, it may incur liabilities in excess of cash flows generated by the residual interest,
(iii) the proposed transferee intends to pay taxes associated with holding the Ownership Interest as they become due, (iv) the
proposed transferee will not transfer the Ownership Interest to any Person that does not


 






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provide a Transferee Affidavit or as to
which the proposed transferee has actual knowledge that such Person is not a Permitted Transferee or is acting as an agent (including
a broker, nominee or other middleman) for a Person that is not a Permitted Transferee, (v) the proposed transferee will not cause
income from the Class R or Class LR Certificate to be attributable to a foreign permanent establishment or fixed base, within the
meaning of an applicable income tax treaty, of the proposed transferee or any other U.S. Person and (vi) the proposed transferee
expressly agrees to be bound by and to abide by the provisions of this Section 5.02(l) and (y) other than in connection
with the initial issuance of the Class R and Class LR Certificates, require a statement from the proposed transferor substantially
in the form attached as Exhibit C-2 (the “Transferor Certificate”), that the proposed transferor has
no actual knowledge that the proposed transferee is not a Permitted Transferee and has no actual knowledge or reason to know that
the proposed transferee’s statements in the Transferee Affidavit are false.


 


(iii)          Notwithstanding
the delivery of a Transferee Affidavit by a proposed transferee under clause (ii) above, if a Responsible Officer of the
Certificate Registrar has actual knowledge that the proposed transferee is not a Permitted Transferee, no Transfer to such proposed
transferee shall be effected and such proposed Transfer shall not be registered on the Certificate Register; provided, however,
that the Certificate Registrar shall not be required to conduct any independent investigation to determine whether a proposed transferee
is a Permitted Transferee.


 


Neither the Certificate
Administrator nor the Certificate Registrar shall have any obligation or duty to monitor, determine or inquire as to compliance
with any restriction or transfer imposed under Article V of this Agreement or under applicable law with respect to any transfer
of any Certificate (including, without limitation, the Securities Legend), or any interest therein, other than to require delivery
of the certification(s) and/or opinions of counsel described in Article V applicable with respect to changes in registration of
record ownership of Certificates in the Certificate Register. The Certificate Administrator and the Certificate Registrar shall
have no liability for transfers, including transfers made through the book-entry facilities of the Depository or between or among
Depository Participants or Beneficial Owners made in violation of applicable restrictions.


 


Upon written notice to
the Certificate Registrar, or upon the Certificate Registrar having actual knowledge, that there has occurred a Transfer of an
Ownership Interest to any Person that is a Disqualified Organization or an agent thereof (including a broker, nominee, or middleman)
in contravention of the foregoing restrictions, and in any event not later than 60 days after a request for information from the
transferor of such Ownership Interest, or such agent, the Certificate Registrar and the Certificate Administrator agree to furnish
to the IRS and the transferor of such Ownership Interest or such agent such information necessary to the application of Section
860E(e) of the Code as may be required by the Code, including, but not limited to, the present value of the total anticipated excess
inclusions with respect to such Class R or Class LR Certificate (or portion thereof) for periods after such Transfer. At the election
of the Certificate Registrar and the Certificate Administrator, the Certificate Registrar and the Certificate Administrator may
charge a reasonable fee for computing and furnishing such information to the transferor or to such agent referred to above; provided,
however, that such Persons shall in no event be excused from furnishing such information.


 






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(m)          During
the Third Party Purchaser Transfer Restriction Period, any Class(es) of Certificates constituting the EHRI shall only be held as
an Individual Certificate in the Third Party Purchaser Safekeeping Account by the Certificate Administrator (and the interest of
the Holder of any Class(es) of Certificates constituting the EHRI shall be tracked in the form of an entry in the Certificate Administrator’s
trust accounting system under the Third Party Purchaser Safekeeping Account), for the benefit of the Holder of any Class(es) of
Certificates constituting the EHRI. The Certificate Administrator shall hold any such Class(es) of Certificates constituting the
EHRI in safekeeping and shall release the same only upon receipt of written instructions and the Securitization Sponsor’s
consent, and in accordance with any authentication procedures as may be utilized by the Certificate Administrator and in accordance
with this Agreement. There shall be, and hereby is, established by the Certificate Administrator an account which will be designated
the “Third Party Purchaser Safekeeping Account” and into which such Class(es) of Certificates constituting the EHRI
shall be held and which shall be governed by and subject to this Agreement. In addition, on and after the date hereof, the Certificate
Administrator may establish any number of subaccounts to the Third Party Purchaser Safekeeping Account for the Holder of any Class(es)
of Certificates constituting the EHRI. Each Class of Certificates constituting the EHRI to be delivered in physical form to the
Certificate Administrator shall be delivered as set forth herein. No amounts distributable to any Class(es) of Certificates constituting
the EHRI shall be remitted to the Third Party Purchaser Safekeeping Account, but shall be remitted directly to each Holder of any
Class(es) of Certificates constituting the EHRI in accordance with written instructions (which may be in the form of Exhibit D-1
hereto) provided separately by the Holder of any Class(es) of Certificates constituting the EHRI to the Certificate Administrator.
Under no circumstances by virtue of safekeeping any Class(es) of Certificates constituting the EHRI shall the Certificate Administrator
be obligated to bring legal action or institute proceedings against any person on behalf of the Holder of any Class(es) of Certificates
constituting the EHRI. During the Third Party Purchaser Transfer Restriction Period and for such longer time as the Holder of any
Class(es) of Certificates constituting the EHRI may request, the Certificate Administrator shall hold the Individual Certificate
representing such Class(es) of Certificates constituting the EHRI at the below location, or any other location; provided
the Certificate Administrator has given notice to the Holder of any such Class(es) of Certificates constituting the EHRI of such
new location:


 


Wells Fargo Bank, National
Association

Attn: Security Control and Transaction

MAC N9345-010

425 E Hennepin Avenue

Minneapolis, Minnesota 55414


 


On the Closing Date,
the Certificate Administrator shall deliver written confirmation to the Depositor, the Securitization Sponsor and the Third Party
Purchaser substantially in the form of Exhibit Z evidencing its receipt of the EHRI.


 


The Certificate Administrator
shall make available to the Holder of any Class or portions of any Class of Certificates constituting the EHRI its respective account
information as mutually agreed upon by the Certificate Administrator and the Holder of any Class or portions of any Class of Certificates
constituting the EHRI, and in accordance with the Certificate


 






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Administrator’s policies and procedures. Any transfer of any
Class or portions of any Class of Certificates constituting the EHRI shall be subject to Section 5.02(c)(i) and Section
5.02(c)(vi).


 


Section 5.03 Mutilated,
Destroyed, Lost or Stolen Certificates. If (i) any mutilated Certificate is surrendered to the Certificate Registrar, or the
Certificate Registrar receives evidence to its satisfaction of the destruction, loss or theft of any Certificate, and (ii) there
is delivered to the Certificate Registrar such security or indemnity as may be required by it to save it and the Certificate Administrator
harmless, then, in the absence of actual knowledge by a Responsible Officer of the Certificate Registrar that such Certificate
has been acquired by a bona fide purchaser, the Certificate Administrator or the Authenticating Agent shall execute and authenticate
and the Certificate Registrar shall deliver, in exchange for or in lieu of any such mutilated, destroyed, lost or stolen Certificate,
a new Certificate of the same Class and of like tenor and Percentage Interest. Upon the issuance of any new Certificate under
this Section 5.03, the Certificate Registrar may require the payment of a sum sufficient to cover any tax or other governmental
charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of the Certificate Registrar)
connected therewith. Any replacement Certificate issued pursuant to this Section 5.03 shall constitute complete and indefeasible
evidence of ownership of the corresponding interest in the Trust Fund, as if originally issued, whether or not the lost, stolen
or destroyed Certificate shall be found at any time.


 


Section 5.04 Appointment
of Paying Agent. The Certificate Administrator may appoint a paying agent for the purpose of making distributions to Certificateholders
pursuant to Section 4.01 of this Agreement. The Certificate Administrator shall cause such Paying Agent, if other than
the Certificate Administrator, the Trustee or the Master Servicer, to execute and deliver to the Master Servicer and the Trustee
an instrument in which such Paying Agent shall agree with the Master Servicer and the Trustee that such Paying Agent will hold
all sums held by it for the payment to Certificateholders in trust for the benefit of the Certificateholders entitled thereto
until such sums have been paid to the Certificateholders or disposed of as otherwise provided herein. The initial Paying Agent
shall be the Certificate Administrator. Except for the Certificate Administrator, as the initial Paying Agent, the Paying Agent
shall at all times be an entity having a long-term unsecured debt rating of at least “A” by S&P or shall be the
subject of a No Downgrade Confirmation from each Rating Agency.


 


Section 5.05 Access
to Certificateholders’ Names and Addresses; Special Notices. (a) If any Certifying Certificateholder (for purposes of
this Section 5.05, an “Applicant”) applies in writing to the Certificate Registrar, and such application
states that the Applicant desires to communicate with other Certificateholders, the Certificate Registrar shall furnish or cause
to be furnished to such Applicant a list of the names and addresses of the Certificateholders as of the most recent Record Date,
at the expense of the Applicant.


 


(b)          Every
Certificateholder, by receiving and holding its Certificate, agrees with the Certificate Administrator and the Certificate Registrar
that the Certificate Administrator and the Certificate Registrar shall not be held accountable in any way by reason of the disclosure
of any information as to the names and addresses of the Certificateholders hereunder, regardless of the source from which such
information was derived.


 






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(c)          Upon
the written request of any Certifying Certificateholder that (a) states that such Certificateholder desires the Certificate Administrator
to transmit a notice to all Certificateholders stating that such Certificateholder wishes to be contacted by other Certificateholders,
setting forth the relevant contact information and briefly stating the reason for the requested contact and (b) provides a copy
of the Special Notice which such Certificateholder proposes to transmit, the Certificate Administrator shall deliver such Special
Notice to all Certificateholders at their respective addresses appearing on the Certificate Register. The costs and expenses of
the Certificate Administrator associated with delivering with any such Special Notice shall be borne by the party requesting such
Special Notice. Every Certificateholder, by receiving and holding a Certificate, agrees that neither the Certificate Administrator
nor the Certificate Registrar shall be held accountable by reason of the disclosure of any such Special Notice to Certificateholders,
regardless of the information set forth in such Special Notice.


 


Section 5.06 Actions
of Certificateholders. (a) Any request, demand, authorization, direction, notice, consent, waiver or other action provided
by this Agreement to be given or taken by Certificateholders may be embodied in and evidenced by one or more instruments of substantially
similar tenor signed by such Certificateholders in person or by agent duly appointed in writing; and except as herein otherwise
expressly provided, such action shall become effective when such instrument or instruments are delivered to the Certificate Administrator
and the Trustee and, when required, to the Master Servicer. Proof of execution of any such instrument or of a writing appointing
any such agent shall be sufficient for any purpose of this Agreement and conclusive in favor of the Certificate Administrator,
the Trustee and the Master Servicer, if made in the manner provided in this Section.


 


(b)          The
fact and date of the execution by any Certificateholder of any such instrument or writing may be proved in any reasonable manner
which the Certificate Administrator or the Trustee deems sufficient.


 


(c)          Any
request, demand, authorization, direction, notice, consent, waiver or other act by a Certificateholder shall bind every Holder
of every Certificate issued upon the registration of transfer thereof or in exchange therefor or in lieu thereof, in respect of
anything done, or omitted to be done, by the Certificate Administrator or the Trustee or the Master Servicer in reliance thereon,
whether or not notation of such action is made upon such Certificate.


 


(d)          The
Certificate Administrator, the Trustee or Certificate Registrar may require such additional proof of any matter referred to in
this Section 5.06 as it shall deem necessary.


 


Section 5.07 Rule
144A Information. (a) The Certificate Administrator shall, upon request of any Certifying Certificateholder that is a Holder
of a Certificate or any beneficial owner of a Certificate, furnish to such Holder or beneficial owner, or to a prospective purchaser
that is designated by such Holder or beneficial owner and that is a Qualified Institutional Buyer, the information required to
be delivered under Rule 144A(d)(4) under the Securities Act, to the extent such information has been provided to the Certificate
Administrator and has been identified as Rule 144A information by the Depositor (which shall include all information on the Certificate
Administrator’s Website and all information currently required to be made available to Certificateholders, as well as any
other specifically identified information herein).


 



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ARTICLE
VI



THE DEPOSITOR, THE MASTER SERVICER, THE SPECIAL SERVICER, THE DIRECTING HOLDER AND THE OPERATING ADVISOR


 


Section
6.01 Liability of the Depositor, the Master Servicer, the Special Servicer and the Operating Advisor.The
Depositor, the Master Servicer, the Special Servicer and the Operating Advisor each shall be liable in accordance herewith
only to the extent of the obligations specifically imposed by this Agreement.


 


Section 6.02 Merger
or Consolidation of the Master Servicer, the Special Servicer, the Depositor or the Operating Advisor.  Subject to the following
paragraph, each of the Master Servicer and the Special Servicer shall keep in full effect its existence, rights and good standing
as a national banking association under the laws of the United States of America and a limited liability company in good standing
under the laws of the State of Iowa, respectively, and shall not jeopardize its ability to do business in the jurisdiction in
which the Mortgaged Property securing the Trust Loan is located or to protect the validity and enforceability of this Agreement,
the Certificates or the Trust Loan and to perform its respective duties under this Agreement. In addition, subject to the following
paragraph, the Operating Advisor shall keep in full effect its existence, rights and good standing as a limited liability company
under the laws of the State of New York and shall not jeopardize its ability to do business in each jurisdiction in which the
Mortgaged Property is located or to protect the validity and enforceability of this Agreement, the Certificates or any of such
Mortgage Loans and to perform its respective duties under this Agreement.


 


Each of the Master Servicer,
the Special Servicer, the Operating Advisor or the Depositor may be merged or consolidated with or into any Person, or transfer
all or substantially all of its assets to any Person, in which case any Person into which the Master Servicer, the Special Servicer,
the Operating Advisor or the Depositor may be merged or consolidated, or any Person resulting from any merger or consolidation
to which the Master Servicer, the Special Servicer, the Operating Advisor or the Depositor is a party, or any Person succeeding
to the business of the Master Servicer, the Special Servicer, the Operating Advisor or the Depositor, shall be the successor of
the Master Servicer, the Special Servicer, the Operating Advisor or the Depositor, as applicable, hereunder, and shall be deemed
to have assumed all of the liabilities of the Master Servicer, the Special Servicer, the Operating Advisor or the Depositor, as
applicable, hereunder, without the consent of any other party to this Agreement if each of the Rating Agencies has provided a No
Downgrade Confirmation relating to the Certificates and Companion Loan Securities; provided, however, that no Rating
Agency shall be required to provide a No Downgrade Confirmation if the Master Servicer, the Special Servicer, the Operating Advisor
or the Depositor is merged into or consolidated with a Qualified Affiliate or transfers all or substantially all of its assets
to a Qualified Affiliate; provided, further, that if Master Servicer, the Special Servicer or the Operating Advisor
enters into a merger and the Master Servicer, the Special Servicer or the Operating Advisor, as applicable, is the surviving entity
under the applicable law, the Master Servicer, the Special Servicer or the Operating Advisor, as applicable, shall not, as a result
of the merger, be required to provide a No Downgrade Confirmation or obtain the consent of the Depositor. Notwithstanding the foregoing,
no Master Servicer, Special Servicer or Operating Advisor may remain the Master Servicer,


 






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Special Servicer or Operating Advisor,
as applicable, under this Agreement after (x) being merged or consolidated with or into any Person that is a Prohibited Party,
or (y) transferring all or substantially all of its assets to any Person if such Person is a Prohibited Party, except to the extent
(i) the Master Servicer, the Special Servicer or the Operating Advisor, as applicable, is the surviving entity of such merger,
consolidation or transfer and has been and continues to be in compliance with its Regulation AB reporting obligations hereunder
or (ii) the Depositor consents to such merger, consolidation or transfer, which consent shall not be unreasonably withheld.


 


Section 6.03 Limitation
on Liability of the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor and Others.  (a) None of the
Depositor, the Master Servicer, the Special Servicer, the Operating Advisor or any affiliates, directors, officers, employees,
shareholders, members, managers or agents (including sub-servicers) of the Depositor, the Master Servicer, the Special Servicer
or the Operating Advisor shall be under any liability to the Trust Fund, the Certificateholders, the Companion Loan Holder or
any third party beneficiary for any action taken, or for refraining from the taking of any action, in good faith pursuant to this
Agreement, or for errors in judgment; provided, however, that this provision shall not protect the Depositor, the
Master Servicer, the Special Servicer, the Operating Advisor, or any member, manager, director, officer, employee, shareholder
or agent (including sub-servicers) of the Depositor, the Master Servicer, the Special Servicer or the Operating Advisor, against
any breach of warranties or representations made herein, or against any liability which would otherwise be imposed by reason of
willful misconduct, bad faith, fraud or negligence (or (x) in the case of the Master Servicer or Special Servicer, by reason of
any specific liability imposed hereunder for a breach of the Servicing Standard, or (y) in the case of the Operating Advisor,
by reason of any specific liability imposed hereunder for a breach of the Operating Advisor Standard) in the performance of duties
or by reason of negligent disregard of obligations or duties hereunder. The Depositor, the Master Servicer, the Special Servicer,
the Operating Advisor and any Affiliate, member, manager, shareholder, director, officer, employee or agent of the Depositor,
the Master Servicer, the Special Servicer or the Operating Advisor may rely in good faith on any document of any kind which, prima
facie, is properly executed and submitted by any appropriate Person respecting any matters arising hereunder. In addition,
in no event shall the Depositor be obligated to cause any party to perform or comply with the obligations to remit the CREFC®
License Fee to CREFC®, to report any such CREFC® License Fee so paid or to make available
any Distribution Date Statement to any party (or in particular, CREFC®).


 


The Trust Fund and the
Companion Loan Holder shall be indemnified and held harmless by each of the Master Servicer, the Special Servicer and the Operating
Advisor (severally and not jointly) for any loss, liability or expense (including legal fees and expenses) incurred in connection
with any claim, loss, penalty, fine, foreclosure, judgment or liability relating to this Agreement or the Certificates, incurred
by the Trust Fund or the Companion Loan Holder, as applicable, by reason of willful misconduct, bad faith, fraud or negligence
in the performance of duties hereunder, or by reason of negligent disregard of obligations and duties thereunder, on the part of
such indemnifying party.


 


The Depositor, the Master
Servicer, the Special Servicer, the Operating Advisor and any affiliate, director, officer, employee, shareholder, member, manager
or agent of the Depositor, the Master Servicer, the Special Servicer and the Operating Advisor shall be indemnified and held harmless
by the Trust Fund for any loss, liability or expense (including


 






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legal fees and expenses) incurred in connection with any claim,
loss, penalty, fine, foreclosure, judgment, liability or legal action relating to this Agreement or the Certificates, other than
any loss, liability or expense (including legal fees and expenses) (i) incurred by reason of such party’s willful misconduct,
bad faith, fraud or negligence in the performance of duties hereunder or by reason of its negligent disregard of obligations and
duties thereunder or (ii) in the case of the Depositor and any of its directors, officers, members, managers, employees, shareholders
and agents, incurred in connection with any violation by any of them of any state or federal securities law; provided that
such indemnified parties shall be paid out of the Collection Account (in accordance with Section 3.06(a) of this Agreement),
provided that the Master Servicer shall, after receiving payment from amounts on deposit in the Collection Account, promptly
notify the Companion Loan Holder and use efforts consistent with the Servicing Standard to exercise on behalf of the Trust any
rights under the Co-Lender Agreement to obtain reimbursement for a pro rata portion of such amount allocable to the Companion
Loan from the Companion Loan Holder.


 


The Operating Advisor
shall indemnify the Depositor and each of its respective Affiliates and each of its respective directors, officers, employees,
representatives and agents, and hold each of them harmless against any and all claims, losses, damages, penalties, fines, forfeitures,
reasonable legal fees and related costs, judgments, and any other costs, fees and expenses that such indemnified party may sustain
in connection with this Agreement (including, without limitation, reasonable fees and disbursements of counsel incurred by such
indemnified party in any action or proceeding between the Operating Advisor and such indemnified party or between such indemnified
party and any third party or otherwise) resulting from the Operating Advisor’s willful misconduct, bad faith, fraud or negligence
in the performance of each of its duties hereunder or by reason of negligent disregard of its respective obligations and duties
hereunder.


 


(b)          None
of the Depositor, the Master Servicer, the Special Servicer or the Operating Advisor shall be under any obligation to appear in,
prosecute or defend any legal action, unless such action relates to its respective duties under this Agreement and which in its
opinion does not expose it to any expense or liability not recoverable from the Trust Fund; provided, however, that
each of the Depositor, the Master Servicer, the Special Servicer or the Operating Advisor may in its discretion undertake any such
action that it may deem necessary or desirable in respect to this Agreement and the rights and duties of the parties hereto and
the interests of the Certificateholders and Companion Loan Securities hereunder. In such event, the legal expenses and costs of
such action and any liability resulting therefrom shall be expenses, costs and liabilities of the Trust Fund, and the Depositor,
the Master Servicer, the Special Servicer and the Operating Advisor shall be entitled to be reimbursed therefor from the Collection
Account (in accordance with Section 3.06(a) of this Agreement) no later than 60 days after submitting such expenses or costs
for reimbursement, provided that a failure to reimburse such parties within such 60 days will not affect or limit such parties’
rights to receive reimbursement hereunder; provided that such amounts shall be allocated in accordance with the expense
allocation provision of the Co-Lender Agreement.


 


(c)          The
terms of this Section 6.03 shall survive the termination of any party hereto or of this Agreement.


 


Section 6.04 Limitation
on Resignation of the Master Servicer, the Special Servicer and the Operating Advisor; Termination of the Master Servicer, the
Special Servicer


 









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and the Operating
Advisor.  (a) Each of the Master Servicer and the Special Servicer may assign their respective rights and delegate
their respective duties and obligations under this Agreement, provided that: (i) the party accepting such assignment and
delegation (A) shall be an established mortgage finance institution, bank or mortgage servicing institution, organized and doing
business under the laws of the United States of America, any state of the United States of America or the District of Columbia,
authorized under such laws to perform the duties of the Master Servicer or the Special Servicer or a Person resulting from a merger,
consolidation or succession that is permitted under Section 6.02 of this Agreement, (B) shall be acceptable to each Rating
Agency as confirmed in a No Downgrade Confirmation delivered to the Trustee and the Certificate Administrator relating to the
Certificates and Companion Loan Securities, if any, (C) shall execute and deliver to the Trustee and the Certificate Administrator
an agreement that contains an assumption by such Person of the due and punctual performance and observance of each covenant and
condition to be performed or observed by the Master Servicer or the Special Servicer, as applicable under this Agreement from
and after the date of such agreement, (D) shall not be a Prohibited Party and (E) with respect to the Special Servicer (x) during
any Subordinate Control Period, has been appointed by the Directing Holder or (y) during any Subordinate Consultation Period,
is reasonably acceptable to the Directing Holder and the Depositor; (ii) the Master Servicer or the Special Servicer shall not
be released from its obligations under this Agreement that arose prior to the effective date of such assignment and delegation
under this Section 6.04; (iii) the rate at which the Servicing Compensation or Special Servicing Compensation, as applicable
(or any component thereof) is calculated shall not exceed the rate then in effect; and (iv) the resigning Master Servicer or Special
Servicer, as applicable, shall be responsible for the reasonable costs and expenses of each other party hereto and the Rating
Agencies in connection with such transfer. Upon acceptance of such assignment and delegation, the purchaser or transferee shall
be the successor Master Servicer or Special Servicer, as applicable, hereunder.


 


(b)          Except
as provided in Section 6.02 of this Agreement and this Section 6.04, the Master Servicer and the Special Servicer
shall not resign from its respective obligations and duties hereby imposed on it except (i) upon the determination that such duties
hereunder are no longer permissible under applicable law, or (ii) in connection with the assignment of rights and delegation of
duties as set forth in Section 6.04(a). Any such determination described in clause (i) above permitting the resignation
of the Master Servicer or the Special Servicer, as applicable, shall be evidenced by an Opinion of Counsel (obtained at the resigning
Master Servicer’s or Special Servicer’s expense) to such effect delivered to the Trustee, the Certificate Administrator
and during any Subordinate Control Period and any Subordinate Consultation Period, the Directing Holder. In connection with any
such resignation, the successor special servicer shall either: (i) during any Subordinate Control Period, be appointed by the Directing
Holder in accordance with the first paragraph of Section 7.01(c); or (ii) after termination of any Subordinate Control Period,
be appointed by the Trustee and, during any Subordinate Consultation Period, be reasonably acceptable to the Directing Holder,
and otherwise satisfy the requirements for a successor special servicer set forth in Section 6.04; provided that in either
case the Trustee shall have obtained a No Downgrade Confirmation from each Rating Agency.


 


(c)          The
Trustee shall be permitted to remove the Master Servicer or the Special Servicer upon a Master Servicer Termination Event or Special
Servicer Termination Event, as applicable. Without limiting the generality of the succeeding paragraph, no such


 






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removal shall be
effective unless and until (i) the Master Servicer or the Special Servicer has been paid any unpaid Servicing Compensation or Special
Servicing Compensation, as applicable, unreimbursed Advances (including Advance Interest Amounts thereon to which it is entitled)
and all other amounts to which the Master Servicer or the Special Servicer is entitled hereunder to the extent such amounts accrue
prior to such effective date and (ii) with respect to a resignation by the Master Servicer, the successor Master Servicer has deposited
into the Investment Accounts from which amounts were withdrawn to reimburse the terminated Master Servicer, an amount equal to
the amounts so withdrawn, to the extent such amounts would not have been permitted to be withdrawn except pursuant to this paragraph,
in which case the successor Master Servicer shall, immediately upon deposit, have the same right of reimbursement or payment as
the terminated Master Servicer had immediately prior to its termination without regard to the operation of this paragraph.


 


(d)          No
resignation or removal of the Master Servicer or the Special Servicer as contemplated by the preceding paragraphs of this Section
6.04 shall become effective until the Trustee or a successor Master Servicer or Special Servicer shall have assumed the resigning
or terminated Master Servicer’s or Special Servicer’s responsibilities, duties, liabilities and obligations hereunder.
If no successor Master Servicer or Special Servicer can be obtained to perform such obligations for the same compensation to which
the terminated Master Servicer or Special Servicer would have been entitled, additional amounts payable to such successor Master
Servicer or Special Servicer shall be treated as Realized Losses.


 


(e)          The
Operating Advisor may resign from its obligations and duties hereby imposed on it (a) upon thirty (30) days’ prior written
notice to the Depositor, the Master Servicer, the Special Servicer, the Trustee, the Certificate Administrator and the Directing
Holder, if applicable, and (b) upon the appointment of, and the acceptance of such appointment by, a successor Operating Advisor
that is an Eligible Operating Advisor and receipt by the Trustee of No Downgrade Confirmation from each Rating Agency. No such
resignation by the Operating Advisor shall become effective until the replacement Operating Advisor shall have assumed the resigning
Operating Advisor’s responsibilities and obligations. If no successor Operating Advisor has been so appointed and accepted
the appointment within 30 days after the notice of resignation, the resigning Operating Advisor may petition any court of competent
jurisdiction for the appointment of a successor Operating Advisor that is an Eligible Operating Advisor. The resigning Operating
Advisor shall pay all costs and expenses (including costs and expenses incurred by the Trustee and the Certificate Administrator)
associated with a transfer of its duties pursuant to this Section 6.04(e).


 


Section 6.05 Rights
of the Depositor and the Trustee in Respect of the Master Servicer and the Special Servicer.  Solely with respect to their performance
of their respective duties under this Agreement, the Master Servicer and the Special Servicer shall afford the Depositor, the
Initial Purchaser, the Certificate Administrator, the Trustee and the Rating Agencies, upon reasonable notice, during normal business
hours access to all records maintained by it in respect of its rights and obligations hereunder and access to its officers responsible
for such obligations. Upon written request, the Master Servicer and/or the Special Servicer, as applicable, shall furnish to the
Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator and the Trustee its most recent publicly available
financial statements (or, with respect to the Master Servicer, those of its ultimate parent) and such other non-


 






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proprietary information as the Master Servicer or the Special Servicer, as the case may be, shall determine in its sole
and absolute discretion as it possesses, which is relevant to the performance of its duties hereunder and which it is not prohibited
by applicable law or contract from disclosing. The Depositor may, but is not obligated to, enforce the obligations of the Master
Servicer or the Special Servicer hereunder which are in default and may, but is not obligated to, perform, or cause a designee
to perform, any defaulted obligation of such Person hereunder or exercise any rights of such Person hereunder, provided
that the Master Servicer and the Special Servicer shall not be relieved of any of its obligations hereunder by virtue of such performance
by the Depositor or its designee. In the event the Depositor or its designee undertakes any such action, it will be reimbursed
by the Trust Fund from the Collection Account, as provided in Section 3.06 and Section 6.03(a) hereof to the extent
not recoverable from the Master Servicer or Special Servicer, as applicable. None of the Depositor, the Certificate Administrator,
the Trustee, the Master Servicer (solely with respect to any action or failure to act by the Special Servicer) or the Special Servicer
(solely with respect to any action or failure to act by the Master Servicer), shall have any responsibility or liability for any
action or failure to act by the Master Servicer or the Special Servicer and no such party is obligated to monitor or supervise
the performance of the Master Servicer or the Special Servicer under this Agreement or otherwise. Neither the Master Servicer nor
the Special Servicer shall be under any obligation to disclose confidential or proprietary information pursuant to this Section.


 


Section 6.06 The
Master Servicer or Special Servicer as Owners of a Certificate. The Master Servicer or an Affiliate of the Master Servicer,
or the Special Servicer or an Affiliate of the Special Servicer, may become the Holder (or with respect to a Global Certificate,
Beneficial Owner) of any Certificate with the same rights it would have if it were not the Master Servicer or the Special Servicer
or an Affiliate thereof. If, at any time during which the Master Servicer or the Special Servicer or an Affiliate of the Master
Servicer or the Special Servicer is the Holder or Beneficial Owner of any Certificate, the Master Servicer or the Special Servicer
proposes to take action (including for this purpose, omitting to take action) that (i) is not expressly prohibited by the terms
hereof and would not, in the Master Servicer’s or the Special Servicer’s good faith judgment, violate the Servicing
Standard, and (ii) if taken, might nonetheless, in the Master Servicer’s or the Special Servicer’s good faith judgment,
be considered by other Persons to violate the Servicing Standard, the Master Servicer or the Special Servicer may, but will not
be required to, seek the approval of the Certificateholders to such action (or inaction) by delivering to the Certificate Administrator
a written notice that (i) states that it is delivered pursuant to this Section 6.06, (ii) identifies the Percentage Interest
in each Class of Certificates beneficially owned by the Master Servicer or the Special Servicer or an Affiliate of the Master
Servicer or the Special Servicer, and (iii) describes in reasonable detail the action (or inaction) that the Master Servicer or
the Special Servicer proposes to take (or refrain from taking). The Certificate Administrator, upon receipt of such notice, shall
forward it to the Certificateholders (other than the Master Servicer and its Affiliates or the Special Servicer and its Affiliates,
as appropriate) together with such instructions for response as the Certificate Administrator shall reasonably determine. If at
any time Certificateholders holding a majority of the Voting Rights of all Certificateholders shall have consented in writing
to the proposal described in the written notice, and if the Master Servicer or the Special Servicer shall act as proposed in the
written notice, such action shall be deemed to comply with the Servicing Standard. The Certificate Administrator shall be entitled
to reimbursement from the Master Servicer or the Special Servicer, as applicable, of the reasonable expenses of the Certificate


 






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Administrator incurred pursuant to this paragraph. It is not the intent of the foregoing provision that the Master Servicer or
the Special Servicer be permitted to invoke the procedure set forth herein with respect to routine servicing matters arising hereunder,
except in the case of unusual circumstances.


 


Section 6.07 Selection
and Removal of the Directing Holder.  (a) The Majority Controlling Class Certificateholder, as determined by the Certificate
Registrar from time to time, may serve as, or may appoint as representative to serve as, the Directing Holder and may remove or
replace any Directing Holder; provided that (i) if no Directing Holder has been selected, (ii) upon receipt by the Master
Servicer, the Special Servicer and the Certificate Administrator of notice from the Majority Controlling Class Certificateholder
that a Directing Holder is no longer so designated, or (iii) if the Directing Holder is deemed to have resigned pursuant to Section
6.07(j), the Controlling Class Certificateholder that owns, and is identified (with contact information) to the Master Servicer,
the Special Servicer and the Certificate Administrator as owning, the largest aggregate Certificate Balance of Certificates of
the Controlling Class (or the designee of such Controlling Class Certificateholder) shall be the Directing Holder. Each Holder
of the Certificates of the Controlling Class shall be entitled to vote in each election of the Directing Holder; provided
that, for the avoidance of doubt, the Directing Holder cannot be a Borrower Related Party.


 


(b)          The
initial Directing Holder shall provide a written certification to the Certificate Administrator on the Closing Date certifying
that (i) it is not a Borrower Related Party, (ii) it is the Holder of more than 50% of the Controlling Class (by Certificate Balance),
and (iii) the Master Servicer, Special Servicer, Certificate Administrator, the Trustee and the Operating Advisor may conclusively
rely on such certification and the Master Servicer, Special Servicer, Certificate Administrator and Trustee shall have no liability
for such reliance.


 


(c)          The
initial Directing Holder is Prima Capital Advisors LLC, as agent for its managed account. The Majority Controlling Class Certificateholder
shall give written notice to the Trustee, the Certificate Administrator, the Master Servicer, the Special Servicer and the Operating
Advisor of the appointment of any subsequent Directing Holder (in order to receive notices hereunder).


 


(d)          The
Directing Holder may be removed at any time by the written vote of the Majority Controlling Class Certificateholder, and a copy
of the results of such vote must be delivered to each party to this Agreement.


 


(e)          The
Controlling Class Certificateholder is hereby deemed to have agreed by virtue of its purchase of a Certificate to provide its name
and address to the Certificate Administrator and to notify the Certificate Administrator of the transfer of any Certificate of
the Controlling Class, the selection of a Directing Holder or the resignation or removal thereof. Any Certificateholder or its
designee at any time appointed Directing Holder is hereby deemed to have agreed by virtue of its purchase of a Certificate to notify
the Certificate Administrator of its identity and contact information when such Certificateholder or its designee is appointed
Directing Holder and when it is removed or resigns. Upon receipt of such notice, the Certificate Administrator shall notify the
Trustee, the Special Servicer, the Master Servicer and the Operating Advisor of the identity and contact information of the Directing
Holder and any resignation or removal thereof.


 






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On the Closing Date,
the initial Directing Holder shall deliver a certification substantially in the form of Exhibit L-1-D to this Agreement.
Upon the resignation or removal of the existing Directing Holder, any successor Directing Holder shall also deliver a certification
substantially in the form of Exhibit L-1-D to this Agreement prior to being recognized as the new Directing Holder.


 


(f)           Once
a Directing Holder has been selected, each of the Master Servicer, the Special Servicer, the Operating Advisor, the Depositor,
the Certificate Administrator, the Trustee and each other Certificateholder (or Beneficial Owner, if applicable) shall be entitled
to rely on such selection unless the Majority Controlling Class Certificateholder shall have notified each other party to this
Agreement and each other Certificateholder of the Controlling Class, in writing, of the resignation of such Directing Holder or
the selection of a new Directing Holder (with contact information).


 


(g)         Until
it receives notice to the contrary, each party to this Agreement shall be entitled to rely on the most recent notification with
respect to the identity of the Certificateholders of the Controlling Class and the identity and contact information of the Directing
Holder.


 


(h)          The
Directing Holder shall be responsible for its own expenses.


 


(i)           The
Master Servicer, the Special Servicer, the Trustee or the Operating Advisor may from time to time request that the Certificate
Administrator provide the name of the then-current Directing Holder. Upon such request, the Certificate Administrator shall promptly
(but in no event more than five (5) Business Days following such request) provide the name of the then-current Directing Holder
to the Master Servicer, the Special Servicer, the Trustee or the Operating Advisor, as applicable, but only to the extent the Certificate
Administrator has actual knowledge of the identity of the then-current Directing Holder; provided that if the Certificate
Administrator does not have actual knowledge of the identity of the then-current Directing Holder, then (i) the Certificate Administrator
shall determine which Class is the Controlling Class and (ii) the Certificate Administrator shall promptly (but in no event more
than five (5) Business Days following such request) request from the Depository, with the assistance of the Trustee, the list of
DTC participants for the Controlling Class and make reasonable efforts to obtain a list of Beneficial Owners from such DTC participants,
and the Certificate Administrator shall provide such list of DTC participants and such list of Beneficial Owners (to the extent
the Certificate Administrator obtains such list of Beneficial Owners), to the Master Servicer, the Special Servicer or the Trustee.
The Certificate Administrator shall be entitled to conclusively rely on the list of DTC participants for the Controlling Class
provided by the Depository and the list of Beneficial Owners provided by any DTC participant and shall not have any liability for
such reliance. Any expenses incurred in connection with obtaining such information shall be at the expense of the requesting party;
provided that if (i) such expenses arise in connection with an event as to which the Directing Holder has review, consent
or consultation rights with respect to an action taken by, or report prepared by, the requesting party pursuant to this Agreement
or in connection with a request made by the Operating Advisor in connection with its obligation under this Agreement to deliver
a copy of the Operating Advisor Annual Report to the Directing Holder and (ii) the requesting party has not been notified of the
identity of the Directing Holder or reasonably believes that the identity of the Directing Holder has changed, then such expenses
shall be at the expense of the Trust. The Master Servicer, the Special Servicer, the Trustee and


 






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the Operating Advisor shall be
entitled to conclusively rely on any such information so provided. To the extent the Master Servicer or the Special Servicer has
written notice of any change in the identity of a Directing Holder or the list of Holders (or Beneficial Owners, if applicable)
of the Controlling Class, then the Master Servicer or the Special Servicer, as applicable, shall promptly notify the Trustee, the
Certificate Administrator, the Operating Advisor, the Master Servicer and the Special Servicer thereof, who may rely conclusively
on such notice from the Master Servicer or the Special Servicer, as applicable.


 


(j)          Without
limiting the right of any subsequent majority holder(s) of the Controlling Class to serve as, or appoint as representative to serve
as, the Directing Holder, if at any time the holder of a majority of the Controlling Class is no longer the holder of Certificates
representing more than 50% of the aggregate Certificate Balance of the Controlling Class, then such initial holder or its appointed
representative will be deemed to have resigned as Directing Holder unless such holder remains the largest Controlling Class Certificateholder
(by aggregate Certificate Balance) and such resignation shall be deemed to have been effective as of the date that such holder
failed to be the majority holder of the Controlling Class.


 


Section 6.08 Limitation
on Liability of Directing Holder; Acknowledgements of the Certificateholders.  The Directing Holder will have no liability to
the Trust or Certificateholders for any action taken, or refraining from the taking of any action, in accordance with or as permitted
by this Agreement. Each Certificateholder acknowledges and agrees, by its acceptance of its Certificates, that: (i) the Directing
Holder and Controlling Class Certificateholders may each have relationships and interests that conflict with those of Certificateholders
of one or more other Classes of Certificates and/or the Companion Loan Holder; (ii) the Directing Holder and Controlling Class
Certificateholders may act solely in the interests of the Controlling Class; (iii) the Directing Holder and Controlling Class
Certificateholders do not have any duties to the Trust or to the Certificateholders of one or more other Classes of Certificates
or the Companion Loan Holder; (iv) the Directing Holder and Controlling Class Certificateholders may take actions that favor interests
of the Controlling Class over the interests of Certificateholders of one or more other Classes of Certificates and/or the Companion
Loan Holder; (v) neither the Directing Holder nor Controlling Class Certificateholders shall have any liability whatsoever to
the Trust, the parties to this Agreement, the Certificateholders or the Companion Loan Holder or any other Person (including the
Borrower) for having acted in accordance with or as permitted under the terms of this Agreement; and (vi) the Certificateholders
and the Companion Loan Holder may not take any action whatsoever against the Directing Holder or Controlling Class Certificateholders
or any of the respective affiliates, directors, officers, shareholders, members, partners, agents or principals thereof as a result
of the Directing Holder or Controlling Class Certificateholders having acted in accordance with the terms of and as permitted
under this Agreement.


 


Section 6.09 Rights
and Powers of the Directing Holder.  (a) Notwithstanding anything herein to the contrary, except as set forth in this Section
6.09, (i) the Master Servicer shall not be permitted to take any of the actions constituting a Major Decision unless it has
obtained the consent of the Special Servicer (which approval shall be deemed given if the Special Servicer does not object within
fifteen (15) Business Days (or, in the case of a determination of an Acceptable Insurance Default, ninety (90) days) of receipt
of the Master Servicer’s written analysis and recommendation together with any information in the possession


 






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of the Master
Servicer that is reasonably requested by the Special Servicer to make a decision regarding the subject action), and (ii) during
any Subordinate Control Period, the Special Servicer shall not be permitted to consent to the Master Servicer’s taking any
of the actions constituting a Major Decision, nor will the Special Servicer itself be permitted to take any of the actions constituting
a Major Decision, as to which the Directing Holder has objected in writing within ten (10) Business Days (or, in the case of a
determination of an Acceptable Insurance Default, thirty (30) days) after receipt of the written recommendation and analysis from
the Special Servicer, together with any information in the possession of the Special Servicer that is reasonably requested by
the Directing Holder to make a decision regarding the subject action (provided that if such written objection has not been
received by the Special Servicer within such ten (10) Business Days (or, in the case of a determination of an Acceptable Insurance
Default, thirty (30) day) period, then the Directing Holder shall be deemed to have approved such action); provided that
if the Special Servicer or Master Servicer (if the Master Servicer is otherwise authorized by this Agreement to take such action),
as applicable, determines that immediate action, with respect to a Major Decision, or any other matter requiring consent of the
Directing Holder during any Subordinate Control Period, is necessary to protect the interests of the Certificateholders, the Special
Servicer or Master Servicer, as applicable, may take any such action without waiting for the Directing Holder’s (or, if
applicable, the Special Servicer’s) response; provided, further, that the Special Servicer is not required
to obtain the consent of the Directing Holder for any of the foregoing actions during any Subordinate Consultation Period; provided,
further, that the Special Servicer shall consult, on a non-binding basis (and to consider alternative actions recommended
by each such party) (i) during any Subordinate Consultation Period, with the Directing Holder and (ii) during any Operating Advisor
Consultation Period, with the Operating Advisor, in each case, with respect to any of the Major Decisions and any other matter
as to which consent of the Directing Holder would have been required if a Subordinate Control Period were then in effect; provided,
further, that for so long as there is no Directing Holder, the Master Servicer and the Special Servicer shall have no duty
to consult with, provide notice to, or seek the approval or consent of any Directing Holder.


 


In addition, during any
Subordinate Control Period, the Directing Holder may direct the Special Servicer to take, or to refrain from taking, such other
actions with respect to the Loan as the Directing Holder may deem advisable or as to which provision is otherwise made herein.
Notwithstanding anything herein to the contrary, no such direction, and no direction or objection contemplated by the preceding
paragraph or any other provision of this Agreement, may require or cause the Master Servicer or the Special Servicer to violate
any provision of the Loan Documents, any intercreditor agreement, applicable law or this Agreement, including without limitation
the Master Servicer’s or the Special Servicer’s obligation to act in accordance with the Servicing Standard, or expose
any Certificateholder, the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Trustee
or the Trust or their affiliates, officers, directors or agent to any claim, suit or liability, result in the imposition of a tax
upon the Trust or materially expand the scope of the Master Servicer’s or the Special Servicer’s responsibilities hereunder.
Furthermore, in addition to the Directing Holder’s rights of consent and consultation (as applicable) as set forth in Section
6.09(a) above, it is understood and agreed that to the extent any other provision of this Agreement requires the provision
of notice to, the obtaining of consent of, and/or consultation with, the Directing Holder, or otherwise provides for any right
of the Directing Holder thereunder, then none of the Trustee, the Certificate Administrator, the Master Servicer or the Special
Servicer shall be entitled to take any


 






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action (or omit to take any action) in contravention of the applicable rights of the Directing
Holder contained in such provision; provided that this sentence is not intended to in any way (i) expand the rights of the
Directing Holder, (ii) limit the application of the immediately preceding sentence, (iii) remove any limitations on the exercise
of such rights set forth in such other provisions, or (iv) require the Trustee, the Certificate Administrator, the Master Servicer
and/or the Special Servicer to send a notice to, obtain the consent of, or consult with a new Directing Holder whose name and contact
information have not yet been provided to the Trustee, the Certificate Administrator, the Master Servicer and/or the Special Servicer;
and provided, further, that if such other provisions are in any way subject to this Section 6.09, then the
exercise of such rights shall be subject to the immediately following paragraph and Section 6.09(b).


 


If the Special Servicer
or Master Servicer, as applicable, determines that a refusal to consent by the Directing Holder or any direction or advice from
the Directing Holder would otherwise cause the Special Servicer or Master Servicer, as applicable, to violate the terms of the
Loan Documents, any intercreditor agreement, applicable law, provisions of the Code or this Agreement, including without limitation,
the Servicing Standard, the Special Servicer or Master Servicer, as applicable, shall disregard such refusal to consent, direction
or advice and notify the Directing Holder, the Trustee, the Certificate Administrator and the 17g-5 Information Provider of its
determination, including a reasonably detailed explanation of the basis therefor. The taking of, or refraining from taking, any
action by the Master Servicer or Special Servicer in accordance with the direction of or approval of the Directing Holder that
does not violate the Loan Documents, any intercreditor agreement, any applicable law, provisions of the Code or the Servicing Standard
or any other provisions of this Agreement, shall not result in any liability on the part of the Master Servicer or the Special
Servicer.


 


(b)          At
any time other than during a Subordinate Control Period or a Subordinate Consultation Period (other than at a time when the Certificate
Balances of the Class A, Class B, Class C and Class D Certificates have been reduced to zero as a result of the allocation of principal
payments on the Trust Loan), the Directing Holder shall have no consultation rights under this Agreement and shall have no right
to receive any notices, reports or information (other than notices, reports or information required to be delivered to all Certificateholders)
or any other rights as Directing Holder; provided that the Directing Holder (if and to the extent that it is a Certificateholder)
will maintain the right to exercise its Voting Rights for the same purposes as any other Certificateholder under this Agreement.


 


Section 6.10 Directing
Holder and Operating Advisor Contact with Master Servicer and Special Servicer.  Upon reasonable request, each of the Master
Servicer and the Special Servicer shall, without charge, make a Servicing Officer available to answer questions from the Directing
Holder (during any Subordinate Control Period and any Subordinate Consultation Period) and the Operating Advisor (during any Operating
Advisor Consultation Period) regarding the performance and servicing of the Trust Loan (or, in the case of the Special Servicer,
the Special Servicer’s operational activities on a platform level basis related to the servicing of the Specially Serviced
Loan and the servicing of any REO Property) for which the Master Servicer or the Special Servicer, as the case may be, is responsible.


 


Notwithstanding any provision
of this Agreement to the contrary, the failure of the Master Servicer or the Special Servicer to disclose any information otherwise
required to be disclosed by it pursuant to this Agreement shall not constitute a breach of this Agreement if the


 






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Master Servicer
or the Special Servicer, as applicable, determines, in its reasonable and good faith judgment and consistent with the Servicing
Standard, that such disclosure would constitute a waiver of the attorney-client privilege on behalf of the Trust or the Trust Fund
or otherwise materially harm the Trust or the Trust Fund.


 


ARTICLE
VII



TERMINATION EVENTS


 


Section 7.01 Servicer
Termination Events.  (a) With respect to the Master Servicer, “Master Servicer Termination Event”, wherever
used herein, means any one of the following events:


 


(i)           (A)
any failure by the Master Servicer to make any deposit required to the Collection Account on the day and by the time such deposit
was first required to be made under the terms of this Agreement, which failure is not remedied within two Business Days, (B) any
failure by the Master Servicer to deposit into, or remit to the Certificate Administrator for deposit into, any Distribution Account
any amount required to be so deposited or remitted (including, without limitation, any required P&I Advance or Administrative
Advance, unless the Master Servicer determines such P&I Advance or Administrative Advance is a Nonrecoverable Advance), which
failure is not remedied by 11:00 a.m. (New York City time) on the relevant Distribution Date (provided, however,
that to the extent the Master Servicer does not timely make such remittance to the Certificate Administrator, the Master Servicer
shall pay the Certificate Administrator for the account of the Certificate Administrator interest on any amount not timely remitted
at the Prime Rate from and including the applicable required remittance date to, but not including, the date such remittance is
actually made) or (C) to remit to the Companion Loan Holder, as and when required by this Agreement or the Co-Lender Agreement,
any amount required to be so remitted (which failure continues for two Business Days);


 


(ii)          any
failure on the part of the Master Servicer duly to observe or perform in any material respect any of its other covenants or obligations
contained in this Agreement, which failure continues unremedied for a period of 30 days (15 days in the case of the Master Servicer’s
failure to make a Property Advance or 45 days in the case of failure to pay the premium for any insurance policy required to be
force placed by the Master Servicer pursuant to this Agreement or in any event such reasonable shorter period of time as is necessary
to avoid the commencement of foreclosure proceedings for any lien relating to unpaid real estate taxes or assessments or a lapse
in any required insurance coverage) after the date on which written notice of such failure, requiring the same to be remedied,
shall have been given to the Master Servicer by any other party hereto, or to the Master Servicer, with a copy to each other party
to this Agreement, by (A) the Holders of Certificates of any Class evidencing, as to such Class, Percentage Interests aggregating
not less than 25% of such Class or (B) the Companion Loan Holder; provided, however, that if such failure is capable
of being cured and the Master Servicer is diligently pursuing such cure, such 15-, 30- or 45-day period, as applicable, will be
extended an additional 30 days;


 






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(iii)         any
breach on the part of the Master Servicer of any representation or warranty contained in Section 2.04(a) of this Agreement,
which materially and adversely affects the interests of any Class of Certificateholders or the Companion Loan Holder and which
continues unremedied for a period of 30 days after the date on which notice of such breach, requiring the same to be remedied,
shall have been given to the Master Servicer by any party hereto, or to the Master Servicer, the Special Servicer, the Depositor
and the Trustee by the Holders of Certificates of any Class evidencing, as to such Class, Percentage Interests aggregating not
less than 25% of such Class or by the Companion Loan Holder; provided, however, that if such breach is capable of
being cured and the Master Servicer is diligently pursuing such cure, such 30-day period will be extended an additional 30 days;


 


(iv)         a
decree or order of a court or agency or supervisory authority having jurisdiction in the premises in an involuntary case under
any present or future federal or state bankruptcy, insolvency or similar law for the appointment of a conservator, receiver, liquidator,
trustee or similar official in any bankruptcy, insolvency, readjustment of debt, marshaling of assets and liabilities or similar
proceedings, or for the winding-up or liquidation of its affairs, shall have been entered against the Master Servicer and such
decree or order shall have remained in force undischarged, undismissed or unstayed for a period of 60 days;


 


(v)         the
Master Servicer shall consent to the appointment of a conservator, receiver, liquidator, trustee or similar official in any bankruptcy,
insolvency, readjustment of debt, marshaling of assets and liabilities or similar proceedings of or relating to the Master Servicer
or of or relating to all or substantially all of its property;


 


(vi)        the
Master Servicer shall admit in writing its inability to pay its debts generally as they become due, file a petition to take advantage
of any applicable bankruptcy, insolvency or reorganization statute, make an assignment for the benefit of its creditors, voluntarily
suspend payment of its obligations or take any corporate action in furtherance of the foregoing;


 


(vii)        a
servicing officer of the Master Servicer obtains actual knowledge that the Master Servicer is no longer listed on S&P’s
Select Servicer List as a U.S. Commercial Mortgage Master Servicer, and the Master Servicer is not reinstated to such status on
such list within 60 days of such event;


 


(viii)      DBRS
has (A) qualified, downgraded or withdrawn its rating or ratings of one or more Classes of Certificates, or (B) placed one or more
Classes of Certificates on “watch status” in contemplation of possible rating downgrade or withdrawal (and such qualification,
downgrade or withdrawal or “watch status” placement shall not have been withdrawn by DBRS within sixty (60) days of
such event), and, in the case of either of clause (A) or (B), publicly citing servicing concerns with the Master Servicer as the
sole or a material factor in such rating action;


 


(ix)         The
Companion Loan Rating Agency has (A) qualified, downgraded or withdrawn its rating or ratings of one or more classes of Companion
Loan Securities, or (B) placed one or more classes of Companion Loan Securities on “watch status” in


 






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contemplation
of rating downgrade or withdrawal (and, in the case of clause (A) or (B), such qualification, downgrade, withdrawal
or “watch status” placement has not been withdrawn by such Companion Loan Rating Agency within 60 days of such event)
and, in the case of either of clauses (A) or (B), publicly citing servicing concerns with the Master Servicer as
the sole or material factor in such rating action; or


 


(x)          so
long as any Other Securitization Trust is subject to the reporting requirements of the Exchange Act, the Master Servicer or any
primary servicer, Sub-Servicer or Servicing Function Participant (such entity, the “Sub-Servicing Entity”) retained
by the Master Servicer shall fail to deliver the items required to be delivered by this Agreement to enable such Other Securitization
Trust to comply with its reporting obligations under the Exchange Act within the time set forth for such delivery in Article
XI, including any applicable grace periods (any Sub-Servicing Entity that defaults in accordance with this Section 7.01(a)(xi)
shall be terminated at the direction of the Depositor).


 


Then, and in each and every such case,
so long as a Master Servicer Termination Event shall not have been remedied, the Trustee may, and at the written direction of the
Holders of at least 25% of the aggregate Voting Rights of all Certificates (allocated based on Certificate Balances as notionally
reduced by any Cumulative Appraisal Reduction Amounts and Notional Balances), the Trustee shall, terminate all of the rights and
obligations of the Master Servicer (other than the rights to indemnification provided in Section 6.03 of this Agreement
and compensation provided in Section 3.12 of this Agreement).


 


In the event that the
Master Servicer is also the Special Servicer and the Master Servicer is terminated as provided in this Section 7.01, then
the Master Servicer shall also be terminated as Special Servicer.


 


If the Master Servicer
receives notice of termination under this Section 7.01(a) solely due to a Master Servicer Termination Event under Section
7.01(a)(vii), (viii) or (ix) of this Agreement and if the Master Servicer provides the Trustee with the appropriate
“request for proposal” materials within five (5) Business Days following such termination notice, then the Master Servicer
shall continue to serve as Master Servicer hereunder until a successor Master Servicer is selected in accordance with this Section
7.01(a). Upon receipt of the “request for proposal” materials, the Trustee shall promptly thereafter (using such
“request for proposal” materials provided by the Master Servicer) solicit good faith bids for the rights to service
the Whole Loan under this Agreement from at least three (3) Persons qualified to act as Master Servicer hereunder in accordance
with Section 6.02 and 7.02 of this Agreement (any such Person so qualified, a “Qualified Bidder”)
or, if three (3) Qualified Bidders cannot be located, then from as many persons as the Trustee can determine are Qualified Bidders;
provided that, at the Trustee’s request, the Master Servicer shall supply the Trustee with the names of Persons from
whom to solicit such bids; and provided, further, that the Trustee shall not be responsible if less than three (3)
or no Qualified Bidders submit bids for the right to service the Whole Loan under this Agreement. The bid proposal shall require
any Successful Bidder (as defined below), as a condition of such bid, to enter into this Agreement as successor Master Servicer,
and to agree to be bound by the terms hereof, within 45 days after the notice of termination of the Master Servicer. The materials
provided to the Trustee shall provide for soliciting bids: (i) on the basis of such successor Master Servicer retaining all Sub-Servicers
to continue the primary servicing


 






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of the Whole Loan pursuant to the terms of the respective Sub-Servicing Agreements and entering
into a Sub-Servicing Agreement with the terminated Master Servicer to service the Whole Loan at a sub-servicing fee rate per
annum equal to the excess of the Servicing Fee Rate minus 0.00125% (0.125 basis points) (each, a “Servicing Retained
Bid”); and (ii) on the basis of the terminated Master Servicer not being retained as a Sub-Servicer (each, a “Servicing
Released Bid”). The Trustee shall select the Qualified Bidder with the highest cash Servicing Retained Bid (or, if none,
the highest cash Servicing Released Bid) (the “Successful Bidder”) to act as successor Master Servicer hereunder;
provided, however, that if the Trustee does not receive a No Downgrade Confirmation within 10 days after the selection
of such Successful Bidder, then the Trustee shall repeat the bid process described above (but subject to the above described 45
day time period) until such No Downgrade Confirmation is obtained. The Trustee shall direct the Successful Bidder to enter into
this Agreement as successor Master Servicer pursuant to the terms hereof no later than 45 days after notice of the termination
of the Master Servicer; provided, however, that the initial Master Servicer may request and obtain an additional
20 days for such sale and assumption to be completed so long as the initial Master Servicer delivers to the Trustee an Officer’s
Certificate stating that the sale and assumption of the right to service the Whole Loan cannot be completed in the initial 45-day
period and specifying the reasons therefor.


 


Upon the assignment and
acceptance of master servicing rights hereunder (subject to the terms of Section 3.12 of this Agreement) to and by the Successful
Bidder, the Trustee shall remit or cause to be remitted (i) if the successful bid was a Servicing Retained Bid, to the Master Servicer
to be terminated pursuant to this Section 7.01(a), the amount of such cash bid received from the Successful Bidder (net
of “out of pocket” expenses incurred in connection with obtaining such bid and transferring servicing) and (ii) if
the successful bid was a Servicing Released Bid, to the Master Servicer and each terminated Sub-Servicer its respective Bid Allocation.


 


The Master Servicer to
be terminated pursuant to this Section 7.01(a) shall be responsible for all out of pocket expenses incurred in connection
with the attempt to sell its rights to service the Whole Loan, which expenses are not reimbursed to the party that incurred such
expenses pursuant to the preceding paragraph.


 


If the Successful Bidder
has not entered into this Agreement as successor Master Servicer within the above described time period or no Successful Bidder
was identified within the above described time period, the Master Servicer to be terminated pursuant to Section 7.01(a)
of this Agreement shall reimburse the Trustee for all reasonable “out of pocket” expenses incurred by the Trustee in
connection with such bid process and the Trustee shall have no further obligations under this Section 7.01(a). The Trustee
thereafter may act or may select a successor to act as Master Servicer hereunder in accordance with Section 7.02 of this
Agreement.


 


Notwithstanding anything
to the contrary in this Article VII, if the Master Servicer shall timely deliver the notice and request for proposal materials
referred to in the fourth preceding paragraph, no resignation or termination of the Master Servicer shall be effective in connection
with a Master Servicer Termination Event under Section 7.01(a)(vii), (viii) and (ix) of this Agreement, and the Master Servicer
shall continue to perform as such and to collect the Servicing Fee until the conclusion of the process described in this Section
7.01(a).


 






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In no event shall the
Trustee or the Certificate Administrator be deemed to have knowledge of or be aware of any Master Servicer Termination Event until
a Responsible Officer of the Trustee or the Certificate Administrator, as applicable, has received written notice thereof or has
actual knowledge thereof.


 


If the Master Servicer
receives notice from a Rating Agency that it is no longer approved as a master servicer for commercial mortgage securitizations,
it shall promptly notify the Trustee, any Other Trustee, any Other Servicer and any other trustee or master servicer with respect
to each Other Securitization Trust that holds the Companion Loan, if any.


 


(b)          “Special
Servicer Termination Event”, wherever used herein, means any one of the following events:


 


(i)          any
failure by the Special Servicer to deposit into the REO Account at or within the time specified by this Agreement and such failure
continues unremediated for two Business Days, or any failure by the Special Servicer to remit to Master Servicer for deposit into,
the Collection Account any amount required to be so remitted by the Special Servicer pursuant to, and at the time specified by,
the terms of this Agreement; provided, however, that the failure of the Special Servicer to remit such amount to
the Master Servicer shall not be a Special Servicer Termination Event if such failure is remedied within two Business Days and
if the Special Servicer has compensated the Master Servicer for any loss of income on such amount suffered by the Master Servicer
due to and caused by the late remittance of the Special Servicer and reimburse the Trust for any resulting Advance Interest Amount
due to the Master Servicer;


 


(ii)          any
failure on the part of the Special Servicer duly to observe or perform in any material respect any of its other covenants or obligations
contained in this Agreement, which failure continues unremedied for a period of 30 days (45 days in the case of failure to pay
the premium for any insurance policy required to be force placed by the Special Servicer pursuant to this Agreement or in any event
such reasonable shorter period of time as is necessary to avoid the commencement of foreclosure proceedings for any lien relating
to unpaid real estate taxes or assessments or a lapse in any required insurance coverage) after the date on which written notice
of such failure, requiring the same to be remedied, shall have been given to the Special Servicer by any other party hereto, or
to the Special Servicer, with a copy to each other party to this Agreement, by the (A) Holders of Certificates of any Class evidencing,
as to such Class, Percentage Interests aggregating not less than 25% of such Class or (B) the Companion Loan Holder; provided,
however, that if such failure is capable of being cured and the Special Servicer is diligently pursuing such cure, such
30- or 45-day period, as applicable, will be extended an additional 30 days;


 


(iii)         any
breach on the part of the Special Servicer of any representation or warranty contained in Section 2.04(a) of this Agreement,
which materially and adversely affects the interests of any Class of Certificateholders or the Companion Loan Holder and which
continues unremedied for a period of 30 days after the date on which notice of such breach, requiring the same to be remedied,
shall have been given to the Special Servicer by any party hereto, or to the Master Servicer, the Special Servicer, the Depositor
and the Trustee by the Holders of Certificates of any Class evidencing, as to


 






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such Class, Percentage Interests aggregating not
less than 25% of such Class or by the Companion Loan Holder; provided, however, that if such breach is capable of
being cured and the Special Servicer is diligently pursuing such cure, such 30-day period will be extended an additional 30 days;


 


(iv)        a
decree or order of a court or agency or supervisory authority having jurisdiction in the premises in an involuntary case under
any present or future federal or state bankruptcy, insolvency or similar law for the appointment of a conservator, receiver, liquidator,
trustee or similar official in any bankruptcy, insolvency, readjustment of debt, marshaling of assets and liabilities or similar
proceedings, or for the winding-up or liquidation of its affairs, shall have been entered against the Special Servicer and such
decree or order shall have remained in force undischarged, undismissed or unstayed for a period of 60 days;


 


(v)         the
Special Servicer shall consent to the appointment of a conservator, receiver, liquidator, trustee or similar official in any bankruptcy,
insolvency, readjustment of debt, marshaling of assets and liabilities or similar proceedings of or relating to the Special Servicer
or of or relating to all or substantially all of its property;


 


(vi)        the
Special Servicer shall admit in writing its inability to pay its debts generally as they become due, file a petition to take advantage
of any applicable bankruptcy, insolvency or reorganization statute, make an assignment for the benefit of its creditors, voluntarily
suspend payment of its obligations or take any corporate action in furtherance of the foregoing;


 


(vii)       a
servicing officer of the Special Servicer obtains actual knowledge that the Special Servicer is no longer listed on S&P’s
Select Servicer List as a U.S. Commercial Mortgage Special Servicer, and the Special Servicer is not reinstated to such status
on such list within 60 days of such event;


 


(viii)      DBRS
has (A) qualified, downgraded or withdrawn its rating or ratings of one or more Classes of Certificates, or (B) placed one or more
Classes of Certificates on “watch status” in contemplation of possible rating downgrade or withdrawal (and such qualification,
downgrade or withdrawal or “watch status” placement shall not have been withdrawn by DBRS within sixty (60) days of
actual knowledge by the Special Servicer of such event), and, in the case of either of clause (A) or (B), publicly citing servicing
concerns with the Special Servicer as the sole or a material factor in such rating action;


 


(ix)         the
Companion Loan Rating Agency has (A) qualified, downgraded or withdrawn its rating or ratings of one or more classes of Companion
Loan Securities, or (B) placed one or more classes of Companion Loan Securities on “watch status” in contemplation
of rating downgrade or withdrawal (and, in the case of clause (A) or (B), such qualification, downgrade, withdrawal
or “watch status” placement has not been withdrawn by such Companion Loan Rating Agency within 60 days of such event)
and, in the case of either of clauses (A) or (B), publicly citing servicing concerns with the Special Servicer as
the sole or material factor in such rating action; or


 






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(x)          so
long as any Other Securitization Trust is subject to the reporting requirements of the Exchange Act, the Special Servicer or any
Sub-Servicing Entity retained by the Special Servicer shall fail to deliver the items required to be delivered by this Agreement
to enable such Other Securitization Trust to comply with its reporting obligations under the Exchange Act within the time set forth
for such delivery in Article XI, including any applicable grace periods (any Sub-Servicing Entity that defaults in accordance
with this Section 7.01(b)(x) shall be terminated at the direction of the Depositor).


 


Then, and in each and every such case,
so long as a Special Servicer Termination Event shall not have been remedied, the Trustee may, and at the written direction of
the Holders of at least 25% of the aggregate Voting Rights of all Certificates (allocated based on Certificate Balances as notionally
reduced by any Cumulative Appraisal Reduction Amounts and Notional Balances), the Trustee shall, terminate all of the rights and
obligations of the Special Servicer (other than the rights to indemnification provided in Section 6.03(a) of this Agreement
and compensation provided in Section 3.12(c) of this Agreement). During any Subordinate Control Period, the Directing Holder
shall have the right to select the successor special servicer following any Special Servicer Termination Event.


 


In no event shall the
Trustee or the Certificate Administrator be deemed to have knowledge of or be aware of any Special Servicer Termination Event until
a Responsible Officer of the Trustee or the Certificate Administrator, as applicable, has received written notice thereof or has
actual knowledge thereof.


 


If the Special Servicer
receives notice from a Rating Agency that it is no longer approved as a special servicer, as applicable, for commercial mortgage
securitizations, it shall promptly notify the Trustee, any Other Trustee, any Other Servicer and any other trustee or master servicer
with respect to each Other Securitization Trust that holds the Companion Loan, if any.


 


Notwithstanding Section
7.01(a) or Section 7.01(b), (i) if any Master Servicer Termination Event occurs that affects only the Companion Loan
or if an NRSRO engaged to rate a Companion Loan Security qualifies, downgrades or withdraws its rating of such Companion Loan Security,
publicly citing servicing concerns with the Master Servicer as the sole or a material factor in such rating action, then the Trustee,
only at the direction of the Companion Loan Holder and not at the direction of the Certificateholders, shall direct the Master
Servicer to appoint a sub-servicer (or if the Whole Loan is currently being sub-serviced, then the Trustee shall direct the Master
Servicer to replace such sub-servicer with a new sub-servicer but only if such original sub-servicer is in default (beyond any
applicable cure periods) under the related sub-servicing agreement, and the Master Servicer shall be permitted to terminate the
sub-servicing agreement due to such default) that shall be responsible for servicing the Whole Loan; provided that the Master Servicer
shall be required to obtain a No Downgrade Confirmation from each Rating Agency (including a No Downgrade Confirmation with respect
to any Companion Loan Securities) (at the expense of the requesting party) with respect to the appointment of such sub-servicer
and (ii) if any Special Servicer Termination Event occurs that affects only the Companion Loan and the Special Servicer is not
otherwise terminated or if an NRSRO engaged to rate a Companion Loan Security qualifies, downgrades or withdraws its rating of
such Companion Loan Security, publicly citing servicing concerns with the Special Servicer as the


 






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sole or a material factor in
such rating action, then the Trustee, at the direction of the Companion Loan Holder, shall terminate the Special Servicer.


 


(c)          During
any Subordinate Control Period, the Directing Holder shall have the right to direct the Trustee to terminate the Special Servicer
(subject to such terminated Special Servicer’s rights to indemnification, payment of outstanding fees, and other rights set
forth in this Agreement which survive termination) at any time, with or without cause, and the Directing Holder shall have the
right to, and shall, appoint a successor Special Servicer, which shall execute and deliver to the other parties hereto an agreement
whereby the successor Special Servicer agrees to assume and perform punctually the duties of the Special Servicer specified in
this Agreement; provided that the Trustee shall have been provided a No Downgrade Confirmation from each Rating Agency prior
to the termination of the Special Servicer; provided, further, that any successor Special Servicer shall be a Qualified
Replacement Special Servicer. The Special Servicer shall not be terminated pursuant to this paragraph until a successor special
servicer shall have been appointed. The Directing Holder shall pay any costs and expenses incurred in connection with the removal
and appointment of a Special Servicer pursuant to this paragraph (unless such removal is based on any of the events or circumstances
set forth in Section 7.01(b)). Notwithstanding anything to the contrary in this Agreement, no successor special servicer
appointed by the Directing Holder pursuant to Section 6.04, Section 7.01(b) or this Section 7.01(c) or otherwise
pursuant to this Agreement will be required to meet any net worth requirements. The Trustee shall deliver to the Master Servicer,
the Special Servicer and the Certificate Administrator a written notice, together with each No Downgrade Confirmation, stating
that the Directing Holder has appointed a successor Special Servicer.


 


After the termination
of a Subordinate Control Period, the Special Servicer may be terminated in accordance with the provisions of Section 3.22(b)
or (c) hereof.


 


(d)          If
the Master Servicer or the Special Servicer is terminated pursuant to this Section 7.01, the Trustee (the “Terminating
Party”) shall, by notice in writing to the Master Servicer or the Special Servicer, as the case may be (the “Terminated
Party”), terminate all of its rights and obligations under this Agreement and in and to the Whole Loan and the proceeds
thereof, other than any rights the Terminated Party may have hereunder as a Certificateholder and any rights or obligations that
accrued prior to the date of such termination (including the right to receive all amounts accrued or owing to it under this Agreement,
plus interest at the Advance Rate on such amounts until received to the extent such amounts bear interest as provided in this Agreement,
with respect to periods prior to the date of such termination and the right to the benefits of Section 6.03 of this Agreement
notwithstanding any such termination), and with respect to the Special Servicer, the right to receive any Workout Fee and/or Liquidation
Fee subsequent to its termination as Special Servicer, pursuant to Section 3.12(c) of this Agreement. No successor Special
Servicer shall be entitled to such Workout Fee and/or Liquidation Fee received by the terminated Special Servicer. On or after
the receipt by the Terminated Party of such written notice, all of its authority and power under this Agreement, whether with respect
to the Certificates (except that the Terminated Party shall retain its rights as a Certificateholder in the event and to the extent
that it is a Certificateholder), the Whole Loan or otherwise, shall pass to and be vested in the Terminating Party pursuant to
and under this Section (absent the appointment of a successor, and such successor’s assumption of obligations hereunder,
including, without limitation, by the Directing Holder during any Subordinate Control


 






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Period) and, without limitation, the Terminating
Party is hereby authorized and empowered to execute and deliver, on behalf of and at the expense of the Terminated Party, as attorney-in-fact
or otherwise, any and all documents and other instruments, and to do or accomplish all other acts or things necessary or appropriate
to effect the purposes of such notice of termination, whether to complete the transfer and endorsement or assignment of the Whole
Loan and related documents, or otherwise. The Master Servicer and the Special Servicer each agree in the event it is terminated
pursuant to this Section 7.01 to promptly (and in any event no later than ten Business Days subsequent to such notice) provide,
at its own expense, the Terminating Party with all documents and records requested by the Terminating Party to enable the Terminating
Party to assume its functions hereunder, and to cooperate with the Terminating Party and the successor to its responsibilities
hereunder in effecting the termination of its responsibilities and rights hereunder, including, without limitation, the transfer
to the successor Master Servicer or Special Servicer or the Terminating Party, as applicable, for administration by it of all cash
amounts which shall at the time be or should have been credited by the Master Servicer or the Special Servicer to the Collection
Account, any REO Account, Lock-Box Account or Cash Collateral Account or which shall thereafter be received with respect to the
Whole Loan, and shall promptly provide the Terminating Party or such successor Master Servicer or successor Special Servicer (which
may include the Trustee) all documents and records reasonably requested by it, such documents and records to be provided in such
form as the Terminating Party or such successor Master Servicer or Special Servicer shall reasonably request (including electronic
form), to enable it to assume the Master Servicer’s or Special Servicer’s function hereunder. All reasonable costs
and expenses of the Terminating Party (including the cost of obtaining a No Downgrade Confirmation and any applicable indemnification
that the Master Servicer or the Special Servicer would be required to provide under this Agreement) or the successor Master Servicer
or successor Special Servicer incurred in connection with transferring the Whole Files to the successor Master Servicer or Special
Servicer and amending this Agreement to reflect such succession as successor Master Servicer or successor Special Servicer pursuant
to Section 7.01(a) or (b), as applicable, shall be paid by the predecessor Master Servicer or the Special Servicer,
as applicable, upon presentation of reasonable documentation of such costs and expenses. If the predecessor Master Servicer or
Special Servicer (as the case may be) has not reimbursed the Terminating Party or the successor Master Servicer or Special Servicer
for such expenses within 90 days after the presentation of reasonable documentation, such expense shall be reimbursed by the Trust
Fund; provided that the Terminated Party shall not thereby be relieved of its liability for such expenses. If and to the
extent that the Terminated Party has not reimbursed such costs and expenses, the Terminating Party shall have an affirmative obligation
to take all reasonable actions to collect such expenses on behalf of the Trust Fund.


 


Section 7.02 Trustee
to Act; Appointment of Successor. On and after the time the Master Servicer or the Special Servicer receives a notice of termination
pursuant to Section 7.01 of this Agreement, the Terminating Party (subject to Section 7.01(a) and Section 7.01(c))
shall be its successor, until such successor is appointed in accordance with this Section, in all respects in its capacity as
the Master Servicer or the Special Servicer under this Agreement and the transactions set forth or provided for herein and, except
as provided herein, shall be subject to all the responsibilities, duties, limitations on liability and liabilities relating thereto
and arising thereafter placed on the Master Servicer or Special Servicer by the terms and provisions hereof, provided,
however, that (i) the Terminating Party shall have no responsibilities, duties, liabilities or obligations with respect
to any act or omission of the Master Servicer or Special Servicer and


 






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(ii) any failure to perform, or delay in performing, such duties or responsibilities caused by the Terminated
Party’s failure to provide, or delay in providing, records, tapes, disks, information or monies shall not be considered a
termination event for such successor hereunder. The Trustee, as successor Master Servicer or successor Special Servicer, shall
be indemnified to the full extent provided to the Master Servicer or Special Servicer, as applicable, under this Agreement prior
to the Master Servicer’s or the Special Servicer’s termination. The appointment of a successor Master Servicer or successor
Special Servicer shall not affect any liability of the predecessor Master Servicer or Special Servicer which may have arisen prior
to its termination as the Master Servicer or the Special Servicer. The Terminating Party shall not be liable for any of the representations
and warranties of the Master Servicer or Special Servicer herein or in any related document or agreement, for any acts or omissions
of the predecessor Master Servicer or predecessor Special Servicer or for any losses incurred in respect of any Permitted Investment
by the Master Servicer pursuant to Section 3.07 hereunder nor shall the Trustee be required to purchase the Trust Loan or
the Companion Loan hereunder. As compensation therefor, the Terminating Party as successor Master Servicer or successor Special
Servicer shall be entitled to the Servicing Compensation or Special Servicing Compensation, as applicable, and all funds relating
to the Trust Loan or Companion Loan that accrue after the date of the Terminating Party’s succession to which such predecessor
Master Servicer or Special Servicer would have been entitled if such predecessor Master Servicer or Special Servicer, as applicable,
had continued to act hereunder. In the event any Advances made by the Master Servicer or the Trustee shall at any time be outstanding,
or any amounts of interest thereon shall be accrued and unpaid, all amounts available to repay Advances and interest hereunder
shall be applied entirely to the Advances made by the Trustee (and the accrued and unpaid interest thereon), until such Advances
and interest shall have been repaid in full. Notwithstanding the above, the Trustee may, if it shall be unwilling to so act, or
shall (i) if it is unable to so act, (ii) if the Holders of Certificates entitled to at least 25% of the aggregate Voting Rights
or the Companion Loan Holder so requests in writing to the Trustee or (iii) if the Trustee is not an “approved” servicer
by any of the Rating Agencies for mortgage loans similar to the one held in the Trust, promptly appoint, or petition a court of
competent jurisdiction to appoint, any established mortgage loan servicing institution that to act as the successor to the Master
Servicer or Special Servicer, as applicable, hereunder in the assumption of all or any part of the responsibilities, duties or
liabilities of the Master Servicer or Special Servicer hereunder; provided that the Trustee shall obtain a No Downgrade
Confirmation with respect to the Certificates and any Companion Loan Securities. No appointment of a successor to a Terminated
Party hereunder shall be effective until the assumption by such successor of all the Terminated Party’s responsibilities,
duties and liabilities hereunder. Pending appointment of a successor to the Master Servicer (or the Special Servicer if the Special
Servicer is also the Master Servicer) hereunder, unless the Trustee shall be prohibited by law from so acting, the Trustee shall
act in such capacity as hereinabove provided. Pending the appointment of a successor to the Special Servicer, the Trustee shall
act in such capacity. Any appointment or succession by the Trustee to the rights and obligations of the Special Servicer hereunder
shall be subject to the Directing Holder’s right to replace the Special Servicer during any Subordinate Control Period. In
connection with such appointment and assumption described herein, the Trustee may make such arrangements for the compensation of
such successor out of payments on Whole Loan or otherwise as it and such successor shall agree; provided, however,
that no such compensation shall be in excess of that permitted to the Terminated Party hereunder, provided, further,
that if no successor to the Terminated Party can be obtained to perform the obligations of such Terminated Party hereunder, additional
amounts


 






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shall be paid to such successor and such amounts in excess of that permitted the Terminated Party shall be treated as Realized
Losses. The Depositor, the Trustee, the Master Servicer or Special Servicer and such successor shall take such action, consistent
with this Agreement, as shall be necessary to effectuate any such succession.


 


If the Trustee or an
Affiliate acts pursuant to this Section 7.02 as successor to the resigning or terminated Master Servicer, it may reduce
the Master Servicer’s Excess Servicing Fee Rate to the extent that its or such Affiliate’s compensation as successor
Master Servicer would otherwise be below the market rate servicing compensation. If the Trustee elects to appoint a successor to
the resigning or terminated Master Servicer other than itself or an Affiliate pursuant to this Section 7.02, it may reduce
the Master Servicer’s Excess Servicing Fee Rate to the extent reasonably necessary (in the sole discretion of the Trustee)
for the Trustee to appoint a qualified successor Master Servicer that meets the requirements of this Section 7.02.


 


Section 7.03 Notification
to Certificateholders and Other Persons.  (a) Upon its receipt of written notice of any termination pursuant to Section 7.01
above or appointment of a successor to the Master Servicer or the Special Servicer, the Certificate Administrator shall give
prompt written notice thereof to Certificateholders at their respective addresses appearing in the Certificate Register, the 17g-5
Information Provider (which shall promptly post such notice to the 17g-5 Information Provider’s Website pursuant to Section
3.14(d) of this Agreement), the Operating Advisor, the Other Master Servicer and the Other Trustee.


 


(b)          Within
30 days after the occurrence of any Servicer Termination Event or Operating Advisor Termination Event of which a Responsible Officer
of the Trustee has actual knowledge, the Trustee shall transmit by mail to the Depositor, the Certificate Administrator (which
shall then notify all Holders of Certificates), the 17g-5 Information Provider (which shall promptly post such notice to the 17g-5
Information Provider’s Website pursuant to Section 3.14(d) of this Agreement) and the Companion Loan Holder notice
of such Servicer Termination Event or Operating Advisor Termination Event unless such Servicer Termination Event or Operating Advisor
Termination Event shall have been cured or waived.


 


Section 7.04 Other
Remedies of Trustee.  During the continuance of any Servicer Termination Event, so long as the Servicer Termination Event, shall
not have been remedied, the Trustee, in addition to the rights specified in Section 7.01 of this Agreement, shall have
the right, in its own name as Trustee of an express trust, to take all actions now or hereafter existing at law, in equity or
by statute to enforce its rights and remedies and to protect the interests, and enforce the rights and remedies, of the Certificateholders
and the Companion Loan Holder (including the institution and prosecution of all judicial, administrative and other proceedings
and the filing of proofs of claim and debt in connection therewith). In such event, the legal fees, expenses and costs of such
action and any liability resulting therefrom shall be expenses, costs and liabilities of the Trust Fund as provided in Section
3.06 of this Agreement (and such amounts shall be allocated in accordance with the expense allocation provisions of the Co-Lender
Agreement). Except as otherwise expressly provided in this Agreement, no remedy provided for by this Agreement shall be exclusive
of any other remedy, and each and every remedy shall be cumulative and in addition to any other remedy, and no delay or omission
to exercise any right or remedy shall impair any such right or remedy or shall be deemed to be a waiver of any Master Servicer
Termination Event or Special Servicer Termination Event, if applicable.


 






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Section 7.05 Waiver
of Past Servicer Termination Events and Operating Advisor Termination Events; Termination.  The Holders of Certificates evidencing
not less than 66-2⁄3% of the aggregate Voting Rights of the Certificates may, together with the Companion Loan Holder, on
behalf of all Holders of Certificates, waive any Servicer Termination Event by the Master Servicer or the Special Servicer or
any Operating Advisor Termination Event by the Operating Advisor in the performance of its obligations hereunder and its consequences,
except a termination event with respect to making any required deposits (including, with respect to the Master Servicer, P&I
Advances) to or payments from the Collection Account or the Lower-Tier Distribution Account, or in remitting payments as received,
in each case in accordance with this Agreement. Upon any such waiver of a past termination event, such termination event shall
cease to exist, and any Servicer Termination Event or Operating Advisor Termination Event arising therefrom shall be deemed to
have been remedied for every purpose of this Agreement. No such waiver shall extend to any subsequent or other termination event
or impair any right consequent thereon. Notwithstanding the foregoing, a Master Servicer Termination Event under Section 7.01(a)(x) or a Special Servicer Termination Event under Section 7.01(b)(x) of this Agreement may be waived only with the consent
of the Depositor.


 


Section 7.06 Trustee
as Maker of Advances.  In the event that the Master Servicer fails to fulfill its obligations hereunder to make any Advances
and such failure remains uncured, the Trustee shall perform such obligations (x) within five Business Days of the Master Servicer
Termination Event resulting from such failure by the Master Servicer with respect to Property Advances to the extent a Responsible
Officer of the Trustee has actual knowledge of such failure with respect to such Property Advances and (y) by 12:00 noon (New
York City time) on the related Distribution Date with respect to P&I Advances and Administrative Advances pursuant to the
Trustee’s receipt of notice of failure pursuant to Section 4.07(a) or Section 4.07(c) of this Agreement unless
the Trustee has received notice that such failure has been cured by 11:00 a.m. on such Distribution Date. With respect to any
such Advance made by the Trustee, the Trustee shall succeed to all of the Master Servicer’s rights with respect to Advances
hereunder, including, without limitation, the Master Servicer’s rights of reimbursement and interest on each Advance at
the Advance Rate, and rights to determine that a proposed Advance is a Nonrecoverable Advance (without regard to any impairment
of any such rights of reimbursement caused by the Master Servicer’s failure to perform its obligations hereunder); provided,
however, that if Advances made by the Trustee and the Master Servicer shall at any time be outstanding, or any interest
on any Advance shall be accrued and unpaid, all amounts available to repay such Advances and the interest thereon hereunder shall
be applied entirely to the Advances outstanding to the Trustee, until such Advances shall have been repaid in full, together with
all interest accrued thereon, prior to reimbursement of the Master Servicer for such Advances. The Trustee shall be entitled to
conclusively rely on any notice given with respect to a Nonrecoverable Advance or any determination of recoverability in connection
therewith by the Master Servicer hereunder.


 


Section 7.07 Termination
of the Operating Advisor.  (a) An “Operating Advisor Termination Event” means any one of the following events
whether any such event shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree
or order of any court or any order, rule or regulation of any administrative or governmental body:


 






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(i)           any
failure by the Operating Advisor to observe or perform in any material respect any of its covenants or agreements or the material
breach of its representations or warranties under this Agreement, which failure shall continue unremedied for a period of 30 days
after the date on which written notice of such failure shall have been given to the Operating Advisor by the Trustee or the Certificate
Administrator or to the Operating Advisor and the Certificate Administrator by the Holders of Certificates having greater than
25% of the aggregate Voting Rights; provided, that with respect to any such failure which is not curable within such 30-day period,
the Operating Advisor shall have an additional cure period of thirty (30) days to effect such cure so long as it has commenced
to cure such failure within the initial 30-day period and has provided the Trustee and the Certificate Administrator with an Officer’s
Certificate certifying that it has diligently pursued, and is continuing to pursue, such cure;


 


(ii)          any
failure by the Operating Advisor to perform in accordance with the Operating Advisor Standard which failure shall continue unremedied
for a period of 30 days;


 


(iii)         any
failure by the Operating Advisor to be an Eligible Operating Advisor, which failure shall continue unremedied for a period of 30
days;


 


(iv)          a
decree or order of a court or agency or supervisory authority having jurisdiction in the premises in an involuntary case under
any present or future federal or state bankruptcy, insolvency or similar law for the appointment of a conservator or receiver or
liquidator in any insolvency, readjustment of debt, marshaling of assets and liabilities or similar proceedings, or for the winding-up
or liquidation of its affairs, shall have been entered against the Operating Advisor, and such decree or order shall have remained
in force undischarged or unstayed for a period of 60 days;


 


(v)         the
Operating Advisor shall consent to the appointment of a conservator or receiver or liquidator or liquidation committee in any insolvency,
readjustment of debt, marshaling of assets and liabilities, voluntary liquidation, or similar proceedings of or relating to the
Operating Advisor or of or relating to all or substantially all of its property; or


 


(vi)        the
Operating Advisor shall admit in writing its inability to pay its debts generally as they become due, file a petition to take advantage
of any applicable insolvency or reorganization statute, make an assignment for the benefit of its creditors, or voluntarily suspends
payment of its obligations.


 


Upon receipt by the Certificate
Administrator of notice of the occurrence of any Operating Advisor Termination Event, the Certificate Administrator shall promptly
provide written notice to all Certificateholders by posting such notice on the Certificate Administrator’s Website and by
mail, unless the Certificate Administrator has received notice that it has been remedied. If an Operating Advisor Termination Event
has occurred then, and in each and every such case, so long as such Operating Advisor Termination Event shall not have been remedied,
either (i) the Trustee may or (ii) upon the written direction of holders of Certificates evidencing not less than 25% of the Voting
Rights of each Class of Regular Certificates, the Trustee shall, terminate all of the rights and obligations of the Operating Advisor
under this Agreement, other than rights and obligations accrued prior to such termination, including the right to receive all amounts
accrued and owing to it under this Agreement, and other than indemnification rights (arising out of events occurring prior to such
termination), by notice in writing to the Operating


 






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Advisor; provided, that no such termination shall be effective until
a successor Operating Advisor has been appointed and has assumed all of the obligations of the Operating Advisor under this Agreement.
Notwithstanding anything herein to the contrary, the Depositor shall have the right, but not the obligation, to notify the Certificate
Administrator and the Trustee of any Operating Advisor Termination Event of which the Depositor has actual knowledge.


 


(b)          Upon
(i) the written direction of holders of Certificates evidencing not less than 15% of the aggregate Voting Rights requesting a vote
to terminate and replace the Operating Advisor with a proposed successor Operating Advisor that is an Eligible Operating Advisor
and (ii) payment by such Holders to the Certificate Administrator of the reasonable fees and expenses to be incurred by the Certificate
Administrator in connection with administering such vote, the Certificate Administrator shall promptly provide written notice thereof
to the Operating Advisor and to all Certificateholders by (i) posting such notice on the Certificate Administrator’s Website
and (ii) mailing such notice to all Certificateholders at their addresses appearing in the Certificate Register. Upon the written
direction of Holders of Certificates evidencing more than 50% of the Voting Rights that exercise their right to vote (provided
that Holders of at least 50% of the Voting Rights exercise their right to vote), the Trustee shall terminate all of the rights
and obligations of the Operating Advisor with respect to the Whole Loan under this Agreement by notice in writing to the Operating
Advisor, other than rights and obligations accrued prior to such termination including the right to receive all amounts accrued
and owing to it under this Agreement and other than indemnification rights arising out of events occurring prior to such termination.
The provisions set forth in the foregoing sentences of this Section 7.07(b) shall be binding upon and inure to the benefit
of solely the Certificateholders and the Trustee as between each other. The Operating Advisor shall not have any cause of action
based upon or arising from any breach or alleged breach of such provisions other than may arise, as a result of the failure to
comply with the above described voting procedures. As between the Operating Advisor, on the one hand, and the Certificateholders,
on the other, the Certificateholders shall be entitled in their sole discretion to vote for the termination or not vote for the
termination of the Operating Advisor. The Certificate Administrator shall include on each Distribution Date statement a statement
that each Certificateholder and Beneficial Owner of Certificates may access such notices on the Certificate Administrator’s
Website and each Certificateholder and Beneficial Owner of Certificates may register to receive e-mail notifications when such
notices are posted on the website. The Certificate Administrator will be entitled to reimbursement from the requesting Certificateholders
for the reasonable expenses of posting such notices.


 


(c)          On
or after the receipt by the Operating Advisor of such written notice of termination, subject to the foregoing, all of its authority
and power under this Agreement shall be terminated and, without limitation, the terminated Operating Advisor shall execute any
and all documents and other instruments, and do or accomplish all other acts or things reasonably necessary or appropriate to effect
the purposes of such notice of termination. As soon as practicable, but in no event later than 15 Business Days after (1) the Operating
Advisor resigns pursuant to Section 6.04(a) of this Agreement or (2) the Certificate Administrator delivers such written
notice of termination to the Operating Advisor, the Trustee shall upon the written direction of Holders of Certificates evidencing
not less than 25% of the Voting Rights of each Class of Regular Certificates of each Class of Certificates appoint a successor
Operating Advisor that is an Eligible Operating Advisor, which successor Operating Advisor may be an Affiliate of


 






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the Trustee and
shall be the proposed Operating Advisor in the case of a termination pursuant to Section 7.07(b) of this Agreement; provided,
that if the Trustee is acting as the successor Master Servicer or successor Special Servicer, neither the Trustee nor any of its
Affiliates shall be the successor Operating Advisor. The Trustee shall provide written notice of the appointment of a successor
Operating Advisor to the Master Servicer, the Special Servicer and the Certificate Administrator (and the Certificate Administrator
shall promptly provide such notice to the Directing Holder, the Companion Loan Holder and each Certificateholder) within one Business
Day of such appointment. The Operating Advisor shall not at any time be the Depositor, the Master Servicer, the Special Servicer,
a Trust Loan Seller, an Other Depositor, an Other Servicer, an Other Special Servicer or an Affiliate of any of them. If any of
such entities becomes the Operating Advisor, including by means of an Affiliation arising after the date hereof, the Operating
Advisor shall immediately resign or cause an assignment under Section 6.04 of this Agreement and the Trustee shall upon the written
direction of Holders of Certificates evidencing not less than 25% of the Voting Rights of each Class of Certificates appoint a
successor Operating Advisor subject to and in accordance with this Section 7.07(c), which successor Operating Advisor may be an
Affiliate of the Trustee.


 


(d)         Upon
any termination of the Operating Advisor and appointment of a successor to the Operating Advisor, the Trustee shall, as soon as
possible, give written notice thereof to the Rating Agencies, the Special Servicer, the Master Servicer, the Certificate Administrator,
the Depositor, the Certificateholders, the Companion Loan Holder, the 17g-5 Information Provider (who shall promptly post such
notice to the 17g-5 Information Provider’s Website pursuant to Section 3.14(d) of this Agreement) and, at any time
other than when a Subordinate Control Period or a Subordinate Consultation Period is not in effect, the Directing Holder. If the
Operating Advisor is terminated, all of its rights and obligations under this Agreement shall terminate, other than any rights
or obligations that accrued prior to the date of such termination (including the right to receive all amounts accrued and owing
to it under this Agreement) and other than indemnification rights (arising out of events occurring prior to such termination).


 


ARTICLE
VIII



CONCERNING THE TRUSTEE AND CERTIFICATE ADMINISTRATOR


 


Section 8.01 Duties
of Trustee and Certificate Administrator. (a) Each of the Trustee and the Certificate Administrator undertakes to perform
such duties and only such duties as are specifically set forth in this Agreement and no permissive right of the Trustee shall
be construed as a duty. During the continuance of a Servicer Termination Event of which a Responsible Officer of the Trustee has
actual knowledge, the Trustee, subject to the provisions of Section 7.02 and 7.05 of this Agreement, shall exercise
such of the rights and powers vested in it by this Agreement, and use the same degree of care and skill in their exercise, as
a prudent person would exercise or use under the circumstances in the conduct of such person’s own affairs.


 


(b)          The
Trustee and the Certificate Administrator, upon receipt of any resolutions, certificates, statements, opinions, reports, documents,
orders or other instruments furnished to the Trustee or the Certificate Administrator, as the case may be, which are


 






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specifically
required to be furnished pursuant to any provision of this Agreement, shall examine them to determine whether they conform on their
face to the requirements of this Agreement; provided, however, that, the Trustee or the Certificate Administrator,
as applicable, shall not be responsible for the accuracy or content of any such resolution, certificate, statement, opinion, report,
document, order or other instrument provided to it hereunder. If any such instrument is found not to conform on its face to the
requirements of this Agreement in a material manner, the Trustee or the Certificate Administrator, as applicable, shall request
the provider of such instrument to have the instrument corrected, and if the instrument is not corrected to such Trustee’s
or such Certificate Administrator’s reasonable satisfaction, such Trustee or such Certificate Administrator will provide
notice thereof to the Certificateholders.


 


(c)          None
of the Trustee, the Certificate Administrator or any of their officers, directors, employees, agents or “control” persons
within the meaning of the Securities Act shall have any liability arising out of or in connection with this Agreement, provided
that, subject to Section 8.02 of this Agreement, no provision of this Agreement shall be construed to relieve the Trustee,
the Certificate Administrator or any such person, from liability for its own negligent action, its own negligent failure to act
or its own willful misconduct or its own bad faith; and provided, further, that:


 


(i)           The
Trustee’s and the Certificate Administrator’s duties and obligations shall be determined solely by the express provisions
of this Agreement, neither the Trustee nor the Certificate Administrator shall be liable except for the performance of such duties
and obligations as are specifically set forth in regard to such party in this Agreement, no implied covenants or obligations shall
be read into this Agreement against the Trustee or the Certificate Administrator and, in the absence of bad faith on the part of
the Trustee or the Certificate Administrator, as the case may be, the Trustee and the Certificate Administrator may conclusively
rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon any resolutions, certificates,
statements, reports, opinions, documents, orders or other instruments furnished to the Trustee or the Certificate Administrator,
as the case may be, that conform on their face to the requirements of this Agreement to the extent set forth herein without responsibility
for investigating the contents thereof;


 


(ii)          Neither
the Trustee nor the Certificate Administrator shall be personally liable for an error of judgment made in good faith by a Responsible
Officer of the Trustee or the Certificate Administrator, as the case may be, unless it shall be proved that the Trustee or the
Certificate Administrator, as the case may be, was negligent in ascertaining the pertinent facts;


 


(iii)         Neither
the Trustee nor the Certificate Administrator shall be personally liable with respect to any action taken, suffered or omitted
to be taken by it in good faith in accordance with the direction of Holders of Certificates entitled to greater than 50% of the
Percentage Interests (or such other percentage as is specified herein) of each affected Class, or of the aggregate Voting Rights
of the Certificates, relating to the time, method and place of conducting any proceeding for any remedy available to the Trustee
or the Certificate Administrator, as the case may be, or exercising any trust or power conferred upon the Trustee or the Certificate
Administrator, as the case may be, under this Agreement (unless a higher percentage of Voting Rights is required for such action);


 






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(iv)        Neither
the Trustee nor the Certificate Administrator nor any of their directors, officers, employees, agents or control persons shall
be responsible for any act or omission of any Custodian, Paying Agent or Certificate Registrar that is not an Affiliate of the
Trustee or Certificate Administrator, respectively, and that is selected other than by the Trustee or Certificate Administrator,
respectively, performed or omitted in compliance with any custodial or other agreement, or any act or omission of the Master Servicer,
the Special Servicer, the Depositor, the Operating Advisor or any other Person, including, without limitation, in connection with
actions taken pursuant to this Agreement;


 


(v)         Neither
the Trustee nor the Certificate Administrator shall be under any obligation to appear in, prosecute or defend any legal action
which is not incidental to its respective duties as Trustee or Certificate Administrator in accordance with this Agreement (and,
if it does, all legal expenses and costs of such action shall be expenses and costs of the Trust Fund (and such costs and expenses
shall be allocated in accordance with the allocation provision of the Co-Lender Agreement), and the Trustee or the Certificate
Administrator, as applicable, shall be entitled, as provided in Section 3.06 hereof, to be reimbursed therefor from amounts
on deposit in the Collection Account or the Distribution Account and identified on the Trust Ledger, unless such legal action arises
out of the negligence or bad faith of the Trustee or Certificate Administrator, as applicable, or any breach of a representation
or warranty of the Trustee or Certificate Administrator, as applicable, contained herein);


 


(vi)        Neither
the Trustee nor the Certificate Administrator shall be charged with knowledge of any act, failure to act or breach of any Person
upon the occurrence of which the Trustee or Certificate Administrator, as applicable, may be required to act, unless a Responsible
Officer of the Trustee or Certificate Administrator, as applicable, obtains actual knowledge of such failure. Neither the Trustee
nor the Certificate Administrator shall be deemed to have actual knowledge of the Master Servicer’s or the Special Servicer’s
failure to provide scheduled reports, certificates and statements when and as required to be delivered to the Trustee or Certificate
Administrator, as applicable, pursuant to this Agreement;


 


(vii)       Except
in the event of actual fraud (as determined by a non-appealable final court order), in no event shall the Trustee or the Certificate
Administrator, as applicable, be liable for special, punitive, indirect or consequential loss or damage of any kind whatsoever
(including but not limited to lost profits), even if the Trustee or the Certificate Administrator, as applicable, has been advised
of the likelihood of such loss or damage and regardless of the form of action;


 


(viii)      Neither
the Trustee nor the Certificate Administrator shall be responsible for any act or omission of the Master Servicer or the Special
Servicer (unless the Trustee is acting as Master Servicer or Special Servicer, as the case may be, in which case the Trustee shall
only be responsible for its own actions as Master Servicer or Special Servicer) or of the Depositor;


 


(ix)         Neither
the Trustee nor the Certificate Administrator shall in any way be liable by reason of any insufficiency in the Trust Fund unless
it is determined by a court


 






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of competent jurisdiction that the Trustee’s or Certificate Administrator’s, as applicable,
negligence or willful misconduct was the primary cause of such insufficiency;


 


(x)          In
no event shall the Trustee or the Certificate Administrator be liable for any failure or delay in the performance of its obligations
hereunder due to force majeure or acts of God; provided that such failure or delay is not also a result of its own
negligence, bad faith or willful misconduct;


 


(xi)         Except
as otherwise expressly set forth in this Agreement, Wells Fargo Bank, National Association acting in any particular capacity hereunder
will be deemed not to be imputed with knowledge of (a) Wells Fargo Bank, National Association acting in a capacity that is unrelated
to the transactions contemplated by this Agreement, or (b) Wells Fargo Bank, National Association acting in any other capacity
hereunder, except, in the case of either clause (a) or clause (b), where some or all of the obligations performed
in such capacities are performed by one or more employees within the same group or division of Wells Fargo Bank, National Association
or where the groups or divisions responsible for performing the obligations in such capacities have one or more of the same Responsible
Officers; and


 


(xii)        Nothing
herein shall require the Trustee or the Certificate Administrator to act in any manner that is contrary to applicable law.


 


None of the provisions
contained in this Agreement shall require either the Trustee, in its capacity as Trustee or the Certificate Administrator, in its
capacity as Certificate Administrator, to expend or risk its own funds, or otherwise incur financial liability in the performance
of any of its duties hereunder, or in the exercise of any of its rights or powers, if in the opinion of the Trustee or the Certificate
Administrator, as the case may be, the repayment of such funds or adequate indemnity against such risk or liability is not reasonably
assured to it, and none of the provisions contained in this Agreement shall in any event require the Trustee or the Certificate
Administrator, as the case may be, to perform, or be responsible for the manner of performance of, any of the obligations of the
Master Servicer, the Special Servicer or the Operating Advisor under this Agreement, except, in the case of the Trustee, during
such time, if any, as the Trustee shall be the successor to, and be vested with the rights, duties, powers and privileges of, the
Master Servicer or the Special Servicer in accordance with the terms of this Agreement. Neither the Trustee nor the Certificate
Administrator shall be required to post any surety or bond of any kind in connection with its performance of its obligations under
this Agreement and neither the Trustee nor the Certificate Administrator shall be liable for any loss on any investment of funds
pursuant to this Agreement. Notwithstanding any other provision hereof, when acting as the Master Servicer or Special Servicer
hereunder, the Trustee and the Certificate Administrator shall comply with the Servicing Standard.


 


Section 8.02 Certain
Matters Affecting the Trustee and the Certificate Administrator.  (a) Except as otherwise provided in Section 8.01 of
this Agreement:


 


(i)          The
Trustee and the Certificate Administrator may request and/or conclusively rely upon and shall be protected in acting or refraining
from acting upon any resolution, Officer’s Certificate, certificate of auditors or any other certificate, statement, instrument,
opinion, report, notice, request, consent, order, appraisal, bond or other paper


 






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or document reasonably believed by it to be genuine
and to have been signed or presented by the proper party or parties and neither the Trustee nor the Certificate Administrator shall
have any responsibility to ascertain or confirm the genuineness of any such party or parties;


 


(ii)          Each
of the Trustee and the Certificate Administrator may consult with counsel and the written advice of such counsel or any Opinion
of Counsel shall be full and complete authorization and protection in respect of any action taken or suffered or omitted by it
hereunder in good faith and in accordance with the written advice of such counsel or such Opinion of Counsel;


 


(iii)         (A)
Neither the Trustee nor the Certificate Administrator shall be under any obligation to exercise any of the trusts or powers vested
in it by this Agreement or to make any investigation of matters arising hereunder or institute, conduct or defend any litigation
hereunder or in relation hereto at the request, order or direction of any of the Certificateholders, pursuant to the provisions
of this Agreement, unless such Certificateholders shall have offered to the Trustee or the Certificate Administrator, as the case
may be, reasonable security or indemnity reasonably satisfactory to the Trustee or the Certificate Administrator, as the case may
be, against the costs, expenses and liabilities which may be incurred therein or thereby, provided that nothing contained
herein shall relieve the Trustee or the Certificate Administrator, as the case may be, of the obligations, upon the occurrence
of a Servicer Termination Event (which has not been cured or waived) of which a Responsible Officer of the Trustee or the Certificate
Administrator, as the case may be, has actual knowledge, to exercise such of the rights and powers vested in it by this Agreement,
and, with respect to the Trustee, to use the same degree of care and skill in their exercise, as a prudent person would exercise
or use under the circumstances in the conduct of such person’s own affairs; and (B) the right of the Trustee and the Certificate
Administrator to perform any discretionary act enumerated in this Agreement shall not be construed as a duty, and the Trustee or
the Certificate Administrator, as the case may be, shall not be answerable for other than its negligence or willful misconduct
in the performance of any such act;


 


(iv)        None
of the Trustee, the Certificate Administrator or any of their directors, officers, employees, Affiliates, agents or “control”
persons within the meaning of the Securities Act shall be personally liable for any action taken, suffered or omitted by it in
good faith and reasonably believed by the Trustee or the Certificate Administrator, as the case may be, to be authorized or within
the discretion or rights or powers conferred upon it by this Agreement;


 


(v)          The
Trustee (if no Servicer Termination Event has occurred and is continuing) and the Certificate Administrator shall not be
bound to make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument,
opinion, report, notice, request, consent, order, appraisal, bond or other paper or document, unless requested in writing to
do so by Holders of Certificates entitled to greater than 25% (or such other percentage as is specified herein) of the
Percentage Interests of each affected Class; provided, however, that if the payment within a reasonable time to
the Trustee or the Certificate Administrator, as the case may be, of the costs, expenses or liabilities likely to be incurred
by it in the making of such investigation


 






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is, in the opinion of the Trustee or the Certificate Administrator, as the case may be, not reasonably assured to the Trustee or
the Certificate Administrator, as the case may be, by the security afforded to it by the terms of this Agreement, the Trustee or
the Certificate Administrator, as the case may be, may require indemnity reasonably satisfactory to it from such requesting Holders
against such cost, expense or liability as a condition to taking any such action. The reasonable expense of every such investigation
shall be paid by the Master Servicer, the Special Servicer or the Operating Advisor, as applicable, if a Servicer Termination Event
or Operating Advisor Termination Event shall have occurred and be continuing relating to the Master Servicer, the Special Servicer
or the Operating Advisor, respectively, and otherwise by the Certificateholders requesting the investigation; and


 


(vi)         The
Trustee and the Certificate Administrator may execute any of the trusts or powers hereunder and the Trustee and the Certificate
Administrator may perform any duties hereunder either directly or by or through agents, nominees, custodians or attorneys but shall
not be relieved of the obligations hereunder by virtue of the appointment of such agents, nominees, custodians or attorneys, provided,
however, that the Trustee or the Certificate Administrator, as the case may be, may not perform any duties hereunder through
any Person that is a Prohibited Party.


 


(b)          Following
the Startup Day, the Trustee and the Certificate Administrator shall not, except as expressly required by any provision of this
Agreement, accept any contribution of assets to the Trust Fund unless the Trustee or the Certificate Administrator shall have received
an Opinion of Counsel (the costs of obtaining such opinion to be borne by the Person requesting such contribution) to the effect
that the inclusion of such assets in the Trust Fund will not cause the Lower-Tier REMIC or the Upper-Tier REMIC to fail to qualify
as a REMIC at any time that any Certificates are outstanding, or subject the Lower-Tier REMIC or the Upper-Tier REMIC to any tax
under the REMIC Provisions or other applicable provisions of federal, state and local law or ordinances.


 


(c)          All
rights of action under this Agreement or under any of the Certificates, enforceable by the Trustee and the Certificate Administrator,
may be enforced by it without the possession of any of the Certificates, or the production thereof at the trial or other proceeding
relating thereto, and any such suit, action or proceeding instituted by the Trustee and the Certificate Administrator shall be
brought in its name for the benefit of all the Holders of such Certificates, subject to the provisions of this Agreement.


 


(d)          The
Trustee shall not have a duty to conduct any affirmative investigation as to the occurrence of any condition requiring the repurchase
of the Trust Loan by the Trust Loan Seller pursuant to this Agreement or the eligibility of the Trust Loan for purposes of this
Agreement.


 


(e)          Each
of the Trustee and the Certificate Administrator shall be entitled to all of the same rights, protections, immunities and indemnities
afforded to it as Trustee and Certificate Administrator, as the case may be, in each capacity for which it serves hereunder (including,
without limitation, as Custodian, Certificate Registrar, 17g-5 Information Provider, Paying Agent and Authenticating Agent). For
the avoidance of doubt, the Certificate


 






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Administrator and the Trustee shall be entitled to all of the rights, protections, immunities
and indemnities afforded to it hereunder under.


 


(f)          In
order to comply with laws, rules, regulations and executive orders in effect from time to time applicable to banking institutions,
including, without limitation, those relating to the funding of terrorist activities and money laundering, including Section 326
of the USA PATRIOT Act of the United States (“Applicable Law”), the Certificate Administrator (in each of its
capacities) and the Trustee, as the case may be, are required to obtain, verify and record certain information relating to individuals
and entities that maintain a business relationship with the Certificate Administrator (in each of its capacities) or the Trustee.
Accordingly, each of the parties hereto agrees to provide to the Certificate Administrator (in each of its capacities) and the
Trustee, upon its respective request from time to time, such identifying information and documentation as may be available for
such party in order to enable the Certificate Administrator (in each of its capacities) and the Trustee to comply with Applicable
Law.


 


Section 8.03 Trustee
and Certificate Administrator Not Liable for Certificates or the Trust Loan. The recitals contained herein and in the Certificates
shall not be taken as the statements of the Trustee, the Certificate Administrator, the Operating Advisor, the Master Servicer,
or the Special Servicer and the Trustee, the Certificate Administrator, the Operating Advisor, the Master Servicer and the Special
Servicer assume no responsibility for their correctness. The Trustee, the Certificate Administrator, the Operating Advisor, the
Master Servicer and the Special Servicer make no representations or warranties as to the validity or sufficiency of this Agreement,
of the Certificates or any offering document used to offer the Certificates for sale or the validity, enforceability or sufficiency
of the Trust Loan, or related document. Neither the Trustee nor the Certificate Administrator shall at any time have any responsibility
or liability for or with respect to the legality, validity and enforceability of the related Mortgage, the Trust Loan, or the
perfection and priority of any Mortgage or the maintenance of any such perfection and priority, or for or with respect to the
sufficiency of the Trust Fund or its ability to generate the payments to be distributed to Certificateholders under this Agreement.
Without limiting the foregoing, neither the Trustee nor the Certificate Administrator shall be liable or responsible for: (i)
the existence, condition and ownership of the Mortgaged Property; (ii) the existence of any hazard or other insurance thereon
(other than if the Trustee shall assume the duties of the Master Servicer or the Special Servicer pursuant to Section 7.02 of this Agreement) or the enforceability thereof; (iii) the existence of the Trust Loan or the contents of the Mortgage File
on any computer or other record thereof (other than if the Trustee shall assume the duties of the Master Servicer or the Special
Servicer pursuant Section 7.02 of this Agreement); (iv) the validity of the assignment of the Trust Loan to the Trust Fund
or of any intervening assignment; (v) the completeness of the Mortgage File; the performance or enforcement of the Trust Loan
(other than if the Trustee shall assume the duties of the Master Servicer or the Special Servicer pursuant to Section 7.02 of this Agreement); (vi) the compliance by the Depositor, the Master Servicer, the Special Servicer or the Operating Advisor
with any warranty or representation made under this Agreement or in any related document or the accuracy of any such warranty
or representation prior to the Trustee’s receipt of written notice or other discovery of any non-compliance therewith or
any breach thereof; (vii) any investment of monies by or at the direction of the Master Servicer or any loss resulting therefrom,
the acts or omissions of any of the Depositor, the Certificate Administrator, the Operating Advisor, the


 






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Master Servicer or the Special
Servicer (other than if the Trustee shall assume the duties of the Certificate Administrator, the Master Servicer or Special Servicer
pursuant to Section 7.02 of this Agreement) or any Sub-Servicer or the Borrower; any action of the Master Servicer or Special
Servicer (other than if the Trustee shall assume the duties of the Master Servicer or Special Servicer pursuant to Section 7.02
of this Agreement) or any Sub-Servicer taken in the name of the Trustee, except to the extent such action is taken at the express
written direction of the Trustee; (viii) the failure of the Master Servicer or the Special Servicer or any Sub-Servicer to act
or perform any duties required of them on behalf of the Trust Fund or the Trustee hereunder; or (ix) any action by or omission
of the Trustee or the Certificate Administrator taken at the instruction of the Master Servicer or the Special Servicer (other
than if the Trustee shall assume the duties of the Master Servicer or the Special Servicer pursuant to Section 7.02 of this
Agreement) unless the taking of such action is not permitted by the express terms of this Agreement; provided, however,
that the foregoing shall not relieve the Trustee or the Certificate Administrator of their respective obligations to perform their
duties as specifically set forth in this Agreement. The Trustee or the Certificate Administrator shall not be accountable for the
use or application by the Depositor, the Certificate Administrator (in the case of the Trustee only), the Trustee (in the case
of the Certificate Administrator only), the Master Servicer or the Special Servicer of any of the Certificates or of the proceeds
of such Certificates, or for the use or application of any funds paid to the Depositor, the Certificate Administrator (in the case
of the Trustee only), the Trustee (in the case of the Certificate Administrator only), the Master Servicer or the Special Servicer
in respect of the assignment of the Trust Loan or deposited in or withdrawn from the Collection Account, the Lower-Tier Distribution
Account, the Upper-Tier Distribution Account, the Lock-Box Account, the Cash Collateral Account, the Reserve Accounts, any REO
Account or any other account maintained by or on behalf of the Certificate Administrator, the Master Servicer or the Special Servicer,
other than any funds held by the Trustee or the Certificate Administrator, as applicable. Neither the Trustee nor the Certificate
Administrator shall have any responsibility for filing any financing or continuation statement in any public office at any time
or to otherwise perfect or maintain the perfection of any security interest or lien granted to it hereunder (unless the Trustee
shall have become the successor Master Servicer) or to record this Agreement. In making any calculation hereunder which includes
as a component thereof the payment or distribution of interest for a stated period at a stated rate “to the extent permitted
by applicable law”, the Trustee or the Certificate Administrator, as the case may be, shall assume that such payment is so
permitted unless a Responsible Officer of the Trustee or the Certificate Administrator, as the case may be, has actual knowledge,
or receives an Opinion of Counsel (at the expense of the Person asserting the impermissibility) to the effect, that such payment
is not permitted by applicable law. The Depositor is not obligated to monitor or supervise the performance of the Trustee or the
Certificate Administrator under this Agreement or otherwise.


 


Section 8.04 Trustee
and Certificate Administrator May Own Certificates.  The Trustee, the Certificate Administrator and any agent of the Trustee
or the Certificate Administrator in its individual capacity or any other capacity may become the owner or pledgee of Certificates,
and may deal with the Depositor, the Certificate Administrator, the Trustee, the Master Servicer, the Special Servicer and the
Initial Purchaser in banking transactions, with the same rights it would have if it were not Trustee, Certificate Administrator
or such agent, as the case may be.


 






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Section 8.05 Payment
of Trustee’s and Certificate Administrator’s Fees and Expenses; Indemnification.  (a) On each Distribution Date,
prior to the distribution of amounts to the Certificateholders, the Certificate Administrator shall be entitled to withdraw and
pay the Trustee and itself its respective portion of the Trustee/Certificate Administrator Fee, as applicable, as reasonable compensation
from amounts remitted to the Lower-Tier Distribution Account (which shall not be limited by any provision of law in regard to
the compensation of a trustee of an express trust) for all services rendered in the execution of the trusts hereby created and
in the exercise and performance of any of the powers and duties of the Trustee and the Certificate Administrator at the Trustee/Certificate
Administrator Fee Rate.


 


(b)          In
the event that the Trustee assumes the servicing responsibilities of the Master Servicer, the Special Servicer or the Operating
Advisor hereunder pursuant to or otherwise arising from the resignation or removal of the Master Servicer, the Special Servicer
or the Operating Advisor, the Trustee shall be entitled to the compensation to which the Master Servicer, the Special Servicer
or the Operating Advisor, as the case may be, would have been entitled (other than the rights of the Special Servicer to receive
any Workout Fee specified in Section 3.12(c) of this Agreement in the event that the Special Servicer is terminated).


 


(c)          The
Trustee, the Custodian and the Certificate Administrator shall be paid or reimbursed by the Trust Fund upon its request for all
reasonable expenses, disbursements and advances incurred or made by the Trustee, the Custodian or the Certificate Administrator
pursuant to and in accordance with any of the provisions of this Agreement (including the reasonable compensation and the expenses
and disbursements of its counsel and of all persons not regularly in its employ), which the Certificate Administrator will be entitled
to withdraw from the Distribution Accounts prior to the distribution to Certificateholders to the extent set forth herein and to
the extent such payments are “unanticipated expenses incurred by the REMIC” within the meaning of Treasury Regulations
Section 1.860G-1(b)(iii), except any such expense, disbursement or advance as may arise from its negligence, willful misconduct
or bad faith; provided, however, that, subject to the last paragraph of Section 8.01 and Section 8.02(a)(iii)
of this Agreement, the Trustee, the Custodian or the Certificate Administrator shall not refuse to perform any of their respective
duties hereunder solely as a result of the failure to be paid their respective portions of the Trustee/Certificate Administrator
Fee, or the Trustee’s previously-incurred expenses or, the Custodian’s or Certificate Administrator’s previously-incurred
expenses, as applicable. The term “unanticipated expenses incurred by the REMIC” shall include any fees, expenses and
disbursement of any separate Trustee or co-Trustee appointed hereunder, only to the extent such fees, expenses and disbursements
were not reasonably anticipated as of the Closing Date and are attributable to the Lower-Tier REMIC or the Upper-Tier REMIC and
the losses, liabilities, damages, claims or expenses (including reasonable attorneys’ fees) incurred or advanced by an Indemnified
Party in connection with any litigation arising out of this Agreement attributable to the Lower-Tier REMIC or the Upper-Tier REMIC,
including, without limitation, under Section 2.03, Section 3.10, the third paragraph of Section 3.11, Section
4.05 and Section 7.01 of this Agreement.


 


The Master Servicer and
the Special Servicer covenant and agree to pay or reimburse the Trustee for the reasonable expenses, disbursements and advances
incurred or made by the Trustee in connection with any transfer of the servicing responsibilities of the Master Servicer or the
Special Servicer, respectively, hereunder, pursuant to or otherwise arising from


 






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the resignation or removal of the Master Servicer
or Special Servicer (except in the case of removal of the Special Servicer without cause), as applicable, in accordance with any
of the provisions of this Agreement (and including the reasonable fees and expenses and disbursements of its counsel and all other
persons not regularly in its employ), except any such expense, disbursement or advance as may arise from the negligence, willful
misconduct or bad faith of the Trustee.


 


(d)          Each
of the Certificate Administrator, the Custodian, the Paying Agent, the Trustee, the Depositor, the Master Servicer and the Special
Servicer (each, for purposes of this Section 8.05(d), an “Indemnifying Party”) shall (severally and not
jointly) indemnify the Trustee (both in its capacity as Trustee and individually) and the Certificate Administrator (in its capacity
as Certificate Administrator, the Custodian, Paying Agent and individually) and each of their Affiliates and each of the directors,
officers, employees, representatives and agents of the Trustee and the Certificate Administrator and each of their Affiliates (each,
for purposes of this Section 8.05(d), an “Indemnified Party”), and hold each of them harmless against
any and all claims, losses, damages, penalties, fines, forfeitures, reasonable legal fees and related costs, judgments, and any
other costs, fees and expenses that the Indemnified Party may sustain in connection with this Agreement (including, without limitation,
reasonable fees and disbursements of counsel incurred by the Indemnified Party in any action or proceeding between the Indemnifying
Party and the Indemnified Party or between the Indemnified Party and any third party or otherwise) resulting from each such Indemnifying
Party’s respective willful misconduct, bad faith, fraud or negligence in the performance of each of its respective duties
hereunder or by reason of negligent disregard of its respective obligations and duties hereunder (including in the case of the
Master Servicer, any agent of the Master Servicer or Sub-Servicer).


 


The Trust Fund shall
indemnify each Indemnified Party from, and hold it harmless against, any and all losses, liabilities, damages, penalties, fines,
forfeitures, judgments, claims or unanticipated expenses (including, without limitation, reasonable fees and disbursements of counsel
incurred by the Indemnified Party in any action or proceeding between the Indemnifying Party and the Indemnified Party or between
the Indemnified Party and any third party or otherwise) arising in respect of this Agreement, the Trust Loan or the Certificates
other than those (i) resulting from the willful misconduct, bad faith, fraud or negligence of the Indemnified Party, as applicable,
in the performance of its obligations and duties under this Agreement, (ii) by reason of its negligent disregard of those obligations
or duties, or as may arise from a breach of any representation or warranty of the Indemnified Party made in Section 2.04(c)
or Section 2.04(d), as applicable, of this Agreement, (iii) as to which such Indemnified Party is entitled to indemnification
pursuant to this Section 8.05(d) or (iv) constituting a specific liability imposed on the Indemnified Party by this
Agreement. The right of reimbursement of the Indemnified Parties under this Section 8.05(d) shall be senior to the rights
of all Certificateholders.


 


(e)          Notwithstanding
anything herein to the contrary, this Section 8.05 shall survive the termination or maturity of this Agreement or the resignation,
removal or termination of the Trustee or the Certificate Administrator, as the case may be, regarding rights accrued prior to such
resignation, removal or termination and (with respect to any acts or omissions during its respective tenures) the resignation,
removal or termination of the Master Servicer, the Special


 






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Servicer, the Paying Agent, the Certificate Administrator, the Certificate
Registrar or the Custodian.


 


(f)           This
Section 8.05 shall be expressly construed to include, but not be limited to, such indemnities, compensation, expenses, disbursements,
advances, losses, liabilities, damages and the like, as may pertain or relate to any environmental law or environmental matter.


 


(g)          Each
of the Certificate Administrator, Custodian, Paying Agent and the Trustee (in each case with respect to itself only, for purposes
of this Section 8.05(g), an “Indemnifying Party”) shall (severally and not jointly) indemnify the Trust
Fund, the Depositor, the Master Servicer and the Special Servicer and their respective Affiliates and each of the directors, officers,
employees and agents of the Master Servicer and the Special Servicer and their respective Affiliates (each, for purposes of this
Section 8.05(g), an “Indemnified Party”), and hold each of them harmless against any and all claims,
losses, damages, penalties, fines, forfeitures, reasonable legal fees and related costs, judgments, and any other costs, fees and
expenses that the Indemnified Party may sustain in connection with this Agreement (including, without limitation reasonable fees
and disbursements of counsel incurred by the Indemnified Party in any action or proceeding between the Indemnifying Party and the
Indemnified Party or between the Indemnified Party and any third party or otherwise) resulting from the applicable Indemnifying
Party’s willful misconduct, bad faith, fraud or negligence in the performance of its duties hereunder or by reason of negligent
disregard of its obligations and duties hereunder.


 


(h)          The
Certificate Administrator (for purposes of this Section 8.05(h), the “Indemnifying Party”) shall, solely
in its capacity as the 17g-5 Information Provider, indemnify the Trust Loan Seller and the Initial Purchaser (each, for purposes
of this Section 8.05(h), an “Indemnified Party”), and hold each of them harmless against any and all
claims, losses, damages, penalties, fines, forfeitures, reasonable legal fees and related costs, judgments, and any other costs,
fees and expenses that the Indemnified Party may sustain in connection with this Agreement (including, without limitation reasonable
fees and disbursements of counsel incurred by the Indemnified Party in any action or proceeding between the Indemnifying Party
and the Indemnified Party or between the Indemnified Party and any third party or otherwise) related to (i) the applicable Indemnifying
Party’s willful misconduct, bad faith, fraud or negligence in the performance of its duties hereunder or by reason of negligent
disregard of its obligations and duties hereunder or (ii) a determination by any Rating Agency that it cannot reasonably rely on
representations made by the Depositor or any Affiliate thereof pursuant to Exchange Act Rule 17g-5(a)(3), to the extent caused
by any such willful misconduct, bad faith, fraud or negligence in the performance of its duties hereunder or by reason of negligent
disregard referred to in clause (i) above by the Indemnifying Party.


 


Section 8.06 Eligibility
Requirements for Trustee and Certificate Administrator.  The Trustee and Certificate Administrator hereunder shall at all times:


 


(i) be a
corporation, national bank association or trust company organized and doing business under the laws of any state or the United
States of America,


 


(ii) (a)
with respect to the Trustee, be authorized under such laws to exercise corporate trust powers and to accept the trust conferred
under this Agreement and (b)


 






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with respect to the Certificate Administrator, be authorized to exercise corporate trust powers,


 


(iii) have
a combined capital and surplus of at least $50,000,000,


 


(iv) (A)
have a rating on its long-term senior unsecured debt of at least (1) “A” by S&P, (2) “A2” by Moody’s
if it has a short-term unsecured debt rating of at least “P-1” by Moody’s, and (3) “A” by DBRS, and
(B) whose short-term unsecured debt is rated at least (1) “A-1” by S&P, (2) “P-1” by Moody’s,
and (3) R-1(low)” by DBRS or, in the case of each of (A) and (B), such other rating with respect to which each of S&P
and DBRS (and Moody’s if it is rating any security backed by the Companion Loan) has provided a No Downgrade Confirmation,


 


(v) be subject
to supervision or examination by federal or state authority and, in the case of the Trustee, shall not be an Affiliate of the Master
Servicer or the Special Servicer (except, in the case of the Trustee, during any period when the Trustee has assumed the duties
of the Master Servicer or Special Servicer, as the case may be, pursuant to Section 7.02 of this Agreement), and


 


(vi) not
be a person that would be a Prohibited Party if it was a proposed Servicing Function Participant.


 


Notwithstanding the foregoing,
if the Trustee or the Certificate Administrator meets the provisions of clauses (i) through (iii), (v) and
(vi) above, but does not meet the provisions of clause (iv) above, the Trustee or the Certificate Administrator,
as the case may be, shall be deemed to meet the provisions of such clause (iv) (A) if it appoints a fiscal agent as a back-up
liquidity provider, provided that such fiscal agent meets the provisions of clauses (i) through (vi) above
and shall have assumed in writing all obligations of the Trustee or the Certificate Administrator, as the case may be, to make
Advances under this Agreement as and when required of the Trustee or the Certificate Administrator, as the case may be, or (B)
in the case of Wells Fargo Bank, National Association solely with respect to Moody’s, a long-term senior unsecured debt rating
of at least “A2” by Moody’s and a short-term debt rating of at least “P-1” by Moody’s. If a
corporation or association publishes reports of condition at least annually, pursuant to law or to the requirements of the aforesaid
supervising or examining authority, then for purposes of this Section the combined capital and surplus of such corporation shall
be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. If the place
of business from which the Trustee administers the Trust Fund is a state or local jurisdiction that imposes a tax on the Trust
Fund or the net income of either Trust REMIC (other than a tax corresponding to a tax imposed under the REMIC Provisions) the Trustee
shall elect either to (i) resign immediately in the manner and with the effect specified in Section 8.07 of this Agreement,
(ii) pay such tax and continue as Trustee or (iii) administer the Trust Fund from a state and local jurisdiction that does not
impose such a tax. If at any time the Trustee or the Certificate Administrator shall cease to be eligible in accordance with the
provisions of this Section, the Trustee or the Certificate Administrator, as the case may be, shall resign immediately in the manner
and with the effect specified in Section 8.07 of this Agreement.


 






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Section 8.07 Resignation
and Removal of Trustee and Certificate Administrator.  The Trustee and the Certificate Administrator may at any time resign
and be discharged from the trusts hereby created by giving written notice thereof to the Trustee, the Depositor, the Certificate
Administrator, the Operating Advisor, the Master Servicer, the Special Servicer, the 17g-5 Information Provider (which shall promptly
post such notice to the 17g-5 Information Provider’s Website pursuant to Section 3.14(d) of this Agreement); provided that such resignation shall not be effective until its successor shall have accepted the appointment. Upon notice of resignation
from the Trustee, the Depositor shall promptly appoint a successor trustee acceptable to the Master Servicer, the appointment
of which successor is subject to the requirements contained in Section 8.06 of this Agreement. Upon notice of resignation
from the Certificate Administrator, the Trustee shall promptly appoint a successor certificate administrator, the appointment
of which is subject to the requirements contained in Section 8.06 of this Agreement. If no successor trustee or certificate
administrator shall have been so appointed and have accepted appointment within 30 days after the giving of such notice of resignation,
the resigning Trustee or Certificate Administrator, as the case may be, may petition any court of competent jurisdiction for the
appointment of a successor. The Trustee or the Certificate Administrator, as applicable, shall bear all reasonable out of pocket
costs and expenses of each other party hereto and each Rating Agency in connection with its resignation.


 


If at any time the Trustee
or the Certificate Administrator shall cease to be eligible in accordance with the provisions of Section 8.06 of this Agreement
and shall fail to resign after written request therefor by the Depositor or the Master Servicer, or if at any time the Trustee
or the Certificate Administrator shall become incapable of acting, or shall be adjudged bankrupt or insolvent, or a receiver of
the Trustee or the Certificate Administrator, as the case may be (or of its property), shall be appointed, or any public officer
shall take charge or control of the Trustee or the Certificate Administrator, as the case may be (or of its property or affairs),
for the purpose of rehabilitation, conservation or liquidation, then the Depositor or the Master Servicer may remove the Trustee
or the Certificate Administrator, as the case may be, and the Depositor or the Master Servicer shall promptly appoint a successor
by written instrument, which shall be delivered to the Trustee or the Certificate Administrator, as the case may be, so removed
and to the successor.


 


The Holders of Certificates
entitled to at least 50% of the Voting Rights may at any time remove the Trustee or the Certificate Administrator and appoint a
successor by written instrument or instruments, in seven originals, signed by such Holders or their attorneys-in-fact duly authorized,
one complete set of which instruments shall be delivered to each of the Depositor, the Master Servicer, the Special Servicer, the
Operating Advisor, the Trustee, the Certificate Administrator and the successor trustee or certificate administrator, as applicable.


 


In addition, if the Trustee
or the Certificate Administrator is terminated without cause, the terminating party shall pay all of the expenses of the Trustee
or the Certificate Administrator, as the case may be, necessary to affect the transfer of its responsibilities to the successor.


 


In the event that the
Trustee is terminated or removed pursuant to this Section 8.07, all of its rights and obligations under this Agreement and
in and to the Trust Loan shall be terminated, other than any rights or obligations that accrued prior to the date of such termination
or removal (including the right to receive all fees, expenses, indemnities, and other amounts


 






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accrued or owing to it under this
Agreement, plus interest at the Advance Rate on all such amounts until received to the extent such amounts bear interest as provided
in this Agreement, with respect to periods prior to the date of such termination or removal) and such resignation, termination,
or removal shall be effective with respect to each of its other capacities hereunder.


 


In the event that the
Certificate Administrator is terminated or removed pursuant to this Section 8.07, (i) all of its rights and obligations
under this Agreement and in and to the Trust Loan shall be terminated, other than any rights or obligations that accrued prior
to the date of such termination or removal (including the right to receive all fees, indemnities, expenses and other amounts accrued
or owing to it under this Agreement with respect to periods prior to the date of such termination or removal) and (ii) such resignation,
termination, or removal shall be effective with respect to each of its other capacities hereunder.


 


Upon the resignation,
assignment, or transfer of the Trustee or its business to a successor, or upon the termination of the Trustee, (a) the outgoing
Trustee, at its own expense without right to reimbursement therefor, shall (A) endorse the original executed Trust Note for the
Trust Loan (to the extent that the original executed note for the Trust Loan was endorsed to the outgoing Trustee), without recourse,
representation or warranty, express or implied, to the order of the successor, as trustee for the registered holders of COMM 2016-667M
Mortgage Trust Commercial Mortgage Pass-Through Certificates or in blank, and (B) in the case of the other assignable Loan Documents
(to the extent other Loan Documents were assigned to the outgoing Trustee), assign and record Loan Documents to such successor,
and such successor shall review the documents delivered to it or to the Custodian with respect to the Trust Loan, and certify in
writing that, as to the Trust Loan then subject to this Agreement, such endorsement and assignment has been made; (b) if any original
executed Trust Note for the Trust Loan was not endorsed to the outgoing Trustee, the Custodian shall deliver the Trust Note to
the successor trustee and the Custodian shall cooperate with any successor trustee to ensure that the Trust Note is endorsed (without
recourse, representation and warranty, express or implied) to the order of the successor trustee, as trustee for the registered
holders of COMM 2016-667M Mortgage Trust Commercial Mortgage Pass-Through Certificates, or in blank. If any assignable Loan Document
(other than the Trust Note) was not assigned to the outgoing Trustee or if the Trustee is removed pursuant to Section 8.07
without cause, with respect to the Loan Documents identified in clause (B) of the preceding sentence, the Custodian shall
deliver the Loan Document to the successor trustee and, if appropriate the Loan Documents shall be recorded at the expense of the
Trust and the reasonable cooperation (as determined by the Depositor) of the Depositor.


 


Section 8.08 Successor
Trustee and Certificate Administrator.  (a) Any successor trustee or certificate administrator shall execute, acknowledge and
deliver to the Depositor, the Operating Advisor, the Master Servicer, the Certificate Administrator (or in the case of a successor
certificate administrator, to the predecessor Certificate Administrator) and the Trustee, as the case may be, instruments accepting
their appointment hereunder, and thereupon the resignation or removal of the predecessor Trustee or Certificate Administrator,
as applicable, shall become effective and such successor, without any further act, deed or conveyance, shall become fully vested
with all the rights, powers, duties and obligations of its predecessor hereunder, with the like effect as if originally named
as Trustee or Certificate Administrator, as applicable, herein, provided that such successor shall satisfy the requirements
contained in Section 8.06 of this Agreement. The predecessor Trustee or Certificate Administrator, as


 






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applicable, shall
deliver to its successor all Mortgage Files and related documents and statements held by it hereunder, and the Depositor and the
predecessor Trustee or Certificate Administrator, as applicable, shall execute and deliver such instruments and do such other
things as may reasonably be required for more fully and certainly vesting and confirming in the successor all such rights, powers,
duties and obligations. No successor trustee or certificate administrator, as the case may be, shall accept appointment as provided
in this Section 8.08 unless at the time of such acceptance such successor shall be eligible under the provisions of Section
8.06 of this Agreement.


 


Upon acceptance of appointment
by a successor trustee as provided in this Section 8.08, the Depositor shall mail notice of the succession of such Trustee
hereunder to all Holders of Certificates at their addresses as shown in the Certificate Register. If the Depositor fails to mail
such notice within 10 days after acceptance of appointment by the successor trustee, the successor trustee shall cause such notice
to be mailed at the expense of the Depositor.


 


(b)          Any
successor trustee appointed pursuant to this Agreement shall satisfy the eligibility requirements set forth in Section 8.06
hereof.


 


Section 8.09 Merger
or Consolidation of Trustee or Certificate Administrator.  Any corporation into which the Trustee or the Certificate Administrator
may be merged or converted or with which it may be consolidated or any corporation resulting from any merger, conversion or consolidation
to which the Trustee or the Certificate Administrator shall be a party, or any corporation succeeding to all or substantially
all of the corporate trust business of the Trustee or the Certificate Administrator, shall be the successor of the Trustee or
the Certificate Administrator, as the case may be, hereunder, provided that such corporation shall be eligible under the
provisions of Section 8.06 of this Agreement without the execution or filing of any paper or any further act on the part
of any of the parties hereto, anything herein to the contrary notwithstanding. The Trustee or the Certificate Administrator, as
applicable, will notify the other parties hereto, and the Certificate Administrator shall post notice of such merger or consolidation
to the Certificate Administrator’s Website in accordance with Section 3.14(d) of this Agreement and provide notice
of such event to the Master Servicer, the Special Servicer, the Depositor, the 17g-5 Information Provider (which shall promptly
post such notice to the 17g-5 Information Provider’s Website pursuant to Section 3.14(d) of this Agreement).


 


Section 8.10 Appointment
of Co-Trustee or Separate Trustee.  Notwithstanding any other provisions hereof, at any time, for the purpose of meeting any
legal requirements of any jurisdiction in which any part of the Trust Fund or property securing the same may at the time be located,
the Depositor and the Trustee acting jointly shall have the power and shall execute and deliver all instruments to appoint one
or more Persons approved by the Trustee to act (at the expense of the Trust) as co-Trustee or co-Trustees, jointly with the Trustee,
or separate Trustee or separate Trustees, of all or any part of the Trust Fund, and to vest in such Person or Persons, in such
capacity, such title to the Trust Fund, or any part thereof, and, subject to the other provisions of this Section 8.10,
such powers, duties, obligations, rights and trusts as the Depositor and the Trustee may consider necessary or desirable. If the
Depositor shall not have joined in such appointment within 15 days after the receipt by it of a request so to do, or in case a
Servicer Termination Event shall have occurred and be continuing, the Trustee alone shall have the power to make such appointment.
No co-Trustee or separate Trustee hereunder shall be required to meet the terms of eligibility as a successor Trustee under Section
8.06 hereunder and


 






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no notice to Holders of Certificates of the appointment of co-Trustee(s) or separate Trustee(s) shall be
required under Section 8.08 hereof.


 


In the case of any appointment
of a co-Trustee or separate Trustee pursuant to this Section 8.10, all rights, powers, duties and obligations conferred
or imposed upon the Trustee shall be conferred or imposed upon and exercised or performed by the Trustee and such separate Trustee
or co-Trustee jointly (it being understood that such separate Trustee or co-Trustee is not authorized to act separately without
the Trustee joining in such act), except to the extent that under any law of any jurisdiction in which any particular act or acts
are to be performed (whether as Trustee hereunder or as successor to the Master Servicer hereunder), the Trustee shall be incompetent
or unqualified to perform such act or acts, in which event such rights, powers, duties and obligations (including the holding of
title to the Trust Fund or any portion thereof in any such jurisdiction) shall be exercised and performed by such separate Trustee
or co-Trustee solely at the direction of the Trustee.


 


No Trustee under this
Agreement shall be personally liable by reason of any act or omission of any other trustee under this Agreement; provided
that except as required by applicable law, the appointment of a co-Trustee or separate Trustee shall not relieve the Trustee of
its responsibilities, obligations and liabilities hereunder. The Depositor and the Trustee acting jointly may at any time accept
the resignation of or remove any separate Trustee or co-Trustee, or if the separate Trustee or co-Trustee is an employee of the
Trustee, the Trustee acting alone may accept the resignation of or remove any separate Trustee or co-Trustee.


 


Any notice, request or
other writing given to the Trustee shall be deemed to have been given to each of the then separate Trustees and co-Trustees, as
effectively as if given to each of them. Every instrument appointing any separate Trustee or co-Trustee shall refer to this Agreement
and the conditions of this Article VIII. Every such instrument shall be filed with the Trustee. Each separate Trustee and co-Trustee,
upon its acceptance of the trusts conferred, shall be vested with the estates or property specified in its instrument of appointment,
either jointly with the Trustee or separately, as may be provided therein, subject to all the provisions of this Agreement, specifically
including every provision of this Agreement relating to the conduct of, affecting the liability of, or affording protection to,
the Trustee. In no event shall any such separate Trustee or co-Trustee be entitled to any provision relating to the conduct of,
affecting the liability of or affording protection to such separate Trustee or co-Trustee that imposes a standard of conduct less
stringent than that imposed by the Trustee hereunder, affording greater protection than that afforded to the Trustee hereunder
or providing a greater limit on liability than that provided to the Trustee hereunder.


 


Any separate Trustee
or co-Trustee may, at any time, constitute the Trustee its agent or attorney-in-fact, with full power and authority, to the extent
not prohibited by law, to do any lawful act under or in respect of this Agreement on its behalf and in its name. If any separate
Trustee or co-Trustee shall die, become incapable of acting, resign or be removed, all of its estates, properties, rights, remedies
and trusts shall vest in and be exercised by the Trustee, to the extent permitted by law, without the appointment of a new or successor
Trustee.


 






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ARTICLE
IX



TERMINATION


 


Section 9.01 Termination.  (a)
The respective obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Operating Advisor,
the Certificate Administrator and the Trustee created hereby with respect to the Certificates (other than the obligations of the
Certificate Administrator to make certain payments and to send certain notices to Certificateholders as hereinafter set forth)
shall terminate upon payment (or provision for payment) to the Certificateholders and the Companion Loan Holder of all amounts
held by or on behalf of the Trustee, the Certificate Administrator and the Master Servicer, as the case may be, required hereunder
to be so paid on the Distribution Date following the earlier to occur of (i) the purchase of the Trust Loan and all other property
held by the Trust Fund in accordance with Section 9.01(c) of this Agreement; (ii) the exchange by the Sole Certificateholder
of its Certificates for the Trust Loan in accordance with Section 9.01(g) of this Agreement; and (iii) the later of (a)
the receipt or collection of the last payment due on the Trust Loan included in the Trust Fund, or (b) the liquidation and disposition
pursuant to this Agreement of the last asset held by the Trust Fund; provided, however, that in no event shall the
trust created hereby continue beyond the expiration of twenty-one years from the death of the last survivor of the descendants
of Joseph P. Kennedy, the late Ambassador of the United States to the United Kingdom, living on the date hereof.


 


For purposes of this
Section 9.01, the Sole Certificateholder shall have the first option to terminate the Trust Fund, pursuant to subsection
(g), and then the Directing Holder, and then the Special Servicer and then the Master Servicer and then the Holder of a majority
Percentage Interest in the Class R and Class LR Certificates, in that order, pursuant to subsection (c).


 


(b)          The
Trust Fund, the Lower-Tier REMIC and the Upper-Tier REMIC shall be terminated and the assets of the Trust Fund shall be sold or
otherwise disposed of in connection therewith, only pursuant to a “plan of complete liquidation” within the meaning
of Section 860F(a)(4)(A) of the Code providing for the actions contemplated by the provisions hereof and pursuant to which the
applicable Notice of Termination is given, and requiring that the Trust Fund, the Lower-Tier REMIC and the Upper-Tier REMIC shall
terminate on a Distribution Date occurring not more than 90 days following the date of adoption of the plan of complete liquidation.
For purposes of this Section 9.01(b), the Notice of Termination given pursuant to Section 9.01(c) of this Agreement
shall constitute the adoption of the plan of complete liquidation as of the date such notice is given, which date shall be specified
by the Certificate Administrator (based on information provided by the Master Servicer) in the final federal income tax returns
of the Upper-Tier REMIC and the Lower-Tier REMIC. Notwithstanding the termination of the Lower-Tier REMIC or the Upper-Tier REMIC
or the Trust Fund, the Certificate Administrator shall be responsible for filing the final Tax Returns for each Trust REMIC for
the period ending with such termination, and shall retain books and records with respect to each Trust REMIC for the same period
of retention for which it maintains its own tax returns or such other reasonable period. The Trustee shall sign all Tax Returns
and other reports required by this Section.


 






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(c)          The
Directing Holder, and if the Directing Holder does not exercise such option, then the Special Servicer, and if the Special
Servicer does not exercise such option, then the Master Servicer, and if the Master Servicer does not exercise such option,
then the Holder of a majority Percentage Interest in the Class R and Class LR Certificates, may effect an early termination
of the Trust Fund (provided that such party has provided 15 Business Days’ prior notice to each of the parties with
such option and none of the parties with a higher priority has elected to exercise such option within such 15 Business Day period),
upon not less than 30 days’ prior Notice of Termination (which Notice of Termination shall satisfy the notice requirement
of the proviso) given to the Trustee, the Certificate Administrator, the Special Servicer and the Master Servicer any time on or
after the Early Termination Notice Date specifying the Anticipated Final Termination Date, by purchasing on such date all, but
not less than all, of the Trust Loan then included in the Trust Fund, and the Trust’s interest in all property acquired in
respect of the Trust Loan, at a purchase price, payable in cash, equal to the greater of,


 


(i)          the
sum of, without duplication


 


(A)          the
outstanding principal balance of the Trust Loan as of the last day of the month preceding such Anticipated Final Termination Date
(less any P&I Advances previously made on account of principal);


 


(B)          the
fair market value of all other property included in the Trust Fund as of the last day of the month preceding such Anticipated Final
Termination Date, as determined by an Independent appraiser acceptable to the Master Servicer as of a date not more than 30 days
prior to the last day of the month preceding such Distribution Date;


 


(C)          all
unpaid interest accrued on the outstanding principal balance of the Trust Loan (including circumstances where title to the Mortgaged
Property has been acquired) at the Trust Loan Rate to the last day of the Whole Loan Interest Accrual Period preceding such Anticipated
Final Termination Date (less any P&I Advances previously made on account of interest);


 


(D)          the
aggregate amount of unreimbursed Advances, with interest thereon at the Advance Rate, and unpaid Servicing Compensation, Special
Servicing Compensation, the Operating Advisor Fee, the Trustee/Certificate Administrator Fee, the CREFC® License
Fee and Trust Fund expenses and indemnity amounts owed by the Trust; and


 


(ii)          the
aggregate fair market value of the Trust Loan, and all other property acquired in respect of the Trust Loan in the Trust Fund,
on the last day of the month preceding such Distribution Date, as determined by an Independent appraiser acceptable to the Master
Servicer as of a date not more than 30 days prior to the last day of the month preceding such Distribution Date, together with
one month’s interest thereon at the Trust Loan Rate.


 


In the event that the
Directing Holder, the Special Servicer, the Master Servicer or the Holder of a majority Percentage Interest in the Class R or Class
LR Certificates purchases the Trust Loan and all property acquired in respect of the Trust Loan remaining in the Trust Fund in


 






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accordance with this Section 9.01(c), the Directing Holder, the Special Servicer, the Master Servicer or the Holder of a
majority Percentage Interest in the Class R and Class LR Certificates, as applicable, shall deposit in the Lower-Tier Distribution
Account not later than the Servicer Remittance Date relating to the Anticipated Final Termination Date on which the final distribution
on the Certificates is to occur, an amount in immediately available funds equal to the above-described purchase price (exclusive
of any portion thereof payable to any Person other than the Certificateholders pursuant to Section 3.05(a) of this Agreement,
which portion shall be deposited in the Collection Account). In addition, the Master Servicer shall transfer to the Certificate
Administrator for deposit in the Lower-Tier Distribution Account all amounts required to be transferred thereto on the Servicer
Remittance Date from the Collection Account, together with any other amounts on deposit in the Collection Account that would otherwise
be held for future distribution. The Certificate Administrator shall deposit all amounts deposited into the Lower-Tier Distribution
Account into the Upper-Tier Distribution Account for distribution in accordance with Section 4.01(a) and (b) of this
Agreement. Upon confirmation that such final deposits have been made and upon direction from the Master Servicer, the Custodian
shall, release or cause to be released to the Directing Holder, the Special Servicer, the Master Servicer or the Holder of a majority
Percentage Interest in the Class R or Class LR Certificates, as applicable, the Mortgage File for the Trust Loan and shall execute
all assignments, endorsements and other instruments furnished to it by such purchasing party as shall be necessary to effectuate
transfer of the Trust Loan and all property acquired in respect of the Trust Loan remaining in the Trust Fund, and the Trust Fund
shall be liquidated in accordance with this Article IX.


 


As a condition to the
purchase of the assets of the Trust Fund pursuant to this Section 9.01(c), the purchaser shall deliver to the Trustee and
the Certificate Administrator an Opinion of Counsel, which shall be at the expense of such purchaser, stating that such termination
will be a “qualified liquidation” under Section 860F(a)(4)(A) of the Code. All costs and expenses incurred by any and
all parties to this Agreement or by the Trust Fund in connection with the purchase of the Trust Loan and other assets of the Trust
Fund pursuant to this Section 9.01(c) shall be borne by the party exercising its purchase rights hereunder. The Trustee
and the Certificate Administrator shall be entitled to rely conclusively on any determination made by an Independent appraiser
pursuant to this subsection (c).


 


(d)          If
the Trust Fund has not been previously terminated pursuant to subsection (c) of this Section 9.01, the Certificate
Administrator shall determine as soon as practicable the Distribution Date on which the Certificate Administrator reasonably anticipates,
based on information with respect to the Trust Loan previously provided to it, that the final distribution will be made (i) to
the Holders of outstanding Regular Certificates, notwithstanding that such distribution may be insufficient to distribute in full
the Certificate Balance of each Class of Certificates, together with amounts required to be distributed on such Distribution Date
pursuant to Section 4.01(b) of this Agreement and (ii) if no such Classes of Certificates are then outstanding, the final
distribution shall be made (i) to the Holders of the Class LR Certificates of any amount remaining in the Collection Account or
the Lower-Tier Distribution Account, and (ii) to the Holders of the Class R Certificates of any amount remaining in the Upper-Tier
Distribution Account.


 






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(e)       Notice of any termination of the Trust Fund pursuant to this Section 9.01 shall be mailed by the
Certificate Administrator to affected Certificateholders with a copy to the Trustee, the Master Servicer, the Special
Servicer, the Trust Loan Seller, the Operating Advisor, the Companion Loan Holder and the 17g-5 Information Provider (which
shall promptly post such notice to the 17g-5 Information Provider’s Website pursuant to Section 3.14(d) of this
Agreement) at their addresses shown in the Certificate Registrar not more than 30 days, and not less than ten days, prior to
the Anticipated Final Termination Date. The notice mailed by the Certificate Administrator to affected Certificateholders
shall:


 


(i)      
 specify the Anticipated Final Termination Date on which the final distribution is anticipated to be made to Holders of
Certificates of the Classes specified therein;


 


(ii)    
   specify the amount of any such final distribution, if known; and


 


(iii)   
   state that the final distribution to Certificateholders will be made only upon presentation and surrender
of Certificates at the office of the Paying Agent therein specified.


 


If the Trust Fund is not terminated on
any Anticipated Final Termination Date for any reason, the Certificate Administrator shall promptly mail notice thereof to each
affected Certificateholder.


 


(f)      
 Any funds not distributed on the Termination Date because of the failure of any Certificateholders to tender their
Certificates shall be set aside and held in trust for the account of the appropriate non-tendering Certificateholders,
whereupon the Trust Fund shall terminate. If any Certificates as to which notice of the Termination Date has been given
pursuant to this Section 9.01 shall not have been surrendered for cancellation within six months after the time
specified in such notice, the Certificate Administrator shall mail a second notice to the remaining Certificateholders, at
their last addresses shown in the Certificate Register, to surrender their Certificates for cancellation in order to receive,
from such funds held, the final distribution with respect thereto. If within one year after the second notice any Certificate
shall not have been surrendered for cancellation, the Certificate Administrator may, directly or through an agent, take
appropriate steps to contact the remaining Certificateholders concerning surrender of their Certificates. The costs and
expenses of maintaining such funds and of contacting Certificateholders shall be paid out of the assets which remain held. If
within two years after the second notice any Certificates shall not have been surrendered for cancellation, the Paying Agent
shall pay to the Certificate Administrator all amounts distributable to the Holders thereof, and the
Certificate Administrator shall thereafter hold such amounts for the benefit of such Holders until the earlier of (i) its
termination as Certificate Administrator hereunder and the transfer of such amounts to a successor certificate administrator
and (ii) the termination of the Trust Fund and distribution of such amounts, subject to applicable law, to the Residual
Certificateholders. No interest shall accrue or be payable to any Certificateholder on any amount held as a result of such
Certificateholder’s failure to surrender its Certificate(s) for final payment thereof in accordance with this Section
9.01.


 


(g)       The
Sole Certificateholder (or a group of Certificateholders acting in unanimity) shall have the right to exchange all of its Certificates
(other than the Class R and Class LR Certificates), including the Class X Certificates, for the Trust Loan or REO Property,


 






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as
applicable, as contemplated by clause (ii) of Section 9.01(a) by giving written notice to all the parties hereto
no later than 60 days prior to the anticipated date of exchange; provided that such Sole Certificateholder compensates the
Certificate Administrator for the amount of investment income the Certificate Administrator would have earned if the outstanding
Certificate Balance of the then outstanding Principal Balance Certificates were on deposit with the Certificate Administrator as
of the first day of the current calendar month and such Sole Certificateholder pays to the Master Servicer as additional compensation
an amount equal to (i) the product of (A) the Prime Rate, (B) the aggregate Certificate Balance of the then-outstanding Principal
Balance Certificates as of the day of the exchange and (C) three, divided by (ii) 360. In the event that the Sole Certificateholder
elects to exchange all of its Certificates (other than the Class R and Class LR Certificates), including the Class X Certificates,
for the Trust Loan and or REO Property, as applicable, remaining in the Trust Fund in accordance with the preceding sentence, such
Sole Certificateholder, not later than the Business Day prior to the Distribution Date on which the final distribution on the Certificates
is to occur, shall deposit in the Collection Account an amount in immediately available funds equal to all amounts due and owing
to the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor and the Trustee
hereunder through the date of the liquidation of the Trust Fund that may be withdrawn from the Collection Account, or an escrow
account acceptable to the respective parties hereto, pursuant to Section 3.06(a) of this Agreement or that may be withdrawn
from the Distribution Accounts pursuant to Section 3.06(f) and Section 3.06(g) of this Agreement, but only to the
extent that such amounts are not already on deposit in the Collection Account. In addition, the Master Servicer shall transfer
all amounts required to be transferred to the Certificate Administrator for deposit in the Lower-Tier Distribution Account on or
Servicer Remittance Date from the Collection Account pursuant to Section 3.05 of this Agreement. Upon confirmation from
the Certificate Administrator that such final deposits have been made and following the surrender of all its Certificates (other
than the Class R and Class LR Certificates) on the final Distribution Date to the Certificate Administrator, the Custodian shall,
upon receipt of a Request for Release from the Master Servicer, release or cause to be released to the Sole Certificateholder or
any designee thereof, the Mortgage File for the Trust Loan or shall execute all assignments, endorsements and other instruments
furnished to it by the Sole Certificateholder as shall be necessary to effectuate transfer of the Trust Loan and REO Property,
as applicable remaining in the Trust Fund, and the Trust Fund shall be liquidated in accordance with this Article IX. The Trust
Loan or REO Property, as applicable, is deemed distributed to the Sole Certificateholder in liquidation of the Trust Fund pursuant
to this Article IX. Solely for federal income tax purposes, the Sole Certificateholder shall be deemed to have purchased the assets
of the Lower-Tier REMIC for an amount equal to (a) if the Trust Loan is a Performing Loan, the remaining Certificate Balance of
its Certificates (other than the Class R and Class LR Certificates), plus accrued, unpaid interest with respect thereto, or (b)
if the Trust Loan is a Specially Serviced Loan or has been converted to REO Property, the fair market value thereof, and the Certificate
Administrator shall credit such amounts against amounts distributable in respect of the Lower-Tier Regular Interests and such Certificates.


 


(h)       The
duties of the Operating Advisor under this Agreement will terminate, without cost or expense to the Operating Advisor, upon termination
of the Trust Fund.


 



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ARTICLE
X



MISCELLANEOUS PROVISIONS


 


Section
10.01 Counterparts.  This Agreement may be executed simultaneously in any number of counterparts, each of which
counterparts shall be deemed to be an original, and such counterparts shall constitute but one and the same instrument.
Delivery of an executed counterpart of a signature page of this Agreement in Portable Document Format (PDF) or by facsimile
transmission shall be as effective as delivery of a manually executed original counterpart of this Agreement.


 


Section 10.02 Limitation
on Rights of Certificateholders.  The death or incapacity of any Certificateholder shall not operate to terminate this Agreement
or the Trust Fund, or entitle such Certificateholder’s legal representatives or heirs to claim an accounting or to take
any action or proceeding in any court for a partition or winding up of the Trust Fund, or otherwise affect the rights, obligations
and liabilities of the parties hereto or any of them.


 


No Certificateholder
shall have any right to vote (except as expressly provided for herein) or in any manner otherwise control the operation and management
of the Trust Fund, or the obligations of the parties hereto, and nothing herein set forth, or contained in the terms of the Certificates,
shall be construed so as to constitute the Certificateholders from time to time as partners or members of an association; and no
Certificateholder shall be under any liability to any third person by reason of any action taken by the parties to this Agreement
pursuant to any provision hereof.


 


No Certificateholder
shall have any right to institute any suit, action or proceeding in equity or at law upon or under or with respect to this Agreement,
the Trust Loan or the Certificates, unless such Certificateholder or the Companion Loan Holder, as applicable, previously shall
have given to the Trustee a written notice of default and of the continuance thereof, as hereinbefore provided, and unless also
the Companion Loan Holder or the Certificateholders representing Percentage Interests of at least 25% of each affected Class of
Certificates, as applicable, has or have made written request upon the Trustee to institute such action, suit or proceeding in
its own name as Trustee hereunder and has or have offered to the Trustee such security or indemnity reasonably satisfactory to
it as it may require against the costs, expenses and liabilities to be incurred therein or thereby, and the Trustee, for 60 days
after its receipt of such notice, request and offer of security or indemnity, shall have failed or refused to institute any such
action, suit or proceeding. It is understood and intended, and expressly covenanted by each Certificateholder with every other
Certificateholder and the Trustee, that no Certificateholder of any Class shall have any right in any manner whatever by virtue
of any provision of this Agreement to affect, disturb or prejudice the rights of the Holders of any other of such Certificates,
or to obtain or seek to obtain priority over or preference to any other such Certificateholder, or to enforce any right under this
Agreement or the Certificates, except in the manner herein or therein provided and for the equal, ratable and common benefit of
all Holders of Certificates of such Class, as applicable. For the protection and enforcement of the provisions of this Section,
each and every Certificateholder and the Trustee shall be entitled to such relief as can be given either at law or in equity.


 






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Section 10.03 Governing
Law.  THIS AGREEMENT AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO THIS AGREEMENT, THE RELATIONSHIP
OF THE PARTIES TO THIS AGREEMENT, AND/OR THE INTERPRETATION AND ENFORCEMENT OF THE RIGHTS AND DUTIES OF THE PARTIES TO THIS AGREEMENT
SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS AND DECISIONS OF THE STATE OF NEW YORK, WITHOUT REGARD
TO THE CHOICE OF LAW RULES THEREOF. THE PARTIES HERETO INTEND THAT THE PROVISIONS OF SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS
LAW SHALL APPLY TO THIS AGREEMENT.


 


Section 10.04 Waiver
of Jury Trial; Consent to Jurisdiction.  TO THE FULLEST EXTENT PERMITTED UNDER APPLICABLE LAW, EACH PARTY HERETO WAIVES ITS
RESPECTIVE RIGHTS TO A TRIAL BY JURY OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF OR RELATED TO THIS AGREEMENT,
ANY ASSIGNMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY, IN ANY ACTION, PROCEEDING OR OTHER LITIGATION OF ANY TYPE BROUGHT BY ANY
PARTY AGAINST THE OTHER PARTIES, WHETHER WITH RESPECT TO CONTRACT CLAIMS, TORT CLAIMS, OR OTHERWISE. EACH PARTY HERETO AGREES
THAT ANY SUCH CLAIM OR CAUSE OF ACTION SHALL BE TRIED BY A COURT TRIAL WITHOUT A JURY. WITHOUT LIMITING THE FOREGOING, THE PARTIES
FURTHER AGREE THAT THEIR RESPECTIVE RIGHT TO A TRIAL BY JURY IS WAIVED BY OPERATION OF THIS SECTION AS TO ANY ACTION, COUNTERCLAIM
OR OTHER PROCEEDING WHICH SEEKS, IN WHOLE OR IN PART, TO CHALLENGE THE VALIDITY OR ENFORCEABILITY OF THIS AGREEMENT, ANY ASSIGNMENT
OR ANY PROVISION HEREOF OR THEREOF. THIS WAIVER SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS
TO THIS AGREEMENT OR ANY ASSIGNMENT.


 


TO THE FULLEST EXTENT
PERMITTED UNDER APPLICABLE LAW, EACH PARTY HERETO HEREBY IRREVOCABLY (I) SUBMITS TO THE JURISDICTION OF ANY NEW YORK STATE AND
FEDERAL COURTS SITTING IN NEW YORK CITY WITH RESPECT TO MATTERS ARISING OUT OF OR RELATING TO THIS AGREEMENT; (II) AGREES THAT
ALL CLAIMS WITH RESPECT TO SUCH MATTERS MAY BE HEARD AND DETERMINED IN SUCH NEW YORK STATE OR FEDERAL COURTS; (III) WAIVES THE
DEFENSE OF AN INCONVENIENT FORUM IN ANY ACTION OR PROCEEDING INVOLVING SUCH CLAIMS IN ANY SUCH COURT; AND (IV) AGREES THAT A FINAL
JUDGMENT IN ANY SUCH ACTION OR PROCEEDING IN ANY SUCH COURT SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT
ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW.


 


Section 10.05 Notices.     Unless
otherwise specified in this Agreement, all demands, notices and communications hereunder shall be in writing, shall be deemed
to have been given upon receipt (except that notices to Holders of Class R and Class LR Certificates or Holders of any Class of
Certificates no longer held through a Depository and instead held in


 






    -287- 


     


    

 


registered, definitive form shall be deemed to have been given upon being sent by
first-class mail, postage prepaid or by overnight courier) as follows:


 


If to the Depositor, to:



Deutsche Mortgage & Asset Receiving Corporation

60 Wall Street

New York, New York 10005

Attention: Lainie Kaye


 


If to the Master Servicer, to:



KeyBank National Association

11501 Outlook Street, Suite 300

Overland Park, Kansas 66211

Attention: Michael Tilden

Fax Number: (877) 379-1625

Email: michael_a_tilden@keybank.com


 


with a copy to:


 


Polsinelli PC

900 West 48th Place, Suite 900

Kansas City, Missouri 64112

Attention: Kraig Kohring

Fax Number: 816-753-1536

Email: kkohring@polsinelli.com


 


If to the Special Servicer, to:


 


AEGON USA Realty Advisors, LLC

4333 Edgewood Road, NE





Cedar Rapids, Iowa 52499





Attention: Greg Dryden, Senior Vice President





Telephone: 319-355-8734





Email: gdryden@aegonusa.com


 


with a copy to:


 


Email: Specialservicing@aegonusa.com


 


If to the Certificate Administrator,
Trustee and the Custodian, to:


 


Wells Fargo Bank, National Association

9062 Old Annapolis Road





Columbia, Maryland 21045


 






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Attention: Corporate Trust Services
COMM 2016-667M



with a copy to:



Facsimile number: (410) 715-2380

Email: trustadministrationgroup@wellsfargo.com;


cts.cmbs.bond.admin@wellsfargo.com


 


If to the Custodian, to:




 


Wells Fargo Bank, N.A.





1055 10th Avenue SE





Minneapolis, Minnesota 55414





Attention: Document Custody Group
CMBS COMM 2016-667M


 


If to the Operating Advisor,
to:




 


Park Bridge Lender Services LLC

600 Third Avenue, 40th Floor

New York, New York 10016

Attention: COMM 2016-667M Surveillance Manager


 


with a copy sent contemporaneously
via email to:


 


cmbs.notices@parkbridgefinancial.com


 


If to GACC, as the Trust Loan
Seller, to:



German American Capital Corporation

60 Wall Street

New York, New York 10005

Attention: Lainie Kaye


 






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If to Deutsche
Bank Securities Inc., as the Initial Purchaser, to:



Deutsche Bank Securities Inc.

Commercial Mortgage-Backed Securities

60 Wall Street

New York, New York 10005

Attention: Lainie Kaye


 


If to any Certificateholder,
to:



the address set forth in the Certificate Register


 


If to the initial Directing Holder,
to:



Prima Capital Advisors LLC

2 Overhill Road, Suite 215

Scarsdale, New York 10583


 


If to the 17g-5 Information Provider,
electronically to:



17g5informationprovider@wellsfargo.com

(in an electronic format readable and uploadable (that is not locked or corrupted) on the 17g-5 Information Provider’s system,
specifically with a subject reference of “COMM 2016-667M” and an identification of the type of information being provided
in the body of such electronic mail)


 


or, in the case of the parties to this
Agreement, to such other address as such party shall specify by written notice to the other parties hereto.


 


Section
10.06 Severability of Provisions. If any one or more of the covenants, agreements, provisions or terms of this
Agreement shall be for any reason whatsoever held invalid, then, to the extent permitted by applicable law, such covenants,
agreements, provisions or terms shall be deemed severable from the remaining covenants, agreements, provisions or terms of
this Agreement and shall in no way affect the validity or enforceability of the other provisions of this Agreement or of the
Certificates or the rights of the Holders thereof.


 


Section 10.07 Notice
to the Depositor and Each Rating Agency.     (a) The Certificate Administrator shall promptly provide notice to the Depositor,
the Initial Purchaser, the Trustee, and the 17g-5 Information Provider (which shall promptly post such notice to the 17g-5 Information
Provider’s Website) with respect to each of the following of which a Responsible Officer of the Certificate Administrator
has actual knowledge and to the extent the below information has not already been provided to the Depositor, the Initial Purchaser,
the Trustee, and the 17g-5 Information provider pursuant to the terms of this Agreement:


 


(i)       
any material change or amendment to this Agreement;


 


(ii)      
the occurrence of any Servicer Termination Event that has not been cured;


 






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(iii)       the
merger, consolidation, resignation or termination of the Certificate Administrator, the Master Servicer, the Special Servicer,
the Operating Advisor or the Trustee; and


 


(iv)       the
repurchase of Trust Loan pursuant to Section 2.03(e) of this Agreement.


 


(b)       The
Certificate Administrator shall promptly furnish to the Depositor, the Initial Purchaser, and the 17g-5 Information Provider (which
shall promptly post such materials to the 17g-5 Information Provider’s Website):


 


(i)     
  notice of the final payment to any Class of Certificateholders;


 


(ii)      
 notice of any change in the location of the Distribution Accounts; and


 


(iii)       each
report to Certificateholders described in Section 4.02 and Section 3.13 of this Agreement.


 


(c)     
  The Master Servicer shall promptly furnish to the 17g-5 Information Provider (which shall promptly post such
materials to the 17g-5 Information Provider’s Website):


 


(i)     
  a copy of each rent roll and each operating and other financial statement and occupancy reports, to the extent
such information is required to be delivered under the Trust Loan, in each case to the extent collected pursuant to Section
3.03 of this Agreement;


 


(ii)     
  notice of any change in the location of the Collection Account,


 


(iii)       a
copy of any notice with respect to a breach of a representation or warranty with respect to the Trust Loan;


 


(iv)       any
event that would result in the voluntary or involuntary termination of any insurance of the accounts of the Master Servicer;


 


(v)       any
change in the lien priority of the Trust Loan;


 


(vi)       any
material damage to the Mortgaged Property; and


 


(vii)      any
amendment, modification, consent or waiver to or of any provision of the Trust Loan (including any modification to the related
Loan Documents that remove a requirement for a No Downgrade Confirmation).


 


(d)    
   Any party required to deliver any notice or information pursuant to the terms of this Agreement to the
Rating Agencies shall deliver such written notice of the events or information specified in Section 3.14(d) to the
Rating Agencies at the address listed below, promptly following the occurrence thereof. The Master Servicer or Special
Servicer, as applicable, and the Certificate Administrator and Trustee also shall furnish such other information regarding
the Trust Fund as may be reasonably requested by the Rating Agencies to


 






    -291- 


     


    

 


the extent such party has or can obtain such
information without unreasonable effort or expense; provided, however, that such other information is first
provided to the 17g-5 Information Provider in accordance with the procedures set forth in Section 3.14(d).
Notwithstanding the foregoing, the failure to deliver such notices or copies shall not constitute a Servicer Termination
Event, as the case may be, under this Agreement. Any confirmation of the rating by the Rating Agencies required
hereunder shall be in writing.


 


Notices to each Rating Agency
shall be addressed as follows:


 


DBRS, Inc.

333 West Wacker Drive, Suite 1800

Chicago, Illinois 60606

Attention: Commercial Mortgage Surveillance

Facsimile No.: (312) 332-3492

Email: cmbs.surveillance@dbrs.com


 


S&P Global Ratings

55 Water Street, 41st Floor

New York, New York 10041

Attention: Commercial Mortgage Surveillance Manager

Email: cmbs_info_17g5@standardandpoors.com


 


or in each case to such other address
as a Rating Agency shall specify by written notice to the parties hereto.


 


(e)       In
connection with the delivery by the Master Servicer or the Special Servicer to the Rule 17g-5 Information Provider of any information,
report, notice or document for posting to the Rule 17g-5 Information Provider’s Website, the 17g-5 Information Provider shall
notify the Master Servicer or Special Servicer, as applicable, of when such information, report, notice or document has been posted
to the 17g-5 Information Provider’s Website. The Master Servicer or Special Servicer, as applicable, may, but is not obligated
to, send such information, report, notice or other document to the applicable Rating Agency so long as such information, report,
notice or document was (i) previously provided to the 17g-5 Information Provider or (ii) is simultaneously provided to the 17g-5
Information Provider.


 


Section
10.08 Amendment.   This Agreement or any Custodial Agreement may be amended at any time by the Depositor, the
Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee and the Operating Advisor without the
consent of any of the Certificateholders or the Companion Loan Holder, (i) to cure any ambiguity or to correct any error;
(ii) to cause the provisions herein to conform or be consistent with or in furtherance of the statements made in the Offering
Circular with respect to the Certificates, the Trust or this Agreement or to correct or supplement any provisions herein or
therein which may be defective or inconsistent with any other provisions herein or therein; (iii) to amend any provision
hereof to the extent necessary or desirable to maintain the rating or ratings assigned to each of the Classes of Certificates
or Companion Loan Securities by each Rating Agency (provided that such amendment does not adversely affect in any
material respect (x) the rights or interests of any Certificateholder or Companion Loan Holder not consenting thereto or (y)
the rights or interests of the Directing Holder without the consent of the Holders of Certificates representing all of
the


 






    -292- 


     


    

 


Percentage Interests of the Controlling Class); (iv) to amend or supplement a provision, or to supplement any other provisions
to the extent not inconsistent with the provisions of this Agreement, or any other change that will not adversely affect in any
material respect the interests of any Certificateholder or Companion Loan Holder not consenting thereto (as evidenced in writing
by an Opinion of Counsel or, if solely affecting any Certificateholder of a rated Class or the Companion Loan Holder of rated Companion
Loan Securities, in respect of which a No Downgrade Confirmation has been obtained relating to the Certificates or the Companion
Loan Securities, if applicable); and (v) to modify the procedures herein relating to compliance with Rule 17g-5 of the Exchange
Act; provided that such modification would not materially increase the obligations of the Depositor, the Trustee, the Paying
Agent, the Certificate Administrator, the Operating Advisor, the 17g-5 Information Provider, the Master Servicer or the Special
Servicer without such parties’ consent; and provided, further, that such amendment shall not adversely affect
in any material respects the interests of any Certificateholders or Companion Loan Holder not consenting thereto, as evidenced
by in the case of clauses (iii) through (v) above by (x) an Opinion of Counsel or (y) solely in the case of a Certificateholder
of a rated Class, receipt of a No Downgrade Confirmation from each Rating Agency and a No Downgrade Confirmation with respect to
any Companion Loan Securities; and provided, further, that the Certificate Administrator shall give notice of any
such amendment to the 17g-5 Information Provider (which shall promptly post such notice to the 17g-5 Information Provider’s
Website pursuant to Section 3.14(c) of this Agreement). In no event shall any such amendment cause the Lower-Tier REMIC
or the Upper-Tier REMIC to fail to qualify as a REMIC or subject either REMIC to tax.


 


This Agreement or any
Custodial Agreement may also be amended from time to time by the Depositor, the Master Servicer, the Special Servicer, the Certificate
Administrator, the Trustee and the Operating Advisor with the prior written consent of the Holders of Certificates representing
not less than 66-2⁄3% of the Percentage Interests of each Class of Certificates affected thereby (without regard to Certificates
held by the Depositor, any of the Depositor’s Affiliates and/or agents or the Trust Loan Seller) and the Companion Loan Holder
if affected thereby for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions
of this Agreement or modifying in any manner the rights of the Certificateholders; provided, however, that no such
amendment may:


 


(i)      
 reduce in any manner the amount of, or delay the timing of, payments received on the Whole Loan which is required to be
distributed on any Certificate, without the consent of the Holders of Certificates representing all of the Percentage
Interests of the Class or Classes affected thereby or which are required to be distributed to the Companion Loan Holder
without the consent of such Companion Loan Holder;


 


(ii)       change
the percentages of Voting Rights or Percentage Interests of Holders of Certificates which are required to consent to any action
or inaction under this Agreement without the consent of the Holders of Certificates representing all of the Percentage Interests
of the Class or Classes affected thereby and the consent of the Companion Loan Holder;


 


(iii)       alter
the Servicing Standard or obligations of the Master Servicer or the Trustee to make a P&I Advance, Administrative Advance or
a Property Advance, without the consent of the Holders of Certificates representing all of the Percentage


 






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Interests of the Class
or Classes affected thereby and the consent of the Companion Loan Holder; or


 


(iv)       amend
any section hereof which relates to the amendment of this Agreement without the consent of the Holders of all Certificates representing
all of the Percentage Interests of the Class or Classes affected thereby and the consent of the Companion Loan Holder.


 


Further, the Depositor,
the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor and the Trustee, at any time and
from time to time, without the consent of the Certificateholders or the Companion Loan Holder, may amend this Agreement to modify,
eliminate or add to any of its provisions to such extent as shall be necessary: (i) to maintain the qualification of the Lower-Tier
REMIC or the Upper-Tier REMIC as a REMIC, or to prevent the imposition of any additional material state or local taxes, at all
times that any Certificates are outstanding; provided that such action, as evidenced by an Opinion of Counsel (obtained
at the expense of the Trust Fund), is necessary or helpful to maintain such qualification or to prevent the imposition of any such
taxes, and would not adversely affect in any material respect the interest of any Certificateholder or the Companion Loan Holder
or (ii) to comply with the Investment Company Act of 1940, as amended, and/or any related regulatory actions and/or interpretations.


 


In the event that neither
the Depositor nor any successor thereto, if any, is in existence, any amendment under this Section 10.08 shall be effective
with the consent of the Trustee, the Certificate Administrator, the Operating Advisor, the Master Servicer and the Special Servicer,
in writing, and to the extent required by this Section 10.08, the Certificateholders and the Companion Loan Holder. Promptly
after the execution of any amendment, the requesting party shall forward to the Trustee, the Certificate Administrator, the Master
Servicer and the Special Servicer, and the Certificate Administrator shall furnish a copy of such amendment to each Certificateholder,
the 17g-5 Information Provider (which shall promptly post such notice to the 17g-5 Information Provider’s Website pursuant
to Section 3.14(d) of this Agreement).


 


It shall not be necessary
for the consent of Certificateholders under this Section 10.08 to approve the particular form of any proposed amendment,
but it shall be sufficient if such consent shall approve the substance thereof. The method of obtaining such consents and of evidencing
the authorization of the execution thereof by Certificateholders and Companion Loan Holder shall be subject to such reasonable
regulations as the Trustee may prescribe; provided, however, that such method shall always be by affirmation and
in writing.


 


Notwithstanding any contrary
provision of this Agreement, no amendment shall be made to this Agreement or any Custodial Agreement unless the Trustee and the
Certificate Administrator have received an Opinion of Counsel, at the expense of the party requesting such amendment (or, if such
amendment is required by any Rating Agency to maintain the rating issued by it or requested by the Trustee for any purpose described
in clause (i), (ii) or (iii) of first sentence of this Section, then at the expense of the Trust Fund) confirming
that such amendment is authorized or permitted by this Agreement and that all conditions precedent with respect thereto have been
satisfied, respectively, hereunder and such amendment will not cause the Lower-Tier REMIC or the Upper-Tier REMIC to fail to qualify
as a REMIC at any time that any


 






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Certificates are outstanding, or cause a tax to be imposed on the Trust Fund or either Trust REMIC.


 


Prior to the execution
of any amendment to this Agreement or any Custodial Agreement, the Trustee, the Certificate Administrator, the Operating Advisor,
the Special Servicer and the Master Servicer may request and shall be entitled to rely conclusively upon an Opinion of Counsel
and an Officer’s Certificate, at the expense of the party requesting such amendment (or, if such amendment is required by
any Rating Agency to maintain the rating issued by it or requested by the Trustee for any purpose described in clause (i),
(ii) or (iii) of the first sentence of this Section 10.08 (which do not modify or otherwise relate solely
to the obligations, duties or rights of the Trustee or the Certificate Administrator), then at the expense of the Trust Fund) stating
that the execution of such amendment is authorized or permitted by this Agreement and that all conditions precedent with respect
thereto have been satisfied. The Trustee, the Certificate Administrator or the Operating Advisor may, but shall not be obligated
to, enter into any such amendment which affects the Trustee’s, the Certificate Administrator’s or the Operating Advisor’s
own rights, duties or immunities under this Agreement.


 


Notwithstanding any contrary
provision contained in this Agreement, no amendment shall be made to this Agreement which adversely affects the rights, including
(without limitation) as a third-party beneficiary hereunder, and/or obligations of the Trust Loan Seller or the Initial Purchaser
without the consent of the Trust Loan Seller or the Initial Purchaser, as applicable, or which adversely affects the rights, including
(without limitation) as a third-party beneficiary hereunder, and/or obligations of the Companion Loan Holder without the consent
of such Companion Loan Holder.


 


Promptly after the execution
of any amendment to this Agreement, the Certificate Administrator shall post a copy of the same to the Certificate Administrator’s
Website, deliver a copy of the same to the 17g-5 Information Provider which shall post a copy of the same on the 17g-5 Information
Provider’s Website pursuant to Section 3.14(d) of this Agreement, and thereafter, the Certificate Administrator shall
furnish a copy of such amendment to each Certificateholder, the Companion Loan Holder, the Depositor, the Operating Advisor, the
Master Servicer, the Special Servicer, and the Initial Purchaser.


 


Section 10.09
 Confirmation of Intent.   It is the express intent of the parties hereto that the conveyance of the
Trust Fund (including the Trust Loan) by the Depositor to the Trustee on behalf of Certificateholders as contemplated by
this Agreement and the sale by the Depositor of the Certificates be, and be treated for all purposes as, a sale by the
Depositor of the undivided portion of the beneficial interest in the Trust Fund represented by the Certificates. It is,
further, not the intention of the parties that such conveyance be deemed a pledge of the Trust Fund by the Depositor to the
Trustee to secure a debt or other obligation of the Depositor. However, in the event that, notwithstanding the intent of the
parties, the Trust Fund is held to continue to be property of the Depositor then (a) this Agreement shall also be deemed to
be a security agreement under applicable law; (b) the transfer of the Trust Fund provided for herein shall be deemed to be a
grant by the Depositor to the Trustee on behalf of Certificateholders of a first priority security interest in all of
the Depositor’s right, title and interest in and to the Trust Fund and all amounts payable to the holders of the Trust
Loan in accordance with the terms thereof and all proceeds of the conversion, voluntary or involuntary, of the foregoing
into cash, instruments, securities or other property, including, without limitation, all amounts from time to


 






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time held
or invested in the Collection Account, the Distribution Accounts, the Interest Reserve Account and any REO Account whether
in the form of cash, instruments, securities or other property; (c) the possession by the Trustee (or the Custodian on
its behalf) of Note and such other items of property as constitute instruments, money, negotiable documents or chattel
paper shall be deemed to be “possession by the secured party” for purposes of perfecting the security interest
pursuant to Section 9-313 of the New York Uniform Commercial Code; and (d) notifications to Persons holding such property,
and acknowledgments, receipts or confirmations from Persons holding such property, shall be deemed notifications to,
or acknowledgments, receipts or confirmations from, financial intermediaries, bailees or agents (as applicable) of the
Trustee for the purpose of perfecting such security interest under applicable law. Any assignment of the interest of the
Trustee pursuant to any provision hereof shall also be deemed to be an assignment of any security interest created hereby.
The Depositor shall, and upon the request and direction of the Master Servicer, the Trustee shall, to the extent consistent
with this Agreement (and at the expense of the Trust Fund), take such actions as may be necessary to ensure that, if
this Agreement were deemed to create a security interest in the Trust Loan, such security interest would be deemed to be
a perfected security interest of first priority under applicable law and will be maintained as such throughout the term of
this Agreement. It is the intent of the parties that such a security interest would be effective whether any of the
Certificates are sold, pledged or assigned.


 


Section 10.10 No
Intended Third-Party Beneficiaries.       Except as specified in Section 10.12 of this Agreement, no Person other than a party
to this Agreement, the Trust Loan Seller, the Initial Purchaser or any Certificateholder shall have any rights with respect to
the enforcement of any of the rights or obligations hereunder. Without limiting the foregoing, the parties to this Agreement specifically
state that no Borrower, Manager or other party to the Trust Loan is an intended third-party beneficiary of this Agreement.


 


Section 10.11 Entire
Agreement.     This Agreement, together with the Co-Lender Agreement, contains the entire agreement and understanding between the
parties hereto with respect to the subject matter hereof, and supersedes all prior and contemporaneous agreements, understanding,
inducements and conditions, express or implied, oral or written, of any nature whatsoever with respect to the subject matter hereof.
The express terms hereof control and supersedes any course of performance or usage of the trade inconsistent with any of the terms
hereof.


 


Section 10.12 Third
Party Beneficiaries.     Each of the Trustee, the Certificate Administrator, the Operating Advisor, the Master Servicer and the
Special Servicer acknowledge that (i) each of the Trust Loan Seller and the Initial Purchaser is a third party beneficiary with
respect to Section 8.05(h) of this Agreement, the obligations of any such party to deliver information to the 17g-5 Information
Provider hereunder and the obligations of the 17g-5 Information Provider to post information to the 17g-5 Information Provider’s
Website and the express obligations of any party hereto to deliver documents, notices, information or funds to the Trust Loan
Seller, (ii) the Trust Loan Seller is a third party beneficiary with respect to Section 2.03(d), Section 2.03(e),
Section 2.03(g) and Section 10.08 of this Agreement, (iii) the Initial Purchaser is a third party beneficiary with
respect to its rights to receive any notices, documents, certifications and/or information hereunder and its rights under Section
10.08 of this Agreement, (iv) the Companion Loan Holder and any related Other Depositor is an intended third party


 






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beneficiary
in respect of the rights afforded it under this Agreement and may directly (or, in the case of the Companion Loan Holder, the
related Other Servicer may) enforce such rights, and (v) each of the Companion Loan Service Providers under an applicable Other
Pooling and Servicing Agreement is an intended third party beneficiary under this Agreement with respect to any provision herein
expressly relating to compensation, reimbursement or indemnification of such Companion Loan Service Provider and the provisions
regarding the coordination of Advances.


 


ARTICLE
XI



EXCHANGE ACT REPORTING AND REGULATION AB COMPLIANCE


 


Section 11.01 Intent
of the Parties; Reasonableness.       The parties hereto acknowledge and agree that the purpose of Article XI of this Agreement
is, among other things, to facilitate compliance by any Other Depositor with the provisions of Regulation AB and the related rules
and regulations of the Commission. Except as expressly required by Sections 11.07, 11.08 and 11.09, the Depositor
shall not, and no Other Depositor may, exercise its rights to request delivery of information or other performance under these
provisions other than in good faith, or for purposes other than compliance with the Securities Act, the Exchange Act and the Sarbanes-Oxley
Act. The parties hereto acknowledge that interpretations of the requirements of Regulation AB may change over time due to interpretive
guidance provided by the Commission or its staff, and agree to comply with reasonable requests made by the Depositor, or any Other
Depositor, in good faith for delivery of information under these provisions on the basis of such evolving interpretations of Regulation
AB. In connection with the COMM 2016-667M Mortgage Trust Commercial Mortgage Pass-Through Certificates, and any Companion Loan
Securities, each of the parties to this Agreement shall cooperate fully with the Depositor, the Certificate Administrator, any
Other Depositor and any Other Exchange Act Reporting Party, as applicable, to deliver to the Depositor or Other Depositor, as
applicable (including any of its assignees or designees), any and all statements, reports, certifications, records and any other
information in its possession or reasonably available to it and necessary in the reasonable good faith determination of the Depositor,
the Certificate Administrator, any Other Depositor or any Other Exchange Act Reporting Party, as applicable, to permit any Other
Depositor to comply with the provisions of Regulation AB, together with such disclosures relating to the Master Servicer, the
Special Servicer, the Operating Advisor, the Certificate Administrator, the Trustee and the Custodian, as applicable, and any
Sub-Servicer, or the servicing of the Whole Loan, reasonably believed by the Depositor or any Other Depositor, as applicable,
in good faith to be necessary in order to effect such compliance. Each party to this Agreement shall have a reasonable period
of time to comply with any written request made under this Section 11.01, but in any event shall, upon reasonable advance written
request, provide information in sufficient time to allow the Depositor or any Other Depositor, as applicable, to satisfy any related
filing requirements. For purposes of this Article XI, to the extent any party has an obligation to exercise commercially reasonable
efforts to cause a third party to perform, such party hereunder shall not be required to bring any legal action against such third
party in connection with such obligation.


 


Section 11.02 Succession;
Sub-Servicers; Subcontractors.      (a) For so long as any Other Securitization Trust is subject to the reporting requirements
of the Exchange Act (in addition to any requirements contained in Section 11.07 of this Agreement), in connection with


 






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the succession to the Master Servicer and Special Servicer or any Sub-Servicer as servicer or sub-servicer (to the extent such
Sub-Servicer is a “servicer” meeting the criteria contemplated by Item 1108(a)(2) of Regulation AB) under this Agreement
by any Person (i) into which the Master Servicer and Special Servicer or such Sub-Servicer may be merged or consolidated, or (ii)
which may be appointed as a successor to the Master Servicer and Special Servicer or any such Sub-Servicer, the Master Servicer
or Special Servicer, as applicable (depending on whether such succession involves it or one of its Sub-Servicers), shall provide
to any Other Depositor as to which the Companion Loan is affected, at least five (5) Business Days prior to the effective date
of such succession or appointment as long as such disclosure prior to such effective date would not be violative of any applicable
law or confidentiality agreement, and otherwise no later than one (1) Business Day after such effective date of succession, (x)
written notice to the Depositor and each such Other Depositor of such succession or appointment and (y) in writing and in form
and substance reasonably satisfactory to each such Other Depositor, all information relating to such successor servicer reasonably
requested by any such Other Depositor in order to comply with its reporting obligation under Item 6.02 of Form 8-K pursuant to
the Exchange Act (if such reports under the Exchange Act are required to be filed under the Exchange Act).


 


(b)       For
so long as any Other Securitization Trust is subject to the reporting requirements of the Exchange Act, each of the Master Servicer,
the Special Servicer, the Operating Advisor, any Sub-Servicer, the Certificate Administrator, the Trustee and the Custodian (each
of the Master Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator, the Trustee and the Custodian
and each Sub-Servicer, for purposes of this Section 11.02(b) and Section 11.02(c), a “Servicing Party”)
is permitted to utilize one or more Subcontractors to perform certain of its obligations hereunder. Such Servicing Party shall
promptly upon request provide to any Other Depositor as to which the Companion Loan is affected, a written description (in form
and substance satisfactory to each such Other Depositor) of the role and function of each Subcontractor that is a Servicing Function
Participant utilized by such Servicing Party during the preceding calendar year, specifying (i) the identity of such Subcontractor,
and (ii) which elements of the Servicing Criteria will be addressed in assessments of compliance provided by each such Subcontractor.
Each Servicing Party shall cause any Subcontractor utilized by such Servicing Party that is determined to be a Servicing Function
Participant to comply with the provisions of Section 11.08 and Section 11.09 of this Agreement to the same extent
as if such Subcontractor were such Servicing Party. Such Servicing Party shall obtain from each such Subcontractor (or, in the
case of each Sub-Servicer set forth on Exhibit W, shall use commercially reasonable efforts to obtain from such Sub-Servicer)
and deliver to the applicable Persons any assessment of compliance report and related accountant’s attestation required to
be delivered by such Subcontractor under Section 11.08 and Section 11.09 of this Agreement, in each case, as and
when required to be delivered.


 


(c)       For
so long as any Other Securitization Trust is subject to the reporting requirements of the Exchange Act, notwithstanding the foregoing,
if a Servicing Party engages a Subcontractor in connection with the performance of any of its duties under this Agreement, such
Servicing Party shall be responsible for determining whether such Subcontractor is a “servicer” within the meaning
of Item 1101 of Regulation AB and whether such Subcontractor meets the criteria in Item 1108(a)(2)(i), (ii) or (iii) of Regulation
AB. If a Servicing Party determines, pursuant to the preceding sentence, that such Subcontractor is a “servicer” within
the meaning of Item 1101 of Regulation AB and meets the criteria in Item 1108(a)(2)(i), (ii) or (iii) 


 






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of Regulation AB, then such
Subcontractor shall be deemed to be a Sub-Servicer for purposes of this Agreement, and the engagement of such Sub-Servicer shall
not be effective unless and until notice is given to the Depositor and the Certificate Administrator, as well as any Other Depositor
as to which the Companion Loan is affected, of any such Sub-Servicer and Subservicing Agreement. No Subservicing Agreement (other
than such agreements relating to a Sub-Servicer set forth in Exhibit W) shall be effective until five (5) Business Days
after such written notice is received by the Depositor, the Certificate Administrator and each such Other Depositor. Such notice
shall contain all information reasonably necessary, and in such form as may be necessary, to enable each Other Exchange Act Reporting
Party as to which the Companion Loan is affected, to accurately and timely report the event under Item 6.02 of Form 8-K pursuant
to the related Other Pooling and Servicing Agreement or otherwise (if such reports under the Exchange Act are required to be filed
under the Exchange Act).


 


(d)       For
so long as any Other Securitization Trust is subject to the reporting requirements of the Exchange Act, in connection with the
succession to the Trustee or Certificate Administrator under this Agreement by any Person (i) into which the Trustee or Certificate
Administrator may be merged or consolidated, or (ii) which may be appointed as a successor to the Trustee or Certificate Administrator,
the Trustee or Certificate Administrator, as applicable, shall notify the Depositor and each Other Depositor, at least ten (10)
Business Days prior to the effective date of such succession or appointment (or if such prior notice would be violative of applicable
law or any applicable confidentiality agreement, no later than the time required under Section 11.06 of this Agreement)
and shall furnish pursuant to Section 11.06 of this Agreement to each Other Depositor in writing and in form and substance
reasonably satisfactory to the Depositor and each Other Depositor, all information reasonably necessary for each Other Exchange
Act Reporting Party to accurately and timely report the event under Item 6.02 of Form 8-K pursuant to the related Other Pooling
and Servicing Agreement or otherwise (if such reports under the Exchange Act are required to be filed under the Exchange Act).


 


Section 11.03 Other
Securitization Trust’s Filing Obligations.     For so long as any Other Securitization Trust is subject to the reporting
requirements of the Exchange Act, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee and the
Custodian shall (and shall cause (or, in the case of each Sub-Servicer set forth on Exhibit W, shall use commercially reasonable
efforts to cause) each Additional Servicer and Servicing Function Participant utilized thereby to) reasonably cooperate with each
Other Depositor in connection with the satisfaction of each Other Securitization Trust’s reporting requirements under the
Exchange Act.


 


Section 11.04 Form
10-D Disclosure.       For so long as any Other Securitization Trust is subject to the reporting requirements of the Exchange Act,
within five (5) calendar days after the related Distribution Date (using commercially reasonable efforts), (i) the parties as
set forth on Exhibit S to this Agreement, shall be required to provide to each Other Exchange Act Reporting Party and each
Other Depositor to which the particular Additional Form 10-D Disclosure is relevant for Exchange Act reporting purposes, to the
extent a Servicing Officer or Responsible Officer thereof has knowledge thereof (other than information required by Item 1117
of Regulation AB as to such party which shall be reported if actually known by any Servicing Officer or Responsible Officer, as
the case may be, or any lawyer in the in-house legal department of such party), in EDGAR-compatible format (to the extent available
to such party in


 






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such format), or in such other format as otherwise agreed
upon by each such Other Exchange Act Reporting Party, each such Other Depositor and such parties, the form and substance of the
Additional Form 10-D Disclosure, if applicable, and (ii) the parties listed on Exhibit S to this Agreement shall include
with such Additional Form 10-D Disclosure application to such party and shall cause each Sub-Servicer (or, in the case of each
Sub-Servicer set forth on Exhibit W, shall use commercially reasonable efforts to cause such Sub-Servicer) and Subcontractor
of such party to the extent required under Regulation AB to provide, and if received, include, an Additional Disclosure Notification
in the form attached as Exhibit V to this Agreement. The Certificate Administrator has no duty under this Agreement to monitor
or enforce the performance by the parties listed on Exhibit S to this Agreement of their duties under this paragraph or
proactively solicit or procure from such parties any Additional Form 10-D Disclosure information.


 


Section 11.05 Form
10-K Disclosure.     For so long as any Other Securitization Trust is subject to the reporting requirements of the Exchange Act,
by March 1, commencing in March 2017, (i) the parties listed on Exhibit T to this Agreement shall be required to provide
(and with respect to any Servicing Function Participant of such party (other than any party to this Agreement), shall cause such
Servicing Function Participant to provide) to each Other Exchange Act Reporting Party and each Other Depositor to which the particular
Additional Form 10-K Disclosure is relevant for Exchange Act Reporting purposes, to the extent a Servicing Officer or a Responsible
Officer, as the case may be, thereof has actual knowledge (other than information required by Item 1117 of Regulation AB as to
such party which shall be reported if actually known by any Servicing Officer or Responsible Officer, as the case may be, or any
lawyer in the in house legal department of such party), in EDGAR compatible format (to the extent available to such party in such
format) or in such other format as otherwise agreed upon by each such Other Exchange Act Reporting Party, each such Other Depositor
and such providing parties, the form and substance of any Additional Form 10-K Disclosure described on Exhibit T to this
Agreement applicable to such party, and (ii) the parties listed on Exhibit T to this Agreement shall include with such
Additional Form 10-K Disclosure applicable to such party and shall cause each Sub-Servicer (or, in the case of each Sub-Servicer
set forth on Exhibit W, shall use commercially reasonable efforts to cause such Sub-Servicer) and Subcontractor of such
party to the extent required under Regulation AB to provide, and if received, include, an Additional Disclosure Notification in
the form attached as Exhibit V to this Agreement. The Certificate Administrator has no duty under this Agreement to monitor
or enforce the performance by the parties listed on Exhibit T to this Agreement of their duties under this paragraph or
proactively solicit or procure from such parties any Additional Form 10-K Disclosure information.


 


Section 11.06 Form
8-K Disclosure.      For so long as any Other Securitization Trust is subject to the reporting requirements of the Exchange Act,
to the extent a Servicing Officer or Responsible Officer thereof has actual knowledge of such event (other than Item 1117 of Regulation
AB as to such party which shall be reported if actually known by any Servicing Officer or Responsible Officer, as the case may
be, or any lawyer in the in-house legal department of such party), within one Business Day after the occurrence of an event requiring
disclosure on Form 8-K (each such event, a “Reportable Event”) (using commercially reasonable efforts), but
in no event later than the end of business (New York City time) on the second Business Day after the occurrence of a Reportable
Event, (i) the parties set forth on Exhibit U to this Agreement shall be required to provide (and (i) with respect to any
Servicing Function


 






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Participant of such party that is a Sub-Servicer set
forth on Exhibit W, shall use commercially reasonable efforts to cause such Servicing Function Participant to provide, and
(ii) with respect to any other Servicing Function Participant of such party (other than any party to this Agreement), shall cause
such Servicing Function Participant to provide) to each Other Depositor and each Other Exchange Act Reporting Party to which the
particular Form 8-K Disclosure Information is relevant for Exchange Act reporting purposes, in EDGAR-compatible format (to the
extent available to such party in such format) or in such other format as otherwise agreed upon by each such Other Depositor, each
such Other Exchange Act Reporting Party and such providing parties, any Form 8-K Disclosure Information described on Exhibit
U to this Agreement as applicable to such party, if applicable, and (ii) the parties listed on Exhibit U to this Agreement
shall include with such Form 8-K Disclosure Information applicable to such party and shall cause each Sub-Servicer (or, in the
case of each Sub-Servicer set forth on Exhibit W, shall use commercially reasonable efforts to cause such Sub-Servicer)
and Subcontractor of such party to the extent required under Regulation AB to provide, and if received, include, an Additional
Disclosure Notification in the form attached hereto as Exhibit V. The Certificate Administrator has no duty under this Agreement
to monitor or enforce the performance by the parties listed on Exhibit U of their duties under this paragraph or proactively
solicit or procure from such parties any Form 8-K Disclosure Information.


 


Section 11.07 Annual
Compliance Statements.      On or before March 1 of each year, commencing in 2017, each of the Master Servicer, the Special Servicer
(regardless of whether the Special Servicer has commenced special servicing of the Whole Loan) and, for so long as any Other Securitization
Trust is subject to the reporting requirements of the Exchange Act, the Certificate Administrator, the Custodian, any Additional
Servicer and each Servicing Function Participant, each at its own expense, shall furnish (and each such party, (i) with respect
to each Servicing Function Participant that is a Sub-Servicer set forth on Exhibit W with which it has entered into a servicing
relationship with respect to the Whole Loan, shall use commercially reasonable efforts to cause such Servicing Function Participant
to furnish, and (ii) with respect to any other Servicing Function Participant of such party (other than any party to this Agreement),
shall cause such Servicing Function Participant to furnish) (each such Servicing Function Participant and each of the Master Servicer,
Special Servicer, the Certificate Administrator, the Operating Advisor (in the case of the Special Servicer only), the Trustee
and the Custodian, a “Certifying Servicer”) to the Certificate Administrator and the 17g-5 Information Provider
(who shall post it to the Certificate Administrator’s Website and the 17g-5 Information Provider’s Website, as applicable)),
the Trustee, the Depositor and the Companion Loan Holder (or, if the Companion Loan is part of an Other Securitization Trust,
the applicable Other Depositor and Other Exchange Act Reporting Party), an Officer’s Certificate stating, as to the signer
thereof, that (A) a review of such Person’s activities during the preceding calendar year or portion thereof and of such
Person’s performance under this Agreement or the applicable sub-servicing agreement, as applicable, has been made under
such officer’s supervision and (B) to the best of such officer’s knowledge, based on such review, such Person has
fulfilled all its obligations under this Agreement or the applicable sub-servicing agreement, as applicable, in all material respects
throughout such year or portion thereof, or, if there has been a failure to fulfill any such obligation in any material respect,
specifying each such failure known to such officer and the nature and status thereof. For so long as any Other Securitization
Trust is subject to the reporting requirements of the Exchange Act, promptly after receipt of each such Officer’s Certificate,
the Depositor (and, if the Companion Loan is part of an Other Securitization Trust, the applicable


 






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Other Depositor and Other Exchange Act Reporting Party) may review each such Officer’s Certificate
and, if applicable, consult with the Certifying Servicer, as applicable, as to the nature of any failures by such Certifying Servicer,
respectively, or any related Servicing Function Participant with which the Master Servicer or the Special Servicer, as applicable,
has entered into a servicing relationship with respect to the Trust Loan or the Companion Loan in the fulfillment of any Certifying
Servicer’s obligations hereunder or under the applicable sub-servicing or primary servicing agreement. The obligations of
each Certifying Servicer under this Section apply to each such Certifying Servicer that serviced the Trust Loan or the Companion
Loan during the applicable period, whether or not the Certifying Servicer is acting in such capacity at the time such Officer’s
Certificate is required to be delivered. Copies of all Officer’s Certificates delivered pursuant to this Section 11.07
shall be made available to any Privileged Person by the Certificate Administrator by posting such Compliance Report to the Certificate
Administrator’s Website. Notwithstanding the foregoing, the Trustee shall not be required to deliver an annual compliance
statement with respect to any period during which there was no Relevant Servicing Criteria applicable to it.


 


Section 11.08 Annual
Reports on Assessment of Compliance with Servicing Criteria.    (a) On or before March 1 of each year, commencing in 2017, the
Master Servicer, the Special Servicer (regardless of whether the Special Servicer has commenced special servicing of the Whole
Loan) and, for so long as any Other Securitization Trust is subject to the reporting requirements of the Exchange Act, the Certificate
Administrator, the Operating Advisor, the Trustee and the Custodian, each at its own expense, shall furnish (and each such party,
(i) with respect to each Servicing Function Participant that is a Sub-Servicer set forth on Exhibit W with which it has
entered into a servicing relationship with respect to the Whole Loan, shall use commercially reasonable efforts to cause such
Servicing Function Participant to furnish, and (ii) with respect to any other Servicing Function Participant of such party (other
than any party to this Agreement), shall cause such Servicing Function Participant to furnish) (each Servicer, the Special Servicer,
the Certificate Administrator, the Operating Advisor, the Trustee, the Custodian and any Servicing Function Participant, as the
case may be, a “Reporting Servicer”) to the Certificate Administrator and the 17g-5 Information Provider (who
shall promptly post it to the Certificate Administrator’s Website and the 17g-5 Information Provider’s Website, as
applicable), the Trustee, the Depositor and the Companion Loan Holder (or, if the Companion Loan is part of an Other Securitization
Trust, the applicable Other Depositor and Other Exchange Act Reporting Party), a report on an assessment of compliance with the
Applicable Servicing Criteria that contains (A) a statement by such Reporting Servicer of its responsibility for assessing compliance
with the Applicable Servicing Criteria, (B) a statement that, to the best of such Reporting Servicer’s knowledge, such Reporting
Servicer used the Servicing Criteria to assess compliance with the Applicable Servicing Criteria, (C) such Reporting Servicer’s
assessment of compliance with the Applicable Servicing Criteria as of the end of and for the preceding calendar year, including,
if there has been any material instance of noncompliance with the Applicable Servicing Criteria, a discussion of each such failure
and the nature and status thereof and (D) a statement that a registered public accounting firm that is a member of the American
Institute of Certified Public Accountants has issued an attestation report on such Reporting Servicer’s assessment of compliance
with the Applicable Servicing Criteria as of and for such period. Copies of all compliance reports delivered pursuant to this
Section 11.08 shall be provided to any Certificateholder, upon the written request therefor, by the Certificate Administrator.
Notwithstanding the foregoing, the Trustee shall not be required to deliver an


 






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assessment of compliance with respect to any period
during which there was no Relevant Servicing Criteria applicable to it.


 


Each such report shall
be addressed to the Depositor and each Other Depositor (if addressed) and signed by an authorized officer of the applicable company,
and shall address each of the Applicable Servicing Criteria. For so long as any Other Securitization Trust is subject to the reporting
requirements of the Exchange Act, promptly after receipt of each such report, the Depositor and each Other Depositor may review
each such report and, if applicable, consult with the each Reporting Servicer as to the nature of any material instance of noncompliance
with the Relevant Servicing Criteria.


 


(b)       On
the Closing Date, the Master Servicer, the Special Servicer, the Certificate Administrator, the Custodian, the Trustee and the
Operating Advisor each acknowledge and agree that Schedule I to this Agreement sets forth the Relevant Servicing Criteria
for such party.


 


(c)       No
later than 30 days after the end of each fiscal year for the Trust, the Master Servicer, the Special Servicer and, for so long
as any Other Securitization Trust is subject to the reporting requirements of the Exchange Act, the Certificate Administrator,
the Operating Advisor, the Trustee and the Custodian shall notify the Certificate Administrator, the Depositor, each Other Exchange
Act Reporting Party and each Other Depositor as to the name of each Servicing Function Participant utilized by it, in each case,
and each such notice will specify what specific Servicing Criteria will be addressed in the report on assessment of compliance
prepared by such Servicing Function Participant. When the Master Servicer, the Special Servicer and, for so long as any Other Securitization
Trust is subject to the reporting requirements of the Exchange Act, the Certificate Administrator, the Operating Advisor, the Trustee
and the Custodian submit their assessments pursuant to Section 11.08(a) of this Agreement, such parties, as applicable,
will also at such time include the assessment (and related attestation pursuant to Section 11.09) of each Servicing Function
Participant engaged by it. The fiscal year for the Trust shall be January 1 through and including December 31 of each calendar
year.


 


(d)       In
the event the Master Servicer, the Special Servicer or, for so long as any Other Securitization Trust is subject to the reporting
requirements of the Exchange Act, the Certificate Administrator, the Trustee or the Custodian is terminated or resigns pursuant
to the terms of this Agreement, such party shall provide, and each such party shall cause (or, if the Servicing Function Participant
is a Sub-Servicer set forth on Exhibit W, shall use commercially reasonable efforts to cause) any Servicing Function Participant
engaged by it to provide (and the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee and the Custodian
shall, with respect to any Servicing Function Participant that resigns or is terminated under any applicable servicing agreement,
cause such Servicing Function Participant to provide) an annual assessment of compliance pursuant to this Section 11.08,
coupled with an attestation as required in Section 11.09 in respect of the period of time that the Master Servicer, the
Special Servicer or, for so long as any Other Securitization Trust is subject to the reporting requirements of the Exchange Act,
the Certificate Administrator, the Trustee or the Custodian was subject to this Agreement or the period of time that the Servicing
Function Participant was subject to such other servicing agreement.


 






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Section 11.09   Annual
Independent Public Accountants’ Servicing Report.   On or before March 1 of each year, commencing in 2017, the Master
Servicer, the Special Servicer and, for so long as any Other Securitization Trust is subject to the reporting requirements of
the Exchange Act, the Certificate Administrator, the Trustee and the Custodian, each at its own expense, shall cause (and each
such party, (i) with respect to each Servicing Function Participant that is a Sub-Servicer set forth on Exhibit W with
which it has entered into a servicing relationship with respect to the Whole Loan, shall use commercially reasonable efforts to
cause such Servicing Function Participant to cause, and (ii) with respect to any other Servicing Function Participant of such
party (other than any party to this Agreement), shall cause such Servicing Function Participant to cause) a registered public
accounting firm (which may also render other services to the Master Servicer, the Special Servicer, the Operating Advisor, the
Certificate Administrator, the Trustee, the Custodian or the applicable Servicing Function Participant, as the case may be) and
that is a member of the American Institute of Certified Public Accountants to furnish a report to the Certificate Administrator
(who shall post it to the Certificate Administrator’s Website), the Depositor, the Operating Advisor, the Companion Loan
Holder (or, if the Companion Loan is part of an Other Securitization Trust, the applicable Other Depositor and Other Exchange
Act Reporting Party) and the 17g-5 Information Provider (who shall post it to the 17g-5 Information Provider’s Website),
to the effect that (i) it has obtained a representation regarding certain matters from the management of such Reporting Servicer,
which includes an assessment from such Reporting Servicer of its compliance with the Applicable Servicing Criteria and (ii) on
the basis of an examination conducted by such firm in accordance with standards for attestation engagements issued or adopted
by the Public Company Accounting Oversight Board, it is expressing an opinion as to whether such Reporting Servicer’s assessment
of compliance with the Servicing Criteria was fairly stated in all material respects, or it cannot express an overall opinion
regarding such party’s assessment of compliance with the Applicable Servicing Criteria. In the event that an overall opinion
cannot be expressed, such registered public accounting firm shall state in such report why it was unable to express such an opinion.
Each accountant’s attestation report required hereunder shall be made in accordance with Rules 1-02(a)(3) and 2-02(g) of
Regulation S-X under the Securities Act and the Exchange Act. Such report must be available for general use and not contain restricted
use language. Copies of all statements delivered pursuant to this Section 11.09 shall be made available to any Privileged
Person by the Certificate Administrator posting such statement on the Certificate Administrator’s Website pursuant to Section
8.14(b). Notwithstanding the foregoing, the Trustee shall not be required to deliver an annual independent public accountants’
servicing report with respect to any period during which there was no Relevant Servicing Criteria applicable to it.


 


For so long as any Other
Securitization Trust is subject to the reporting requirements of the Exchange Act, promptly after receipt of such report from the
Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Custodian or any Servicing Function Participant,
the Depositor and each Other Depositor may review the report and, if applicable, consult with the Master Servicer, the Special
Servicer or, for so long as any Other Securitization Trust is subject to the reporting requirements of the Exchange Act, the Certificate
Administrator as to the nature of any defaults by the Master Servicer, the Special Servicer, the Certificate Administrator, the
Trustee, the Custodian or any Servicing Function Participant with which it has entered into a servicing relationship with respect
to the Trust Loan or the Companion Loan, as the case may be, in the fulfillment of any of the Master Servicer’s, the Special
Servicer’s, the Certificate Administrator’s, the Trustee’s, the Custodian’s or the


 






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applicable Servicing
Function Participants’ obligations hereunder or under the applicable sub-servicing agreement.


 


Section 11.10 Significant
Obligor.   With respect to the Companion Loan that an applicable Other Depositor has notified the Master Servicer in writing
that the Mortgaged Property is a “significant obligor” (within the meaning of Item 1101(k) of Regulation AB) with
respect to an Other Securitization Trust that includes such Companion Loan, the Master Servicer shall, solely to the extent the
Master Servicer is in receipt of the updated financial statements of such “significant obligor” for any calendar quarter
(other than the fourth calendar quarter of any calendar year) (beginning with the first calendar quarter following receipt of
such notice from the Other Depositor) or the updated financial statements of such “significant obligor” for any calendar
year (beginning with the first calendar year following receipt of such notice from the Other Depositor), as applicable, from the
Borrower or the Special Servicer, as applicable, deliver to the Other Certificate Administrator on or prior to the day that occurs
two Business Days prior to the related Significant Obligor NOI Quarterly Filing Deadline or seven Business Days prior to the related
Significant Obligor NOI Yearly Filing Deadline, as applicable, (A) if such financial statement receipt occurs 12 or more Business
Days prior to the related Significant Obligor NOI Quarterly Filing Deadline or 17 or more Business Days prior to the related Significant
Obligor NOI Yearly Filing Deadline, as applicable, such financial statements of such “significant obligor”, together
with the net operating income of such significant obligor for the applicable period as calculated by the Master Servicer in accordance
with the CREFC® guidelines and (B) if such financial statement receipt occurs less than 12 Business Days prior
to the related Significant Obligor NOI Quarterly Filing Deadline or less than 17 Business Days prior to the related Significant
Obligor NOI Yearly Filing Deadline, as applicable, such financial statements of such “significant obligor”, together
with the net operating income for the applicable period as reported by the Borrower in such financial statements.


 


If the Master Servicer
does not receive financial information satisfactory to comply with Item 6 of Form 10-D or Item 1112(b)(1) of Form 10-K, as the
case may be, of such “significant obligor” within ten Business Days after the date such financial information is required
to be delivered under the Loan Documents, the Master Servicer shall notify the Other Depositor with respect to such Other Securitization
Trust that includes the Companion Loan (and shall cause each applicable sub-servicing agreement to require any related Sub-Servicer
to notify such Other Depositor) that it has not received them. The Master Servicer shall use efforts consistent with the Servicing
Standard (taking into account, in addition, the ongoing reporting obligations of such Other Depositor under the Exchange Act) to
obtain the periodic financial statements of the Borrower under the Loan Documents.


 


The Master Servicer shall
(and shall cause each applicable sub-servicing agreement to require any related Sub-Servicer to) retain written evidence of each
instance in which it (or a Sub-Servicer) attempts to contact the Borrower to obtain the required financial information and is unsuccessful
and, within five (5) Business Days prior to the date in which a Form 10-D or Form 10-K, as applicable, is required to be filed
with respect to the Other Securitization Trust, shall forward an Officer’s Certificate evidencing its attempts to obtain
this information to the Other Exchange Act Reporting Party and Other Depositor related to such Other Securitization Trust. This
Officer’s Certificate should be addressed to the certificate


 






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administrator at its corporate trust office, as specified in
the related Other Pooling and Servicing Agreement.


 


Section 11.11 Sarbanes-Oxley
Backup Certification.   For so long as any Other Securitization Trust is subject to the reporting requirements of the Exchange
Act, the Certificate Administrator, the Trustee, the Custodian, the Master Servicer and the Special Servicer shall provide (and
with respect to any other Servicing Function Participant of such party, shall cause such Servicing Function Participant to provide)
to the Person who signs the Sarbanes-Oxley Certification with respect to such Other Securitization Trust (the “Certifying
Person”) no later than March 15 of the year following the year to which the Form 10-K of such Other Securitization Trust
relates or, if March 15 is not a Business Day, on the immediately following Business Day, a certification in the form attached
to this Agreement as Exhibit X, on which the Certifying Person, the entity for which the Certifying Person acts as an officer,
and such entity’s officers, directors and Affiliates (collectively with the Certifying Person, “Certification Parties”)
can reasonably rely. In the event any Reporting Servicer is terminated or resigns pursuant to the terms of this Agreement, or
any applicable sub-servicing agreement or primary servicing agreement, as the case may be, such Reporting Servicer shall provide
a certification to the Certifying Person pursuant to this Section 11.11 with respect to the period of time it was subject
to this Agreement or the applicable sub-servicing or primary servicing agreement, as the case may be. Notwithstanding the foregoing,
the Trustee shall not be required to deliver such certification with respect to any period during which there was no Relevant
Servicing Criteria applicable to it.


 


Notwithstanding the foregoing,
nothing in this Section 10.08 shall require any Reporting Servicer (i) to certify or verify the accurateness or completeness of
any information provided to such Reporting Servicer by third parties (other than a Sub-Servicer, Additional Servicer or any other
third party retained by it that is not a Sub-Servicer listed on Exhibit W or a Sub-Servicer appointed pursuant to Section
3.01(c)), (ii) to certify information other than to such Reporting Servicer’s knowledge and in accordance with such Reporting
Servicer’s responsibilities hereunder or (iii) with respect to completeness of information and reports, to certify anything
other than that all fields of information called for in written reports prepared by such Reporting Servicer have been completed
except as they have been left blank on their face.


 


Section 11.12 Indemnification.   For so long as any Other Securitization Trust is subject to the reporting requirements of the Exchange Act, each of the Master
Servicer, the Special Servicer, the Operating Advisor, the Custodian (if the Custodian is a separate entity from the Certificate
Administrator), the Certificate Administrator and the Trustee shall indemnify and hold harmless each Certification Party, the
Depositor (and any Other Depositor related to an Other Securitization Trust that includes such Companion Loan), their respective
directors and officers, and each other person who controls any such entity within the meaning of either Section 15 of the Securities
Act or Section 20 of the Exchange Act, against any and all expenses, losses, claims, damages and other liabilities, including
without limitation the costs of investigation, legal defense and any amounts paid in settlement of any claim or litigation arising
out of (i) the failure to perform its obligations to the Depositor (or any Other Depositor related to an Other Securitization
Trust that includes such Companion Loan) or Certificate Administrator (or any Other Trustee related to an Other Securitization
Trust that includes such Companion Loan) under this Article XI by the time required after giving effect to any applicable
grace period


 






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or cure period, (ii) any untrue statement or alleged untrue statement of a material fact contained in any information
(x) regarding such party or any Servicing Function Participant, Additional Servicer or subcontractor engaged by it (other than
any Trust Loan Seller Sub-Servicer), (y) prepared by any such party described in clause (x) or any registered public accounting
firm, attorney or other agent retained by such party to prepare such information and (z) delivered by or on behalf of such party
in connection with the performance of such party’s obligations described in this Article XI, or the omission or alleged
omission to state in any such information a material fact necessary to make the statements therein, in the light of the circumstances
under which they were made, not misleading; provided, that the applicable party shall be entitled to participate in any action
arising out of the foregoing and the Depositor shall consult with such party with respect to any litigation or audit strategy,
as applicable, in connection with the foregoing and any potential settlement terms related thereto, (iii) the failure of any Servicing
Function Participant or Additional Servicer retained by it (other than a Trust Loan Seller Sub-Servicer) to perform its obligations
to the Depositor (or any Other Depositor related to an Other Securitization Trust that includes such Companion Loan) or Certificate
Administrator (or any Other Trustee related to an Other Securitization Trust that includes such Companion Loan) under this Article
XI by the time required after giving effect to any applicable grace period and cure period or (iv) any Deficient Exchange
Act Deliverable.


 


In addition, each of
the Master Servicer, the Special Servicer, the Operating Advisor, the Custodian, the Certificate Administrator and the Trustee
shall cooperate (and require each Servicing Function Participant and Additional Servicer retained by it to cooperate under the
applicable Sub-Servicing Agreement) with the Depositor or the Other Depositor as necessary for the Depositor or the Other Depositor
to conduct any reasonable due diligence necessary to evaluate and assess any material instances of non-compliance disclosed in
any of the deliverables required by the applicable reporting requirements under the Securities Act, the Exchange Act, the Sarbanes-Oxley
Act and the rules and regulations promulgated thereunder (“Reporting Requirements”).


 


In connection with comments
provided to the Depositor or any Other Depositor from the Commission regarding information (x) delivered by the Master Servicer,
the Special Servicer, the Operating Advisor, the Custodian, the Certificate Administrator, the Trustee, a Servicing Function Participant
or an Additional Servicer, as applicable (“Affected Reporting Party”), (y) regarding such Affected Reporting
Party, and (z) prepared by such Affected Reporting Party or any registered public accounting firm, attorney or other agent retained
by such party to prepare such information, which information is contained in a report filed by the Depositor or Other Depositor
under the Reporting Requirements and which comments are received subsequent to the Depositor’s or Other Depositor’s
filing of such report, the Depositor or Other Depositor shall promptly provide to such Affected Reporting Party any such comments
which relate to such Affected Reporting Party. Such Affected Reporting Party shall be responsible for timely preparing a written
response to the Commission for inclusion in the Depositor’s or Other Depositor’s response to the Commission, unless
such Affected Reporting Party elects, with the consent of the Depositor or Other Depositor, as applicable (which consent shall
not be unreasonably denied, withheld or delayed), to directly communicate with the Commission and negotiate a response and/or resolution
with the Commission; provided, if an Affected Reporting Party is a Servicing Function Participant or Additional Servicer retained
by the Master Servicer, the Master Servicer shall receive copies of all material communications


 






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pursuant to this paragraph. If
such election is made, the applicable Affected Reporting Party shall be responsible for directly negotiating such response and/or
resolution with the Commission in a timely manner; provided, that (i) such Affected Reporting Party shall use reasonable efforts
to keep the Depositor or Other Depositor informed of its progress with the Commission and copy the Depositor or Other Depositor
on all correspondence with the Commission and provide the Depositor or Other Depositor with the opportunity to participate (at
the Depositor’s or Other Depositor’s expense) in any telephone conferences and meetings with the Commission and (ii)
the Depositor or Other Depositor shall cooperate with any Affected Reporting Party in order to authorize such Affected Reporting
Party and its representatives to respond to and negotiate directly with the Commission with respect to any comments from the Commission
relating to such Affected Reporting Party and to notify the Commission of such authorization. The Depositor (or Other Depositor)
and the Affected Reporting Party shall cooperate and coordinate with one another with respect to any requests made to the Commission
for extension of time for submitting a response or compliance. All respective reasonable out-of-pocket costs and expenses incurred
by the Depositor or Other Depositor (including reasonable legal fees and expenses of outside counsel to the Depositor or Other
Depositor, as the case may be) in connection with the foregoing (other than those costs and expenses required to be at the Depositor’s
or Other Depositor’s expense as set forth above) and any amendments to any reports filed with the Commission therewith shall
be promptly paid by the applicable Affected Reporting Party upon receipt of an itemized invoice from the Depositor or Other Depositor,
as the case may be. Each of the Master Servicer, the Special Servicer, the Operating Advisor, the Custodian, the Certificate Administrator
and the Trustee shall use commercially reasonable efforts to cause any Servicing Function Participant or Additional Servicer retained
by it to comply with the foregoing by inclusion of similar provisions in the related sub-servicing or similar agreement.


 


The Master Servicer,
the Special Servicer, the Operating Advisor, the Certificate Administrator, the Trustee and the Custodian shall use commercially
reasonable efforts to cause each Servicing Function Participant (other than (x) any party to this Agreement or (y) a Trust Loan
Seller Sub-Servicer) with which it has entered into a servicing relationship with respect to the Trust Loan to indemnify and hold
harmless each Certification Party from and against any losses, damages, penalties, fines, forfeitures, legal fees and expenses
and related costs, judgments and other costs and expenses incurred by such Certification Party arising out of (i) a breach of its
obligations to provide any of the annual compliance statements or annual assessment of servicing criteria or attestation reports
pursuant to this Agreement, or the applicable Sub-Servicing Agreement, as applicable or (ii) any Deficient Exchange Act Deliverable.


 


If the indemnification
provided for herein is unavailable or insufficient to hold harmless any Certification Party, then the Master Servicer, the Special
Servicer, the Operating Advisor, the Certificate Administrator, the Trustee, the Custodian, each Additional Servicer or other Servicing
Function Participant (the “Performing Party”) shall, and the Master Servicer, the Special Servicer, the Operating
Advisor, the Certificate Administrator and the Trustee shall use commercially reasonable efforts to cause each Servicing Function
Participant with which it has entered into a servicing relationship (other than (x) a party to this Agreement or (y) any Trust
Loan Seller Sub-Servicer) with respect to the Trust Loan to contribute to the amount paid or payable to the Certification Party
as a result of the losses, claims, damages or liabilities of the Certification Party in such proportion as is appropriate to reflect
the relative fault of the Certification Party on the one hand and the Performing Party on the other in connection with a


 






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breach
of the Performing Party’s obligations pursuant to this Article XI. The Master Servicer, the Special Servicer, the
Operating Advisor, the Certificate Administrator, the Custodian and the Trustee shall use commercially reasonable efforts to cause
each Servicing Function Participant (other than (x) any party to this Agreement or (y) a Trust Loan Seller Sub-Servicer) with which
it has entered into a servicing relationship with respect to the Trust Loan to agree to the foregoing indemnification and contribution
obligations.


 


Promptly after receipt
by an indemnified party of notice of the commencement of any action, such indemnified party shall, if a claim in respect thereof
is to be made against the indemnifying party hereunder, notify in writing the indemnifying party of the commencement thereof; but
the omission to so notify the indemnifying party shall not relieve it from any liability which it may have to any indemnified party
under this Agreement except to the extent that such omission to notify materially prejudices the indemnifying party. In case any
such action is brought against any indemnified party, after the indemnifying party has been notified of the commencement of such
action, such indemnifying party shall be entitled to participate therein (at its own expense) and, to the extent that it may wish,
shall be entitled to assume the defense thereof (jointly with any other indemnifying party similarly notified) with counsel reasonably
satisfactory to such indemnified party (which approval shall not be unreasonably withheld or delayed), and after notice from the
indemnifying party to such indemnified party of its election to so assume the defense thereof, the indemnifying party shall not
be liable to such indemnified party for any expenses subsequently incurred in connection with the defense thereof other than reasonable
costs of investigation. In any such proceeding, any indemnified party shall have the right to retain its own counsel, but the fees
and expenses of such counsel shall be at the expense of such indemnified party unless (i) the indemnifying party and the indemnified
party shall have agreed to the retention of such counsel, (ii) the named parties to any such proceeding (including any impleaded
parties and, in the case of an investigation by the Commission, any parties that are, or whose reporting materials are, the subject
of such investigation) include both the indemnifying party and the indemnified party and representation of both parties by the
same counsel would be inappropriate due to actual or potential differing interests between them or (iii) the indemnifying party
fails within a reasonable period of time to designate counsel that is reasonably satisfactory to the indemnified party (which approval
shall not be unreasonably withheld or delayed). In no event shall the indemnifying parties be liable for fees and expenses of more
than one counsel (in addition to any local counsel) in any one jurisdiction separate from their own counsel for all indemnified
parties in connection with any one action or separate but similar or related actions in the same jurisdiction arising out of the
same general allegations or circumstances. An indemnifying party shall not be liable for any settlement of any proceeding effected
without its written consent. However, if settled with such consent, the indemnifying party shall indemnify the indemnified party
from and against any loss or liability by reason of such settlement to the extent that the indemnifying party is otherwise required
to do so under this Agreement. If an indemnifying party assumes the defense of any proceeding, it shall be entitled to settle such
proceeding with the consent of the indemnified party (which consent shall not be unreasonably withheld or delayed) or, if such
settlement (i) provides for an unconditional release of the indemnified party in connection with all matters relating to the proceeding
that have been asserted against the indemnified party in such proceeding by the other parties to such settlement and (ii) does
not require an admission of fault by the indemnified party, without the consent of the indemnified party.


 






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Section 11.13 Amendments.
    This Article XI may be amended by the parties hereto pursuant to Section 11.08 of this Agreement for purposes of
complying with Regulation AB, the Securities Act or the Exchange Act and/or to conform to standards developed within the commercial
mortgage-backed securities market and the Sarbanes-Oxley Act without any Opinions of Counsel, Officer’s Certificates, No
Downgrade Confirmations or the consent of any Certificateholder, notwithstanding anything to the contrary contained in this Agreement.


 


Section 11.14 Termination
of the Certificate Administrator.     Notwithstanding anything to the contrary contained in this Agreement, the Depositor or any
Other Depositor may terminate the Certificate Administrator upon five Business Days’ notice if the Certificate Administrator
fails to comply with any of its obligations under this Article XI; provided that such termination shall not be effective
until a successor Certificate Administrator shall have accepted the appointment.


 


Section 11.15  Termination
of Sub-Servicing Agreements.     For so long as any Other Securitization Trust is subject to the reporting requirements of the
Exchange Act, each of the Master Servicer, the Certificate Administrator, the Trustee and the Custodian, as applicable, shall
(i) cause each Sub-Servicing Agreement to which it is a party to entitle the Depositor or any Other Depositor to terminate such
agreement (without compensation, termination fee or the consent of any other Person) at any time following any failure of the
applicable Sub-Servicer to any deliver any Exchange Act reporting items that such Sub-Servicer is required to deliver under Regulation
AB or as otherwise contemplated by this Article XI and (ii) promptly notify the Depositor and any Other Depositor following
any failure of the applicable Sub-Servicer to deliver any Exchange Act reporting items that such Sub-Servicer is required to deliver
under Regulation AB or as otherwise contemplated by this Article XI. The Depositor and any Other Depositor is hereby authorized
to exercise the rights described in clause (i) of the preceding sentence in its sole discretion. The rights of the Depositor and
any Other Depositor to terminate a Sub-Servicing Agreement as aforesaid shall not limit any right the Master Servicer, the Certificate
Administrator, the Trustee or the Custodian, as applicable, may have to terminate such Sub-Servicing Agreement.


 


Section 11.16 Notification
Requirements and Deliveries in Connection with Securitization of the Companion Loan.   (a) Any other provision of this Article
XI to the contrary notwithstanding, including, without limitation, any deadlines for delivery set forth in this Article
XI, in connection with the requirements contained in this Article XI that provide for the delivery of information and
other items to, and the cooperation with, the Other Depositor and Other Exchange Act Reporting Party of any Other Securitization
Trust that includes the Companion Loan, no party hereunder shall be obligated to provide any such items to or cooperate with such
Other Depositor or Other Exchange Act Reporting Party (i) until the Other Depositor or Other Exchange Act Reporting Party of such
Other Securitization Trust has provided each party hereto with not less than 30 days written notice (which shall only be required
to be delivered once and each party shall be entitled to conclusively rely on such notice until a Responsible Officer thereof
has received a subsequent notice), setting forth the contact information for such Person(s) and, except as regards the deliveries
and cooperation contemplated by Section 11.07, Section 11.08 and Section 11.09 of this Agreement, stating
that such Other Securitization Trust is subject to the reporting requirements of the Exchange Act, and (ii) specifying in reasonable
detail the information and other items not otherwise specified in this Agreement that are requested to be


 






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delivered; provided
that if Exchange Act reporting is being requested, such Other Depositor or Other Exchange Act Reporting Party is only required
to provide a single written notice to such effect. Any reasonable cost and expense of the Master Servicer, Special Servicer, Trustee,
Certificate Administrator and Custodian in cooperating with such Other Depositor or Other Exchange Act Reporting Party of such
Other Securitization Trust (above and beyond their expressed duties hereunder) shall be the responsibility of such Other Depositor
or Other Securitization Trust. The parties hereto shall have the right to confirm in good faith with the Other Depositor of such
Other Securitization Trust as to whether applicable law requires the delivery of the items identified in this Article XI
to such Other Depositor and Other Exchange Act Reporting Party of such Other Securitization Trust prior to providing any of the
reports or other information required to be delivered under this Article XI in connection therewith and (i) upon such confirmation,
the parties shall comply with the deadlines for delivery set forth in this Article XI with respect to such Other Securitization
Trust or (ii) in the absence of such confirmation, the parties shall not be required to deliver such items; provided that
no such confirmation will be required in connection with any delivery of the items contemplated by Section 11.07, Section
11.08 and Section 11.09 of this Agreement. Such confirmation shall be deemed given if the Other Depositor or Other
Exchange Act Reporting Party for the Other Securitization Trust provides a written statement to the effect that the Other Securitization
Trust is subject to the reporting requirements of the Exchange Act and the appropriate party hereto receives such written statement.
The parties hereunder shall also have the right to require that such Other Depositor provide them with the contact details of
such Other Depositor, Other Exchange Act Reporting Party and any other parties to the Other Pooling and Servicing Agreement relating
to such Other Securitization Trust.


 


(b)       Each
of the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee and the Custodian shall, upon reasonable
prior written request given in accordance with the terms of Section 11.16(a) above, and subject to a right of the Master
Servicer, Special Servicer, Certificate Administrator, Trustee or Custodian, as the case may be, to review and approve such disclosure
materials, permit the Companion Loan Holder to use such party’s description contained in the Offering Circular (updated as
appropriate by the Master Servicer, the Special Servicer, Certificate Administrator, Trustee or Custodian, as applicable, at the
reasonable cost of the Other Depositor) for inclusion in the disclosure materials relating to any securitization of the Companion
Loan.


 


(c)       The
Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee and the Custodian, upon reasonable prior written
request given in accordance with the terms of Section 11.16(a) above, shall each timely provide (to the extent the reasonable
cost thereof is paid or caused to be paid by the requesting party) to the Other Depositor and any underwriters with respect to
any securitization transaction that includes the Companion Loan such opinion(s) of counsel, certifications and/or indemnification
agreement(s) with respect to the updated description referred in Section 11.16(b) with respect to such party, substantially
identical to those, if any, delivered by the Master Servicer, the Special Servicer, the Trustee, the Certificate Administrator
or the Custodian, as the case may be, or their respective counsel, in connection with the information concerning such party in
the Offering Circular and/or any other disclosure materials relating to this Trust (updated as deemed appropriate by the Master
Servicer, the Special Servicer, the Trustee, the Certificate Administrator or the Custodian, or their respective legal counsel,
as the case may be, and sufficient to comply with Regulation AB).


 






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None of the Master Servicer, the Special Servicer, the Trustee,
the Certificate Administrator or the Custodian shall be obligated to deliver any such item with respect to the securitization of
the Companion Loan if it did not deliver a corresponding item with respect to this Trust.


 


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IN WITNESS WHEREOF, the
parties hereto have caused their names to be signed hereto by their respective officers thereunto duly authorized all as of the
day and year first above written.


	 	 	 
	 	DEUTSCHE MORTGAGE & ASSET RECEIVING CORPORATION, 

as Depositor
	 	 	 
	 	By:	/s/ Natalie Grainger
	 	 	Name: Natalie Grainger
	 	 	Title:   Director
	 	 	 
	 	By:	/s/ Matt Smith
	 	 	Name: Matt Smith
	 	 	Title:   Director
	 	 	 
	 	KEYBANK NATIONAL ASSOCIATION, as Master Servicer
	 	 	 
	 	By:	/s/ Michael A. Tilden
	 	 	Name: Michael A. Tilden
	 	 	Title:   Vice President
	 	 	 
	 	AEGON USA REALTY ADVISORS, LLC, as
Special Servicer




	 	 	 
	 	By:	/s/ David C. Feltman
	 	 	Name: David C. Feltman
	 	 	Title:   Executive Vice President



 


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2016-667M – Trust and Servicing Agreement


 






    


    	 



    

 


	 	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION, as Certificate Administrator, Trustee, Custodian and Paying
    Agent
	 	 	 
	 	By:	/s/ Stacey Gross
	 	 	Name: Stacey Gross
	 	 	Title:   Vice President



	 	 	 	 	 
	 	PARK BRIDGE
                    LENDER SERVICES LLC, as Operating Advisor




	 	 	 	 	 
	 	By:

	Park
                    Bridge Advisors LLC

Its Sole Member



	 	 	 	 	 
	 	 	By:

	Park
Bridge Financial LLC Its Sole Member




	 	 	 	 
	 	 	 	By:

	/s/
     Robert J. Spinna, Jr.
	 	 	 	 	Name: Robert J. Spinna, Jr.


	 	 	 	 	Title:  Managing Member







 


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2016-667M – Trust and Servicing Agreement


 






     


     

    



 


	STATE
OF NEW YORK	)
	 	: ss.:
	COUNTY OF NEW YORK	)



 


On the 21st
day of October in the year 2016, before me, the undersigned, personally appeared Natalie Grainger, proved
to me on the basis of satisfactory evidence to be the individual(s) whose name(s) is (are) subscribed to the within instrument
and acknowledged to me that he/she/they executed the same in his/her/their capacity(ies), and that by his/her/their signature(s)
on the instrument, the individual(s), or the person upon behalf of which the individual(s) acted, executed the instrument, and
that such individual made such appearance before the undersigned in the New York (insert the city or other political subdivision
and the state or county or other place the acknowledgment was taken).


	 	 	 
	 	 	/s/ Christine L. Last
	 		Signature and Office of individual taking acknowledgment
	 	 	 
	This instrument prepared by:	 	 
	 	 	Christine L. Last
	 	 	Notary Public - State of New York
	 	 	No. 01LA6274862
	 	 	Qualified in New York County
	 	 	My Commission Expires January 14, 2017
	Name:         	Sidley Austin LLP	 	 
	Address:    	787 Seventh Avenue	 	 
	                    	New York, New York 10036 	 	 




 


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2016-667M – Trust and Servicing Agreement


 






     


     

    

 


	STATE
OF NEW YORK	)
	 	: ss.:
	COUNTY OF NEW YORK	)



 


On the 25th
day of October in the year 2016, before me, the undersigned, personally appeared Matt Smith, proved to me on the basis of satisfactory
evidence to be the individual(s) whose name(s) is (are) subscribed to the within instrument and acknowledged to me that he/she/they
executed the same in his/her/their capacity(ies), and that by his/her/their signature(s) on the instrument, the individual(s),
or the person upon behalf of which the individual(s) acted, executed the instrument, and that such individual made such appearance
before the undersigned in the New York (insert the city or other political subdivision and the state or county or other place
the acknowledgment was taken).


	 	 	 
	 	 	/s/ Christine L. Last
	 		Signature and Office of individual taking acknowledgment
	 	 	 
	This instrument prepared by:	 	 
	 	 	Christine L. Last
	 	 	Notary Public - State of New York
	 	 	No. 01LA6274862
	 	 	Qualified in New York County
	 	 	My Commission Expires January 14, 2017
	Name:        	Sidley Austin LLP	 	 
	Address:    	787 Seventh Avenue	 	 
	                   	New York, New York 10036 	 	 





 


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2016-667M – Trust and Servicing Agreement


 




     


     

    
 

	STATE
OF KS	)
	 	: ss.:
	COUNTY OF JOHNSON	)



  


On the 20th day of October
in the year 2016, before me, the undersigned, personally appeared Michael A. Tilden, proved to me on the basis of satisfactory
evidence to be the individual(s) whose name(s) is (are) subscribed to the within instrument and acknowledged to me that he/she/they
executed the same in his/her/their capacity(ies), and that by his/her/their signature(s) on the instrument, the individual(s),
or the person upon behalf of which the individual(s) acted, executed the instrument, and that such individual made such appearance
before the undersigned in the Johnson County (insert the city or other political subdivision and the state or county or other
place the acknowledgment was taken).


	 	 	 
	 	 	/s/ Janna Oliver
	 		Signature and Office of individual taking acknowledgment
	 	 	 
	This instrument prepared by:	 	 
	 	 	JANNA OLIVER
	 	 	My Appointment Expires
	 	 	June 24, 2020
	Name:         	Sidley Austin LLP	 	 
	Address:    	787 Seventh Avenue	 	 
	                    	New York, New York 10036 	 	 



 

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2016-667M – Trust and Servicing Agreement

 




     


     

    

 


	STATE OF LIOWA	)
	 	: ss.:
	COUNTY OF LINN	)



 


On
    the________day of October in the year 2016, before me, the undersigned, personally appeared David C. Feltman, proved to
    me on the basis of satisfactory evidence to be the individual whose name is subscribed to the within instrument and acknowledged
    to me that he executed the same in his capacity, and that by his signature on the instrument, the individual, or the person
    upon behalf of which the individual acted, executed the instrument, and that such individual made such appearance before the
    undersigned in Cedar Rapids, Iowa.


	 	 	 
	REBECCA
    JOHNSON	 	/s/
    Rebecca Johnson
	Commission Number 782312		Notary Public
	My Commission Expires	 	 
	January 23, 2017	 	 
	 	 	 
	This instrument prepared by:	 	 
	 	 	
	Name:        	Sidley Austin LLP	 	 
	Address:     	787 Seventh Avenue	 	 
	                    	New York, New York 10036 	 	 







 


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2016-667M – Trust and Servicing Agreement


 






     


     

    

 


	STATE OF MARYLAND	)
	 	: ss.:
	COUNTY OF HOWARD	)



 


On the 19th day of
October in the year 2016, before me, the undersigned, personally appeared Stacey Gross, proved to me on the basis
of satisfactory evidence to be the individual(s) whose name(s) is (are) subscribed to the within instrument and acknowledged
to me that he/she/they executed the same in his/her/their capacity(ies), and that by his/her/their signature(s) on
the instrument, the individual(s), or the person upon behalf of which the individual(s) acted, executed the instrument, and
that such individual made such appearance before the undersigned in the Columbia, MD (insert the city or other political
subdivision and the state or county or other place the acknowledgment was taken).



	 	 	 
	 	 	/s/ Amy Martin
	 		Signature and Office of individual taking acknowledgment
	 	 	 
	This instrument prepared by:	 	 
	 	 	 
	Name:        	Sidley Austin LLP	 	AMY MARTIN
	Address:    	787 Seventh Avenue	 	NOTARY PUBLIC
	                    	New York, New York 10036 	 	ANNE ARUNDEL COUNTY
	 	 	MARYLAND
	 	 	My Commission Expires 2-22-2017



 


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2016-667M – Trust and Servicing Agreement


 






     


     

    

 


	STATE OF NEW YORK	)
	 	) ss:
	COUNTY OF NEW YORK	)



 


On
this 20th day of October 2016, before me, the undersigned, a Notary Public in and for the State of New York, duly
commissioned and sworn, personally appeared Robert
J. Spinna Jr., to me known who, by me duly sworn, did depose and acknowledge before me that he is a Managing Member of Park Bridge
Financial LLC, which is the sole member of Park Bridge Advisors LLC, which in turn is the sole member of Park Bridge Lender Services
LLC, the entity described in and that executed the foregoing instrument; and that he signed his name thereto under authority of
said entity and on behalf of such entity.


 


WITNESS my hand and seal hereto affixed the day and year first above written.


	 	 	 
	 	 	/s/ Cathy Pampinella
	 		NOTARY
PUBLIC in and for the State of New York
	 	 	 
	[SEAL]	CATHY
    PAMPINELLA	 	 
	 	Notary
    Public, State of New York	 	 
	 	Registration
    #01PA6303022	 	
	 	Qualified
    In Suffolk County	 	
	 	Commission Expires
    May 12, 2018	 	



 





My
Commission expires:____________________ 


      (Date)


 


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2016-667M – Trust and Servicing Agreement


 






     


     

    

 


 












 


EXHIBIT A-1


 


FORM OF CLASS A [RULE
144A]1 [REG S]2 CERTIFICATE


 


[UNLESS THIS CERTIFICATE
IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE
CERTIFICATE REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME
OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE
& CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE
HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN
INTEREST HEREIN.]3


 


THIS CERTIFICATE HAS
NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR ANY STATE OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS
CERTIFICATE MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER
APPLICABLE LAWS, AND ONLY (A)(1) PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES
ACT, (2) FOR SO LONG AS THIS CERTIFICATE IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE
144A”), TO AN INSTITUTIONAL INVESTOR THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL
BUYER” WITHIN THE MEANING OF RULE 144A (“QUALIFIED INSTITUTIONAL BUYER”) PURCHASING FOR ITS OWN ACCOUNT, OR
A PERSON PURCHASING FOR THE ACCOUNT OF ANOTHER QUALIFIED INSTITUTIONAL BUYER, WHOM THE HOLDER HAS INFORMED, IN EACH CASE,
THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (3) IN THE CASE OF THE REGULAR
CERTIFICATES, TO AN INSTITUTIONAL INVESTOR THAT IS AN “ACCREDITED INVESTOR” AS SUCH TERM IS DEFINED IN RULE
501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT OR ANY ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE
INSTITUTIONAL INVESTORS THAT ARE “ACCREDITED INVESTORS” AS SUCH TERM IS DEFINED IN RULE 501(a)(1), (2), (3) OR
(7) OF REGULATION D UNDER THE SECURITIES ACT, OR (4) IN THE CASE OF THE REGULAR CERTIFICATES, TO AN INSTITUTION THAT IS A
NON-“U.S. PERSON” IN AN “OFFSHORE TRANSACTION,” AS SUCH TERMS ARE


 





 



 


1 For Rule 144A
Global Certificates only.


 


2 For Reg S Global
Certificates only.


 


3 Legend required
as long as DTC is the Depository under the Trust and Servicing Agreement.


 









    A-1-1


     


    

 


DEFINED IN, AND IN
ACCORDANCE WITH, RULE 903 OR RULE 904 OF, REGULATION S UNDER THE SECURITIES ACT, AND (B) IN ACCORDANCE WITH ANY OTHER
APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.


 


THE INITIAL INVESTOR IN THIS
CERTIFICATE, AND EACH SUBSEQUENT PURCHASER OF THIS CERTIFICATE, BY PURCHASING THIS CERTIFICATE OR AN INTEREST HEREIN, IS
DEEMED TO HAVE AGREED TO COMPLY WITH CERTAIN TRANSFER REQUIREMENTS SET FORTH IN THE TRUST AND SERVICING AGREEMENT. A
TRANSFEREE IS ALSO REQUIRED TO DELIVER AN INVESTMENT REPRESENTATION LETTER SUBSTANTIALLY IN THE FORM OF EXHIBIT D-1 TO THE
TRUST AND SERVICING AGREEMENT IF SUCH TRANSFEREE IS A QUALIFIED INSTITUTIONAL BUYER OR (OTHER THAN WITH RESPECT TO A RESIDUAL
CERTIFICATE) AN INSTITUTIONAL ACCREDITED INVESTOR, AND MAY ALSO BE REQUIRED TO DELIVER AN OPINION OF COUNSEL IF SUCH
TRANSFEREE IS NOT A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A.


 


THIS CERTIFICATE SHOULD
NOT BE PURCHASED BY A TRANSFEREE THAT IS OR BECOMES (A) AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT, INCLUDING AN
INDIVIDUAL RETIREMENT ACCOUNT OR A KEOGH PLAN, WHICH IS SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED
(“ERISA”), OR SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), OR A GOVERNMENTAL
PLAN, AS DEFINED IN SECTION 3(32) OF ERISA, OR OTHER PLAN SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW (“SIMILAR LAW”)
WHICH IS TO A MATERIAL EXTENT SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE CODE (EACH, A “PLAN”), OR (B) A COLLECTIVE
INVESTMENT FUND IN WHICH SUCH PLANS ARE INVESTED, AN INSURANCE COMPANY USING ASSETS OF SEPARATE ACCOUNTS OR GENERAL ACCOUNTS WHICH
INCLUDE ASSETS OF PLANS (OR WHICH ARE DEEMED PURSUANT TO ERISA OR ANY SIMILAR LAW TO INCLUDE ASSETS OF PLANS) OR OTHER PERSON ACTING
ON BEHALF OF ANY SUCH PLAN OR USING THE ASSETS OF ANY SUCH PLAN, UNLESS (A) THE TRANSFEREE HAS ACQUIRED AND IS HOLDING THIS CERTIFICATE
IN RELIANCE ON THE EXEMPTIONS GRANTED TO DEUTSCHE BANK SECURITIES INC., AS DEPARTMENT OF LABOR FINAL AUTHORIZATION NUMBER 97-03E,
AS AMENDED BY PROHIBITED TRANSACTION EXEMPTION 2013-08 AND IT UNDERSTANDS THAT THERE ARE CERTAIN CONDITIONS TO THE AVAILABILITY
OF THE EXEMPTIONS, INCLUDING THAT THIS CERTIFICATE MUST BE RATED, AT THE TIME OF PURCHASE, NOT LOWER THAN “BBB-” (OR
ITS EQUIVALENT) BY A RATING AGENCY SET FORTH THEREIN AND THAT THIS CERTIFICATE IS SO RATED AND IT IS AN “ACCREDITED INVESTOR”
AS DEFINED IN RULE 501(a)(1) OF REGULATION D OF THE SECURITIES AND EXCHANGE COMMISSION UNDER THE SECURITIES ACT OF 1933, OR (B)
(1) IT IS AN INSURANCE COMPANY, (2) THE SOURCE OF FUNDS USED TO ACQUIRE OR HOLD THIS CERTIFICATE OR


 









    A-1-2


     


    

 


INTEREST THEREIN IS
AN “INSURANCE COMPANY GENERAL ACCOUNT,” AS SUCH TERM IS DEFINED IN PROHIBITED TRANSACTION CLASS EXEMPTION
(“PTCE”) 95-60 AND (3) THE CONDITIONS IN SECTIONS I AND III OF PTCE 95-60 HAVE BEEN SATISFIED OR (C) IN THE CASE
OF A TRANSFEREE WHICH IS SUBJECT TO SIMILAR LAW, ITS ACQUISITION, HOLDING AND DISPOSITION OF THIS CERTIFICATE WILL NOT RESULT
IN A NON-EXEMPT VIOLATION OF SIMILAR LAW.


 


ANY HOLDER DESIRING TO
EFFECT A TRANSFER OF THIS CERTIFICATE SHALL, AND DOES HEREBY AGREE TO, INDEMNIFY THE CERTIFICATE REGISTRAR, THE CERTIFICATE ADMINISTRATOR,
THE TRUSTEE, THE MASTER SERVICER, THE SPECIAL SERVICER, THE OPERATING ADVISOR AND THE DEPOSITOR AGAINST ANY LIABILITY THAT MAY
RESULT IF THE TRANSFER IS NOT EXEMPT FROM THE SECURITIES ACT OR IS NOT MADE IN ACCORDANCE WITH FEDERAL AND STATE LAWS.


 


THIS CERTIFICATE DOES NOT
REPRESENT AN OBLIGATION OF OR INTEREST IN THE DEPOSITOR, THE ORIGINATOR, THE MASTER SERVICER, THE SPECIAL SERVICER, THE CERTIFICATE
ADMINISTRATOR, THE TRUSTEE, THE OPERATING ADVISOR OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES NOR THE UNDERLYING
TRUST LOAN ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY.


 


PRINCIPAL PAYMENTS ON THIS
CERTIFICATE ARE PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE OF THIS CERTIFICATE
AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.


 


TRANSFERS AND EXCHANGES
OF PORTIONS OF THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS AS PROVIDED IN THE TRUST AND SERVICING AGREEMENT REFERRED TO BELOW.


 


FOR U.S. FEDERAL INCOME
TAX PURPOSES, THIS CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,”
AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(1) AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED.


 


[THIS CERTIFICATE
HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT AND, PRIOR TO THE DATE THAT IS 40 DAYS AFTER
THE OFFERING OF THE CERTIFICATES, MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED IN THE UNITED STATES OR TO A
U.S. PERSON EXCEPT PURSUANT TO AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.]1


 





 



 


1 For Reg S Global
Certificates only.


 









    A-1-3


     


    

 


COMM 2016-667M MORTGAGE
TRUST COMMERCIAL MORTGAGE 

PASS-THROUGH CERTIFICATES, CLASS A


  





	Class A Pass-Through Rate: A per annum rate equal to 3.1400%	CUSIP: [12636G AA9]1
	 	 	           
      [U2024G AA7]2
	 	 	 
	 	 	ISIN:     [US12636GAA94]3
	 	 	              [USU2024GAA77]4
	 	 	 
	 	 	Initial Certificate Balance of this
	 	 	Certificate: $[______] (SUBJECT TO
	Original Aggregate Certificate Balance of the Class A Certificates: $116,665,000	SCHEDULES OF EXCHANGES ATTACHED)
	 	 	 
	First Distribution Date: November 10, 2016	Cut-off Date: October 6, 2016
	 	 	 
	Assumed Final Distribution Date: October 2026	No.: A- [__]







 








This
certifies that [___________] is the registered owner of a beneficial ownership interest in a Trust Fund, including the
distributions to be made with respect to the Class A Certificates. The Trust Fund, described more fully below, consists
primarily of a Trust Loan secured by, among other things, a first priority mortgage in the fee simple interest in a 24-story,
273,983 square foot, Class A office building with ground floor and basement retail located at 667 Madison Avenue in New York,
New York, and held in trust by the Trustee and serviced by the Master Servicer. The Trust Fund was created, and the Trust
Loan is to be serviced, pursuant to the Trust and Servicing Agreement (as defined below). The Holder of this Certificate, by
virtue of the acceptance hereof, assents to the terms, provisions and conditions of the Trust and Servicing Agreement and is
bound thereby.


 


The Trust
and Servicing Agreement, dated as of October 6, 2016 (the “Trust and Servicing Agreement”), between Deutsche
Mortgage & Asset Receiving Corporation, as depositor (the “Depositor”), KeyBank National Association, as
master servicer (the “Master Servicer”), AEGON USA Realty Advisors, LLC, as special servicer (the “Special
Servicer”), Wells Fargo Bank, National Association, as certificate administrator (in such capacity, the “Certificate
Administrator”), trustee (in such capacity, the “Trustee”), custodian and paying agent, and Park Bridge
Lender Services LLC, as operating advisor (the “Operating Advisor”), evidences the issuance of the Class A,
Class X-A, Class B, Class C, Class D, Class E, Class R and Class LR Certificates (the “Certificates”; the Holders
of Certificates issued under the Trust and Servicing Agreement are collectively referred to herein as “Certificateholders”).
This Certificate is issued pursuant to, and in accordance with, the terms of the Trust and Servicing


 





 



 


1 For Rule 144A
Certificates.


 


2 For Regulation
S Certificates.


 


3 For Rule 144A
Certificates.


 


4 For Regulation
S Certificates.


 









    A-1-4


     


    

 


Agreement. To the extent not defined herein,
capitalized terms used herein shall have the meanings assigned thereto in the Trust and Servicing Agreement.


 


This Certificate
represents a “regular interest” in a “real estate mortgage investment conduit”, as those terms are defined,
respectively, in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this Certificate,
by acceptance hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in accordance with
the preceding sentence for purposes of federal income taxes, state and local income and franchise taxes and other taxes imposed
on or measured by income.


 


The Certificate
Administrator makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of
the Certificates or the Trust Loan and has executed this Certificate in its limited capacity as Certificate Administrator under
the Trust and Servicing Agreement. In the event that there is any conflict between any provision of this Certificate and any provision
of the Trust and Servicing Agreement, such provision of this Certificate shall be superseded to the extent of such inconsistency.


 


Pursuant
to the terms of the Trust and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of the Certificate
Administrator, will distribute (other than the final distribution on any Certificate), on the fourth Business Day after each Determination
Date (each such date, a “Distribution Date”) an amount equal to such Person’s pro rata share (based on
the Percentage Interest represented by this Certificate) of that portion of the aggregate amount of principal and interest then
distributable, if any, allocable to the Class A Certificates for such Distribution Date, all as more fully described in the Trust
and Servicing Agreement. “Determination Date” is defined in the Trust and Servicing Agreement as the 6th day of each
calendar month, or if such 6th day is not a Business Day, then the immediately preceding Business Day, commencing in November 2016.
Holders of this Certificate may be entitled to Prepayment Charges as provided in the Trust and Servicing Agreement.


 


During each
Certificate Interest Accrual Period (as defined below), interest on the Class A Certificates will be calculated based on a 360-day
year consisting of twelve 30-day months, on the outstanding Certificate Balance hereof.


 


Interest
accrued on this Certificate during a Certificate Interest Accrual Period, plus the aggregate unpaid Class Interest Shortfall with
respect to this Certificate, if any, will be payable on the related Distribution Date to the extent provided in the Trust and Servicing
Agreement. The “Certificate Interest Accrual Period” means, with respect to any Distribution Date, the calendar month
immediately preceding the month in which such Distribution Date occurs. The Certificate Interest Accrual Period is assumed to consist
of 30 days.


 


All distributions
(other than the final distribution on any Certificate) will be made by the Paying Agent to the persons in whose names the Certificates
are registered at the close of business on each Record Date, which will be the close of business on the last Business Day of the
calendar month immediately preceding the month in which such Distribution Date occurs. Such distributions shall be made on each
Distribution Date other than the Termination Date to each Certificateholder of record on the related Record Date, by wire transfer
of immediately available funds to the account of such Holder at a bank or other entity located in the United


 









    A-1-5


     


    

 


States and having appropriate
facilities therefor provided that such Holder shall have provided the Paying Agent with wire instructions in writing at
least five Business Days prior to the related Record Date, or, otherwise, by check mailed by first-class mail to the address set
forth therefor in the Certificate Register. The final distribution on each Certificate shall be made in like manner, but only upon
presentment and surrender of such Certificate at the office of the Certificate Administrator or its agent (which may be the Paying
Agent or the Certificate Registrar acting as such agent) that is specified in the notice to Holders of such final distribution.


 


Any funds
not distributed on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall, on
such date, be set aside and held in trust for the benefit of the appropriate non-tendering Certificateholders. If any Certificates
as to which notice of the Termination Date has been given pursuant to the Trust and Servicing Agreement shall not have been surrendered
for cancellation within six months after the time specified in such notice, the Certificate Administrator shall mail a second notice
to the remaining non-tendering Certificateholders, at their last addresses shown in the Certificate Register, to surrender their
Certificates for cancellation in order to receive, from such funds held, the final distribution with respect thereto. If within
one year after the second notice not all of such Certificates shall have been surrendered for cancellation, the Certificate Administrator
may, directly or through an agent, take appropriate steps to contact the remaining non-tendering Certificateholders concerning
surrender of their Certificates. The costs and expenses of holding such funds in trust and of contacting such Certificateholders
shall be paid out of such funds. If within two years after the second notice any such Certificates shall not have been surrendered
for cancellation, the Paying Agent shall pay to the Certificate Administrator all amounts distributable to the Holders thereof,
and the Certificate Administrator shall thereafter hold such amounts for the benefit of such Holders until the earlier of (i) its
termination as Certificate Administrator under the Trust and Servicing Agreement and the transfer of such amounts to a successor
certificate administrator and (ii) subject to applicable law, the termination of the Trust Fund and distribution of such amounts
to the Class R Certificateholders. No interest shall accrue or be payable to any Certificateholder on any amount held as a result
of such Certificateholder’s failure to surrender its Certificate(s) for final payment thereof in accordance with the Trust
and Servicing Agreement. Such funds held by the Certificate Administrator may be invested under certain circumstances, and all
income and gain realized from investment of such funds shall accrue for its benefit.


 


This Certificate
is limited in right of payment to, among other things, certain collections and recoveries in respect of the Trust Loan, as more
specifically set forth herein and in the Trust and Servicing Agreement.


 


As provided
in the Trust and Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s interest therein)
(i) the Trust Loan, together with the Mortgage File relating thereto; (ii) all scheduled or unscheduled payments on or collections
in respect of the Trust Loan due after the Cut-off Date; (iii) any REO Property; (iv) all revenues received in respect of any REO
Property; (v) any indemnities or guaranties given as additional security for the Trust Loan; (vi) a security interest in all assets
deposited in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts, and Reserve Accounts; (vii) amounts on deposit in
the Collection Account attributable to the Trust Loan as identified on the Trust Ledger, the Distribution Accounts, the Interest
Reserve Account or the REO Account, including any


 









    A-1-6


     


    

 


reinvestment income, as applicable;
(viii) a security interest in any environmental indemnity agreements relating to the Mortgaged Property; (ix) a security interest
in all insurance policies with respect to the Trust Loan and the Mortgaged Property; (x) the rights and remedies under the Trust
Loan Purchase Agreement relating to document delivery requirements with respect to the Trust Loan and the representations and warranties
of the Trust Loan Seller regarding the Trust Loan; (xi) the Lower-Tier Regular Interests; and (xii) the proceeds of the foregoing
(other than any interest earned on deposits in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and any Reserve
Accounts, to the extent such interest belongs to the Borrower). As provided in the Trust and Servicing Agreement, withdrawals may
be made from certain of the above-accounts for purposes other than distributions to Certificateholders.


 


This Certificate
does not purport to summarize the Trust and Servicing Agreement, and reference is made to the Trust and Servicing Agreement for
the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties and
immunities of the Certificate Administrator.


 


As provided
in the Trust and Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable or
exchangeable only upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment and
transfer (executed by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Trust and Servicing
Agreement. Upon surrender for registration of transfer of this Certificate, subject to the requirements Article V of the Trust
and Servicing Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly authenticate in the
name of the designated transferee or transferees, one or more new Certificates in authorized denominations of a like aggregate
denomination as the Certificate being surrendered. Such Certificates shall be delivered by the Certificate Registrar in accordance
with Article V of the Trust and Servicing Agreement.


 


Prior to
due presentation of this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer, the
Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent and any agent of any of them may treat the
Person in whose name this Certificate is registered as the owner hereof for all purposes, and none of the Depositor, the Master
Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent or any
agent of any of them shall be affected by notice or knowledge to the contrary.


 


No fee or
service charge shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer or exchange
referred to in Section 5.02 of the Trust and Servicing Agreement other than for transfers to Institutional Accredited Investors
as provided in Section 5.02(h) of the Trust and Servicing Agreement. In connection with any transfer to an Institutional Accredited
Investor, the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s
counsel’s review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar
as provided in the Trust and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer. The Certificate
Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental charge payable
in connection with any such transfer.


 









    A-1-7


     


    

 


The Trust
and Servicing Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the Special
Servicer, the Certificate Administrator, the Trustee and the Operating Advisor without the consent of any of the Certificateholders
or the Companion Loan Holder, (i) to cure any ambiguity or to correct any error; (ii) to cause the provisions of the Trust and
Servicing Agreement to conform or be consistent with or in furtherance of the statements made in the Offering Circular with respect
to the Certificates, the Trust or the Trust and Servicing Agreement or to correct or supplement any provisions of the Trust and
Servicing Agreement or herein which may be defective or inconsistent with any other provisions of the Trust and Servicing Agreement
or herein; (iii) to amend any provision of the Trust and Servicing Agreement to the extent necessary or desirable to maintain the
rating or ratings assigned to each of the Classes of Certificates or Companion Loan Securities by each Rating Agency (provided
that such amendment does not adversely affect in any material respect (x) the rights or interests of any Certificateholder or Companion
Loan Holder not consenting thereto or (y) the rights or interests of the Directing Holder without the consent of the Holders of
Certificates representing all of the Percentage Interests of the Controlling Class); (iv) to amend or supplement a provision, or
to supplement any other provisions to the extent not inconsistent with the provisions of the Trust and Servicing Agreement, or
any other change that will not adversely affect in any material respect the interests of any Certificateholder or Companion Loan
Holder not consenting thereto (as evidenced in writing by an Opinion of Counsel or, if solely affecting any Certificateholder of
a rated Class or the Companion Loan Holder of rated Companion Loan Securities, in respect of which a No Downgrade Confirmation
has been obtained relating to the Certificates or the Companion Loan Securities, if applicable); and (v) to modify the procedures
in the Trust and Servicing Agreement relating to compliance with Rule 17g-5 of the Exchange Act; provided that such modification
would not materially increase the obligations of the Depositor, the Trustee, the Paying Agent, the Certificate Administrator, the
Operating Advisor, the 17g-5 Information Provider, the Master Servicer or the Special Servicer without such parties’ consent;
and provided, further, that such amendment shall not adversely affect in any material respects the interests of any
Certificateholders or Companion Loan Holder not consenting thereto, as evidenced by in the case of clauses (iii) through (v) above
by (x) an Opinion of Counsel or (y) solely in the case of a Certificateholder of a rated Class, receipt of a No Downgrade Confirmation
from each Rating Agency and a No Downgrade Confirmation with respect to any Companion Loan Securities. In no event shall any such
amendment cause the Lower-Tier REMIC or the Upper-Tier REMIC to fail to qualify as a REMIC or subject either REMIC to tax.


 


The Trust
and Servicing Agreement or any Custodial Agreement may also be amended from time to time by the Depositor, the Master Servicer,
the Special Servicer, the Certificate Administrator, the Trustee and the Operating Advisor with the prior written consent of the
Holders of Certificates representing not less than 66-2/3% of the Percentage Interests of each Class of Certificates affected thereby
(without regard to Certificates held by the Depositor, any of the Depositor’s Affiliates and/or agents or the Trust Loan
Seller) and the Companion Loan Holder if affected thereby for the purpose of adding any provisions to or changing in any manner
or eliminating any of the provisions of the Trust and Servicing Agreement or modifying in any manner the rights of the Certificateholders;
provided, however, that no such amendment may:


 






    A-1-8


     


    

 





		(i)	reduce in any manner the amount of, or delay the timing of, payments received
on the Whole Loan which are required to be distributed on any Certificate, without the consent of the Holders of Certificates representing
all of the Percentage Interests of the Class or Classes affected thereby or which are required to be distributed to the Companion
Loan Holder without the consent of such Companion Loan Holder;



 


		(ii)	change the percentages of Voting Rights or Percentage Interests of Holders
of Certificates which are required to consent to any action or inaction under the Trust and Servicing Agreement without the consent
of the Holders of Certificates representing all of the Percentage Interests of the Class or Classes affected thereby and the consent
of the affected Companion Loan Holder;



 


		(iii)	alter the Servicing Standard or obligations of the Master Servicer or the
Trustee to make a P&I Advance, Administrative Advance or a Property Advance, without the consent of the Holders of Certificates
representing all of the Percentage Interests of the Class or Classes affected thereby and the consent of the affected Companion
Loan Holder; or



 


		(iv)	amend any section of the Trust and Servicing Agreement which relates to the
amendment of the Trust and Servicing Agreement without the consent of the Holders of all Certificates representing all of the Percentage
Interests of the Class or Classes affected thereby and the consent of the affected Companion Loan Holder.



 


Further,
the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee and the Operating Advisor,
at any time and from time to time, without the consent of the Certificateholders or the Companion Loan Holder, may amend the Trust
and Servicing Agreement to modify, eliminate or add to any of its provisions to such extent as shall be necessary: (i) to maintain
the qualification of the Lower-Tier REMIC or the Upper-Tier REMIC as a REMIC, or to prevent the imposition of any additional material
state or local taxes, at all times that any Certificates are outstanding; provided that such action, as evidenced by an
Opinion of Counsel (obtained at the expense of the Trust Fund), is necessary or helpful to maintain such qualification or to prevent
the imposition of any such taxes, and would not adversely affect in any material respect the interest of any Certificateholder
or the Companion Loan Holder or (ii) to comply with the Investment Company Act of 1940, as amended, and/or any related regulatory
actions and/or interpretations.


 


The Directing
Holder, and if the Directing Holder does not exercise such option, then the Special Servicer, and if the Special Servicer does
not exercise such option, then the Master Servicer, and if the Master Servicer does not exercise such option, then the Holder of
a majority Percentage Interest in the Class R and Class LR Certificates, may effect an early termination of the Trust Fund (provided
that such party has provided 15 Business Days’ prior notice to each of the parties with such option and none of the parties
with a higher priority has elected to exercise such option within such 15 Business Day period), upon not less than 30 days’
prior Notice of Termination given to the Trustee, the Certificate Administrator, the Special


 









    A-1-9


     


    

 


Servicer and the Master Servicer
any time on or after the Early Termination Notice Date (defined as any date as of which the Stated Principal Balance of the Trust
Loan is less than 1.0% of the Stated Principal Balance of the Trust Loan as of the Cut-off Date) specifying the Anticipated Final
Termination Date, by purchasing on such date all, but not less than all, of the Trust Loan then included in the Trust Fund, and
the Trust’s interest in all property acquired in respect of the Trust Loan, at a purchase price, payable in cash, equal to
the greater of,


 


(i)     
     the sum of, without duplication:


 


		(A)	the outstanding principal balance of the Trust Loan as of the last day of
the month preceding such Anticipated Final Termination Date (less any P&I Advances previously made on account of principal);



 


		(B)	the fair market value of all other property included in the Trust Fund as
of the last day of the month preceding such Anticipated Final Termination Date, as determined by an Independent appraiser acceptable
to the Master Servicer as of a date not more than 30 days prior to the last day of the month preceding such Distribution Date;



 


		(C)	all unpaid interest accrued on the outstanding principal balance of the Trust
Loan (including circumstances where title to the Mortgaged Property has been acquired) at the Trust Loan Rate to the last day of
the Whole Loan Interest Accrual Period preceding such Anticipated Final Termination Date (less any P&I Advances previously
made on account of interest);



 


		(D)	the aggregate amount of unreimbursed Advances, with interest thereon at the
Advance Rate, and unpaid Servicing Compensation, Special Servicing Compensation, the Operating Advisor Fee, the Trustee/Certificate
Administrator Fee, the CREFC®  License Fee and Trust Fund expenses and indemnity amounts
owed by the Trust; and



  


(ii)         the
aggregate fair market value of the Trust Loan, and all other property acquired in respect of the Trust Loan in the Trust Fund,
on the last day of the month preceding such Distribution Date, as determined by an Independent appraiser acceptable to the Master
Servicer as of a date not more than 30 days prior to the last day of the month preceding such Distribution Date, together with
one month’s interest thereon at the Trust Loan Rate.


 


In addition,
the Trust and Servicing Agreement provides that the Sole Certificateholder shall have the right to exchange all of its Certificates
(other than the Class R and Class LR Certificates) for the Trust Loan or REO Property, as applicable, as contemplated by clause
(ii) of Section 9.01(a) of the Trust and Servicing Agreement by giving written notice to


 









    A-1-10


     


    

 


all the parties to the Trust and Servicing Agreement
no later than 60 days prior to the anticipated date of exchange.


 


All costs
and expenses incurred by any and all parties to the Trust and Servicing Agreement or by the Trust Fund in connection with the purchase
of the Trust Loan and the other assets of the Trust Fund pursuant to Section 9.01(c) of the Trust and Servicing Agreement shall
be borne by the party exercising its purchase rights thereunder. The Trustee and the Certificate Administrator shall be entitled
to rely conclusively on any determination made by an Independent appraiser pursuant to Section 9.01(c) of the Trust and Servicing
Agreement.


 


The respective
obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Operating Advisor, the Certificate
Administrator and the Trustee created by the Trust and Servicing Agreement with respect to the Certificates (other than the obligations
of the Certificate Administrator to make certain payments and to send certain notices to Certificateholders as set forth in the
Trust and Servicing Agreement) shall terminate upon payment (or provision for payment) to the Certificateholders and the Companion
Loan Holder of all amounts held by or on behalf of the Trustee, the Certificate Administrator and the Master Servicer, as the case
may be, required under the Trust and Servicing Agreement to be so paid on the Distribution Date following the earlier to occur
of (i) the purchase of the Trust Loan and all other property held by the Trust Fund in accordance with Section 9.01(c) of the Trust
and Servicing Agreement; (ii) the exchange by the Sole Certificateholder of its Certificates for the Trust Loan in accordance with
Section 9.01(g) of the Trust and Servicing Agreement; and (iii) the later of (a) the receipt or collection of the last payment
due on the Trust Loan included in the Trust Fund, or (b) the liquidation and disposition pursuant to the Trust and Servicing Agreement
of the last asset held by the Trust Fund; provided, however, that in no event shall the trust created by the Trust
and Servicing Agreement continue beyond the expiration of 21 years from the death of the last survivor of the descendants of Joseph
P. Kennedy, the late Ambassador of the United States to the United Kingdom, living on the date hereof.


 


Unless the
Certificate of Authentication on this Certificate has been executed by the Certificate Administrator or on its behalf by the Authenticating
Agent, by manual signature, this Certificate shall not be entitled to any benefit under the Trust and Servicing Agreement or be
valid for any purpose.


 


This Certificate
does not purport to summarize the Trust and Servicing Agreement and reference is made to that agreement for information with respect
to the interests, rights, benefits, obligations, proceeds, and duties evidenced hereby and the rights, duties and obligations of
the parties thereto. This Certificate is issued under and is subject to the terms, provisions and conditions of the Trust and Servicing
Agreement, to which Trust and Servicing Agreement, as amended from time to time, the Holder of this Certificate by virtue of the
acceptance hereof assents and by which such Holder is bound. In the case of any conflict between terms specified in this Certificate
and terms specified in the Trust and Servicing Agreement, the terms of the Trust and Servicing Agreement shall govern.


 









    A-1-11


     


    

 


IN WITNESS WHEREOF, the Certificate
Administrator has caused this Class A Certificate to be duly executed.


 


Dated: ________________ 


	 	
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION, not
in its individual capacity but solely as Certificate Administrator
	 	 
	 	By:	
	 	 	  Name:
   Title:









Certificate of Authentication


 


This is one of the Class A Certificates referred to in the Trust
and Servicing Agreement.


 


Dated: __________________ 





	 	
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION, not
in its individual capacity but solely as  Authenticating Agent
	 	 
	 	By:	
	 	 	  Name:
   Title:





 












    A-1-12


     


    

 


SCHEDULE OF EXCHANGES OF
GLOBAL CERTIFICATES


 


The following exchanges
of a part of this Global Certificate have been made:


 









    A-1-13


     


    

 


EXHIBIT A-2


 


FORM OF CLASS X-A
[RULE 144A]1 [REG S]2 CERTIFICATE


 


[UNLESS THIS CERTIFICATE
IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE
CERTIFICATE REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME
OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE
& CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE
HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN
INTEREST HEREIN.]3


 


THIS CERTIFICATE HAS
NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR ANY STATE OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS
CERTIFICATE MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER
APPLICABLE LAWS, AND ONLY (A)(1) PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES
ACT, (2) FOR SO LONG AS THIS CERTIFICATE IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE
144A”), TO AN INSTITUTIONAL INVESTOR THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL
BUYER” WITHIN THE MEANING OF RULE 144A (“QUALIFIED INSTITUTIONAL BUYER”) PURCHASING FOR ITS OWN ACCOUNT, OR
A PERSON PURCHASING FOR THE ACCOUNT OF ANOTHER QUALIFIED INSTITUTIONAL BUYER, WHOM THE HOLDER HAS INFORMED, IN EACH CASE,
THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (3) IN THE CASE OF THE REGULAR
CERTIFICATES, TO AN INSTITUTIONAL INVESTOR THAT IS AN “ACCREDITED INVESTOR” AS SUCH TERM IS DEFINED IN RULE
501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT OR ANY ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE
INSTITUTIONAL INVESTORS THAT ARE “ACCREDITED INVESTORS” AS SUCH TERM IS DEFINED IN RULE 501(a)(1), (2), (3) OR
(7) OF REGULATION D UNDER THE SECURITIES ACT, OR (4) IN THE CASE OF THE REGULAR CERTIFICATES, TO AN INSTITUTION THAT IS A
NON-“U.S. PERSON” IN AN “OFFSHORE TRANSACTION,” AS SUCH TERMS ARE


 





 






 


1 For Rule 144A
Global Certificates only.


 


2 For Reg S Global
Certificates only.


 


3 Legend required
as long as DTC is the Depository under the Trust and Servicing Agreement.


 






    A-2-1


     


    

 



DEFINED IN, AND IN ACCORDANCE
WITH, RULE 903 OR RULE 904 OF, REGULATION S UNDER THE SECURITIES ACT, AND (B) IN ACCORDANCE WITH ANY OTHER APPLICABLE SECURITIES
LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.


 


THE INITIAL INVESTOR IN THIS
CERTIFICATE, AND EACH SUBSEQUENT PURCHASER OF THIS CERTIFICATE, BY PURCHASING THIS CERTIFICATE OR AN INTEREST HEREIN, IS
DEEMED TO HAVE AGREED TO COMPLY WITH CERTAIN TRANSFER REQUIREMENTS SET FORTH IN THE TRUST AND SERVICING AGREEMENT. A
TRANSFEREE IS ALSO REQUIRED TO DELIVER AN INVESTMENT REPRESENTATION LETTER SUBSTANTIALLY IN THE FORM OF EXHIBIT D-1 TO THE
TRUST AND SERVICING AGREEMENT IF SUCH TRANSFEREE IS A QUALIFIED INSTITUTIONAL BUYER OR (OTHER THAN WITH RESPECT TO A RESIDUAL
CERTIFICATE) AN INSTITUTIONAL ACCREDITED INVESTOR, AND MAY ALSO BE REQUIRED TO DELIVER AN OPINION OF COUNSEL IF SUCH
TRANSFEREE IS NOT A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A.


 


THIS CERTIFICATE SHOULD
NOT BE PURCHASED BY A TRANSFEREE THAT IS OR BECOMES (A) AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT, INCLUDING AN
INDIVIDUAL RETIREMENT ACCOUNT OR A KEOGH PLAN, WHICH IS SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED
(“ERISA”), OR SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), OR A GOVERNMENTAL
PLAN, AS DEFINED IN SECTION 3(32) OF ERISA, OR OTHER PLAN SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW (“SIMILAR LAW”)
WHICH IS TO A MATERIAL EXTENT SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE CODE (EACH, A “PLAN”), OR (B) A COLLECTIVE
INVESTMENT FUND IN WHICH SUCH PLANS ARE INVESTED, AN INSURANCE COMPANY USING ASSETS OF SEPARATE ACCOUNTS OR GENERAL ACCOUNTS WHICH
INCLUDE ASSETS OF PLANS (OR WHICH ARE DEEMED PURSUANT TO ERISA OR ANY SIMILAR LAW TO INCLUDE ASSETS OF PLANS) OR OTHER PERSON ACTING
ON BEHALF OF ANY SUCH PLAN OR USING THE ASSETS OF ANY SUCH PLAN, UNLESS (A) THE TRANSFEREE HAS ACQUIRED AND IS HOLDING THIS CERTIFICATE
IN RELIANCE ON THE EXEMPTIONS GRANTED TO DEUTSCHE BANK SECURITIES INC., AS DEPARTMENT OF LABOR FINAL AUTHORIZATION NUMBER 97-03E,
AS AMENDED BY PROHIBITED TRANSACTION EXEMPTION 2013-08 AND IT UNDERSTANDS THAT THERE ARE CERTAIN CONDITIONS TO THE AVAILABILITY
OF THE EXEMPTIONS, INCLUDING THAT THIS CERTIFICATE MUST BE RATED, AT THE TIME OF PURCHASE, NOT LOWER THAN “BBB-” (OR
ITS EQUIVALENT) BY A RATING AGENCY SET FORTH THEREIN AND THAT THIS CERTIFICATE IS SO RATED AND IT IS AN “ACCREDITED INVESTOR”
AS DEFINED IN RULE 501(a)(1) OF REGULATION D OF THE SECURITIES AND EXCHANGE COMMISSION UNDER THE SECURITIES ACT OF 1933, OR (B)
(1) IT IS AN INSURANCE COMPANY, (2) THE SOURCE OF FUNDS USED TO ACQUIRE OR HOLD THIS CERTIFICATE OR


 












    A-2-2


     


    

 


INTEREST THEREIN IS
AN “INSURANCE COMPANY GENERAL ACCOUNT,” AS SUCH TERM IS DEFINED IN PROHIBITED TRANSACTION CLASS EXEMPTION
(“PTCE”) 95-60 AND (3) THE CONDITIONS IN SECTIONS I AND III OF PTCE 95-60 HAVE BEEN SATISFIED OR (C) IN THE CASE
OF A TRANSFEREE WHICH IS SUBJECT TO SIMILAR LAW, ITS ACQUISITION, HOLDING AND DISPOSITION OF THIS CERTIFICATE WILL NOT RESULT
IN A NON-EXEMPT VIOLATION OF SIMILAR LAW.


 


ANY HOLDER DESIRING TO
EFFECT A TRANSFER OF THIS CERTIFICATE SHALL, AND DOES HEREBY AGREE TO, INDEMNIFY THE CERTIFICATE REGISTRAR, THE CERTIFICATE ADMINISTRATOR,
THE TRUSTEE, THE MASTER SERVICER, THE SPECIAL SERVICER, THE OPERATING ADVISOR AND THE DEPOSITOR AGAINST ANY LIABILITY THAT MAY
RESULT IF THE TRANSFER IS NOT EXEMPT FROM THE SECURITIES ACT OR IS NOT MADE IN ACCORDANCE WITH FEDERAL AND STATE LAWS.


 


THIS CERTIFICATE DOES NOT
REPRESENT AN OBLIGATION OF OR INTEREST IN THE DEPOSITOR, THE ORIGINATOR, THE MASTER SERVICER, THE SPECIAL SERVICER, THE CERTIFICATE
ADMINISTRATOR, THE TRUSTEE, THE OPERATING ADVISOR OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES NOR THE UNDERLYING
TRUST LOAN ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY.


 


THE HOLDERS OF THIS CLASS
X-A CERTIFICATE WILL BE ENTITLED ONLY TO DISTRIBUTIONS OF INTEREST ON THE NOTIONAL BALANCE OF THE CLASS X-A CERTIFICATES AND WILL
NOT BE ENTITLED TO ANY OF THE DISTRIBUTIONS WITH RESPECT TO PRINCIPAL. THE NOTIONAL BALANCE OF THE CLASS X-A CERTIFICATES IS EQUAL
TO AN AMOUNT AS SET FORTH IN THE TRUST AND SERVICING AGREEMENT REFERRED TO BELOW. ACCORDINGLY, THE OUTSTANDING NOTIONAL BALANCE
OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL NOTIONAL BALANCE SET FORTH BELOW.


 


TRANSFERS AND EXCHANGES
OF PORTIONS OF THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS AS PROVIDED IN THE TRUST AND SERVICING AGREEMENT REFERRED TO BELOW.


 


FOR U.S. FEDERAL INCOME
TAX PURPOSES, THIS CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,”
AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(1) AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED.


 


[THIS CERTIFICATE
HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT AND, PRIOR TO THE DATE THAT IS 40 DAYS AFTER
THE OFFERING OF THE CERTIFICATES, MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED IN THE UNITED


 









    A-2-3


     


    

 


STATES OR TO A U.S.
PERSON EXCEPT PURSUANT TO AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.]1


 








 



 


1 For Reg S Global Certificates only.


 









    A-2-4


     


    

 


COMM 2016-667M MORTGAGE
TRUST COMMERCIAL MORTGAGE 

PASS-THROUGH CERTIFICATES, CLASS X-A


 








	Class X-A Pass-Through Rate: Variable	CUSIP:  [12636G AC5]1
	 	              [U2024G AB5]2
	 	 
	 	ISIN:     [US12636GAC50]3
	 	              [USU2024GAB50]4
	 	 
	 	Initial Notional Balance of this
	 	Certificate: $[_________] (SUBJECT TO
	Original Aggregate Notional Balance of the	SCHEDULES OF EXCHANGES
	Class X-A Certificates: $116,665,000	ATTACHED)
	 	 
	First Distribution Date: November 10, 2016	Cut-off Date: October 6, 2016
	 	 
	Assumed Final Distribution Date: October 2021	No.: X-A - [__]













 


This certifies that
[___________] is the registered owner of a beneficial ownership interest in a Trust Fund, including the distributions to be
made with respect to the Class X-A Certificates. The Trust Fund, described more fully below, consists primarily of a Trust
Loan secured by, among other things, a first priority mortgage in the fee simple interest in a 24-story, 273,983 square foot,
Class A office building with ground floor and basement retail located at 667 Madison Avenue in New York, New York, and held
in trust by the Trustee and serviced by the Master Servicer. The Trust Fund was created, and the Trust Loan is to be
serviced, pursuant to the Trust and Servicing Agreement (as defined below). The Holder of this Certificate, by virtue of the
acceptance hereof, assents to the terms, provisions and conditions of the Trust and Servicing Agreement and is bound
thereby.


 


The Trust
and Servicing Agreement, dated as of October 6, 2016 (the “Trust and Servicing Agreement”), between Deutsche
Mortgage & Asset Receiving Corporation, as depositor (the “Depositor”), KeyBank National Association, as
master servicer (the “Master Servicer”), AEGON USA Realty Advisors, LLC, as special servicer (the “Special
Servicer”), Wells Fargo Bank, National Association, as certificate administrator (in such capacity, the “Certificate
Administrator”), trustee (in such capacity, the “Trustee”), custodian and paying agent, and Park Bridge
Lender Services LLC, as operating advisor (the “Operating Advisor”), evidences the issuance of the Class A,
Class X-A, Class B, Class C, Class D, Class E, Class R and Class LR Certificates (the “Certificates”; the Holders
of Certificates issued under the Trust and Servicing Agreement are collectively referred to herein as “Certificateholders”).
This Certificate is issued pursuant to, and in accordance with, the terms of the Trust and Servicing


 





 



 





1 For Rule 144A
Certificates.


 


2 For Regulation
S Certificates.


 


3 For Rule 144A
Certificates.


 


4 For Regulation
S Certificates.


 









    A-2-5


     


    

 


Agreement. To the extent not defined herein,
capitalized terms used herein shall have the meanings assigned thereto in the Trust and Servicing Agreement.


 


This Certificate
represents a “regular interest” in a “real estate mortgage investment conduit”, as those terms are defined,
respectively, in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this Certificate,
by acceptance hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in accordance with
the preceding sentence for purposes of federal income taxes, state and local income and franchise taxes and other taxes imposed
on or measured by income.


 


The Certificate
Administrator makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of
the Certificates or the Trust Loan and has executed this Certificate in its limited capacity as Certificate Administrator under
the Trust and Servicing Agreement. In the event that there is any conflict between any provision of this Certificate and any provision
of the Trust and Servicing Agreement, such provision of this Certificate shall be superseded to the extent of such inconsistency.


 


Pursuant
to the terms of the Trust and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of the Certificate
Administrator, will distribute (other than the final distribution on any Certificate), on the fourth Business Day after each Determination
Date (each such date, a “Distribution Date”) an amount equal to such Person’s pro rata share (based on
the Percentage Interest represented by this Certificate) of that portion of the aggregate amount of interest then distributable,
if any, allocable to the Class X-A Certificates for such Distribution Date, all as more fully described in the Trust and Servicing
Agreement. “Determination Date” is defined in the Trust and Servicing Agreement as the 6th day of each calendar month,
or if such 6th day is not a Business Day, then the immediately preceding Business Day, commencing in November 2016. Holders of
this Certificate may be entitled to Prepayment Charges as provided in the Trust and Servicing Agreement.


 


During each
Certificate Interest Accrual Period (as defined below), interest on the Class X-A Certificates will be calculated based on a 360-day
year consisting of twelve 30-day months, on the outstanding Certificate Balance hereof.


 


Interest
accrued on this Certificate during a Certificate Interest Accrual Period, plus the aggregate unpaid Class Interest Shortfall with
respect to this Certificate, if any, will be payable on the related Distribution Date to the extent provided in the Trust and Servicing
Agreement. The “Certificate Interest Accrual Period” means, with respect to any Distribution Date, the calendar month
immediately preceding the month in which such Distribution Date occurs. The Certificate Interest Accrual Period is assumed to consist
of 30 days.


 


All distributions
(other than the final distribution on any Certificate) will be made by the Paying Agent to the persons in whose names the Certificates
are registered at the close of business on each Record Date, which will be the close of business on the last Business Day of the
calendar month immediately preceding the month in which such Distribution Date occurs. Such distributions shall be made on each
Distribution Date other than the Termination Date to each Certificateholder of record on the related Record Date, by wire transfer
of immediately available funds to the account of such Holder at a bank or other entity located in the United


 









    A-2-6


     


    

 


States and having appropriate
facilities therefor provided that such Holder shall have provided the Paying Agent with wire instructions in writing at
least five Business Days prior to the related Record Date, or, otherwise, by check mailed by first-class mail to the address set
forth therefor in the Certificate Register. The final distribution on each Certificate shall be made in like manner, but only upon
presentment and surrender of such Certificate at the office of the Certificate Administrator or its agent (which may be the Paying
Agent or the Certificate Registrar acting as such agent) that is specified in the notice to Holders of such final distribution.


 


Any funds
not distributed on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall, on
such date, be set aside and held in trust for the benefit of the appropriate non-tendering Certificateholders. If any Certificates
as to which notice of the Termination Date has been given pursuant to the Trust and Servicing Agreement shall not have been surrendered
for cancellation within six months after the time specified in such notice, the Certificate Administrator shall mail a second notice
to the remaining non-tendering Certificateholders, at their last addresses shown in the Certificate Register, to surrender their
Certificates for cancellation in order to receive, from such funds held, the final distribution with respect thereto. If within
one year after the second notice not all of such Certificates shall have been surrendered for cancellation, the Certificate Administrator
may, directly or through an agent, take appropriate steps to contact the remaining non-tendering Certificateholders concerning
surrender of their Certificates. The costs and expenses of holding such funds in trust and of contacting such Certificateholders
shall be paid out of such funds. If within two years after the second notice any such Certificates shall not have been surrendered
for cancellation, the Paying Agent shall pay to the Certificate Administrator all amounts distributable to the Holders thereof,
and the Certificate Administrator shall thereafter hold such amounts for the benefit of such Holders until the earlier of (i) its
termination as Certificate Administrator under the Trust and Servicing Agreement and the transfer of such amounts to a successor
certificate administrator and (ii) subject to applicable law, the termination of the Trust Fund and distribution of such amounts
to the Class R Certificateholders. No interest shall accrue or be payable to any Certificateholder on any amount held as a result
of such Certificateholder’s failure to surrender its Certificate(s) for final payment thereof in accordance with the Trust
and Servicing Agreement. Such funds held by the Certificate Administrator may be invested under certain circumstances, and all
income and gain realized from investment of such funds shall accrue for its benefit.


 


This Certificate
is limited in right of payment to, among other things, certain collections and recoveries in respect of the Trust Loan, as more
specifically set forth herein and in the Trust and Servicing Agreement.


 


As provided
in the Trust and Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s interest therein)
(i) the Trust Loan, together with the Mortgage File relating thereto; (ii) all scheduled or unscheduled payments on or collections
in respect of the Trust Loan due after the Cut-off Date; (iii) the REO Property; (iv) all revenues received in respect of the REO
Property; (v) any indemnities or guaranties given as additional security for the Trust Loan; (vi) a security interest in all assets
deposited in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts, and Reserve Accounts; (vii) amounts on deposit in
the Collection Account attributable to the Trust Loan as identified on the Trust Ledger, the Distribution Accounts, the Interest
Reserve Account or the REO Account, including any


 









    A-2-7


     


    

 


reinvestment income, as applicable;
(viii) a security interest in any environmental indemnity agreements relating to the Mortgaged Property; (ix) a security interest
in all insurance policies with respect to the Trust Loan and the Mortgaged Property; (x) the rights and remedies under the Trust
Loan Purchase Agreement relating to document delivery requirements with respect to the Trust Loan and the representations and warranties
of the Trust Loan Seller regarding the Trust Loan; (xi) the Lower-Tier Regular Interests; and (xii) the proceeds of the foregoing
(other than any interest earned on deposits in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and any Reserve
Accounts, to the extent such interest belongs to the Borrower). As provided in the Trust and Servicing Agreement, withdrawals may
be made from certain of the above-accounts for purposes other than distributions to Certificateholders.


 


This Certificate
does not purport to summarize the Trust and Servicing Agreement, and reference is made to the Trust and Servicing Agreement for
the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties and
immunities of the Certificate Administrator.


 


As provided
in the Trust and Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable or
exchangeable only upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment and
transfer (executed by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Trust and Servicing
Agreement. Upon surrender for registration of transfer of this Certificate, subject to the requirements Article V of the Trust
and Servicing Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly authenticate in the
name of the designated transferee or transferees, one or more new Certificates in authorized denominations of a like aggregate
denomination as the Certificate being surrendered. Such Certificates shall be delivered by the Certificate Registrar in accordance
with Article V of the Trust and Servicing Agreement.


 


Prior to
due presentation of this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer, the
Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent and any agent of any of them may treat the
Person in whose name this Certificate is registered as the owner hereof for all purposes, and none of the Depositor, the Master
Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent or any
agent of any of them shall be affected by notice or knowledge to the contrary.


 


No fee or
service charge shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer or exchange
referred to in Section 5.02 of the Trust and Servicing Agreement other than for transfers to Institutional Accredited Investors
as provided in Section 5.02(h) of the Trust and Servicing Agreement. In connection with any transfer to an Institutional Accredited
Investor, the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s
counsel’s review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar
as provided in the Trust and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer. The Certificate
Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental charge payable
in connection with any such transfer.


 









    A-2-8


     


    

 


The Trust
and Servicing Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the Special
Servicer, the Certificate Administrator, the Trustee and the Operating Advisor without the consent of any of the Certificateholders
or the Companion Loan Holder, (i) to cure any ambiguity or to correct any error; (ii) to cause the provisions of the Trust and
Servicing Agreement to conform or be consistent with or in furtherance of the statements made in the Offering Circular with respect
to the Certificates, the Trust or the Trust and Servicing Agreement or to correct or supplement any provisions of the Trust and
Servicing Agreement or herein which may be defective or inconsistent with any other provisions of the Trust and Servicing Agreement
or herein; (iii) to amend any provision of the Trust and Servicing Agreement to the extent necessary or desirable to maintain the
rating or ratings assigned to each of the Classes of Certificates or Companion Loan Securities by each Rating Agency (provided
that such amendment does not adversely affect in any material respect (x) the rights or interests of any Certificateholder or Companion
Loan Holder not consenting thereto or (y) the rights or interests of the Directing Holder without the consent of the Holders of
Certificates representing all of the Percentage Interests of the Controlling Class); (iv) to amend or supplement a provision, or
to supplement any other provisions to the extent not inconsistent with the provisions of the Trust and Servicing Agreement, or
any other change that will not adversely affect in any material respect the interests of any Certificateholder or Companion Loan
Holder not consenting thereto (as evidenced in writing by an Opinion of Counsel or, if solely affecting any Certificateholder of
a rated Class or the Companion Loan Holder of rated Companion Loan Securities, in respect of which a No Downgrade Confirmation
has been obtained relating to the Certificates or the Companion Loan Securities, if applicable); and (v) to modify the procedures
in the Trust and Servicing Agreement relating to compliance with Rule 17g-5 of the Exchange Act; provided that such modification
would not materially increase the obligations of the Depositor, the Trustee, the Paying Agent, the Certificate Administrator, the
Operating Advisor, the 17g-5 Information Provider, the Master Servicer or the Special Servicer without such parties’ consent;
and provided, further, that such amendment shall not adversely affect in any material respects the interests of any
Certificateholders or Companion Loan Holder not consenting thereto, as evidenced by in the case of clauses (iii) through (v) above
by (x) an Opinion of Counsel or (y) solely in the case of a Certificateholder of a rated Class, receipt of a No Downgrade Confirmation
from each Rating Agency and a No Downgrade Confirmation with respect to any Companion Loan Securities. In no event shall any such
amendment cause the Lower-Tier REMIC or the Upper-Tier REMIC to fail to qualify as a REMIC or subject either REMIC to tax.


 


The Trust
and Servicing Agreement or any Custodial Agreement may also be amended from time to time by the Depositor, the Master Servicer,
the Special Servicer, the Certificate Administrator, the Trustee and the Operating Advisor with the prior written consent of the
Holders of Certificates representing not less than 66-2/3% of the Percentage Interests of each Class of Certificates affected thereby
(without regard to Certificates held by the Depositor, any of the Depositor’s Affiliates and/or agents or the Trust Loan
Seller) and the Companion Loan Holder if affected thereby for the purpose of adding any provisions to or changing in any manner
or eliminating any of the provisions of the Trust and Servicing Agreement or modifying in any manner the rights of the Certificateholders;
provided, however, that no such amendment may:


 



    A-2-9


     


    

 








		(i)	reduce in any manner the amount of, or delay the timing of, payments received
on the Whole Loan which are required to be distributed on any Certificate, without the consent of the Holders of Certificates representing
all of the Percentage Interests of the Class or Classes affected thereby or which are required to be distributed to the Companion
Loan Holder without the consent of such Companion Loan Holder;



 


		(ii)	change the percentages of Voting Rights or Percentage Interests of Holders
of Certificates which are required to consent to any action or inaction under the Trust and Servicing Agreement without the consent
of the Holders of Certificates representing all of the Percentage Interests of the Class or Classes affected thereby and the consent
of the Companion Loan Holder;



 


		(iii)	alter the Servicing Standard or obligations of the Master Servicer or the
Trustee to make a P&I Advance, Administrative Advance or a Property Advance, without the consent of the Holders of Certificates
representing all of the Percentage Interests of the Class or Classes affected thereby and the consent of the Companion Loan Holder;
or



 


		(iv)	amend any section of the Trust and Servicing Agreement which relates to the
amendment of the Trust and Servicing Agreement without the consent of the Holders of all Certificates representing all of the Percentage
Interests of the Class or Classes affected thereby and the consent of the Companion Loan Holder.



 


Further,
the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee and the Operating Advisor,
at any time and from time to time, without the consent of the Certificateholders or the Companion Loan Holder, may amend the Trust
and Servicing Agreement to modify, eliminate or add to any of its provisions to such extent as shall be necessary: (i) to maintain
the qualification of the Lower-Tier REMIC or the Upper-Tier REMIC as a REMIC, or to prevent the imposition of any additional material
state or local taxes, at all times that any Certificates are outstanding; provided that such action, as evidenced by an
Opinion of Counsel (obtained at the expense of the Trust Fund), is necessary or helpful to maintain such qualification or to prevent
the imposition of any such taxes, and would not adversely affect in any material respect the interest of any Certificateholder
or the Companion Loan Holder or (ii) to comply with the Investment Company Act of 1940, as amended, and/or any related regulatory
actions and/or interpretations.


 


The Directing
Holder, and if the Directing Holder does not exercise such option, then the Special Servicer, and if the Special Servicer does
not exercise such option, then the Master Servicer, and if the Master Servicer does not exercise such option, then the Holder of
a majority Percentage Interest in the Class R and Class LR Certificates, may effect an early termination of the Trust Fund (provided
that such party has provided 15 Business Days’ prior notice to each of the parties with such option and none of the parties
with a higher priority has elected to exercise such option within such 15 Business Day period), upon not less than 30 days’
prior Notice of Termination given to the Trustee, the Certificate Administrator, the Special


 









    A-2-10


     


    

 


Servicer and the Master Servicer
any time on or after the Early Termination Notice Date (defined as any date as of which the Stated Principal Balance of the Trust
Loan is less than 1.0% of the Stated Principal Balance of the Trust Loan as of the Cut-off Date) specifying the Anticipated Final
Termination Date, by purchasing on such date all, but not less than all, of the Trust Loan then included in the Trust Fund, and
the Trust’s interest in all property acquired in respect of the Trust Loan, at a purchase price, payable in cash, equal to
the greater of,


 


(i)         the
sum of, without duplication:


 


		(A)	the outstanding principal balance of the Trust Loan as of the last day of
the month preceding such Anticipated Final Termination Date (less any P&I Advances previously made on account of principal);



 


		(B)	the fair market value of all other property included in the Trust Fund as
of the last day of the month preceding such Anticipated Final Termination Date, as determined by an Independent appraiser acceptable
to the Master Servicer as of a date not more than 30 days prior to the last day of the month preceding such Distribution Date;



 


		(C)	all unpaid interest accrued on the outstanding principal balance of the Trust
Loan (including circumstances where title to the Mortgaged Property has been acquired) at the Trust Loan Rate to the last day of
the Whole Loan Interest Accrual Period preceding such Anticipated Final Termination Date (less any P&I Advances previously
made on account of interest);



 


		(D)	the aggregate
                                         amount of unreimbursed Advances, with interest thereon at the Advance Rate, and unpaid
                                         Servicing Compensation, Special Servicing Compensation, the Operating Advisor Fee, the
                                         Trustee/Certificate Administrator Fee, the CREFC®
                                          License Fee and Trust Fund expenses and indemnity amounts owed by the Trust;
                                         and









 


(ii)          the
aggregate fair market value of the Trust Loan, and all other property acquired in respect of the Trust Loan in the Trust Fund,
on the last day of the month preceding such Distribution Date, as determined by an Independent appraiser acceptable to the Master
Servicer as of a date not more than 30 days prior to the last day of the month preceding such Distribution Date, together with
one month’s interest thereon at the Trust Loan Rate.


 


In addition,
the Trust and Servicing Agreement provides that the Sole Certificateholder shall have the right to exchange all of its Certificates
(other than the Class R and Class LR Certificates) for the Trust Loan or REO Property, as applicable, as contemplated by clause
(ii) of Section 9.01(a) of the Trust and Servicing Agreement by giving written notice to


 









    A-2-11


     


    

 


all the parties to the Trust and Servicing Agreement
no later than 60 days prior to the anticipated date of exchange.


 


All costs
and expenses incurred by any and all parties to the Trust and Servicing Agreement or by the Trust Fund in connection with the purchase
of the Trust Loan and the other assets of the Trust Fund pursuant to Section 9.01(c) of the Trust and Servicing Agreement shall
be borne by the party exercising its purchase rights thereunder. The Trustee and the Certificate Administrator shall be entitled
to rely conclusively on any determination made by an Independent appraiser pursuant to Section 9.01(c) of the Trust and Servicing
Agreement.


 


The respective
obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Operating Advisor, the Certificate
Administrator and the Trustee created by the Trust and Servicing Agreement with respect to the Certificates (other than the obligations
of the Certificate Administrator to make certain payments and to send certain notices to Certificateholders as set forth in the
Trust and Servicing Agreement) shall terminate upon payment (or provision for payment) to the Certificateholders and the Companion
Loan Holder of all amounts held by or on behalf of the Trustee, the Certificate Administrator and the Master Servicer, as the case
may be, required under the Trust and Servicing Agreement to be so paid on the Distribution Date following the earlier to occur
of (i) the purchase of the Trust Loan and all other property held by the Trust Fund in accordance with Section 9.01(c) of the Trust
and Servicing Agreement; (ii) the exchange by the Sole Certificateholder of its Certificates for the Trust Loan in accordance with
Section 9.01(g) of the Trust and Servicing Agreement; and (iii) the later of (a) the receipt or collection of the last payment
due on the Trust Loan included in the Trust Fund, or (b) the liquidation and disposition pursuant to the Trust and Servicing Agreement
of the last asset held by the Trust Fund; provided, however, that in no event shall the trust created by the Trust
and Servicing Agreement continue beyond the expiration of 21 years from the death of the last survivor of the descendants of Joseph
P. Kennedy, the late Ambassador of the United States to the United Kingdom, living on the date hereof.


 


Unless the
Certificate of Authentication on this Certificate has been executed by the Certificate Administrator or on its behalf by the Authenticating
Agent, by manual signature, this Certificate shall not be entitled to any benefit under the Trust and Servicing Agreement or be
valid for any purpose.


 


This Certificate
does not purport to summarize the Trust and Servicing Agreement and reference is made to that agreement for information with respect
to the interests, rights, benefits, obligations, proceeds, and duties evidenced hereby and the rights, duties and obligations of
the parties thereto. This Certificate is issued under and is subject to the terms, provisions and conditions of the Trust and Servicing
Agreement, to which Trust and Servicing Agreement, as amended from time to time, the Holder of this Certificate by virtue of the
acceptance hereof assents and by which such Holder is bound. In the case of any conflict between terms specified in this Certificate
and terms specified in the Trust and Servicing Agreement, the terms of the Trust and Servicing Agreement shall govern.


 









    A-2-12


     


    

 


IN WITNESS WHEREOF, the Certificate
Administrator has caused this Class X-A Certificate to be duly executed.


 


Dated: ________________


 


	 	WELLS FARGO BANK, NATIONAL ASSOCIATION, not
in its individual capacity but solely as Certificate Administrator
	 	 
	 	By:	
	 	 	  Name:
   Title:









Certificate of Authentication


 


This is one of the Class X-A Certificates referred to in the Trust
and Servicing Agreement.


 


Dated: __________________ 





	 	
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION, not
in its individual capacity but solely as  Authenticating Agent
	 	 
	 	By:	
	 	 	  Name:
   Title:





 












    A-2-13


     


    

 


SCHEDULE OF EXCHANGES OF
GLOBAL CERTIFICATES


 


The following exchanges
of a part of this Global Certificate have been made:


 









    A-2-14


     


    

 








 


EXHIBIT
A-3


 


FORM
OF CLASS B [RULE 144A]1 [REG S]2 CERTIFICATE


 


[UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE CERTIFICATE REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS
AN INTEREST HEREIN.]3


 


THIS
CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR ANY STATE OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE
MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS,
AND ONLY (A)(1) PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (2) FOR SO LONG
AS THIS CERTIFICATE IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO AN INSTITUTIONAL
INVESTOR THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING OF RULE 144A
(“QUALIFIED INSTITUTIONAL BUYER”) PURCHASING FOR ITS OWN ACCOUNT, OR A PERSON PURCHASING FOR THE ACCOUNT OF ANOTHER
QUALIFIED INSTITUTIONAL BUYER, WHOM THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER
IS BEING MADE IN RELIANCE ON RULE 144A, (3) IN THE CASE OF THE REGULAR CERTIFICATES, TO AN INSTITUTIONAL INVESTOR THAT IS AN “ACCREDITED
INVESTOR” AS SUCH TERM IS DEFINED IN RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT OR ANY ENTITY
IN WHICH ALL OF THE EQUITY OWNERS ARE INSTITUTIONAL INVESTORS THAT ARE “ACCREDITED INVESTORS” AS SUCH TERM IS DEFINED
IN RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT, OR (4) IN THE CASE OF THE REGULAR CERTIFICATES, TO
AN INSTITUTION THAT IS A NON-”U.S. PERSON” IN AN “OFFSHORE TRANSACTION,” AS SUCH TERMS ARE


 


 






1
For Rule 144A Global Certificates only.


 


2
For Reg S Global Certificates only.


 


3
Legend required as long as DTC is the Depository under the Trust and Servicing Agreement.


 






     A-3-1


     


    

 


DEFINED
IN, AND IN ACCORDANCE WITH, RULE 903 OR RULE 904 OF, REGULATION S UNDER THE SECURITIES ACT, AND (B) IN ACCORDANCE WITH ANY OTHER
APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.


 


THE
INITIAL INVESTOR IN THIS CERTIFICATE, AND EACH SUBSEQUENT PURCHASER OF THIS CERTIFICATE, BY PURCHASING THIS CERTIFICATE OR AN
INTEREST HEREIN, IS DEEMED TO HAVE AGREED TO COMPLY WITH CERTAIN TRANSFER REQUIREMENTS SET FORTH IN THE TRUST AND SERVICING AGREEMENT.
A TRANSFEREE IS ALSO REQUIRED TO DELIVER AN INVESTMENT REPRESENTATION LETTER SUBSTANTIALLY IN THE FORM OF EXHIBIT D-1 TO
THE TRUST AND SERVICING AGREEMENT IF SUCH TRANSFEREE IS A QUALIFIED INSTITUTIONAL BUYER OR (OTHER THAN WITH RESPECT TO A
RESIDUAL CERTIFICATE) AN INSTITUTIONAL ACCREDITED INVESTOR, AND MAY ALSO BE REQUIRED TO DELIVER AN OPINION  OF COUNSEL IF
SUCH TRANSFEREE IS NOT A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A.


 


THIS
CERTIFICATE SHOULD NOT BE PURCHASED BY A TRANSFEREE THAT IS OR BECOMES (A) AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT,
INCLUDING AN INDIVIDUAL RETIREMENT ACCOUNT OR A KEOGH PLAN, WHICH IS SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF
1974, AS AMENDED (“ERISA”), OR SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”),
OR A GOVERNMENTAL PLAN, AS DEFINED IN SECTION 3(32) OF ERISA, OR OTHER PLAN SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW (“SIMILAR
LAW”) WHICH IS TO A MATERIAL EXTENT SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE CODE (EACH, A “PLAN”),
OR (B) A COLLECTIVE INVESTMENT FUND IN WHICH SUCH PLANS ARE INVESTED, AN INSURANCE COMPANY USING ASSETS OF SEPARATE ACCOUNTS OR
GENERAL ACCOUNTS WHICH INCLUDE ASSETS OF PLANS (OR WHICH ARE DEEMED PURSUANT TO ERISA OR ANY SIMILAR LAW TO INCLUDE ASSETS OF
PLANS) OR OTHER PERSON ACTING ON BEHALF OF ANY SUCH PLAN OR USING THE ASSETS OF ANY SUCH PLAN, UNLESS (A) THE TRANSFEREE HAS ACQUIRED
AND IS HOLDING THIS CERTIFICATE IN RELIANCE ON THE EXEMPTIONS GRANTED TO DEUTSCHE BANK SECURITIES INC., AS DEPARTMENT OF LABOR
FINAL AUTHORIZATION NUMBER 97-03E, AS AMENDED BY PROHIBITED TRANSACTION EXEMPTION 2013-08 AND IT UNDERSTANDS THAT THERE ARE CERTAIN
CONDITIONS TO THE AVAILABILITY OF THE EXEMPTIONS, INCLUDING THAT THIS CERTIFICATE MUST BE RATED, AT THE TIME OF PURCHASE, NOT
LOWER THAN “BBB-” (OR ITS EQUIVALENT) BY A RATING AGENCY SET FORTH THEREIN AND THAT THIS CERTIFICATE IS SO RATED AND
IT IS AN “ACCREDITED INVESTOR” AS DEFINED IN RULE 501(a)(1) OF REGULATION D OF THE SECURITIES AND EXCHANGE COMMISSION
UNDER THE SECURITIES ACT OF 1933, OR (B) (1) IT IS AN INSURANCE COMPANY, (2) THE SOURCE OF FUNDS USED TO ACQUIRE OR HOLD THIS
CERTIFICATE OR


 






     A-3-2


     


    

 


INTEREST
THEREIN IS AN “INSURANCE COMPANY GENERAL ACCOUNT,” AS SUCH TERM IS DEFINED IN PROHIBITED TRANSACTION CLASS
EXEMPTION (“PTCE”) 95-60 AND (3) THE CONDITIONS IN SECTIONS I AND III OF PTCE 95-60 HAVE BEEN SATISFIED OR (C) IN
THE CASE OF A TRANSFEREE WHICH IS SUBJECT TO SIMILAR LAW, ITS ACQUISITION, HOLDING AND DISPOSITION OF THIS CERTIFICATE WILL
NOT RESULT IN A NON-EXEMPT VIOLATION OF SIMILAR LAW.


 


ANY
HOLDER DESIRING TO EFFECT A TRANSFER OF THIS CERTIFICATE SHALL, AND DOES HEREBY AGREE TO, INDEMNIFY THE CERTIFICATE REGISTRAR,
THE CERTIFICATE ADMINISTRATOR, THE TRUSTEE, THE MASTER SERVICER, THE SPECIAL SERVICER, THE OPERATING ADVISOR AND THE DEPOSITOR
AGAINST ANY LIABILITY THAT MAY RESULT IF THE TRANSFER IS NOT EXEMPT FROM THE SECURITIES ACT OR IS NOT MADE IN ACCORDANCE WITH
FEDERAL AND STATE LAWS.


 


THIS
CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN THE DEPOSITOR, THE ORIGINATOR, THE MASTER SERVICER, THE SPECIAL
SERVICER, THE CERTIFICATE ADMINISTRATOR, THE TRUSTEE, THE OPERATING ADVISOR OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE
CERTIFICATES NOR THE UNDERLYING TRUST LOAN ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY.


 


PRINCIPAL
PAYMENTS ON THIS CERTIFICATE ARE PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE
OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.


 


TRANSFERS
AND EXCHANGES OF PORTIONS OF THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS AS PROVIDED IN THE TRUST AND SERVICING AGREEMENT REFERRED
TO BELOW.


 


THIS
CERTIFICATE IS SUBORDINATE TO ONE OR MORE OTHER CLASSES OF CERTIFICATES AS AND TO THE EXTENT SET FORTH IN THE TRUST AND SERVICING
AGREEMENT REFERRED TO HEREIN.


 


FOR
U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE
INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(1) AND 860D OF THE INTERNAL REVENUE CODE
OF 1986, AS AMENDED.


 


[THIS
CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT AND, PRIOR TO THE DATE THAT IS 40 DAYS
AFTER THE OFFERING OF THE CERTIFICATES, MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED IN THE UNITED


 






     A-3-3


     


    

 


STATES
OR TO A U.S. PERSON EXCEPT PURSUANT TO AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.]1


 


 






1
For Reg S Global Certificates only.


 






     A-3-4


     


    

 


COMM
2016-667M MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, CLASS B


 





	Class B Pass-Through Rate:
    The Net Mortgage Rate	 	CUSIP: [12636G AE1]1

                  [U2024G
    AC3]2
	 	 	 
	 	 	ISIN:
            [US12636GAE17]3

                      [USU2024GAC34]4

        

	 	 	 
	Original Aggregate Certificate Balance of the
    Class B Certificates: $25,925,000	 	Initial Certificate Balance of this 

    Certificate: $[_____] (SUBJECT TO 

    SCHEDULES OF EXCHANGES ATTACHED)
	 	 	 
	First Distribution Date: November 10, 2016	 	Cut-off Date: October 6, 2016
	 	 	 
	Assumed Final Distribution Date: October 2026	 	No.: B-[__]







 


This
certifies that [_______] is the registered owner of a beneficial ownership interest in a Trust Fund, including the distributions to
be made with respect to the Class B Certificates. The Trust Fund, described more fully below, consists primarily of a Trust Loan
secured by, among other things, a first priority mortgage in the fee simple interest in a 24-story, 273,983 square foot, Class
A office building with ground floor and basement retail located at 667 Madison Avenue in New York, New York, and held in trust
by the Trustee and serviced by the Master Servicer. The Trust Fund was created, and the Trust Loan is to be serviced, pursuant
to the Trust and Servicing Agreement (as defined below). The Holder of this Certificate, by virtue of the acceptance hereof, assents
to the terms, provisions and conditions of the Trust and Servicing Agreement and is bound thereby.


 


The
Trust and Servicing Agreement, dated as of October 6, 2016 (the “Trust and Servicing Agreement”), between Deutsche
Mortgage & Asset Receiving Corporation, as depositor (the “Depositor”), KeyBank National Association, as
master servicer (the “Master Servicer”), AEGON USA Realty Advisors, LLC, as special servicer (the “Special
Servicer”), Wells Fargo Bank, National Association, as certificate administrator (in such capacity, the “Certificate
Administrator”), trustee (in such capacity, the “Trustee”), custodian and paying agent, and Park
Bridge Lender Services LLC, as operating advisor (the “Operating Advisor”), evidences the issuance of the Class
A, Class X-A, Class B, Class C, Class D, Class E, Class R and Class LR Certificates (the “Certificates”; the
Holders of Certificates issued under the Trust and Servicing Agreement are collectively referred to herein as “Certificateholders”).
This Certificate is issued pursuant to, and in accordance with, the terms of the Trust and Servicing


 





 






1
For Rule 144A Certificates.


 


2
For Regulation S Certificates.


 


3
For Rule 144A Certificates.


 


4
For Regulation S Certificates.


 






     A-3-5


     


    

 


Agreement. To
the extent not defined herein, capitalized terms used herein shall have the meanings assigned thereto in the Trust and Servicing
Agreement.


 


This
Certificate represents a “regular interest” in a “real estate mortgage investment conduit”, as those terms
are defined, respectively, in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this
Certificate, by acceptance hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in
accordance with the preceding sentence for purposes of federal income taxes, state and local income and franchise taxes and other
taxes imposed on or measured by income.


 


The
Certificate Administrator makes no representation or warranty as to any of the statements contained herein or the validity or
sufficiency of the Certificates or the Trust Loan and has executed this Certificate in its limited capacity as Certificate Administrator
under the Trust and Servicing Agreement. In the event that there is any conflict between any provision of this Certificate and
any provision of the Trust and Servicing Agreement, such provision of this Certificate shall be superseded to the extent of such
inconsistency.


 


Pursuant
to the terms of the Trust and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of the Certificate
Administrator, will distribute (other than the final distribution on any Certificate), on the fourth Business Day after each Determination
Date (each such date, a “Distribution Date”) an amount equal to such Person’s pro rata share (based on
the Percentage Interest represented by this Certificate) of that portion of the aggregate amount of principal and interest then
distributable, if any, allocable to the Class B Certificates for such Distribution Date, all as more fully described in the Trust
and Servicing Agreement. “Determination Date” is defined in the Trust and Servicing Agreement as the 6th day of each
calendar month, or if such 6th day is not a Business Day, then the immediately preceding Business Day, commencing in November
2016. Holders of this Certificate may be entitled to Prepayment Charges as provided in the Trust and Servicing Agreement.


 


During
each Certificate Interest Accrual Period (as defined below), interest on the Class B Certificates will be calculated based on
a 360-day year consisting of twelve 30-day months, on the outstanding Certificate Balance hereof.


 


Interest
accrued on this Certificate during a Certificate Interest Accrual Period, plus the aggregate unpaid Class Interest Shortfall with
respect to this Certificate, if any, will be payable on the related Distribution Date to the extent provided in the Trust and
Servicing Agreement. The “Certificate Interest Accrual Period” means, with respect to any Distribution Date, the calendar
month immediately preceding the month in which such Distribution Date occurs. The Certificate Interest Accrual Period is assumed
to consist of 30 days.


 


All
distributions (other than the final distribution on any Certificate) will be made by the Paying Agent to the persons in whose
names the Certificates are registered at the close of business on each Record Date, which will be the close of business on the
last Business Day of the calendar month immediately preceding the month in which such Distribution Date occurs. Such distributions
shall be made on each Distribution Date other than the Termination Date to each Certificateholder of record on the related Record
Date, by wire transfer of immediately available funds to the account of such Holder at a bank or other entity located in the United


 






     A-3-6


     


    

 


States
and having appropriate facilities therefor provided that such Holder shall have provided the Paying Agent with wire instructions
in writing at least five Business Days prior to the related Record Date, or, otherwise, by check mailed by first-class mail to
the address set forth therefor in the Certificate Register. The final distribution on each Certificate shall be made in like manner,
but only upon presentment and surrender of such Certificate at the office of the Certificate Administrator or its agent (which
may be the Paying Agent or the Certificate Registrar acting as such agent) that is specified in the notice to Holders of such
final distribution.


 


Any
funds not distributed on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall,
on such date, be set aside and held in trust for the benefit of the appropriate non-tendering Certificateholders. If any Certificates
as to which notice of the Termination Date has been given pursuant to the Trust and Servicing Agreement shall not have been surrendered
for cancellation within six months after the time specified in such notice, the Certificate Administrator shall mail a second
notice to the remaining non-tendering Certificateholders, at their last addresses shown in the Certificate Register, to surrender
their Certificates for cancellation in order to receive, from such funds held, the final distribution with respect thereto. If
within one year after the second notice not all of such Certificates shall have been surrendered for cancellation, the Certificate
Administrator may, directly or through an agent, take appropriate steps to contact the remaining non-tendering Certificateholders
concerning surrender of their Certificates. The costs and expenses of holding such funds in trust and of contacting such Certificateholders
shall be paid out of such funds. If within two years after the second notice any such Certificates shall not have been surrendered
for cancellation, the Paying Agent shall pay to the Certificate Administrator all amounts distributable to the Holders thereof,
and the Certificate Administrator shall thereafter hold such amounts for the benefit of such Holders until the earlier of (i)
its termination as Certificate Administrator under the Trust and Servicing Agreement and the transfer of such amounts to a successor
certificate administrator and (ii) subject to applicable law, the termination of the Trust Fund and distribution of such amounts
to the Class R Certificateholders. No interest shall accrue or be payable to any Certificateholder on any amount held as a result
of such Certificateholder’s failure to surrender its Certificate(s) for final payment thereof in accordance with the Trust
and Servicing Agreement. Such funds held by the Certificate Administrator may be invested under certain circumstances, and all
income and gain realized from investment of such funds shall accrue for its benefit.


 


This
Certificate is limited in right of payment to, among other things, certain collections and recoveries in respect of the Trust
Loan, as more specifically set forth herein and in the Trust and Servicing Agreement.


 


As
provided in the Trust and Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s
interest therein) (i) the Trust Loan, together with the Mortgage File relating thereto; (ii) all scheduled or unscheduled payments
on or collections in respect of the Trust Loan due after the Cut-off Date; (iii) the REO Property; (iv) all revenues received
in respect of the REO Property; (v) any indemnities or guaranties given as additional security for the Trust Loan; (vi) a security
interest in all assets deposited in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts, and Reserve Accounts; (vii)
amounts on deposit in the Collection Account attributable to the Trust Loan as identified on the Trust Ledger, the Distribution
Accounts, the Interest Reserve Account or the REO Account, including any


 






     A-3-7


     


    

 


reinvestment
income, as applicable; (viii) a security interest in any environmental indemnity agreements relating to the Mortgaged Property;
(ix) a security interest in all insurance policies with respect to the Trust Loan and the Mortgaged Property; (x) the rights and
remedies under the Trust Loan Purchase Agreement relating to document delivery requirements with respect to the Trust Loan and
the representations and warranties of the Trust Loan Seller regarding the Trust Loan; (xi) the Lower-Tier Regular Interests; and
(xii) the proceeds of the foregoing (other than any interest earned on deposits in the Lock-Box Accounts, Cash Collateral Accounts,
Escrow Accounts and any Reserve Accounts, to the extent such interest belongs to the Borrower). As provided in the Trust and Servicing
Agreement, withdrawals may be made from certain of the above-accounts for purposes other than distributions to Certificateholders.


 


This
Certificate does not purport to summarize the Trust and Servicing Agreement, and reference is made to the Trust and Servicing
Agreement for the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights,
duties and immunities of the Certificate Administrator.


 


As
provided in the Trust and Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable
or exchangeable only upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment
and transfer (executed by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Trust and
Servicing Agreement. Upon surrender for registration of transfer of this Certificate, subject to the requirements Article V of
the Trust and Servicing Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly authenticate
in the name of the designated transferee or transferees, one or more new Certificates in authorized denominations of a like aggregate
denomination as the Certificate being surrendered. Such Certificates shall be delivered by the Certificate Registrar in accordance
with Article V of the Trust and Servicing Agreement.


 


Prior
to due presentation of this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer,
the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent and any agent of any of them may treat
the Person in whose name this Certificate is registered as the owner hereof for all purposes, and none of the Depositor, the Master
Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent or any
agent of any of them shall be affected by notice or knowledge to the contrary.


 


No
fee or service charge shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer
or exchange referred to in Section 5.02 of the Trust and Servicing Agreement other than for transfers to Institutional Accredited
Investors as provided in Section 5.02(h) of the Trust and Servicing Agreement. In connection with any transfer to an Institutional
Accredited Investor, the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s
counsel’s review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar
as provided in the Trust and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer. The
Certificate Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental
charge payable in connection with any such transfer.


 






     A-3-8


     


    

 


The
Trust and Servicing Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer,
the Special Servicer, the Certificate Administrator, the Trustee and the Operating Advisor without the consent of any of the
Certificateholders or the Companion Loan Holder, (i) to cure any ambiguity or to correct any error; (ii) to cause the
provisions of the Trust and Servicing Agreement to conform or be consistent with or in furtherance of the statements made in
the Offering Circular with respect to the Certificates, the Trust or the Trust and Servicing Agreement or to correct or
supplement any provisions of the Trust and Servicing Agreement or herein which may be defective or inconsistent with any
other provisions of the Trust and Servicing Agreement or herein; (iii) to amend any provision of the Trust and Servicing
Agreement to the extent necessary or desirable to maintain the rating or ratings assigned to each of the Classes of
Certificates or Companion Loan Securities by each Rating Agency (provided that such amendment does not adversely
affect in any material respect (x) the rights or interests of any Certificateholder or Companion Loan Holder not consenting
thereto or (y) the rights or interests of the Directing Holder without the consent of the Holders of Certificates
representing all of the Percentage Interests of the Controlling Class); (iv) to amend or supplement a provision, or to
supplement any other provisions to the extent not inconsistent with the provisions of the Trust and Servicing Agreement, or
any other change that will not adversely affect in any material respect the interests of any Certificateholder or Companion
Loan Holder not consenting thereto (as evidenced in writing by an Opinion of Counsel or, if solely affecting any
Certificateholder of a rated Class or the Companion Loan Holder of rated Companion Loan Securities, in respect of which a No
Downgrade Confirmation has been obtained relating to the Certificates or the Companion Loan Securities, if applicable); and
(v) to modify the procedures in the Trust and Servicing Agreement relating to compliance with Rule 17g-5 of the Exchange Act; provided
that such modification would not materially increase the obligations of the Depositor, the Trustee, the Paying Agent, the
Certificate Administrator, the Operating Advisor, the 17g-5 Information Provider, the Master Servicer or the Special Servicer
without such parties’ consent; and provided, further, that such amendment shall not adversely affect in
any material respects the interests of any Certificateholders or Companion Loan Holder not consenting thereto, as evidenced
by in the case of clauses (iii) through (v) above by (x) an Opinion of Counsel or (y) solely in the case of a
Certificateholder of a rated Class, receipt of a No Downgrade Confirmation from each Rating Agency and a No Downgrade
Confirmation with respect to any Companion Loan Securities. In no event shall any such amendment cause the Lower-Tier REMIC
or the Upper-Tier REMIC to fail to qualify as a REMIC or subject either REMIC to tax.


 


The
Trust and Servicing Agreement or any Custodial Agreement may also be amended from time to time by the Depositor, the Master Servicer,
the Special Servicer, the Certificate Administrator, the Trustee and the Operating Advisor with the prior written consent of the
Holders of Certificates representing not less than 66-2/3% of the Percentage Interests of each Class of Certificates affected
thereby (without regard to Certificates held by the Depositor, any of the Depositor’s Affiliates and/or agents or the Trust
Loan Seller) and the Companion Loan Holder if affected thereby for the purpose of adding any provisions to or changing in any
manner or eliminating any of the provisions of the Trust and Servicing Agreement or modifying in any manner the rights of the
Certificateholders; provided, however, that no such amendment may:


 






     A-3-9


     


    

 


		(i)	reduce
in any manner the amount of, or delay the timing of, payments received on the Whole Loan which are required to be distributed
on any Certificate, without the consent of the Holders of Certificates representing all of the Percentage Interests of the Class
or Classes affected thereby or which are required to be distributed to the Companion Loan Holder without the consent of such Companion
Loan Holder;



 


		(ii)	change
the percentages of Voting Rights or Percentage Interests of Holders of Certificates which are required to consent to any action
or inaction under the Trust and Servicing Agreement without the consent of the Holders of Certificates representing all of the
Percentage Interests of the Class or Classes affected thereby and the consent of the Companion Loan Holder;



 


		(iii)	alter
the Servicing Standard or obligations of the Master Servicer or the Trustee to make a P&I Advance, Administrative Advance
or a Property Advance, without the consent of the Holders of Certificates representing all of the Percentage Interests of the
Class or Classes affected thereby and the consent of the Companion Loan Holder; or



 


		(iv)	amend
any section of the Trust and Servicing Agreement which relates to the amendment of the Trust and Servicing Agreement without the
consent of the Holders of all Certificates representing all of the Percentage Interests of the Class or Classes affected thereby
and the consent of the Companion Loan Holder.



 


Further,
the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee and the Operating Advisor,
at any time and from time to time, without the consent of the Certificateholders or the Companion Loan Holder, may amend the Trust
and Servicing Agreement to modify, eliminate or add to any of its provisions to such extent as shall be necessary: (i) to maintain
the qualification of the Lower-Tier REMIC or the Upper-Tier REMIC as a REMIC, or to prevent the imposition of any additional material
state or local taxes, at all times that any Certificates are outstanding; provided that such action, as evidenced by an
Opinion of Counsel (obtained at the expense of the Trust Fund), is necessary or helpful to maintain such qualification or to prevent
the imposition of any such taxes, and would not adversely affect in any material respect the interest of any Certificateholder
or the Companion Loan Holder or (ii) to comply with the Investment Company Act of 1940, as amended, and/or any related regulatory
actions and/or interpretations.


 


The
Directing Holder, and if the Directing Holder does not exercise such option, then the Special Servicer, and if the Special Servicer
does not exercise such option, then the Master Servicer, and if the Master Servicer does not exercise such option, then the Holder
of a majority Percentage Interest in the Class R and Class LR Certificates, may effect an early termination of the Trust Fund
(provided that such party has provided 15 Business Days’ prior notice to each of the parties with such option and
none of the parties with a higher priority has elected to exercise such option within such 15 Business Day period), upon not less
than 30 days’ prior Notice of Termination given to the Trustee, the Certificate Administrator, the Special


 






     A-3-10


     


    

 


Servicer
and the Master Servicer any time on or after the Early Termination Notice Date (defined as any date as of which the Stated Principal
Balance of the Trust Loan is less than 1.0% of the Stated Principal Balance of the Trust Loan as of the Cut-off Date) specifying
the Anticipated Final Termination Date, by purchasing on such date all, but not less than all, of the Trust Loan then included
in the Trust Fund, and the Trust’s interest in all property acquired in respect of the Trust Loan, at a purchase price,
payable in cash, equal to the greater of,


 


		(i)	the
sum of, without duplication:



 


		(A)	the
outstanding principal balance of the Trust Loan as of the last day of the month preceding such Anticipated Final Termination Date
(less any P&I Advances previously made on account of principal);



 


		(B)	the
fair market value of all other property included in the Trust Fund as of the last day of the month preceding such Anticipated
Final Termination Date, as determined by an Independent appraiser acceptable to the Master Servicer as of a date not more than
30 days prior to the last day of the month preceding such Distribution Date;



 


		(C)	all
unpaid interest accrued on the outstanding principal balance of the Trust Loan (including circumstances where title to the Mortgaged
Property has been acquired) at the Trust Loan Rate to the last day of the Whole Loan Interest Accrual Period preceding such Anticipated
Final Termination Date (less any P&I Advances previously made on account of interest);



 


		(D)	the
                                         aggregate amount of unreimbursed Advances, with interest thereon at the Advance Rate,
                                         and unpaid Servicing Compensation, Special Servicing Compensation, the Operating Advisor
                                         Fee, the Trustee/Certificate Administrator Fee, the CREFC®
                                         License Fee and Trust Fund expenses and indemnity amounts owed by the Trust;
                                         and



  


(ii)          
the aggregate fair market value of the Trust Loan, and all other property acquired in respect of the Trust Loan in the Trust Fund,
on the last day of the month preceding such Distribution Date, as determined by an Independent appraiser acceptable to the Master
Servicer as of a date not more than 30 days prior to the last day of the month preceding such Distribution Date, together with
one month’s interest thereon at the Trust Loan Rate.


 


In
addition, the Trust and Servicing Agreement provides that the Sole Certificateholder shall have the right to exchange all of its
Certificates (other than the Class R and Class LR Certificates) for the Trust Loan or REO Property, as applicable, as contemplated
by clause (ii) of Section 9.01(a) of the Trust and Servicing Agreement by giving written notice to


 






     A-3-11


     


    

 


all
the parties to the Trust and Servicing Agreement no later than 60 days prior to the anticipated date of exchange.


 


All
costs and expenses incurred by any and all parties to the Trust and Servicing Agreement or by the Trust Fund in connection with
the purchase of the Trust Loan and the other assets of the Trust Fund pursuant to Section 9.01(c) of the Trust and Servicing Agreement
shall be borne by the party exercising its purchase rights thereunder. The Trustee and the Certificate Administrator shall be
entitled to rely conclusively on any determination made by an Independent appraiser pursuant to Section 9.01(c) of the Trust and
Servicing Agreement.


 


The
respective obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Operating Advisor,
the Certificate Administrator and the Trustee created by the Trust and Servicing Agreement with respect to the Certificates (other
than the obligations of the Certificate Administrator to make certain payments and to send certain notices to Certificateholders
as set forth in the Trust and Servicing Agreement) shall terminate upon payment (or provision for payment) to the Certificateholders
and the Companion Loan Holder of all amounts held by or on behalf of the Trustee, the Certificate Administrator and the Master
Servicer, as the case may be, required under the Trust and Servicing Agreement to be so paid on the Distribution Date following
the earlier to occur of (i) the purchase of the Trust Loan and all other property held by the Trust Fund in accordance with Section
9.01(c) of the Trust and Servicing Agreement; (ii) the exchange by the Sole Certificateholder of its Certificates for the Trust
Loan in accordance with Section 9.01(g) of the Trust and Servicing Agreement; and (iii) the later of (a) the receipt or collection
of the last payment due on the Trust Loan included in the Trust Fund, or (b) the liquidation and disposition pursuant to the Trust
and Servicing Agreement of the last asset held by the Trust Fund; provided, however, that in no event shall the
trust created by the Trust and Servicing Agreement continue beyond the expiration of 21 years from the death of the last survivor
of the descendants of Joseph P. Kennedy, the late Ambassador of the United States to the United Kingdom, living on the date hereof.


 


Unless
the Certificate of Authentication on this Certificate has been executed by the Certificate Administrator or on its behalf by the
Authenticating Agent, by manual signature, this Certificate shall not be entitled to any benefit under the Trust and Servicing
Agreement or be valid for any purpose.


 


This
Certificate does not purport to summarize the Trust and Servicing Agreement and reference is made to that agreement for information
with respect to the interests, rights, benefits, obligations, proceeds, and duties evidenced hereby and the rights, duties and
obligations of the parties thereto. This Certificate is issued under and is subject to the terms, provisions and conditions of
the Trust and Servicing Agreement, to which Trust and Servicing Agreement, as amended from time to time, the Holder of this Certificate
by virtue of the acceptance hereof assents and by which such Holder is bound. In the case of any conflict between terms specified
in this Certificate and terms specified in the Trust and Servicing Agreement, the terms of the Trust and Servicing Agreement shall
govern.


 






     A-3-12


     


    

 


IN
WITNESS WHEREOF, the Certificate Administrator has caused this Class B Certificate to be duly executed.


 





	Dated: ______________	 	 
	 	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION, not in its individual capacity but solely as Certificate Administrator
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:







 


Certificate
of Authentication


 








This
is one of the Class B Certificates referred to in the Trust and Servicing Agreement.


 





	Dated: ______________	 	 
	 	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION, not in its
    individual capacity but solely as Authenticating
    Agent
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:


 






     A-3-13


     


    

 








SCHEDULE
OF EXCHANGES OF GLOBAL CERTIFICATES


 


The
following exchanges of a part of this Global Certificate have been made:


 






     A-3-14


     


    

 




EXHIBIT
A-4


 


FORM
OF CLASS C [RULE 144A]1 [REG S]2
CERTIFICATE


 


[UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE CERTIFICATE REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS
AN INTEREST HEREIN.]3


 


THIS
CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR ANY STATE OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE
MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS,
AND ONLY (A)(1) PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (2) FOR SO LONG
AS THIS CERTIFICATE IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO AN INSTITUTIONAL
INVESTOR THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING OF RULE 144A
(“QUALIFIED INSTITUTIONAL BUYER”) PURCHASING FOR ITS OWN ACCOUNT, OR A PERSON PURCHASING FOR THE ACCOUNT OF ANOTHER
QUALIFIED INSTITUTIONAL BUYER, WHOM THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER
IS BEING MADE IN RELIANCE ON RULE 144A, (3) IN THE CASE OF THE REGULAR CERTIFICATES, TO AN INSTITUTIONAL INVESTOR THAT IS AN “ACCREDITED
INVESTOR” AS SUCH TERM IS DEFINED IN RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT OR ANY ENTITY
IN WHICH ALL OF THE EQUITY OWNERS ARE INSTITUTIONAL INVESTORS THAT ARE “ACCREDITED INVESTORS” AS SUCH TERM IS DEFINED
IN RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT, OR (4) IN THE CASE OF THE REGULAR CERTIFICATES, TO
AN INSTITUTION THAT IS A NON-”U.S. PERSON” IN AN “OFFSHORE TRANSACTION,” AS SUCH TERMS ARE


 


 






1
For Rule 144A Global Certificates only.


 


2
For Reg S Global Certificates only.


 


3
Legend required as long as DTC is the Depository under the Trust and Servicing Agreement.


 






     A-4-1


     


    

 


DEFINED
IN, AND IN ACCORDANCE WITH, RULE 903 OR RULE 904 OF, REGULATION S UNDER THE SECURITIES ACT, AND (B) IN ACCORDANCE WITH ANY OTHER
APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.


 


THE
INITIAL INVESTOR IN THIS CERTIFICATE, AND EACH SUBSEQUENT PURCHASER OF THIS CERTIFICATE, BY PURCHASING THIS CERTIFICATE OR AN
INTEREST HEREIN, IS DEEMED TO HAVE AGREED TO COMPLY WITH CERTAIN TRANSFER REQUIREMENTS SET FORTH IN THE TRUST AND SERVICING AGREEMENT.
A TRANSFEREE IS ALSO REQUIRED TO DELIVER AN INVESTMENT REPRESENTATION LETTER SUBSTANTIALLY IN THE FORM OF EXHIBIT D-1 TO
THE TRUST AND SERVICING AGREEMENT IF SUCH TRANSFEREE IS A QUALIFIED INSTITUTIONAL BUYER OR (OTHER THAN WITH RESPECT TO A
RESIDUAL CERTIFICATE) AN INSTITUTIONAL ACCREDITED INVESTOR, AND MAY ALSO BE REQUIRED TO DELIVER AN OPINION  OF COUNSEL IF
SUCH TRANSFEREE IS NOT A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A.


 


THIS
CERTIFICATE SHOULD NOT BE PURCHASED BY A TRANSFEREE THAT IS OR BECOMES (A) AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT,
INCLUDING AN INDIVIDUAL RETIREMENT ACCOUNT OR A KEOGH PLAN, WHICH IS SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF
1974, AS AMENDED (“ERISA”), OR SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”),
OR A GOVERNMENTAL PLAN, AS DEFINED IN SECTION 3(32) OF ERISA, OR OTHER PLAN SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW (“SIMILAR
LAW”) WHICH IS TO A MATERIAL EXTENT SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE CODE (EACH, A “PLAN”),
OR (B) A COLLECTIVE INVESTMENT FUND IN WHICH SUCH PLANS ARE INVESTED, AN INSURANCE COMPANY USING ASSETS OF SEPARATE ACCOUNTS OR
GENERAL ACCOUNTS WHICH INCLUDE ASSETS OF PLANS (OR WHICH ARE DEEMED PURSUANT TO ERISA OR ANY SIMILAR LAW TO INCLUDE ASSETS OF
PLANS) OR OTHER PERSON ACTING ON BEHALF OF ANY SUCH PLAN OR USING THE ASSETS OF ANY SUCH PLAN, UNLESS (A) THE TRANSFEREE HAS ACQUIRED
AND IS HOLDING THIS CERTIFICATE IN RELIANCE ON THE EXEMPTIONS GRANTED TO DEUTSCHE BANK SECURITIES INC., AS DEPARTMENT OF LABOR
FINAL AUTHORIZATION NUMBER 97-03E, AS AMENDED BY PROHIBITED TRANSACTION EXEMPTION 2013-08 AND IT UNDERSTANDS THAT THERE ARE CERTAIN
CONDITIONS TO THE AVAILABILITY OF THE EXEMPTIONS, INCLUDING THAT THIS CERTIFICATE MUST BE RATED, AT THE TIME OF PURCHASE, NOT
LOWER THAN “BBB-” (OR ITS EQUIVALENT) BY A RATING AGENCY SET FORTH THEREIN AND THAT THIS CERTIFICATE IS SO RATED AND
IT IS AN “ACCREDITED INVESTOR” AS DEFINED IN RULE 501(a)(1) OF REGULATION D OF THE SECURITIES AND EXCHANGE COMMISSION
UNDER THE SECURITIES ACT OF 1933, OR (B) (1) IT IS AN INSURANCE COMPANY, (2) THE SOURCE OF FUNDS USED TO ACQUIRE OR HOLD THIS
CERTIFICATE OR


 






     A-4-2


     


    

 


INTEREST
THEREIN IS AN “INSURANCE COMPANY GENERAL ACCOUNT,” AS SUCH TERM IS DEFINED IN PROHIBITED TRANSACTION CLASS EXEMPTION
(“PTCE”) 95-60 AND (3) THE CONDITIONS IN SECTIONS I AND III OF PTCE 95-60 HAVE BEEN SATISFIED OR (C) IN THE CASE OF
A TRANSFEREE WHICH IS SUBJECT TO SIMILAR LAW, ITS ACQUISITION, HOLDING AND DISPOSITION OF THIS CERTIFICATE WILL NOT RESULT IN
A NON-EXEMPT VIOLATION OF SIMILAR LAW.


 


ANY
HOLDER DESIRING TO EFFECT A TRANSFER OF THIS CERTIFICATE SHALL, AND DOES HEREBY AGREE TO, INDEMNIFY THE CERTIFICATE REGISTRAR,
THE CERTIFICATE ADMINISTRATOR, THE TRUSTEE, THE MASTER SERVICER, THE SPECIAL SERVICER, THE OPERATING ADVISOR AND THE DEPOSITOR
AGAINST ANY LIABILITY THAT MAY RESULT IF THE TRANSFER IS NOT EXEMPT FROM THE SECURITIES ACT OR IS NOT MADE IN ACCORDANCE WITH
FEDERAL AND STATE LAWS.


 


THIS
CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN THE DEPOSITOR, THE ORIGINATOR, THE MASTER SERVICER, THE SPECIAL
SERVICER, THE CERTIFICATE ADMINISTRATOR, THE TRUSTEE, THE OPERATING ADVISOR OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE
CERTIFICATES NOR THE UNDERLYING TRUST LOAN ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY.


 


PRINCIPAL
PAYMENTS ON THIS CERTIFICATE ARE PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE
OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.


 


TRANSFERS
AND EXCHANGES OF PORTIONS OF THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS AS PROVIDED IN THE TRUST AND SERVICING AGREEMENT REFERRED
TO BELOW.


 


THIS
CERTIFICATE IS SUBORDINATE TO ONE OR MORE OTHER CLASSES OF CERTIFICATES AS AND TO THE EXTENT SET FORTH IN THE TRUST AND SERVICING
AGREEMENT REFERRED TO HEREIN.


 


FOR
U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE
INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(1) AND 860D OF THE INTERNAL REVENUE CODE
OF 1986, AS AMENDED.


 


[THIS
CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT AND, PRIOR TO THE DATE THAT IS 40 DAYS
AFTER THE OFFERING OF THE CERTIFICATES, MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED IN THE UNITED


 






     A-4-3


     


    

 


STATES
OR TO A U.S. PERSON EXCEPT PURSUANT TO AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.]1


 


 






1
For Reg S Global Certificates only.


 






     A-4-4


     


    

 


COMM
2016-667M MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, CLASS C


 





	Class C Pass-Through Rate: The Net Mortgage
    Rate	 	CUSIP: [12636G AG6]1

                  [U2024G AD1]2
	 	 	 
	 	 	ISIN:     [US12636GAG64]3

                  [USU2024GAD17]4
	 	 	 
	Original Aggregate Certificate Balance of the Class C Certificates:
    $24,770,000	 	Initial Certificate Balance of this Certificate: $[_____] (SUBJECT
    TO SCHEDULES OF EXCHANGES ATTACHED)
	 	 	 
	First Distribution Date: November 10, 2016	 	Cut-off Date: October [_], 2016
	 	 	 
	Assumed Final Distribution Date: October 2026	 	No.: C-[__]







 


This
certifies that [_______] is the registered owner of a beneficial ownership interest in a Trust Fund, including the
distributions to be made with respect to the Class C Certificates. The Trust Fund, described more fully below, consists
primarily of a Trust Loan secured by, among other things, a first priority mortgage in the fee simple interest in a 24-story,
273,983 square foot, Class A office building with ground floor and basement retail located at 667 Madison Avenue in New York,
New York, and held in trust by the Trustee and serviced by the Master Servicer. The Trust Fund was created, and the Trust
Loan is to be serviced, pursuant to the Trust and Servicing Agreement (as defined below). The Holder of this Certificate, by
virtue of the acceptance hereof, assents to the terms, provisions and conditions of the Trust and Servicing Agreement and is
bound thereby.


 


The
Trust and Servicing Agreement, dated as of October 6, 2016 (the “Trust and Servicing Agreement”), between Deutsche
Mortgage & Asset Receiving Corporation, as depositor (the “Depositor”), KeyBank National Association, as
master servicer (the “Master Servicer”), AEGON USA Realty Advisors, LLC, as special servicer (the “Special
Servicer”), Wells Fargo Bank, National Association, as certificate administrator (in such capacity, the “Certificate
Administrator”), trustee (in such capacity, the “Trustee”), custodian and paying agent, and Park
Bridge Lender Services LLC, as operating advisor (the “Operating Advisor”), evidences the issuance of the Class
A, Class X-A, Class B, Class C, Class D, Class E, Class R and Class LR Certificates (the “Certificates”; the
Holders of Certificates issued under the Trust and Servicing Agreement are collectively referred to herein as “Certificateholders”).
This Certificate is issued pursuant to, and in accordance with, the terms of the Trust and Servicing


 





 






1
For Rule 144A Certificates.


 


2
For Regulation S Certificates.


 


3
For Rule 144A Certificates.


 


4
For Regulation S Certificates.


 



     A-4-5


     


    

 





Agreement. To
the extent not defined herein, capitalized terms used herein shall have the meanings assigned thereto in the Trust and Servicing
Agreement.


 


This
Certificate represents a “regular interest” in a “real estate mortgage investment conduit”, as those terms
are defined, respectively, in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this
Certificate, by acceptance hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in
accordance with the preceding sentence for purposes of federal income taxes, state and local income and franchise taxes and other
taxes imposed on or measured by income.


 


The
Certificate Administrator makes no representation or warranty as to any of the statements contained herein or the validity or
sufficiency of the Certificates or the Trust Loan and has executed this Certificate in its limited capacity as Certificate Administrator
under the Trust and Servicing Agreement. In the event that there is any conflict between any provision of this Certificate and
any provision of the Trust and Servicing Agreement, such provision of this Certificate shall be superseded to the extent of such
inconsistency.


 


Pursuant
to the terms of the Trust and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of the Certificate
Administrator, will distribute (other than the final distribution on any Certificate), on the fourth Business Day after each Determination
Date (each such date, a “Distribution Date”) an amount equal to such Person’s pro rata share (based on
the Percentage Interest represented by this Certificate) of that portion of the aggregate amount of principal and interest then
distributable, if any, allocable to the Class C Certificates for such Distribution Date, all as more fully described in the Trust
and Servicing Agreement. “Determination Date” is defined in the Trust and Servicing Agreement as the 6th day of each
calendar month, or if such 6th day is not a Business Day, then the immediately preceding Business Day, commencing in November
2016. Holders of this Certificate may be entitled to Prepayment Charges as provided in the Trust and Servicing Agreement.


 


During
each Certificate Interest Accrual Period (as defined below), interest on the Class C Certificates will be calculated based on
a 360-day year consisting of twelve 30-day months, on the outstanding Certificate Balance hereof.


 


Interest
accrued on this Certificate during a Certificate Interest Accrual Period, plus the aggregate unpaid Class Interest Shortfall with
respect to this Certificate, if any, will be payable on the related Distribution Date to the extent provided in the Trust and
Servicing Agreement. The “Certificate Interest Accrual Period” means, with respect to any Distribution Date, the calendar
month immediately preceding the month in which such Distribution Date occurs. The Certificate Interest Accrual Period is assumed
to consist of 30 days.


 


All
distributions (other than the final distribution on any Certificate) will be made by the Paying Agent to the persons in whose
names the Certificates are registered at the close of business on each Record Date, which will be the close of business on the
last Business Day of the calendar month immediately preceding the month in which such Distribution Date occurs. Such distributions
shall be made on each Distribution Date other than the Termination Date to each Certificateholder of record on the related Record
Date, by wire transfer of immediately available funds to the account of such Holder at a bank or other entity located in the United


 






     A-4-6


     


    

 


States
and having appropriate facilities therefor provided that such Holder shall have provided the Paying Agent with wire instructions
in writing at least five Business Days prior to the related Record Date, or, otherwise, by check mailed by first-class mail to
the address set forth therefor in the Certificate Register. The final distribution on each Certificate shall be made in like manner,
but only upon presentment and surrender of such Certificate at the office of the Certificate Administrator or its agent (which
may be the Paying Agent or the Certificate Registrar acting as such agent) that is specified in the notice to Holders of such
final distribution.


 


Any
funds not distributed on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall,
on such date, be set aside and held in trust for the benefit of the appropriate non-tendering Certificateholders. If any Certificates
as to which notice of the Termination Date has been given pursuant to the Trust and Servicing Agreement shall not have been surrendered
for cancellation within six months after the time specified in such notice, the Certificate Administrator shall mail a second
notice to the remaining non-tendering Certificateholders, at their last addresses shown in the Certificate Register, to surrender
their Certificates for cancellation in order to receive, from such funds held, the final distribution with respect thereto. If
within one year after the second notice not all of such Certificates shall have been surrendered for cancellation, the Certificate
Administrator may, directly or through an agent, take appropriate steps to contact the remaining non-tendering Certificateholders
concerning surrender of their Certificates. The costs and expenses of holding such funds in trust and of contacting such Certificateholders
shall be paid out of such funds. If within two years after the second notice any such Certificates shall not have been surrendered
for cancellation, the Paying Agent shall pay to the Certificate Administrator all amounts distributable to the Holders thereof,
and the Certificate Administrator shall thereafter hold such amounts for the benefit of such Holders until the earlier of (i)
its termination as Certificate Administrator under the Trust and Servicing Agreement and the transfer of such amounts to a successor
certificate administrator and (ii) subject to applicable law, the termination of the Trust Fund and distribution of such amounts
to the Class R Certificateholders. No interest shall accrue or be payable to any Certificateholder on any amount held as a result
of such Certificateholder’s failure to surrender its Certificate(s) for final payment thereof in accordance with the Trust
and Servicing Agreement. Such funds held by the Certificate Administrator may be invested under certain circumstances, and all
income and gain realized from investment of such funds shall accrue for its benefit.


 


This
Certificate is limited in right of payment to, among other things, certain collections and recoveries in respect of the Trust
Loan, as more specifically set forth herein and in the Trust and Servicing Agreement.


 


As
provided in the Trust and Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s
interest therein) (i) the Trust Loan, together with the Mortgage File relating thereto; (ii) all scheduled or unscheduled payments
on or collections in respect of the Trust Loan due after the Cut-off Date; (iii) the REO Property; (iv) all revenues received
in respect of the REO Property; (v) any indemnities or guaranties given as additional security for the Trust Loan; (vi) a security
interest in all assets deposited in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts, and Reserve Accounts; (vii)
amounts on deposit in the Collection Account attributable to the Trust Loan as identified on the Trust Ledger, the Distribution
Accounts, the Interest Reserve Account or the REO Account, including any


 






     A-4-7


     


    

 


reinvestment
income, as applicable; (viii) a security interest in any environmental indemnity agreements relating to the Mortgaged Property;
(ix) a security interest in all insurance policies with respect to the Trust Loan and the Mortgaged Property; (x) the rights and
remedies under the Trust Loan Purchase Agreement relating to document delivery requirements with respect to the Trust Loan and
the representations and warranties of the Trust Loan Seller regarding the Trust Loan; (xi) the Lower-Tier Regular Interests; and
(xii) the proceeds of the foregoing (other than any interest earned on deposits in the Lock-Box Accounts, Cash Collateral Accounts,
Escrow Accounts and any Reserve Accounts, to the extent such interest belongs to the Borrower). As provided in the Trust and Servicing
Agreement, withdrawals may be made from certain of the above-accounts for purposes other than distributions to Certificateholders.


 


This
Certificate does not purport to summarize the Trust and Servicing Agreement, and reference is made to the Trust and Servicing
Agreement for the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights,
duties and immunities of the Certificate Administrator.


 


As
provided in the Trust and Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable
or exchangeable only upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment
and transfer (executed by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Trust and
Servicing Agreement. Upon surrender for registration of transfer of this Certificate, subject to the requirements Article V of
the Trust and Servicing Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly authenticate
in the name of the designated transferee or transferees, one or more new Certificates in authorized denominations of a like aggregate
denomination as the Certificate being surrendered. Such Certificates shall be delivered by the Certificate Registrar in accordance
with Article V of the Trust and Servicing Agreement.


 


Prior
to due presentation of this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer,
the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent and any agent of any of them may treat
the Person in whose name this Certificate is registered as the owner hereof for all purposes, and none of the Depositor, the Master
Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent or any
agent of any of them shall be affected by notice or knowledge to the contrary.


 


No
fee or service charge shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer
or exchange referred to in Section 5.02 of the Trust and Servicing Agreement other than for transfers to Institutional Accredited
Investors as provided in Section 5.02(h) of the Trust and Servicing Agreement. In connection with any transfer to an Institutional
Accredited Investor, the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s
counsel’s review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar
as provided in the Trust and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer. The
Certificate Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental
charge payable in connection with any such transfer.


 






     A-4-8


     


    

 


The
Trust and Servicing Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the
Special Servicer, the Certificate Administrator, the Trustee and the Operating Advisor without the consent of any of the Certificateholders
or the Companion Loan Holder, (i) to cure any ambiguity or to correct any error; (ii) to cause the provisions of the Trust and
Servicing Agreement to conform or be consistent with or in furtherance of the statements made in the Offering Circular with respect
to the Certificates, the Trust or the Trust and Servicing Agreement or to correct or supplement any provisions of the Trust and
Servicing Agreement or herein which may be defective or inconsistent with any other provisions of the Trust and Servicing Agreement
or herein; (iii) to amend any provision of the Trust and Servicing Agreement to the extent necessary or desirable to maintain
the rating or ratings assigned to each of the Classes of Certificates or Companion Loan Securities by each Rating Agency (provided
that such amendment does not adversely affect in any material respect (x) the rights or interests of any Certificateholder
or Companion Loan Holder not consenting thereto or (y) the rights or interests of the Directing Holder without the consent of
the Holders of Certificates representing all of the Percentage Interests of the Controlling Class); (iv) to amend or supplement
a provision, or to supplement any other provisions to the extent not inconsistent with the provisions of the Trust and Servicing
Agreement, or any other change that will not adversely affect in any material respect the interests of any Certificateholder or
Companion Loan Holder not consenting thereto (as evidenced in writing by an Opinion of Counsel or, if solely affecting any Certificateholder
of a rated Class or the Companion Loan Holder of rated Companion Loan Securities, in respect of which a No Downgrade Confirmation
has been obtained relating to the Certificates or the Companion Loan Securities, if applicable); and (v) to modify the procedures
in the Trust and Servicing Agreement relating to compliance with Rule 17g-5 of the Exchange Act; provided that such modification
would not materially increase the obligations of the Depositor, the Trustee, the Paying Agent, the Certificate Administrator,
the Operating Advisor, the 17g-5 Information Provider, the Master Servicer or the Special Servicer without such parties’
consent; and provided, further, that such amendment shall not adversely affect in any material respects the interests
of any Certificateholders or Companion Loan Holder not consenting thereto, as evidenced by in the case of clauses (iii) through
(v) above by (x) an Opinion of Counsel or (y) solely in the case of a Certificateholder of a rated Class, receipt of a No Downgrade
Confirmation from each Rating Agency and a No Downgrade Confirmation with respect to any Companion Loan Securities. In no event
shall any such amendment cause the Lower-Tier REMIC or the Upper-Tier REMIC to fail to qualify as a REMIC or subject either REMIC
to tax.


 


The
Trust and Servicing Agreement or any Custodial Agreement may also be amended from time to time by the Depositor, the Master Servicer,
the Special Servicer, the Certificate Administrator, the Trustee and the Operating Advisor with the prior written consent of the
Holders of Certificates representing not less than 66-2/3% of the Percentage Interests of each Class of Certificates affected
thereby (without regard to Certificates held by the Depositor, any of the Depositor’s Affiliates and/or agents or the Trust
Loan Seller) and the Companion Loan Holder if affected thereby for the purpose of adding any provisions to or changing in any
manner or eliminating any of the provisions of the Trust and Servicing Agreement or modifying in any manner the rights of the
Certificateholders; provided, however, that no such amendment may:


 






     A-4-9


     


    

 


		(i)	reduce
in any manner the amount of, or delay the timing of, payments received on the Whole Loan which are required to be distributed
on any Certificate, without the consent of the Holders of Certificates representing all of the Percentage Interests of the Class
or Classes affected thereby or which are required to be distributed to the Companion Loan Holder without the consent of such Companion
Loan Holder;



 


		(ii)	change
the percentages of Voting Rights or Percentage Interests of Holders of Certificates which are required to consent to any action
or inaction under the Trust and Servicing Agreement without the consent of the Holders of Certificates representing all of the
Percentage Interests of the Class or Classes affected thereby and the consent of the Companion Loan Holder;



 


		(iii)	alter
the Servicing Standard or obligations of the Master Servicer or the Trustee to make a P&I Advance, Administrative Advance
or a Property Advance, without the consent of the Holders of Certificates representing all of the Percentage Interests of the
Class or Classes affected thereby and the consent of the Companion Loan Holder; or



 


		(iv)	amend
any section of the Trust and Servicing Agreement which relates to the amendment of the Trust and Servicing Agreement without the
consent of the Holders of all Certificates representing all of the Percentage Interests of the Class or Classes affected thereby
and the consent of the Companion Loan Holder.



 


Further,
the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee and the Operating Advisor,
at any time and from time to time, without the consent of the Certificateholders or the Companion Loan Holder, may amend the Trust
and Servicing Agreement to modify, eliminate or add to any of its provisions to such extent as shall be necessary: (i) to maintain
the qualification of the Lower-Tier REMIC or the Upper-Tier REMIC as a REMIC, or to prevent the imposition of any additional material
state or local taxes, at all times that any Certificates are outstanding; provided that such action, as evidenced by an
Opinion of Counsel (obtained at the expense of the Trust Fund), is necessary or helpful to maintain such qualification or to prevent
the imposition of any such taxes, and would not adversely affect in any material respect the interest of any Certificateholder
or the Companion Loan Holder or (ii) to comply with the Investment Company Act of 1940, as amended, and/or any related regulatory
actions and/or interpretations.


 


The
Directing Holder, and if the Directing Holder does not exercise such option, then the Special Servicer, and if the Special Servicer
does not exercise such option, then the Master Servicer, and if the Master Servicer does not exercise such option, then the Holder
of a majority Percentage Interest in the Class R and Class LR Certificates, may effect an early termination of the Trust Fund
(provided that such party has provided 15 Business Days’ prior notice to each of the parties with such option and
none of the parties with a higher priority has elected to exercise such option within such 15 Business Day period), upon not less
than 30 days’ prior Notice of Termination given to the Trustee, the Certificate Administrator, the Special


 






     A-4-10


     


    

 


Servicer
and the Master Servicer any time on or after the Early Termination Notice Date (defined as any date as of which the Stated Principal
Balance of the Trust Loan is less than 1.0% of the Stated Principal Balance of the Trust Loan as of the Cut-off Date) specifying
the Anticipated Final Termination Date, by purchasing on such date all, but not less than all, of the Trust Loan then included
in the Trust Fund, and the Trust’s interest in all property acquired in respect of the Trust Loan, at a purchase price,
payable in cash, equal to the greater of,


 


(i)            the
sum of, without duplication:


 


		(A)	the
outstanding principal balance of the Trust Loan as of the last day of the month preceding such Anticipated Final Termination Date
(less any P&I Advances previously made on account of principal);



 


		(B)	the
fair market value of all other property included in the Trust Fund as of the last day of the month preceding such Anticipated
Final Termination Date, as determined by an Independent appraiser acceptable to the Master Servicer as of a date not more than
30 days prior to the last day of the month preceding such Distribution Date;



 


		(C)	all
unpaid interest accrued on the outstanding principal balance of the Trust Loan (including circumstances where title to the Mortgaged
Property has been acquired) at the Trust Loan Rate to the last day of the Whole Loan Interest Accrual Period preceding such Anticipated
Final Termination Date (less any P&I Advances previously made on account of interest);



 


		(D)	the
                                         aggregate amount of unreimbursed Advances, with interest thereon at the Advance Rate,
                                         and unpaid Servicing Compensation, Special Servicing Compensation, the Operating Advisor
                                         Fee, the Trustee/Certificate Administrator Fee, the CREFC®
                                         License Fee and Trust Fund expenses and indemnity amounts owed by the Trust;
                                         and



  


(ii)
          the aggregate fair market value of the Trust Loan, and all other property acquired in respect of the Trust Loan in the Trust Fund,
on the last day of the month preceding such Distribution Date, as determined by an Independent appraiser acceptable to the Master
Servicer as of a date not more than 30 days prior to the last day of the month preceding such Distribution Date, together with
one month’s interest thereon at the Trust Loan Rate.


 


In
addition, the Trust and Servicing Agreement provides that the Sole Certificateholder shall have the right to exchange all of its
Certificates (other than the Class R and Class LR Certificates) for the Trust Loan or REO Property, as applicable, as contemplated
by clause (ii) of Section 9.01(a) of the Trust and Servicing Agreement by giving written notice to


 






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all
the parties to the Trust and Servicing Agreement no later than 60 days prior to the anticipated date of exchange.


 


All
costs and expenses incurred by any and all parties to the Trust and Servicing Agreement or by the Trust Fund in connection with
the purchase of the Trust Loan and the other assets of the Trust Fund pursuant to Section 9.01(c) of the Trust and Servicing Agreement
shall be borne by the party exercising its purchase rights thereunder. The Trustee and the Certificate Administrator shall be
entitled to rely conclusively on any determination made by an Independent appraiser pursuant to Section 9.01(c) of the Trust and
Servicing Agreement.


 


The
respective obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Operating Advisor,
the Certificate Administrator and the Trustee created by the Trust and Servicing Agreement with respect to the Certificates (other
than the obligations of the Certificate Administrator to make certain payments and to send certain notices to Certificateholders
as set forth in the Trust and Servicing Agreement) shall terminate upon payment (or provision for payment) to the Certificateholders
and the Companion Loan Holder of all amounts held by or on behalf of the Trustee, the Certificate Administrator and the Master
Servicer, as the case may be, required under the Trust and Servicing Agreement to be so paid on the Distribution Date following
the earlier to occur of (i) the purchase of the Trust Loan and all other property held by the Trust Fund in accordance with Section
9.01(c) of the Trust and Servicing Agreement; (ii) the exchange by the Sole Certificateholder of its Certificates for the Trust
Loan in accordance with Section 9.01(g) of the Trust and Servicing Agreement; and (iii) the later of (a) the receipt or collection
of the last payment due on the Trust Loan included in the Trust Fund, or (b) the liquidation and disposition pursuant to the Trust
and Servicing Agreement of the last asset held by the Trust Fund; provided, however, that in no event shall the
trust created by the Trust and Servicing Agreement continue beyond the expiration of 21 years from the death of the last survivor
of the descendants of Joseph P. Kennedy, the late Ambassador of the United States to the United Kingdom, living on the date hereof.


 


Unless
the Certificate of Authentication on this Certificate has been executed by the Certificate Administrator or on its behalf by the
Authenticating Agent, by manual signature, this Certificate shall not be entitled to any benefit under the Trust and Servicing
Agreement or be valid for any purpose.


 


This
Certificate does not purport to summarize the Trust and Servicing Agreement and reference is made to that agreement for information
with respect to the interests, rights, benefits, obligations, proceeds, and duties evidenced hereby and the rights, duties and
obligations of the parties thereto. This Certificate is issued under and is subject to the terms, provisions and conditions of
the Trust and Servicing Agreement, to which Trust and Servicing Agreement, as amended from time to time, the Holder of this Certificate
by virtue of the acceptance hereof assents and by which such Holder is bound. In the case of any conflict between terms specified
in this Certificate and terms specified in the Trust and Servicing Agreement, the terms of the Trust and Servicing Agreement shall
govern.


 






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IN
WITNESS WHEREOF, the Certificate Administrator has caused this Class C  Certificate to be duly executed.


 





	Dated: ______________	 	 
	 	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION, not in its individual capacity but solely as Certificate Administrator
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:







 


Certificate
of Authentication


  


This
is one of the Class C  Certificates referred to in the Trust and Servicing Agreement.


 





	Dated: ______________	 	 
	 	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION, not in its individual capacity but solely as Authenticating
Agent
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:


 






     A-4-13


     


    

 



SCHEDULE
OF EXCHANGES OF GLOBAL CERTIFICATES


 


The
following exchanges of a part of this Global Certificate have been made:


 






     A-4-14


     


    

 








 





EXHIBIT A-5


 


FORM OF CLASS D [RULE
144A]1 [REG S]2 CERTIFICATE


 


[UNLESS THIS CERTIFICATE
IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE
CERTIFICATE REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME
OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE
& CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE
HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN
INTEREST HEREIN.]3


 


THIS CERTIFICATE HAS NOT
BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”),
OR ANY STATE OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE MAY BE
REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS, AND
ONLY (A)(1) PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (2) FOR SO LONG AS
THIS CERTIFICATE IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO AN INSTITUTIONAL
INVESTOR THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING OF RULE 144A
(“QUALIFIED INSTITUTIONAL BUYER”) PURCHASING FOR ITS OWN ACCOUNT, OR A PERSON PURCHASING FOR THE ACCOUNT OF ANOTHER
QUALIFIED INSTITUTIONAL BUYER, WHOM THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER
IS BEING MADE IN RELIANCE ON RULE 144A, (3) IN THE CASE OF THE REGULAR CERTIFICATES, TO AN INSTITUTIONAL INVESTOR THAT IS AN “ACCREDITED
INVESTOR” AS SUCH TERM IS DEFINED IN RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT OR ANY ENTITY
IN WHICH ALL OF THE EQUITY OWNERS ARE INSTITUTIONAL INVESTORS THAT ARE “ACCREDITED INVESTORS” AS SUCH TERM IS DEFINED
IN RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT, OR (4) IN THE CASE OF THE REGULAR CERTIFICATES, TO
AN INSTITUTION THAT IS A NON-”U.S. PERSON” IN AN “OFFSHORE TRANSACTION,” AS SUCH TERMS ARE


 


 






1
For Rule 144A Global Certificates only.


 


2
For Reg S Global Certificates only.


 


3
Legend required as long as DTC is the Depository under the Trust and Servicing Agreement.


 




    	 	A-5-1	 



     

    

 


DEFINED IN, AND IN ACCORDANCE
WITH, RULE 903 OR RULE 904 OF, REGULATION S UNDER THE SECURITIES ACT, AND (B) IN ACCORDANCE WITH ANY OTHER APPLICABLE SECURITIES
LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.


 


THE INITIAL INVESTOR IN
THIS CERTIFICATE, AND EACH SUBSEQUENT PURCHASER OF THIS CERTIFICATE, BY PURCHASING THIS CERTIFICATE OR AN INTEREST HEREIN, IS DEEMED
TO HAVE AGREED TO COMPLY WITH CERTAIN TRANSFER REQUIREMENTS SET FORTH IN THE TRUST AND SERVICING AGREEMENT. A TRANSFEREE IS ALSO
REQUIRED TO DELIVER AN INVESTMENT REPRESENTATION LETTER SUBSTANTIALLY IN THE FORM OF EXHIBIT D-1 TO THE TRUST AND SERVICING
AGREEMENT IF SUCH TRANSFEREE IS A QUALIFIED INSTITUTIONAL BUYER OR (OTHER THAN WITH RESPECT TO A RESIDUAL CERTIFICATE) AN INSTITUTIONAL
ACCREDITED INVESTOR, AND MAY ALSO BE REQUIRED TO DELIVER AN OPINION  OF COUNSEL IF SUCH TRANSFEREE IS NOT A QUALIFIED INSTITUTIONAL
BUYER WITHIN THE MEANING OF RULE 144A.


 


THIS CERTIFICATE SHOULD
NOT BE PURCHASED BY A TRANSFEREE THAT IS OR BECOMES (A) AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT, INCLUDING AN
INDIVIDUAL RETIREMENT ACCOUNT OR A KEOGH PLAN, WHICH IS SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED
(“ERISA”), OR SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), OR A GOVERNMENTAL
PLAN, AS DEFINED IN SECTION 3(32) OF ERISA, OR OTHER PLAN SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW (“SIMILAR LAW”)
WHICH IS TO A MATERIAL EXTENT SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE CODE (EACH, A “PLAN”), OR (B) A COLLECTIVE
INVESTMENT FUND IN WHICH SUCH PLANS ARE INVESTED, AN INSURANCE COMPANY USING ASSETS OF SEPARATE ACCOUNTS OR GENERAL ACCOUNTS WHICH
INCLUDE ASSETS OF PLANS (OR WHICH ARE DEEMED PURSUANT TO ERISA OR ANY SIMILAR LAW TO INCLUDE ASSETS OF PLANS) OR OTHER PERSON ACTING
ON BEHALF OF ANY SUCH PLAN OR USING THE ASSETS OF ANY SUCH PLAN, UNLESS (A) THE TRANSFEREE HAS ACQUIRED AND IS HOLDING THIS CERTIFICATE
IN RELIANCE ON THE EXEMPTIONS GRANTED TO DEUTSCHE BANK SECURITIES INC., AS DEPARTMENT OF LABOR FINAL AUTHORIZATION NUMBER 97-03E,
AS AMENDED BY PROHIBITED TRANSACTION EXEMPTION 2013-08 AND IT UNDERSTANDS THAT THERE ARE CERTAIN CONDITIONS TO THE AVAILABILITY
OF THE EXEMPTIONS, INCLUDING THAT THIS CERTIFICATE MUST BE RATED, AT THE TIME OF PURCHASE, NOT LOWER THAN “BBB-” (OR
ITS EQUIVALENT) BY A RATING AGENCY SET FORTH THEREIN AND THAT THIS CERTIFICATE IS SO RATED AND IT IS AN “ACCREDITED INVESTOR”
AS DEFINED IN RULE 501(a)(1) OF REGULATION D OF THE SECURITIES AND EXCHANGE COMMISSION UNDER THE SECURITIES ACT OF 1933, OR (B)
(1) IT IS AN INSURANCE COMPANY, (2) THE SOURCE OF FUNDS USED TO ACQUIRE OR HOLD THIS CERTIFICATE OR


 




    	 	A-5-2	 



     

    

 


INTEREST THEREIN IS AN
“INSURANCE COMPANY GENERAL ACCOUNT,” AS SUCH TERM IS DEFINED IN PROHIBITED TRANSACTION CLASS EXEMPTION
(“PTCE”) 95-60 AND (3) THE CONDITIONS IN SECTIONS I AND III OF PTCE 95-60 HAVE BEEN SATISFIED OR (C) IN THE CASE
OF A TRANSFEREE WHICH IS SUBJECT TO SIMILAR LAW, ITS ACQUISITION, HOLDING AND DISPOSITION OF THIS CERTIFICATE WILL NOT RESULT
IN A NON-EXEMPT VIOLATION OF SIMILAR LAW.


 


ANY HOLDER DESIRING TO
EFFECT A TRANSFER OF THIS CERTIFICATE SHALL, AND DOES HEREBY AGREE TO, INDEMNIFY THE CERTIFICATE REGISTRAR, THE CERTIFICATE ADMINISTRATOR,
THE TRUSTEE, THE MASTER SERVICER, THE SPECIAL SERVICER, THE OPERATING ADVISOR AND THE DEPOSITOR AGAINST ANY LIABILITY THAT MAY
RESULT IF THE TRANSFER IS NOT EXEMPT FROM THE SECURITIES ACT OR IS NOT MADE IN ACCORDANCE WITH FEDERAL AND STATE LAWS.


 


THIS CERTIFICATE DOES NOT
REPRESENT AN OBLIGATION OF OR INTEREST IN THE DEPOSITOR, THE ORIGINATOR, THE MASTER SERVICER, THE SPECIAL SERVICER, THE CERTIFICATE
ADMINISTRATOR, THE TRUSTEE, THE OPERATING ADVISOR OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES NOR THE UNDERLYING
TRUST LOAN ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY.


 


PRINCIPAL PAYMENTS ON THIS
CERTIFICATE ARE PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE OF THIS CERTIFICATE
AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.


 


TRANSFERS AND EXCHANGES
OF PORTIONS OF THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS AS PROVIDED IN THE TRUST AND SERVICING AGREEMENT REFERRED TO BELOW.


 


THIS CERTIFICATE IS SUBORDINATE
TO ONE OR MORE OTHER CLASSES OF CERTIFICATES AS AND TO THE EXTENT SET FORTH IN THE TRUST AND SERVICING AGREEMENT REFERRED TO HEREIN.


 


FOR U.S. FEDERAL INCOME
TAX PURPOSES, THIS CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,”
AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(1) AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED.


 


[THIS CERTIFICATE HAS NOT
BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT AND, PRIOR TO THE DATE THAT IS 40 DAYS AFTER THE OFFERING
OF THE CERTIFICATES, MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED IN THE UNITED


 




    	 	A-5-3	 



     

    

 


STATES OR TO A U.S. PERSON
EXCEPT PURSUANT TO AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.]1 


 


 






1 For Reg S
Global Certificates only.


 




    	 	A-5-4	 



     

    

 


COMM 2016-667M MORTGAGE
TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, CLASS D


  





	Class D Pass-Through Rate: The Net Mortgage	CUSIP: [12636G AJ0]1
	Rate	              [U2024G AE9]2
	 	 
	 	ISIN:     [US12636GAJ04]3
	 	              [USU2024GAE99]4
	 	 
	 	Initial Certificate Balance of this
	 	Certificate: $[_____] (SUBJECT TO 
	Original Aggregate Certificate Balance of the	SCHEDULES OF EXCHANGES
	Class D Certificates: $30,523,000	ATTACHED)
	 	 
	First Distribution Date: November 10, 2016	Cut-off Date: October 6, 2016
	 	 
	Assumed Final Distribution Date: October 2026	No.: D-[__]







 


This
certifies that [_______] is the registered owner of a beneficial ownership interest in a Trust Fund, including the
distributions to be made with respect to the Class D Certificates. The Trust Fund, described more fully below, consists
primarily of a Trust Loan secured by, among other things, a first priority mortgage in the fee simple interest in a 24-story,
273,983 square foot, Class A office building with ground floor and basement retail located at 667 Madison Avenue in New York,
New York, and held in trust by the Trustee and serviced by the Master Servicer. The Trust Fund was created, and the Trust
Loan is to be serviced, pursuant to the Trust and Servicing Agreement (as defined below). The Holder of this Certificate, by
virtue of the acceptance hereof, assents to the terms, provisions and conditions of the Trust and Servicing Agreement and is
bound thereby.


 


The Trust
and Servicing Agreement, dated as of October 6, 2016 (the “Trust and Servicing Agreement”), between Deutsche
Mortgage & Asset Receiving Corporation, as depositor (the “Depositor”), KeyBank National Association, as
master servicer (the “Master Servicer”), AEGON USA Realty Advisors, LLC, as special servicer (the “Special
Servicer”), Wells Fargo Bank, National Association, as certificate administrator (in such capacity, the “Certificate
Administrator”), trustee (in such capacity, the “Trustee”), custodian and paying agent, and Park Bridge
Lender Services LLC, as operating advisor (the “Operating Advisor”), evidences the issuance of the Class A,
Class X-A, Class B, Class C, Class D, Class E, Class R and Class LR Certificates (the “Certificates”; the Holders
of Certificates issued under the Trust and Servicing Agreement are collectively referred to herein as “Certificateholders”).
This Certificate is issued pursuant to, and in accordance with, the terms of the Trust and Servicing


 





 






1
For Rule 144A Certificates.


 


2
For Regulation S Certificates.


 


3
For Rule 144A Certificates.


 


4
For Regulation S Certificates.


 




    	 	A-5-5	 



     

    

 


Agreement. To the extent not defined herein,
capitalized terms used herein shall have the meanings assigned thereto in the Trust and Servicing Agreement.


 


This Certificate
represents a “regular interest” in a “real estate mortgage investment conduit”, as those terms are defined,
respectively, in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this Certificate,
by acceptance hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in accordance with
the preceding sentence for purposes of federal income taxes, state and local income and franchise taxes and other taxes imposed
on or measured by income.


 


The Certificate
Administrator makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of
the Certificates or the Trust Loan and has executed this Certificate in its limited capacity as Certificate Administrator under
the Trust and Servicing Agreement. In the event that there is any conflict between any provision of this Certificate and any provision
of the Trust and Servicing Agreement, such provision of this Certificate shall be superseded to the extent of such inconsistency.


 


Pursuant
to the terms of the Trust and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of the Certificate
Administrator, will distribute (other than the final distribution on any Certificate), on the fourth Business Day after each Determination
Date (each such date, a “Distribution Date”) an amount equal to such Person’s pro rata share (based on
the Percentage Interest represented by this Certificate) of that portion of the aggregate amount of principal and interest then
distributable, if any, allocable to the Class D Certificates for such Distribution Date, all as more fully described in the Trust
and Servicing Agreement. “Determination Date” is defined in the Trust and Servicing Agreement as the 6th day of each
calendar month, or if such 6th day is not a Business Day, then the immediately preceding Business Day, commencing in November 2016.
Holders of this Certificate may be entitled to Prepayment Charges as provided in the Trust and Servicing Agreement.


 


During each
Certificate Interest Accrual Period (as defined below), interest on the Class D Certificates will be calculated based on a 360-day
year consisting of twelve 30-day months, on the outstanding Certificate Balance hereof.


 


Interest
accrued on this Certificate during a Certificate Interest Accrual Period, plus the aggregate unpaid Class Interest Shortfall with
respect to this Certificate, if any, will be payable on the related Distribution Date to the extent provided in the Trust and Servicing
Agreement. The “Certificate Interest Accrual Period” means, with respect to any Distribution Date, the calendar month
immediately preceding the month in which such Distribution Date occurs. The Certificate Interest Accrual Period is assumed to consist
of 30 days.


 


All distributions
(other than the final distribution on any Certificate) will be made by the Paying Agent to the persons in whose names the Certificates
are registered at the close of business on each Record Date, which will be the close of business on the last Business Day of the
calendar month immediately preceding the month in which such Distribution Date occurs. Such distributions shall be made on each
Distribution Date other than the Termination Date to each Certificateholder of record on the related Record Date, by wire transfer
of immediately available funds to the account of such Holder at a bank or other entity located in the United


 




    	 	A-5-6	 



     

    

 


States and having appropriate
facilities therefor provided that such Holder shall have provided the Paying Agent with wire instructions in writing at
least five Business Days prior to the related Record Date, or, otherwise, by check mailed by first-class mail to the address set
forth therefor in the Certificate Register. The final distribution on each Certificate shall be made in like manner, but only upon
presentment and surrender of such Certificate at the office of the Certificate Administrator or its agent (which may be the Paying
Agent or the Certificate Registrar acting as such agent) that is specified in the notice to Holders of such final distribution.


 


Any funds
not distributed on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall, on
such date, be set aside and held in trust for the benefit of the appropriate non-tendering Certificateholders. If any Certificates
as to which notice of the Termination Date has been given pursuant to the Trust and Servicing Agreement shall not have been surrendered
for cancellation within six months after the time specified in such notice, the Certificate Administrator shall mail a second notice
to the remaining non-tendering Certificateholders, at their last addresses shown in the Certificate Register, to surrender their
Certificates for cancellation in order to receive, from such funds held, the final distribution with respect thereto. If within
one year after the second notice not all of such Certificates shall have been surrendered for cancellation, the Certificate Administrator
may, directly or through an agent, take appropriate steps to contact the remaining non-tendering Certificateholders concerning
surrender of their Certificates. The costs and expenses of holding such funds in trust and of contacting such Certificateholders
shall be paid out of such funds. If within two years after the second notice any such Certificates shall not have been surrendered
for cancellation, the Paying Agent shall pay to the Certificate Administrator all amounts distributable to the Holders thereof,
and the Certificate Administrator shall thereafter hold such amounts for the benefit of such Holders until the earlier of (i) its
termination as Certificate Administrator under the Trust and Servicing Agreement and the transfer of such amounts to a successor
certificate administrator and (ii) subject to applicable law, the termination of the Trust Fund and distribution of such amounts
to the Class R Certificateholders. No interest shall accrue or be payable to any Certificateholder on any amount held as a result
of such Certificateholder’s failure to surrender its Certificate(s) for final payment thereof in accordance with the Trust
and Servicing Agreement. Such funds held by the Certificate Administrator may be invested under certain circumstances, and all
income and gain realized from investment of such funds shall accrue for its benefit.


 


This Certificate
is limited in right of payment to, among other things, certain collections and recoveries in respect of the Trust Loan, as more
specifically set forth herein and in the Trust and Servicing Agreement.


 


As provided
in the Trust and Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s interest therein)
(i) the Trust Loan, together with the Mortgage File relating thereto; (ii) all scheduled or unscheduled payments on or collections
in respect of the Trust Loan due after the Cut-off Date; (iii) the REO Property; (iv) all revenues received in respect of the REO
Property; (v) any indemnities or guaranties given as additional security for the Trust Loan; (vi) a security interest in all assets
deposited in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts, and Reserve Accounts; (vii) amounts on deposit in
the Collection Account attributable to the Trust Loan as identified on the Trust Ledger, the Distribution Accounts, the Interest
Reserve Account or the REO Account, including any


 




    	 	A-5-7	 



     

    

 


reinvestment income, as applicable;
(viii) a security interest in any environmental indemnity agreements relating to the Mortgaged Property; (ix) a security interest
in all insurance policies with respect to the Trust Loan and the Mortgaged Property; (x) the rights and remedies under the Trust
Loan Purchase Agreement relating to document delivery requirements with respect to the Trust Loan and the representations and warranties
of the Trust Loan Seller regarding the Trust Loan; (xi) the Lower-Tier Regular Interests; and (xii) the proceeds of the foregoing
(other than any interest earned on deposits in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and any Reserve
Accounts, to the extent such interest belongs to the Borrower). As provided in the Trust and Servicing Agreement, withdrawals may
be made from certain of the above-accounts for purposes other than distributions to Certificateholders.


 


This Certificate
does not purport to summarize the Trust and Servicing Agreement, and reference is made to the Trust and Servicing Agreement for
the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties and
immunities of the Certificate Administrator.


 


As provided
in the Trust and Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable or
exchangeable only upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment and
transfer (executed by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Trust and Servicing
Agreement. Upon surrender for registration of transfer of this Certificate, subject to the requirements Article V of the Trust
and Servicing Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly authenticate in the
name of the designated transferee or transferees, one or more new Certificates in authorized denominations of a like aggregate
denomination as the Certificate being surrendered. Such Certificates shall be delivered by the Certificate Registrar in accordance
with Article V of the Trust and Servicing Agreement.


 


Prior to
due presentation of this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer, the
Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent and any agent of any of them may treat the
Person in whose name this Certificate is registered as the owner hereof for all purposes, and none of the Depositor, the Master
Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent or any
agent of any of them shall be affected by notice or knowledge to the contrary.


 


No fee or
service charge shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer or exchange
referred to in Section 5.02 of the Trust and Servicing Agreement other than for transfers to Institutional Accredited Investors
as provided in Section 5.02(h) of the Trust and Servicing Agreement. In connection with any transfer to an Institutional Accredited
Investor, the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s
counsel’s review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar
as provided in the Trust and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer. The Certificate
Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental charge payable
in connection with any such transfer.


 




    	 	A-5-8	 



     

    

 


The Trust
and Servicing Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the Special
Servicer, the Certificate Administrator, the Trustee and the Operating Advisor without the consent of any of the Certificateholders
or the Companion Loan Holder, (i) to cure any ambiguity or to correct any error; (ii) to cause the provisions of the Trust and
Servicing Agreement to conform or be consistent with or in furtherance of the statements made in the Offering Circular with respect
to the Certificates, the Trust or the Trust and Servicing Agreement or to correct or supplement any provisions of the Trust and
Servicing Agreement or herein which may be defective or inconsistent with any other provisions of the Trust and Servicing Agreement
or herein; (iii) to amend any provision of the Trust and Servicing Agreement to the extent necessary or desirable to maintain the
rating or ratings assigned to each of the Classes of Certificates or Companion Loan Securities by each Rating Agency (provided
that such amendment does not adversely affect in any material respect (x) the rights or interests of any Certificateholder or Companion
Loan Holder not consenting thereto or (y) the rights or interests of the Directing Holder without the consent of the Holders of
Certificates representing all of the Percentage Interests of the Controlling Class); (iv) to amend or supplement a provision, or
to supplement any other provisions to the extent not inconsistent with the provisions of the Trust and Servicing Agreement, or
any other change that will not adversely affect in any material respect the interests of any Certificateholder or Companion Loan
Holder not consenting thereto (as evidenced in writing by an Opinion of Counsel or, if solely affecting any Certificateholder of
a rated Class or the Companion Loan Holder of rated Companion Loan Securities, in respect of which a No Downgrade Confirmation
has been obtained relating to the Certificates or the Companion Loan Securities, if applicable); and (v) to modify the procedures
in the Trust and Servicing Agreement relating to compliance with Rule 17g-5 of the Exchange Act; provided that such modification
would not materially increase the obligations of the Depositor, the Trustee, the Paying Agent, the Certificate Administrator, the
Operating Advisor, the 17g-5 Information Provider, the Master Servicer or the Special Servicer without such parties’ consent;
and provided, further, that such amendment shall not adversely affect in any material respects the interests of any
Certificateholders or Companion Loan Holder not consenting thereto, as evidenced by in the case of clauses (iii) through (v) above
by (x) an Opinion of Counsel or (y) solely in the case of a Certificateholder of a rated Class, receipt of a No Downgrade Confirmation
from each Rating Agency and a No Downgrade Confirmation with respect to any Companion Loan Securities. In no event shall any such
amendment cause the Lower-Tier REMIC or the Upper-Tier REMIC to fail to qualify as a REMIC or subject either REMIC to tax.


 


The Trust
and Servicing Agreement or any Custodial Agreement may also be amended from time to time by the Depositor, the Master Servicer,
the Special Servicer, the Certificate Administrator, the Trustee and the Operating Advisor with the prior written consent of the
Holders of Certificates representing not less than 66-2/3% of the Percentage Interests of each Class of Certificates affected thereby
(without regard to Certificates held by the Depositor, any of the Depositor’s Affiliates and/or agents or the Trust Loan
Seller) and the Companion Loan Holder if affected thereby for the purpose of adding any provisions to or changing in any manner
or eliminating any of the provisions of the Trust and Servicing Agreement or modifying in any manner the rights of the Certificateholders;
provided, however, that no such amendment may:


 




    	 	A-5-9	 



     

    

 


		(i)	reduce in any manner the amount of, or delay the timing
of, payments received on the Whole Loan which are required to be distributed on any Certificate, without the consent of the Holders
of Certificates representing all of the Percentage Interests of the Class or Classes affected thereby or which are required to
be distributed to the Companion Loan Holder without the consent of such Companion Loan Holder;



 


		(ii)	change the percentages of Voting Rights or Percentage
Interests of Holders of Certificates which are required to consent to any action or inaction under the Trust and Servicing Agreement
without the consent of the Holders of Certificates representing all of the Percentage Interests of the Class or Classes affected
thereby and the consent of the Companion Loan Holder;



 


		(iii)	alter the Servicing Standard or obligations of the Master
Servicer or the Trustee to make a P&I Advance, Administrative Advance or a Property Advance, without the consent of the Holders
of Certificates representing all of the Percentage Interests of the Class or Classes affected thereby and the consent of the Companion
Loan Holder; or



 


		(iv)	amend any section of the Trust and Servicing Agreement
which relates to the amendment of the Trust and Servicing Agreement without the consent of the Holders of all Certificates representing
all of the Percentage Interests of the Class or Classes affected thereby and the consent of the Companion Loan Holder.



 


Further,
the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee and the Operating Advisor,
at any time and from time to time, without the consent of the Certificateholders or the Companion Loan Holder, may amend the Trust
and Servicing Agreement to modify, eliminate or add to any of its provisions to such extent as shall be necessary: (i) to maintain
the qualification of the Lower-Tier REMIC or the Upper-Tier REMIC as a REMIC, or to prevent the imposition of any additional material
state or local taxes, at all times that any Certificates are outstanding; provided that such action, as evidenced by an
Opinion of Counsel (obtained at the expense of the Trust Fund), is necessary or helpful to maintain such qualification or to prevent
the imposition of any such taxes, and would not adversely affect in any material respect the interest of any Certificateholder
or the Companion Loan Holder or (ii) to comply with the Investment Company Act of 1940, as amended, and/or any related regulatory
actions and/or interpretations.


 


The Directing
Holder, and if the Directing Holder does not exercise such option, then the Special Servicer, and if the Special Servicer does
not exercise such option, then the Master Servicer, and if the Master Servicer does not exercise such option, then the Holder of
a majority Percentage Interest in the Class R and Class LR Certificates, may effect an early termination of the Trust Fund (provided
that such party has provided 15 Business Days’ prior notice to each of the parties with such option and none of the parties
with a higher priority has elected to exercise such option within such 15 Business Day period), upon not less than 30 days’
prior Notice of Termination given to the Trustee, the Certificate Administrator, the Special


 




    	 	A-5-10	 



     

    

 


Servicer and the Master Servicer
any time on or after the Early Termination Notice Date (defined as any date as of which the Stated Principal Balance of the Trust
Loan is less than 1.0% of the Stated Principal Balance of the Trust Loan as of the Cut-off Date) specifying the Anticipated Final
Termination Date, by purchasing on such date all, but not less than all, of the Trust Loan then included in the Trust Fund, and
the Trust’s interest in all property acquired in respect of the Trust Loan, at a purchase price, payable in cash, equal to
the greater of,


 


(i)            the
sum of, without duplication:


 


		(A)	the outstanding principal balance of the Trust Loan
as of the last day of the month preceding such Anticipated Final Termination Date (less any P&I Advances previously made on
account of principal);



 


		(B)	the fair market value of all other property included
in the Trust Fund as of the last day of the month preceding such Anticipated Final Termination Date, as determined by an Independent
appraiser acceptable to the Master Servicer as of a date not more than 30 days prior to the last day of the month preceding such
Distribution Date;



 


		(C)	all unpaid interest accrued on the outstanding principal
balance of the Trust Loan (including circumstances where title to the Mortgaged Property has been acquired) at the Trust Loan
Rate to the last day of the Whole Loan Interest Accrual Period preceding such Anticipated Final Termination Date (less any P&I
Advances previously made on account of interest);



 


		(D)	the aggregate
                                         amount of unreimbursed Advances, with interest thereon at the Advance Rate, and unpaid
                                         Servicing Compensation, Special Servicing Compensation, the Operating Advisor Fee, the
                                         Trustee/Certificate Administrator Fee, the CREFC®
                                         License Fee and Trust Fund expenses and indemnity amounts owed by the Trust;
                                         and



 





(ii)
          the aggregate fair market value of the Trust Loan, and all other property acquired
in respect of the Trust Loan in the Trust Fund, on the last day of the month preceding such Distribution Date, as determined by
an Independent appraiser acceptable to the Master Servicer as of a date not more than 30 days prior to the last day of the month
preceding such Distribution Date, together with one month’s interest thereon at the Trust Loan Rate.


 


In
addition, the Trust and Servicing Agreement provides that the Sole Certificateholder shall have the right to exchange all of its
Certificates (other than the Class R and Class LR Certificates) for the Trust Loan or REO Property, as applicable, as contemplated
by clause (ii) of Section 9.01(a) of the Trust and Servicing Agreement by giving written notice to


 




    	 	A-5-11	 



     

    

 


all the parties to the Trust and Servicing Agreement
no later than 60 days prior to the anticipated date of exchange.


 


All costs
and expenses incurred by any and all parties to the Trust and Servicing Agreement or by the Trust Fund in connection with the purchase
of the Trust Loan and the other assets of the Trust Fund pursuant to Section 9.01(c) of the Trust and Servicing Agreement shall
be borne by the party exercising its purchase rights thereunder. The Trustee and the Certificate Administrator shall be entitled
to rely conclusively on any determination made by an Independent appraiser pursuant to Section 9.01(c) of the Trust and Servicing
Agreement.


 


The respective
obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Operating Advisor, the Certificate
Administrator and the Trustee created by the Trust and Servicing Agreement with respect to the Certificates (other than the obligations
of the Certificate Administrator to make certain payments and to send certain notices to Certificateholders as set forth in the
Trust and Servicing Agreement) shall terminate upon payment (or provision for payment) to the Certificateholders and the Companion
Loan Holder of all amounts held by or on behalf of the Trustee, the Certificate Administrator and the Master Servicer, as the case
may be, required under the Trust and Servicing Agreement to be so paid on the Distribution Date following the earlier to occur
of (i) the purchase of the Trust Loan and all other property held by the Trust Fund in accordance with Section 9.01(c) of the Trust
and Servicing Agreement; (ii) the exchange by the Sole Certificateholder of its Certificates for the Trust Loan in accordance with
Section 9.01(g) of the Trust and Servicing Agreement; and (iii) the later of (a) the receipt or collection of the last payment
due on the Trust Loan included in the Trust Fund, or (b) the liquidation and disposition pursuant to the Trust and Servicing Agreement
of the last asset held by the Trust Fund; provided, however, that in no event shall the trust created by the Trust
and Servicing Agreement continue beyond the expiration of 21 years from the death of the last survivor of the descendants of Joseph
P. Kennedy, the late Ambassador of the United States to the United Kingdom, living on the date hereof.


 


Unless the
Certificate of Authentication on this Certificate has been executed by the Certificate Administrator or on its behalf by the Authenticating
Agent, by manual signature, this Certificate shall not be entitled to any benefit under the Trust and Servicing Agreement or be
valid for any purpose.


 


This Certificate
does not purport to summarize the Trust and Servicing Agreement and reference is made to that agreement for information with respect
to the interests, rights, benefits, obligations, proceeds, and duties evidenced hereby and the rights, duties and obligations of
the parties thereto. This Certificate is issued under and is subject to the terms, provisions and conditions of the Trust and Servicing
Agreement, to which Trust and Servicing Agreement, as amended from time to time, the Holder of this Certificate by virtue of the
acceptance hereof assents and by which such Holder is bound. In the case of any conflict between terms specified in this Certificate
and terms specified in the Trust and Servicing Agreement, the terms of the Trust and Servicing Agreement shall govern.


 




    	 	A-5-12	 



     

    

 


IN WITNESS WHEREOF, the Certificate
Administrator has caused this Class D Certificate to be duly executed.


 








	Dated:	 	 	 	 
	 	 	 	 
	 	 	 	WELLS FARGO BANK, NATIONAL ASSOCIATION, not
in its individual capacity but solely as Certificate Administrator
	 	 	 	 	 
	 	 	 	By:	 
	 	 	 	 	Name:
	 	 	 	 	Title:



 





Certificate of Authentication


 








This is one of the Class D Certificates referred to in the Trust
and Servicing Agreement.


 


	Dated:	 	 	 	 
	 	 	 	 
	 	 	 	WELLS FARGO BANK, NATIONAL ASSOCIATION, not
in its individual capacity but solely as Authenticating Agent
	 	 	 	 	 
	 	 	 	By:	 
	 	 	 	 	Name:
	 	 	 	 	Title:






 




    	 	A-5-13	 



     

    

 


SCHEDULE OF EXCHANGES OF
GLOBAL CERTIFICATES


 


The following exchanges
of a part of this Global Certificate have been made:


  




    	 	A-5-14	 



     

    

 


EXHIBIT A-6


 


FORM OF CLASS E [RULE
144A]1 [REG S]2 CERTIFICATE


 


[FOR BOOK-ENTRY CERTIFICATES
AND SOLELY FOLLOWING THE THIRD PARTY PURCHASER TRANSFER RESTRICTION PERIOD: UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE CERTIFICATE REGISTRAR FOR REGISTRATION
OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME
AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS
REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY
PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]3


 


THIS CERTIFICATE HAS NOT
BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”),
OR ANY STATE OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE MAY BE
REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS, AND
ONLY (A)(1) PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (2) FOR SO LONG
AS THIS CERTIFICATE IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO AN INSTITUTIONAL
INVESTOR THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING OF RULE 144A
(“QUALIFIED INSTITUTIONAL BUYER”) PURCHASING FOR ITS OWN ACCOUNT, OR A PERSON PURCHASING FOR THE ACCOUNT OF ANOTHER
QUALIFIED INSTITUTIONAL BUYER, WHOM THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER
IS BEING MADE IN RELIANCE ON RULE 144A, (3) IN THE CASE OF THE REGULAR CERTIFICATES, TO AN INSTITUTIONAL INVESTOR THAT IS AN “ACCREDITED
INVESTOR” AS SUCH TERM IS DEFINED IN RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT OR ANY ENTITY
IN WHICH ALL OF THE EQUITY OWNERS ARE INSTITUTIONAL INVESTORS THAT ARE “ACCREDITED INVESTORS” AS SUCH TERM IS DEFINED
IN RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT, OR (4) IN THE


 


 






1
For Rule 144A Global Certificates only.


 


2
For Reg S Global Certificates only.


 


3
Legend required as long as DTC is the Depository under the Trust and Servicing Agreement.


 




    	 	A-6-1	 



     

    

 


CASE OF THE REGULAR CERTIFICATES,
TO AN INSTITUTION THAT IS A NON-“U.S. PERSON” IN AN “OFFSHORE TRANSACTION,” AS SUCH TERMS ARE DEFINED IN,
AND IN ACCORDANCE WITH, RULE 903 OR RULE 904 OF, REGULATION S UNDER THE SECURITIES ACT, AND (B) IN ACCORDANCE WITH ANY OTHER APPLICABLE
SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.


 


THE INITIAL INVESTOR IN
THIS CERTIFICATE, AND EACH SUBSEQUENT PURCHASER OF THIS CERTIFICATE, BY PURCHASING THIS CERTIFICATE OR AN INTEREST HEREIN, IS DEEMED
TO HAVE AGREED TO COMPLY WITH CERTAIN TRANSFER REQUIREMENTS SET FORTH IN THE TRUST AND SERVICING AGREEMENT. A TRANSFEREE IS ALSO
REQUIRED TO DELIVER AN INVESTMENT REPRESENTATION LETTER SUBSTANTIALLY IN THE FORM OF EXHIBIT D-1 TO THE TRUST AND SERVICING
AGREEMENT IF SUCH TRANSFEREE IS A QUALIFIED INSTITUTIONAL BUYER OR (OTHER THAN WITH RESPECT TO A RESIDUAL CERTIFICATE) AN INSTITUTIONAL
ACCREDITED INVESTOR, AND MAY ALSO BE REQUIRED TO DELIVER AN OPINION  OF COUNSEL IF SUCH TRANSFEREE IS NOT A QUALIFIED INSTITUTIONAL
BUYER WITHIN THE MEANING OF RULE 144A.


 


THIS CERTIFICATE SHOULD
NOT BE PURCHASED BY A TRANSFEREE THAT IS OR BECOMES (A) AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT, INCLUDING AN
INDIVIDUAL RETIREMENT ACCOUNT OR A KEOGH PLAN, WHICH IS SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED
(“ERISA”), OR SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), OR A GOVERNMENTAL
PLAN, AS DEFINED IN SECTION 3(32) OF ERISA, OR OTHER PLAN SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW (“SIMILAR LAW”)
WHICH IS TO A MATERIAL EXTENT SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE CODE (EACH, A “PLAN”), OR (B) A COLLECTIVE
INVESTMENT FUND IN WHICH SUCH PLANS ARE INVESTED, AN INSURANCE COMPANY USING ASSETS OF SEPARATE ACCOUNTS OR GENERAL ACCOUNTS WHICH
INCLUDE ASSETS OF PLANS (OR WHICH ARE DEEMED PURSUANT TO ERISA OR ANY SIMILAR LAW TO INCLUDE ASSETS OF PLANS) OR OTHER PERSON ACTING
ON BEHALF OF ANY SUCH PLAN OR USING THE ASSETS OF ANY SUCH PLAN, UNLESS (A) THE TRANSFEREE HAS ACQUIRED AND IS HOLDING THIS CERTIFICATE
IN RELIANCE ON THE EXEMPTIONS GRANTED TO DEUTSCHE BANK SECURITIES INC., AS DEPARTMENT OF LABOR FINAL AUTHORIZATION NUMBER 97-03E,
AS AMENDED BY PROHIBITED TRANSACTION EXEMPTION 2013-08 AND IT UNDERSTANDS THAT THERE ARE CERTAIN CONDITIONS TO THE AVAILABILITY
OF THE EXEMPTIONS, INCLUDING THAT THIS CERTIFICATE MUST BE RATED, AT THE TIME OF PURCHASE, NOT LOWER THAN “BBB-” (OR
ITS EQUIVALENT) BY A RATING AGENCY SET FORTH THEREIN AND THAT THIS CERTIFICATE IS SO RATED AND IT IS AN “ACCREDITED INVESTOR”
AS DEFINED IN RULE 501(a)(1) OF REGULATION D OF THE SECURITIES AND EXCHANGE COMMISSION UNDER


 




    	 	A-6-2	 



     

    

 


THE SECURITIES ACT OF 1933, OR (B) (1)
IT IS AN INSURANCE COMPANY, (2) THE SOURCE OF FUNDS USED TO ACQUIRE OR HOLD THIS CERTIFICATE OR INTEREST THEREIN IS AN “INSURANCE
COMPANY GENERAL ACCOUNT,” AS SUCH TERM IS DEFINED IN PROHIBITED TRANSACTION CLASS EXEMPTION (“PTCE”) 95-60 AND
(3) THE CONDITIONS IN SECTIONS I AND III OF PTCE 95-60 HAVE BEEN SATISFIED OR (C) IN THE CASE OF A TRANSFEREE WHICH IS SUBJECT
TO SIMILAR LAW, ITS ACQUISITION, HOLDING AND DISPOSITION OF THIS CERTIFICATE WILL NOT RESULT IN A NON-EXEMPT VIOLATION OF SIMILAR
LAW.


 


ANY HOLDER DESIRING TO EFFECT
A TRANSFER OF THIS CERTIFICATE SHALL, AND DOES HEREBY AGREE TO, INDEMNIFY THE CERTIFICATE REGISTRAR, THE CERTIFICATE ADMINISTRATOR,
THE TRUSTEE, THE MASTER SERVICER, THE SPECIAL SERVICER, THE OPERATING ADVISOR AND THE DEPOSITOR AGAINST ANY LIABILITY THAT MAY
RESULT IF THE TRANSFER IS NOT EXEMPT FROM THE SECURITIES ACT OR IS NOT MADE IN ACCORDANCE WITH FEDERAL AND STATE LAWS.





THIS CERTIFICATE DOES NOT
REPRESENT AN OBLIGATION OF OR INTEREST IN THE DEPOSITOR, THE ORIGINATOR, THE MASTER SERVICER, THE SPECIAL SERVICER, THE CERTIFICATE
ADMINISTRATOR, THE TRUSTEE, THE OPERATING ADVISOR OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES NOR THE UNDERLYING
TRUST LOAN ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY.


 


PRINCIPAL PAYMENTS ON THIS
CERTIFICATE ARE PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE OF THIS CERTIFICATE
AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.


 


TRANSFERS AND EXCHANGES
OF PORTIONS OF THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS AS PROVIDED IN THE TRUST AND SERVICING AGREEMENT REFERRED TO BELOW.


 


THIS CERTIFICATE IS SUBORDINATE
TO ONE OR MORE OTHER CLASSES OF CERTIFICATES AS AND TO THE EXTENT SET FORTH IN THE TRUST AND SERVICING AGREEMENT REFERRED TO HEREIN.


 


FOR U.S. FEDERAL INCOME
TAX PURPOSES, THIS CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,”
AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(1) AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED.


 


[THIS CERTIFICATE HAS NOT
BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT AND, PRIOR TO THE DATE THAT IS 40 DAYS AFTER THE OFFERING
OF THE CERTIFICATES, MAY NOT BE


 




    	 	A-6-3	 



     

    

 


OFFERED, SOLD, PLEDGED OR
OTHERWISE TRANSFERRED IN THE UNITED STATES OR TO A U.S. PERSON EXCEPT PURSUANT TO AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS
OF THE SECURITIES ACT.]1


 


 






1
For Reg S Global Certificates only.


 




    	 	A-6-4	 



     

    

 


COMM 2016-667M MORTGAGE
TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, CLASS E





 





	Class E Pass-Through Rate: The Net Mortgage	CUSIP: [12636G AL5]1
	Rate	              [U2024G AF6]2
	 	 
	 	ISIN:     [US12636GAL59]3
	 	              [USU2024GAF64]4
	 	 
	 	Initial Certificate Balance of this
	 	Certificate: $[_____] (SUBJECT TO
	Original Aggregate Certificate Balance of the	SCHEDULES OF EXCHANGES
	Class E Certificates: $16,117,000	ATTACHED)
	 	 
	First Distribution Date: November 10, 2016	Cut-off Date: October 6, 2016
	 	 
	Assumed Final Distribution Date: October 2026	No.: E-[__]







 








This
certifies that [______] is the registered owner of a beneficial ownership interest in a Trust Fund, including
the distributions to be made with respect to the Class E Certificates. The Trust Fund, described more fully below,
consists primarily of a Trust Loan secured by, among other things, a first priority mortgage in the fee simple interest in a
24-story , 273,983 square foot, Class A office building with ground floor and basement retail located at 667 Madison Avenue
in New York, New York, and held in trust by the Trustee and serviced by the Master Servicer. The Trust Fund was created, and
the Trust Loan is to be serviced, pursuant to the Trust and Servicing Agreement (as defined below). The Holder of this
Certificate, by virtue of the acceptance hereof, assents to the terms, provisions and conditions of the Trust and Servicing
Agreement and is bound thereby.


 


The Trust
and Servicing Agreement, dated as of October 6, 2016 (the “Trust and Servicing Agreement”), between Deutsche
Mortgage & Asset Receiving Corporation, as depositor (the “Depositor”), KeyBank National Association, as
master servicer (the “Master Servicer”), AEGON USA Realty Advisors, LLC, as special servicer (the “Special
Servicer”), Wells Fargo Bank, National Association, as certificate administrator (in such capacity, the “Certificate
Administrator”), trustee (in such capacity, the “Trustee”), custodian and paying agent, and Park Bridge
Lender Services LLC, as operating advisor (the “Operating Advisor”), evidences the issuance of the Class A,
Class X-A, Class B, Class C, Class D, Class E, Class R and Class LR Certificates (the “Certificates”; the Holders
of Certificates issued under the Trust and Servicing Agreement are collectively referred to herein as “Certificateholders”).
This Certificate is issued pursuant to, and in accordance with, the terms of the Trust and Servicing


 


 






1
For Rule 144A Certificates.


 


2
For Regulation S Certificates.


 


3
For Rule 144A Certificates.


 


4
For Regulation S Certificates.


 




    	 	A-6-5	 



     

    

 





Agreement. To the extent not defined herein,
capitalized terms used herein shall have the meanings assigned thereto in the Trust and Servicing Agreement.


  


This Certificate
represents a “regular interest” in a “real estate mortgage investment conduit”, as those terms are defined,
respectively, in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this Certificate,
by acceptance hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in accordance with
the preceding sentence for purposes of federal income taxes, state and local income and franchise taxes and other taxes imposed
on or measured by income.


 


The Certificate
Administrator makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of
the Certificates or the Trust Loan and has executed this Certificate in its limited capacity as Certificate Administrator under
the Trust and Servicing Agreement. In the event that there is any conflict between any provision of this Certificate and any provision
of the Trust and Servicing Agreement, such provision of this Certificate shall be superseded to the extent of such inconsistency.


 


Pursuant
to the terms of the Trust and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of the Certificate
Administrator, will distribute (other than the final distribution on any Certificate), on the fourth Business Day after each Determination
Date (each such date, a “Distribution Date”) an amount equal to such Person’s pro rata share (based on
the Percentage Interest represented by this Certificate) of that portion of the aggregate amount of principal and interest then
distributable, if any, allocable to the Class E Certificates for such Distribution Date, all as more fully described in the Trust
and Servicing Agreement. “Determination Date” is defined in the Trust and Servicing Agreement as the 6th day of each
calendar month, or if such 6th day is not a Business Day, then the immediately preceding Business Day, commencing in November 2016.
Holders of this Certificate may be entitled to Prepayment Charges as provided in the Trust and Servicing Agreement.


 


During each
Certificate Interest Accrual Period (as defined below), interest on the Class E Certificates will be calculated based on a 360-day
year consisting of twelve 30-day months, on the outstanding Certificate Balance hereof.


 


Interest
accrued on this Certificate during a Certificate Interest Accrual Period, plus the aggregate unpaid Class Interest Shortfall with
respect to this Certificate, if any, will be payable on the related Distribution Date to the extent provided in the Trust and Servicing
Agreement. The “Certificate Interest Accrual Period” means, with respect to any Distribution Date, the calendar month
immediately preceding the month in which such Distribution Date occurs. The Certificate Interest Accrual Period is assumed to consist
of 30 days.


 


All distributions
(other than the final distribution on any Certificate) will be made by the Paying Agent to the persons in whose names the Certificates
are registered at the close of business on each Record Date, which will be the close of business on the last Business Day of the
calendar month immediately preceding the month in which such Distribution Date occurs. Such distributions shall be made on each
Distribution Date other than the Termination Date to each Certificateholder of record on the related Record Date, by wire transfer
of immediately available funds to the account of such Holder at a bank or other entity located in the United


 




    	 	A-6-6	 



     

    

 


States and having appropriate
facilities therefor provided that such Holder shall have provided the Paying Agent with wire instructions in writing at
least five Business Days prior to the related Record Date, or, otherwise, by check mailed by first-class mail to the address set
forth therefor in the Certificate Register. The final distribution on each Certificate shall be made in like manner, but only upon
presentment and surrender of such Certificate at the office of the Certificate Administrator or its agent (which may be the Paying
Agent or the Certificate Registrar acting as such agent) that is specified in the notice to Holders of such final distribution.


 


Any funds
not distributed on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall, on
such date, be set aside and held in trust for the benefit of the appropriate non-tendering Certificateholders. If any Certificates
as to which notice of the Termination Date has been given pursuant to the Trust and Servicing Agreement shall not have been surrendered
for cancellation within six months after the time specified in such notice, the Certificate Administrator shall mail a second notice
to the remaining non-tendering Certificateholders, at their last addresses shown in the Certificate Register, to surrender their
Certificates for cancellation in order to receive, from such funds held, the final distribution with respect thereto. If within
one year after the second notice not all of such Certificates shall have been surrendered for cancellation, the Certificate Administrator
may, directly or through an agent, take appropriate steps to contact the remaining non-tendering Certificateholders concerning
surrender of their Certificates. The costs and expenses of holding such funds in trust and of contacting such Certificateholders
shall be paid out of such funds. If within two years after the second notice any such Certificates shall not have been surrendered
for cancellation, the Paying Agent shall pay to the Certificate Administrator all amounts distributable to the Holders thereof,
and the Certificate Administrator shall thereafter hold such amounts for the benefit of such Holders until the earlier of (i) its
termination as Certificate Administrator under the Trust and Servicing Agreement and the transfer of such amounts to a successor
certificate administrator and (ii) subject to applicable law, the termination of the Trust Fund and distribution of such amounts
to the Class R Certificateholders. No interest shall accrue or be payable to any Certificateholder on any amount held as a result
of such Certificateholder’s failure to surrender its Certificate(s) for final payment thereof in accordance with the Trust
and Servicing Agreement. Such funds held by the Certificate Administrator may be invested under certain circumstances, and all
income and gain realized from investment of such funds shall accrue for its benefit.


 


This Certificate
is limited in right of payment to, among other things, certain collections and recoveries in respect of the Trust Loan, as more
specifically set forth herein and in the Trust and Servicing Agreement.


 


As provided
in the Trust and Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s interest therein)
(i) the Trust Loan, together with the Mortgage File relating thereto; (ii) all scheduled or unscheduled payments on or collections
in respect of the Trust Loan due after the Cut-off Date; (iii) the REO Property; (iv) all revenues received in respect of the REO
Property; (v) any indemnities or guaranties given as additional security for the Trust Loan; (vi) a security interest in all assets
deposited in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts, and Reserve Accounts; (vii) amounts on deposit in
the Collection Account attributable to the Trust Loan as identified on the Trust Ledger, the Distribution Accounts, the Interest
Reserve Account or the REO Account, including any


 




    	 	A-6-7	 



     

    

 


reinvestment income, as applicable;
(viii) a security interest in any environmental indemnity agreements relating to the Mortgaged Property; (ix) a security interest
in all insurance policies with respect to the Trust Loan and the Mortgaged Property; (x) the rights and remedies under the Trust
Loan Purchase Agreement relating to document delivery requirements with respect to the Trust Loan and the representations and warranties
of the Trust Loan Seller regarding the Trust Loan; (xi) the Lower-Tier Regular Interests; and (xii) the proceeds of the foregoing
(other than any interest earned on deposits in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and any Reserve
Accounts, to the extent such interest belongs to the Borrower). As provided in the Trust and Servicing Agreement, withdrawals may
be made from certain of the above-accounts for purposes other than distributions to Certificateholders.


 


This Certificate
does not purport to summarize the Trust and Servicing Agreement, and reference is made to the Trust and Servicing Agreement for
the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties and
immunities of the Certificate Administrator.


 


As provided
in the Trust and Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable or
exchangeable only upon receipt by the Certificate Administrator of (i) a certificate from the prospective transferee in the form
set forth in the Trust and Servicing Agreement, countersigned by the Securitization Sponsor and (ii) a certificate from the prospective
transferor in the form set forth in the Trust and Servicing Agreement.


 


Prior to
due presentation of this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer, the
Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent and any agent of any of them may treat the
Person in whose name this Certificate is registered as the owner hereof for all purposes, and none of the Depositor, the Master
Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent or any
agent of any of them shall be affected by notice or knowledge to the contrary.


 


No fee or
service charge shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer or exchange
referred to in Section 5.02 of the Trust and Servicing Agreement other than for transfers to Institutional Accredited Investors
as provided in Section 5.02(h) of the Trust and Servicing Agreement. In connection with any transfer to an Institutional Accredited
Investor, the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s
counsel’s review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar
as provided in the Trust and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer. The Certificate
Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental charge payable
in connection with any such transfer.


 


The Trust
and Servicing Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the Special
Servicer, the Certificate Administrator, the Trustee and the Operating Advisor without the consent of any of the Certificateholders
or the Companion Loan Holder, (i) to cure any ambiguity or to correct any


 




    	 	A-6-8	 



     

    

 


error; (ii) to cause the provisions
of the Trust and Servicing Agreement to conform or be consistent with or in furtherance of the statements made in the Offering
Circular with respect to the Certificates, the Trust or the Trust and Servicing Agreement or to correct or supplement any provisions
of the Trust and Servicing Agreement or herein which may be defective or inconsistent with any other provisions of the Trust and
Servicing Agreement or herein; (iii) to amend any provision of the Trust and Servicing Agreement to the extent necessary or desirable
to maintain the rating or ratings assigned to each of the Classes of Certificates or Companion Loan Securities by each Rating Agency
(provided that such amendment does not adversely affect in any material respect (x) the rights or interests of any Certificateholder
or Companion Loan Holder not consenting thereto or (y) the rights or interests of the Directing Holder without the consent of the
Holders of Certificates representing all of the Percentage Interests of the Controlling Class); (iv) to amend or supplement a provision,
or to supplement any other provisions to the extent not inconsistent with the provisions of the Trust and Servicing Agreement,
or any other change that will not adversely affect in any material respect the interests of any Certificateholder or Companion
Loan Holder not consenting thereto (as evidenced in writing by an Opinion of Counsel or, if solely affecting any Certificateholder
of a rated Class or the Companion Loan Holder of rated Companion Loan Securities, in respect of which a No Downgrade Confirmation
has been obtained relating to the Certificates or the Companion Loan Securities, if applicable); and (v) to modify the procedures
in the Trust and Servicing Agreement relating to compliance with Rule 17g-5 of the Exchange Act; provided that such modification
would not materially increase the obligations of the Depositor, the Trustee, the Paying Agent, the Certificate Administrator, the
Operating Advisor, the 17g-5 Information Provider, the Master Servicer or the Special Servicer without such parties’ consent;
and provided, further, that such amendment shall not adversely affect in any material respects the interests of any
Certificateholders or Companion Loan Holder not consenting thereto, as evidenced by in the case of clauses (iii) through (v) above
by (x) an Opinion of Counsel or (y) solely in the case of a Certificateholder of a rated Class, receipt of a No Downgrade Confirmation
from each Rating Agency and a No Downgrade Confirmation with respect to any Companion Loan Securities. In no event shall any such
amendment cause the Lower-Tier REMIC or the Upper-Tier REMIC to fail to qualify as a REMIC or subject either REMIC to tax.


 


The Trust
and Servicing Agreement or any Custodial Agreement may also be amended from time to time by the Depositor, the Master Servicer,
the Special Servicer, the Certificate Administrator, the Trustee and the Operating Advisor with the prior written consent of the
Holders of Certificates representing not less than 66-2/3% of the Percentage Interests of each Class of Certificates affected thereby
(without regard to Certificates held by the Depositor, any of the Depositor’s Affiliates and/or agents or the Trust Loan
Seller) and the Companion Loan Holder if affected thereby for the purpose of adding any provisions to or changing in any manner
or eliminating any of the provisions of the Trust and Servicing Agreement or modifying in any manner the rights of the Certificateholders;
provided, however, that no such amendment may:


 


		(i)	reduce in any manner the amount of, or delay the timing
of, payments received on the Whole Loan which are required to be distributed on any Certificate, without the consent of the Holders
of Certificates representing all of the Percentage Interests of the Class or Classes affected thereby or



 




    	 	A-6-9	 



     

    

 


			which are required to be distributed to the Companion Loan Holder without the consent of such
                                                                            Companion Loan Holder;



 


		(ii)	change the percentages of Voting Rights or Percentage
Interests of Holders of Certificates which are required to consent to any action or inaction under the Trust and Servicing Agreement
without the consent of the Holders of Certificates representing all of the Percentage Interests of the Class or Classes affected
thereby and the consent of the Companion Loan Holder;



 


		(iii)	alter the Servicing Standard or obligations of the Master
Servicer or the Trustee to make a P&I Advance, Administrative Advance or a Property Advance, without the consent of the Holders
of Certificates representing all of the Percentage Interests of the Class or Classes affected thereby and the consent of the Companion
Loan Holder; or



 


		(iv)	amend any section of the Trust and Servicing Agreement
which relates to the amendment of the Trust and Servicing Agreement without the consent of the Holders of all Certificates representing
all of the Percentage Interests of the Class or Classes affected thereby and the consent of the Companion Loan Holder.



 


Further,
the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee and the Operating Advisor,
at any time and from time to time, without the consent of the Certificateholders or the Companion Loan Holder, may amend the Trust
and Servicing Agreement to modify, eliminate or add to any of its provisions to such extent as shall be necessary: (i) to maintain
the qualification of the Lower-Tier REMIC or the Upper-Tier REMIC as a REMIC, or to prevent the imposition of any additional material
state or local taxes, at all times that any Certificates are outstanding; provided that such action, as evidenced by an
Opinion of Counsel (obtained at the expense of the Trust Fund), is necessary or helpful to maintain such qualification or to prevent
the imposition of any such taxes, and would not adversely affect in any material respect the interest of any Certificateholder
or the Companion Loan Holder or (ii) to comply with the Investment Company Act of 1940, as amended, and/or any related regulatory
actions and/or interpretations.


 


The Directing
Holder, and if the Directing Holder does not exercise such option, then the Special Servicer, and if the Special Servicer does
not exercise such option, then the Master Servicer, and if the Master Servicer does not exercise such option, then the Holder of
a majority Percentage Interest in the Class R and Class LR Certificates, may effect an early termination of the Trust Fund (provided
that such party has provided 15 Business Days’ prior notice to each of the parties with such option and none of the parties
with a higher priority has elected to exercise such option within such 15 Business Day period), upon not less than 30 days’
prior Notice of Termination given to the Trustee, the Certificate Administrator, the Special Servicer and the Master Servicer any
time on or after the Early Termination Notice Date (defined as any date as of which the Stated Principal Balance of the Trust Loan
is less than 1.0% of the Stated Principal Balance of the Trust Loan as of the Cut-off Date) specifying the Anticipated Final Termination
Date, by purchasing on such date all, but not less than all, of the Trust Loan


 




    	 	A-6-10	 



     

    

 


then included in the Trust Fund, and the
Trust’s interest in all property acquired in respect of the Trust Loan, at a purchase price, payable in cash, equal to
the greater of,


 


(i)            the sum of, without duplication:


 


		(A)	the outstanding principal balance of the Trust Loan
as of the last day of the month preceding such Anticipated Final Termination Date (less any P&I Advances previously made on
account of principal);



 


		(B)	the fair market value of all other property included
in the Trust Fund as of the last day of the month preceding such Anticipated Final Termination Date, as determined by an Independent
appraiser acceptable to the Master Servicer as of a date not more than 30 days prior to the last day of the month preceding such
Distribution Date;



 


		(C)	all unpaid interest accrued on the outstanding principal
balance of the Trust Loan (including circumstances where title to the Mortgaged Property has been acquired) at the Trust Loan
Rate to the last day of the Whole Loan Interest Accrual Period preceding such Anticipated Final Termination Date (less any P&I
Advances previously made on account of interest);



 


		(D)	the aggregate
                                         amount of unreimbursed Advances, with interest thereon at the Advance Rate, and unpaid
                                         Servicing Compensation, Special Servicing Compensation, the Operating Advisor Fee, the
                                         Trustee/Certificate Administrator Fee, the CREFC®
                                         License Fee and Trust Fund expenses and indemnity amounts owed by the Trust;
                                         and



 


(ii)
          the aggregate fair market value of the Trust Loan, and all other
property acquired in respect of the Trust Loan in the Trust Fund, on the last day of the month preceding such Distribution
Date, as determined by an Independent appraiser acceptable to the Master Servicer as of a date not more than 30 days prior to
the last day of the month preceding such Distribution Date, together with one month’s interest thereon at the Trust
Loan Rate.


 


In
addition, the Trust and Servicing Agreement provides that the Sole Certificateholder shall have the right to exchange all of its
Certificates (other than the Class R and Class LR Certificates) for the Trust Loan or REO Property, as applicable, as contemplated
by clause (ii) of Section 9.01(a) of the Trust and Servicing Agreement by giving written notice to all the parties to the Trust
and Servicing Agreement no later than 60 days prior to the anticipated date of exchange.


 


All
costs and expenses incurred by any and all parties to the Trust and Servicing Agreement or by the Trust Fund in connection with
the purchase of the Trust Loan and the other assets of the Trust Fund pursuant to Section 9.01(c) of the Trust and Servicing Agreement
shall


 




    	 	A-6-11	 



     

    

 


be borne by the party exercising
its purchase rights thereunder. The Trustee and the Certificate Administrator shall be entitled to rely conclusively on any determination
made by an Independent appraiser pursuant to Section 9.01(c) of the Trust and Servicing Agreement.


 


The respective
obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Operating Advisor, the Certificate
Administrator and the Trustee created by the Trust and Servicing Agreement with respect to the Certificates (other than the obligations
of the Certificate Administrator to make certain payments and to send certain notices to Certificateholders as set forth in the
Trust and Servicing Agreement) shall terminate upon payment (or provision for payment) to the Certificateholders and the Companion
Loan Holder of all amounts held by or on behalf of the Trustee, the Certificate Administrator and the Master Servicer, as the case
may be, required under the Trust and Servicing Agreement to be so paid on the Distribution Date following the earlier to occur
of (i) the purchase of the Trust Loan and all other property held by the Trust Fund in accordance with Section 9.01(c) of the Trust
and Servicing Agreement; (ii) the exchange by the Sole Certificateholder of its Certificates for the Trust Loan in accordance with
Section 9.01(g) of the Trust and Servicing Agreement; and (iii) the later of (a) the receipt or collection of the last payment
due on the Trust Loan included in the Trust Fund, or (b) the liquidation and disposition pursuant to the Trust and Servicing Agreement
of the last asset held by the Trust Fund; provided, however, that in no event shall the trust created by the Trust
and Servicing Agreement continue beyond the expiration of 21 years from the death of the last survivor of the descendants of Joseph
P. Kennedy, the late Ambassador of the United States to the United Kingdom, living on the date hereof.


 


Unless the
Certificate of Authentication on this Certificate has been executed by the Certificate Administrator or on its behalf by the Authenticating
Agent, by manual signature, this Certificate shall not be entitled to any benefit under the Trust and Servicing Agreement or be
valid for any purpose.


 


This Certificate
does not purport to summarize the Trust and Servicing Agreement and reference is made to that agreement for information with respect
to the interests, rights, benefits, obligations, proceeds, and duties evidenced hereby and the rights, duties and obligations of
the parties thereto. This Certificate is issued under and is subject to the terms, provisions and conditions of the Trust and Servicing
Agreement, to which Trust and Servicing Agreement, as amended from time to time, the Holder of this Certificate by virtue of the
acceptance hereof assents and by which such Holder is bound. In the case of any conflict between terms specified in this Certificate
and terms specified in the Trust and Servicing Agreement, the terms of the Trust and Servicing Agreement shall govern.


 




    	 	A-6-12	 



     

    

 


IN WITNESS WHEREOF, the Certificate
Administrator has caused this Class E Certificate to be duly executed.


 


	Dated:	 	 	 	 
	 	 	 	 
	 	 	 	WELLS FARGO BANK, NATIONAL ASSOCIATION, not
in its individual capacity but solely as Certificate Administrator
	 	 	 	 	 
	 	 	 	By:	 
	 	 	 	 	Name:
	 	 	 	 	Title:



 








Certificate of Authentication


 








This is one of the Class E Certificates referred to in the Trust
and Servicing Agreement.


 


	Dated:	 	 	 	 
	 	 	 	 
	 	 	 	WELLS FARGO BANK, NATIONAL ASSOCIATION, not
in its individual capacity but solely as Authenticating Agent
	 	 	 	 	 
	 	 	 	By:	 
	 	 	 	 	Name:
	 	 	 	 	Title:






 




    	 	A-6-13	 



     

    

 


SCHEDULE OF EXCHANGES OF
GLOBAL CERTIFICATES


 


The following exchanges
of a part of this Global Certificate have been made:


 




    	 	A-6-14	 



     

    

 






 


EXHIBIT A-7


 


FORM OF CLASS R CERTIFICATE


 


THIS CERTIFICATE DOES NOT
REPRESENT AN OBLIGATION OF OR INTEREST IN THE DEPOSITOR, THE ORIGINATOR, THE MASTER SERVICER, THE SPECIAL SERVICER, THE CERTIFICATE
ADMINISTRATOR, THE TRUSTEE, THE OPERATING ADVISOR OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES NOR THE UNDERLYING
TRUST LOAN ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY.


 


FOR U.S. FEDERAL INCOME
TAX PURPOSES, THIS CERTIFICATE REPRESENTS A “RESIDUAL INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT
CONDUIT” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(2) AND 860D OF THE INTERNAL REVENUE CODE OF
1986, AS AMENDED (THE “CODE”). A TRANSFEREE OF THIS CERTIFICATE, BY ACCEPTANCE HEREOF, IS DEEMED TO HAVE ACCEPTED
THIS CERTIFICATE SUBJECT TO CERTAIN RESTRICTIONS ON TRANSFERABILITY, AS SET FORTH IN SECTION 5.02 OF THE TRUST AND SERVICING
AGREEMENT, AND SHALL BE REQUIRED TO FURNISH AN AFFIDAVIT TO THE TRANSFEROR AND THE CERTIFICATE ADMINISTRATOR TO THE EFFECT
THAT IT IS A PERMITTED TRANSFEREE AND, AMONG OTHER THINGS, (A) IT IS NOT A DISQUALIFIED ORGANIZATION, AS SUCH TERM IS DEFINED
IN SECTION 860E(e)(5) OF THE CODE, OR AN AGENT (INCLUDING A BROKER, NOMINEE OR OTHER MIDDLEMAN) FOR SUCH DISQUALIFIED
ORGANIZATION AND IS OTHERWISE A PERMITTED TRANSFEREE, (B) IT WILL NOT CAUSE INCOME WITH RESPECT TO THIS CERTIFICATE TO BE
ATTRIBUTABLE TO A FOREIGN PERMANENT ESTABLISHMENT OR FIXED BASE, WITHIN THE MEANING OF AN APPLICABLE INCOME TAX TREATY, OF
SUCH PERSON OR ANY OTHER U.S. PERSON, (C) IT HAS HISTORICALLY PAID ITS DEBTS AS THEY HAVE COME DUE AND INTENDS TO CONTINUE TO
PAY ITS DEBTS AS THEY COME DUE IN THE FUTURE, AND (D) IT INTENDS TO PAY ANY TAXES ASSOCIATED WITH HOLDING THIS CERTIFICATE AS
THEY BECOME DUE. ANY PURPORTED TRANSFER TO A DISQUALIFIED ORGANIZATION OR OTHER PERSON THAT IS NOT A PERMITTED TRANSFEREE OR
OTHERWISE IN VIOLATION OF THESE RESTRICTIONS SHALL BE ABSOLUTELY NULL AND VOID AND SHALL VEST NO RIGHTS IN ANY PURPORTED
TRANSFEREE. BECAUSE THIS CERTIFICATE REPRESENTS A “NON-ECONOMIC RESIDUAL INTEREST,” AS DEFINED IN TREASURY
REGULATIONS SECTION 1.860E-1(c), CERTAIN TRANSFERS OF THIS CERTIFICATE WILL BE DISREGARDED FOR FEDERAL INCOME TAX PURPOSES.
IN ORDER TO SATISFY A REGULATORY SAFE HARBOR UNDER WHICH SUCH TRANSFERS WILL NOT BE DISREGARDED, THE TRANSFEROR MAY BE
REQUIRED, AMONG OTHER THINGS, TO SATISFY ITSELF AS TO THE FINANCIAL CONDITION OF THE PROPOSED TRANSFEREE AND EITHER TO PAY A
SPECIFIED AMOUNT TO THE PROPOSED TRANSFEREE OR TRANSFER TO AN ELIGIBLE TRANSFEREE AS PROVIDED IN REGULATIONS.


 






     A-7-1


     


    

 





THE HOLDER OF THIS CERTIFICATE,
BY ACCEPTANCE HEREOF, IS DEEMED TO HAVE AGREED (A) TO CONSENT TO ACT AS “TAX MATTERS PERSON” OF THE UPPER-TIER REMIC
AND TO THE APPOINTMENT OF THE CERTIFICATE ADMINISTRATOR AS ATTORNEY-IN-FACT AND AGENT FOR THE “TAX MATTERS PERSON”
TO PERFORM THE FUNCTIONS OF THE “TAX MATTERS PERSON” OR AS OTHERWISE PROVIDED IN THE TRUST AND SERVICING AGREEMENT
FOR PURPOSES OF SUBCHAPTER C OF CHAPTER 63 OF SUBTITLE F OF THE CODE, AND (B) TO THE DESIGNATION OF THE CERTIFICATE ADMINISTRATOR
AS “PARTNERSHIP REPRESENTATIVE” (WITHIN THE MEANING OF SECTION 6223 OF THE CODE TO THE EXTENT SUCH PROVISION IS APPLICABLE
TO THE UPPER-TIER REMIC) OF THE UPPER-TIER REMIC OR AS OTHERWISE PROVIDED IN THE TRUST AND SERVICING AGREEMENT FOR PURPOSES OF
SUBCHAPTER C OF CHAPTER 63 OF SUBTITLE F OF THE CODE.


 


THIS CERTIFICATE HAS
NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR ANY STATE OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS
CERTIFICATE MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER
APPLICABLE LAWS, AND ONLY (A)(1) PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE
SECURITIES ACT, (2) FOR SO LONG AS THIS CERTIFICATE IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT
(“RULE 144A”), TO AN INSTITUTIONAL INVESTOR THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED
INSTITUTIONAL BUYER” WITHIN THE MEANING OF RULE 144A (“QUALIFIED INSTITUTIONAL BUYER”) PURCHASING FOR ITS
OWN ACCOUNT, OR A PERSON PURCHASING FOR THE ACCOUNT OF ANOTHER QUALIFIED INSTITUTIONAL BUYER, WHOM THE HOLDER HAS INFORMED,
IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (3) IN THE CASE OF
THE REGULAR CERTIFICATES, TO AN INSTITUTIONAL INVESTOR THAT IS AN “ACCREDITED INVESTOR” AS SUCH TERM IS DEFINED
IN RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT OR ANY ENTITY IN WHICH ALL OF THE EQUITY OWNERS
ARE INSTITUTIONAL INVESTORS THAT ARE “ACCREDITED INVESTORS” AS SUCH TERM IS DEFINED IN RULE 501(a)(1), (2), (3)
OR (7) OF REGULATION D UNDER THE SECURITIES ACT, OR (4) IN THE CASE OF THE REGULAR CERTIFICATES, TO AN INSTITUTION THAT IS A
NON-”U.S. PERSON” IN AN “OFFSHORE TRANSACTION,” AS SUCH TERMS ARE DEFINED IN, AND IN ACCORDANCE WITH,
RULE 903 OR RULE 904 OF, REGULATION S UNDER THE SECURITIES ACT, AND (B) IN ACCORDANCE WITH ANY OTHER APPLICABLE SECURITIES
LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.


 






     A-7-2


     


    

 





THIS CERTIFICATE SHOULD
NOT BE PURCHASED BY A TRANSFEREE THAT IS OR BECOMES (A) AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT, INCLUDING AN
INDIVIDUAL RETIREMENT ACCOUNT OR A KEOGH PLAN, WHICH IS SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED
(“ERISA”), SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”) OR A GOVERNMENTAL
PLAN, AS DEFINED IN SECTION 3(32) OF ERISA, OR OTHER PLAN SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW (“SIMILAR LAW”)
WHICH IS TO A MATERIAL EXTENT SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE CODE (EACH, A “PLAN”), OR (B) A COLLECTIVE
INVESTMENT FUND IN WHICH SUCH PLANS ARE INVESTED, AN INSURANCE COMPANY USING ASSETS OF SEPARATE ACCOUNTS OR GENERAL ACCOUNTS WHICH
INCLUDE ASSETS OF SUCH PLANS (OR WHICH ARE DEEMED PURSUANT TO ERISA OR ANY SIMILAR LAW TO INCLUDE ASSETS OF SUCH PLANS) OR OTHER
PERSON ACTING ON BEHALF OF ANY SUCH PLAN OR USING THE ASSETS OF ANY SUCH PLAN. TRANSFEREES OF THIS CERTIFICATE TAKING DELIVERY
IN CERTIFICATED FORM SHALL BE REQUIRED TO DELIVER A LETTER IN THE FORM ATTACHED TO THE TRUST AND SERVICING AGREEMENT TO SUCH EFFECT.


 


TRANSFERS AND EXCHANGES
OF THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS AS PROVIDED IN THE TRUST AND SERVICING AGREEMENT REFERRED TO BELOW.


 


ANY HOLDER DESIRING TO
EFFECT A TRANSFER OF THIS CERTIFICATE SHALL, AND DOES HEREBY AGREE TO, INDEMNIFY THE CERTIFICATE REGISTRAR, THE CERTIFICATE ADMINISTRATOR,
THE TRUSTEE, THE MASTER SERVICER, THE SPECIAL SERVICER, THE OPERATING ADVISOR AND THE DEPOSITOR AGAINST ANY LIABILITY THAT MAY
RESULT IF THE TRANSFER IS NOT EXEMPT FROM THE SECURITIES ACT OR IS NOT MADE IN ACCORDANCE WITH FEDERAL AND STATE LAWS.


 






     A-7-3


     


    

 





COMM 2016-667M MORTGAGE
TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, CLASS R


 





	No.:
    R-[__]	Percentage
    Interest: ___%
	 	CUSIP: [12636G AN1]1
	 	              [U2024G
    AG4]2
	 	ISIN:     [US12636GAN16]3
	 	              [USU2024GAG48]4



 


This certifies
that [________] is the registered owner of the Percentage Interest evidenced by this Certificate in the Trust Fund. The Class R Certificateholder
is not entitled to interest or principal distributions. The Class R Certificateholder will be entitled to receive the proceeds
of the remaining assets of the Upper-Tier REMIC, if any, on the Final Scheduled Distribution Date for the Certificates, after distributions
in respect of any accrued but unpaid interest on the Certificates and after distributions in reduction of principal balance have
reduced the principal balances of the Certificates to zero. It is not anticipated that there will be any assets remaining in the
Upper-Tier REMIC or Trust Fund on the Final Scheduled Distribution Date following the distributions on the Regular Certificates.
The Trust Fund, described more fully below, consists primarily of a Trust Loan secured by, among other things, a first priority
mortgage in the fee simple interest in a 24-story, 273,983 square foot, Class A office building with ground floor and basement
retail located at 667 Madison Avenue in New York, New York, and held in trust by the Trustee and serviced by the Master Servicer.
The Trust Fund was created, and the Trust Loan is to be serviced, pursuant to the Trust and Servicing Agreement (as defined below).
The Holder of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions and conditions of the Trust
and Servicing Agreement and is bound thereby.


 


The Trust
and Servicing Agreement, dated as of October 6, 2016 (the “Trust and Servicing Agreement”), between Deutsche
Mortgage & Asset Receiving Corporation, as depositor (the “Depositor”), KeyBank National Association, as
master servicer (the “Master Servicer”), AEGON USA Realty Advisors, LLC, as special servicer (the “Special
Servicer”), Wells Fargo Bank, National Association, as certificate administrator (in such capacity, the “Certificate
Administrator”), trustee (in such capacity, the “Trustee”), custodian and paying agent, and Park Bridge
Lender Services LLC, as operating advisor (the “Operating Advisor”), evidences the issuance of the Class A,
Class X-A, Class B, Class C, Class D, Class E, Class R and Class LR Certificates (the “Certificates”; the Holders
of Certificates issued under the Trust and Servicing Agreement are collectively referred to herein as “Certificateholders”).
This Certificate is issued pursuant to, and in accordance with, the terms of the Trust and Servicing Agreement. To the extent not
defined herein, capitalized terms used herein shall have the meanings assigned thereto in the Trust and Servicing Agreement.


 


 



 


1 For Rule 144A Certificates.


 


2 For Regulation S Certificates.


 


3 For Rule 144A Certificates.


 


4 For Regulation S Certificates.


 






     A-7-4


     


    

 





This Class
R Certificate represents the sole “residual interest” in a “real estate mortgage investment conduit”, as
those terms are defined, respectively, in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder
of this Certificate, by acceptance hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate
in accordance with the preceding sentence for purposes of federal income taxes, state and local income and franchise taxes and
other taxes imposed on or measured by income. The Holder of the largest Percentage Interest in the Class R Certificates shall be
the “tax matters person” of the Upper-Tier REMIC pursuant to Treasury Regulations Section 1.860F-4(d), and the Certificate
Administrator is hereby irrevocably designated and shall serve as attorney-in-fact and agent for any such Person that is the “tax
matters person”. In addition, the Certificate Administrator is hereby irrevocably designated as the “partnership representative”
within the meaning of Section 6223 of the Code of the Upper-Tier REMIC to the extent such provision is applicable to the Trust
REMICs.


 


The Certificate
Administrator makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of
the Certificates or the Trust Loan and has executed this Certificate in its limited capacity as Certificate Administrator under
the Trust and Servicing Agreement. In the event that there is any conflict between any provision of this Certificate and any provision
of the Trust and Servicing Agreement, such provision of this Certificate shall be superseded to the extent of such inconsistency.


 


All distributions
(other than the final distribution on any Certificate) will be made by the Paying Agent to the persons in whose names the Certificates
are registered at the close of business on each Record Date, which will be the close of business on the last Business Day of the
calendar month immediately preceding the month in which such Distribution Date occurs. Such distributions shall be made on each
Distribution Date other than the Termination Date to each Certificateholder of record on the related Record Date, by wire transfer
of immediately available funds to the account of such Holder at a bank or other entity located in the United States and having
appropriate facilities therefor provided that such Holder shall have provided the Paying Agent with wire instructions in
writing at least five Business Days prior to the related Record Date, or, otherwise, by check mailed by first-class mail to the
address set forth therefor in the Certificate Register. The final distribution on each Certificate shall be made in like manner,
but only upon presentment and surrender of such Certificate at the office of the Certificate Administrator or its agent (which
may be the Paying Agent or the Certificate Registrar acting as such agent) that is specified in the notice to Holders of such final
distribution.


 


Any funds
not distributed on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall, on
such date, be set aside and held in trust for the benefit of the appropriate non-tendering Certificateholders. If any Certificates
as to which notice of the Termination Date has been given pursuant to the Trust and Servicing Agreement shall not have been surrendered
for cancellation within six months after the time specified in such notice, the Certificate Administrator shall mail a second notice
to the remaining non-tendering Certificateholders, at their last addresses shown in the Certificate Register, to surrender their
Certificates for cancellation in order to receive, from such funds held, the final distribution with respect thereto. If within
one year after the second notice not all of such Certificates shall have been surrendered for cancellation, the Certificate Administrator
may, directly or through an agent, take appropriate steps to contact the remaining non-tendering Certificateholders


 






     A-7-5


     


    

 





concerning surrender of their
Certificates. The costs and expenses of holding such funds in trust and of contacting such Certificateholders shall be paid out
of such funds. If within two years after the second notice any such Certificates shall not have been surrendered for cancellation,
the Paying Agent shall pay to the Certificate Administrator all amounts distributable to the Holders thereof, and the Certificate
Administrator shall thereafter hold such amounts for the benefit of such Holders until the earlier of (i) its termination as Certificate
Administrator under the Trust and Servicing Agreement and the transfer of such amounts to a successor certificate administrator
and (ii) subject to applicable law, the termination of the Trust Fund and distribution of such amounts to the Class R Certificateholders.
No interest shall accrue or be payable to any Certificateholder on any amount held as a result of such Certificateholder’s
failure to surrender its Certificate(s) for final payment thereof in accordance with the Trust and Servicing Agreement. Such funds
held by the Certificate Administrator may be invested under certain circumstances, and all income and gain realized from investment
of such funds shall accrue for its benefit.


 


This Certificate
is limited in right of payment to, among other things, certain collections and recoveries in respect of the Trust Loan, as more
specifically set forth herein and in the Trust and Servicing Agreement.


 


As provided
in the Trust and Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s interest therein)
(i) the Trust Loan, together with the Mortgage File relating thereto; (ii) all scheduled or unscheduled payments on or collections
in respect of the Trust Loan due after the Cut-off Date; (iii) the REO Property; (iv) all revenues received in respect of the REO
Property; (v) any indemnities or guaranties given as additional security for the Trust Loan; (vi) a security interest in all assets
deposited in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts, and Reserve Accounts; (vii) amounts on deposit in
the Collection Account attributable to the Trust Loan as identified on the Trust Ledger, the Distribution Accounts, the Interest
Reserve Account or the REO Account, including any reinvestment income, as applicable; (viii) a security interest in any environmental
indemnity agreements relating to the Mortgaged Property; (ix) a security interest in all insurance policies with respect to the
Trust Loan and the Mortgaged Property; (x) the rights and remedies under the Trust Loan Purchase Agreement relating to document
delivery requirements with respect to the Trust Loan and the representations and warranties of the Trust Loan Seller regarding
the Trust Loan; (xi) the Lower-Tier Regular Interests; and (xii) the proceeds of the foregoing (other than any interest earned
on deposits in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and any Reserve Accounts, to the extent such interest
belongs to the Borrower). As provided in the Trust and Servicing Agreement, withdrawals may be made from certain of the above-accounts
for purposes other than distributions to Certificateholders.


 


This Certificate
does not purport to summarize the Trust and Servicing Agreement, and reference is made to the Trust and Servicing Agreement for
the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties and
immunities of the Certificate Administrator.


 


As provided
in the Trust and Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable or
exchangeable only upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment and


 






     A-7-6


     


    

 





transfer (executed by the Holder
or his duly authorized attorney), subject to the requirements in Article V of the Trust and Servicing Agreement. Upon surrender
for registration of transfer of this Certificate, subject to the requirements Article V of the Trust and Servicing Agreement, the
Certificate Administrator shall execute and the Authenticating Agent shall duly authenticate in the name of the designated transferee
or transferees, one or more new Certificates in authorized denominations of a like aggregate denomination as the Certificate being
surrendered. Such Certificates shall be delivered by the Certificate Registrar in accordance with Article V of the Trust and Servicing
Agreement.


 


Prior to
due presentation of this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer, the
Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent and any agent of any of them may treat the
Person in whose name this Certificate is registered as the owner hereof for all purposes, and none of the Depositor, the Master
Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent or any
agent of any of them shall be affected by notice or knowledge to the contrary.


 


No fee or
service charge shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer or exchange
referred to in Section 5.02 of the Trust and Servicing Agreement other than for transfers to Institutional Accredited Investors
as provided in Section 5.02(h) of the Trust and Servicing Agreement. In connection with any transfer to an Institutional Accredited
Investor, the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s
counsel’s review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar
as provided in the Trust and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer. The Certificate
Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental charge payable
in connection with any such transfer.


 


The Trust
and Servicing Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the Special
Servicer, the Certificate Administrator, the Trustee and the Operating Advisor without the consent of any of the Certificateholders
or the Companion Loan Holder, (i) to cure any ambiguity or to correct any error; (ii) to cause the provisions of the Trust and
Servicing Agreement to conform or be consistent with or in furtherance of the statements made in the Offering Circular with respect
to the Certificates, the Trust or the Trust and Servicing Agreement or to correct or supplement any provisions of the Trust and
Servicing Agreement or herein which may be defective or inconsistent with any other provisions of the Trust and Servicing Agreement
or herein; (iii) to amend any provision of the Trust and Servicing Agreement to the extent necessary or desirable to maintain the
rating or ratings assigned to each of the Classes of Certificates or Companion Loan Securities by each Rating Agency (provided
that such amendment does not adversely affect in any material respect (x) the rights or interests of any Certificateholder or Companion
Loan Holder not consenting thereto or (y) the rights or interests of the Directing Holder without the consent of the Holders of
Certificates representing all of the Percentage Interests of the Controlling Class); (iv) to amend or supplement a provision, or
to supplement any other provisions to the extent not inconsistent with the provisions of the Trust and Servicing Agreement, or
any other change that will not adversely affect in any material respect the interests


 






     A-7-7


     


    

 





of any Certificateholder or
Companion Loan Holder not consenting thereto (as evidenced in writing by an Opinion of Counsel or, if solely affecting any Certificateholder
of a rated Class or the Companion Loan Holder of rated Companion Loan Securities, in respect of which a No Downgrade Confirmation
has been obtained relating to the Certificates or the Companion Loan Securities, if applicable); and (v) to modify the procedures
in the Trust and Servicing Agreement relating to compliance with Rule 17g-5 of the Exchange Act; provided that such modification
would not materially increase the obligations of the Depositor, the Trustee, the Paying Agent, the Certificate Administrator, the
Operating Advisor, the 17g-5 Information Provider, the Master Servicer or the Special Servicer without such parties’ consent;
and provided, further, that such amendment shall not adversely affect in any material respects the interests of any
Certificateholders or Companion Loan Holder not consenting thereto, as evidenced by in the case of clauses (iii) through (v) above
by (x) an Opinion of Counsel or (y) solely in the case of a Certificateholder of a rated Class, receipt of a No Downgrade Confirmation
from each Rating Agency and a No Downgrade Confirmation with respect to any Companion Loan Securities. In no event shall any such
amendment cause the Lower-Tier REMIC or the Upper-Tier REMIC to fail to qualify as a REMIC or subject either REMIC to tax.


 


The Trust
and Servicing Agreement or any Custodial Agreement may also be amended from time to time by the Depositor, the Master Servicer,
the Special Servicer, the Certificate Administrator, the Trustee and the Operating Advisor with the prior written consent of the
Holders of Certificates representing not less than 66-2/3% of the Percentage Interests of each Class of Certificates affected thereby
(without regard to Certificates held by the Depositor, any of the Depositor’s Affiliates and/or agents or the Trust Loan
Seller) and the Companion Loan Holder if affected thereby for the purpose of adding any provisions to or changing in any manner
or eliminating any of the provisions of the Trust and Servicing Agreement or modifying in any manner the rights of the Certificateholders;
provided, however, that no such amendment may:


 


		(i)	reduce in any manner the amount of, or delay the timing
of, payments received on the Whole Loan which are required to be distributed on any Certificate, without the consent of the Holders
of Certificates representing all of the Percentage Interests of the Class or Classes affected thereby or which are required to
be distributed to the Companion Loan Holder without the consent of such Companion Loan Holder;



 


		(ii)	change the percentages of Voting Rights or Percentage
Interests of Holders of Certificates which are required to consent to any action or inaction under the Trust and Servicing Agreement
without the consent of the Holders of Certificates representing all of the Percentage Interests of the Class or Classes affected
thereby and the consent of the Companion Loan Holder;



 


		(iii)	alter the Servicing Standard or obligations of the Master
Servicer or the Trustee to make a P&I Advance, Administrative Advance or a Property Advance, without the consent of the Holders
of Certificates representing all of the Percentage Interests of the Class or Classes affected thereby and the consent of the Companion
Loan Holder; or



 






     A-7-8


     


    

 





		(iv)	amend any section of the Trust and Servicing Agreement
which relates to the amendment of the Trust and Servicing Agreement without the consent of the Holders of all Certificates representing
all of the Percentage Interests of the Class or Classes affected thereby and the consent of the Companion Loan Holder.



 


Further,
the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee and the Operating Advisor,
at any time and from time to time, without the consent of the Certificateholders or the Companion Loan Holder, may amend the Trust
and Servicing Agreement to modify, eliminate or add to any of its provisions to such extent as shall be necessary: (i) to maintain
the qualification of the Lower-Tier REMIC or the Upper-Tier REMIC as a REMIC, or to prevent the imposition of any additional material
state or local taxes, at all times that any Certificates are outstanding; provided that such action, as evidenced by an
Opinion of Counsel (obtained at the expense of the Trust Fund), is necessary or helpful to maintain such qualification or to prevent
the imposition of any such taxes, and would not adversely affect in any material respect the interest of any Certificateholder
or the Companion Loan Holder or (ii) to comply with the Investment Company Act of 1940, as amended, and/or any related regulatory
actions and/or interpretations.


 


The Directing
Holder, and if the Directing Holder does not exercise such option, then the Special Servicer, and if the Special Servicer does
not exercise such option, then the Master Servicer, and if the Master Servicer does not exercise such option, then the Holder of
a majority Percentage Interest in the Class R and Class LR Certificates, may effect an early termination of the Trust Fund (provided
that such party has provided 15 Business Days’ prior notice to each of the parties with such option and none of the parties
with a higher priority has elected to exercise such option within such 15 Business Day period), upon not less than 30 days’
prior Notice of Termination given to the Trustee, the Certificate Administrator, the Special Servicer and the Master Servicer any
time on or after the Early Termination Notice Date (defined as any date as of which the Stated Principal Balance of the Trust Loan
is less than 1.0% of the Stated Principal Balance of the Trust Loan as of the Cut-off Date) specifying the Anticipated Final Termination
Date, by purchasing on such date all, but not less than all, of the Trust Loan then included in the Trust Fund, and the Trust’s
interest in all property acquired in respect of the Trust Loan, at a purchase price, payable in cash, equal to the greater of,


 


(i)            the
sum of, without duplication:


 


		(A)	the outstanding principal balance of the Trust Loan
as of the last day of the month preceding such Anticipated Final Termination Date (less any P&I Advances previously made on
account of principal);



 


		(B)	the fair market value of all other property included
in the Trust Fund as of the last day of the month preceding such Anticipated Final Termination Date, as determined by an Independent
appraiser acceptable to the Master Servicer as of a date not more than 30 days prior to the last day of the month preceding such
Distribution Date;



 






     A-7-9


     


    

 





		(C)	all unpaid interest accrued on the outstanding principal
balance of the Trust Loan (including circumstances where title to the Mortgaged Property has been acquired) at the Trust Loan
Rate to the last day of the Whole Loan Interest Accrual Period preceding such Anticipated Final Termination Date (less any P&I
Advances previously made on account of interest);



 


		(D)	the aggregate
                                         amount of unreimbursed Advances, with interest thereon at the Advance Rate, and unpaid
                                         Servicing Compensation, Special Servicing Compensation, the Operating Advisor Fee, the
                                         Trustee/Certificate Administrator Fee, the CREFC®
                                         License Fee and Trust Fund expenses and indemnity amounts owed by the Trust;
                                         and



 


(ii)
          the aggregate fair market value of the Trust Loan, and all other property
acquired in respect of the Trust Loan in the Trust Fund, on the last day of the month preceding such Distribution Date, as determined
by an Independent appraiser acceptable to the Master Servicer as of a date not more than 30 days prior to the last day of the
month preceding such Distribution Date, together with one month’s interest thereon at the Trust Loan Rate.


 


In addition,
the Trust and Servicing Agreement provides that the Sole Certificateholder shall have the right to exchange all of its Certificates
(other than the Class R and Class LR Certificates) for the Trust Loan or REO Property, as applicable, as contemplated by clause
(ii) of Section 9.01(a) of the Trust and Servicing Agreement by giving written notice to all the parties to the Trust and Servicing
Agreement no later than 60 days prior to the anticipated date of exchange.


 


All costs
and expenses incurred by any and all parties to the Trust and Servicing Agreement or by the Trust Fund in connection with the purchase
of the Trust Loan and the other assets of the Trust Fund pursuant to Section 9.01(c) of the Trust and Servicing Agreement shall
be borne by the party exercising its purchase rights thereunder. The Trustee and the Certificate Administrator shall be entitled
to rely conclusively on any determination made by an Independent appraiser pursuant to Section 9.01(c) of the Trust and Servicing
Agreement.


 


The respective
obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Operating Advisor, the Certificate
Administrator and the Trustee created by the Trust and Servicing Agreement with respect to the Certificates (other than the obligations
of the Certificate Administrator to make certain payments and to send certain notices to Certificateholders as set forth in the
Trust and Servicing Agreement) shall terminate upon payment (or provision for payment) to the Certificateholders and the Companion
Loan Holder of all amounts held by or on behalf of the Trustee, the Certificate Administrator and the Master Servicer, as the case
may be, required under the Trust and Servicing Agreement to be so paid on the Distribution Date following the earlier to occur
of (i) the purchase of the Trust Loan and all other property held by the Trust Fund in accordance with Section 9.01(c) of the Trust
and Servicing Agreement; (ii) the exchange by the Sole Certificateholder of its Certificates for the Trust Loan in accordance with
Section 9.01(g) of the Trust and Servicing Agreement; and


 






     A-7-10


     


    

 





(iii) the later of (a) the
receipt or collection of the last payment due on the Trust Loan included in the Trust Fund, or (b) the liquidation and disposition
pursuant to the Trust and Servicing Agreement of the last asset held by the Trust Fund; provided, however, that in
no event shall the trust created by the Trust and Servicing Agreement continue beyond the expiration of 21 years from the death
of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the United States to the United Kingdom, living
on the date hereof.


 


Unless
the Certificate of Authentication on this Certificate has been executed by the Certificate Administrator or on its behalf by the
Authenticating Agent, by manual signature, this Certificate shall not be entitled to any benefit under the Trust and Servicing
Agreement or be valid for any purpose.


 


This Certificate
does not purport to summarize the Trust and Servicing Agreement and reference is made to that agreement for information with respect
to the interests, rights, benefits, obligations, proceeds, and duties evidenced hereby and the rights, duties and obligations of
the parties thereto. This Certificate is issued under and is subject to the terms, provisions and conditions of the Trust and Servicing
Agreement, to which Trust and Servicing Agreement, as amended from time to time, the Holder of this Certificate by virtue of the
acceptance hereof assents and by which such Holder is bound. In the case of any conflict between terms specified in this Certificate
and terms specified in the Trust and Servicing Agreement, the terms of the Trust and Servicing Agreement shall govern.


 






     A-7-11


     


    

 





IN WITNESS WHEREOF, the Certificate
Administrator has caused this Class R Certificate to be duly executed.


 


	Dated:	 	 



 


	 	WELLS FARGO BANK, NATIONAL ASSOCIATION,
    not in its individual capacity but solely as Certificate Administrator
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:



 


Certificate of Authentication


 


This is one of the Class R Certificates referred to in the Trust
and Servicing Agreement.


 





	Dated:	 	 


 


	 	WELLS FARGO BANK, NATIONAL ASSOCIATION,
    not in its individual capacity but solely as Authenticating Agent
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:


 






     A-7-12


     


    

 





EXHIBIT A-8


 


FORM OF CLASS LR CERTIFICATE


 


THIS CERTIFICATE DOES NOT
REPRESENT AN OBLIGATION OF OR INTEREST IN THE DEPOSITOR, THE ORIGINATOR, THE MASTER SERVICER, THE SPECIAL SERVICER, THE CERTIFICATE
ADMINISTRATOR, THE TRUSTEE, THE OPERATING ADVISOR OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES NOR THE UNDERLYING
TRUST LOAN ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY.


 


FOR U.S. FEDERAL INCOME
TAX PURPOSES, THIS CERTIFICATE REPRESENTS A “RESIDUAL INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT
CONDUIT” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(2) AND 860D OF THE INTERNAL REVENUE CODE OF
1986, AS AMENDED (THE “CODE”). A TRANSFEREE OF THIS CERTIFICATE, BY ACCEPTANCE HEREOF, IS DEEMED TO HAVE ACCEPTED
THIS CERTIFICATE SUBJECT TO CERTAIN RESTRICTIONS ON TRANSFERABILITY, AS SET FORTH IN SECTION 5.02 OF THE TRUST AND SERVICING
AGREEMENT, AND SHALL BE REQUIRED TO FURNISH AN AFFIDAVIT TO THE TRANSFEROR AND THE CERTIFICATE ADMINISTRATOR TO THE EFFECT
THAT IT IS A PERMITTED TRANSFEREE AND, AMONG OTHER THINGS, (A) IT IS NOT A DISQUALIFIED ORGANIZATION, AS SUCH TERM IS DEFINED
IN SECTION 860E(e)(5) OF THE CODE, OR AN AGENT (INCLUDING A BROKER, NOMINEE OR OTHER MIDDLEMAN) FOR SUCH DISQUALIFIED
ORGANIZATION AND IS OTHERWISE A PERMITTED TRANSFEREE, (B) IT WILL NOT CAUSE INCOME WITH RESPECT TO THIS CERTIFICATE TO BE
ATTRIBUTABLE TO A FOREIGN PERMANENT ESTABLISHMENT OR FIXED BASE, WITHIN THE MEANING OF AN APPLICABLE INCOME TAX TREATY, OF
SUCH PERSON OR ANY OTHER U.S. PERSON, (C) IT HAS HISTORICALLY PAID ITS DEBTS AS THEY HAVE COME DUE AND INTENDS TO CONTINUE TO
PAY ITS DEBTS AS THEY COME DUE IN THE FUTURE, AND (D) IT INTENDS TO PAY ANY TAXES ASSOCIATED WITH HOLDING THIS CERTIFICATE AS
THEY BECOME DUE. ANY PURPORTED TRANSFER TO A DISQUALIFIED ORGANIZATION OR OTHER PERSON THAT IS NOT A PERMITTED TRANSFEREE OR
OTHERWISE IN VIOLATION OF THESE RESTRICTIONS SHALL BE ABSOLUTELY NULL AND VOID AND SHALL VEST NO RIGHTS IN ANY PURPORTED
TRANSFEREE. BECAUSE THIS CERTIFICATE REPRESENTS A “NON-ECONOMIC RESIDUAL INTEREST,” AS DEFINED IN TREASURY
REGULATIONS SECTION 1.860E-1(c), CERTAIN TRANSFERS OF THIS CERTIFICATE WILL BE DISREGARDED FOR FEDERAL INCOME TAX PURPOSES.
IN ORDER TO SATISFY A REGULATORY SAFE HARBOR UNDER WHICH SUCH TRANSFERS WILL NOT BE DISREGARDED, THE TRANSFEROR MAY BE
REQUIRED, AMONG OTHER THINGS, TO SATISFY ITSELF AS TO THE FINANCIAL CONDITION OF THE PROPOSED TRANSFEREE AND EITHER TO PAY A
SPECIFIED AMOUNT TO THE PROPOSED TRANSFEREE OR TRANSFER TO AN ELIGIBLE TRANSFEREE AS PROVIDED IN REGULATIONS.


 






     A-8-1


     


    

 





THE HOLDER OF THIS CERTIFICATE,
BY ACCEPTANCE HEREOF, IS DEEMED TO HAVE AGREED (A) TO CONSENT TO ACT AS “TAX MATTERS PERSON” OF THE LOWER-TIER REMIC
AND TO THE APPOINTMENT OF THE CERTIFICATE ADMINISTRATOR AS ATTORNEY-IN-FACT AND AGENT FOR THE “TAX MATTERS PERSON”
TO PERFORM THE FUNCTIONS OF THE “TAX MATTERS PERSON” OR AS OTHERWISE PROVIDED IN THE TRUST AND SERVICING AGREEMENT
FOR PURPOSES OF SUBCHAPTER C OF CHAPTER 63 OF SUBTITLE F OF THE CODE, AND (B) TO THE DESIGNATION OF THE CERTIFICATE ADMINISTRATOR
AS “PARTNERSHIP REPRESENTATIVE” (WITHIN THE MEANING OF SECTION 6223 OF THE CODE TO THE EXTENT SUCH PROVISION IS APPLICABLE
TO THE LOWER-TIER REMIC) OF THE LOWER-TIER REMIC OR AS OTHERWISE PROVIDED IN THE TRUST AND SERVICING AGREEMENT FOR PURPOSES OF
SUBCHAPTER C OF CHAPTER 63 OF SUBTITLE F OF THE CODE.


 


THIS CERTIFICATE HAS
NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR ANY STATE OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS
CERTIFICATE MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER
APPLICABLE LAWS, AND ONLY (A)(1) PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE
SECURITIES ACT, (2) FOR SO LONG AS THIS CERTIFICATE IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT
(“RULE 144A”), TO AN INSTITUTIONAL INVESTOR THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED
INSTITUTIONAL BUYER” WITHIN THE MEANING OF RULE 144A (“QUALIFIED INSTITUTIONAL BUYER”) PURCHASING FOR ITS
OWN ACCOUNT, OR A PERSON PURCHASING FOR THE ACCOUNT OF ANOTHER QUALIFIED INSTITUTIONAL BUYER, WHOM THE HOLDER HAS INFORMED,
IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (3) IN THE CASE OF
THE REGULAR CERTIFICATES, TO AN INSTITUTIONAL INVESTOR THAT IS AN “ACCREDITED INVESTOR” AS SUCH TERM IS DEFINED
IN RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT OR ANY ENTITY IN WHICH ALL OF THE EQUITY OWNERS
ARE INSTITUTIONAL INVESTORS THAT ARE “ACCREDITED INVESTORS” AS SUCH TERM IS DEFINED IN RULE 501(a)(1), (2), (3)
OR (7) OF REGULATION D UNDER THE SECURITIES ACT, OR (4) IN THE CASE OF THE REGULAR CERTIFICATES, TO AN INSTITUTION THAT IS A
NON-”U.S. PERSON” IN AN “OFFSHORE TRANSACTION,” AS SUCH TERMS ARE DEFINED IN, AND IN ACCORDANCE WITH,
RULE 903 OR RULE 904 OF, REGULATION S UNDER THE SECURITIES ACT, AND (B) IN ACCORDANCE WITH ANY OTHER APPLICABLE SECURITIES
LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.


 






     A-8-2


     


    

 





THIS CERTIFICATE SHOULD
NOT BE PURCHASED BY A TRANSFEREE THAT IS OR BECOMES (A) AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT, INCLUDING AN
INDIVIDUAL RETIREMENT ACCOUNT OR A KEOGH PLAN, WHICH IS SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED
(“ERISA”), SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”) OR A GOVERNMENTAL
PLAN, AS DEFINED IN SECTION 3(32) OF ERISA, OR OTHER PLAN SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW (“SIMILAR LAW”)
WHICH IS TO A MATERIAL EXTENT SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE CODE (EACH, A “PLAN”), OR (B) A COLLECTIVE
INVESTMENT FUND IN WHICH SUCH PLANS ARE INVESTED, AN INSURANCE COMPANY USING ASSETS OF SEPARATE ACCOUNTS OR GENERAL ACCOUNTS WHICH
INCLUDE ASSETS OF SUCH PLANS (OR WHICH ARE DEEMED PURSUANT TO ERISA OR ANY SIMILAR LAW TO INCLUDE ASSETS OF SUCH PLANS) OR OTHER
PERSON ACTING ON BEHALF OF ANY SUCH PLAN OR USING THE ASSETS OF ANY SUCH PLAN. TRANSFEREES OF THIS CERTIFICATE TAKING DELIVERY
IN CERTIFICATED FORM SHALL BE REQUIRED TO DELIVER A LETTER IN THE FORM ATTACHED TO THE TRUST AND SERVICING AGREEMENT TO SUCH EFFECT.


 


TRANSFERS AND EXCHANGES
OF THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS AS PROVIDED IN THE TRUST AND SERVICING AGREEMENT REFERRED TO BELOW.


 


ANY HOLDER DESIRING TO
EFFECT A TRANSFER OF THIS CERTIFICATE SHALL, AND DOES HEREBY AGREE TO, INDEMNIFY THE CERTIFICATE REGISTRAR, THE CERTIFICATE ADMINISTRATOR,
THE TRUSTEE, THE MASTER SERVICER, THE SPECIAL SERVICER, THE OPERATING ADVISOR AND THE DEPOSITOR AGAINST ANY LIABILITY THAT MAY
RESULT IF THE TRANSFER IS NOT EXEMPT FROM THE SECURITIES ACT OR IS NOT MADE IN ACCORDANCE WITH FEDERAL AND STATE LAWS.


 






     A-8-3


     


    

 





COMM 2016-667M MORTGAGE
TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, CLASS LR


 





	No.:
    LR-[__]	Percentage
    Interest: ___%
	 	CUSIP: [12636G AQ4]1
	 	              [U2024G AH2]2
	 	ISIN:     [US12636GAQ47]3
	 	              [USU2024GAH21]4


  


This certifies
that [________] is the registered owner of the Percentage Interest evidenced by this Certificate in the Trust Fund. The Class LR Certificateholder
is not entitled to interest or principal distributions. The Class LR Certificateholder will be entitled to receive the proceeds
of the remaining assets of the Upper-Tier REMIC, if any, on the Final Scheduled Distribution Date for the Certificates, after distributions
in respect of any accrued but unpaid interest on the Certificates and after distributions in reduction of principal balance have
reduced the principal balances of the Certificates to zero. It is not anticipated that there will be any assets remaining in the
Upper-Tier REMIC or Trust Fund on the Final Scheduled Distribution Date following the distributions on the Regular Certificates.
The Trust Fund, described more fully below, consists primarily of a Trust Loan secured by, among other things, a first priority
mortgage in the fee simple interest in a 24-story, 273,983 square foot, Class A office building with ground floor and basement
retail located at 667 Madison Avenue in New York, New York, and held in trust by the Trustee and serviced by the Master Servicer.
The Trust Fund was created, and the Trust Loan is to be serviced, pursuant to the Trust and Servicing Agreement (as defined below).
The Holder of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions and conditions of the Trust
and Servicing Agreement and is bound thereby.


 


The Trust
and Servicing Agreement, dated as of October 6, 2016 (the “Trust and Servicing Agreement”), between Deutsche
Mortgage & Asset Receiving Corporation, as depositor (the “Depositor”), KeyBank National Association, as
master servicer (the “Master Servicer”), AEGON USA Realty Advisors, LLC, as special servicer (the “Special
Servicer”), Wells Fargo Bank, National Association, as certificate administrator (in such capacity, the “Certificate
Administrator”), trustee (in such capacity, the “Trustee”), custodian and paying agent, and Park Bridge
Lender Services LLC, as operating advisor (the “Operating Advisor”), evidences the issuance of the Class A,
Class X-A, Class B, Class C, Class D, Class E, Class R and Class LR Certificates (the “Certificates”; the Holders
of Certificates issued under the Trust and Servicing Agreement are collectively referred to herein as “Certificateholders”).
This Certificate is issued pursuant to, and in accordance with, the terms of the Trust and Servicing Agreement. To the extent not
defined herein, capitalized terms used herein shall have the meanings assigned thereto in the Trust and Servicing Agreement.


 


 



 


1 For Rule 144A Certificates.


 


2 For Regulation S Certificates.


 


3 For Rule 144A Certificates.


 


4 For Regulation S Certificates.


 






     A-8-4


     


    

 





This Class
LR Certificate represents the sole “residual interest” in a “real estate mortgage investment conduit”,
as those terms are defined, respectively, in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each
Holder of this Certificate, by acceptance hereof, agrees to treat, and take no action inconsistent with the treatment of, this
Certificate in accordance with the preceding sentence for purposes of federal income taxes, state and local income and franchise
taxes and other taxes imposed on or measured by income. The Holder of the largest Percentage Interest in the Class LR Certificates
shall be the “tax matters person” of the Lower-Tier REMIC pursuant to Treasury Regulations Section 1.860F-4(d), and
the Certificate Administrator is hereby irrevocably designated and shall serve as attorney-in-fact and agent for any such Person
that is the “tax matters person”. In addition, the Certificate Administrator is hereby irrevocably designated as the
“partnership representative” within the meaning of Section 6223 of the Code of the Lower-Tier REMIC to the extent such
provision is applicable to the Trust REMICs.


 


The Certificate
Administrator makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of
the Certificates or the Trust Loan and has executed this Certificate in its limited capacity as Certificate Administrator under
the Trust and Servicing Agreement. In the event that there is any conflict between any provision of this Certificate and any provision
of the Trust and Servicing Agreement, such provision of this Certificate shall be superseded to the extent of such inconsistency.


 


All distributions
(other than the final distribution on any Certificate) will be made by the Paying Agent to the persons in whose names the Certificates
are registered at the close of business on each Record Date, which will be the close of business on the last Business Day of the
calendar month immediately preceding the month in which such Distribution Date occurs. Such distributions shall be made on each
Distribution Date other than the Termination Date to each Certificateholder of record on the related Record Date, by wire transfer
of immediately available funds to the account of such Holder at a bank or other entity located in the United States and having
appropriate facilities therefor provided that such Holder shall have provided the Paying Agent with wire instructions in
writing at least five Business Days prior to the related Record Date, or, otherwise, by check mailed by first-class mail to the
address set forth therefor in the Certificate Register. The final distribution on each Certificate shall be made in like manner,
but only upon presentment and surrender of such Certificate at the office of the Certificate Administrator or its agent (which
may be the Paying Agent or the Certificate Registrar acting as such agent) that is specified in the notice to Holders of such final
distribution.


 


Any funds
not distributed on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall, on
such date, be set aside and held in trust for the benefit of the appropriate non-tendering Certificateholders. If any Certificates
as to which notice of the Termination Date has been given pursuant to the Trust and Servicing Agreement shall not have been surrendered
for cancellation within six months after the time specified in such notice, the Certificate Administrator shall mail a second notice
to the remaining non-tendering Certificateholders, at their last addresses shown in the Certificate Register, to surrender their
Certificates for cancellation in order to receive, from such funds held, the final distribution with respect thereto. If within
one year after the second notice not all of such Certificates shall have been surrendered for cancellation, the Certificate Administrator
may, directly or through an agent, take appropriate steps to contact the remaining non-tendering Certificateholders


 






     A-8-5


     


    

 





concerning surrender of their
Certificates. The costs and expenses of holding such funds in trust and of contacting such Certificateholders shall be paid out
of such funds. If within two years after the second notice any such Certificates shall not have been surrendered for cancellation,
the Paying Agent shall pay to the Certificate Administrator all amounts distributable to the Holders thereof, and the Certificate
Administrator shall thereafter hold such amounts for the benefit of such Holders until the earlier of (i) its termination as Certificate
Administrator under the Trust and Servicing Agreement and the transfer of such amounts to a successor certificate administrator
and (ii) subject to applicable law, the termination of the Trust Fund and distribution of such amounts to the Class R Certificateholders.
No interest shall accrue or be payable to any Certificateholder on any amount held as a result of such Certificateholder’s
failure to surrender its Certificate(s) for final payment thereof in accordance with the Trust and Servicing Agreement. Such funds
held by the Certificate Administrator may be invested under certain circumstances, and all income and gain realized from investment
of such funds shall accrue for its benefit.


 


This Certificate
is limited in right of payment to, among other things, certain collections and recoveries in respect of the Trust Loan, as more
specifically set forth herein and in the Trust and Servicing Agreement.


 


As provided
in the Trust and Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s interest therein)
(i) the Trust Loan, together with the Mortgage File relating thereto; (ii) all scheduled or unscheduled payments on or collections
in respect of the Trust Loan due after the Cut-off Date; (iii) the REO Property; (iv) all revenues received in respect of the REO
Property; (v) any indemnities or guaranties given as additional security for the Trust Loan; (vi) a security interest in all assets
deposited in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts, and Reserve Accounts; (vii) amounts on deposit in
the Collection Account attributable to the Trust Loan as identified on the Trust Ledger, the Distribution Accounts, the Interest
Reserve Account or the REO Account, including any reinvestment income, as applicable; (viii) a security interest in any environmental
indemnity agreements relating to the Mortgaged Property; (ix) a security interest in all insurance policies with respect to the
Trust Loan and the Mortgaged Property; (x) the rights and remedies under the Trust Loan Purchase Agreement relating to document
delivery requirements with respect to the Trust Loan and the representations and warranties of the Trust Loan Seller regarding
the Trust Loan; (xi) the Lower-Tier Regular Interests; and (xii) the proceeds of the foregoing (other than any interest earned
on deposits in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and any Reserve Accounts, to the extent such interest
belongs to the Borrower). As provided in the Trust and Servicing Agreement, withdrawals may be made from certain of the above-accounts
for purposes other than distributions to Certificateholders.


 


This Certificate
does not purport to summarize the Trust and Servicing Agreement, and reference is made to the Trust and Servicing Agreement for
the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties and
immunities of the Certificate Administrator.


 


As provided
in the Trust and Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable or
exchangeable only upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment and


 






     A-8-6


     


    

 





transfer (executed by the Holder
or his duly authorized attorney), subject to the requirements in Article V of the Trust and Servicing Agreement. Upon surrender
for registration of transfer of this Certificate, subject to the requirements Article V of the Trust and Servicing Agreement, the
Certificate Administrator shall execute and the Authenticating Agent shall duly authenticate in the name of the designated transferee
or transferees, one or more new Certificates in authorized denominations of a like aggregate denomination as the Certificate being
surrendered. Such Certificates shall be delivered by the Certificate Registrar in accordance with Article V of the Trust and Servicing
Agreement.


 


Prior to
due presentation of this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer, the
Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent and any agent of any of them may treat the
Person in whose name this Certificate is registered as the owner hereof for all purposes, and none of the Depositor, the Master
Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent or any
agent of any of them shall be affected by notice or knowledge to the contrary.


 


No fee or
service charge shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer or exchange
referred to in Section 5.02 of the Trust and Servicing Agreement other than for transfers to Institutional Accredited Investors
as provided in Section 5.02(h) of the Trust and Servicing Agreement. In connection with any transfer to an Institutional Accredited
Investor, the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s
counsel’s review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar
as provided in the Trust and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer. The Certificate
Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental charge payable
in connection with any such transfer.


 


The Trust
and Servicing Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the Special
Servicer, the Certificate Administrator, the Trustee and the Operating Advisor without the consent of any of the Certificateholders
or the Companion Loan Holder, (i) to cure any ambiguity or to correct any error; (ii) to cause the provisions of the Trust and
Servicing Agreement to conform or be consistent with or in furtherance of the statements made in the Offering Circular with respect
to the Certificates, the Trust or the Trust and Servicing Agreement or to correct or supplement any provisions of the Trust and
Servicing Agreement or herein which may be defective or inconsistent with any other provisions of the Trust and Servicing Agreement
or herein; (iii) to amend any provision of the Trust and Servicing Agreement to the extent necessary or desirable to maintain the
rating or ratings assigned to each of the Classes of Certificates or Companion Loan Securities by each Rating Agency (provided
that such amendment does not adversely affect in any material respect (x) the rights or interests of any Certificateholder or Companion
Loan Holder not consenting thereto or (y) the rights or interests of the Directing Holder without the consent of the Holders of
Certificates representing all of the Percentage Interests of the Controlling Class); (iv) to amend or supplement a provision, or
to supplement any other provisions to the extent not inconsistent with the provisions of the Trust and Servicing Agreement, or
any other change that will not adversely affect in any material respect the interests


 






     A-8-7


     


    

 





of any Certificateholder or
Companion Loan Holder not consenting thereto (as evidenced in writing by an Opinion of Counsel or, if solely affecting any Certificateholder
of a rated Class or the Companion Loan Holder of rated Companion Loan Securities, in respect of which a No Downgrade Confirmation
has been obtained relating to the Certificates or the Companion Loan Securities, if applicable); and (v) to modify the procedures
in the Trust and Servicing Agreement relating to compliance with Rule 17g-5 of the Exchange Act; provided that such modification
would not materially increase the obligations of the Depositor, the Trustee, the Paying Agent, the Certificate Administrator, the
Operating Advisor, the 17g-5 Information Provider, the Master Servicer or the Special Servicer without such parties’ consent;
and provided, further, that such amendment shall not adversely affect in any material respects the interests of any
Certificateholders or Companion Loan Holder not consenting thereto, as evidenced by in the case of clauses (iii) through (v) above
by (x) an Opinion of Counsel or (y) solely in the case of a Certificateholder of a rated Class, receipt of a No Downgrade Confirmation
from each Rating Agency and a No Downgrade Confirmation with respect to any Companion Loan Securities. In no event shall any such
amendment cause the Lower-Tier REMIC or the Upper-Tier REMIC to fail to qualify as a REMIC or subject either REMIC to tax.


 


The Trust
and Servicing Agreement or any Custodial Agreement may also be amended from time to time by the Depositor, the Master Servicer,
the Special Servicer, the Certificate Administrator, the Trustee and the Operating Advisor with the prior written consent of the
Holders of Certificates representing not less than 66-2/3% of the Percentage Interests of each Class of Certificates affected thereby
(without regard to Certificates held by the Depositor, any of the Depositor’s Affiliates and/or agents or the Trust Loan
Seller) and the Companion Loan Holder if affected thereby for the purpose of adding any provisions to or changing in any manner
or eliminating any of the provisions of the Trust and Servicing Agreement or modifying in any manner the rights of the Certificateholders;
provided, however, that no such amendment may:


 


		(i)	reduce in any manner the amount of, or delay the timing
of, payments received on the Whole Loan which are required to be distributed on any Certificate, without the consent of the Holders
of Certificates representing all of the Percentage Interests of the Class or Classes affected thereby or which are required to
be distributed to the Companion Loan Holder without the consent of such Companion Loan Holder;



 


		(ii)	change the percentages of Voting Rights or Percentage
Interests of Holders of Certificates which are required to consent to any action or inaction under the Trust and Servicing Agreement
without the consent of the Holders of Certificates representing all of the Percentage Interests of the Class or Classes affected
thereby and the consent of the Companion Loan Holder;



 


		(iii)	alter the Servicing Standard or obligations of the Master
Servicer or the Trustee to make a P&I Advance, Administrative Advance or a Property Advance, without the consent of the Holders
of Certificates representing all of the Percentage Interests of the Class or Classes affected thereby and the consent of the Companion
Loan Holder; or



 






     A-8-8


     


    

 





		(iv)	amend any section of the Trust and Servicing Agreement
which relates to the amendment of the Trust and Servicing Agreement without the consent of the Holders of all Certificates representing
all of the Percentage Interests of the Class or Classes affected thereby and the consent of the Companion Loan Holder.



 


Further,
the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee and the Operating Advisor,
at any time and from time to time, without the consent of the Certificateholders or the Companion Loan Holder, may amend the Trust
and Servicing Agreement to modify, eliminate or add to any of its provisions to such extent as shall be necessary: (i) to maintain
the qualification of the Lower-Tier REMIC or the Upper-Tier REMIC as a REMIC, or to prevent the imposition of any additional material
state or local taxes, at all times that any Certificates are outstanding; provided that such action, as evidenced by an
Opinion of Counsel (obtained at the expense of the Trust Fund), is necessary or helpful to maintain such qualification or to prevent
the imposition of any such taxes, and would not adversely affect in any material respect the interest of any Certificateholder
or the Companion Loan Holder or (ii) to comply with the Investment Company Act of 1940, as amended, and/or any related regulatory
actions and/or interpretations.


 


The Directing
Holder, and if the Directing Holder does not exercise such option, then the Special Servicer, and if the Special Servicer does
not exercise such option, then the Master Servicer, and if the Master Servicer does not exercise such option, then the Holder of
a majority Percentage Interest in the Class R and Class LR Certificates, may effect an early termination of the Trust Fund (provided
that such party has provided 15 Business Days’ prior notice to each of the parties with such option and none of the parties
with a higher priority has elected to exercise such option within such 15 Business Day period), upon not less than 30 days’
prior Notice of Termination given to the Trustee, the Certificate Administrator, the Special Servicer and the Master Servicer any
time on or after the Early Termination Notice Date (defined as any date as of which the Stated Principal Balance of the Trust Loan
is less than 1.0% of the Stated Principal Balance of the Trust Loan as of the Cut-off Date) specifying the Anticipated Final Termination
Date, by purchasing on such date all, but not less than all, of the Trust Loan then included in the Trust Fund, and the Trust’s
interest in all property acquired in respect of the Trust Loan, at a purchase price, payable in cash, equal to the greater of,


 


(i)            the
sum of, without duplication:


 


		(A)	the outstanding principal balance of the Trust Loan
as of the last day of the month preceding such Anticipated Final Termination Date (less any P&I Advances previously made on
account of principal);



 


		(B)	the fair market value of all other property included
in the Trust Fund as of the last day of the month preceding such Anticipated Final Termination Date, as determined by an Independent
appraiser acceptable to the Master Servicer as of a date not more than 30 days prior to the last day of the month preceding such
Distribution Date;



 






     A-8-9


     


    

 





		(C)	all unpaid interest accrued on the outstanding principal
balance of the Trust Loan (including circumstances where title to the Mortgaged Property has been acquired) at the Trust Loan
Rate to the last day of the Whole Loan Interest Accrual Period preceding such Anticipated Final Termination Date (less any P&I
Advances previously made on account of interest);



 


		(D)	the aggregate
                                         amount of unreimbursed Advances, with interest thereon at the Advance Rate, and unpaid
                                         Servicing Compensation, Special Servicing Compensation, the Operating Advisor Fee, the
                                         Trustee/Certificate Administrator Fee, the CREFC®
                                         License Fee and Trust Fund expenses and indemnity amounts owed by the Trust;
                                         and



 


(ii)
          the aggregate fair market value of the Trust Loan, and all other property
acquired in respect of the Trust Loan in the Trust Fund, on the last day of the month preceding such Distribution Date, as determined
by an Independent appraiser acceptable to the Master Servicer as of a date not more than 30 days prior to the last day of the
month preceding such Distribution Date, together with one month’s interest thereon at the Trust Loan Rate.


 


In addition,
the Trust and Servicing Agreement provides that the Sole Certificateholder shall have the right to exchange all of its Certificates
(other than the Class R and Class LR Certificates) for the Trust Loan or REO Property, as applicable, as contemplated by clause
(ii) of Section 9.01(a) of the Trust and Servicing Agreement by giving written notice to all the parties to the Trust and Servicing
Agreement no later than 60 days prior to the anticipated date of exchange.


 


All costs
and expenses incurred by any and all parties to the Trust and Servicing Agreement or by the Trust Fund in connection with the purchase
of the Trust Loan and the other assets of the Trust Fund pursuant to Section 9.01(c) of the Trust and Servicing Agreement shall
be borne by the party exercising its purchase rights thereunder. The Trustee and the Certificate Administrator shall be entitled
to rely conclusively on any determination made by an Independent appraiser pursuant to Section 9.01(c) of the Trust and Servicing
Agreement.


 


The respective
obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Operating Advisor, the Certificate
Administrator and the Trustee created by the Trust and Servicing Agreement with respect to the Certificates (other than the obligations
of the Certificate Administrator to make certain payments and to send certain notices to Certificateholders as set forth in the
Trust and Servicing Agreement) shall terminate upon payment (or provision for payment) to the Certificateholders and the Companion
Loan Holder of all amounts held by or on behalf of the Trustee, the Certificate Administrator and the Master Servicer, as the case
may be, required under the Trust and Servicing Agreement to be so paid on the Distribution Date following the earlier to occur
of (i) the purchase of the Trust Loan and all other property held by the Trust Fund in accordance with Section 9.01(c) of the Trust
and Servicing Agreement; (ii) the exchange by the Sole Certificateholder of its Certificates for the Trust Loan in accordance with
Section 9.01(g) of the Trust and Servicing Agreement; and


 






     A-8-10


     


    

 





(iii) the later of (a) the
receipt or collection of the last payment due on the Trust Loan included in the Trust Fund, or (b) the liquidation and disposition
pursuant to the Trust and Servicing Agreement of the last asset held by the Trust Fund; provided, however, that in
no event shall the trust created by the Trust and Servicing Agreement continue beyond the expiration of 21 years from the death
of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the United States to the United Kingdom, living
on the date hereof.


 


Unless the
Certificate of Authentication on this Certificate has been executed by the Certificate Administrator or on its behalf by the Authenticating
Agent, by manual signature, this Certificate shall not be entitled to any benefit under the Trust and Servicing Agreement or be
valid for any purpose.


 


This Certificate
does not purport to summarize the Trust and Servicing Agreement and reference is made to that agreement for information with respect
to the interests, rights, benefits, obligations, proceeds, and duties evidenced hereby and the rights, duties and obligations of
the parties thereto. This Certificate is issued under and is subject to the terms, provisions and conditions of the Trust and Servicing
Agreement, to which Trust and Servicing Agreement, as amended from time to time, the Holder of this Certificate by virtue of the
acceptance hereof assents and by which such Holder is bound. In the case of any conflict between terms specified in this Certificate
and terms specified in the Trust and Servicing Agreement, the terms of the Trust and Servicing Agreement shall govern.


 






     A-8-11


     


    

 





IN WITNESS WHEREOF, the Certificate
Administrator has caused this Class LR Certificate to be duly executed.


 





	Dated:	 	 



 


	 	WELLS FARGO BANK, NATIONAL ASSOCIATION,
    not in its individual capacity but solely as Certificate Administrator
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:



 


Certificate of Authentication


 


This is one of the Class LR Certificates referred to in the
Trust and Servicing Agreement.


 


	Dated:	 	 


 


	 	WELLS FARGO BANK, NATIONAL ASSOCIATION, not
in its individual capacity but solely as Authenticating Agent
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:


 






     A-8-12


     


    

 



 


EXHIBIT B


 


MORTGAGE LOAN SCHEDULE


 






    	 	 	 



     

    

 





	COMM 2016-667M Mortgage Loan Schedule	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	First Mortgage	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Loan Monthly	Master	 	 	 	 	 	 
	 	 	 	 	 	 	Whole Loan	 	Original Whole	Cut-off Whole	Original Trust	Cut-off Trust	Whole Loan	Payment Due	Debt Service	Servicing Fee	Primary Servicing	Operating Advisor	Trustee/Certificate	CREFC	Total Admin Fee	Letter of
	Trust Loan Name	Address	City	County	State	Zip Code	Rate	Trust Loan Rate	Loan Balance	Loan Balance	Loan Balance	Loan Balance	Maturity Date	Date	Payment	Rate	Fee Rate	Fee Rate	Administrator Fee	Fee	Rate	Credit
	667 Madison Avenue	667 Madison Avenue	New York	New York	NY	10065	3.19900%	3.19900%	$254,000,000	$254,000,000	$214,000,000	$214,000,000	10/6/2026	6	$686,526.13	0.00125%	0.00125%	0.00470%	0.0127%	0.0005%	0.0204%	No
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 







 






    	 	 	 



     

    

 





EXHIBIT C-1


 


FORM OF TRANSFEREE AFFIDAVIT


 


AFFIDAVIT PURSUANT TO

SECTION 860E(e)(4) OF THE

INTERNAL REVENUE CODE OF

1986, AS AMENDED





	STATE OF	)	 
	 	) ss.:	 
	COUNTY OF	)	 



 


____________, being first
duly sworn, deposes and says:


 


1.      That
he/she is a ____________ of ____________ (the “Purchaser”), a duly organized and existing under the laws
of the State of_________  on behalf of which he/she makes this affidavit.


 


2.      That the Purchaser’s
Taxpayer Identification Number is ____________.


 


3.      That the Purchaser
of the COMM 2016-667M Mortgage Trust Commercial Mortgage Pass-Through Certificates, Class [R][LR] (the “Class [R][LR] Certificate”)
is a Permitted Transferee (as defined in Article I of the Trust and Servicing Agreement, dated as of October 6, 2016 (the “Trust
and Servicing Agreement”), entered into in connection with the COMM 2016-667M Mortgage Trust securitization transaction)
or is acquiring the Class [R][LR] Certificate for the account of, or as agent (including as a broker, nominee, or other middleman)
for, a Permitted Transferee and has received from such person or entity an affidavit substantially in the form of this affidavit.


 


4.     That the Purchaser
historically has paid its debts as they have come due and intends to pay its debts as they come due in the future and the Purchaser
intends to pay taxes associated with holding the Class [R][LR] Certificate as they become due.


 


5.      That the Purchaser
understands that it may incur tax liabilities with respect to the Class [R][LR] Certificate in excess of any cash flow generated
by the Class [R][LR] Certificate.


 


6.      That the Purchaser
will not transfer the Class [R][LR] Certificate to any person or entity from which the Purchaser has not received an affidavit
substantially in the form of this affidavit or as to which the Purchaser has actual knowledge that the requirements set forth in
paragraph 3, paragraph 4 or paragraph 7 hereof are not satisfied or that the Purchaser has reason to know does not satisfy the
requirements set forth in paragraph 4 hereof.


 


7.      That the Purchaser
is not a Disqualified Non-U.S. Person and is not purchasing the Class [R][LR] Certificate for the account of, or as an agent (including
as a broker, nominee or other middleman) for, a Disqualified Non-U.S. Person and is otherwise a Permitted Transferee.


 






    	 	C-1-1	 



     

    

 


8.      That the Purchaser
agrees to such amendments of the Trust and Servicing Agreement as may be required to further effectuate the restrictions on transfer
of the Class [R][LR] Certificate to a “disqualified organization,” an agent thereof, or a person that does not satisfy
the requirements of paragraph 4, paragraph 7 and paragraph 11 hereof.


 


9.      That, if a “tax
matters person” is required to be designated with respect to the [Upper-Tier REMIC] [Lower-Tier REMIC], the Purchaser agrees
to act as “tax matters person” and to perform the functions of “tax matters partner” of the [Upper-Tier
REMIC][Lower-Tier REMIC] pursuant to Section 4.04 of the Trust and Servicing Agreement, and agrees to the irrevocable designation
of the Certificate Administrator as the Purchaser’s agent in performing the function of “tax matters person”
and “tax matters partner”. In addition, the Purchaser agrees to the irrevocable designation of the Certificate Administrator
as the “partnership representative” within the meaning of Section 6223 of the Code of the [Upper-Tier REMIC][Lower-Tier
REMIC] to the extent such provision is applicable to the Trust REMICs.


 


10.    The Purchaser
agrees to be bound by and to abide by the provisions of Section 5.02 of the Trust and Servicing Agreement concerning registration
of the transfer and exchange of the Class [R][LR] Certificate.


 


11.    The Purchaser
will not cause income from the Class [R][LR] Certificate to be attributable to a foreign permanent establishment or fixed base,
within the meaning of an applicable income tax treaty, of the Purchaser or any other U.S. Person.


 


12.    Check the applicable
paragraph:


 


☐      The present value
of the anticipated tax liabilities associated with holding the Class [R][LR] Certificate, as applicable, does not exceed the sum
of:


 


		(i)	the present value of any consideration given to the
Purchaser to acquire such Class [R][LR] Certificate;



 


		(ii)	the present value of the expected future distributions on such Certificate; and



 


		(iii)	the present value of the anticipated tax savings associated with holding such Class [R][LR] Certificate
as the related REMIC generates losses.



 


For purposes of this
calculation, (i) the Purchaser is assumed to pay tax at the highest rate currently specified in Code Section 11(b) (but the tax
rate in Code Section 55(b)(1)(B) may be used in lieu of the highest rate specified in Code Section 11(b) if the Purchaser has been
subject to the alternative minimum tax under Code Section 55 in the preceding two years and will compute its taxable income in
the current taxable year using the alternative minimum tax rate) and (ii) present values are computed using a discount rate equal
to the short-term Federal rate prescribed by Code Section 1274(d) for the month of the transfer and the compounding period used
by the Purchaser.


 


☐      The transfer of
the Class [R][LR] Certificate complies with U.S. Treasury Regulations Section 1.860E-1(c)(5) and (6) and, accordingly,


 






    	 	C-1-2	 



     

    

 


		(i)	the Purchaser is an “eligible corporation,” as defined in U.S. Treasury Regulations Section
1.860E-1(c)(6)(i), as to which income from the Class [R][LR] Certificate will only be taxed in the United States;



 


		(ii)	at the time of the transfer, and at the close of the Purchaser’s two fiscal years preceding
the year of the transfer, the Purchaser had gross assets for financial reporting purposes (excluding any obligation of a person
related to the Purchaser within the meaning of U.S. Treasury Regulations Section 1.860E-1(c)(6)(ii)) in excess of $100 million
and net assets in excess of $10 million;



 


		(iii)	the Purchaser will transfer the Class [R][LR] Certificate only to another “eligible corporation,”
as defined in U.S. Treasury Regulations Section 1.860E-1(c)(6)(i), in a transaction that satisfies the requirements of Section
1.860E-1(c)(4)(i), (ii) and (iii) and Section 1.860E-1(c)(5) of the U.S. Treasury Regulations; and



 


		(iv)	the Purchaser determined the consideration paid to it to acquire the Class [R][LR] Certificate based
on reasonable market assumptions (including, but not limited to, borrowing and investment rates, prepayment and loss assumptions,
expense and reinvestment assumptions, tax rates and other factors specific to the Purchaser) that it has determined in good faith.



 


☐      None of the above.


 


Capitalized terms used
but not defined herein have the respective meanings ascribed to such terms in the Trust and Servicing Agreement.


 


IN WITNESS WHEREOF,
the Purchaser has caused this instrument to be executed on its behalf by its ______________ this day of  _____, ________.





 


	 	[The Purchaser]
	 	 	 
	 	By: 	 
	 	 	Name:
	 	 	Title:









 






    	 	C-1-3	 



     

    

 





Personally appeared before
me the above named [_____], known or proved to me to be the same person who executed the foregoing instrument and to be the of
the Purchaser, and acknowledged to me that he/she executed the same as his/her free act and deed and the free act and deed of the
Purchaser.


 


Subscribed and sworn
before me this ___ day of _____, 20 __.


 





	 	 
	NOTARY PUBLIC	 
	 	 






	COUNTY OF	 	 
	 	 	 












	STATE OF	 	 






 





My commission expires the ___day of _____,
20__.


 






    	 	C-1-4	 



     

    

 





EXHIBIT C-2


 


FORM OF TRANSFEROR CERTIFICATE


 


[Date]


 


Wells Fargo Bank, National
Association

Sixth Street & Marquette Avenue

Minneapolis, Minnesota 55479-0113

Attention: COMM 2016-667M Mortgage Trust


 


Re:            COMM 2016-667M Mortgage Trust Commercial Mortgage
Pass-Through Certificates, Class [R][LR]


 


Ladies and Gentlemen:


 


[Transferor] has reviewed
the attached affidavit of [Transferee], and has no actual knowledge that such affidavit is not true or that [Transferee] is not
a Permitted Transferee (as defined in the Trust and Servicing Agreement defined in the attached affidavit) and has no actual knowledge
or reason to know that the information contained in the attached affidavit is not true. No purpose of [Transferor]’s transfer
of the Class [R][LR] Certificate[s] to [Transferee] is or will be to impede the assessment of any tax.


 


	 	Very truly yours,
	 	 	 
	 	[Transferor]
	 	 	 
	 	By: 	 
	 	 	Name:
	 	 	Title:









 



    	 	C-2-1	 



     

    

 





EXHIBIT D-1


 


FORM OF INVESTMENT REPRESENTATION LETTER



 


[Date]


 


Wells Fargo Bank, National Association

Sixth Street & Marquette Avenue

Minneapolis, Minnesota 55479-0113

Attention: COMM 2016-667M Mortgage Trust


 


Deutsche Mortgage & Asset Receiving Corporation

60 Wall Street

New York, New York 10005

Attention: Helaine M. Kaplan


 


		Re:	Transfer of COMM 2016-667M Mortgage Trust Commercial Mortgage Pass-Through Certificates: Class
[__]



 


Ladies and Gentlemen:


 


This letter is delivered
pursuant to Section 5.02 of the Trust and Servicing Agreement, dated as of October 6, 2016 (the “Trust and Servicing
Agreement”), entered into in connection with the COMM 2016-667M securitization transaction and the issuance of COMM
2016-667M Mortgage Trust Commercial Mortgage Pass-Through Certificates (the “Certificates”) in connection with the
transfer by [_______] (the “Seller”) to the undersigned (the “Purchaser”) of [[$_____ aggregate]
[Certificate Balance][_____% Percentage Interest] of Class [__] Certificates]1 [$_____ aggregate Certificate Balance
of the Class [__] Certificates [and $_____ aggregate Certificate Balance of the Class [__] Certificates]]2, in certificated
fully registered form (such registered interest, the “Certificate”). Capitalized terms used but not defined herein
have the respective meanings set forth in the Trust and Servicing Agreement.


 


In connection with such
transfer, the undersigned hereby represents and warrants to you as follows:


 


[For Institutional Accredited
Investors only]


 


		(i)	The Purchaser is an “institutional accredited investor” (i.e., an entity meeting
the requirements of Rule 501(a)(1), (2), (3) or (7) of Regulation D promulgated under the Securities Act of 1933, as amended (the
“Securities Act”), or an entity in which all of the equity owners are institutional investors that are an “accredited
investor” meeting the requirements of Rule 501(a)(1), (2), (3) or (7) of Regulation D promulgated under the Securities Act)
and has such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risks of
the investment in the 



 





 



 





1
For any Certificates not constituting the EHRI.


 


2 For any Certificates constituting the EHRI.


 






    	 	D-1-1	 



     

    

 


		 	Certificate, and the Purchaser and
any accounts for which the Purchaser is acting are each able to bear the economic risk of our or its investment. The Purchaser
is acquiring the Certificate for its own account or for one or more accounts (each of which is an “institutional accredited
investor”) as to each of which the Purchaser exercises sole investment discretion. The Purchaser hereby undertakes to reimburse
the Trust for any costs incurred by it in connection with this transfer.



 


[For Qualified Institutional
Buyers only]


 


		(i)	The Purchaser is a “qualified institutional buyer”
within the meaning of Rule 144A (“Rule 144A”) promulgated under the Securities Act of 1933, as amended (the
“Securities Act”). The Purchaser is aware that the transfer is being made in reliance on Rule 144A, and the
Purchaser has had the opportunity to obtain the information required to be provided pursuant to paragraph (d)(4)(i) of Rule 144A.



 


		(ii)	The Purchaser’s intention is to acquire the certificate
(A) for investment for the Purchaser’s own account or (B) for resale to (1) “qualified institutional buyers”
in transactions under Rule 144A, (2) “institutional accredited investors” meeting the requirements of Rule 501(a)(1),
(2), (3) or (7) of Regulation D promulgated under the Securities Act of 1933, as amended (the “Securities Act”),
or an entity in which all of the equity owners are institutional investors that are an “accredited investor” meeting
the requirements of Rule 501(a)(1), (2), (3) or (7) of Regulation D promulgated under the Securities Act, or (3) pursuant to any
other exemption from the registration requirements of the Securities Act, subject in the case of this clause (ii) to (a) the receipt
by the Certificate Registrar of a letter substantially in the form hereof, (b) in the case of a transfer to an Affiliated Person,
the receipt by the Certificate Registrar of an opinion of counsel acceptable to the Certificate Registrar that such reoffer, resale,
pledge or other transfer is in compliance with the Securities Act, (c) the receipt by the Certificate Registrar of such other
evidence acceptable to the Certificate Registrar that such reoffer, resale, pledge or other transfer is in compliance with the
Securities Act and other applicable laws (including applicable state and foreign securities laws), and (d) a written undertaking
to reimburse the Trust for any costs incurred by it in connection with the proposed transfer. It understands that the Certificate
(and any subsequent Individual Certificate) has not been registered under the Securities Act, by reason of a specified exemption
from the registration provisions of the Securities Act which depends upon, among other things, the bona fide nature of the Purchaser’s
investment intent (or intent to resell to only certain investors in certain exempted transactions) as expressed herein.



 


		(iii)	The Purchaser acknowledges that the Certificate (and
any Certificate issued on transfer or exchange thereof) has not been registered or qualified under the Securities Act or the securities
laws of any State or any other jurisdiction, and that the Certificate cannot be reoffered, resold, pledged or otherwise transferred
unless it is registered or qualified thereunder or unless an exemption from such registration or qualification is available.



 


		(iv)	The Purchaser has reviewed the applicable Offering Circular, dated October 12, 2016, relating
                                                                                  to the Certificates (the “Offering Circular”) and the agreements and other



 






    	 	D-1-2	 



     

    

 


		 	materials referred to therein and
has had the opportunity to ask questions and receive answers concerning the terms and conditions of the transactions contemplated
by the Offering Circular.



 


		(v)	The Purchaser hereby undertakes to be bound by the terms
and conditions of the Trust and Servicing Agreement in its capacity as an owner of an Individual Certificate or Certificates,
as the case may be (each, a “Certificateholder”), in all respects as if it were a signatory thereto. This undertaking
is made for the benefit of the Trust, the Trustee, the Certificate Administrator, the Certificate Registrar and all Certificateholders
present and future.



 


		(vi)	The Purchaser will not sell or otherwise transfer any
portion of the Certificate, except in compliance with Section 5.02 of the Trust and Servicing Agreement.



 


		(vii)	Check one of the following:



 


☐      The Purchaser
is a “U.S. Person” and it has attached hereto an Internal Revenue Service (“IRS”) Form W-9 (or successor
form).


 


☐      The Purchaser is not a “U.S. Person” and under applicable law in effect on the date hereof, no
taxes will be required to be withheld by the Certificate Registrar (or its agent) with respect to Distributions to be made on the
Certificate(s). The Purchaser has attached hereto [(i) in the case of an individual, a duly executed IRS Form W-8BEN (or successor
form), which identifies such Purchaser as the beneficial owner of the Certificate(s) and states that such Purchaser is not a U.S.
Person, (ii) in the case of an entity, a duly executed IRS Form W-8BEN-E (or successor form), which identifies such Purchaser as
the beneficial owner of the certificate(s) and states that such Purchaser is not a U.S. Person, (iii) two duly executed copies
of IRS Form W-8IMY (and all appropriate attachment or (iv)]3 two duly executed copies of IRS Form W-8ECI (or successor
form), which identify such Purchaser as the beneficial owner of the Certificate(s) and state that interest and original issue discount
on the U.S. Securities is, or is expected to be, effectively connected with a U.S. trade or business. The Purchaser agrees to provide
to the Certificate Registrar updated [IRS Forms W-8BEN, IRS Forms W-8BEN-E, IRS Forms W-8IMY or]3 IRS Forms W-8ECI[,
as the case may be]3, any applicable successor IRS forms, or such other certifications as the Certificate Registrar
may reasonably request, on or before the date that any such IRS form or certification expires or becomes obsolete, or promptly
after the occurrence of any event requiring a change in the most recent IRS form of certification furnished by it to the Certificate
Registrar.


 


For purposes of this
paragraph (vii), “U.S. Person” means a citizen or resident of the United States, a corporation, partnership (except
to the extent provided in applicable Treasury Regulations), or other entity created or organized in or under the laws of the United
States, any state thereof or the District of Columbia, including any entity treated as a corporation or partnership for federal
income tax purposes, an estate whose income is subject to United States federal income tax regardless of its source, or a trust
if a court within the United States is able to exercise primary supervision over the administration of such trust, and one or more
such


 





 



 


3 Delete
for Class R and Class LR.  


 









    	 	D-1-3	 



     

    

 


U.S.
Persons have the authority to control all substantial decisions of such trust (or, to the extent provided in applicable Treasury
Regulations, certain trusts in existence on August 20, 1996 that have elected to be treated as U.S. Persons).


 


Please make all payments
due on the Certificates:4


 


(a) by
wire transfer to the following account at a bank or entity in New York, New York, having appropriate facilities therefor:


 






	Account
number:	 	 



 





	Institution:	 	 


 


     (b) by
mailing a check or draft to the following address:


 


	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 






 


	 	Very truly yours,
	 	 
	 	[The Purchaser]
	 	 	 
	 	By: 	 
	 	 	Name:
	 	 	Title:






  


Dated:  ________________, 20___










 





 



 


4 Only
to be filled out by Purchasers of Individual Certificates. Please select (a) or (b). 


 






    	 	D-1-4	 



     

    

 





EXHIBIT D-2


 


FORM OF ERISA REPRESENTATION LETTER


 


[Date]


 


Wells Fargo Bank, National
Association

Sixth Street & Marquette Avenue

Minneapolis, Minnesota 55479-0113

Attention: COMM 2016-667M Mortgage Trust




 


Deutsche Mortgage & Asset Receiving Corporation

60 Wall Street

New York, New York 10005

Attention: Helaine M. Kaplan


 


		Re:	COMM 2016-667M Mortgage Trust Commercial Mortgage Pass-Through
Certificates, Class [ ]



 


Ladies and Gentlemen:


 


[_____] (the “Purchaser”)
intends to purchase from [______] (the “Seller”) [$[_] initial Certificate Balance][[ ]% Percentage Interest]
of COMM 2016-667M Mortgage Trust Commercial Mortgage Pass-Through Certificates, Class [           ], CUSIP No. [_____] (the “Certificates”),
issued pursuant to the Trust and Servicing Agreement, dated as of October 6, 2016 (the “Trust and Servicing Agreement”),
entered into in connection with the COMM 2016-667M securitization transaction. Capitalized terms used but not defined herein have
the respective meanings set forth in the Trust and Servicing Agreement. The Purchaser hereby certifies, represents and warrants
to, and covenants with, the Depositor, the Certificate Administrator, the Certificate Registrar and the Trustee that:


 


1.           The Purchaser is
not and will not become (a) an employee benefit plan or other retirement arrangement, including an individual retirement account
or a Keogh plan, which is subject to the Employee Retirement Income Security Act of 1974, as amended (“ERISA”),
Code Section 4975, a governmental plan, as defined in Section 3(32) of ERISA, or other plan subject to any federal, state or local
law (“Similar Law”) which is to a material extent similar to the foregoing provisions of ERISA or the Code (each,
a “Plan”), or (b) a collective investment fund in which such Plans are invested, an insurance company using
assets of separate accounts or general accounts which include assets of Plans (or which are deemed pursuant to ERISA or any Similar
Law to include assets of Plans) or other person acting on behalf of any such Plan or using the assets of any such Plan, other than
(except in the case of the Class R and Class LR Certificates) an insurance company using the assets of its general account under
circumstances whereby such purchase and the subsequent holding of such Certificate by such insurance company would be exempt from
the prohibited transaction provisions of Section 406 and 407 of ERISA and Code Section 4975 under Sections I and III of PTCE 95-60,
or a substantially similar exemption under Similar Law; and


 






    	 	D-2-1	 



     

    

 


2.           The Purchaser understands
that if the Purchaser is a person referred to in clause (a) or (b) above, except in the case of the Class R or Class LR Certificate,
which may not be transferred unless the transferee represents it is not such a person, such Purchaser is required to provide to
the Depositor, the Certificate Administrator, the Trustee and the Certificate Registrar any opinions of counsel, officers’
certificates or agreements as may be required by such persons, and which establishes to the satisfaction of the Depositor, the
Certificate Administrator, the Trustee and the Certificate Registrar that the purchase and holding of the Certificates by or on
behalf of a Plan will not constitute or result in a non-exempt prohibited transaction within the meaning of Section 406 and Section
407 of ERISA or Code Section 4975 or any corresponding provision of any Similar Law, and will not subject the Depositor, the Certificate
Administrator, the Trustee, the Master Servicer, the Special Servicer, the Initial Purchaser or the Certificate Registrar to any
obligation or liability (including obligations or liabilities under ERISA, Code Section 4975 or Similar Law), which opinions of
counsel, officers’ certificates or agreements shall not be at the expense of the Master Servicer, the Special Servicer, the
Depositor, the Certificate Administrator, the Trustee, the Initial Purchaser or the Certificate Registrar.


 


IN WITNESS WHEREOF, the
Purchaser hereby executes this ERISA Representation Letter on this ___ day of __________, 20__.


 


	 	Very truly yours,
	 	 	 
	 	[Purchaser]
	 	 	 
	 	By: 	 
	 	 	Name:
	 	 	Title:















 






    	 	D-2-2	 



     

    

 





EXHIBIT
D-3 


 


FORM
OF TRANSFEREE CERTIFICATE FOR TRANSFERS OF ANY CLASS OF CERTIFICATES CONSTITUTING THE EHRI 


 


[Date]


 


Wells
Fargo Bank, National Association,

     as Certificate Registrar


Wells Fargo Center


Sixth Street and Marquette Avenue


Minneapolis, Minnesota
55479-0113


Attention: COMM 2016-667M


 


German American Capital Corporation,


as Securitization Sponsor


60 Wall Street


New York, New
York 10005


Attention: Lainie Kaye


 


Deutsche Mortgage & Asset Receiving Corporation


60 Wall Street


New York, New York 10005


Attention: Lainie Kaye


 





	Re:	COMM 2016-667M
    Mortgage Trust, Commercial Mortgage Pass- Through Certificates (the “Certificates”) issued pursuant to
    the Trust and Servicing Agreement (the “Trust and Servicing Agreement”), dated as of October 6, 2016, between
    Deutsche Mortgage & Asset Receiving Corporation, as Depositor, KeyBank National Association, as Master Servicer, AEGON
    USA Realty Advisors, LLC, as Special Servicer, Wells Fargo Bank, National Association, as Certificate Administrator and Trustee,
    and Park Bridge Lender Services LLC, as Operating Advisor




 


 [_____]
(the “Purchaser”) hereby certifies, represents and warrants to each of the addressees hereto:


 


		1.	The
                                         Purchaser is acquiring (the “Transfer”) [$[_____] aggregate Certificate
                                         Balance of the Class [_] Certificates [and $[_____] aggregate Certificate Balance of
                                         the Class [_] Certificates]] ([collectively, ]the “EHRI”) from [_____]
                                         (the “Transferor”).



 


		2.	The
                                         Purchaser is aware that the Certificate Registrar will not register any transfer of any
                                         portion of the EHRI by the Transferor unless the Purchaser, or such Purchaser’s
                                         agent, delivers to the Certificate Registrar, among other things, a certificate in substantially
                                         the same form as this certificate. The Purchaser expressly agrees that it will not consummate
                                         any such transfer if it knows or believes that any representation contained in such certificate
                                         is false.



 






    D-3-1


     


    

 


		3.	The
                                         Transfer is in compliance with any applicable credit risk retention agreement in effect
                                         between the Securitization Sponsor and the Transferor (the “Credit Risk Retention
                                         Agreement”), and the Transferor has satisfied all requirements pursuant to
                                         such Credit Risk Retention Agreement.



 


		4.	If
                                         the Purchaser is an insurance company general account relying on PTCE 95-60 to cover
                                         its acquisition of the EHRI, (a) all of the conditions of Parts I and III of PTCE 95-60
                                         will be satisfied with respect to the acquisition of the EHRI and (b) the acquisition
                                         of the EHRI will be effected through Deutsche Bank Securities Inc. or an affiliate thereof.



 


		5.	Check
                                         one of the following:



 


☐          The
Transfer will occur during the Third Party Purchaser Transfer Restriction Period, and the Purchaser certifies, represents
and warrants to each of the addressees hereto that:


 


		A.	It
                                         is a “majority-owned affiliate”, as such term is defined in Regulation RR,
                                         of the Transferor (a “Majority-Owned Affiliate”).



 


		B.	It
is not acquiring the EHRI as a nominee, trustee or agent for any person that is not a Majority-Owned Affiliate, and that for so
long as it retains its interest in the EHRI, it will remain a Majority-Owned Affiliate.



 


		C.	It
will deliver a joinder agreement substantially in the form attached to the Credit Risk Retention Agreement pursuant to which it
has agreed to be bound by the terms of the Credit Risk Retention Agreement to the same extent as if it was the Transferor itself.



 


		D.	It
consents to any additional restrictions or arrangements that shall be deemed necessary upon advice of counsel to constitute a
reasonable arrangement to ensure that its ownership of the EHRI will satisfy the Credit Risk Retention Rules in its capacity as
third-party purchaser under Regulation RR.



 


☐          The Transfer will occur on and after the fifth anniversary of the Closing Date during the Third Party Purchaser Transfer
Restriction Period, and the Purchaser certifies, represents and warrants to each of the addressees hereto that:


 


		A.	It
will execute and deliver to the Securitization Sponsor a new credit risk retention agreement in form and substance satisfactory
to the Securitization Sponsor in accordance with the Credit Risk Retention Agreement.



 


		B.	If
required by the Securitization Sponsor, an affiliate of the Purchaser will execute and deliver a guaranty, which shall be substantially
the 



 






    D-3-2


     


    

 


			same in the form and substance of the guaranty provided pursuant to the Credit Risk Retention Agreement.



 


		C.	It
will comply with any additional requirements and satisfy any additional conditions set forth under the Credit Risk Retention applicable
to the Transfer and the Purchaser as a subsequent Third Party Purchaser.



 


		D.	It
consents to any additional restrictions or arrangements that shall be deemed necessary upon advice of counsel to constitute a
reasonable arrangement to ensure that its ownership of the EHRI will satisfy the Credit Risk Retention Rules in its capacity as
third-party purchaser under Regulation RR.



 


☐          The Transfer will occur after the termination of the Third Party
Purchaser Transfer Restriction Period.


 


Capitalized
terms used but not defined herein have the meanings assigned thereto in the Trust and Servicing Agreement.


 


IN
WITNESS WHEREOF, the Purchaser has caused this instrument to be duly executed on its behalf by its duly authorized senior officer
this ___day of _________, 20__.


 


	 	By:	 
	 		Name:
	 		Title:
	 	 	 
	 	By:	 
	 		Name:
	 		Title:


 






    D-3-3


     


    

 


The
foregoing certificate is hereby confirmed, and the Transfer is accepted, as of the date first above written:


 


	 	[SECURITIZATION SPONSOR]
	 	 	 
	 	By:	 
	 		Name:
	 		Title:





 






    D-3-4


     


    









EXHIBIT D-4


 


FORM OF TRANSFEROR
CERTIFICATE FOR TRANSFERS OF ANY CLASS OF CERTIFICATES CONSTITUTING THE EHRI


 


[Date]


 


Wells Fargo Bank, National Association,

as Certificate
Registrar


Wells Fargo Center


Sixth Street and Marquette Avenue


Minneapolis, Minnesota 55479-0113


Attention: COMM 2016-667M


 


German American Capital Corporation,


as Securitization Sponsor


60 Wall Street


New York, New York 10005


Attention: Lainie Kaye


 


Deutsche Mortgage & Asset Receiving Corporation


60 Wall Street


New York, New York 10005


Attention: Lainie Kaye


 


		Re:	COMM 2016-667M Mortgage Trust, Commercial Mortgage Pass-
Through Certificates (the “Certificates”)



 


Ladies and Gentlemen:


 





This
is delivered to you in connection with the transfer (the “Transfer”) by [______] (the “Transferor”) to
[______] (the “Transferee”) [$[_____] aggregate Certificate Balance of the Class [_] Certificates [and $[_____] aggregate
Certificate Balance of the Class [_] Certificates]]. The Certificates were issued pursuant to the Trust and Servicing Agreement,
dated as of October 6, 2016 (the “Trust and Servicing Agreement”), between Deutsche Mortgage & Asset Receiving
Corporation, as Depositor, KeyBank National Association, as Master Servicer, AEGON USA Realty Advisors, LLC, as Special Servicer,
Wells Fargo Bank, National Association, as Certificate Administrator and Trustee, and Park Bridge Lender Services LLC, as Operating
Advisor. All capitalized terms used but not otherwise defined herein shall have the respective meanings set forth in the Trust
and Servicing Agreement. The Transferor hereby certifies, represents and warrants to you that:







 


		1.	The Transfer is in compliance with the Credit Risk Retention
Rules, any applicable credit risk retention agreement in effect between the Securitization Sponsor and the Transferor (the “Credit
Risk Retention Agreement”) and the Trust and Servicing Agreement.



 




    D-4-1


    	 



    

 


		2.	The Transferor has complied with all of the covenants
in the Credit Risk Retention Agreement during the period from the date of the Credit Risk Retention Agreement through and including
the date of the Transfer.



 


		3.	All of the representations and warranties made by the
Transferor in the Credit Risk Retention Agreement are true and correct as of the date of the Transfer.



 


		4.	All of the requirements set forth in the Credit Risk
Retention Agreement relating to the Transfer have been complied with.



 


		5.	If the Transferee is an insurance company general account
relying on PTCE 95-60 to cover its acquisition of the EHRI, (a) all of the conditions of Parts I and III of PTCE 95-60 will be
satisfied with respect to the acquisition of the EHRI and (b) the acquisition of the EHRI will be effected through Deutsche Bank
Securities Inc. or an affiliate thereof.



 


		6.	Check one of the following:



 


		☐          The Transfer will
occur during the Third Party Purchaser Transfer Restriction Period, and the Transferor certifies, represents and warrants to you
that:



 


		A.	The Transferee is a “majority-owned affiliate”,
as such term is defined in Regulation RR, of the Transferor (a “Majority-Owned Affiliate”).



 


		B.	The Transferor has satisfied all of the conditions under
the Credit Risk Retention Agreement applicable to transfers by the Transferor to a Majority-Owned Affiliate.



 


		☐          The Transfer will
occur on and after the fifth anniversary of the Closing Date during the Third Party Purchaser Transfer Restriction Period, and
the Transferor certifies, represents and warrants to you that:



 


		A.	The Transferor has satisfied all of the conditions under
the Credit Risk Retention Agreement applicable to transfers by the Transferor to subsequent Third Party Purchasers.



 


		☐          The Transfer will
occur after the termination of the Third Party Purchaser Transfer Restriction Period.



 


		7.	The Transferor understands that the Transferee has delivered
to you a Transferee Certificate in the form attached to the Trust and Servicing Agreement as Exhibit D-3. The Transferor
does not know or believe that any representation contained therein is false.



 


IN WITNESS WHEREOF, the Transferor
has caused this instrument to be duly executed on its behalf by its duly authorized senior officer this         day
of                     ,
20      .


 




    D-4-2


    	 



    

 





	 	[Transferor]
	 	 	 
	 	By: 	 
	 	 	Name:
	 	 	Title:





 


The foregoing certificate is hereby
confirmed, and the Transfer is accepted, as of the date first above written:


 


	 	[SECURITIZATION SPONSOR]
	 	 	 
	 	By: 	 
	 	 	Name:
	 	 	Title:


 






    D-4-3


    	 



    


 


EXHIBIT E


 


FORM OF REQUEST FOR RELEASE


 


	Loan Information	 	 	 
	 	 	 	 
	Name of Borrower:	 	
        


667 Madison Avenue DE LLC





	 
	 	 	 	 
	[Master Servicer][Special	 	
 	 
	Servicer] Loan No.:	 	 	 
	 	 	 	 
	Custodian	 	 	 
	 	 	 	 
	Name: 	 	Wells Fargo Bank, National Association
	 
	 	 	 	 
	Address: 	 	Wells Fargo Bank, National Association

1055 10th Avenue SE 

Minneapolis, Minnesota 55479-0113

Attention: COMM 2016-667M Mortgage Trust	 
	 	 	 	 
	Custodian Mortgage File No.:	 	
 	 
	 	 	 	 
	Depositor	 	 	 
	 	 	 	 
	Name: 	 	Deutsche Mortgage & Asset Receiving Corporation	 
	 	 	 	 
	Address: 	 	Deutsche Mortgage & Asset Receiving Corporation

60 Wall Street

New York, New York 10005	 
	 	 	 	 
	Certificates:	 	COMM 2016-667M Mortgage Trust Commercial Mortgage Pass-Through Certificates	 


 


The undersigned [Master Servicer][Special Servicer] hereby requests delivery from Wells Fargo Bank, National
Association, as Custodian for the Holders of COMM 2016-667M Mortgage Trust Commercial Mortgage Pass-Through Certificates, the documents
(the “Documents”) specified below. All capitalized terms not otherwise defined in this Request for Release shall have
the meanings given them in the Trust and Servicing Agreement, dated as of October 6, 2016 (the “Trust and Servicing Agreement”)
and executed in connection with the COMM 2016-667M securitization transaction.


 


	 	(  )	 
	 	 	 
	 	(  )	 
	 	 	 
	 	(  )	 
	 	 	 
	 	(  )	 






 






    	 	E-1	 



     

    

 


The undersigned
[Master Servicer][Special Servicer] hereby acknowledges and agrees as follows:


 


(i)            The
[Master Servicer][Special Servicer] shall hold and retain possession of the Documents in trust for the benefit of the Trustee,
solely for the purposes provided in the Trust and Servicing Agreement.


 


(ii)           The
[Master Servicer][Special Servicer] shall not cause or permit the Documents to become subject to, or encumbered by, any claim,
liens, security interest, charges, writs of attachment or other impositions nor shall the [Master Servicer][Special Servicer] assert
or seek to assert any claims or rights of set-off to or against the Documents or any proceeds thereof except as otherwise provided
in the Trust and Servicing Agreement.


 


(iii)          The
[Master Servicer][Special Servicer] shall return the Documents to the Custodian when the need therefor no longer exists, unless
the Whole Loan has been liquidated or the Whole Loan has been paid in full and the proceeds thereof have been remitted to the Collection
Account, except as expressly provided in the Trust and Servicing Agreement.


 


(iv)          The
Documents coming into the possession or control of the [Master Servicer][Special Servicer] shall at all times be held for the account
of the Trustee, and the [Master Servicer][Special Servicer] shall keep the Documents and any proceeds separate and distinct from
all other property in the [Master Servicer][Special Servicer]’s possession, custody or control.


 


	 	[MASTER SERVICER/SPECIAL SERVICER]
	 	 	 
	 	By: 	 
	 	 	Name:
	 	 	Title:






 


	Dated:	 	 



 






    	 	E-2	 



     

    

 





EXHIBIT F


 


SECURITIES LEGEND


 


THIS CERTIFICATE HAS
NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “Securities
Act”), OR ANY STATE OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS
CERTIFICATE MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE Securities
Act AND OTHER APPLICABLE LAWS, AND ONLY (A)(1) PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER
THE Securities Act, (2) FOR SO LONG AS THIS CERTIFICATE IS ELIGIBLE FOR RESALE PURSUANT
TO RULE 144A UNDER THE Securities Act (“RULE 144A”), TO AN INSTITUTIONAL
INVESTOR THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING OF RULE 144A (“QUALIFIED
INSTITUTIONAL BUYER”) PURCHASING FOR ITS OWN ACCOUNT, OR A PERSON PURCHASING FOR THE ACCOUNT OF ANOTHER QUALIFIED INSTITUTIONAL
BUYER, WHOM THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE
ON RULE 144A, (3) IN THE CASE OF THE REGULAR CERTIFICATES, TO AN INSTITUTIONAL INVESTOR THAT IS AN “ACCREDITED INVESTOR”
AS SUCH TERM IS DEFINED IN RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE Securities
Act OR ANY ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE INSTITUTIONAL INVESTORS THAT ARE “ACCREDITED INVESTORS” AS
SUCH TERM IS DEFINED IN RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT, OR (4) IN THE CASE OF
THE REGULAR CERTIFICATES, TO AN INSTITUTION THAT IS A NON-“U.S. PERSON” IN AN “OFFSHORE TRANSACTION,” AS
SUCH TERMS ARE DEFINED IN, AND IN ACCORDANCE WITH, RULE 903 OR RULE 904 OF, REGULATION S UNDER THE SECURITIES ACT, AND (B) IN ACCORDANCE
WITH ANY OTHER APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.


 


THE INITIAL INVESTOR
IN THIS CERTIFICATE, AND EACH SUBSEQUENT PURCHASER OF THIS CERTIFICATE, BY PURCHASING THIS CERTIFICATE OR AN INTEREST HEREIN, IS
DEEMED TO HAVE AGREED TO COMPLY WITH CERTAIN TRANSFER REQUIREMENTS SET FORTH IN THE TRUST AND SERVICING AGREEMENT. A TRANSFEREE
IS ALSO REQUIRED TO DELIVER AN INVESTMENT REPRESENTATION LETTER SUBSTANTIALLY IN THE FORM OF EXHIBIT D-1 TO THE TRUST AND SERVICING
AGREEMENT IF SUCH TRANSFEREE IS A QUALIFIED INSTITUTIONAL BUYER OR (OTHER THAN WITH RESPECT TO A RESIDUAL CERTIFICATE) AN INSTITUTIONAL
ACCREDITED INVESTOR, AND MAY ALSO BE REQUIRED TO DELIVER AN OPINION OF COUNSEL IF SUCH TRANSFEREE IS NOT A QUALIFIED INSTITUTIONAL
BUYER WITHIN THE MEANING OF RULE 144A.


 






    	 	F-1	 



     

    

 





EXHIBIT G


 


FORM OF REGULATION S TRANSFER CERTIFICATE


 



Wells Fargo Bank, National Association

Sixth Street & Marquette Avenue

Minneapolis, Minnesota 55479-0113


Attention: COMM 2016-667M
Mortgage Trust


 


		Re:	Transfer of COMM 2016-667M Mortgage Trust
                                         Commercial Mortgage Pass-Through Certificates, Class [         ]	



 


Ladies and Gentlemen:


 


This certificate is delivered
pursuant to Section 5.02 of the Trust and Servicing Agreement, dated as of October 6, 2016 (the “Trust and Servicing Agreement”)
and executed in connection with the COMM 2016-667M securitization transaction, on behalf of the holders of the COMM 2016-667M Mortgage
Trust Commercial Mortgage Pass-Through Certificates, Class [   ] (the “Certificates”) in connection with
the transfer by the undersigned (the “Transferor”) to [_____] (the “Transferee”) of $[_____]
Certificate Balance of Certificates, in fully registered form (each, an “Individual Certificate”), or a beneficial
interest of such aggregate Certificate Balance in the Regulation S Global Certificate (the “Global Certificate”)
maintained by The Depository Trust Company or its successor as Depositary under the Trust and Servicing Agreement (such transferred
interest, in either form, being the “Transferred Interest”).


 


In connection with such
transfer, the Transferor does hereby certify that such transfer has been effected in accordance with the transfer restrictions
set forth in the Trust and Servicing Agreement and the Certificates and (i) with respect to transfers made in accordance with Regulation
S (“Regulation S”) promulgated under the Securities Act of 1933, as amended (the “Securities Act”),
the Transferor does hereby certify that:


 


(1)         the offer of the
Transferred Interest was not made to a person in the United States;


 


[(2)        at the time the
buy order was originated, the Transferee was outside the United States or the Transferor and any person acting on its behalf reasonably
believed that the Transferee was outside the United States;]*


 


[(2)        the transaction
was executed in, on or through the facilities of a designated offshore securities market and neither there undersigned nor any
person acting on its behalf knows that the transaction was pre-arranged with a buyer in the United States;]*


 


(3)         no directed selling
efforts have been made in contravention of the requirements of Rule 903(b) or 904(b) of Regulation S, as applicable; and


 


 



 

*
Insert one of these two provisions, which come from the definition of “offshore transaction” in Regulation S.

 






    	 	G-1	 



     

    

 


(4)         the transaction
is not part of a plan or scheme to evade the registration requirements of the Securities Act.


 


or (ii) with respect to transfers made
in reliance on Rule 144 under the Securities Act, the Transferor does hereby certify that the Certificates that are being transferred
are not “restricted securities” as defined in Rule 144 under the Securities Act.


 


This certificate and
the statements contained herein are made for your benefit and the benefit of the Depositor, the Certificate Administrator, the
Trustee, the Master Servicer and the Special Servicer.


 


	 	[Insert Name of Transferor]
	 	 	 
	 	By: 	 
	 	 	Name:
	 	 	Title:








 


Dated: ________________, 20__


 






    	 	G-2	 



     

    

 





EXHIBIT H


 


FORM OF TRANSFER CERTIFICATE

FOR EXCHANGE OR TRANSFER FROM RULE 144A

GLOBAL CERTIFICATE TO REGULATION S GLOBAL

CERTIFICATE DURING THE RESTRICTED PERIOD


 


(Exchanges or transfers pursuant to
Section 5.02(c)(ii)(A) of 

the Trust and Servicing Agreement) 




Wells Fargo Bank, National Association

Sixth Street & Marquette Avenue

Minneapolis, Minnesota 55479-0113


Attention: COMM 2016-667M
Mortgage Trust


 


		Re:	Transfer of COMM 2016-667M Mortgage
                                         Trust Commercial Mortgage Pass-Through Certificates, Class [ ]	



 


Reference is hereby made
to the Trust and Servicing Agreement, dated as of October 6, 2016 (the “Trust and Servicing Agreement”) and executed
in connection with the COMM 2016-667M securitization transaction. Capitalized terms used but not defined herein shall have the meanings
given to them in the Trust and Servicing Agreement.


 


This letter relates to
US $[_____] aggregate Certificate Balance of Certificates (the “Certificates”) which are held in the form of
a Rule 144A Global Certificate (CUSIP No. [_____]) with the Depository in the name of [insert name of transferor] (the “Transferor”).
The Transferor has requested a transfer of such beneficial interest for an interest in the Regulation S Global Certificate (CUSIP
No. [_____]) to be held with [Euroclear] [Clearstream]* (Common Code) through the Depositary.


 


In connection with such
request and in respect of such Certificates, the Transferor does hereby certify that such transfer has been effected in accordance
with the Transfer restrictions set forth in the Trust and Servicing Agreement and pursuant to and in accordance with Regulation
S under the Securities Act of 1933, as amended (the “Securities Act”), and accordingly the Transferor does hereby
certify that:


 


(1)         the offer
of the Certificates was not made to a person in the United States,


 


[(2)        at the time the
buy order was originated, the transferee was outside the United States or the Transferor and any persons acting on its behalf reasonably
believed that the Transferee was outside the United States,]**


 


 



 

*
Select appropriate depository.


 


**
Insert one of these two provisions, which come from the definition of “offshore transaction” in Regulation S.

 






    	 	H-1	 



     

    

 


[(2)        the transaction
was executed in, on or through the facilities of a designated offshore securities market and neither the Transferor nor any person
acting on its behalf knows that the transaction was pre-arranged with a buyer in the United States,]*


 


(3)          no directed selling
efforts have been made in contravention of the requirements of Rule 903(b) or 904(b) of Regulation S, as applicable, and


 


(4)          the transaction
is not part of a plan or scheme to evade the registration requirements of the Securities Act.


 


This certificate and
the statements contained herein are made for your benefit and the benefit of the Depositor, the Certificate Administrator, the
Trustee, the Master Servicer and the Special Servicer.


 


	 	[Insert Name of Transferor]
	 	 	 
	 	By: 	 
	 	 	Name:
	 	 	Title:


 


Dated: ________________, 20__


 






    	 	H-2	 



     

    

 





EXHIBIT I


 


FORM OF TRANSFER CERTIFICATE

FOR EXCHANGE OR TRANSFER FROM RULE 144A

GLOBAL CERTIFICATE TO REGULATION S GLOBAL

CERTIFICATE AFTER THE RESTRICTED PERIOD


 


(Exchange or transfers pursuant to

Section 5.02(c)(ii)(B) of the Trust and Servicing Agreement) 




Wells Fargo Bank, National Association

Sixth Street & Marquette Avenue

Minneapolis, Minnesota 55479-0113


Attention: COMM 2016-667M
Mortgage Trust


 


		Re:	Transfer of COMM 2016-667M Mortgage
                                         Trust Commercial Mortgage Pass-Through Certificates Class [ ]	



 


Reference is hereby made
to the Trust and Servicing Agreement, dated as of October 6, 2016 (the “Trust and Servicing Agreement”) and executed
in connection with the COMM 2016-667M securitization transaction. Capitalized terms used but not defined herein shall have the meanings
given to them in the Trust and Servicing Agreement.


 


The letter relates to
U.S. $[_____] aggregate Certificate Balance of Certificates (the “Certificates”) which are held in the form
of the Rule 144A Global Certificate (CUSIP No. [_____]) with the Depository in the name of [insert name of transferor] (the “Transferor”).
The Transferor has requested a transfer of such beneficial interest in the Certificates for an interest in the Regulation S Global
Certificate (Common Code No. [_____]).


 


In connection with such
request, and in respect of such Certificates, the Transferor does hereby certify that such transfer has been effected in accordance
with the transfer restrictions set forth in the Trust and Servicing Agreement and, (i) with respect to transfers made in reliance
on Regulation S under the Securities Act of 1933, as amended (the “Securities Act”), the Transferor does hereby
certify that:


 


(1)         the offer of the
Certificates was not made to a person in the United States,


 


[(2)        at the time the
buy order was originated, the transferee was outside the United States or the Transferor and any person acting on its behalf reasonably
believed that the transferee was outside the United States,]*


 


[(2)        the transaction
was executed in, on or through the facilities of a designated offshore securities market and neither the Transferor nor any person
acting on its behalf knows that the transaction was pre-arranged with a buyer in the United States,]*


 


 





 


*
Insert one of these two provisions, which come from the definition of “offshore transaction” in Regulation S.

 






    	 	I-1	 



     

    

 


(3)         no directed selling
efforts have been made in contravention of the requirements of Rule 903(b) or 904(b) of Regulation S, as applicable, and


 


(4)         the transaction
is not part of a plan or scheme to evade the registration requirements of the Securities Act;


 


or (ii) with respect to transfers made
in reliance on Rule 144 under the Securities Act, the Transferor does hereby certify that the Certificates that are being transferred
are not “restricted securities” as defined in Rule 144 under the Securities Act.


 


This certificate and
the statements contained herein are made for your benefit and the benefit of the Depositor, the Certificate Administrator, the
Trustee, the Master Servicer and the Special Servicer.


 


	 	[Insert Name of Transferor]
	 	 	 
	 	By: 	 
	 	 	Name:
	 	 	Title:





 


Dated: _______________, 20___


 






    	 	I-2	 



     

    

 





EXHIBIT J


 


FORM OF TRANSFER CERTIFICATE

FOR EXCHANGE OR TRANSFER FROM REGULATION S GLOBAL

CERTIFICATE TO RULE 144A GLOBAL CERTIFICATE


 


(Exchange or transfers pursuant to Section
5.02(c)(ii)(C)

of the Trust and Servicing Agreement)


 



Wells Fargo Bank, National Association

Sixth Street & Marquette Avenue

Minneapolis, Minnesota 55479-0113

Attention: COMM 2016-667M Mortgage Trust


 


		Re:	Transfer of COMM 2016-667M Mortgage
                                         Trust Commercial Mortgage Pass-Through Certificates, Class [ ]	



 


Reference is hereby made
to the Trust and Servicing Agreement, dated as of October 6, 2016 (the “Trust and Servicing Agreement”) and executed
in connection with the COMM 2016-667M securitization transaction. Capitalized terms used but not defined herein shall have the meanings
given to them in the Trust and Servicing Agreement.


 


This letter relates to
U.S. $[_____] aggregate Certificate Balance of Certificates (the “Certificates”) which are held in the form
of the Regulation S Global Certificate (CUSIP No. [_____]) with [Euroclear] [Clearstream]* (Common Code [_____]) through
the Depository in the name of [insert name of transferor] (the “Transferor”). The Transferor has requested a
transfer of such beneficial interest in the Certificates for an interest in the Regulation 144A Global Certificate (CUSIP No. [_____]).


 


In connection with such
request, and in respect of such Certificates, the Transferor does hereby certify that such Certificates are being transferred in
accordance with (i) the transfer restrictions set forth in the Trust and Servicing Agreement and (ii) Rule 144A under the Securities
Act to a transferee that the Transferor reasonably believes is purchasing the Certificates for its own account with respect to
which the transferee exercises sole investment discretion and the transferee and any such account is “qualified institutional
buyer” within the meaning of Rule 144A, in each case in a transaction meeting the requirements of Rule 144A and in accordance
with any applicable securities laws of any state of the United States or an jurisdiction.


 


 





 


*
Select appropriate depositary.

 






    	 	J-1	 



     

    

 


This certificate and
the statements contained herein are made for your benefit and the benefit of the Depositor, the Certificate Administrator, the
Trustee, the Master Servicer and the Special Servicer.


 


	 	[Insert Name of Transferor]
	 	 	 
	 	By: 	 
	 	 	Name:
	 	 	Title:





 


Dated: ______________, 20__


 






    	 	J-2	 



     

    

 





EXHIBIT K


 


FORM OF DISTRIBUTION DATE STATEMENT


 



    	 	K-1	 



     

    


 






 


	 	 	 	 
		COMM 2016-667M Mortgage Trust


Commercial Mortgage Pass-Through Certificates

 	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Payment Date:	11/10/16
	8480 Stagecoach Circle	Record Date:	10/31/16
	Frederick, MD 21701-4747	Determination Date:	11/4/16




	 	 	 	 	 	 	 	 	 
	 	 	 	 	DISTRIBUTION
    DATE STATEMENT	 	 	 
	 	 	 	 	Table of Contents	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	STATEMENT SECTIONS	PAGE(s)	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	Certificate Distribution Detail	2	 	 	 
	 	 	 	 	Certificate Factor Detail	3	 	 	 
	 	 	 	 	Reconciliation Detail	4	 	 	 
	 	 	 	 	Other Required Information	5	 	 	 
	 	 	 	 	Cash Reconciliation Detail	6	 	 	 
	 	 	 	 	Current Mortgage Loan and Property Stratification Tables	7 - 9	 	 	 
	 	 	 	 	Mortgage Loan Detail	10	 	 	 
	 	 	 	 	NOI Detail	11	 	 	 
	 	 	 	 	Principal Prepayment Detail	12	 	 	 
	 	 	 	 	Historical Detail	13	 	 	 
	 	 	 	 	Delinquency Loan Detail	14	 	 	 
	 	 	 	 	Specially Serviced Loan Detail	15 - 16	 	 	 
	 	 	 	 	Advance Summary	17	 	 	 
	 	 	 	 	Modified Loan Detail	18	 	 	 
	 	 	 	 	Historical Liquidated Loan Detail	19	 	 	 
	 	 	 	 	Historical Bond / Collateral Loss Reconciliation 	20	 	 	 
	 	 	 	 	Interest Shortfall Reconciliation Detail	21 - 22	 	 	 
	 	 	 	 	Defeased Loan Detail	23	 	 	 
	 	 	 	 	Supplemental Reporting	24	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 






	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		 	 	 
	 	 	 	Depositor	 	 	 	Master
    Servicer	 	 	 	Special
    Servicer	 	 	 	Operating Advisor	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	Deutsche Mortgage & Asset Receiving	 	 	 	KeyBank National Association	 	 	 	AEGON USA Realty Advisors, LLC	 	 	 	Park Bridge Lender Services LLC	 	 	 
	 	 	 	Corporation	 	 	 	11501 Outlook Street	 	 	 	4333 Edgewood Road, NE	 	 	 	600 Third Avenue	 	 	 
	 	 	 	60 Wall Street	 	 	 	Suite 300	 	 	 	Cedar Rapids, IA 52499	 	 	 	40th Floor	 	 	 
	 	 	 	New York, NY 10005	 	 	 	Overland Park, KS 66211	 	 	 	 	 	 	 	New York, NY 10016	 	 	 
	 	 	 	 	 	 	 		 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	Contact:            Helaine M. Kaplan	 	 	 	Contact:	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	Phone Number:  (212) 250-5270	 	 	 	Andy Lindenman	 	 	 	Contact:           Greg Dryden	 	 	 	Contact:      David Rodgers	 	 	 
	 	 	 	 	 	 	 	Phone Number: (913) 317-4372	 	 	 	Phone Number:  (319) 355-8734	 	 	 	Phone Number:   (212) 230-9025	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	This report is compiled by Wells Fargo Bank, N.A. from information provided by third parties.  Wells Fargo Bank, N.A. has not independently confirmed the accuracy of the information.

         

        Please
        visit www.ctslink.com for additional information and if applicable, any special notices and any credit risk retention
        notices. In addition, certificateholders may register online for email notification when special notices are posted. For
        information or assistance please call 866-846-4526.
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 


   









     Page 1 of 24


     


    

 


	 	 	 	 
		COMM 2016-667M Mortgage Trust


Commercial Mortgage Pass-Through Certificates

 	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Payment Date:	11/10/16
	8480 Stagecoach Circle	Record Date:	10/31/16
	Frederick, MD 21701-4747	Determination Date:	11/4/16






	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Certificate Distribution
    Detail	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Class
    	 	 CUSIP	 	Pass-Through

    Rate	 	Original

    Balance	 	Beginning

    Balance	 	Principal

    Distribution	 	Interest

    Distribution	 	Prepayment

    Premium	 	Realized
    Loss/

    Additional Trust

    Fund Expenses	 	Total

    Distribution	 	Ending

    Balance	 	Current

     Subordination

    Level (1)	 	 
	 	 	A	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	B	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	C	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	D	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	E	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	R	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	LR	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	Totals	 	 	 	 	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Class	 	 CUSIP	 	Pass-Through

    Rate	 	Original

    Notional

    Amount	 	Beginning

    Notional

    Amount	 	Interest

    Distribution	 	Prepayment

    Premium	 	Total

    Distribution	 	Ending

    Notional

    Amount	 	 	 	 	 	 	 	 
	 	 	X-A	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 	 	 	 	 	 	 
	 	 	(1) Calculated by taking (A) the sum of the ending certificate balance of all classes less (B) the sum of (i) the ending balance of the designated class and (ii) the ending certificate balance of all classes which are not subordinate to the designated class and dividing the result by (A).


 


 


 


	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 


 



     Page 2 of 24


     


    




	 	 	 	 
		COMM 2016-667M Mortgage Trust


Commercial Mortgage Pass-Through Certificates

 	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Payment Date:	11/10/16
	8480 Stagecoach Circle	Record Date:	10/31/16
	Frederick, MD 21701-4747	Determination Date:	11/4/16



	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	Certificate Factor Detail
	 	 	 	 	 	 	 	 	 	 
	 	Class	CUSIP	Beginning

Balance
	Principal

Distribution
	Interest

Distribution
	Prepayment

Premium
	Realized
Loss/

Additional Trust

Fund Expenses
	Ending

Balance
	 
	 	 
	 	 
	 	A	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	B	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	C	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	D	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	E	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	R	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	LR	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	 	 	 	 	 	 	 	 	 
	 	Class	CUSIP	Beginning

        Notional

        Amount
	Interest

        Distribution
	Prepayment

        Premium
	Ending

        Notional

        Amount
	 	 	 
	 	 	 	 
	 	 	 	 
	 	X-A	 	0.00000000	0.00000000	0.00000000	0.00000000	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	

                    
	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 



 






     Page 3 of 24


     


    

 


	 	 	 	 
		COMM 2016-667M Mortgage Trust


Commercial Mortgage Pass-Through Certificates

 	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Payment Date:	11/10/16
	8480 Stagecoach Circle	Record Date:	10/31/16
	Frederick, MD 21701-4747	Determination Date:	11/4/16


	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Reconciliation Detail	 	 
	 	 	Principal Reconciliation	 	 
	 	 	 	 	Stated
    Beginning 

    Principal Balance	 	Unpaid
    Beginning

    Principal Balance	 	Scheduled
    

    Principal	 	Unscheduled

    Principal	 	Principal

    Adjustments	 	Realized
    Loss	 	Stated
    Ending

    Principal Balance	 	Unpaid
    Ending

    Principal Balance	 	Current
    Principal

    Distribution Amount	 	 
	 	 	Total	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00 	 	 




	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	
    Certificate Interest Reconciliation
    	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Class	 	Accrual

    Dates	 	Accrual
 Days	 	Accrued

    Certificate

    Interest	 	Net Aggregate

    Prepayment

    Interest Shortfall	 	Distributable

    Certificate

    Interest	 	Distributable

    Certificate Interest

    Adjustment	 	WAC CAP

    Shortfall	 	Additional

    Trust Fund

    Expenses	 	Interest

    Distribution	 	Remaining
    Unpaid

    Distributable

 Certificate Interest	 	 
	 	 	A	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00  
    	 	 
	 	 	X-A	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00  
    	 	 
	 	 	B	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00  
    	 	 
	 	 	C	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00  
    	 	 
	 	 	D	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00  
    	 	 
	 	 	E	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00  	 	 
	 	 	Totals	 	 	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00  
    	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 




 





     Page 4 of 24


     


    







	 	 	 	 
		COMM 2016-667M Mortgage Trust


Commercial Mortgage Pass-Through Certificates

 	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Payment Date:	11/10/16
	8480 Stagecoach Circle	Record Date:	10/31/16
	Frederick, MD 21701-4747	Determination Date:	11/4/16




	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Other Required Information	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Available Distribution Amount (1)	 	    0.00	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 		 		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 		 		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	Appraisal Reduction Amount	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	Loan

    Number	 	 	Appraisal	 	 	Cumulative	 	 	Most
    Recent	 	 	 
	 	 	 	 	 	 	 	 	 	Reduction	 	 	ASER	 	 	App. Red.	 	 	 
	 	 	 	 	 	 	 	 	 	Effected	 	 	Amount	 	 	Date	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Controlling
Class Information 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Controlling Class:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Effective as of: mm/dd/yyyy	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Directing Holder:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Effective as of: mm/dd/yyyy	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	Total	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	
         
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	
        (1) The Available Distribution
        Amount includes any Prepayment Premiums.
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 



 



     Page 5 of 24


     


    






 



	 	 	 	 
		COMM 2016-667M Mortgage Trust


Commercial Mortgage Pass-Through Certificates

 	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Payment Date:	11/10/16
	8480 Stagecoach Circle	Record Date:	10/31/16
	Frederick, MD 21701-4747	Determination Date:	11/4/16







	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	Cash
    Reconciliation Detail	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	Total Funds Collected	 	 	 	Total Funds Distributed	 	 	 
	 	 	 	 	 	 	 	 	 
	 	Interest:	 	 	 	Fees:	 	 	 
	 	Interest paid or
    advanced	0.00	 	 	Master Servicing
    Fee - KeyBank N.A.  	0.00	 	 
	 	Interest reductions
    due to Non-Recoverability Determinations	0.00	 	 	Trustee Fee - Wells
    Fargo Bank, N.A.	0.00	 	 
	 	Interest Adjustments	0.00	 	 	Certificate Administrator
    Fee - Wells Fargo Bank, N.A.	0.00	 	 
	 	Deferred Interest	0.00	 	 	CREFC® Royalty
    License Fee	0.00	 	 
	 	Net Prepayment Interest
    Shortfall	0.00	 	 	Operating Advsior
    Fee - Park Bridge Lender Services LLC	0.00	 	 
	 	Net Prepayment Interest
    Excess	0.00	 	 	Total Fees	 	0.00	 
	 	Extension Interest	0.00	 	 	Additional Trust
    Fund Expenses:	 	 	 
	 	Interest Reserve
    Withdrawal	0.00	 	 	 	 	 	 
	 	Total Interest
    Collected	 	0.00	 	Reimbursement for
    Interest on Advances	0.00	 	 
	 	 	 	 	 	ASER Amount	0.00	 	 
	 	Principal:	 	 	 	Special Servicing
    Fee	0.00	 	 
	 	Scheduled Principal	0.00	 	 	Rating Agency Expenses	0.00	 	 
	 	Unscheduled Principal	0.00	 	 	Attorney Fees &
    Expenses	0.00	 	 
	 	Principal Prepayments	0.00	 	 	Bankruptcy Expense	0.00	 	 
	 	Collection of Principal
    after Maturity Date	0.00	 	 	Taxes Imposed on
    Trust Fund	0.00	 	 
	 	Recoveries from
    Liquidation and Insurance Proceeds	0.00	 	 	Non-Recoverable Advances	0.00	 	 
	 	Excess of Prior
    Principal Amounts paid	0.00	 	 	Other Expenses	0.00	 	 
	 	Curtailments	0.00	 	 	Total Additional
    Trust Fund Expenses	 	0.00	 
	 	Negative Amortization	0.00	 	 	 	 	 	 
	 	Principal Adjustments	0.00	 	 	Interest Reserve
    Deposit	 	0.00	 
	 	Total Principal
    Collected	 	0.00	 	 	 	 	 
	 	 	 	 	 	Payments to Certificateholders
    & Others:	 	 	 
	 	Other:	 	 	 	Interest Distribution	0.00	 	 
	 	Prepayment Penalties/Yield
    Maintenance	0.00	 	 	Principal Distribution	0.00	 	 
	 	Repayment Fees	0.00	 	 	Prepayment Penalties/Yield
    Maintenance	0.00	 	 
	 	Borrower Option Extension
    Fees	0.00	 	 	Borrower Option Extension
    Fees	0.00	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 		 	 	 
	 	Total Other Collected	 	0.00	 	Total Payments
    to Certificateholders & Others	 	0.00	 
	 	Total Funds Collected	 	0.00	 	Total
    Funds Distributed	 	0.00	 
	 	 	 	 	 	 	 	 	 




 



     Page 6 of 24


     


    

 


	 	 	 	 
		COMM 2016-667M Mortgage Trust


Commercial Mortgage Pass-Through Certificates

 	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Payment Date:	11/10/16
	8480 Stagecoach Circle	Record Date:	10/31/16
	Frederick, MD 21701-4747	Determination Date:	11/4/16



	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Current Mortgage Loan
    and Property Stratification Tables

    Aggregate Pool	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Scheduled Balance	 	State   (3)	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Scheduled

    Balance	#
    of

    loans	Scheduled

    Balance	%
    of

    Agg.

    Bal.	WAM

    (2)	WAC	Weighted

    Avg DSCR (1)	 	State	#
    of

    Props.	Scheduled

    Balance	%
    of

    Agg.

    Bal.	WAM

    (2)	WAC	Weighted

    Avg DSCR (1)	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Totals	 	 	 	 	 	 	 	Totals	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 



 


     Page 7 of 24


     


    
 



	 	 	 	 
		COMM 2016-667M Mortgage Trust


Commercial Mortgage Pass-Through Certificates

 	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Payment Date:	11/10/16
	8480 Stagecoach Circle	Record Date:	10/31/16
	Frederick, MD 21701-4747	Determination Date:	11/4/16


	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Current Mortgage Loan
    and Property Stratification Tables

    Aggregate Pool	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Debt Service Coverage Ratio	 	Property Type   (3)	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Debt
    Service

    Coverage Ratio	#
    of

    loans	Scheduled

    Balance	%
    of

    Agg.

    Bal.	WAM

    (2)	WAC	Weighted

    Avg DSCR (1)	 	Property
    Type	#
    of

    Props.	Scheduled

    Balance	%
    of

    Agg.

    Bal.	WAM

    (2)	WAC	Weighted

    Avg DSCR (1)	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Totals	 	 	 	 	 	 	 	Totals	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Note Rate	 	Seasoning	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Note

    Rate	#
    of

    loans	Scheduled

    Balance	%
    of

    Agg.

    Bal.	WAM

    (2)	WAC	Weighted

    Avg DSCR (1)	 	Seasoning	#
    of

    loans	Scheduled

    Balance	%
    of

    Agg.

    Bal.	WAM

    (2)	WAC	Weighted

    Avg DSCR (1)	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Totals	 	 	 	 	 	 	 	Totals	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	See footnotes on last page
    of this section.	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 



 



     Page 8 of 24


     


    





	 	 	 	 
		COMM 2016-667M Mortgage Trust


Commercial Mortgage Pass-Through Certificates

 	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Payment Date:	11/10/16
	8480 Stagecoach Circle	Record Date:	10/31/16
	Frederick, MD 21701-4747	Determination Date:	11/4/16



	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Current Mortgage Loan
    and Property Stratification Tables

    Aggregate Pool	 
	 	 	 	 	 
	 	Anticipated Remaining Term
    (ARD and Balloon Loans)	 	Remaining Stated Term (Fully
    Amortizing Loans)	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Anticipated
    Remaining

    Term (2)	#
    of

    loans	Scheduled

    Balance	%
    of

    Agg.

    Bal.	WAM
    

    (2)	WAC	Weighted

    Avg DSCR (1)	 	Remaining
    Stated

    Term	#
    of

    loans	Scheduled

    Balance	%
    of

    Agg.

    Bal.	WAM

    (2)	WAC	Weighted

    Avg DSCR (1)	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Totals	 	 	 	 	 	 	 	Totals	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Remaining Amortization
    Term (ARD and Balloon Loans)	 	Age of Most Recent NOI	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Remaining
    Amortization

    Term	#
    of

    loans	Scheduled

    Balance	%
    of

    Agg.

    Bal.	WAM
    

    (2)	WAC	Weighted

    Avg DSCR (1)	 	Age
    of Most

    Recent NOI	#
    of

    loans	Scheduled

    Balance	%
    of

    Agg.

    Bal.	WAM

    (2)	WAC	Weighted

    Avg DSCR (1)	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Totals	 	 	 	 	 	 	 	Totals	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	


(1) Debt Service Coverage
Ratios are updated periodically as new NOI figures become available from borrowers on an asset level. In all cases, the most
recent DSCR provided by the Servicer is used. To the extent that no DSCR is provided by the Servicer, information from the
offering document is used. The debt service coverage ratio information was provided to the Certificate Administrator by the
Master Servicer and the Certificate Administrator has not independently confirmed the accuracy of such
information.


	 
	 	 	 
	 	(2) Anticipated Remaining Term and WAM are each calculated based upon the term from the current month to the earlier of the Anticipated Repayment Date, if applicable, and the maturity date.	 
	 	 	 
	 	(3) Data in this table was calculated by allocating pro-rata the current loan information to the properties based upon the Cut-off Date balance of each property as disclosed in the offering document.	 
	 	 	 	 	 


 


     Page 9 of 24


     


    

 


	 	 	 	 
		COMM 2016-667M Mortgage Trust


Commercial Mortgage Pass-Through Certificates

 	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Payment Date:	11/10/16
	8480 Stagecoach Circle	Record Date:	10/31/16
	Frederick, MD 21701-4747	Determination Date:	11/4/16



	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Mortgage
    Loan Detail	 
	 	 	 
	 	Loan

    Number	ODCR
    	Property

    Type (1)	City	State	Interest

    Payment	Principal

    Payment	Gross

    Coupon
    	Anticipated
    

    Repayment

    Date	Maturity

    Date	Neg.

    Amort

    (Y/N)	Beginning

    Scheduled

    Balance	Ending

    Scheduled

    Balance	Paid

    Thru

    Date	Appraisal

    Reduction

    Date	Appraisal

    Reduction

    Amount	Res.

    Strat.

    (2)	Mod.

    Code

    (3)	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Totals	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 




	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	(1)
    Property Type Code	(2)
    Resolution Strategy Code	(3)
    Modification Code
	 	 	 
	 	MF 	-	Multi-Family	OF	-	Office	1	-	Modification	6	-	DPO	10	-	Deed in Lieu Of	1	-	Maturity Date Extension	 	 	 	 
	 	RT 	-	Retail	MU	-	Mixed Use	2 	-	Foreclosure	7	-	REO	 	 	     Foreclosure	2	-	Amortization Change	 	 	 	 
	 	HC	-	Health Care	LO	-	Lodging	3	-	Bankruptcy	8	-	Resolved	11	-	Full Payoff	3	-	Principal Write-Off	 	 	 	 
	 	IN  	-	Industrial	SS	-	Self Storage	4	-	Extension	9	-	Pending Return	12	-	Reps and Warranties	4	-	Combination	 	 	 	 
	 	WH	-	Warehouse	OT	-	Other	5	-	Note Sale	 	 	     to Master Servicer	13	-	Other or TBD	 	 	 	 	 	 	 
	 	MH 	-	Mobile Home Park	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 



 


     Page 10 of 24


     


    

 


	 	 	 	 
		COMM 2016-667M Mortgage Trust


Commercial Mortgage Pass-Through Certificates

 	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Payment Date:	11/10/16
	8480 Stagecoach Circle	Record Date:	10/31/16
	Frederick, MD 21701-4747	Determination Date:	11/4/16


	 	 	 	 	 	 	 	 	 	 	 	 
	 	NOI Detail	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	Loan

    Number	ODCR	Property

    Type	City	State	Ending

    Scheduled

    Balance	Most

    Recent

    Fiscal NOI	Most

    Recent

    NOI	Most
    Recent

    NOI Start

    Date	Most
    Recent

    NOI End

    Date	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	Total	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 


 


     Page 11 of 24


     


    


 







 


	 	 	 	 
		COMM 2016-667M Mortgage Trust


Commercial Mortgage Pass-Through Certificates

 	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Payment Date:	11/10/16
	8480 Stagecoach Circle	Record Date:	10/31/16
	Frederick, MD 21701-4747	Determination Date:	11/4/16



	 	 	 	 	 	 	 	 	 
	 	Principal Prepayment Detail	 
	 	 	 	 	 	 	 	 	 
	 	Loan Number	Loan Group	Offering
    Document	Principal
    Prepayment Amount	Prepayment
    Penalties	 
	 	Cross-Reference	Payoff
    Amount	Curtailment
    Amount	Prepayment
    Premium	Yield
    Maintenance Premium	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	Totals	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 


 


     Page 12 of 24


     


    


 



	 	 	 	 
		COMM 2016-667M Mortgage Trust


Commercial Mortgage Pass-Through Certificates

 	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Payment Date:	11/10/16
	8480 Stagecoach Circle	Record Date:	10/31/16
	Frederick, MD 21701-4747	Determination Date:	11/4/16


	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Historical Detail	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Delinquencies	Prepayments	Rate
    and Maturities	 
	 	Distribution	30-59
    Days	60-89
    Days	90
    Days or More	Foreclosure	REO	Modifications	Curtailments	Payoff	Next
    Weighted Avg.	WAM	 
	 	Date	#	Balance	#	Balance	#	Balance	#	Balance	#	Balance	#	Balance	#	Balance	#	Balance	Coupon	Remit	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Note: Foreclosure and REO Totals are excluded from the
    delinquencies.	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 


 


     Page 13 of 24


     


    


 



	 	 	 	 
		COMM 2016-667M Mortgage Trust


Commercial Mortgage Pass-Through Certificates

 	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Payment Date:	11/10/16
	8480 Stagecoach Circle	Record Date:	10/31/16
	Frederick, MD 21701-4747	Determination Date:	11/4/16


	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Delinquency Loan Detail	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Loan
    Number	Offering

    Document

    Cross-Reference	#
    of

    Months

    Delinq.	Paid
    Through

    Date	Current

    P & I

    Advances	Outstanding

    P & I

    Advances **	Status
    of

    Mortgage

    Loan  (1)	Resolution

    Strategy

    Code  (2)	Servicing
Transfer Date	Foreclosure

    Date	Actual

    Principal

    Balance	Outstanding

    Servicing

    Advances	Bankruptcy

    Date	REO

    Date	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Totals	 	 	 	 	 	 	 	 	 	 	 	 	 	 



	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	(1)
    Status of Mortgage Loan	 	 	(2)
    Resolution Strategy Code	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	A	-	Payment Not Received	0	- Current	4	-	Assumed Scheduled Payment	1	-	Modification	6	-	DPO	10	-	Deed In Lieu Of	 	 
	 	 	 	 	But Still in Grace Period	1	- One Month Delinquent	 	 	(Performing Matured Balloon)	2 	-	Foreclosure	7	-	REO	 	 	     Foreclosure	 	 
	 	 	 	 	Or Not Yet Due	2	- Two Months Delinquent	5	-	Non Performing Matured Balloon	3 	-	Bankruptcy	8	-	Resolved	11	-	Full Payoff	 	 
	 	 	B	-	Late Payment But Less	3	- Three or More Months Delinquent	 	 	 	4 	-	Extension	9	-	Pending Return	12	-	Reps and Warranties	 	 
	 	 	 	 	Than 1 Month Delinquent	 	 	 	 	 	5 	-	Note Sale	 	 	     to Master Servicer	13	-	Other or TBD	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	** Outstanding
    P & I Advances include the current period advance.	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 


 


     Page 14 of 24


     


    


 


	 	 	 	 
		COMM 2016-667M Mortgage Trust


Commercial Mortgage Pass-Through Certificates

 	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Payment Date:	11/10/16
	8480 Stagecoach Circle	Record Date:	10/31/16
	Frederick, MD 21701-4747	Determination Date:	11/4/16



	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Specially Serviced Loan
    Detail - Part 1	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Distribution

    Date	Loan

    Number	Offering

    Document

    Cross-Reference	Servicing

    Transfer

    Date	Resolution

    Strategy

    Code (1)	Scheduled

    Balance	Property

    Type (2)	State	Interest

    Rate	Actual

    Balance	Net

    Operating

    Income	NOI

    Date	DSCR	Note

    Date	Maturity

    Date	Remaining

    Amortization

    Term	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 




	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	(1) Resolution Strategy Code	(2) Property Type Code          	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	1	-  Modification	6	-	DPO	10	-	Deed In Lieu Of	MF	-	 Multi-Family	OF	-	Office	 
	 	2	-  Foreclosure	7	-	REO	 	 	Foreclosure	RT	-	 Retail	MU	-	Mixed use	 
	 	3	-  Bankruptcy	8	-	Resolved	11	-	Full Payoff	HC	-	 Health Care	LO	-	Lodging	 
	 	4	-  Extension	9	-	Pending Return	12	-	Reps and Warranties	IN	-	 Industrial	SS	-	Self Storage	 
	 	5	-  Note Sale	 	 	to Master Servicer	13	-	Other or TBD	WH	-	 Warehouse	OT	-	Other	 
	 	 	 	 	 	 	 	 	 	MH	-	 Mobile Home Park	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 


 


     Page 15 of 24


     


    


 







 


	 	 	 	 
		COMM 2016-667M Mortgage Trust


Commercial Mortgage Pass-Through Certificates

 	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Payment Date:	11/10/16
	8480 Stagecoach Circle	Record Date:	10/31/16
	Frederick, MD 21701-4747	Determination Date:	11/4/16


	 	 	 	 	 	 	 	 	 	 	 	 
	 	Specially Serviced Loan Detail - Part 2	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	Distribution

    Date	Loan

    Number	Offering

    Document

     Cross-Reference 	Resolution

    Strategy

    Code (1)	Site

    Inspection

    Date	

     Phase 1 Date
	Appraisal
Date	Appraisal

    Value	Other
    REO

    Property Revenue	Comment	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 



	 	 	 	 	 	 	 	 	 	 	 
	(1)
    Resolution Strategy Code
	 	 	 	 	 	 	 	 	 	 	 
	 	1	-	Modification	6	-	DPO	10	-	Deed In Lieu Of	 
	 	2	-	Foreclosure	7	-	REO	 	 	Foreclosure	 
	 	3	-	Bankruptcy	8	-	Resolved	11	-	Full Payoff	 
	 	4	-	Extension	9	-	Pending Return	12	-	Reps and Warranties	 
	 	5	-	Note Sale	 	 	to Master Servicer	13	-	Other or TBD	 
	 	 	 	 	 	 	 	 	 	 	 


 


     Page 16 of 24


     


    


 


	 	 	 	 
		COMM 2016-667M Mortgage Trust


Commercial Mortgage Pass-Through Certificates

 	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Payment Date:	11/10/16
	8480 Stagecoach Circle	Record Date:	10/31/16
	Frederick, MD 21701-4747	Determination Date:	11/4/16


	 	 	 	 	 	 	 
	Advance
    Summary
	 	 	 	 	 	 	 
	 	 	Current
    P&I

    Advances	Outstanding
    P&I

    Advances	Outstanding
    Servicing

    Advances	Current
    Period Interest

    on P&I and Servicing

    Advances Paid	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	Totals	0.00	0.00	0.00	0.00	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 


 



     Page 17 of 24


     


    


 


	 	 	 	 
		COMM 2016-667M Mortgage Trust


Commercial Mortgage Pass-Through Certificates

 	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Payment Date:	11/10/16
	8480 Stagecoach Circle	Record Date:	10/31/16
	Frederick, MD 21701-4747	Determination Date:	11/4/16



	 	 	 	 	 	 	 	 	 	 
	 	Modified Loan Detail	 
	 	 	 	 	 	 	 	 	 	 
	 	Loan

    Number	Offering

    Document

    Cross-Reference	Pre-Modification

    Balance	Post-Modification

    Balance	Pre-Modification

    Interest Rate	Post-Modification

    Interest Rate	Modification

    Date	Modification
    Description	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	Totals	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 


 


     Page 18 of 24


     


    


 


	 	 	 	 
		COMM 2016-667M Mortgage Trust


Commercial Mortgage Pass-Through Certificates

 	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Payment Date:	11/10/16
	8480 Stagecoach Circle	Record Date:	10/31/16
	Frederick, MD 21701-4747	Determination Date:	11/4/16



	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Historical Liquidated
    Loan Detail	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Distribution

    Date	ODCR	Beginning

    Scheduled

    Balance	Fees,

    Advances,

    and Expenses *	Most
    Recent

    Appraised

    Value or BPO	Gross
    Sales

    Proceeds or

    Other Proceeds	Net
    Proceeds

    Received on

    Liquidation	Net
    Proceeds

    Available for

    Distribution	Realized
    

    Loss to Trust	Date
    of Current

    Period Adj.

    to Trust	Current
    Period

    Adjustment

    to Trust	Cumulative

    Adjustment

    to Trust	Loss
    to Loan

    with Cum

    Adj. to Trust	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Current
    Total	 	 	 	 	 	 	 	 	 	 	 	 
	 	Cumulative
    Total	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	*
    Fees, Advances and Expenses also include outstanding P & I advances and unpaid fees (servicing, trustee, etc.).	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 


 


     Page 19 of 24


     


    



 






	 	 	 	 
		COMM 2016-667M Mortgage Trust


Commercial Mortgage Pass-Through Certificates

 	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Payment Date:	11/10/16
	8480 Stagecoach Circle	Record Date:	10/31/16
	Frederick, MD 21701-4747	Determination Date:	11/4/16





	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Historical Bond/Collateral
    Loss Reconciliation Detail	 
	 	 	 
	 	Distribution

    Date	 	 	Offering

    Document

    Cross-Reference	 	 	Beginning

    Balance

    at Liquidation	 	 	Aggregate

    Realized Loss

    on Loans	 	 	Prior
    Realized

    Loss Applied

    to Certificates	 	 	Amounts

    Covered by

    Credit Support	 	 	Interest

    (Shortages)/

    Excesses	 	 	Modification

    /Appraisal

    Reduction Adj.	 	 	Additional

    (Recoveries)

    /Expenses	 	 	Realized
    Loss

    Applied to

    Certificates to Date	 	 	Recoveries
    of

    Realized Losses

    Paid as Cash	 	 	(Recoveries)/

    Losses Applied to

    Certificate Interest	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	   	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Totals	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 


 




     Page 20 of 24


     


    


 



	 	 	 	 
		COMM 2016-667M Mortgage Trust


Commercial Mortgage Pass-Through Certificates

 	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Payment Date:	11/10/16
	8480 Stagecoach Circle	Record Date:	10/31/16
	Frederick, MD 21701-4747	Determination Date:	11/4/16


	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Interest Shortfall Reconciliation
    Detail - Part 1	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Offering

    Document

    Cross-

Reference	 	 	Stated

    Principal

    Balance at

    Contribution	 	 	Current

    Ending

    Scheduled

    Balance	 	 	Special
    Servicing Fees	 	 	ASER	 	 	(PPIS)
    Excess	 	 	Non-Recoverable

    (Scheduled

    Interest)	 	 	Interest
    on

    Advances	 	 	Modified
    Interest

    Rate (Reduction)

    /Excess	 
	Monthly	 	 	Liquidation	 	 	Work
    Out
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Totals	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 


 


     Page 21 of 24


     


    


 



	 	 	 	 
		COMM 2016-667M Mortgage Trust


Commercial Mortgage Pass-Through Certificates

 	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Payment Date:	11/10/16
	8480 Stagecoach Circle	Record Date:	10/31/16
	Frederick, MD 21701-4747	Determination Date:	11/4/16


	 	 	 	 	 	 	 	 	 
	 	Interest Shortfall Reconciliation
    Detail - Part 2	 
	 	 	 	 	 	 	 	 	 
	 	Offering

    Document

    Cross-Reference	Stated
    Principal

    Balance at

    Contribution	Current
    Ending

    Scheduled

    Balance	Reimb
    of Advances to the Servicer	Other
    (Shortfalls)/

    Refunds	Comments	 
	Current
    Month	Left
    to Reimburse

    Master Servicer
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	Totals	 	 	 	 	 	 	 
	 	Interest Shortfall
    Reconciliation Detail Part 2 Total	0.00	 	 	 
	 	Interest Shortfall
    Reconciliation Detail Part 1 Total	0.00	 	 	 
	 	Total Interest
    Shortfall Allocated to Trust	0.00	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 


 



     Page 22 of 24


     


    

 






	 	 	 	 
		COMM 2016-667M Mortgage Trust


Commercial Mortgage Pass-Through Certificates

 	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Payment Date:	11/10/16
	8480 Stagecoach Circle	Record Date:	10/31/16
	Frederick, MD 21701-4747	Determination Date:	11/4/16



	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	Defeased
    Loan Detail
	 	 	 	 	 	 	 	 
	 	Loan
    Number	Offering
    Document

    Cross-Reference	Ending
    Scheduled

    Balance	Maturity
    Date	Note
    Rate	Defeasance
    Status	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	Totals	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 









 



     Page 23 of 24


     


    
 

	 	 	 	 
		COMM 2016-667M Mortgage Trust


Commercial Mortgage Pass-Through Certificates

 	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Payment Date:	11/10/16
	8480 Stagecoach Circle	Record Date:	10/31/16
	Frederick, MD 21701-4747	Determination Date:	11/4/16



	 	 	 
	 	 	 
	 	Supplemental Reporting	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 




 




     Page 24 of 24


     


    


 


 


EXHIBIT L-1-A


 


FORM OF INVESTOR CERTIFICATION
FOR NON-BORROWER RELATED PARTIES


 


[Date]


  





	KeyBank National Association 


11501 Outlook Street 


Suite 300 


Overland Park, Kansas 66211 


Attention: Michael Tilden


 


Wells Fargo Bank, National Association 


9062 Old Annapolis Road 


Columbia, Maryland 21045 


Attention: Corporate Trust Services – COMM 


2016-667M

	 	AEGON USA Realty Advisors, LLC 


4333 Edgewood Road, NE

Cedar Rapids, Iowa 52499 


Attention: Greg Dryden, Senior Vice President 


Email: Specialservicing@aegonusa.com

 


                           Park Bridge Lender Services LLC 


600 Third Avenue, 40th Floor 


New York, New York 10016 


Attention: COMM 2016-667M Surveillance Manager


cmbs.notices@parkbridgefinancial.com

 



 





		Re:	COMM 2016-667M Mortgage Trust Commercial Mortgage
Pass-Through Certificates


  


In accordance
with the requirements for obtaining certain information under the Trust and Servicing Agreement, dated as of October 6, 2016 (the
“Agreement”) and executed in connection with the COMM 2016-667M Mortgage Trust securitization transaction, with
respect to the above-referenced certificates (the “Certificates”), the undersigned hereby certifies and agrees
as follows:


 


1.         The
undersigned is [a [certificateholder][beneficial owner][prospective purchaser][Controlling Class Certificateholder] of the
Class [_] Certificates][the Directing Holder].


 


2.         The
undersigned is not a Borrower Related Party.


 


3.         The undersigned
is requesting access pursuant to the Agreement to certain information (the “Information”) on the [Master Servicer’s
Website][Certificate Administrator’s Website] and/or is requesting the information identified on the schedule attached hereto
(also, the “Information”) pursuant to the provisions of the Agreement.


 


In consideration
of the disclosure to the undersigned of the Information, or the access thereto, the undersigned will keep the Information confidential
(except from such outside persons as are assisting it in making an evaluation in connection with purchasing the related Certificates,
from its accountants and attorneys, and otherwise from such governmental or banking authorities or agencies to which the undersigned
is subject), and such Information will not, without the prior written consent of the Depositor, be otherwise disclosed by the undersigned
or by its officers, directors, partners, employees, agents or representatives (collectively, the “Representatives”)
in any manner whatsoever, in whole or in part.


 






    L-1-A-1 


    	 



    

 








The undersigned
will not use or disclose the Information in any manner which could result in a violation of any provision of the Securities Act
of 1933, as amended (the “Securities Act”), or the Securities Exchange Act of 1934, as amended, or would require
registration of any Certificate not previously registered pursuant to Section 5 of the Securities Act.


 


4.         The undersigned
shall be fully liable for any breach of this agreement by itself or any of its Representatives and shall indemnify the Depositor,
the Certificate Administrator, the Trustee, the Master Servicer, the Special Servicer, the Initial Purchaser and the Trust Fund
for any loss, liability or expense incurred thereby with respect to any such breach by the undersigned or any of its Representatives.


 


5.         The undersigned
agrees that each time it accesses the [Master Servicer’s Website][Certificate Administrator’s Website], the undersigned
is deemed to have recertified that the representations and covenants contained herein remain true and correct.


 


6.         Capitalized
terms used but not defined herein shall have the respective meanings assigned thereto in the Agreement.


 


BY ITS CERTIFICATION
HEREOF, the undersigned has made the representations above and shall be deemed to have caused its name to be signed hereto by
its duly authorized signatory, as of the date certified. 





	 	 	 
	 	[Certificateholder][Beneficial
	 	 	Owner][Prospective Purchaser][Controlling

 Class Certificateholder][Directing Holder]
	 	 	 
	 	By:	 
	 	 	Title:
	 	 	Company:
	 	 	Phone:


 



    L-1-A-2 


    	 



    




  





EXHIBIT L-1-B


 


FORM OF INVESTOR CERTIFICATION
FOR BORROWER RELATED PARTIES


 


[Date]


 





	KeyBank National Association 


11501 Outlook Street 


Suite 300 


Overland Park, Kansas 66211 


Attention: Michael Tilden 


 


Wells Fargo Bank, National Association 


9062 Old Annapolis Road 


Columbia, Maryland 21045 


Attention: Corporate Trust Services – COMM 


2016-667M

	 	AEGON USA Realty Advisors, LLC 


4333 Edgewood Road, NE

Cedar Rapids, Iowa 52499 


Attention: Greg Dryden, Senior Vice President 


Email: Specialservicing@aegonusa.com


 


Park Bridge Lender Services LLC 


600 Third Avenue, 40th Floor 


New York, New York 10016 


Attention: COMM 2016-667M Surveillance Manager


cmbs.notices@parkbridgefinancial.com





 





		Re:	COMM 2016-667M Mortgage Trust Commercial
Mortgage Pass-Through Certificates





 


In accordance
with the requirements for obtaining certain information under the Trust and Servicing Agreement, dated as of October 6, 2016 (the
“Agreement”) and executed in connection with the COMM 2016-667M securitization transaction, with respect to
the above-referenced certificates (the “Certificates”), the undersigned hereby certifies and agrees as follows:


 


1.         The undersigned
is [a [certificateholder][beneficial owner][prospective purchaser][Controlling Class Certificateholder] of the Class [_] Certificates][the
Directing Holder].


 


2          The undersigned
is a Borrower Related Party.


 


3.         The undersigned
is requesting access pursuant to the Agreement to certain information (the “Information”) on the Certificate
Administrator’s Website.


 


In consideration
of the disclosure to the undersigned of the Information, or the access thereto, the undersigned shall keep the Information confidential
(except from such outside persons as are assisting it in making an evaluation in connection with purchasing the related Certificates,
from its accountants and attorneys, and otherwise from such governmental or banking authorities or agencies to which the undersigned
is subject), and such Information shall not, without the prior written consent of the Depositor, be otherwise disclosed by the
undersigned or by its officers, directors, partners, employees, agents or representatives (collectively, the “Representatives”)
in any manner whatsoever, in whole or in part.


 


The undersigned
shall not use or disclose the Information in any manner which could result in a violation of any provision of the Securities Act
of 1933, as amended (the


 






    L-1-B-1 


    	 



    

 





“Securities Act”),
or the Securities Exchange Act of 1934, as amended, or would require registration of any Certificate not previously registered
pursuant to Section 5 of the Securities Act.


 


4.         The undersigned
shall be fully liable for any breach of this agreement by itself or any of its Representative and shall indemnify each party to
the Agreement, the Initial Purchaser and the Trust Fund for any loss, liability or expense incurred thereby with respect to any
such breach by the undersigned or any of its Representatives.


 


5.         The undersigned
agrees that each time it accesses the Certificate Administrator’s Website, the undersigned is deemed to have recertified
that the representations and covenants contained herein remain true and correct.


 


6.   
     Capitalized terms used but not defined herein shall have the respective meanings
assigned thereto in the Agreement.


 


BY ITS CERTIFICATION
HEREOF, the undersigned shall be deemed to have caused its name to be signed hereto by its duly authorized signatory, as of the
date certified.





	 	 	 
	 	[Certificateholder][Beneficial 
	 	 	Owner] [Prospective Purchaser][Controlling

 Class Certificateholder][Directing Holder]
	 	 	 
	 	By:	 
	 	 	Title:
	 	 	Company:
	 	 	Phone:


 



    L-1-B-2 


    	 



    










 


EXHIBIT L-1-C


 


FORM
OF NOTICE OF [CONFLICTED CONTROLLING CLASS 

HOLDER][DIRECTING HOLDER] TO CERTIFICATE ADMINISTRATOR


 


[Date]


 





	KeyBank National Association 


11501 Outlook Street 


Suite 300 


Overland Park, Kansas 66211 


Attention:
Michael Tilden

 





Wells Fargo Bank, National Association 


9062 Old Annapolis Road 


Columbia, Maryland 21045 


Attention: Corporate Trust Services – COMM 


2016-667M


	 	AEGON USA Realty Advisors, LLC 


4333 Edgewood Road, NE

Cedar Rapids, Iowa 52499 


Attention: Greg Dryden, Senior Vice President 


Email: Specialservicing@aegonusa.com



 


Park Bridge Lender Services LLC 


600 Third Avenue, 40th Floor 


New York, New York 10016 


Attention: COMM 2016-667M Surveillance Manager

cmbs.notices@parkbridgefinancial.com








 


Email:


trustadministrationgroup@wellsfargo.com;


cts.cmbs.bond.admin@wellsfargo.com


 


		Re:	Trust and Servicing Agreement (“Trust and Servicing Agreement”)
relating to COMM 2016-667M Mortgage Trust Commercial Mortgage Pass-Through Certificates



 


In accordance with Section 4.02(b)
of the Trust and Servicing Agreement, with respect to the above-referenced certificates (the “Certificates”),
the undersigned (the “Conflicted Controlling Class Holder”) hereby directs you as follows:


 


1.         The undersigned
is [a Controlling Class Certificateholder][the Directing Holder] as of the date hereof.


 


2.         The
following USER IDs for the Certificate Administrator’s Website are affiliated with the undersigned and access to any information
on the Certificate Administrator’s Website with respect to the COMM 2016-667M Mortgage Trust securitization should be revoked
as to such users: 





	 	 	 
	 	 	 
	 	 	 
	 	 	 


 









    L-1-C-1 


    	 



    

 


3.          The
undersigned acknowledges that it is not permitted to access and shall not access any information on the Certificate Administrator’s
website (other than the Distribution Date Statement and the “risk retention special notices” tab) in accordance with
the Trust and Servicing Agreement unless and until it (i) is no longer a Conflicted Controlling Class Holder and (ii) has delivered
notice of the related Conflicted Controlling Class Holder status.


 


Capitalized terms used but not
defined herein have the respective meanings given to them in the Trust and Servicing Agreement.


 


IN WITNESS WHEREOF, the undersigned
has made the representations above and shall be deemed to have caused its name to be signed hereto by its duly authorized officer,
as of the day and year written above. 


	 	 
	 	[Controlling Class Certificateholder][Directing Holder]
	 	 
	 	Name:
	 	Title:
	 	Phone:
	 	Email:
	 	Address:





 


The undersigned hereby acknowledges that


access
to the Certificate Administrator’s


Website has been revoked for the users


listed in Paragraph 2.


 





	 	WELLS FARGO BANK, NATIONAL ASSOCIATION,
	 	Certificate Administrator
	 	 
	 	 	 
	 	 	Name:
	 	 	Title


 












    L-1-C-2 


    	 



    

 


EXHIBIT L-1-D


 


FORM OF CERTIFICATION
OF THE DIRECTING HOLDER


 


[Date]


 





	KeyBank National Association 


11501 Outlook Street 


Suite 300 


Overland Park, Kansas 66211 


Attention: Michael Tilden


 


Wells Fargo Bank, National Association 


9062 Old Annapolis Road 


Columbia, Maryland 21045 


Attention: Corporate Trust Services – COMM 


2016-667M



	 	


AEGON USA Realty Advisors, LLC 


4333 Edgewood Road, NE


Cedar Rapids, Iowa 52499 


Attention: Greg Dryden, Senior Vice President



Email: Specialservicing@aegonusa.com



Park Bridge Lender Services LLC 


600 Third Avenue, 40th Floor 


New York, New York 10016 


Attention: COMM 2016-667M Surveillance Manager


cmbs.notices@parkbridgefinancial.com








 


		Re:	Trust and Servicing Agreement, dated as of October 6, 2016 (“Trust
and Servicing Agreement”) relating to COMM 2016-667M Mortgage Trust Commercial Mortgage Pass-Through Certificates



 


The undersigned,
in its capacity as the Directing Holder and for and on behalf of itself only, hereby certifies to the addressees hereto, as of
the date hereof, as follows:


 


1.         The undersigned
has been appointed to act as the Directing Holder.


 


2.         The
undersigned is not a Borrower Related Party.


 


3.         If, to the actual
knowledge of the undersigned, the undersigned becomes a Borrower Related Party, the undersigned agrees to deliver the certification
attached as Exhibit L-1-C  to the Trust and Servicing Agreement.


 


4. Capitalized
terms used but not defined herein shall have the respective meanings assigned thereto in the Trust and Servicing Agreement.


 


The terms
and provisions of Section 6.08 of the Trust and Servicing Agreement are hereby incorporated into this certificate by reference
as if fully set forth herein, which Section shall apply to the Directing Holder’s delivery of this certification. Furthermore,
this certification is delivered to the addressees hereof with the understanding that it shall not be disclosed or transmitted to
any other Person (other than the Rating Agencies and any Companion Loan Rating Agency) without the prior written consent of the
undersigned, except that a copy of this certification may be posted to an internet website required under Rule 17g-5 promulgated
under the Securities Exchange Act of 1934, as amended, and maintained in connection with the


 






    L-1-D-1 


    	 



    

 








ratings on the Certificates solely for the purpose
of compliance with such rule, or undertakings pursuant thereto made, by the Depositor.


 


IN WITNESS WHEREOF, the undersigned
shall be deemed to have caused its name to be signed hereto by its duly authorized signatory, as of the date certified. 





	 	 	 	 
	 	[_____],
	 	 	as The Directing Holder
	 	 	 
	 	 	By:	 
	 	 	Title:
	 	 	Company:
	 	 	Phone: 


 






    L-1-D-2 


    	 



    

 











EXHIBIT L-2


 


FORM OF INVESTOR CERTIFICATION


 


[Date] 


 


KeyBank National Association


11501 Outlook Street 


Suite 300 


Overland Park, Kansas 66211 


Attention: Michael Tilden


 


Wells Fargo Bank, National Association 


9062 Old Annapolis Road 


Columbia, Maryland 21045 


Attention: Corporate Trust Services – COMM 2016-667M


 





		Re:	COMM 2016-667M Mortgage Trust Commercial Mortgage
Pass-Through Certificates





 


In accordance
with the requirements for the exercise of Voting Rights pursuant to the Trust and Servicing Agreement, dated as of October 6, 2016
(the “Agreement”) and executed in connection with the COMM 2016-667M securitization transaction, with respect
to the above-referenced certificates (the “Certificates”), the undersigned hereby certifies and agrees as follows:


 


1.         The undersigned
is a beneficial certificateholder of the Class [_] Certificates in the original principal amount of $[_____], CUSIP number [_].


 


2.         The undersigned
is duly authorized to deliver this certification to the Certificate Administrator, such power has not been granted or assigned
to any other Person and the Certificate Administrator may conclusively rely on this certification.


 


3.         The undersigned
intends to exercise Voting Rights under the Agreement, and certifies that the undersigned is not the Depositor, the Certificate
Administrator, the Trustee, a Borrower, a Manager, a Restricted Holder, an Affiliate of any of the foregoing or an agent of any
of the foregoing.


 


4.         The undersigned
shall be fully liable for any breach of this agreement by itself or any of its officers, directors, partners, employees, agents
or representatives, and shall indemnify the Depositor, the Certificate Administrator, the Trustee, the Master Servicer, the Special
Servicer and the Trust Fund for any loss, liability or expense incurred thereby with respect to any such breach by the undersigned
or any of its Representatives.


 


5.         Capitalized
terms used but not defined herein shall have the respective meanings assigned thereto in the Agreement.


 









    L-2-1 


    	 



    

 


BY ITS CERTIFICATION
HEREOF, the undersigned has made the representations above and shall be deemed to have caused its name to be signed hereto by its
duly authorized signatory, as of the date certified.


 





	 	 
	 	[Certificateholder]
	 	 
	 	By: 	 
	 	 	Name:
	 	 	Title:
	 	 	Company:
	 	 	Phone:





	 	 
	 	DTC Participant Name	 
	 	 	 
	 	DTC Participant No.	 


 






    L-2-2 


    	 



    

 





EXHIBIT L-3


 


FORM OF ONLINE VENDOR
CERTIFICATION


 


This Certification
has been prepared for provision of information to the market data providers listed in Paragraph 1 below pursuant to the direction
of the Depositor.


 


In connection
with the COMM 2016-667M Mortgage Trust Commercial Mortgage Pass-Through Certificates (the “Certificates”) issued
pursuant to the Trust and Servicing Agreement, dated as of October 6, 2016 (the “Trust and Servicing Agreement”)
and executed in connection with the COMM 2016-667M securitization transaction, the undersigned hereby certifies and agrees as follows:


 


	1.	The undersigned is an employee or agent of BlackRock Financial Management,
Inc., Bloomberg, L.P., Trepp, LLC, Intex Solutions, Inc., Thomson Reuters Corporation, Interactive Data Corporation or Markit LLC,
a market data provider that has been given access to the Distribution Date Statements, CREFC reports and supplemental notices delivered
or made available pursuant to Section 4.02 of the Trust and Servicing Agreement to Privileged Persons on https://www.ctslink.com
(the “Website”) by request of the Depositor.



 


	2.	The undersigned agrees that each time it accesses the Website, the undersigned
is deemed to have recertified that the representation above remains true and correct.



 


	3.	Capitalized terms used but not defined herein shall have the respective meanings
assigned thereto in the agreement pursuant to which the Certificates were issued.



 


BY ITS CERTIFICATION HEREOF,
the undersigned has made the representations above and shall be deemed to have caused its name to be signed hereto by its duly
authorized signatory, as of the date certified.





	 	 	 
	 	[__________________]
	 	 	 
	 	By:	  
	 	 	Name:
	 	 	Title:
	 	 	Phone:
		 	E-mail:
	 	 	 
	Dated:	 	 


  






    L-3-1 


    	 



    







 


EXHIBIT L-4


 


FORM OF CREFC®
CERTIFICATION


 


This Certification has been
prepared for provision of information to the CRE Finance Council®.


 


In connection
with the COMM 2016-667M Mortgage Trust Commercial Mortgage Pass-Through Certificates (the “Certificates”), the
undersigned hereby certifies and agrees as follows:


 


		1.	The undersigned
                                         is an employee or agent of the CRE Finance Council®
                                         that has been given access to the Distribution Date Statements and CREFC®
                                         reports on https://www.ctslink.com.



 


		2.	The undersigned agrees that each time it accesses https://
www.ctslink.com, the undersigned is deemed to have recertified that the representation above remains true and correct.



 


		3.	Capitalized terms used but not defined herein shall have
the respective meanings assigned thereto in the agreement pursuant to which the Certificates were issued.



 


BY ITS
CERTIFICATION HEREOF, the undersigned has made the representations above and has caused, or shall be deemed to have caused, its
name to be signed hereto by its duly authorized signatory, as of the date certified.


 





	 	[______________________]
	 	 	 
	 	By:	
	 	 	Name:
	 	 	Title:
	 	 	Phone:
	Dated:	 	E-mail:


 






    L-4-1 


    	 



    

 








EXHIBIT M


 


FORM OF NOTIFICATION
FROM CUSTODIAN


 


[DATE]


 


To the Persons
Listed on the attached Schedule A


 





		Re:	COMM 2016-667M Mortgage
Trust Commercial Mortgage Pass-Through Certificates


  


Ladies and Gentlemen:


 


In accordance
with Section 2.02 of the Trust and Servicing Agreement, dated as of October 6, 2016 (the “Trust and Servicing Agreement”)
and executed in connection with the COMM 2016-667M securitization transaction, the undersigned, as Custodian, hereby notifies you
that, based upon the review required under the Trust and Servicing Agreement, the Mortgage File for the Whole Loan set forth on
the attached defect schedule contains a document or documents which (i) has not been executed or received, (ii) has not been recorded
or filed (if required), (iii) is unrelated to the Whole Loan, (iv) appears not to be what they purport to be or has been torn in
any materially adverse manner or (v) is mutilated or otherwise defaced, in each case as more fully described on the attached defect
schedule.


 


The Custodian
has no responsibility to determine, and expresses no opinion with respect thereto, whether any document or opinion is legal, valid,
binding or enforceable, whether the text of any assignment or endorsement is in proper or recordable form (except, if applicable,
to determine if the Trustee is the assignee or endorsee), whether any document has been recorded in accordance with the requirements
of any applicable jurisdiction, whether a blanket assignment is permitted in any applicable jurisdiction, or whether any Person
executing any document or rendering any opinion is authorized to do so or whether any signature thereon is genuine.


 


Capitalized
words and phrases used herein shall have the respective meanings assigned to them in the above-captioned Trust and Servicing Agreement.


 


 


	 	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION, as Custodian
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:





 












    M-1 


    	 



    

 


SCHEDULE A

TO

FORM OF NOTIFICATION FROM CUSTODIAN


 


Deutsche Mortgage & Asset Receiving Corporation 


60 Wall Street 


New York, New York 10005 


Attention: Helaine M. Kaplan 


Email: lainie.kaye@db.com


 


Wells Fargo Bank, National Association 


9062 Old Annapolis Road 


Columbia, Maryland 21045 


Attention: Corporate Trust Services – COMM 2016-667M


 


Wells Fargo Bank, National Association


Sixth
Street & Marquette Avenue


Minneapolis, Minnesota 55479-0113 


Attention: COMM 2016-667M Mortgage Trust


 


To the Master Servicer:


 


KeyBank National Association 


11501 Outlook Street 


Suite 300 


Overland Park, Kansas 66211 


Attention: Michael Tilden


 


with a copy to:


 


Polsinelli PC 


900 West 48th Place, Suite 900 


Kansas City, Missouri 64112 


Attention: Kraig Kohring 


Fax Number: 816-753-1536 


Email: kkohring@polsinelli.com


 









    M-2 


    	 



    

 


To the Special Servicer:


 


AEGON USA Realty Advisors, LLC 


4333 Edgewood Road, NE


Cedar Rapids, Iowa 52499 


Attention: Greg Dryden, Senior Vice President


 


with a copy to: 


 


Email: Specialservicing@aegonusa.com


 


To the Operating Advisor:


 


Park Bridge Lender Services LLC 


600 Third Avenue, 40th Floor 


New York, New York 10016 


Attention: COMM 2016-667M Surveillance Manager


 


with
a copy to:


 


cmbs.notices@parkbridgefinancial.com


 


To the Trust Loan Seller:


 


German American Capital Corporation 


60 Wall Street 


New York, New York 10005 


Attention: Helaine M. Kaplan


 









    M-3 


    	 



    

 


DEFECT SCHEDULE

TO
FORM OF NOTIFICATION FROM CUSTODIAN


 






    M-4 


    	 



    

  





EXHIBIT N-1


 


FORM OF CLOSING DATE
CUSTODIAN CERTIFICATION


 


[Date]


 





	Deutsche Mortgage & Asset Receiving 


Corporation 


60 Wall Street 


New York, New York 10005 


Attention: Helaine M. Kaplan


 


Wells Fargo Bank, National Association 


9062 Old Annapolis Road 


Columbia, Maryland 21045 


Attention: Corporate Trust Services –


COMM
2016-667M

 

KeyBank National Association 


11501 Outlook Street, Suite 300 


Overland Park, Kansas 66211 


Attention: Michael Tilden 


Fax Number: (877) 379-1625 


Email: michael_a_tilden@keybank.com

 

Polsinelli PC 


900 West 48th Place, Suite 900 


Kansas City, Missouri 64112 


Attention: Kraig Kohring 


Fax Number: 816-753-1536 


Email: kkohring@polsinelli.com




	 	German American Capital Corporation 


60 Wall Street 


New York, New York 10005 


Attention: Helaine M. Kaplan


 


AEGON USA Realty Advisors, LLC 


4333 Edgewood Road, NE


Cedar Rapids, Iowa 52499


Attention: Greg Dryden, Senior Vice President 


Email: Specialservicing@aegonusa.com

 

Park Bridge Lender Services LLC 


600 Third Avenue, 40th Floor 


New York, New York 10016 


Attention: COMM 2016-667M Surveillance Manager


cmbs.notices@parkbridgefinancial.com


 



 


		Re:	COMM 2016-667M Mortgage Trust Commercial Mortgage Pass-Through
Certificates












 


In accordance
with Section 2.02 of the Trust and Servicing Agreement, dated as of October 6, 2016 (the “Agreement”) and executed
in connection with the COMM 2016-667M securitization transaction, the Custodian hereby certifies that, with respect to the Trust
Loan listed on the Mortgage Loan Schedule attached hereto as Schedule A, (a) the Custodian has in its possession each Note, and
(b) the foregoing documents delivered or caused to be delivered by the Trust Loan Seller as described in clause (a) above have
been reviewed by it and appear regular on their face, appear to be executed and purport to relate to the Whole Loan, except as
identified on the schedule attached hereto, and each of the documents specified in Section  2.01(a)(ii), Section
2.01(a)(vii) and Section 2.01(a)(xix) of the Agreement have been received, have been executed, appear to be what they
purport to be, purport to be recorded or filed (as applicable) and have not been torn or mutilated or otherwise defaced, and that
such documents relate to the Whole Loan identified in the Mortgage Loan Schedule.


 






    N-1-1 


    	 



    

 





Capitalized terms used but
not defined herein shall the respective meanings set forth in the Agreement.


 









    N-1-2 


    	 



    





 


	 	 	WELLS FARGO BANK, NATIONAL ASSOCIATION,
	 	 	not in its individual capacity but solely as Custodian
	 	 	 
	 	By:	
	 	 	Name:
	 	 	Title:





 









    N-1-3 


    	 



    

 


SCHEDULE A 


TO CLOSING DATE CUSTODIAN
CERTIFICATION



 


 MORTGAGE LOAN SCHEDULE








 






    N-1-4 


    	 



    

 


SCHEDULE


TO CLOSING
DATE CUSTODIAN CERTIFICATION


 


Exceptions to
the Mortgage File Delivery and Review


 






    N-1-5 


    	 



    







 


EXHIBIT N-2


 


FORM OF POST-CLOSING
CUSTODIAN CERTIFICATION


 


[Date]


 





	Deutsche Mortgage & Asset Receiving 


Corporation 


60 Wall Street 


New York, New York 10005 


Attention: Helaine M. Kaplan


 


Wells Fargo Bank, National Association 


9062 Old Annapolis Road 


Columbia, Maryland 21045 


Attention: Corporate Trust Services –


COMM
2016-667M

 

KeyBank National Association 


11501 Outlook Street, Suite 300 


Overland Park, Kansas 66211 


Attention: Michael Tilden 


Fax Number: (877) 379-1625 


Email: michael_a_tilden@keybank.com

 

Polsinelli PC 


900 West 48th Place, Suite 900 


Kansas City, Missouri 64112 


Attention: Kraig Kohring 


Fax Number: 816-753-1536 


Email: kkohring@polsinelli.com




	 	German American Capital Corporation 


60 Wall Street 


New York, New York 10005 


Attention: Helaine M. Kaplan


 


AEGON USA Realty Advisors, LLC 


4333 Edgewood Road, NE


Cedar Rapids, Iowa 52499


Attention: Greg Dryden, Senior Vice President 


Email: Specialservicing@aegonusa.com

 

Park Bridge Lender Services LLC 


600 Third Avenue, 40th Floor 


New York, New York 10016 


Attention: COMM 2016-667M Surveillance Manager


cmbs.notices@parkbridgefinancial.com


 





 





		Re:	COMM 2016-667M Mortgage Trust Commercial Mortgage
Pass-Through Certificates


  


In
accordance with Section 2.02 of the Trust and Servicing Agreement, dated as of October 6, 2016 (the
“Agreement”) and executed in connection with the COMM 2016-667M securitization transaction, the Custodian
hereby certifies, subject to the terms of the Agreement, that, with respect to the Trust Loan listed on the Mortgage Loan
Schedule attached hereto as Schedule A, all documents (other than documents referred to in clauses (xix) and (xx)
of Section 2.01(a) of the Agreement, the documents referred to in clauses (iii), (v)(B) and (viii)
of Section 2.01(a) of the Agreement and the assignments of financing statements referred to in clause (xiv) of Section
2.01(a) of the Agreement) referred to in Section 2.01(a) of the Agreement (in the case of the documents referred
to in Section 2.01(a)(iv), (v), (vi), (vii) (in the case of any endorsement thereto), (viii)
and (ix) through (xxi) of the Agreement, as identified to it in writing by the Trust Loan Seller) and any
original recorded documents included in the delivery of the Mortgage File


 









    N-2-1


     


    

 


have been received, have been
executed, appear to be what they purport to be, purport to be recorded or filed (as applicable) and have not been torn in any materially
adverse manner or mutilated or otherwise defaced, and that such documents relate to the Whole Loan identified in the Mortgage Loan
Schedule, in each case, except as set forth on the attached schedule hereto.


 


Capitalized terms used but not
defined herein shall the respective meanings set forth in the Agreement.


 





	 	WELLS FARGO BANK, NATIONAL ASSOCIATION,
	 	not in its individual capacity but solely as Custodian
	 	 	 
	 	By:	
	 	 	Name:
	 	 	Title:


 






    N-2-2


     


    

 


 





 



 


SCHEDULE A


TO POST-CLOSING
CUSTODIAN CERTIFICATION


 


MORTGAGE LOAN SCHEDULE


 




    N-2-3


     


    


 


EXHIBIT O


 


FORM OF NRSRO CERTIFICATION


 


[Date]


 


Wells Fargo Bank, National Association, 

as Certificate
Administrator


9062 Old Annapolis Road


 Columbia,
Maryland 21045





Attention: Corporate Trust Services – COMM 2016-667M


 


		Re:	Deutsche Mortgage
                                         & Asset Receiving Corporation, COMM 2016-667M Mortgage Trust Commercial Mortgage
                                         Pass-Through Certificates



 


In accordance
with the requirements for obtaining certain information pursuant to the Trust and Servicing Agreement, dated as of October 6, 2016
(the “Trust and Servicing Agreement”) and executed in connection with the COMM 2016-667M securitization transaction,
with respect to the above-referenced certificates (the “Certificates”), the undersigned hereby certifies and
agrees as follows:


 


		1.	The undersigned is either:



 


(a)           a Rating Agency under
the Trust and Servicing Agreement, or


 


(b)           a
nationally recognized statistical rating organization and either (x) has provided the Depositor with the appropriate
certifications under Exchange Act Rule 17g-5(e), had access to the Depositor’s 17g-5 website prior to the Closing Date,
is requesting access pursuant to the Trust and Servicing Agreement to certain information (the
“Information”) on such 17g-5 website pursuant to the provisions of the Trust and Servicing Agreement, and
agrees that any confidentiality agreement applicable to the undersigned with respect to the information obtained from the
Depositor’s 17g-5 website prior to the Closing Date shall also be applicable to information obtained from the 17g-5
Information Provider’s Website (including without limitation, to any information received by the Depositor for posting
on the 17g-5 Information Provider’s Website), or (y), if the undersigned did not have access to the Depositor’s
17g-5 website prior to the Closing Date, it hereby agrees that it shall be bound by the provisions of the confidentiality
agreement attached hereto as Annex A which shall be applicable to it with respect to any information obtained from the
17g-5 Information Provider’s Website, including any information that is obtained from the section of the 17g-5
Information Provider’s Website that hosts the Depositor’s 17g-5 website after the Closing Date.


 


		2.	[The undersigned either (a) has not accessed information
pursuant to Rule 17g–5(a)(3) ten (10) or more times during the most recently ended calendar year, or (b) has determined
and maintained credit ratings for at least 10% of the issued securities and money market instruments for which it accessed information
pursuant to Rule 17g–5(a)(3)(iii) in the calendar
year prior to the year covered by the SEC Certification, if it accessed such information for 10 or more issued securities or money
market instruments.]



 




     O-1


     


    


 


		3.	The undersigned agrees that each time it accesses the
17g-5 Information Provider’s Website, it shall be deemed to have recertified that the representations above remain true
and correct.



 


Capitalized terms used but not defined herein shall
have the respective meanings assigned thereto in the Trust and Servicing Agreement.


 




     O-2


     


    


 


BY
ITS CERTIFICATION HEREOF, the undersigned has made the representations above and shall be deemed to have caused its name to be
signed hereto by its duly authorized signatory, as of the date certified.





	 	 	 	 	 
	 	[Nationally Recognized Statistical Rating Organization]
	 	 	 
	 	Name:	 	 
	 	 	 
	 	Title:	 	 	 
	 	 	 
	 	Company:	 
	 	 	 
	 	Phone:	 	 
	 	 	 
	 	Email:	 	 


 





     O-3


     


    


 


Annex A


 


CONFIDENTIALITY
AGREEMENT


 


This Confidentiality Agreement (the “Confidentiality
Agreement”) is made in connection with the [Depositor] together with its affiliates, the “Furnishing Entities”
and each a “Furnishing Entity”) furnishing certain financial, operational, structural and other information
relating to the issuance of the [________________] (the “Certificates”) pursuant to the Trust and Servicing
Agreement, dated as of [__________] (the “Trust and Servicing Agreement”), by and among [____________________]
and the assets underlying or referenced by the Certificates, including the identity of, and financial information with respect
to borrowers, sponsors, guarantors, managers and lessees with respect to such assets (together, the “Collateral”)
to you (the “NRSRO”) through the website of Deutsche Bank Trust Company Americas, as 17g-5 Information Provider
under the Trust and Servicing Agreement, including the [section of the 17g-5 Information Provider’s website that hosts the
Depositor’s 17g-5 website after the Closing Date (as defined in the Trust and Servicing Agreement)]. Information provided
by each Furnishing Entity is labeled as provided by the specific Furnishing Entity.


 


Definition of Confidential
Information. For purposes of this Confidentiality Agreement, the term “Confidential Information” shall include
the following information (irrespective of its source or form of communication, including information obtained by you through access
to this site) that may be furnished to you by or on behalf of a Furnishing Entity in connection with the issuance or monitoring
of a rating with respect to the Certificates: (x) all data, reports, interpretations, forecasts, records, agreements, legal documents
and other information (such information, the “Evaluation Material”) and (y) any of the terms, conditions or
other facts with respect to the transactions contemplated by the Trust and Servicing Agreement, including the status thereof; provided,
however, that the term Confidential Information shall not include information which:


 


was or becomes
generally available to the public (including through filing with the Securities and Exchange Commission or disclosure in an offering
document) other than as a result of a disclosure by you or a NRSRO Representative (as defined below) in violation of this Confidentiality
Agreement;


 


was or is
lawfully obtained by you from a source other than a Furnishing Entity or its representatives that (i) is reasonably believed by
you to be under no obligation to maintain the information as confidential and (ii) provides it to you without any obligation to
maintain the information as confidential; or is independently developed by the NRSRO without reference to any Confidential Information.


 


Information to Be Held
in Confidence.


 


You will
use the Confidential Information solely for the purpose of determining or monitoring a credit rating on the Certificates and, to
the extent that any information used is derived from but does not reveal any Confidential Information, for benchmarking, modeling
or research purposes (the “Intended Purpose”).


 




     O-4


     


    


 


You acknowledge
that you are aware that the United States and state securities laws impose restrictions on trading in securities when in possession
of material, non-public information and that the NRSRO will advise (through policy manuals or otherwise) each NRSRO Representative
who is informed of the matters that are the subject of this Confidentiality Agreement to that effect.


 


You will
treat the Confidential Information as private and confidential. Subject to this Confidentiality Agreement, without the prior written
consent of the applicable Furnishing Entity, you will not disclose to any person any Confidential Information, whether such Confidential
Information was furnished to you before, on or after the date of this Confidentiality Agreement. Notwithstanding the foregoing,
you may:


 


disclose the Confidential
Information to any of the NRSRO’s affiliates, directors, officers, employees, legal representatives, agents and advisors
(each, a “NRSRO Representative”) who, in the reasonable judgment of the NRSRO, need to know such Confidential
Information in connection with the Intended Purpose; provided, that, prior to disclosure of the Confidential Information
to a NRSRO Representative, the NRSRO shall have taken reasonable precautions to ensure, and shall be satisfied, that such NRSRO
Representative will act in accordance with this Confidentiality Agreement;


 


solely to the extent required
for compliance with Rule 17g-5(a)(3) of the Act (17 C.F.R. 240.17g-5), post the Confidential Information to the NRSRO’s
password protected website; and


 


use information derived from
the Confidential Information in connection with an Intended Purpose, if such derived information does not reveal any Confidential
Information.


 


Disclosures Required
by Law. If you or any NRSRO Representative is requested or required (orally or in writing, by interrogatory, subpoena,
civil investigatory demand, request for information or documents, deposition or similar process relating to any legal proceeding,
investigation, hearing or otherwise) to disclose any Confidential Information, you agree to provide the relevant Furnishing Entity
with notice as soon as practicable (except in the case of regulatory or other governmental inquiry, examination or investigation,
and otherwise to the extent practical and permitted by law, regulation or regulatory or other governmental authority) that a request
to disclose the Confidential Information has been made so that the relevant Furnishing Entity may seek an appropriate protective
order or other reasonable assurance that confidential treatment will be accorded the Confidential Information if it so chooses.
Unless otherwise required by a court or other governmental or regulatory authority to do so, and provided that you been informed
by written notice that the related Furnishing Entity is seeking a protective order or other reasonable assurance for confidential
treatment with respect to the requested Confidential Information, you agree not to disclose the Confidential Information while
the Furnishing Entity’s effort to obtain such a protective order or other reasonable assurance for confidential treatment
is pending. You agree to reasonably cooperate with each Furnishing Entity in its efforts to obtain a protective order or other
reasonable assurance that confidential treatment


 




     O-5


     


    


 


will be accorded to the portion
of the Confidential Information that is being disclosed, at the sole expense of such Furnishing Entity; provided, however,
that in no event shall the NRSRO be required to take a position that such information should be entitled to receive such a protective
order or reasonable assurance as to confidential treatment. If a Furnishing Entity succeeds in obtaining a protective order or
other remedy, you agree to comply with its terms with respect to the disclosure of the Confidential Information, at the sole expense
of such Furnishing Entity. If a protective order or other remedy is not obtained or if the relevant Furnishing Entity waives compliance
with the provisions of this Confidentiality Agreement in writing, you agree to furnish only such information as you are legally
required to disclose, at the sole expense of the relevant Furnishing Entity.


 


Obligation to Return
Evaluation Material. Promptly upon written request by or on behalf of the relevant Furnishing Entity, all material
or documents, including copies thereof, that contain Evaluation Material will be destroyed or, in your sole discretion, returned
to the relevant Furnishing Entity. Notwithstanding the foregoing, (a) the NRSRO may retain one or more copies of any document or
other material containing Evaluation Material to the extent necessary for legal or regulatory compliance (or compliance with the
NRSRO’s internal policies and procedures designed to ensure legal or regulatory compliance) and (b) the NRSRO may retain
any portion of the Evaluation Material that may be found in backup tapes or other archive or electronic media or other documents
prepared by the NRSRO and any Evaluation Material obtained in an oral communication; provided, that any Evaluation Material
so retained by the NRSRO will remain subject to this Confidentiality Agreement and the NRSRO will remain bound by the terms of
this Confidentiality Agreement.


 


Violations of this Confidentiality
Agreement. The NRSRO will be responsible for any breach of this Confidentiality Agreement by you, the NRSRO or any
NRSRO Representative.


 


You agree promptly to advise
each relevant Furnishing Entity in writing of any misappropriation or unauthorized disclosure or use by any person of the Confidential
Information which may come to your attention and to take all steps reasonably requested by such Furnishing Entity to limit, stop
or otherwise remedy such misappropriation, or unauthorized disclosure or use.


 


You acknowledge and agree that
the Furnishing Entities would not have an adequate remedy at law and would be irreparably harmed in the event that any of the provisions
of this Confidentiality Agreement were not performed in accordance with their specific terms or were otherwise breached. It is
accordingly agreed that each Furnishing Entity shall be entitled to specific performance and injunctive relief to prevent breaches
of this Confidentiality Agreement and to specifically enforce the terms and provisions hereof, in addition to any other remedy
to which a Furnishing Entity may be entitled at law or in equity. It is further understood and agreed that no failure to or delay
in exercising any right, power or privilege hereunder shall preclude any other or further exercise of any right, power or privilege.


 


Term.
Notwithstanding the termination or cancellation of this Confidentiality Agreement and regardless of whether the NRSRO has provided
a credit rating on a Security, your obligations under this Confidentiality Agreement will survive indefinitely.


 




     O-6


     


    


 


Governing Law.
This Confidentiality Agreement and any claim, controversy or dispute arising under the Confidentiality Agreement, the relationships
of the parties and/or the interpretation and enforcement of the rights and duties of the parties shall be governed by and construed
in accordance with the laws of the State of New York applicable to agreements made and to be performed within such State.


 


Amendments.
This Confidentiality Agreement may be modified or waived only by a separate writing by the NRSRO and each Furnishing Entity.


 


Entire Agreement.
This Confidentiality Agreement represents the entire agreement between you and the Furnishing Entities relating to the treatment
of Confidential Information heretofore or hereafter reviewed or inspected by you. This agreement supersedes all other understandings
and agreements between us relating to such matters; provided, however, that, if the terms of this Confidentiality
Agreement conflict with another agreement relating to the Confidential Information that specifically states that the terms of such
agreement shall supersede, modify or amend the terms of this Confidentiality Agreement, then to the extent the terms of this Confidentiality
Agreement conflict with such agreement, the terms of such agreement shall control notwithstanding acceptance by you of the terms
hereof by entry into this website.


 


Contact Information.
Notices for each Furnishing Entity under this Confidentiality Agreement, shall be directed as set forth below:


 


[_____________]


 




     O-7


     


    


 


EXHIBIT P-1


 


FORM OF TRANSFEROR
CERTIFICATE


FOR TRANSFER OF THE
EXCESS SERVICING FEE RIGHTS


 


[Date]


 


Deutsche
Mortgage & Asset Receiving Corporation


60 Wall Street


New York, New York 10005


Attention: Helaine M. Kaplan


 





		Re:	Deutsche Mortgage & Asset Receiving Corporation, COMM 2016-667M Mortgage Trust Commercial Mortgage Pass-Through
                                         Certificates


 


Ladies and Gentlemen:


 


This letter is delivered
to you in connection with the transfer by [_____] (the “Transferor”) to [_____] (the “Transferee”)
of the Excess Servicing Fee Right established under the Trust and Servicing Agreement, dated as of October 6, 2016 (the “Trust
and Servicing Agreement”) and executed in connection with the COMM 2016-667M securitization transaction. All capitalized
terms used but not otherwise defined herein shall have the respective meanings set forth in the Trust and Servicing Agreement.
The Transferee hereby certifies, represents and warrants to you, as Depositor, that:


 


1.             The Transferor
is the lawful owner of the right to receive the Excess Servicing Fees with respect to the Whole Loan for which [_____] is the Master
Servicer (the “Excess Servicing Fee Right”), with the full right to transfer the Excess Servicing Fee Right
free from any and all claims and encumbrances whatsoever.


 



2.             Neither
the Transferor nor anyone acting on its behalf has (a) offered, transferred, pledged, sold or otherwise disposed of the Excess
Servicing Fee Right, any interest in the Excess Servicing Fee Right or any other similar security to any person in any manner,
(b) solicited any offer to buy or accept a transfer, pledge or other disposition of the Excess Servicing Fee Right, any interest
in the Excess Servicing Fee Right or any other similar security from any person in any manner, (c) otherwise approached or negotiated
with respect to the Excess Servicing Fee Right, any interest in the Excess Servicing Fee Right or any other similar security with
any person in any manner, (d) made any general solicitation with respect to the Excess Servicing Fee Right, any interest in the
Excess Servicing Fee Right or any other similar security by means of general advertising or in any other manner, or (e) taken any
other action, which (in the case of any of the acts described in clauses (a) through (e) hereof) would constitute a distribution
of the Excess Servicing Fee Right under the Securities Act of 1933, as amended (the “Securities Act”), or would
render the disposition of the Excess Servicing Fee Right a violation of Section 5 of the Securities Act or any state securities
laws, or would require registration or qualification of the Excess Servicing Fee Right pursuant to the Securities Act or any state
securities laws.


 




     P-1-1


     


    


 





	 	 	 
	 	Very truly yours,
	 	 
	 	By: 	
	 	 	Name:
	 	 	Title:


 




     P-1-2


     


    


 


EXHIBIT P-2


 


FORM OF TRANSFEREE
CERTIFICATE


FOR TRANSFER OF THE
EXCESS SERVICING FEE RIGHTS


 


[Date]


 


Deutsche Mortgage &
Asset Receiving Corporation


60 Wall Street


New York, New York 10005


Attention: Helaine M. Kaplan


 


KeyBank National Association


11501 Outlook Street


Suite 300


Overland Park, Kansas 66211


Attention: Michael Tilden


 


		Re:	Deutsche Mortgage & Asset Receiving
                                         Corporation, COMM 2016-667M Mortgage Trust Commercial Mortgage Pass-Through Certificates
                                          



 


Ladies and Gentlemen:


 


This letter is delivered
to you in connection with the transfer by [_____] (the “Transferor”) to [_____] (the “Transferee”)
of the Excess Servicing Fee Right established under the Trust and Servicing Agreement, dated as of October 6, 2016 (the “Trust
and Servicing Agreement”) and executed in connection with the COMM 2016-667M securitization transaction. All capitalized
terms used but not otherwise defined herein shall have the respective meanings set forth in the Trust and Servicing Agreement.
The Transferee hereby certifies, represents and warrants to you, as the Depositor and the Master Servicer, that:


 


1.             The
Transferee is acquiring the right to receive Excess Servicing Fees with respect to the Whole Loan as to which [_____] is the applicable
Master Servicer (the “Excess Servicing Fee Right”) for its own account for investment and not with a view to
or for sale or transfer in connection with any distribution thereof, in whole or in part, in any manner which would violate the
Securities Act of 1933, as amended (the “Securities Act”), or any applicable state securities laws.

 


2.             The
Transferee understands that (a) the Excess Servicing Fee Right has not been and will not be registered under the Securities Act
or registered or qualified under any applicable state securities laws, (b) none of the Depositor, the Trustee, Certificate Administrator
or the Certificate Registrar is obligated so to register or qualify the Excess Servicing Fee Right, and (c) the Excess Servicing
Fee Right may not be resold or transferred unless it is (i) registered pursuant to the Securities Act and registered or qualified
pursuant to any applicable state securities laws or (ii) sold or transferred in transactions which are exempt from such registration
and qualification and (A) the Depositor has received a certificate from the prospective transferor substantially in the form attached
as Exhibit P-1 to the Trust and Servicing Agreement, and (B) each of the Master Servicer and the Depositor have received a certificate
from the prospective


 




     P-2-1


     


    


 


transferee
substantially in the form attached as Exhibit P-2 to the Trust and Servicing Agreement.


 


3.             The
Transferee understands that it may not sell or otherwise transfer the Excess Servicing Fee Right or any interest therein
except in compliance with the provisions of Section 3.12 of the Trust and Servicing Agreement, which provisions it has
carefully reviewed.


 


4.             Neither
the Transferee nor anyone acting on its behalf has (a) offered, pledged, sold, disposed of or otherwise transferred the Excess
Servicing Fee Right, any interest in the Excess Servicing Fee Right or any other similar security to any person in any manner,
(b) solicited any offer to buy or accept a pledge, disposition or other transfer of the Excess Servicing Fee Right, any interest
in the Excess Servicing Fee Right or any other similar security from any person in any manner, (c) otherwise approached or negotiated
with respect to the Excess Servicing Fee Right, any interest in the Excess Servicing Fee Right or any other similar security with
any person in any manner, (d) made any general solicitation with respect to the Excess Servicing Fee Right, any interest in the
Excess Servicing Fee Right or any other similar security by means of general advertising or in any other manner, or (e) taken any
other action with respect to the Excess Servicing Fee Right, any interest in the Excess Servicing Fee Right or any other similar
security, which (in the case of any of the acts described in clauses (a) through (e) above) would constitute a distribution of
the Excess Servicing Fee Right under the Securities Act, would render the disposition of the Excess Servicing Fee Right a violation
of Section 5 of the Securities Act or any state securities law or would require registration or qualification of the Excess Servicing
Fee Right pursuant thereto. The Transferee will not act, nor has it authorized or will it authorize any person to act, in any manner
set forth in the foregoing sentence with respect to the Excess Servicing Fee Right, any interest in the Excess Servicing Fee Right
or any other similar security.


 


5.             The
Transferee has been furnished with all information regarding (a) the Depositor, (b) the Excess Servicing Fee Right and any payments
thereon, (c) the Trust and Servicing Agreement and the Trust Fund created pursuant thereto, (d) the nature, performance and servicing
of the Whole Loan, and (e) all related matters that it has requested.


 


6.             The
Transferee is (a) a “qualified institutional buyer” within the meaning of Rule 144A under the Securities Act or
(b) an “accredited investor” as defined in any of paragraphs (1), (2), (3) and (7) of Rule 501(a) under the
Securities Act or an entity in which all of the equity owners are “accredited investors” as defined in any of
paragraphs (1), (2), (3) and (7) of Rule 501(a) under the Securities Act. The Transferee has such knowledge and experience in
financial and business matters as to be capable of evaluating the merits and risks of an investment in the Excess Servicing
Fee Right; the Transferee has sought such accounting, legal and tax advice as it has considered necessary to make an informed
investment decision; and the Transferee is able to bear the economic risks of such investment and can afford a complete loss
of such investment.


 


7.             The
Transferee agrees (i) to keep all information relating to the Trust, the Trust Fund and the parties to the Trust and Servicing
Agreement, and made available to it, confidential, (ii) not to use or disclose such information in any manner which could result
in a violation of any provision of the Securities Act or would require registration of the Excess Servicing Fee Right or any Certificate
pursuant to the Securities Act, and (iii) not to disclose


 




     P-2-2


     


    


 


such information, and to cause
its officers, directors, partners, employees, agents or representatives not to disclose such information, in any manner whatsoever,
in whole or in part, to any other Person other than such holder’s auditors, legal counsel and regulators, except to the extent
such disclosure is required by law, court order or other legal requirement or to the extent such information is of public knowledge
at the time of disclosure by such holder or has become generally available to the public other than as a result of disclosure by
such holder; provided, however, that such holder may provide all or any part of such information to any other Person who is contemplating
an acquisition of the Excess Servicing Fee Right if, and only if, such Person (x) confirms in writing such prospective acquisition
and (y) agrees in writing to keep such information confidential, not to use or disclose such information in any manner which could
result in a violation of any provision of the Securities Act or would require registration of the Excess Servicing Fee Right or
any Certificates pursuant to the Securities Act and not to disclose such information, and to cause its officers, directors, partners,
employees, agents or representatives not to disclose such information, in any manner whatsoever, in whole or in part, to any other
Person other than such Persons’ auditors, legal counsel and regulators.


 


8.             The
Transferee acknowledges that the holder of the Excess Servicing Fee Right shall not have any rights under the Trust and Servicing
Agreement except as set forth in Section 3.12(a) of the Trust and Servicing Agreement, and that the Excess Servicing Fee Rate
may be reduced to the extent provided in the Trust and Servicing Agreement.


 





	 	Very truly yours,
	 	 
	 	By: 	 
	 		Name:
	 		Title:


 




     P-2-3


     


    


 


EXHIBIT Q


 


FORM OF POWER OF ATTORNEY
TO


THE MASTER SERVICER AND
SPECIAL SERVICER


 


When
recorded return to:


[___________]


 


LIMITED
POWER OF ATTORNEY


 


Wells Fargo
Bank, National Association, a national banking association organized and existing under the laws of the United States and having
an office at 9062 Old Annapolis Road, Columbia, Maryland, 21045, not in its individual capacity but solely as trustee (in such
capacity, the “Trustee”), hereby constitutes and appoints [KeyBank National Association (the “Master
Servicer”)][ AEGON USA Realty Advisors, LLC (the “Special Servicer”)] and in its name, aforesaid Attorney-In-Fact,
by and through any authorized representative appointed by the board of directors of the [Master Servicer][Special Servicer], to
execute and acknowledge in writing or by facsimile stamp all documents customarily and reasonably necessary and appropriate for
the tasks described in the items (1) through (11) below; provided however, that the documents described below may only be executed
and delivered by such Attorneys-In-Fact if such documents are required or permitted under the terms of the Trust and Servicing
Agreement, dated as of October 6, 2016 (the “Agreement”), entered into between Deutsche Mortgage & Asset
Receiving Corporation, as depositor, KeyBank National Association, as master servicer, AEGON USA Realty Advisors, LLC, as special
servicer, Wells Fargo Bank, National Association, as certificate administrator, trustee, paying agent and custodian, and Park Bridge
Lender Services LLC, as operating advisor, and no power is granted hereunder to take any action that would be adverse to the interests
of the Trustee.


 


This Limited
Power of Attorney is being issued in connection with the [Master Servicer][Special Servicer]’s responsibilities to service
the Whole Loan held by the Trustee. The Whole Loan is secured by the Mortgage and other forms of security instruments (collectively,
the “Security Instruments”) and the Notes secured thereby. Capitalized terms used but not defined herein shall
have the respective meanings assigned thereto in the Agreement.


 


1.             Demand,
sue for, recover, collect and receive each and every sum of money, debt, account and interest (which now is, or hereafter shall
become due and payable) belonging to or claimed by the Trustee, and to use or take any lawful means for recovery by legal process
or otherwise, including but not limited to the preparation and issuance of statements of breach, notices of default, and/or notices
of sale, accepting deeds in lieu of foreclosure, evicting (to the extent allowed by federal, state or local laws) and foreclosing
on the properties under the Security Instruments by judicial or non-judicial foreclosure, actions for temporary restraining orders,
injunctions, appointments of receiver, suits for waste, fraud and any and all other tort, contractual or other claims of whatever
nature, including execution of any evidentiary affidavits or verifications in support thereof, as may be necessary or advisable
in any bankruptcy action, state or federal suit or any other action.


 




     Q-1


     


    



 


2.             Execute
and/or file such documents and take such other action as is proper and necessary to defend the Trustee in litigation and to resolve
any litigation where the [Master Servicer][Special Servicer] has an obligation to defend the Trustee, including but not limited
to dismissal, termination, cancellation, rescission and settlement.


 


3.             Transact
business of any kind regarding the Whole Loan and the Mortgaged Property.


 


4.             Obtain
an interest in the Whole Loan, Mortgaged Property and/or building thereon, as the Trustee’s act and deed, to contract for,
purchase, receive and take possession and evidence of title in and to the property and/or to secure payment of a promissory note
or performance of any obligation or agreement.


 


5.             Execute,
complete, indorse or file bonds, notes, the Mortgage and other contracts, agreements and instruments regarding the Borrower, the
Whole Loan and/or the Mortgaged Property, including but not limited to the execution of estoppel certificates, financing statements,
continuation statements, releases, satisfactions, assignments, loan modification agreements, payment plans, waivers, consents,
amendments, forbearance agreements, loan assumption agreements, subordination agreements, property adjustment agreements, non-disturbance and attornment agreements, leasing agreements, management agreements, listing agreements, purchase and sale agreements,
and other instruments pertaining to the Mortgage, and execution of deeds and associated instruments, if any, conveying the Mortgaged
Property, in the interest of the Trustee.


 


6.             Endorse
on behalf of the undersigned all checks, drafts and/or other negotiable instruments made payable to the undersigned and draw upon,
replace, substitute, release or amend letters of credit as property securing the Whole Loan.


 


7.             Execute
any document or perform any act described in items (3), (4) and (5) in connection with the termination of the Trust Fund as necessary
to transfer ownership of the Whole Loan to the entity (or its designee or assignee) possessing the right to obtain ownership of
such Whole Loan.


 


8.             Such
other actions and file such other instruments and certifications as are reasonably necessary to complete or accomplish the [Master
Servicer][Special Servicer]’s duties and responsibilities under the Agreement.


 


9.             Subordinate
the lien of the Mortgage or deed to secure debt (i) for the purpose of refinancing Whole Loan, where applicable, or (ii) to an
easement in favor of a public utility company or a government agency or unit with powers of eminent domain, including but not limited
to the execution of partial satisfactions and releases and partial reconveyances reasonably required for such purpose, and the
execution or requests to the trustees to accomplish the same.


 


10.           Convey
the Mortgaged Property to the mortgage insurer, or close the title to the Mortgaged Property to be acquired as real estate owner,
or convey title to real estate owned property (“REO Property”).


 




     Q-2


     


    


 


11.           Execute
and deliver the following documentation with respect to the sale of the REO Property acquired through a foreclosure or deed-in-lieu
of foreclosure, including, without limitation, listing agreements, purchase and sale agreements, grant / limited or special warranty
/ quit claim deeds or any other deed, but not general warranty deeds, causing the transfer of title of the Mortgaged Property to
a party contracted to purchase same, escrow instructions and any all documents necessary to effect the transfer of REO Property.


 


The undersigned
gives said Attorney-in-Fact full power and authority to execute such instruments and to do and perform all and every act and thing
necessary and proper to carry into effect the power or powers granted by or under this Limited Power of Attorney as fully as the
undersigned might or could do as of the date set forth below.


 


This appointment
is to be construed and interpreted as a limited power of attorney. The enumeration of specific items, rights, acts or powers herein
is not intended to, nor does it give rise to, and it is not to be construed as a general power of attorney.


 


The [Master
Servicer][Special Servicer] hereby agrees to indemnify and hold the Trustee and its directors, officers, employees and agents harmless
from and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or
disbursements of any kind or nature whatsoever incurred by the Trustee by reason or result of the misuse of this Limited Power
of Attorney by the [Master Servicer][Special Servicer]. The foregoing indemnity shall survive the termination of this Limited Power
of Attorney and the Agreement or the earlier resignation or removal of the Trustee under the Agreement.


 


IN WITNESS WHEREOF, Wells
Fargo Bank, National Association, as Trustee has caused these presents to be signed and acknowledged in its name and behalf by
a duly elected and authorized signatory this [__] day of [___________].





	 	 
	NO CORPORATE SEAL	Wells Fargo Bank, National Association,
	 	as Trustee,
	 	For [______]


 





	 	 	By:	 
	Witness:	 		, Vice President           


 



     Q-3


     


    


 


State of Maryland}


 


County of ____}


 


On ___________________, before me,
______________________ Notary Public, personally appeared __________________, who proved to me on the basis of
satisfactory evidence to be the person whose name is subscribed to the within instrument and acknowledged to me that he/she executed
the same in his/her authorized capacity and that by his/her signature on the instrument the person, or the entity upon behalf of
which the person acted, executed the instrument.


 


I certify under PENALTY OF PERJURY under
the laws of the State of Maryland that the foregoing paragraph is true and correct.


Witness my hand and official seal.




	 	 
	Notary signature	 





 




     Q-4


     


    


 


EXHIBIT R


 


FORM OF NOTICE OF MEZZANINE
COLLATERAL FORECLOSURE


 


Wells Fargo Bank, National Association


301 South College St.


Charlotte, North Carolina 28288


 


Wells Fargo Bank, National Association


9062 Old Annapolis Road


Columbia, Maryland 21045


Attention: Corporate Trust Services – COMM 2016-667M


 


KeyBank National Association


11501 Outlook Street, Suite 300


Overland Park, Kansas 66211


Attention: Michael Tilden


Fax Number: (877) 379-1625


Email: michael_a_tilden@keybank.com


 


AEGON USA Realty Advisors, LLC


4333
Edgewood Road, NE Cedar Rapids, Iowa 52499


Attention: Greg Dryden, Senior Vice President


Email: Specialservicing@aegonusa.com


 


In accordance
with Section 3.23(h) of the Trust and Servicing Agreement, dated as of October 6, 2016 (the “Agreement”),
by and among Deutsche Mortgage & Asset Receiving Corporation, as Depositor, KeyBank National Association, as Master Servicer,
AEGON USA Realty Advisors, LLC, as Special Servicer, Wells Fargo Bank, National Association, as Certificate Administrator, Trustee,
Paying Agent and Custodian, and Park Bridge Lender Services LLC, as Operating Advisor, with respect to the above-referenced certificates,
the undersigned hereby notifies you that the following Mezzanine Lenders have accelerated the Mezzanine Loan and/or have commenced
foreclosure proceedings against the related mezzanine collateral:


 


[INSERT NAME]


 


As set
forth in the Agreement, you are required to cause such Mezzanine Lender to re-submit any Investor Certification previously delivered
by such Mezzanine Lender, prior to allowing it access to the information on the Certificate Administrator’s website, to the
extent such information is accessible only to Privileged Persons.


 




     R-1


     


    


 


Capitalized terms used but not
defined herein shall have the meanings ascribed thereto in the Agreement.


 





	 	[Master Servicer] [Special Servicer] [Certificate Administrator] [Trustee]
	 	 	 
	 	Name:
	 	Title:


 




     R-2


     


    


 







EXHIBIT
S


 


ADDITIONAL
FORM 10-D DISCLOSURE


 


For
so long as any Other Securitization Trust is subject to the reporting requirements of the Exchange Act, the parties identified
in the “Party Responsible” column (with each Servicing Function Participant deemed to be responsible for the following
items for which the party that retained such Servicing Function Participant is responsible) are obligated pursuant to Section
11.04 of the Trust and Servicing Agreement to disclose to each Other Exchange Act Reporting Party and the Other Depositor
any information described in the corresponding Form 10-D Item described in the “Item on Form 10-D” column to the extent
such party has actual knowledge (and in the case of financial statements required to be provided in connection with Item 6 below,
possession) of such information (other than information as to itself). Each of the Certificate Administrator, the Paying Agent,
the Trustee, the Master Servicer, the Special Servicer (in its capacity as such), each Other Exchange Act Reporting Party and
the Other Depositor shall be entitled to rely on the accuracy of the Offering Circular and the offering materials with respect
to any related Other Securitization Trust (other than information with respect to itself that is set forth in or omitted from
such offering materials or the Offering Circular), in the absence of specific written notice to the contrary from the Depositor,
Other Depositor or Trust Loan Seller. Each of the Certificate Administrator, the Paying Agent, the Trustee, the Master Servicer,
the Special Servicer (in its capacity as such), each Other Exchange Act Reporting Party and the Other Depositor shall be entitled
to conclusively assume that there is no “significant obligor” other than a party identified as such in the prospectus
supplement relating to the Other Securitization. For this COMM 2016-667M Trust and Servicing Agreement and any Other Securitization
Trust, each of the Certificate Administrator, the Paying Agent, the Trustee, the Master Servicer, the Special Servicer (in its
capacity as such), each Other Exchange Act Reporting Party and the Other Depositor shall be entitled to assume that there is no
provider of credit enhancement, liquidity or derivative instruments within the meaning of Items 1114 or 1115 of Regulation AB
other than a party identified as such in the Offering Circular and the offering materials with respect to any related Other Securitization
Trust. 


 


	Item
    on Form 10-D	Party
    Responsible
	Item
    1: Distribution and Pool Performance Information: Only with respect to any information required by 1121 which is NOT included
    on the Distribution Date Statement	●     Each
        Master Servicer (only with respect to 1121(a)(12) as to non Specially Serviced Loans) 

        ●     Special
        Servicer (only with respect to 1121(a)(12) as to Specially Serviced Loans) 

        ●     Depositor 

        ●     Certificate
        Administrator 

        ●     Each
        Trust Loan Seller (only with respect to 1121(c)(2)) 

	Item
    2: Legal Proceedings:
	●     Master
        Servicer (as to itself) 

        



 






    S-1


     


    

 


	Item
    1117 of Regulation AB (to the extent material to Certificateholders)	●     Special
        Servicer (as to itself) 


        ●     Trustee
        (as to itself) 

        ●     Certificate
        Administrator (as to itself) 

        ●     Depositor
        (as to itself) 

        ●     Any
        other Reporting Servicer (as to itself) 

        ●     Trustee/Certificate
        Administrator/Master Servicer/ Depositor/Special Servicer as to the Trust 

        ●     Each
        Trust Loan Seller 

        ●     Originators
        under Item 1110 of Regulation AB (to be provided by the Depositor) 

        ●     Party
        under Item 1100(d)(1) of Regulation AB (to be provided by the Depositor) 

	Item
    3: Sale of Securities and Use of Proceeds	●     Depositor
	Item
    4: Defaults Upon Senior Securities	●     Certificate
        Administrator 

        ●     Trustee 

	Item
    5: Submission of Matters to a Vote of Security Holders	●     Certificate
    Administrator
	Item
    6: Significant Obligors of Pool Assets	●     Master
    Servicer
	Item
    7: Significant Enhancement Provider Information	●     N/A
	Item
    8: Other Information (information required to be disclosed on Form 8-K that was not properly disclosed)	●     Any
    party responsible for disclosure items on Form 8-K to the extent of such items

	Item
    9: Exhibits	●     Depositor
        (exhibits required by Item 601 of Regulation S-K, such as material agreements)

        ●     Certificate
        Administrator (Monthly Statement to Certificateholders)



 






    S-2


     


    







 


EXHIBIT
T


 


ADDITIONAL
FORM 10-K DISCLOSURE


 


For
so long as any Other Securitization Trust is subject to the reporting requirements of the Exchange Act, the parties identified
in the “Party Responsible” column (with each Servicing Function Participant deemed to be responsible for the following
items for which the party that retained such Servicing Function Participant is responsible) are obligated pursuant to Section
11.05 of the Trust and Servicing Agreement to disclose to each Other Exchange Act Reporting Party and the Other Depositor
any information described in the corresponding Form 10-K Item described in the “Item on Form 10-K” column to the extent
such party has actual knowledge (and in the case of financial statements required to be provided in connection with 1112(b) below,
possession) of such information (other than information as to itself). Each of the Certificate Administrator, the Paying Agent,
the Trustee, the Master Servicer, the Special Servicer (in its capacity as such), each Other Exchange Act Reporting Party and
the Other Depositor shall be entitled to rely on the accuracy of the Offering Circular and the offering materials with respect
to any related Other Securitization Trust (other than information with respect to itself that is set forth in or omitted from
such offering materials or the Offering Circular), in the absence of specific written notice to the contrary from the Depositor,
the Other Depositor or Trust Loan Seller. Each of the Certificate Administrator, the Paying Agent, the Trustee, the Master Servicer,
the Special Servicer (in its capacity as such), each Other Exchange Act Reporting Party and the Other Depositor shall be entitled
to conclusively assume that there is no “significant obligor” other than a party identified as such in the prospectus
supplement relating to the Other Securitization. For this COMM 2016-667M Trust and Servicing Agreement and any Other Securitization,
each of the Certificate Administrator, the Paying Agent, the Trustee, the Master Servicer, the Special Servicer (in its capacity
as such), each Other Exchange Act Reporting Party and the Other Depositor shall be entitled to assume that there is no provider
of credit enhancement, liquidity or derivative instruments within the meaning of Items 1114 or 1115 of Regulation AB other than
a party identified as such in the Offering Circular and the offering materials with respect to any related Other Securitization
Trust.


 


	Item on Form 10-K	Party Responsible
	Item 1B: Unresolved Staff Comments	●      Depositor
	Item 9B: Other Information (information required to be disclosed on Form 8-K that was not properly disclosed)	●      Any party responsible for disclosure items on Form 8-K to the extent of such items
	
        Item 15: Exhibits, Financial
Statement
Schedules
	
        ●      Certificate
        Administrator

        ●      Depositor

	
        Additional Item:

        Disclosure per Item 1112(b)(1) of Regulation AB
	
        ●      Master
        Servicer

	
        Additional Item:

        Disclosure per Items
1114(b)(2) and 1115(b) of Regulation AB
	
        ●      N/A










 






    T-1


     


    

 





	
        Additional Item:

        Disclosure per Item 1117 of Regulation AB (to the extent
        material to Certificateholders)
	
        ●      Master
        Servicer (as to itself)

        ●      Special
        Servicer (as to itself)

        ●      Certificate
        Administrator
        (as to itself)

        ●      Trustee
        (as to itself)

        ●      Depositor
        (as to itself)

        ●      Operating
        Advisor (as to itself)

        ●      Any
        other Reporting Servicer (as to itself)

        ●      Trustee/Certificate
        Administrator/Master
        Servicer/Depositor/Special
        Servicer as to the Trust

        ●      Each
        Trust Loan Seller

        ●      Originators
        under Item 1110 of Regulation AB (to be provided by the Depositor)

        ●      Party
        under Item 1100(d)(1) of Regulation AB (to be provided by the Depositor)

	
        Additional Item:

        Disclosure per Item 1119 of Regulation AB
	
        ●      Master
        Servicer (as to itself) (to the extent
        material to Certificateholders
        and only as to affiliations under
        1119(a) with the Trustee, Certificate
        Administrator,
        Special Servicer
        or a sub-servicer meeting any of the descriptions in Item 1108(a)(3))

        ●      Special
        Servicer (as to itself) (to the extent
        material to Certificateholders
        and only as to affiliations under
        1119(a) with the Trustee, Certificate
        Administrator,
        Master Servicer or a sub-servicer meeting
        any of the descriptions in Item 1108(a)(3))

        ●      Certificate
        Administrator
        (as to itself) (to the extent material
        to Certificateholders)

        ●      Trustee
        (as to itself)
        (to the extent material
        to Certificateholders)

        ●      Depositor
        (as to itself)

        ●      Depositor
        (as to the Trust)

        ●      Each
        Trust Loan Seller

        ●      Operating
        Advisor (as to itself)

        ●      Originators
        under Item 1110 of Regulation AB (to be provided by the Depositor)

        ●      Party
        under Item 1100(d)(1) of Regulation AB (to be provided by the Depositor)



  


    T-2


     


    
 

EXHIBIT
U


 


FORM
8-K DISCLOSURE INFORMATION


 


For
so long as any Other Securitization Trust is subject to the reporting requirements of the Exchange Act, the parties identified
in the “Party Responsible” column (with each Servicing Function Participant deemed to be responsible for the following
items for which the party that retained such Servicing Function Participant is responsible) are obligated pursuant to Section
11.06 of the Trust and Servicing Agreement to disclose to each Other Exchange Act Reporting Party and the Other Depositor
the occurrence of any event described in the corresponding Form 8-K Item described in the “Item on Form 8-K” column
to the extent such party has actual knowledge of such information (other than information as to itself). Each of the Certificate
Administrator, the Paying Agent, the Trustee, the Master Servicer, the Special Servicer (in its capacity as such), each Other
Exchange Act Reporting Party and the Other Depositor shall be entitled to rely on the accuracy of the Offering Circular and the
offering materials with respect to any related Other Securitization Trust (other than information with respect to itself that
is set forth in or omitted from such offering materials or the Offering Circular), in the absence of specific written notice to
the contrary from the Depositor, the Other Depositor or Trust Loan Seller. Each of the Certificate Administrator, the Paying Agent,
the Trustee, the Master Servicer, the Special Servicer (in its capacity as such), each Other Exchange Act Reporting Party and
the Other Depositor shall be entitled to conclusively assume that there is no “significant obligor” other than a party
identified as such in the prospectus supplement relating to the Other Securitization. For this COMM 2016-667M Trust and Servicing
Agreement and any Other Securitization, each of the Certificate Administrator, the Paying Agent, the Trustee, the Master Servicer,
the Special Servicer (in its capacity as such), each Other Exchange Act Reporting Party and the Other Depositor shall be entitled
to assume that there is no provider of credit enhancement, liquidity or derivative instruments within the meaning of Items 1114
or 1115 of Regulation AB other than a party identified as such in the Offering Circular and the offering materials with respect
to any related Other Securitization Trust.


 





	Item on Form 8-K	Party Responsible
	
        Item 1.01- Entry into
a Material Definitive Agreement

         

        Disclosure is required regarding entry into or amendment
        of any definitive agreement
        that is material to the securitization,
        even if depositor is not a party.

         

        Examples: servicing
        agreement, custodial agreement.
	●      Trustee/Certificate Administrator/Master Servicer/Depositor/Special Servicer as to the Trust (only as to the agreements such entity is a party to or entered into on behalf of the Trust)
	
        Item 1.02- Termination
of a Material Definitive Agreement

         

        Disclosure is required regarding termination
        of any definitive agreement that is material
        to the
	●      Trustee/Certificate Administrator/Master Servicer/Depositor/Special Servicer as to the Trust (only as to the agreements such entity is a party to or entered into on behalf of the Trust)












 






    U-1


     


    

 








	Item on Form 8-K	Party Responsible
	
        securitization
        (other than expiration in accordance with its terms), even if depositor
        is not a party.

         

        Examples: servicing
        agreement, custodial agreement.
	 
	Item 1.03- Bankruptcy or Receivership	
        ●      Depositor

        ●      Each
        Trust Loan Seller

	
        Item 2.04- Triggering Events that Accelerate or
        Increase a Direct Financial
        Obligation or an Obligation under an Off-Balance Sheet Arrangement

         

        Includes an early amortization,
        performance trigger or other
        event, including event of default, that
        would materially alter the payment priority/distribution
        of cash flows/amortization schedule.

         

        Disclosure will
        be made of events other
        than waterfall triggers which are disclosed
        in the monthly statements to the certificateholders.
	
        ●      Depositor

        ●      Certificate
        Administrator

	
        Item 3.03- Material Modification to Rights of Security
Holders

         

        Disclosure is required of any material
        modification to documents defining the rights of Certificateholders,
        including the Trust and Servicing Agreement.
	●      Certificate Administrator
	
        Item 5.03- Amendments
of Articles of Incorporation or Bylaws; Change of Fiscal Year

         

        Disclosure is required of any amendment
“to the governing documents of the issuing entity”.
	●      Depositor
	Item 5.06 – Change in Shell Company Status	●      Depositor
	
        Item 5.07 – Submission
of Matters to a Vote of Security Holders
	●      Depositor
	Item
    5.08 – Shareholder Director Nomination 	●      Depositor
	
        Item 6.01- ABS Informational
and Computational Material
	●      Depositor
	
        Item 6.02- Change of Servicer or Trustee

         

        Requires
disclosure of any removal, replacement,
substitution or addition of any master servicer, affiliated
servicer, other
servicer servicing
10%
	
        ●      Master
        Servicer (as to itself or a servicer retained
        by it)

        ●      Special
        Servicer (as to itself or a servicer
        retained by it)

        ●      Certificate
        Administrator
        (as to itself or



 















    U-2


     


    

 







	Item on Form 8-K	Party Responsible
	or more of pool assets at time of report, other material servicers or trustee.	
                  an entity retained
        by it)

        ●      Trustee

        ●      Depositor

	Reg AB disclosure about any new servicer or master servicer is also required.	●      Master Servicer or Special Servicer, as applicable
	
        Reg AB disclosure about any new Trustee is also
required.
	●      Trustee
	
        Reg AB disclosure about any new Certificate Administrator
is also required.
	●      Certificate Administrator
	
        Item 6.03- Change in Credit Enhancement
or Other External Support
	          N/A

 
	
        Item 6.04- Failure to Make a Required Distribution
	●      Certificate Administrator
	Item 6.05- Securities Act Updating Disclosure	●      Depositor
	Item 7.01- Regulation FD Disclosure	●      Depositor
	
        Item 8.01 – Other Events

         

        Any event, with respect
        to which information is not otherwise called
        for in Form 8-K, that the registrant deems of importance
        to certificateholders.
	●      Depositor
	Item 9.01 – Financial Statements and Exhibits	●      Responsible
    party for reporting/disclosing the financial statement or exhibit





 


    U-3


     


    
 




 


EXHIBIT V


 


ADDITIONAL DISCLOSURE
NOTIFICATION


 


**SEND
VIA FAX TO (410) 715-2380 AND VIA EMAIL TO 

cts.sec.notifications@wellsfargo.com AND VIA OVERNIGHT MAIL TO THE ADDRESSES 

IMMEDIATELY
BELOW**


 


[Other Depositor Address]


 


[Each Other Exchange Act Reporting Party Address]


 


		Re:	**Additional Form [10-D][10-K][8-K] Disclosure Required **





 


Ladies and Gentlemen:


 


In accordance with Section
[11.04][11.05][11.06] of the Trust and Servicing Agreement, dated as of October 6, 2016 (the “Trust and Servicing Agreement”),
entered into between Deutsche Mortgage & Asset Receiving Corporation, as depositor, KeyBank National Association, as master
servicer (the “Master Servicer”), AEGON USA Realty Advisors, LLC, as special servicer (the “Special
Servicer”), Wells Fargo Bank, National Association, as certificate administrator (in such capacity, the “Certificate
Administrator”), trustee, paying agent and custodian, and Park Bridge Lender Services LLC, as operating advisor, the
undersigned, as , hereby notifies you that certain events have come to our attention that [will] [may] need to be disclosed on
Form [10-D][10-K][8-K].


 


Description of Additional
Form [10-D][10-K][8-K] Disclosure:


 


    V-1


     


    

 

List of any Attachments hereto to be included in
the Additional Form [10-D][10-K][8-K] Disclosure:


 


Any inquiries related to this notification
should be directed to _____________, phone number: _____________; email address: _____________.



	 	 	 
	 	[NAME OF PARTY], as [role]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:






 




    V-2


     


    

 


EXHIBIT W


 


INITIAL SUB-SERVICERS


 


[NONE]


 




    W-1


     


    
 

EXHIBIT X


 


FORM
OF BACKUP CERTIFICATION


 


COMM 2016-667M Mortgage Trust (the “Trust”)


 


I, [identify
the certifying individual], a [identify position] of [identify party], as [identify role] under that certain Trust and Servicing
Agreement dated as of October 6, 2016 (the “Trust and Servicing Agreement”), entered into between Deutsche Mortgage
& Asset Receiving Corporation, as depositor, KeyBank National Association, as master servicer (the “Master Servicer”),
AEGON USA Realty Advisors, LLC, as special servicer (the “Special Servicer”), Wells Fargo Bank, National Association,
certificate administrator (in such capacity, the “Certificate Administrator”), trustee (in such capacity, the
“Trustee”), paying agent and custodian, and Park Bridge Lender Services LLC, as operating advisor, on behalf
of the [identify role], certify to [Name of Certifying Person(s) for Sarbanes-Oxley Certification], the Depositor, and its officers,
directors and affiliates, and with the knowledge and intent that they will rely upon this certification, that:


 


	1.	Based
                                         on my knowledge, with respect to the period ending [December 31, 20___] (the “Relevant
                                         Period”), all servicing information and all required reports required to be
                                         submitted by the [identify role] to the applicable Other Exchange Act Reporting Party
                                         pursuant to the Trust and Servicing Agreement for inclusion in the annual report on Form 10-K for the Relevant Period
and inclusion in all reports on Form 10-D or Form 8-K (the “Reports”) have been submitted by the [identify role]
to the Master Servicer, the Depositor, the Trustee or the Certificate Administrator, as applicable, for inclusion in these reports;
[provided, however, that there have been no Specially Serviced Loans to date and therefore there have been no servicing reports
delivered by the Special Servicer.]



 


	2.	Based on my knowledge, the [identify role] information contained in the Reports,
taken as a whole, does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the
statements made therein, in light of the circumstances under which such statements were made, not misleading with respect to the
period covered by these reports; [provided, however, that there have been no Specially Serviced Loans to date and therefore there
have been no servicing reports delivered by the Special Servicer.]



 


	3.	I am, or an officer under my supervision is, responsible for reviewing the
activities performed by the [identify role] under the Trust and Servicing Agreement and based upon my knowledge and the annual
compliance reviews conducted in preparing the servicer compliance statements required in this report under Item 1123 of Regulation
AB with respect to the [identify role], and except as disclosed in the compliance certificate delivered by the [identify role]
under Section 11.07 of the Trust and Servicing Agreement, the [identify role] has fulfilled its obligations under the Trust
and Servicing Agreement in all material respects in the year to which such report applies;



 




    X-1


     


    
 

	4.	The accountants that are to deliver the annual attestation report on assessment of compliance
with the Relevant Servicing Criteria in respect of the [identify role] with respect to the Trust’s fiscal year ____ have been provided all information relating to the [identify role] assessment
of compliance with the Relevant Servicing Criteria, in order to enable them to conduct a review in compliance with the standards
for attestation engagements issued or adopted by the PCAOB; and



 



	5.	The report on assessment of compliance with servicing criteria applicable
to the [identify role] for asset-backed securities with respect to the [identify role] or any Servicing Function Participant retained
by the [identify role] and related attestation report on assessment of compliance with servicing criteria applicable to it required
to be included in the annual report on Form 10-K for the Relevant Period in accordance with Item 1122 of Regulation AB and Exchange
Act Rules 13a-18 and 15d-18 has been provided to the Depositor and to the Certificate Administrator for inclusion as an exhibit
to such Form 10-K. Any material instances
of noncompliance described in such reports have been provided to the Certificate Administrator and the Depositor for disclosure
in such annual report on Form 10-K.



 



Capitalized terms used but not defined herein have
the meanings set forth in the Trust and Servicing Agreement. 


 





		Date:	 	 



 





	 	[IDENTIFY
PARTY]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:




 




    X-2


     


    
 

EXHIBIT Y


 


FORM OF OPERATING ADVISOR
ANNUAL REPORT


 


Report Date: This report will be delivered
annually no later than [INSERT DATE], pursuant to the terms and conditions of the Trust and Servicing Agreement, dated as of October
6, 2016 (the “Trust and Servicing Agreement”), between Deutsche Mortgage & Asset Receiving Corporation,
as Depositor, KeyBank National Association, as Master Servicer, AEGON USA Realty Advisors, LLC, as Special Servicer, Wells Fargo
Bank, National Association, as Certificate Administrator, Trustee, Paying Agent and Custodian, and Park Bridge Lender Services
LLC, as Operating Advisor.


 


Transaction: COMM 2016-667M Mortgage Trust, Commercial
Mortgage Pass-Through Certificates


 


Operating Advisor: Park Bridge Lender Services
LLC


 


Special Servicer: AEGON USA Realty Advisors, LLC


 


Directing Certificateholder: [●]


 


	I.	Population of Mortgage Loans that Were Considered
in Compiling this Report



 


The Special Servicer has
notified the Operating Advisor that [●] Specially Serviced Loans were transferred to special servicing in the prior
calendar year [INSERT YEAR].


 


		1.	[●] of those Specially Serviced Loans are still
being analyzed by the Special Servicer as part of the development of an Asset Status Report.



 


		2.	Asset Status Reports were issued with respect to [●]
of such Specially Serviced Loans. This report is based only on the Specially Serviced Loans in respect of which an Asset Status
Report has been issued. The Asset Status Reports may not yet be fully implemented.



 


	II.	Executive Summary



 


Based on the requirements and
qualifications set forth in the Trust and Servicing Agreement, as well as the items listed below, the Operating Advisor (in accordance
with the Operating Advisor’s analysis requirements outlined in the Trust and Servicing Agreement) has undertaken a review
of the Special Servicer’s actions under the Trust and Servicing Agreement. Based on such review, the Operating Advisor [does,
does not] believe, in its sole discretion exercised in good faith,[ that the Special Servicer is operating in compliance with the
Servicing Standard and is performing its duties in accordance with the Trust and Servicing Agreement.] [The Operating Advisor believes,
in its sole discretion exercised in good faith, that the Special Servicer has failed to comply with the following obligations.]


 




    Y-1


     


    

 


[LIST OF ITEMS]


 


In addition, the Operating
Advisor notes the following: [PROVIDE SUMMARY OF ANY ADDITIONAL MATERIAL INFORMATION].


 


In connection with the assessment set forth in this
report, the Operating Advisor:


 


		1.	Reviewed information available to Privileged Persons
on the Certificate Administrator’s website that is relevant to the Operating Advisor’s obligations under the Trust
and Servicing Agreement, and certain information it has requested from Special Servicer.



 


		2.	[Reviewed the Asset Status Reports, the Special Servicer’s
assessment of compliance report, attestation report by a third party regarding the Special Servicer’s compliance with its
obligations and net present value calculations and Appraisal Reduction calculations and [LIST OTHER REVIEWED INFORMATION] for the following
[●] Specially Serviced Loans: [List applicable mortgage loans]



 


		3.	Consulted with the Special Servicer as provided under
the Trust and Servicing Agreement. The Operating Advisor’s analysis of the Asset Status Reports (including related net present
value calculations and Appraisal Reduction calculations) related to the Specially Serviced Loans should be considered a limited
investigation and not be considered a full or limited audit. For instance, we did not review each page of the Special Servicer’s policy and procedure manuals
(including amendments and appendices), re-engineer the quantitative aspects of their net present value calculator, visit any property,
visit the Special Servicer, visit the Directing Certificateholder or interact with any borrower. In addition, our review of the
net present value calculations and Appraisal Reduction calculations is limited to the mathematical accuracy of the calculations
and the corresponding application of the non-discretionary portions of the applicable formulas, and as such, does not take into
account the reasonableness of the discretionary portions of such formulas.




 


[ADD RECOMMENDATION OF
REPLACEMENT OF SPECIAL SERVICER, IF APPLICABLE]


 


	III.	Specific Items of Review



 


		1.	The Operating Advisor reviewed the following items and
actions in connection with the generation of this report: [LIST MATERIAL ITEMS AND ACTIONS].



 


		2.	[During the prior year, the Operating Advisor consulted
with the Special Servicer regarding its strategy plan for a limited number of issues related to the following Specially Serviced
Loans: [LIST]. The Operating Advisor participated in discussions and made strategic observations and recommended alternative courses
of action to the extent it deemed such observations and recommendations appropriate. The Special Servicer [agreed with/did not
agree with] the material recommendations made by the Operating Advisor. Such recommendations generally included the following:
[LIST].]



 


		3.	Appraisal Reduction calculations and net present value
calculations:



 




    Y-2


     


    

 


		4.	The Operating Advisor [received/did not receive] information
necessary to recalculate and verify the accuracy of the mathematical calculations and the corresponding application of the non-discretionary
portions of the applicable formulas required to be utilized in connection with any Appraisal Reduction or net present value calculations
used in the Special Servicer’s determination of what course of action to take in connection with the workout or liquidation
of a Specially Serviced Loan prior to the utilization by the Special Servicer.



 


		a.	The Operating Advisor [agrees/does not agree] with the
[mathematical calculations] [and/or] [the application of the applicable non-discretionary portions of the formula] required to
be utilized for such calculation.



 


		b.	After consultation with the Special Servicer to resolve
any inaccuracy in the mathematical calculations or the application of the non-discretionary portions of the related formula in
arriving at those mathematical calculations, such inaccuracy [has been/ has not been] resolved.



 


		5.	The following is a general discussion of certain concerns
raised by the Operating Advisor discussed in this report: [LIST CONCERNS].



 


		6.	In addition to the other information presented herein,
the Operating Advisor notes the following additional items, if any: [LIST ADDITIONAL ITEMS].



 


		IV.	Qualifications Related to the Work Product Undertaken
and Opinions Related to this Report



 


		1.	The Operating Advisor did not participate in, or have
access to, the Special Servicer’s and Directing Certificateholder’s discussion(s) regarding any Specially Serviced
Loan. The Operating Advisor does not have authority to speak with the Directing Certificateholder directly. As such, the Operating
Advisor generally relied upon the information delivered to it by the Special Servicer as well as its interaction with the Special
Servicer, if any, in gathering the relevant information to generate this report.



 


		2.	The Special Servicer has the legal authority and responsibility
to service the Specially Serviced Loans pursuant to the Trust and Servicing Agreement. The Operating Advisor has no responsibility
or authority to alter the standards set forth therein.



 


		3.	Confidentiality and other contractual limitations limit
the Operating Advisor’s ability to outline the details or substance of the discussions held between it and the Special Servicer
regarding any Specially Serviced Loans and certain information it reviewed in connection with its duties under the Trust and Servicing
Agreement. As a result, this report may not reflect all the relevant information that the Operating Advisor is given access to
by the Special Servicer.



 


		4.	There are many tasks that the Special Servicer undertakes
on an ongoing basis related to Specially Serviced Loans. These include, but are not limited to, assumptions, ownership changes,
collateral substitutions, capital reserve changes, etc. The Operating Advisor



 




    Y-3


     


    
 

does not participate in any discussions regarding
such actions. As such, Operating Advisor has not assessed the Special Servicer’s operational compliance with respect to those
types of actions.


 


	5.	The Operating Advisor is not empowered to speak with any investors directly. If the investors
have questions regarding this report, they should address such questions to the certificate administrator through the certificate
administrator’s website.



 


Terms used but not defined herein have the meaning
set forth in the Trust and Servicing Agreement.


 




    Y-4


     


    
 

EXHIBIT Z


 


FORM OF CERTIFICATE ADMINISTRATOR
RECEIPT OF EHRI


 


October 26, 2016





	 	 	 
	
Deutsche Mortgage & Asset Receiving Corporation


60 Wall Street


New York, New York 10005

Attention: Helaine M. Kaplan
	 	
German American Capital Corporation


60 Wall Street


New York, New York 10005


Attention: Helaine M. Kaplan

	 	 	 
	
PCSD PR Cap IV NR Reten Private Limited


280 Park Avenue, 9th Floor,


New York, New York
10017
	 	 




 



		Re:	COMM 2016-667M Mortgage Trust Commercial Mortgage Pass-Through Certificates	



 


In accordance
with Section 5.02(m) of the Trust and Servicing Agreement, dated as of October 6, 2016 (the “Agreement”), the
Certificate Administrator hereby acknowledges receipt of $16,117,000 of the Class E Certificates (CUSIP No. 12636G AL5), which
constitutes the EHRI as defined in the Agreement, for the benefit of PCSD PR Cap IV NR Reten Private Limited, the initial Third
Party Purchaser. A copy of such Class E Certificates is attached as Exhibit A.


 


Capitalized
terms used but not defined herein shall the respective meanings set forth in the Agreement.



	 	 	 
	 	WELLS FARGO BANK, NATIONAL
ASSOCIATION,
	 	 	not in its individual capacity but solely as Certificate Administrator
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:



 




    Z-1


     


    
 

EXHIBIT A


 


    Exh. A-1


     


    
 


SCHEDULE I


 


SERVICING CRITERIA
TO BE ADDRESSED IN ASSESSMENT OF COMPLIANCE


 


The assessment
of compliance to be delivered shall address, at a minimum, the criteria identified below as “Relevant Servicing Criteria”
(with each Servicing Function Participant deemed to be responsible for the items applicable to the functions it is performing and
for which the party that retained such Servicing Function Participant is responsible):


 


	
        Relevant Servicing Criteria

	
        Applicable

        Party(ies)


	Reference	Criteria	 
	 	General Servicing Considerations	 
	1122(d)(1)(i)	Policies and procedures are instituted to monitor any performance or other triggers and events of default in accordance with the transaction agreements.	Master Servicer 

Special Servicer 

Cert. Admin.
	1122(d)(1)(ii)	If any material servicing activities are outsourced to third parties, policies and procedures are instituted to monitor the third party’s performance and compliance with such servicing activities.	Master Servicer 

Special Servicer 

Cert. Admin.
	1122(d)(1)(iii)	Any requirements in the transaction agreements to maintain a back-up servicer for the mortgage loans are maintained.	N/A
	1122(d)(1)(iv)	A fidelity bond and errors and omissions policy is in effect on the party participating in the servicing function throughout the reporting period in the amount of coverage required by and otherwise in accordance with the terms of the transaction agreements.	
        Master Servicer

        Special Servicer


	1122(d)(1)(v)	Aggregation of information, as applicable, is mathematically accurate and the information conveyed accurately reflects the information.	Cert. Admin. 

Master Servicer 

Special Servicer
	 	Cash Collection and Administration	 
	1122(d)(2)(i)	Payments on mortgage loans are deposited into the appropriate custodial bank accounts and related bank clearing accounts no more than two business days following receipt, or such other number of days specified in the transaction agreements.	
        Master Servicer

        Special Servicer


	1122(d)(2)(ii)	Disbursements made via wire transfer on behalf of an obligor or to an investor are made only by authorized personnel.	Cert. Admin.


         


    Sch. I-1


     


    
         

	
        Relevant Servicing Criteria

	
        Applicable

        Party(ies)


	Reference	Criteria	 
	1122(d)(2)(iii)	Advances of funds or guarantees regarding collections, cash flows or distributions, and any interest or other fees charged for such advances, are made, reviewed and approved as specified in the transaction agreements.	Trustee 

Master Servicer 

Special Servicer
	1122(d)(2)(iv)	The related accounts for the transaction, such as cash reserve accounts or accounts established as a form of overcollateralization, are separately maintained (e.g., with respect to commingling of cash) as set forth in the transaction agreements.	Master Servicer 

Special Servicer 

Cert. Admin.
	1122(d)(2)(v)	Each custodial account is maintained at a federally insured depository institution as set forth in the transaction agreements. For purposes of this criterion, “federally insured depository institution” with respect to a foreign financial institution means a foreign financial institution that meets the requirements of Rule 13k-1(b)(1) of the Securities Exchange Act.	Master Servicer 

Special Servicer 

Cert. Admin.
	1122(d)(2)(vi)	Unissued checks are safeguarded so as to prevent unauthorized access.	Master Servicer 

Special Servicer 

Cert. Admin.
	1122(d)(2)(vii)	Reconciliations are prepared on a monthly basis for all asset-backed securities related bank accounts, including custodial accounts and related bank clearing accounts. These reconciliations are (A) mathematically accurate; (B) prepared within 30 calendar days after the bank statement cutoff date, or such other number of days specified in the transaction agreements; (C) reviewed and approved by someone other than the person who prepared the reconciliation; and (D) contain explanations for reconciling items. These reconciling items are resolved within 90 calendar days of their original identification, or such other number of days specified in the transaction agreements.	Master Servicer 

Special Servicer 

Cert. Admin.
	 	Investor Remittances and Reporting	 


         


    Sch. I-2


     


    
         

	
        Relevant Servicing Criteria

	
        Applicable

        Party(ies)


	Reference	Criteria	 
	1122(d)(3)(i)	Reports to investors, including those to be filed with the Commission, are maintained in accordance with the transaction agreements and applicable Commission requirements. Specifically, such reports (A) are prepared in accordance with timeframes and other terms set forth in the transaction agreements; (B) provide information calculated in accordance with the terms specified in the transaction agreements; (C) are filed with the Commission as required by its rules and regulations; and (D) agree with investors’ or the trustee’s records as to the total unpaid principal balance and number of mortgage loans serviced by the Master Servicer.	Cert. Admin. Operating Adv. (excluding clauses (C) and (D) in the case of the Operating Adv.)
	1122(d)(3)(ii)	Amounts due to investors are allocated and remitted in accordance with timeframes, distribution priority and other terms set forth in the transaction agreements.	Cert. Admin.
	1122(d)(3)(iii)	Disbursements made to an investor are posted within two business days to the Master Servicer’s investor records or Certificate Administrator’s investor records, or such other number of days specified in the transaction agreements.	Cert. Admin.
	1122(d)(3)(iv)	Amounts remitted to investors per the investor reports agree with cancelled checks, or other form of payment, or custodial bank statements.	Cert. Admin.
	 	Pool Asset Administration	 
	1122(d)(4)(i)	Collateral or security on mortgage loans is maintained as required by the transaction agreements or related mortgage loan documents.	Master Servicer 

Special Servicer 

Custodian
	1122(d)(4)(ii)	Mortgage loan and related documents are safeguarded as required by the transaction agreements.	Custodian
	1122(d)(4)(iii)	Any additions, removals or substitutions to the asset pool are made, reviewed and approved in accordance with any conditions or requirements in the transaction agreements.	
        Master Servicer

        Special Servicer


	1122(d)(4)(iv)	
        Payments on mortgage loans,
        including any payoffs, made in accordance with the related mortgage loan documents are posted to the Master Servicer’s obligor
        records maintained no more than two business days after receipt, or such other number of days specified in the
        transaction agreements, and allocated to principal, interest or other items (e.g., escrow) in accordance with the related mortgage
        loan documents.

	Master Servicer


 


    Sch. I-3


     


    
 

	
        Relevant Servicing Criteria

	
        Applicable

        Party(ies)


	Reference	Criteria	 
	1122(d)(4)(v)	
        The Master Servicer’s records regarding the
        mortgage loans agree with the Master Servicer’s
        records with respect to an obligor’s unpaid principal balance.

	Master Servicer
	1122(d)(4)(vi)	Changes with respect to the terms or status of an obligor’s mortgage loans (e.g., loan modifications or re-agings) are made, reviewed and approved by authorized personnel in accordance with the transaction agreements and related pool asset documents.	
        Master Servicer

        Special Servicer


	1122(d)(4)(vii)	Loss mitigation or recovery actions (e.g., forbearance plans, modifications and deeds in lieu of foreclosure, foreclosures and repossessions, as applicable) are initiated, conducted and concluded in accordance with the timeframes or other requirements established by the transaction agreements.	
        Special Servicer

        Operating Adv.

         

	1122(d)(4)(viii)	Records documenting collection efforts are maintained during the period a mortgage loan is delinquent in accordance with the transaction agreements. Such records are maintained on at least a monthly basis, or such other period specified in the transaction agreements, and describe the entity’s activities in monitoring delinquent mortgage loans including, for example, phone calls, letters and payment rescheduling plans in cases where delinquency is deemed temporary (e.g., illness or unemployment).	
        Master Servicer


        Special Servicer

         

	1122(d)(4)(ix)	Adjustments to interest rates or rates of return for mortgage loans with variable rates are computed based on the related mortgage loan documents.	Master Servicer
	1122(d)(4)(x)	
        Regarding any funds held in trust for an obligor
        (such as escrow accounts): (A) such funds are analyzed, in accordance with the obligor’s mortgage loan documents, on at least
        an annual basis, or such other period specified in the transaction agreements; (B) interest on
        such funds is paid, or credited, to obligors in accordance with applicable mortgage loan documents and state laws; and (C) such
        funds are returned to the obligor within 30 calendar days of full repayment of the related mortgage loans, or such other number
        of days specified in the transaction agreements.

	Master Servicer


 


    Sch. I-4


     


    
 

	
        Relevant Servicing Criteria

	
        Applicable

        Party(ies)


	Reference	Criteria	 
	1122(d)(4)(xi)	Payments made on behalf of an obligor (such as tax or insurance payments) are made on or before the related penalty or expiration dates, as indicated on the appropriate bills or notices for such payments, provided that such support has been received by the servicer at least 30 calendar days prior to these dates, or such other number of days specified in the transaction agreements.	Master Servicer
	1122(d)(4)(xii)	Any late payment penalties in connection with any payment to be made on behalf of an obligor are paid from the servicer’s funds and not charged to the obligor, unless the late payment was due to the obligor’s error or omission.	Master Servicer
	1122(d)(4)(xiii)	Disbursements made on behalf of an obligor are posted within two business days to the obligor’s records maintained by the servicer, or such other number of days specified in the transaction agreements.	Master Servicer
	1122(d)(4)(xiv)	Delinquencies, charge-offs and uncollectible accounts are recognized and recorded in accordance with the transaction agreements.	Master Servicer
	1122(d)(4)(xv)	Any external enhancement or other support, identified in Item 1114(a)(1) through (3) or Item 1115 of Regulation AB, is maintained as set forth in the transaction agreements.	N/A


 


    Sch. I-5


     


    
 

SCHEDULE II


 


INITIAL COMPANION
LOAN HOLDER





	 	 	 
	Initial
    Companion Loan Holder 	 	Address
	Deutsche Bank AG,
    New York Branch	 	Deutsche Bank AG,
    New York Branch
	(Note A-2 Holder)	 	60 Wall Street, 10th
    Floor
	 	 	New York, NY 10005
	 	 	Attention: Robert
    W. Pettinato, Jr.
	 	 	Facsimile No.: (212)
    797-4489



 


    Sch. II-1