Exhibit 4.3





 








EXECUTION
VERSION


 










CITIGROUP
COMMERCIAL MORTGAGE SECURITIES INC.,

Depositor,


 


Wells
Fargo Bank, National Association,

Master Servicer,


 


KeyBank
National Association,

Special Servicer,


 


Pentalpha
Surveillance LLC,

Operating Advisor and Asset Representations Reviewer,


 


CITIBANK,
N.A.,

Certificate Administrator,


 


and


 


WILMINGTON
TRUST, NATIONAL ASSOCIATION,

Trustee


 





 



 


POOLING
AND SERVICING AGREEMENT

Dated as of September 1, 2017


 


 






 


Commercial
Mortgage Pass-Through Certificates

Series 2017-P8


 




    


     


    

 







	 	 	TABLE
    OF CONTENTS	 	 
	 	 	 	 	 
	 	 	 	 	Page
	 	 	 	 	 
	 	 	ARTICLE I	 	 
	 	 	 	 	 
	 	 	DEFINITIONS	 	 
	Section 1.01	 	Defined Terms	 	7
	Section 1.02	 	Certain Calculations	 	146
	Section 1.03	 	Certain Constructions	 	150
	 	 	 	 	 
	 	 	ARTICLE
    II	 	 
	 	 	 	 	 
	 	 	CONVEYANCE
    OF MORTGAGE LOANS; ORIGINAL ISSUANCE OF CERTIFICATES	 	 
	 	 	 	 	 
	Section 2.01	 	Conveyance of Mortgage
    Loans	 	151
	Section 2.02	 	Acceptance by the
    Trustee, the Custodian and the Certificate Administrator	 	157
	Section 2.03	 	Mortgage Loan Sellers’
    Repurchase, Substitution or Cures of Mortgage Loans for Document Defects in Mortgage Files and Breaches of Representations
    and Warranties	 	159
	Section 2.04	 	Representations
    and Warranties of the Depositor	 	175
	Section 2.05	 	Representations,
    Warranties and Covenants of the Master Servicer	 	177
	Section 2.06	 	Representations,
    Warranties and Covenants of the Special Servicer	 	179
	Section 2.07	 	Representations
    and Warranties of the Trustee	 	181
	Section 2.08	 	Representations
    and Warranties of the Certificate Administrator	 	182
	Section 2.09	 	Representations,
    Warranties and Covenants of the Operating Advisor	 	184
	Section 2.10	 	Representations,
    Warranties and Covenants of the Asset Representations Reviewer	 	185
	Section 2.11	 	Execution and Delivery
    of Certificates; Issuance of Lower-Tier Regular Interests	 	187
	Section 2.12	 	Miscellaneous REMIC
    and Grantor Trust Provisions	 	188
	 	 	 	 	 
	 	 	ARTICLE
    III	 	 
	 	 	 	 	 
	 	 	ADMINISTRATION
    AND SERVICING OF THE MORTGAGE LOANS	 	 
	 	 	 	 	 
	Section 3.01	 	Master Servicer
    to Act as Master Servicer; Administration of the Mortgage Loans; Sub-Servicing Agreements; Outside Serviced Mortgage Loans	 	188
	Section 3.02	 	Liability of the
    Master Servicer	 	201
	Section 3.03	 	Collection of Certain
    Mortgage Loan Payments	 	202
	Section 3.04	 	Collection of Taxes,
    Assessments and Similar Items; Escrow Accounts	 	203



 



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	 	 	 	 	Page
	 	 	 	 	 
	Section 3.05	 	Collection Account;
    Distribution Accounts; and Excess Liquidation Proceeds Reserve Account; and Excess Interest Distribution Account	 	206
	Section 3.05 A.	 	Loan Combination
    Custodial Account	 	210
	Section 3.06	 	Permitted Withdrawals
    From the Collection Account	 	212
	Section 3.06 A.	 	Permitted Withdrawals
    From the Loan Combination Custodial Account	 	219
	Section 3.07	 	Investment of Funds
    in the Collection Account, the REO Account, the Mortgagor Accounts, and Other Accounts	 	224
	Section 3.08	 	Maintenance of Insurance
    Policies and Errors and Omissions and Fidelity Coverage	 	226
	Section 3.09	 	Enforcement of Due-On-Sale
    and Due-On-Encumbrance Clauses; Assumption Agreements; Defeasance Provisions	 	231
	Section 3.10	 	Appraisal Reductions;
    Calculation and allocation of Collateral Deficiency Amounts; Realization Upon Defaulted Loans	 	237
	Section 3.11	 	Trustee, Certificate
    Administrator and Custodian to Cooperate; Release of Mortgage Files	 	245
	Section 3.12	 	Servicing Fees,
    Trustee/Certificate Administrator Fees and Special Servicing Compensation	 	246
	Section 3.13	 	Compensating Interest
    Payments	 	254
	Section 3.14	 	Application of Penalty
    Charges and Modification Fees	 	255
	Section 3.15	 	Access to Certain
    Documentation	 	256
	Section 3.16	 	Title and Management
    of REO Properties	 	258
	Section 3.17	 	Sale of Defaulted
    Loans and REO Properties; Sale of Outside Serviced Mortgage Loans	 	262
	Section 3.18	 	Additional Obligations
    of the Master Servicer; Inspections; Obligation to Notify Ground Lessors; Delivery of Certain Reports to the Serviced Companion
    Loan Holder	 	270
	Section 3.19	 	Lock-Box Accounts,
    Escrow Accounts	 	271
	Section 3.20	 	Property Advances	 	271
	Section 3.21	 	Appointment of Special
    Servicer; Asset Status Reports	 	276
	Section 3.22	 	Transfer of Servicing
    Between Master Servicer and Special Servicer; Record Keeping	 	282
	Section 3.23	 	Interest Reserve
    Account	 	283
	Section 3.24	 	Modifications, Waivers,
    Amendments and Other Actions	 	283
	Section 3.25	 	Additional Obligations
    With Respect to Certain Mortgage Loans	 	289
	Section 3.26	 	Certain Matters
    Relating to the Outside Serviced Mortgage Loans	 	289
	Section 3.27	 	Additional Matters
    Regarding Advance Reimbursement	 	290
	Section 3.28	 	Serviced Companion
    Loan Intercreditor Matters	 	292
	Section 3.29	 	Appointment and
    Duties of the Operating Advisor	 	294
	Section 3.30	 	Rating Agency Confirmation	 	299
	Section 3.31	 	General Acknowledgement
    Regarding Companion Loan Holders	 	302
	Section 3.32	 	Delivery of Excluded
    Information to the Certificate Administrator	 	303
	Section 3.33	 	Litigation Control	 	303



 



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	 	 	 	 	Page
	 	 	 	 	 
	 	 	ARTICLE
    IV	 	 
	 	 	 	 	 
	 	 	DISTRIBUTIONS
    TO CERTIFICATEHOLDERS	 	 
	 	 	 	 	 
	Section 4.01	 	Distributions	 	307
	Section 4.02	 	Statements to
    Certificateholders; Certain Reports by the Master Servicer and the Special Servicer	 	323
	Section 4.03	 	Compliance With
    Withholding Requirements	 	343
	Section 4.04	 	REMIC Compliance	 	344
	Section 4.05	 	Imposition of
    Tax on the Trust REMICs	 	347
	Section 4.06	 	Remittances;
    P&I Advances	 	348
	Section 4.07	 	Grantor Trust
    Reporting	 	353
	Section 4.08	 	Calculations	 	354
	Section 4.09	 	Secure Data Room	 	354
	 	 	 	 	 
	 	 	ARTICLE
    V	 	 
	 	 	 	 	 
	 	 	THE
    CERTIFICATES	 	 
	 	 	 	 	 
	Section 5.01	 	The Certificates	 	356
	Section 5.02	 	Form and Registration	 	357
	Section 5.03	 	Registration
    of Transfer and Exchange of Certificates	 	361
	Section 5.04	 	Mutilated, Destroyed,
    Lost or Stolen Certificates	 	371
	Section 5.05	 	Persons Deemed
    Owners	 	371
	Section 5.06	 	Appointment of
    Paying Agent	 	371
	Section 5.07	 	Access to Certificateholders’
    Names and Addresses; Special Notices	 	372
	Section 5.08	 	Actions of Certificateholders	 	373
	Section 5.09	 	Authenticating
    Agent	 	373
	Section 5.10	 	Appointment of
    Custodian	 	374
	Section 5.11	 	Maintenance of
    Office or Agency	 	375
	Section 5.12	 	Voting Procedures	 	375
	Section 5.13	 	Exchanges of
    Exchangeable Groups of Certificates	 	376
	 	 	 	 	 
	 	 	ARTICLE
    VI	 	 
	 	 	 	 	 
	 	 	THE
    DEPOSITOR, THE MASTER SERVICER, THE SPECIAL SERVICER, THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER AND THE CONTROLLING
    CLASS REPRESENTATIVE	 	 
	 	 	 	 	 
	Section 6.01	 	Liability of
    the Depositor, the Master Servicer, the Special Servicer, the Asset Representations Reviewer and the Operating Advisor	 	380
	Section 6.02	 	Merger or Consolidation
    of the Master Servicer, the Special Servicer, the Operating Advisor and the Asset Representations Reviewer	 	381
	Section 6.03	 	Limitation on
    Liability of the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer
    and Others	 	382



 



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	 	 	 	 	Page
	 	 	 	 	 
	Section 6.04	 	Limitation on Resignation
    of the Master Servicer, the Special Servicer or the Operating Advisor	 	383
	Section 6.05	 	Rights of the Depositor,
    the Trustee and the Certificate Administrator in Respect of the Master Servicer and Special Servicer	 	386
	Section 6.06	 	Master Servicer,
    Special Servicer as Owner of a Certificate	 	386
	Section 6.07	 	Rating Agency Fees	 	387
	Section 6.08	 	Termination of the
    Special Servicer	 	387
	Section 6.09	 	The Directing Holder,
    the Controlling Class Representative and the Risk Retention Consultation Party	 	394
	 	 	 	 	 
	 	 	ARTICLE
    VII	 	 
	 	 	 	 	 
	 	 	DEFAULT	 	 
	 	 	 	 	 
	Section 7.01	 	Servicer Termination
    Events	 	403
	Section 7.02	 	Trustee to Act;
    Appointment of Successor	 	409
	Section 7.03	 	Notification to
    Certificateholders	 	411
	Section 7.04	 	Other Remedies of
    Trustee	 	412
	Section 7.05	 	Waiver of Past Servicer
    Termination Events and Operating Advisor Termination Events; Termination	 	412
	Section 7.06	 	Termination of the
    Operating Advisor	 	414
	 	 	 	 	 
	 	 	ARTICLE
    VIII	 	 
	 	 	 	 	 
	 	 	CONCERNING
    THE TRUSTEE AND THE CERTIFICATE ADMINISTRATOR	 	 
	 	 	 	 	 
	Section 8.01	 	Duties of the Trustee
    and the Certificate Administrator	 	417
	Section 8.02	 	Certain Matters
    Affecting the Trustee and the Certificate Administrator	 	420
	Section 8.03	 	Neither the Trustee
    Nor the Certificate Administrator Is Liable for Certificates or Mortgage Loans	 	423
	Section 8.04	 	Trustee and Certificate
    Administrator May Own Certificates	 	424
	Section 8.05	 	Payment of Trustee/Certificate
    Administrator Fees and Expenses; Indemnification	 	425
	Section 8.06	 	Eligibility Requirements
    for the Trustee and the Certificate Administrator	 	427
	Section 8.07	 	Resignation and
    Removal of the Trustee or the Certificate Administrator	 	428
	Section 8.08	 	Successor Trustee
    or Successor Certificate Administrator	 	430
	Section 8.09	 	Merger or Consolidation
    of the Trustee or the Certificate Administrator	 	431
	Section 8.10	 	Appointment of Co-Trustee
    or Separate Trustee	 	431
	Section 8.11	 	Access to Certain
    Information	 	433



 



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	 	 	 	 	Page
	 	 	 	 	 
	 	 	ARTICLE
    IX	 	 
	 	 	 	 	 
	 	 	TERMINATION;
    OPTIONAL MORTGAGE LOAN PURCHASE	 	 
	 	 	 	 	 
	Section 9.01	 	Termination; Optional
    Mortgage Loan Purchase	 	435
	 	 	 	 	 
	 	 	ARTICLE
    X	 	 
	 	 	 	 	 
	 	 	EXCHANGE
    ACT REPORTING AND REGULATION AB COMPLIANCE	 	 
	 	 	 	 	 
	Section 10.01	 	Intent of the Parties;
    Reasonableness	 	439
	Section 10.02	 	Succession; Sub-Servicers;
    Subcontractors	 	439
	Section 10.03	 	Filing Obligations	 	442
	Section 10.04	 	Form 10-D and Form
    ABS-EE Filings	 	443
	Section 10.05	 	Form 10-K Filings	 	447
	Section 10.06	 	Sarbanes-Oxley Certification	 	451
	Section 10.07	 	Form 8-K Filings	 	451
	Section 10.08	 	Annual Compliance
    Statements	 	454
	Section 10.09	 	Annual Reports on
    Assessment of Compliance With Servicing Criteria	 	455
	Section 10.10	 	Annual Independent
    Public Accountants’ Servicing Report	 	457
	Section 10.11	 	Significant Obligors	 	458
	Section 10.12	 	Indemnification	 	459
	Section 10.13	 	Amendments	 	462
	Section 10.14	 	Regulation AB Notices	 	462
	Section 10.15	 	Termination of the
    Certificate Administrator	 	462
	Section 10.16	 	Termination of the
    Master Servicer or the Special Servicer	 	463
	Section 10.17	 	Termination of Sub-Servicing
    Agreements	 	463
	Section 10.18	 	Notification Requirements
    and Deliveries in Connection With Securitization of a Serviced Companion Loan	 	463
	Section 10.19	 	Termination of Exchange
    Act Filings With Respect to the Trust	 	466
	 	 	 	 	 
	 	 	ARTICLE
    XI	 	 
	 	 	 	 	 
	 	 	ASSET
    REVIEW PROVISIONS	 	 
	 	 	 	 	 
	Section 11.01	 	Asset Review	 	466
	Section 11.02	 	Payment of Asset
    Representations Asset Review Fee and Expenses; Limitation of Liability	 	473
	Section 11.03	 	Resignation of the
    Asset Representations Reviewer	 	474
	Section 11.04	 	Restrictions of
    the Asset Representations Reviewer	 	475
	Section 11.05	 	Termination of the
    Asset Representations Reviewer	 	475



 



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	 	 	 	 	Page
	 	 	 	 	 
	 	 	ARTICLE
    XII	 	 
	 	 	 	 	 
	 	 	MISCELLANEOUS
    PROVISIONS	 	 
	 	 	 	 	 
	Section 12.01	 	Counterparts	 	478
	Section 12.02	 	Limitation on Rights
    of Certificateholders	 	478
	Section 12.03	 	Governing Law	 	479
	Section 12.04	 	Notices	 	479
	Section 12.05	 	Severability of
    Provisions	 	482
	Section 12.06	 	Notice to the Rule
    17g-5 Information Provider, Depositor and Each Rating Agency	 	482
	Section 12.07	 	Amendment	 	484
	Section 12.08	 	Confirmation of
    Intent	 	488
	Section 12.09	 	Third-Party Beneficiaries	 	488
	Section 12.10	 	Request by Certificateholders
    or the Serviced Companion Loan Holder	 	489
	Section 12.11	 	Waiver of Jury Trial	 	489
	Section 12.12	 	Submission to Jurisdiction	 	489
	Section 12.13	 	Exchange Act Rule
    17g-5 Procedures	 	489
	Section 12.14	 	Cooperation with
    the Mortgage Loan Sellers with Respect to Rights Under the Loan Agreements	 	495



 



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	TABLE OF EXHIBITS
	 	 
	Exhibit A-1	Form
    of Class A-1 Certificate
	Exhibit A-2	Form
    of Class A-2 Certificate
	Exhibit A-3	Form
    of Class A-3 Certificate
	Exhibit A-4	Form
    of Class A-4 Certificate
	Exhibit A-5	Form
    of Class A-AB Certificate
	Exhibit A-6	Form
    of Class X-A Certificate
	Exhibit A-7	Form
    of Class X-B Certificate
	Exhibit A-8	Form
    of Class A-S Certificate
	Exhibit A-9	Form
    of Class B Certificate
	Exhibit A-10	Form
    of Class C Certificate
	Exhibit A-11	Form
    of Class X-D Certificate
	Exhibit A-12	Form
    of Class X-E Certificate
	Exhibit A-13	Form
    of Class X-F Certificate
	Exhibit A-14	Form
    of Class X-G Certificate
	Exhibit A-15	Form
    of Class D Certificate
	Exhibit A-16	Form
    of Class E Certificate
	Exhibit A-17	Form
    of Class F Certificate
	Exhibit A-18	Form
    of Class G Certificate
	Exhibit A-19	Form
    of Class R Certificate
	Exhibit A-20	Form
    of Class S Certificate
	Exhibit A-21	Form
    of Class V-1 Certificate
	Exhibit A-22	Form
    of Class V-2A Certificate
	Exhibit A-23	Form
    of Class V-2B Certificate
	Exhibit A-24	Form
    of Class V-2C Certificate
	Exhibit A-25	Form
    of Class V-2D Certificate
	Exhibit A-26	Form
    of Class V-2E Certificate
	Exhibit A-27	Form
    of Class V-3AC Certificate
	Exhibit A-28	Form
    of Class V-3D Certificate
	Exhibit A-29	Form
    of Class V-3E Certificate
	Exhibit B	Mortgage
    Loan Schedule
	Exhibit C	Form
    of Request for Release
	Exhibit D	Form
    of Distribution Date Statement
	Exhibit E	Form
    of Transfer Certificate for Rule 144A Global Certificate to Temporary Regulation S Global Certificate
	Exhibit F	Form
    of Transfer Certificate for Rule 144A Global Certificate to Regulation S Global Certificate
	Exhibit G	Form
    of Transfer Certificate for Temporary Regulation S Global Certificate to Rule 144A Global Certificate during Restricted Period
	Exhibit H	Form
    of Certification to be given by Certificate Owner of Temporary Regulation S Global Certificate
	Exhibit I	Form
    of Transfer Certificate for Non-Book Entry Certificate to Temporary Regulation S Global Certificate
	Exhibit J	Form
    of Transfer Certificate for Non-Book Entry Certificate to Regulation S Global Certificate



 


     -i-


     


    

 



	Exhibit
    K	Form
    of Transfer Certificate for Non-Book Entry Certificate to Rule 144A Global Certificate
	Exhibit
    L-1	Form
    of Affidavit Pursuant to Sections 860D(a)(6)(A) and 860E(e)(4) of the Internal Revenue Code of 1986, as Amended
	Exhibit
    L-2A	Form
    of Transferor Letter for Transfer of Class R Certificates
	Exhibit
    L-2B	Form
    of Transferor Letter for Transfer of Non-Book Entry Certificates (other than Class R Certificates)
	Exhibit
    L-3	Form
    of Transferee Letter
	Exhibit
    L-4	Form
    of Investment Representation Letter
	Exhibit
    L-5	Form
    of Transferee Certificate for Transfer of Vertically Retained Certificates
	Exhibit
    L-6	Form
    of Transferor Certificate for Transfer of Vertically Retained Certificates
	Exhibit
    M-1A	Form
    of Investor Certification for Non-Borrower Party (for persons other than the Controlling Class Representative and/or a Controlling
    Class Certificateholder)
	Exhibit
    M-1B	Form
    of Investor Certification for Non-Borrower Party (for the Controlling Class Representative and/or a Controlling Class Certificateholder)
	Exhibit
    M-1C	Form
    of Investor Certification for Borrower Party (for the Controlling Class Representative and/or a Controlling Class Certificateholder)
	Exhibit
    M-1D	Form
    of Investor Certification for Borrower Party (for persons other than the Controlling Class Representative and/or a Controlling
    Class Certificateholder, the Risk Retention Consultation Party or a Holder of Vertically Retained Certificate(s))
	Exhibit
    M-1E	Form
    of Investor Certification for Borrower Party (for the Risk Retention Consultation Party or a Holder of Vertically Retained
    Certificate(s))
	Exhibit
    M-1F	Form
    of Notice of Excluded Controlling Class Holder
	Exhibit
    M-1G	Form
    of Notice of Excluded Controlling Class Holder to Certificate Administrator
	Exhibit
    M-1H	Form
    of Certification of the Controlling Class Representative
	Exhibit
    M-1I	Form
    of Certification of the Risk Retention Consultation Party
	Exhibit
    M-2A	Form
    of Investor Certification for Exercising Voting Rights for Non-Borrower Party
	Exhibit
    M-2B	Form
    of Investor Certification for Exercising Voting Rights for Borrower Party
	Exhibit
    M-3	Form
    of Online Vendor Certification
	Exhibit
    M-4	Form
    of Confidentiality Agreement
	Exhibit
    M-5	Form
    of NRSRO Certification
	Exhibit
    N	Custodian
    Certification
	Exhibit
    O	Servicing
    Criteria to be Addressed in Assessment of Compliance
	Exhibit
    P	Supplemental
    Servicer Schedule
	Exhibit
    Q	Retained
    Defeasance Rights and Obligations Mortgage Loans
	Exhibit
    R	Form
    of Operating Advisor Annual Report
	Exhibit
    S	Sub-Servicing
    Agreements
	Exhibit
    T	Form
    of Recommendation of Special Servicer Termination
	Exhibit
    U	Additional
    Form 10-D Disclosure
	Exhibit
    V	Additional
    Form 10-K Disclosure
	Exhibit
    W-1	Form
    of Additional Disclosure Notification



 


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	Exhibit
    W-2	Form
    of Additional Disclosure Notification (Accounts)
	Exhibit
    W-3	Form
    of Notice of Additional Indebtedness Notification
	Exhibit
    X	Form
    Certification to be Provided with Form 10-K
	Exhibit
    Y-1	Form
    of Certification to be Provided to Depositor by the Certificate Administrator
	Exhibit
    Y-2	Form
    of Certification to be Provided to Depositor by the Master Servicer
	Exhibit
    Y-3	Form
    of Certification to be Provided to Depositor by the Special Servicer
	Exhibit
    Y-4	Form
    of Certification to be Provided to Depositor by the Operating Advisor
	Exhibit
    Y-5	Form
    of Certification to be Provided to Depositor by the Custodian
	Exhibit
    Y-6	Form
    of Certification to be Provided to Depositor by the Trustee
	Exhibit
    Y-7	Form
    of Certification to be Provided to Depositor by the Asset Representations Reviewer
	Exhibit
    Y-8	Form
    of Certification to be Provided to Depositor by a Sub-Servicer
	Exhibit
    Z	Form
    8-K Disclosure Information
	Exhibit
    AA-1	Form
    of Power of Attorney for Master Servicer
	Exhibit
    AA-2	Form
    of Power of Attorney for Special Servicer
	Exhibit
    BB	Class
    A-AB Scheduled Principal Balance
	Exhibit
    CC-1	Form
    of Transferor Certificate for Transfer of the Excess Servicing Fee Rights
	Exhibit
    CC-2	Form
    of Transferee Certificate for Transfer of the Excess Servicing Fee Rights
	Exhibit
    DD	Form
    of Notice and Certification Regarding Defeasance of Mortgage Loan
	Exhibit
    EE	[Reserved]
	Exhibit
    FF-1	Form
    of Notice Regarding Outside Serviced Mortgage Loan (225 & 233 Park Avenue South)
	Exhibit
    FF-2	Form
    of Notice Regarding Outside Serviced Mortgage Loan (General Motors Building)
	Exhibit
    FF-3	Form
    of Notice Regarding Outside Serviced Mortgage Loan (Mall of Louisiana)
	Exhibit
    FF-4	Form
    of Notice Regarding Outside Serviced Mortgage Loan (Starwood Capital Group Hotel Portfolio)
	Exhibit
    FF-5	Form
    of Notice Regarding Outside Serviced Mortgage Loan (Lakeside Shopping Center)
	Exhibit
    FF-6	Form
    of Notice Regarding Outside Serviced Mortgage Loan (Long Island Prime Portfolio - Uniondale)
	Exhibit
    FF-7	Form
    of Notice Regarding Outside Serviced Mortgage Loan (Scripps Center)
	Exhibit
    FF-8	Form
    of Notice Regarding Outside Serviced Mortgage Loan (Atlanta and Anchorage Hotel Portfolio)
	Exhibit
    FF-9	Form
    of Notice Regarding Outside Serviced Mortgage Loan (245 Park Avenue)
	Exhibit
    GG	Specified
    Mortgage Loans
	Exhibit
    HH	Form
    of Asset Review Report
	Exhibit
    II	Form
    of Asset Review Report Summary
	Exhibit
    JJ	Asset
    Review Procedures
	Exhibit
    KK	Form
    of Certification to Certificate Administrator Requesting Access to Secure Data Room
	Exhibit
    LL	Form
    of Notice of [Additional Delinquent Mortgage Loan][Cessation of Delinquent Mortgage Loan][Cessation of Asset Review Trigger]



 




     -iii-


     


    

 



	Exhibit
    MM	Form
    of Certificate Administrator Receipt in Respect of Certificates Evidencing Some or All of the VRR Interest
	Exhibit NN	Form of Notice
    of Exchange of Exchangeable Groups of Certificates









 




     -iv-


     


    

 


Pooling
and Servicing Agreement, dated as of September 1, 2017, among Citigroup Commercial Mortgage Securities Inc., as Depositor, Wells
Fargo Bank, National Association, as Master Servicer, KeyBank National Association, as Special Servicer, Pentalpha Surveillance
LLC, as Operating Advisor, Pentalpha Surveillance LLC, as Asset Representations Reviewer, Citibank, N.A., as Certificate Administrator,
and Wilmington Trust, National Association, as Trustee.


 


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 Mortgage Loans. As provided herein, the
Certificate Administrator will elect that two segregated portions of the Trust Fund (other than any VRR Specific Grantor Trust
Assets and any Class S Specific Grantor Trust Assets) be treated for federal income tax purposes as two separate REMICs (designated
as the “Upper-Tier REMIC” and the “Lower-Tier REMIC”, respectively). In addition, the parties
intend that the portion of the Trust Fund consisting of the VRR Specific Grantor Trust Assets and the Class S Specific Grantor
Trust Assets will be treated as a grantor trust under subpart E of Part I of subchapter J of the Code. Solely for federal income
tax purposes, the Class V-1 Certificates, the Class V-2 Certificates and the Class V-3 Certificates shall represent undivided
beneficial interests in the VRR Specific Grantor Trust Assets, and the Class S Certificates shall represent undivided beneficial
interests in any Class S Specific Grantor Trust Assets.


 


The
Lower-Tier REMIC will hold the Mortgage Loans (exclusive of the Excess Interest) and will issue (i) 13 classes of uncertificated
Lower-Tier Regular Interests (designated as the Class LA-1, Class LA-2, Class LA-3, Class LA-4, Class LA-AB, Class LA-S, Class
LB, Class LC, Class LD, Class LE, Class LF, Class LG and Class LVRR Lower-Tier Regular Interests, respectively), each of which
will constitute a class of “regular interests” in the Lower-Tier REMIC, and (ii) the Lower-Tier Residual Interest,
which will be the sole class of “residual interests” in the Lower-Tier REMIC and will be evidenced by the Class R
Certificates.


 




    


     


    

 


The
following table sets forth the per annum rate at which interest will accrue on, and the original Lower-Tier Principal Balance
of, each Lower-Tier Regular Interest:


 


	Designation
                           of

                           Lower-Tier Regular Interest

	 	Interest
                           Rate

	 	Original

                           Lower-Tier

                           Principal Balance


	Class
    LA-1	 	(1)	 	$31,000,000
	Class
    LA-2	 	(1)	 	$40,600,000
	Class
    LA-3	 	(1)	 	$285,000,000
	Class
    LA-4	 	(1)	 	$317,631,000
	Class
    LA-AB	 	(1)	 	$48,700,000
	Class
    LA-S	 	(1)	 	$111,022,000
	Class
    LB	 	(1)	 	$41,310,000
	Class
    LC	 	(1)	 	$42,601,000
	Class
    LD	 	(1)	 	$47,765,000
	Class
    LE	 	(1)	 	$20,655,000
	Class
    LF	 	(1)	 	$10,328,000
	Class
    LG	 	(1)	 	$36,147,149
	Class
    LVRR	 	(1)	 	$54,355,745



 


 







		(1)	Each
                                         Lower-Tier Regular Interest will accrue interest at the WAC Rate in effect from time
                                         to time.



 


The
Lower-Tier Residual Interest will not have a Lower-Tier Principal Balance, will not bear interest and will not be entitled to
distributions of Yield Maintenance Charges. Any Aggregate Available Funds remaining in the Lower-Tier REMIC Distribution Account
after all distributions deemed made on the Lower-Tier Regular Interests on any Distribution Date will be payable to the Holders
of the Class R Certificates in respect of the Lower-Tier Residual Interest.


 


UPPER-TIER
REMIC


 


The
Upper-Tier REMIC will hold the Lower-Tier Regular Interests and will issue (i) the Class A-1, Class A-2, Class A-3, Class A-4,
Class A-AB, Class A-S, Class B, Class C, Class D, Class E, Class F and Class G Certificates, each class of which evidences a class
of “regular interests” in the Upper-Tier REMIC, (ii) the Class VRR Upper-Tier Regular Interest, which will be a class
of “regular interests” in the Upper-Tier REMIC, (iii) the Class X-A, Class X-B, Class X-D, Class X-E, Class X-F and
Class X-G Certificates, each class of which evidences one or more classes of “regular interests” in the Upper-Tier
REMIC, and (iv) the Upper-Tier Residual Interest, which will be the sole class of “residual interests” in the Upper-Tier
REMIC and will also be evidenced by the Class R Certificates.


 


The
following table sets forth the approximate initial pass-through rate and the original Certificate Balance or, in the case of the
Class X-A, Class X-B, Class X-D, Class X-E,


 



    -2-


     


    

 


Class X-F and Class X-G Certificates, original Notional Amount, as applicable, for
each Class of Regular Certificates and for the Class VRR Upper-Tier Regular Interest:


 


	Class
                           Designation

	 	Approximate

                           Initial

                           Pass-Through Rate

                           (per annum)

	 	Original

                           Certificate Balance / Original 

                           Notional Amount


	Class
    A-1	 	2.065%	 	$31,000,000
	Class
    A-2	 	3.109%	 	$40,600,000
	Class
    A-3	 	3.203%	 	$285,000,000
	Class
    A-4	 	3.465%	 	$317,631,000
	Class
    A-AB	 	3.268%	 	$48,700,000
	Class
    X-A(1)	 	0.935%	 	$833,953,000
	Class
    X-B(1)	 	0.080%	 	$41,310,000
	Class
    X-D(1)	 	1.272%	 	$47,765,000
	Class
    X-E(1)	 	1.272%	 	$20,655,000
	Class
    X-F(1)	 	1.272%	 	$10,328,000
	Class
    X-G(1)	 	1.272%	 	$36,147,149
	Class
    A-S	 	3.789%	 	$111,022,000
	Class
    B	 	4.192%	 	$41,310,000
	Class
    C	 	4.272%	 	$42,601,000
	Class
    D	 	3.000%	 	$47,765,000
	Class
    E	 	3.000%	 	$20,655,000
	Class
    F	 	3.000%	 	$10,328,000
	Class
    G	 	3.000%	 	$36,147,149
	Class
    VRR Upper-Tier Regular Interest	 	(2)	 	$54,355,745




 


 






		(1)	The
                                         Class X-A, Class X-B, Class X-D, Class X-E, Class X-F and Class X-G Certificates will
                                         not have Certificate Balances; rather, each such Class of Certificates will accrue interest
                                         as provided herein on the related Notional Amount.



 


		(2)	Other
                                         than for tax reporting purposes, the Class VRR Upper-Tier Regular Interest will not have
                                         a Pass-Through Rate, but will be entitled to interest on any Distribution Date equal
                                         to the VRR Interest Distribution Amount for such Distribution Date. For tax reporting
                                         purposes, the Class VRR Upper-Tier Regular Interest will accrue interest at the WAC Rate
                                         in effect from time to time.



 


The
Upper-Tier Residual Interest will not have a Certificate Balance or Notional Amount, will not bear interest and will not be entitled
to distributions of Yield Maintenance Charges. Any Aggregate Available Funds remaining in the Upper-Tier REMIC Distribution Account,
after all required distributions under this Agreement have been made with respect to the Regular Certificates and the Class VRR
Upper-Tier Regular Interest, will be distributed to the Holders of the Class R Certificates in respect of the Upper-Tier Residual
Interest.


 


The
following table sets forth, with respect to each Class of Non-Vertically Retained Principal Balance Certificates and with respect
to the Class VRR Upper-Tier Regular Interest, the corresponding Lower-Tier Regular Interest (the “Corresponding Lower-Tier
Regular Interest”) and the corresponding component of the Class X Certificates (the “Corresponding Component”).
Each Class of Non-Vertically Retained Principal Balance Certificates constitutes the “Corresponding Certificates”
with respect to each of the Corresponding Lower-Tier Regular


 






    -3-


     


    

 


Interest and the Corresponding Component (if any) for that Class.
The Class VRR Upper-Tier Regular Interest is referred to as the “Corresponding Certificates” with respect to the Class
LVRR Lower-Tier Regular Interest.


 


	Class
                           Designation

	 	Corresponding

                           Lower-Tier Regular 

Interest(1)

	 	Corresponding
                           

Component(1)


	Class
    A-1	 	LA-1	 	Class
    A-1
	Class
    A-2	 	LA-2	 	Class
    A-2
	Class
    A-3	 	LA-3	 	Class
    A-3
	Class
    A-4	 	LA-4	 	Class
    A-4
	Class
    A-AB	 	LA-AB	 	Class
    A-AB
	Class
    A-S	 	LA-S	 	Class
    A-S
	Class
    B	 	LB	 	Class
    B
	Class
    C	 	LC	 	N/A
	Class
    D	 	LD	 	Class
    D
	Class
    E	 	LE	 	Class
    E
	Class
    F	 	LF	 	Class
    F
	Class
    G	 	LG	 	Class
    G
	Class
    VRR Upper-Tier Regular Interest	 	LVRR	 	N/A




 


 






		(1)	The
                                         Corresponding Lower-Tier Regular Interest and the Corresponding Component, if any, with
                                         respect to any Class of Non-Vertically Retained Principal Balance Certificates are also
                                         the Corresponding Lower-Tier Regular Interest and Corresponding Component with respect
                                         to each other.



 


GRANTOR
TRUST


 


The
portions of the Trust Fund consisting of the VRR Specific Grantor Trust Assets and the Class S Specific Grantor Trust Assets shall
be treated as a grantor trust under subpart E, part I of subchapter J of the Code (the “Grantor Trust”) for
federal income tax purposes. The Class V-1 Certificates, the respective Classes of the Class V-2 Certificates and the respective
Classes of the Class V-3 Certificates shall represent undivided beneficial interests in the portion of the Grantor Trust consisting
of the VRR Specific Grantor Trust Assets, and the Class S Certificates shall represent undivided beneficial interests in the portion
of the Grantor Trust consisting of the Class S Specific Grantor Trust Assets. As provided herein, the Certificate Administrator
shall not take any actions that would cause the Grantor Trust to either (i) lose its status as a “grantor trust” or
(ii) be treated as part of either Trust REMIC.


 


The
following table sets forth the Class designation, the approximate initial Pass-Through Rate, the original Certificate Balance
and the original maximum Certificate Balance for the Class V-1 Certificates, each Class of the Class V-2 Certificates and each
Class of the Class V-3 Certificates:


 



    -4-


     


    

 


	Class
                           Designation

	 	Approximate
                           Initial 

Pass-Through Rate 

(per annum)

	 	Original
                           Certificate 

Balance

	 	Original
                           Maximum 

Certificate Balance


	Class
    V-1(1)	 	(2)	 	$30,771,042
    (3)	 	$54,355,745(4)
    
	Class
    V-2A(5)	 	(6)	 	$9,227,244
    (3)	 	$43,892,263(7)
    
	Class
    V-2B(5)	 	(6)	 	$457,073
    (3)	 	$2,174,211(7)
    
	Class
    V-2C(5)	 	(6)	 	$471,357
    (3)	 	$2,242,158(7)
    
	Class
    V-2D(5)	 	(6)	 	$528,494
    (3)	 	$2,513,947(7)
    
	Class
    V-2E(5)	 	(6)	 	$742,759
    (3)	 	$3,533,166(7)
    
	Class
    V-3AC(8)	 	(9)	 	$10,805,216
    (3)	 	$48,308,632(10)
	Class
    V-3D(8)	 	(9)	 	$562,295
    (3)	 	$2,513,947(10)
	Class
    V-3E(8)	 	(9)	 	$790,265
    (3)	 	$3,533,166(10)


  


(1)          The
Class V-1 Certificates represent a beneficial ownership interest in the Class V-1 Percentage of the VRR Specific Grantor Trust
Assets.


 


(2)          The
Class V-1 Certificates will not have a Pass-Through Rate, but will instead entitle Holders to interest on any Distribution Date
in an amount equal to the product of (a) the Class V-1 Percentage, multiplied by (b) the VRR Interest Distribution Amount for
such Distribution Date.


 


(3)          The
aggregate of the Certificate Balances of the Class V-1 Certificates, the respective Classes of the Class V-2 Certificates and
the respective Classes of the Class V-3 Certificates shall at all times equal the Certificate Balance of the Class VRR Upper-Tier
Regular Interest.


 


(4)          The
original maximum Certificate Balance of the Class V-1 Certificates shown in the table above represents the maximum Certificate
Balance thereof that may be issued on the Closing Date without regard to any exchange of any portion of the Class V-1 Certificates
for any other Exchangeable Certificates.


 


(5)          The
Class V-2 Certificates collectively represent a beneficial ownership interest in the Class V-2 Percentage of the VRR Specific
Grantor Trust Assets. In no event may Certificates representing a Percentage Interest in any Class of Class V-2 Certificates be
transferred to any Person under this Agreement unless Certificates representing the exact same Percentage Interest in each and
every other outstanding Class of Class V-2 Certificates are simultaneously transferred to that same Person. Any Holder of Class
V-2 Certificates must at all times hold the same Percentage Interest in each and every Class thereof.


 


(6)          The
Class V-2 Certificates will not have Pass-Through Rates, but instead will collectively entitle Holders to interest on any Distribution
Date in an aggregate amount equal to the product of (a) the Class V-2 Percentage, multiplied by (b) the VRR Interest Distribution
Amount for such Distribution Date, such aggregate amount of interest to be allocated among the respective Classes of the Class
V-2 Certificates as provided herein.


 


(7)          The
initial maximum Certificate Balance of each Class of the Class V-2 Certificates shown in the table above represents the maximum
Certificate Balance of such Certificates that could be issued in an exchange pursuant to Section 5.13 of this Agreement
on the Closing Date.


 


(8)          The
Class V-3 Certificates collectively represent a beneficial ownership interest in the Class V-3 Percentage of the VRR Specific
Grantor Trust Assets. In no event may Certificates representing a Percentage Interest in any Class of Class V-3 Certificates be
transferred to any Person under this Agreement unless Certificates representing the exact same Percentage Interest in each and
every other


 






    -5-


     


    

 


outstanding Class of Class V-3 Certificates are simultaneously transferred to that same Person. Any Holder of Class
V-3 Certificates must at all times hold the same Percentage Interest in each and every Class thereof.


 


(9)          The
Class V-3 Certificates will not have Pass-Through Rates, but instead will collectively entitle Holders to interest on any Distribution
Date in an aggregate amount equal to the product of (a) the Class V-3 Percentage, multiplied by (b) the VRR Interest Distribution
Amount for such Distribution Date, such aggregate amount of interest to be allocated among the respective Classes of the Class
V-3 Certificates as provided herein.


 


(10)        The
initial maximum Certificate Balance of each Class of the Class V-3 Certificates shown in the table above represents the maximum
Certificate Balance of such Certificates that could be issued in an exchange pursuant to Section 5.13 of this Agreement
on the Closing Date.


 


CREDIT
RISK RETENTION


 


On
the Closing Date, pursuant to the CGMRC Mortgage Loan Purchase Agreement, CGMRC, a “majority-owned affiliate” (within
the meaning of Regulation RR) of CREFI, will receive, as partial consideration for the Mortgage Loans and/or portions thereof
that CGMRC is transferring to the Depositor, $17,595,411 of the Class V-1 Certificates (such portion of the Class V-1 Certificates,
subject to any exchange thereof in accordance with Section 5.13, the “VRR1 Interest”).


 


On
the Closing Date, pursuant to the BBPLC Mortgage Loan Purchase Agreement, BBPLC, an “originator” (within the meaning
of Regulation RR) of Mortgage Loans and/or portions thereof representing 24.2% of the aggregate Cut-off Date Balance of all the
Mortgage Loans, will receive from the Depositor $13,175,631 of the Class V-1 Certificates (such portion of the Class V-1 Certificates,
subject to any exchange thereof in accordance with Section 5.13, the “VRR2 Interest”), in exchange for
a reduction in the price that BBPLC is to receive for its sale to the Depositor of the Mortgage Loans and/or portions thereof
that it is transferring to the Depositor.


 


On
the Closing Date, pursuant to the PCC Mortgage Loan Purchase Agreement, PCC, an “originator” (within the meaning of
Regulation RR) of Mortgage Loans and/or portions thereof representing 22.4% of the aggregate Cut-off Date Balance of all the Mortgage
Loans, will receive from the Depositor $12,157,776 of the Class V-1 Certificates (such portion of the Class V-1 Certificates,
subject to any exchange thereof in accordance with Section 5.13, the “VRR3 Interest”), in exchange for
a reduction in the price that PCC is to receive for its sale to the Depositor of the Mortgage Loans and/or portions thereof that
it is transferring to the Depositor.


 


On
the Closing Date, pursuant to the SMF Mortgage Loan Purchase Agreement, LNR, a “majority-owned affiliate” (within
the meaning of Regulation RR) of SMC (an “originator” (within the meaning of Regulation RR) of Mortgage Loans and/or
portions thereof representing 21% of the aggregate Cut-off Date Balance of all the Mortgage Loans), will receive from the Depositor,
at the direction of SMF, $11,426,927 of the Class V-1 Certificates (such portion of the Class V-1 Certificates, subject to any
exchange thereof in accordance with Section 5.13, the “VRR4 Interest”), in exchange for a reduction
in the price that SMC is to receive for its sale (through SMF) to the Depositor of the Mortgage Loans and/or portions thereof
that it is transferring (through SMF) to the Depositor.


 



    -6-


     


    

 


As
of the Cut-Off Date, the Mortgage Loans have an aggregate Stated Principal Balance equal to approximately $1,087,114,895.


 


In
consideration of the mutual agreements herein contained, the Depositor, the Master Servicer, the Special Servicer, the Operating
Advisor, the Asset Representations Reviewer, the Certificate Administrator and the Trustee 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.


 


“10-K
Filing Deadline”: As defined in Section 10.05 of this Agreement.


 


“225
& 233 Park Avenue South Co-Lender Agreement”: With respect to the 225 & 233 Park Avenue South Loan Combination,
the related agreement between note holders, dated as of June 27, 2017, by and between the holder of the 225 & 233 Park Avenue
South Mortgage Loan and the 225 & 233 Park Avenue South Companion Loan Holders, relating to the relative rights of the holder
of the 225 & 233 Park Avenue South Mortgage Loan and the 225 & 233 Park Avenue South Companion Loan Holders, as the same
may be amended and/or restated from time to time in accordance with the terms thereof.


 


“225
& 233 Park Avenue South Companion Loans”: With respect to the 225 & 233 Park Avenue South Loan Combination,
the related promissory notes made by the related Mortgagor, secured by the 225 & 233 Park Avenue South Mortgage and designated
as promissory notes A-1, A-3 and A-4, respectively, which are not included in the Trust and are pari passu in right of payment
with the 225 & 233 Park Avenue South Mortgage Loan to the extent set forth in the related Loan Documents and as provided in
the 225 & 233 Park Avenue South Co-Lender Agreement, as any such promissory note may be amended, restated, replaced, extended,
renewed, supplemented, consolidated, severed, split or otherwise modified from time to time. If any promissory note evidencing
a 225 & 233 Park Avenue South Companion Loan is split and replaced with 2 or more replacement promissory notes, each such
replacement promissory note will evidence a separate 225 & 233 Park Avenue South Companion Loan.


 


“225
& 233 Park Avenue South Companion Loan Holder”: The holder of a 225 & 233 Park Avenue South Companion Loan.


 


“225
& 233 Park Avenue South Loan Combination”: The 225 & 233 Park Avenue South Mortgage Loan, together with the
225 & 233 Park Avenue South Companion Loans, each of which is secured by the 225 & 233 Park Avenue South Mortgage. References
herein to the 225 & 233 Park Avenue South Loan Combination shall be construed to refer to the aggregate indebtedness secured
under the 225 & 233 Park Avenue South Mortgage.


 


“225
& 233 Park Avenue South Mortgage”: The Mortgage encumbering the Mortgaged Property identified on the Mortgage Loan
Schedule as “225 & 233 Park Avenue South”


 






    -7-


     


    

 


and securing the 225 & 233 Park Avenue South Mortgage Loan and the
225 & 233 Park Avenue South Companion Loans.


 


“225
& 233 Park Avenue South Mortgage Loan”: With respect to the 225 & 233 Park Avenue South Loan Combination, the
Mortgage Loan included in the Trust that is (i) secured by the 225 & 233 Park Avenue South Mortgage, (ii) evidenced by promissory
note A-2 and (iii) pari passu in right of payment with the 225 & 233 Park Avenue South Companion Loans to the extent set forth
in the related Loan Documents and as provided in the 225 & 233 Park Avenue South Co-Lender Agreement.


 


“245
Park Avenue Co-Lender Agreement”: With respect to the 245 Park Avenue Loan Combination, the related co-lender agreement,
dated as of May 30, 2017, by and between the holder of the 245 Park Avenue Mortgage Loan and the 245 Park Avenue Companion Loan
Holders, relating to the relative rights of the holder of the 245 Park Avenue Mortgage Loan and the 245 Park Avenue Companion
Loan Holders, as the same may be amended and/or restated from time to time in accordance with the terms thereof.


 


“245
Park Avenue Companion Loan Holder”: The holder of a 245 Park Avenue Companion Loan.


 


“245
Park Avenue Companion Loans”: The 245 Park Avenue Pari Passu Companion Loans and the 245 Park Avenue Subordinate Companion
Loans.


 


“245
Park Avenue Loan Combination”: The 245 Park Avenue Mortgage Loan, together with the 245 Park Avenue Companion Loans,
each of which is secured by the 245 Park Avenue Mortgage. References herein to the 245 Park Avenue Loan Combination shall be construed
to refer to the aggregate indebtedness secured under the 245 Park Avenue Mortgage.


 


“245
Park Avenue Mortgage”: The Mortgage encumbering the Mortgaged Property identified on the Mortgage Loan Schedule as “245
Park Avenue” and securing the 245 Park Avenue Mortgage Loan and the 245 Park Avenue Companion Loans.


 


“245
Park Avenue Mortgage Loan”: With respect to the 245 Park Avenue Loan Combination, the Mortgage Loan included in the
Trust that is (i) secured by the 245 Park Avenue Mortgage, (ii) evidenced by promissory note A-2-E-2 and (iii) pari passu in right
of payment with the 245 Park Avenue Pari Passu Companion Loans and generally senior in right of payment to the 245 Park Avenue
Subordinate Companion Loans to the extent set forth in the related Loan Documents and as provided in the 245 Park Avenue Co-Lender
Agreement.


 


“245
Park Avenue Pari Passu Companion Loans”: With respect to the 245 Park Avenue Loan Combination, the related promissory
notes made by the related Mortgagor, secured by the 245 Park Avenue Mortgage and designated as promissory notes A-1-A, A-1-B,
A-1-C, A-1-D, A-1-E, A-2-A-1, A-2-A-2, A-2-A-3, A-2-A-4, A-2-B-1, A-2-B-2-A, A-2-B-2-B, A-2-B-3-A, A-2-B-3-B, A-2-C-1-A, A-2-C-1-B,
A-2-C-2, A-2-D-1, A-2-D-2, A-2-D-3 and A-2-E-1, respectively, which are not included in the Trust and are pari passu in right
of payment with the 245 Park Avenue Mortgage Loan and generally senior in right of payment to the 245 Park Avenue Subordinate
Companion Loans to the extent set forth in the related Loan Documents and as provided in the 245 Park Avenue Co-Lender Agreement,
as any such promissory note may be


 






    -8-


     


    

 


amended, restated, replaced, extended, renewed, supplemented, consolidated, severed, split
or otherwise modified from time to time. If any promissory note evidencing a 245 Park Avenue Pari Passu Companion Loan is split
and replaced with 2 or more replacement promissory notes, each such replacement promissory note will evidence a separate 245 Park
Avenue Pari Passu Companion Loan.


 


“245
Park Avenue Subordinate Companion Loans”: With respect to the 245 Park Avenue Loan Combination, the related promissory
notes made by the related Mortgagor, secured by the 245 Park Avenue Mortgage and designated as promissory notes B-1, B-2, B-3,
B-4 and B-5, respectively, which are not included in the Trust and are generally subordinate in right of payment to the 245 Park
Avenue Mortgage Loan and the 245 Park Avenue Pari Passu Companion Loans to the extent set forth in the related Loan Documents
and as provided in the 245 Park Avenue Co-Lender Agreement, as any such promissory note may be amended, restated, replaced, extended,
renewed, supplemented, consolidated, severed, split or otherwise modified from time to time. If any promissory note evidencing
a 245 Park Avenue Subordinate Companion Loan is split and replaced with 2 or more replacement promissory notes, each such replacement
promissory note will evidence a separate 245 Park Avenue Subordinate Companion Loan.


 


“245
Park Avenue Trust 2017-245P Trust and Servicing Agreement”: The Trust and Servicing Agreement, dated as of May 30, 2017,
between J.P. Morgan Chase Commercial Mortgage Securities Corp., as depositor, Wells Fargo Bank, National Association, as servicer,
AEGON USA Realty Advisors, LLC, as special servicer, Wilmington Trust, National Association, as trustee, Wells Fargo Bank, National
Association, as certificate administrator, and Trimont Real Estate Advisors, LLC, as operating advisor, as the same may be amended
from time to time in accordance with the terms thereof, pursuant to which the 245 Park Avenue Trust 2017-245P, Commercial Mortgage
Pass Through Certificates, Series 2017-245P were issued.


 


“9-19
9th Avenue Co-Lender Agreement”: With respect to the 9-19 9th Avenue Loan Combination, the related co-lender agreement,
dated as of July 20, 2017, by and between the holder of the 9-19 9th Avenue Mortgage Loan and the 9-19 9th Avenue Companion Loan
Holder, relating to the relative rights of the holder of the 9-19 9th Avenue Mortgage Loan and the 9-19 9th Avenue Companion Loan
Holder, as the same may be amended and/or restated from time to time in accordance with the terms thereof.


 


“9-19
9th Avenue Companion Loan”: With respect to the 9-19 9th Avenue Loan Combination, the related promissory note made by
the related Mortgagor, secured by the 9-19 9th Avenue Mortgage and designated as promissory note A-2, which is not included in
the Trust and is pari passu in right of payment with the 9-19 9th Avenue Mortgage Loan to the extent set forth in the related
Loan Documents and as provided in the 9-19 9th Avenue Co-Lender Agreement, as such promissory note may be amended, restated, replaced,
extended, renewed, supplemented, consolidated, severed, split or otherwise modified from time to time. If the promissory note
evidencing the 9-19 9th Avenue Companion Loan is split and replaced with 2 or more replacement promissory notes, each such replacement
promissory note will evidence a separate 9-19 9th Avenue Companion Loan.


 


“9-19
9th Avenue Companion Loan Holder”: The holder of the 9-19 9th Avenue Companion Loan.


 



    -9-


     


    

 


“9-19
9th Avenue Loan Combination”: The 9-19 9th Avenue Mortgage Loan, together with the 9-19 9th Avenue Companion Loan, each
of which is secured by the 9-19 9th Avenue Mortgage. References herein to the 9-19 9th Avenue Loan Combination shall be construed
to refer to the aggregate indebtedness secured under the 9-19 9th Avenue Mortgage.


 


“9-19
9th Avenue Mortgage”: The Mortgage encumbering the Mortgaged Property identified on the Mortgage Loan Schedule as “9-19
9th Avenue” and securing the 9-19 9th Avenue Mortgage Loan and the 9-19 9th Avenue Companion Loan.


 


“9-19
9th Avenue Mortgage Loan”: With respect to the 9-19 9th Avenue Loan Combination, the Mortgage Loan included in the Trust
that is (i) secured by the 9-19 9th Avenue Mortgage, (ii) evidenced by promissory note A-1 and (iii) pari passu in right of payment
with the 9-19 9th Avenue Companion Loan to the extent set forth in the related Loan Documents and as provided in the 9-19 9th
Avenue Co-Lender Agreement.


 


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


 


“AB
Loan Combination”: A Loan Combination that includes a Subordinate Companion Loan. The only AB Loan Combinations related
to the Trust as of the Closing Date are the General Motors Building Loan Combination and the 245 Park Avenue Loan Combination.


 


“AB
Modified Loan”: Any Corrected Loan (1) that became a Corrected Loan (which includes for purposes of this definition
any Outside Serviced Mortgage Loan that became a “corrected loan” (or any term substantially similar thereto) pursuant
to the related Outside Servicing Agreement) 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 Trust or the original unmodified Mortgage Loan and (2) as to which
an Appraisal Reduction Amount is not in effect.


 


“Accelerated
Mezzanine Loan”: A mezzanine loan (secured by a pledge of the direct (or indirect) equity interests in a Mortgagor under
a Mortgage Loan or Loan Combination) if such mezzanine loan either (i) has been accelerated, or (ii) is the subject of foreclosure
proceedings against the equity collateral pledged to secure that mezzanine loan.


 


“Acceptable
Insurance Default”: With respect to any Serviced Mortgage Loan (or Serviced Loan Combination), any Default arising when
the related Loan Documents require that the related Mortgagor must maintain all risk casualty insurance or other insurance that
covers damages or losses arising from acts of terrorism and the Special Servicer has determined, in its reasonable judgment in
accordance with the Servicing Standard (and (a) with the consent of the related Directing Holder (unless, if the Controlling Class
Representative is the related Directing Holder, a Control Termination Event has occurred and is continuing) and (b) with respect
to a Specially Serviced Loan, after non-binding consultation with the Risk Retention Consultation Party pursuant to Section
6.09 (in the case of either of clause (a) or (b), other than with respect to any Mortgage Loan that is an Excluded
Mortgage Loan or Excluded RRCP Mortgage Loan, as applicable, as to such party)), that (i) such insurance is not available at commercially
reasonable rates and the subject hazards are not commonly insured against by prudent owners of similar real


 






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properties located
in or near 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; provided, however,
that the related Directing Holder shall have no more than 30 days to respond to the Special Servicer’s request for such
consent; provided, further, that upon the Special Servicer’s determination, consistent with the Servicing
Standard, that exigent circumstances do not allow the Special Servicer to consult with the related Directing Holder or the Risk
Retention Consultation Party, the Special Servicer shall not be required to do so. In making this determination, the Special Servicer,
to the extent consistent with the Servicing Standard, may rely on the opinion of an insurance consultant.


 


“Accrued
Component Interest”: With respect to each Component for any Distribution Date, one month’s interest at the Class
X Strip Rate applicable to such Component for such Distribution Date, accrued on the Component Notional Amount of such Component
outstanding immediately prior to such Distribution Date. Accrued Component Interest shall be calculated on a 30/360 Basis and,
with respect to any Component and any Distribution Date, shall be deemed to accrue during the calendar month preceding the month
in which such Distribution Date occurs.


 


“Act”
or “Securities Act”: The Securities Act of 1933, as it may be amended from time to time and the rules and regulations
thereunder.


 


“Actual/360
Basis”: The accrual of interest on the basis of the actual number of days elapsed during any relevant accrual period
in a year assumed to consist of 360 days.


 


“Actual/360
Mortgage Loan”: A Mortgage Loan that accrues interest on an Actual/360 Basis.


 


“Additional
Debt”: With respect to any Mortgage Loan, any debt owed by the related Mortgagor to a party other than the lender under
such Mortgage Loan that is secured by the related Mortgaged Property.


 


“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 W.


 


“Additional
Form 10-D Disclosure”: As defined in Section 10.04 of this Agreement.


 


“Additional
Form 10-K Disclosure”: As defined in Section 10.05 of this Agreement.


 


“Additional
Information”: As defined in Section 4.02(a) of this Agreement.


 


“Additional
Servicer”: Each Affiliate of the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee,
the Depositor, any Mortgage Loan Seller or any of the Underwriters that Services any of the Mortgage Loans, each Outside Servicer,
each Outside Special Servicer and each Person, other than the Special Servicer or the Certificate Administrator, who is not an
Affiliate of the Master Servicer, the Certificate Administrator, the Trustee, the 


 






    -11-


     


    

 


Depositor, any Mortgage Loan Seller or any of
the Underwriters who Services 10% or more of the Mortgage Loans by unpaid principal balance calculated in accordance with the
provisions of Regulation AB.


 


“Additional
Servicing Compensation”: As defined in Section 3.12(a) of this Agreement.


 


“Additional
Special Servicing Compensation”: As defined in Section 3.12(c) of this Agreement.


 


“Additional
Trust Fund Expenses”: (i) Special Servicing Fees, Workout Fees and Liquidation Fees, (ii) interest in respect of unreimbursed
Advances, (iii) the cost of various default-related or unanticipated Opinions of Counsel required or permitted to be obtained
in connection with the servicing of the Mortgage Loans and the administration of the Trust Fund, (iv) unanticipated, non-Mortgage
Loan specific expenses of the Trust Fund, including indemnities and expense reimbursements to the Trustee, the Certificate Administrator,
the Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer and the Depositor and federal,
state and local taxes, and tax-related expenses, specifically payable out of the Trust Fund, (v) any fees or expenses that are
expressly designated as an Additional Trust Fund Expense pursuant to any provision of this Agreement and (vi) any other default-related
or unanticipated expense of the Trust Fund that is not covered by a Property Advance and for which there is no corresponding collection
from a Mortgagor.


 


“Administrative
Cost Rate”: As of any date of determination, a rate equal to the sum of the Servicing Fee Rate, the Operating Advisor
Fee Rate (only with respect to a Serviced Mortgage Loan and any successor REO Mortgage Loan with respect thereto), the Asset Representations
Reviewer Ongoing Fee Rate, the CREFC® Intellectual Property Royalty License Fee Rate and the Trustee/Certificate
Administrator Fee Rate.


 


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


 


“Advance
Interest Amount”: Interest at the Advance Rate on the aggregate amount of P&I Advances and Property Advances for
which the Master Servicer, the Special Servicer or the Trustee, as applicable, have not been reimbursed for the number of days
from the date on which such Advance was made through, but not including, the date of reimbursement of the related Advance, less
any amount of interest previously paid on such Advance; provided, however, that with respect to any P&I Advance
made prior to the expiration of the related grace period (or, if there is no grace period, on or prior to the related Due Date),
interest on such P&I Advance shall accrue only from and after the expiration of such grace period (or, if there is no grace
period, from and after the related Due Date) and only if the subject Mortgage Loan is then still delinquent; and provided,
further, that interest at the Advance Rate shall not accrue on any Advance made to cover a delinquent Applicable Monthly
Payment that has been received after the Determination Date and prior to 2:00 p.m. (Eastern Time) on the related Master Servicer
Remittance Date.


 


“Advance
Rate”: A per annum rate equal to the Prime Rate, compounded annually.


 


“Affected
Loan(s)”: As defined in Section 2.03(a) of this Agreement.


 



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“Affiliate”:
With respect to any specified Person, any other Person controlling or controlled by or under common control with such specified
Person; provided that, solely for the purposes of the definition of “Borrower Party”, the term “Affiliate”
means, with respect to any specified Person, (i) any other Person controlling or controlled by or under common control with such
specified Person or (ii) any other Person that owns, directly or indirectly, 25% or more of the beneficial interests in such specified
Person. 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. Upon reasonable request of the Trustee and/or the Certificate Administrator, the Trustee and/or the Certificate Administrator
may obtain and rely on an Officer’s Certificate of the Master Servicer, the Special Servicer or the Depositor to determine
whether any Person is an Affiliate of such party.


 


“Affirmative
Asset Review Vote”: As defined in Section 11.01(a).


 


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


 


“Aggregate
Available Funds”: With respect to any Distribution Date, an amount equal to the sum of the following (without duplication):


 


(a)          the
aggregate amount of all cash received on the Mortgage Loans and any REO Properties on deposit in the Collection Account (in each
case, exclusive of any amount on deposit in or credited to any portion of the Collection Account that is held for the benefit
of the Companion Loan Holders) and/or the Lower-Tier REMIC Distribution Account as of the close of business on the Business Day
immediately preceding the related Master Servicer Remittance Date, exclusive of any portion of the foregoing that represents (without
duplication):


 


(i)          Monthly
Payments, together with any Balloon Payments that are accompanied by interest through the related Maturity Date, that are due
on a Due Date (without regard to grace periods) that occurs after the related Determination Date;


 


(ii)         payments
(scheduled or otherwise) of principal (including Principal Prepayments) and interest, Net Liquidation Proceeds, Net Insurance
Proceeds, Net Condemnation Proceeds and other unscheduled recoveries that were received in respect of the Mortgage Pool subsequent
to the related Determination Date (other than any remittances on the Outside Serviced Mortgage Loans or the Trust’s interest
in any related REO Property contemplated by clause (b) of this definition for the subject Distribution Date);


 


(iii)        amounts
payable or reimbursable to any Person from the Collection Account pursuant to clauses (ii) through (ix), inclusive, of Section
3.06(a) of this Agreement;


 


(iv)        Yield
Maintenance Charges;


 



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(v)         Excess
Interest on the ARD Mortgage Loan(s);


 


(vi)        Penalty
Charges retained in the Collection Account pursuant to Section 3.14 of this Agreement;


 


(vii)       all
amounts deposited in the Collection Account or the Lower-Tier REMIC Distribution Account, as the case may be, in error; and


 


(viii)      with
respect to the Mortgage Loans (including REO Mortgage Loans) for which Withheld Amounts are required to be deposited in the Interest
Reserve Account, and any Distribution Date in January (other than during a leap year) or February of any calendar year (unless
such Distribution Date is the final Distribution Date), an amount equal to one day of interest on the Stated Principal Balance
of such Mortgage Loan as of the close of business on the Distribution Date in the month preceding the month in which the subject
Distribution Date occurs at the related Mortgage Rate, less the Administrative Cost Rate, to the extent such amounts are on deposit
in the Collection Account;


 


(b)          if
and to the extent not already included in clause (a) of this definition for the subject Distribution Date, (i) the aggregate amount
allocable to the Mortgage Loans transferred from any REO Account or Loan Combination Custodial Account to the Collection Account
for the subject Distribution Date pursuant to Section 3.16 or Section 3.06A, as applicable, of this Agreement, and
(ii) all remittances received on the Outside Serviced Mortgage Loans or the Trust’s interest in any related REO Property
in the month of the subject Distribution Date, in each case to the extent that such transfer is made or such remittances are received,
as the case may be, by the close of business on the Business Day immediately preceding the related Master Servicer Remittance
Date;


 


(c)          the
aggregate amount of any Compensating Interest Payments made by the Master Servicer with respect to the Mortgage Loans with respect
to the subject Distribution Date and P&I Advances made by the Master Servicer or the Trustee, as applicable, with respect
to the subject Distribution Date (net of the related Trustee/Certificate Administrator Fee with respect to the Mortgage Loans
(including REO Mortgage Loans) for which such Compensating Interest Payments or P&I Advances are made, to the extent not already
deducted from Aggregate Available Funds pursuant to clause (a)(iii) of this definition);


 


(d)          the
aggregate amount of Excess Liquidation Proceeds transferred to the Lower-Tier REMIC Distribution Account from the Excess Liquidation
Proceeds Reserve Account for distribution on the subject Distribution Date; and


 


(e)          with
respect to each Actual/360 Mortgage Loan and any Distribution Date occurring in each March (or February, if the related Distribution
Date is the final Distribution Date), commencing in 2018, the Withheld Amounts remitted to the Lower-Tier REMIC Distribution Account
pursuant to Section 3.23 of this Agreement.


 


Notwithstanding
the investment of funds held in the Collection Account or the Lower-Tier REMIC Distribution Account pursuant to Section 3.07
of this Agreement, for purposes


 






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of calculating the Aggregate Available Funds, the amounts so invested shall be deemed to remain
on deposit in such account.


 


“Aggregate
Principal Distribution Amount”: For any Distribution Date, an amount equal to the sum of the following amounts:


 


(A)        the
Scheduled Principal Distribution Amount for such Distribution Date; and


 


(B)        the
Unscheduled Principal Distribution Amount for such Distribution Date;


 


provided
that the Aggregate Principal Distribution Amount for any Distribution Date shall be reduced, to not less than zero, by the
amount of any reimbursements of (i) Nonrecoverable Advances (including any servicing advance with respect to an Outside Serviced
Mortgage Loan under the related Outside Servicing Agreement), together with interest on such Nonrecoverable Advances at the Advance
Rate, that are paid or reimbursed from principal collections on the Mortgage Loans (including the REO Mortgage Loans) in a period
during which such principal collections would have otherwise been included in the Aggregate Principal Distribution Amount for
such Distribution Date and (ii) Workout-Delayed Reimbursement Amounts that were paid or reimbursed from principal collections
on the Mortgage Loans (including the REO Mortgage Loans) in a period during which such principal collections would have otherwise
been included in the Aggregate Principal Distribution Amount for such Distribution Date (provided that, in the case of
clause (i) and (ii) above, if any of the amounts that were reimbursed from principal collections on the Mortgage Loans (including
the REO Mortgage Loans) for a prior Distribution Date are subsequently recovered on the related Mortgage Loan (including an REO
Mortgage Loan), such recovery will increase the Aggregate Principal Distribution Amount for the Distribution Date related to the
Collection Period in which such recovery occurs).


 


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


 


“A.M.
Best”: A.M. Best Company, Inc. or 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 reasonably designated by the Depositor, notice of which designation shall be given to the Trustee, the Certificate Administrator,
the Master Servicer and the Special Servicer and specific ratings of A.M. Best herein referenced shall be deemed to refer to the
equivalent ratings (as reasonably determined by the Depositor) of the party so designated.


 


“Ancillary
Fees”: With respect to any Serviced Loan, any and all demand fees, beneficiary statement charges, fees for insufficient
or returned checks and other usual and customary charges and fees (other than Modification Fees, Consent Fees, Penalty Charges,
Assumption Fees, assumption application fees and defeasance fees) actually received from the related Mortgagor.


 



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“Anticipated
Repayment Date” or “ARD”: With respect to any ARD Mortgage Loan, the date upon which such ARD Mortgage
Loan commences accruing interest at its Revised Rate.


 


“Anticipated
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
Laws”: As defined in Section 3.01(l) and Section 8.02(i), respectively, of this Agreement.


 


“Applicable
Monthly Payment”: For any Mortgage Loan (including an Outside Serviced Mortgage Loan) with respect to any month (including
any such Mortgage Loan as to which the related Mortgaged Property has become an REO Property), the Monthly Payment; provided,
however, that for purposes of calculating the amount of any P&I Advance required to be made by the Master Servicer
or the Trustee, notwithstanding the amount of such Applicable Monthly Payment, interest shall be calculated at the Mortgage Rate
less the Servicing Fee Rate and, if applicable, shall be exclusive of Excess Interest; and provided, further, that
for purposes of determining the amount of any P&I Advance, the Monthly Payment shall be as reduced pursuant to any modification
of a Mortgage Loan pursuant to Section 3.24 of this Agreement or pursuant to the applicable Outside Servicing Agreement,
or pursuant to any bankruptcy, insolvency, or other similar proceeding involving the related Mortgagor.


 


“Applicable
S&P Permitted Investment Rating”: (A) In the case of such investments with maturities of thirty (30) days or less,
the short term obligations of which are rated at least “A-1” by S&P, (B) in the case of such investments with
maturities of sixth (60) days or less, but more than thirty (30) days, the short term obligations of which are rated at least
“A-1” by S&P, (C) in the case of such investments with maturities of three months or less, but more than sixty
(60) days, the short term obligations of which are rated “A-1+” by S&P (or at least “A-1” by S&P,
if the long term obligations of which are rated at least “AA-” by S&P), (D) in the case of such investments with
maturities of six months or less, but more than three (3) months, the short term obligations of which are rated “A-1+”
by S&P (or at least “A-1” by S&P, if the long term obligations of which are rated at least “AA-”
by S&P), and (E) in the case of such investments with maturities of 365 days or less, but more than six months, the short
term obligations of which are rated “A-1+” by S&P (or at least “A-1” by S&P, if the long term
obligations of which are rated at least “AA-” by S&P).


 


“Applicant”:
As defined in Section 5.07(a) of this Agreement.


 


“Appraisal”:
An appraisal prepared by an Appraiser, which shall be prepared in accordance with MAI standards.


 


“Appraisal
Reduction Amount”: For any Distribution Date and for any Serviced Mortgage Loan (or Serviced Loan Combination, if applicable)
as to which an Appraisal Reduction Event has occurred and an Appraisal Reduction Amount is required to be calculated, an amount
equal to the excess, if any, of (a) the Stated Principal Balance of such Serviced Mortgage Loan (or Serviced Loan Combination)
as of the last day of the related Collection Period over (b) the excess of (i) the sum of (A) 90% of the appraised value of the
related Mortgaged Property or Properties (as determined by one or more Appraisals obtained by the Special Servicer (the cost of
which shall


 






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be advanced by the Master Servicer as a Property Advance unless such Property Advance would be a Nonrecoverable Advance)),
minus such downward adjustments as the Special Servicer may make in accordance with the Servicing Standard (without implying any
obligation to do so) based upon the Special Servicer’s review of the Appraisal and such other information as the Special
Servicer may deem appropriate and (B) all escrows, letters of credit and reserves in respect of such Serviced Mortgage Loan (or
Serviced Loan Combination) as of the date of the calculation over (ii) the sum, as of the Due Date occurring in the month of the
date of determination, of (A) to the extent not previously advanced by the Master Servicer or the Trustee, all unpaid interest
on such Serviced Mortgage Loan (or Serviced Loan Combination) at a per annum rate equal to its Mortgage Rate (and with
respect to a Serviced Loan Combination, interest on the related Serviced Companion Loan(s) at the related Mortgage Rate), (B)
all unreimbursed Advances (which shall include, without limitation, (1) any Advances as to which the advancing party was reimbursed
from a source other than the related Mortgagor and (2) any Unliquidated Advances), with interest thereon at the Advance Rate in
respect of such Serviced Mortgage Loan (or Serviced Loan Combination) and (C) all currently due and unpaid real estate taxes and
assessments, insurance premiums and ground rents, unpaid Special Servicing Fees and all other amounts, due and unpaid with respect
to such Serviced Mortgage Loan (or Serviced Loan Combination) (which taxes, premiums, ground rents and other amounts have not
been the subject of an Advance by the Master Servicer, the Special Servicer or the Trustee, as applicable, and/or for which funds
have not been escrowed). Promptly upon the occurrence of an Appraisal Reduction Event (or a longer period so long as the Special
Servicer is (as certified thereby to the Trustee in writing) diligently and in good faith proceeding to obtain such), if an Appraisal
has not been obtained within the immediately preceding nine (9) months (or if the Special Servicer has determined in accordance
with the Servicing Standard such Appraisal to be materially inaccurate), the Special Servicer shall obtain an Appraisal, the costs
of which shall be paid by the Master Servicer as a Property Advance (or as an expense of the Trust Fund and paid by the Master
Servicer out of the Collection Account if such Property Advance would be a Nonrecoverable Advance). The Master Servicer shall
provide (via electronic delivery) the Special Servicer with information in its possession that is reasonably required to calculate
or recalculate any Appraisal Reduction Amount pursuant to this definition using reasonable efforts to deliver such information
within four (4) Business Days of the Special Servicer’s reasonable written request. None of the Master Servicer, the Trustee
or the Certificate Administrator shall calculate or verify Appraisal Reduction Amounts. On the first Determination Date occurring
on or after the receipt of such Appraisal, the Special Servicer shall calculate or adjust, as applicable, the Appraisal Reduction
Amount to take into account such Appraisal and such information, if any, reasonably requested by the Special Servicer from the
Master Servicer reasonably required to calculate or recalculate the Appraisal Reduction Amount. Notwithstanding the foregoing,
if an Appraisal is required to be obtained in accordance with Section 3.10(a) of this Agreement but is not obtained within
120 days following the events described in the applicable clause of the definition “Appraisal Reduction Event” (without
regard to the time periods stated therein), then, until such Appraisal is obtained and solely for purposes of determining the
amounts of P&I Advances, the Appraisal Reduction Amount for or allocable to the related Serviced Mortgage Loan will equal
25% of the Stated Principal Balance of such related Serviced Mortgage Loan; provided that, upon receipt of an Appraisal,
however, the Appraisal Reduction Amount for such Serviced Mortgage Loan (or Serviced Loan Combination) will be recalculated in
accordance with this definition without regard to this sentence. With respect to each Serviced Loan as to which an Appraisal Reduction
Event has occurred (unless the Serviced Loan has become a Corrected Loan (if a Servicing Transfer Event had occurred with respect
to the related Serviced Loan) and


 






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has remained current for three consecutive Monthly Payments, and with respect to which no other
Appraisal Reduction Event has occurred during the preceding three months), the Special Servicer shall, within 30 days of each
anniversary of such Appraisal Reduction Event, order an Appraisal (which may be an update of the prior Appraisal) (the cost of
which will be covered by, and reimbursable as, a Property Advance by the Master Servicer or as an expense of the Trust Fund and
paid by the Master Servicer out of the Collection Account if such Property Advance would be a Nonrecoverable Advance), provided,
however, no new or updated Appraisal will be required if the Serviced Loan or REO Property is under contract to be sold
within 90 days of such Appraisal Reduction Event or anniversary thereof and the Special Servicer reasonably believes such sale
is likely to close. Based upon such Appraisal or letter updates thereto, the Special Servicer shall determine and report to the
Master Servicer and the Certificate Administrator the Appraisal Reduction Amount, if any, with respect to such Serviced Mortgage
Loan (or Serviced Loan Combination), and each of those parties shall be entitled to rely conclusively on such determination by
the Special Servicer. The Special Servicer shall deliver a copy of any such Appraisal to the Master Servicer and the Certificate
Administrator, which shall be in electronic format. Each Appraisal Reduction Amount shall also be adjusted with respect to the
next Distribution Date to take into account any subsequent Appraisal and annual letter updates, as of the date of each such subsequent
Appraisal or letter update.


 


Upon
payment in full or liquidation of any Serviced Loan for which an Appraisal Reduction Amount has been determined, such Appraisal
Reduction Amount will be eliminated. In addition, with respect to any Serviced Loan, as to which an Appraisal Reduction Event
has occurred, such Serviced Loan shall no longer be subject to the Appraisal Reduction Amount if (a) such Serviced Loan has become
a Corrected Loan (if a Servicing Transfer Event had occurred with respect to the related Serviced Loan) and such Serviced Loan
becomes and remains current for three consecutive Monthly Payments and (b) no other Appraisal Reduction Event has occurred and
is continuing with respect to such Serviced Loan.


 


Appraisal
Reduction Amounts with respect to each Serviced Loan Combination shall be allocated, first, to any related Serviced Subordinate
Companion Loan (up to the outstanding principal balance thereof), and then, to the related Serviced Mortgage Loan and any
related Serviced Pari Passu Companion Loan(s) on a pro rata and pari passu basis in accordance with the respective outstanding
principal balances of such Serviced Mortgage Loan and the related Serviced Pari Passu Companion Loan.


 


Notwithstanding
the foregoing, with respect to each Outside Serviced Mortgage Loan, the Appraisal Reduction Amount shall be the portion of any
“appraisal reduction amount” relating to such Outside Serviced Loan Combination, that is calculated pursuant to the
applicable Outside Servicing Agreement by the related Outside Special Servicer or related Outside Servicer, as applicable, and
that is allocable to such Outside Serviced Mortgage Loan pursuant to such Outside Servicing Agreement and the related Co-Lender
Agreement. The parties hereto shall be entitled to rely on such calculations as reported to them by the related Outside Servicer.
By their acceptance of their Certificates, the Certificateholders shall be deemed to have acknowledged that the applicable Outside
Servicing Agreement and the related Co-Lender Agreement, taken together, provide that any such “appraisal reduction amount”
will be calculated under the applicable Outside Servicing Agreement by the applicable party thereto.


 



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“Appraisal
Reduction Event”: With respect to any Serviced Loan, the earliest of (i) the date on which such Serviced Loan becomes
a Modified Asset, (ii) the date on which such Serviced Loan is 60 days or more delinquent in respect of any Monthly Payment, which
does not include a Balloon Payment, (iii) solely in the case of a delinquent Balloon Payment, (A) the date occurring 60 days after
the date on which such Balloon Payment was due (except as described in the immediately following clause (B)) or (B) if the related
Mortgagor has delivered to the Master Servicer (who shall promptly deliver a copy thereof to the Special Servicer) or the Special
Servicer (who shall promptly deliver a copy thereof to the Master Servicer) a refinancing commitment acceptable to the Special
Servicer prior to the date 60 days after the Balloon Payment was due, the date occurring 120 days after the date on which the
Balloon Payment was due (or such shorter period beyond the date on which that Balloon Payment was due during which the refinancing
is scheduled to occur), (iv) the date on which the related Mortgaged Property has become an REO Property, (v) a receiver or similar
official is appointed and continues for 60 days in such capacity in respect of the related Mortgaged Property, (vi) 60 days after
the related Mortgagor is subject to a bankruptcy, insolvency or similar proceedings, which, in the case of an involuntary bankruptcy,
insolvency or similar proceeding, is not dismissed within those 60 days, or (vii) the date on which such Serviced Loan remains
outstanding five (5) years following any extension of its maturity date pursuant to Section 3.24 of this Agreement. If
an Appraisal Reduction Event occurs with respect to any Serviced Mortgage Loan that is part of a Serviced Loan Combination, then
an Appraisal Reduction Event shall be deemed to have occurred with respect to the related Serviced Companion Loan(s). If an Appraisal
Reduction Event occurs with respect to any Serviced Companion Loan that is part of a Serviced Loan Combination, then an Appraisal
Reduction Event shall be deemed to have occurred with respect to the related Serviced Mortgage Loan and any other Serviced Companion
Loan(s) included as part of that Serviced Loan Combination. No Appraisal Reduction Event may occur at any time when the aggregate
Certificate Balance of all Classes of Principal Balance Certificates (other than the Class A-1, Class A-2, Class A-3, Class A-4
and Class A-AB Certificates) has been reduced to zero. The Special Servicer shall notify the Master Servicer and the Master Servicer
shall notify the Special Servicer, as applicable, promptly upon the occurrence of any of the foregoing events.


 


“Appraised
Value”: As of any date of determination, (i) with respect to any Mortgaged Property (other than a Mortgaged Property
securing an Outside Serviced Mortgage Loan), the appraised value thereof based upon an appraisal or update thereof prepared by
an Appraiser that is contained in the related Servicing File obtained within the time parameters required by this Agreement, and
(ii) with respect to each Mortgaged Property securing an Outside Serviced Mortgage Loan, the appraised value allocable thereto,
as determined pursuant to the Outside Servicing Agreement.


 


“Appraised-Out
Class”: As defined in Section 3.10(a) of this Agreement.


 


“Appraiser”:
An Independent nationally recognized professional commercial real estate appraiser who (i) is a member in good standing of the
Appraisal Institute, (ii) if the state in which the related Mortgaged Property is located certifies or licenses appraisers, is
certified or licensed in such state, and (iii) has a minimum of five years’ experience in the related property type and
market.


 


“Arbitration
Rules”: As defined in Section 2.03(i)(i).


 



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“Arbitration
Services Provider”: As defined in Section 2.03(i)(i).


 


“ARD
Mortgage Loan”: Any Mortgage Loan that is identified as having an Anticipated Repayment Date and a Revised Rate on the
Mortgage Loan Schedule. There is one ARD Mortgage Loan included in the Trust Fund as of the Closing Date.


 


“Asset
Representations Reviewer”: Pentalpha Surveillance LLC, a Delaware limited liability company, or its successor-in-interest,
or any successor Asset Representations Reviewer as herein provided.


 


“Asset
Representations Reviewer Asset Review Fee”: As defined in Section 11.02(b).


 


“Asset
Representations Reviewer Ongoing Fee”: As defined in Section 11.02(a).


 


“Asset
Representations Reviewer Ongoing Fee Rate”: As defined in Section 11.02(a).


 


“Asset
Representations Reviewer Termination Event”: As defined in Section 11.05(a).


 


“Asset
Review”: A review of the compliance of each Delinquent Loan with the representations and warranties of the applicable
Mortgage Loan Seller, in accordance with the Asset Review Standard and the procedures set forth on Exhibit JJ hereto.


 


“Asset
Review Notice”: As defined in Section 11.01(a).


 


“Asset
Review Quorum”: In connection with any solicitation of votes to authorize an Asset Review as described in Section
11.01(a), the Holders of Certificates evidencing at least 5% of the aggregate Voting Rights represented by all of the Certificates.


 


“Asset
Review Report”: As defined in Section 11.01(b)(vii)(C).


 


“Asset
Review Report Summary”: As defined in Section 11.01(b)(vii).


 


“Asset
Review Standard”: The performance by the Asset Representations Reviewer of its duties under this Agreement in good faith
subject to the express terms of this Agreement. Except as otherwise expressly set forth in this Agreement, all determinations
or assumptions made by the Asset Representations Reviewer in connection with an Asset Review shall be made in the Asset Representations
Reviewer’s good faith discretion and judgment based on the facts and circumstances known to it at the time of such determination
or assumption.


 


“Asset
Review Trigger”: Any time when, as of the end of the applicable Collection Period, either (1) Mortgage Loans with an
aggregate outstanding principal balance of 25.0% or more of the aggregate outstanding principal balance of all of the Mortgage
Loans (including any REO Mortgage Loans) held by the Trust are Delinquent Loans, or (2) at least 15 Mortgage Loans are Delinquent
Loans and the aggregate outstanding principal balance of such Delinquent Loans


 






    -20-


     


    

 


constitutes at least 20.0% of the aggregate outstanding
principal balance of all of the Mortgage Loans (including any REO Mortgage Loans) held by the Trust.


 


“Asset
Review Vote Election”: As defined in Section 11.01(a).


 


“Asset
Status Report”: As defined in Section 3.21(b) of this Agreement.


 


“Assignment
of Leases”: With respect to any Mortgaged Property, any assignment of leases, rents and profits or similar agreement
executed by the Mortgagor, 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 such 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.


 


“Assumption
Fees”: With respect to any Serviced Mortgage Loan (or Serviced Loan Combination, if applicable), any and all assumption
fees of such Serviced Mortgage Loan (or Serviced Loan Combination, if applicable) for transactions effected under Section 3.09(a),
3.09(b) and 3.09(c) of this Agreement (excluding assumption application fees), actually paid by the related Mortgagor
and other applicable fees (not including assumption fees and/or assumption application fees) actually paid by the related Mortgagor
in accordance with the related Loan Documents, with respect to any assumption or substitution agreement entered into by the Master
Servicer or the Special Servicer on behalf of the Trust (or, in the case of a Serviced Loan Combination, on behalf of the Trust
and the related Serviced Companion Loan Holder(s)) pursuant to Section 3.09(a) of this Agreement or paid by the related
Mortgagor with respect to any transfer of an interest in such Mortgagor pursuant to Section 3.09(a) of this Agreement.


 


“Atlanta
and Anchorage Hotel Portfolio Co-Lender Agreement”: With respect to the Atlanta and Anchorage Hotel Portfolio Loan Combination,
the related co-lender agreement, dated as of March 23, 2017, by and between the holder of the Atlanta and Anchorage Hotel Portfolio
Mortgage Loan and the Atlanta and Anchorage Hotel Portfolio Companion Loan Holders, relating to the relative rights of the holder
of the Atlanta and Anchorage Hotel Portfolio Mortgage Loan and the Atlanta and Anchorage Hotel Portfolio Companion Loan Holders,
as the same may be amended and/or restated from time to time in accordance with the terms thereof.


 


“Atlanta
and Anchorage Hotel Portfolio Companion Loans”: With respect to the Atlanta and Anchorage Hotel Portfolio Loan Combination,
the related promissory notes made by the related Mortgagor, secured by the Atlanta and Anchorage Hotel Portfolio Mortgage and
designated as promissory notes A-1-A-1, A-1-A-2, A-1-B, A-2 and A-3-A, which are not included in the Trust and are pari passu
in right of payment with the Atlanta and Anchorage Hotel Portfolio Mortgage Loan to the extent set forth in the related Loan Documents
and as provided in the Atlanta and Anchorage Hotel Portfolio Co-Lender Agreement, as any such promissory note may be amended,
restated, replaced, extended, renewed, supplemented, consolidated, severed, split or otherwise modified from time to time. If
any promissory note evidencing an Atlanta and Anchorage Hotel Portfolio Companion Loan is split and replaced with 2 or more replacement
promissory notes, each such replacement promissory note will evidence a separate Atlanta and Anchorage Hotel Portfolio Companion
Loan.


 



    -21-


     


    

 


“Atlanta
and Anchorage Hotel Portfolio Companion Loan Holder”: The holder of an Atlanta and Anchorage Hotel Portfolio Companion
Loan.


 


“Atlanta
and Anchorage Hotel Portfolio Loan Combination”: The Atlanta and Anchorage Hotel Portfolio Mortgage Loan, together with
the Atlanta and Anchorage Hotel Portfolio Companion Loans, each of which is secured by the Atlanta and Anchorage Hotel Portfolio
Mortgage. References herein to the Atlanta and Anchorage Hotel Portfolio Loan Combination shall be construed to refer to the aggregate
indebtedness secured under the Atlanta and Anchorage Hotel Portfolio Mortgage.


 


“Atlanta
and Anchorage Hotel Portfolio Mortgage”: The Mortgage(s) encumbering the portfolio of Mortgaged Properties identified
on the Mortgage Loan Schedule as “Atlanta and Anchorage Hotel Portfolio” and securing the Atlanta and Anchorage Hotel
Portfolio Mortgage Loan and the Atlanta and Anchorage Hotel Portfolio Companion Loans.


 


“Atlanta
and Anchorage Hotel Portfolio Mortgage Loan”: With respect to the Atlanta and Anchorage Hotel Portfolio Loan Combination,
the Mortgage Loan included in the Trust that is (i) secured by the Atlanta and Anchorage Hotel Portfolio Mortgage, (ii) evidenced
by promissory note A-3-B and (iii) pari passu in right of payment with the Atlanta and Anchorage Hotel Portfolio Companion Loans
to the extent set forth in the related Loan Documents and as provided in the Atlanta and Anchorage Hotel Portfolio Co-Lender Agreement.


 


“Authenticating
Agent”: Any authenticating agent appointed by the Certificate Administrator pursuant to Section 5.09 of this
Agreement.


 


“Available
Funds”: With respect to any Distribution Date, an amount equal to the Non-Vertically Retained Percentage of the Aggregate
Available Funds for such Distribution Date.


 


“Balloon
Loan”: Any Mortgage Loan or Serviced Companion Loan that by its original terms or by virtue of any modification provides
for an amortization schedule extending beyond its Maturity Date, unless such extension results solely from the accrual of interest
on the basis of the actual number of days elapsed in a year of 360 days, notwithstanding calculation of Monthly Payments based
on a 360-day year consisting of twelve 30-day months.


 


“Balloon
Payment”: With respect to any Balloon Loan as of any date of determination, the amount outstanding on the Maturity Date
of such Mortgage Loan in excess of the related Monthly Payment.


 


“BANK
2017-BNK7 Pooling and Servicing Agreement”: The Pooling and Servicing Agreement, dated as of September 1, 2017, between
Wells Fargo Commercial Mortgage Securities, Inc., as depositor, Wells Fargo Bank, National Association and National Cooperative
Bank, N.A., as master servicers, Rialto Capital Advisors, LLC and National Cooperative Bank, N.A., as special servicers, Wilmington
Trust, National Association, as trustee, Wells Fargo Bank, National Association, as certificate administrator, and Pentalpha Surveillance
LLC, as operating advisor and asset representations reviewer, as the same may be amended from time to time in accordance with
the terms thereof, pursuant to which the BANK 2017-BNK7, Commercial Mortgage Pass-Through Certificates, Series 2017-BNK7 were
issued.


 



    -22-


     


    

 


“Base
Interest Fraction”: With respect to any Principal Prepayment on any Mortgage Loan and with respect to any Class of the
Class A-1, Class A-2, Class A-3, Class A-4, Class A-AB, Class A-S, Class B, Class C and Class D Certificates, a fraction (a) whose
numerator is the amount, if any, by which (i) the Pass-Through Rate on such Class of Certificates exceeds (ii) the discount rate
used in accordance with the related Loan Documents in calculating the Yield Maintenance Charge with respect to such Principal
Prepayment (or, if the Yield Maintenance Charge is a fixed percentage of the principal balance of the related Mortgage Loan, the
yield rate applicable to any related yield maintenance charge or that is otherwise described in the related Loan Documents) and
(b) whose denominator is the amount, if any, by which (i) the Mortgage Rate on such Mortgage Loan exceeds (ii) the discount rate
used in accordance with the related Loan Documents in calculating the Yield Maintenance Charge with respect to such Principal
Prepayment (or, if the Yield Maintenance Charge is a fixed percentage of the principal balance of the related Mortgage Loan, the
yield rate applicable to any related yield maintenance charge or that is otherwise described in the related Loan Documents); provided,
however, that under no circumstances shall the Base Interest Fraction be greater than one. If the discount rate referred
to in the preceding sentence is greater than or equal to both of (x) the Mortgage Rate on the related Mortgage Loan and (y) the
Pass-Through Rate described in the preceding sentence, then the Base Interest Fraction shall equal zero, and if such discount
rate is greater than or equal to the Mortgage Rate on such Mortgage Loan, but less than the Pass-Through Rate described in the
preceding sentence, then the Base Interest Fraction shall equal one.


 


“BBPLC”:
Barclays Bank PLC, a public limited company registered in England and Wales, and its successors in interest.


 


“BBPLC
Mortgage Loan Purchase Agreement”: The mortgage loan purchase agreement, dated as of September 1, 2017, by and between
BBPLC and the Depositor.


 


“BBPLC
Mall of Louisiana Note”: With respect to the Mall of Louisiana Mortgage Loan, that certain promissory note A-5-2 in
the original principal amount of $17,000,000 made by the related Mortgagor in favor of BBPLC, as the same may hereafter be amended,
restated, replaced, extended, renewed, supplemented, consolidated, severed, split or otherwise modified.


 


“BBPLC
Starwood Capital Group Hotel Portfolio Note”: With respect to the Starwood Capital Group Hotel Portfolio Mortgage Loan,
that certain promissory note A-17 in the original principal amount of $31,817,500 made by the related Mortgagor in favor of BBPLC,
as the same may hereafter be amended, restated, replaced, extended, renewed, supplemented, consolidated, severed, split or otherwise
modified.


 


“Borrower
Delayed Reimbursements”: Any Additional Trust Fund Expenses and reimbursements of Advances that the related Mortgagor
is required, pursuant to a written modification agreement, to pay in the future to the Trust in its capacity as owner of the related
Mortgage Loan.


 


“Borrower
Party”: Either (i) a borrower under a Mortgage Loan or Loan Combination, a Mortgagor or a manager of a related Mortgaged
Property or any Affiliate of any of the foregoing or (ii) a holder or beneficial owner (or an Affiliate of any holder or beneficial
owner) of any Accelerated Mezzanine Loan.


 



    -23-


     


    

 


“Borrower-Related
Party”: As defined in Section 3.33 of this Agreement.


 


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


 


“Business
Day”: Any day other than a Saturday, a Sunday or any day on which the New York Stock Exchange, the Federal Reserve Bank
of New York or banking institutions in the States of New York, Kansas, North Carolina and Delaware, the cities in which the principal
offices of the Operating Advisor, the Master Servicer or the Special Servicer are located, or the city in which the Corporate
Trust Office of the Certificate Administrator or the Trustee is located, are authorized or obligated by law, executive order or
governmental decree to be closed.


 


“BXP
2017-GM Trust and Servicing Agreement”: The Trust and Servicing Agreement, dated as of June 9, 2017, between Morgan
Stanley Capital Inc., as depositor, Wells Fargo Bank, National Association, as servicer, AEGON USA Realty Advisors, LLC, as special
servicer, Wilmington Trust, National Association, as trustee, and Wells Fargo Bank, National Association, as certificate administrator
and custodian, as the same may be amended from time to time in accordance with the terms thereof, pursuant to which the BXP Trust
2017-GM, Commercial Mortgage Pass Through Certificates, Series 2017-GM were issued.


 


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


 


“Certificate”:
Any Class A-1, Class A-2, Class A-3, Class A-4, Class A-AB, Class X-A, Class X-B, Class X-D, Class X-E, Class X-F, Class X-G,
Class A-S, Class B, Class C, Class D, Class E, Class F, Class G, Class V-1, Class V-2A, Class V-2B, Class V-2C, Class V-2D, Class
V-2E, Class V-3AC, Class V-3D, Class V-3E, Class S and Class R Certificate, in any event issued, authenticated and delivered hereunder.


 


“Certificate
Administrator”: Citibank, N.A., a national banking association, or its successor in interest, or any successor Certificate
Administrator appointed as herein provided.


 


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


 


“Certificate
Administrator Personnel”: The divisions and individuals of the Certificate Administrator who are involved in the performance
of the duties of the Certificate Administrator under this Agreement.


 


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


 



    -24-


     


    

 


“Certificate
Balance”: With respect to any Class of Principal Balance Certificates or the Class VRR Upper-Tier Regular Interest outstanding
at any time, (a) as of any date of determination on or prior to the first Distribution Date, an amount (adjusted in the case of
any Class of Exchangeable Certificates to take into account any Certificate exchanges pursuant to Section 5.13 of this
Agreement from and including the Closing Date up to and including such date of determination) equal to the aggregate initial Certificate
Balance of such Class of Principal Balance Certificates or the Class VRR Upper-Tier Regular Interest, as specified in the Preliminary
Statement hereto, and (b) as of any date of determination after the first Distribution Date, an amount (adjusted in the case of
any Class of Exchangeable Certificates to take into account any Certificate exchanges pursuant to Section 5.13 of this
Agreement from and including the Closing Date up to and including such date of determination) equal to the Certificate Balance
of such Class of Principal Balance Certificates or the Class VRR Upper-Tier Regular Interest on the Distribution Date immediately
prior to such date of determination, after any actual distributions of principal thereon and allocations of Realized Losses or
VRR Realized Losses, as applicable, thereto on such prior Distribution Date, and after any increases to such Certificate Balance
on such prior Distribution Date (as and to the extent provided in Section 4.01(g) of this Agreement) in connection with
recoveries of Nonrecoverable Advances previously reimbursed out of collections of principal on the Mortgage Loans.


 


“Certificate
Factor”: With respect to any Class of Principal Balance Certificates or Class X Certificates, as of any date of determination,
a fraction, expressed as a decimal carried to eight places, the numerator of which is the then related Certificate Balance (or,
in the case of a Class of Exchangeable Certificates, the then related Maximum Certificate Balance) or the Notional Amount, as
the case may be, and the denominator of which is the related initial Certificate Balance (or, in the case of a Class of Exchangeable
Certificates, the initial related Maximum Certificate Balance) or the initial Notional Amount, as the case may be.


 


“Certificate
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). Each of the Trustee,
the Certificate Administrator, the Special Servicer and the Master Servicer shall have the right to require, as a condition to
acknowledging the status of any Person as a Certificate Owner under this Agreement, that such Person provide evidence (which may
be in the form of an Investor Certification) at its expense of its status as a Certificate Owner hereunder.


 


“Certificate
Register” and “Certificate Registrar”: The register maintained and the registrar appointed pursuant
to Section 5.03(a) of this Agreement.


 


“Certificateholder”:
With respect to any Certificate, the Person whose name is registered in the Certificate Register (including, solely for the purposes
of distributing reports, statements or other information pursuant to this Agreement, Certificate Owners or potential transferees
of Certificates to the extent the Person distributing such information has been provided with an appropriate Investor Certification
by or on behalf of such Certificate Owner or potential transferee); provided, however, that


 



    -25-


     


    

 


(a)
solely for the purpose of giving any consent, approval, waiver or taking any action pursuant to this Agreement (including voting
on amendments to this Agreement) that specifically relates to the rights, duties, compensation or termination of, and/or any other
matter specifically involving, the Depositor, the Master Servicer, the Special Servicer, any Excluded Mortgage Loan Special Servicer,
the Trustee, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer, any Mortgage Loan Seller
or any Person known to a Responsible Officer of the Certificate Registrar to be an Affiliate of any such party, any Certificate
registered in the name of or beneficially owned by such party or any Affiliate thereof 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, approval, waiver or take any such action has been obtained;


 


(b)
solely for the purpose of giving any consent, approval, waiver or taking any action pursuant to this Agreement, any Certificate
beneficially owned by a Borrower 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,
approval, waiver or take any such action has been obtained (provided, that notwithstanding the foregoing, for purposes
of exercising any rights it may have solely as a member of the Controlling Class, any Controlling Class Certificate owned by an
Excluded Controlling Class Holder shall be deemed not to be outstanding as to such Excluded Controlling Class Holder solely with
respect to giving consent and taking any action with respect to any related Excluded Controlling Class Mortgage Loan); and


 


(c)
if the Master Servicer, the Special Servicer or an Affiliate of the Master Servicer or the Special Servicer is a member of the
Controlling Class, it shall be permitted to act in such capacity and exercise all rights under this Agreement bestowed upon the
Controlling Class (other than, with respect to any Excluded Controlling Class Mortgage Loan with respect to which such party is
an Excluded Controlling Class Holder, as described in the proviso in parenthesis in clause (b) above).


 


For
the avoidance of doubt, nothing contained in this definition will preclude the Special Servicer from performing its duties and
exercising its rights in its capacity as Special Servicer under this Agreement other than with respect to an Excluded Special
Servicer Mortgage Loan.


 


“Certificateholder
Quorum”: A quorum that: (a) for purposes of Section 6.08(a) and 11.05(b) of this Agreement, consists of
the Holders of Certificates evidencing at least 50% of the aggregate Voting Rights (taking into account the allocation of any
Appraisal Reduction Amounts to notionally reduce the Certificate Balances of the respective Classes of the Principal Balance Certificates)
of all Certificates (other than the Class S and Class R Certificates), on an aggregate basis; and (b) for purposes of Section
6.08(b) of this Agreement, consists of the Holders of Certificates evidencing at least 20% of the aggregate of the Certificate
Balances of all Certificates, with such quorum including at least three (3) Holders (or, where Global Certificates are involved,
at least three (3) underlying Certificate Owners) that are not affiliated with each other.


 



    -26-


     


    

 


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


 


“Certification
Parties”: As defined in Section 10.06 of this Agreement.


 


“Certifying
Certificateholder”: As defined in Section 5.07(a) of this Agreement.


 


“Certifying
Person”: As defined in Section 10.06 of this Agreement.


 


“Certifying
Servicer”: As defined in Section 10.08 of this Agreement.


 


“CFCRE
2017-C8 Pooling and Servicing Agreement”: The Pooling and Servicing Agreement, dated as of June 1, 2017, between CCRE
Commercial Mortgage Securities, L.P., as depositor, Wells Fargo Bank, National Association, as master servicer, Rialto Capital
Advisors, LLC, as special servicer, Wilmington Trust, National Association, as trustee, Wells Fargo Bank, National Association,
as certificate administrator, Paying Agent and Custodian, Park Bridge Lender Services LLC, as operating advisor, and Park Bridge
Lender Services LLC, as asset representations reviewer, as the same may be amended from time to time in accordance with the terms
thereof, pursuant to which the CFCRE 2017-C8 Mortgage Trust, Commercial Mortgage Pass-Through Certificates, Series 2017-C8 were
issued.


 


“CGCMT
2017-B1 Pooling and Servicing Agreement”: The Pooling and Servicing Agreement, dated as of August 1, 2017, between Citigroup
Commercial Mortgage Securities Inc., as depositor, Wells Fargo Bank, National Association, as master servicer, LNR Partners, LLC,
as special servicer, Trimont Real Estate Advisors, LLC, as operating advisor and asset representations reviewer, Citibank, N.A.,
as certificate administrator, and Deutsche Bank Trust Company Americas, as trustee, as the same may be amended from time to time
in accordance with the terms thereof, pursuant to which the Citigroup Commercial Mortgage Trust 2017-B1, Commercial Mortgage Pass-Through
Certificates, Series 2017-B1 were issued.


 


“CGCMT
2017-P7 Pooling and Servicing Agreement”: The Pooling and Servicing Agreement, dated as of April 1, 2017, between Citigroup
Commercial Mortgage Securities Inc., as depositor, Wells Fargo Bank, National Association, as master servicer, Rialto Capital
Advisors, LLC, as special servicer, Park Bridge Lender Services LLC, as operating advisor and asset representations reviewer,
Citibank, N.A., as certificate administrator, and Deutsche Bank Trust Company Americas, as trustee, as the same may be amended
from time to time in accordance with the terms thereof, pursuant to which the Citigroup Commercial Mortgage Trust 2017-P7, Commercial
Mortgage Pass-Through Certificates, Series 2017-P7 were issued.


 


“CGMRC”:
Citigroup Global Markets Realty Corp., a New York corporation, and its successors in interest.


 


“CGMRC
Mortgage Loan Purchase Agreement”: The mortgage loan purchase agreement, dated as of September 1, 2017, by and between
CGMRC and the Depositor.


 


“Class”:
With respect to the Certificates, all of the Certificates bearing the same alphabetical or alphanumeric class designation, and
with respect to the Lower-Tier Regular Interests, each interest set forth in the Preliminary Statement hereto.


 



    -27-


     


    

 


“Class
A-1 Certificate”: Any one of the Certificates executed and authenticated by the Certificate Administrator or the Authenticating
Agent in substantially the form set forth in Exhibit A-1 hereto.


 


“Class
A-1 Component”: The Component having such designation.


 


“Class
A-1 Pass-Through Rate”: For any Distribution Date, a per annum rate equal to 2.065%.


 


“Class
A-2 Certificate”: Any one of the Certificates executed and authenticated by the Certificate Administrator or the Authenticating
Agent in substantially the form set forth in Exhibit A-2 hereto.


 


“Class
A-2 Component”: The Component having such designation.


 


“Class
A-2 Pass-Through Rate”: For any Distribution Date, a per annum rate equal to 3.109%.


 


“Class
A-3 Certificate”: Any one of the Certificates executed and authenticated by the Certificate Administrator or the Authenticating
Agent in substantially the form set forth in Exhibit A-3 hereto.


 


“Class
A-3 Component”: The Component having such designation.


 


“Class
A-3 Pass-Through Rate”: For any Distribution Date, a per annum rate equal to 3.203%.


 


“Class
A-4 Certificate”: Any one of the Certificates executed and authenticated by the Certificate Administrator or the Authenticating
Agent in substantially the form set forth in Exhibit A-4 hereto.


 


“Class
A-4 Component”: The Component having such designation.


 


“Class
A-4 Pass-Through Rate”: For any Distribution Date, a per annum rate equal to 3.465%.


 


“Class
A-AB Certificate”: Any one of the Certificates executed and authenticated by the Certificate Administrator or the Authenticating
Agent in substantially the form set forth in Exhibit A-5 hereto.


 


“Class
A-AB Component”: The Component having such designation.


 


“Class
A-AB Pass-Through Rate”: For any Distribution Date, a per annum rate equal to 3.268%.


 


“Class
A-AB Scheduled Principal Balance”: For any Distribution Date, the scheduled principal balance for such Distribution
Date set forth on Exhibit BB to this Agreement.


 






    -28-


     


    

 


“Class
A-S Certificate”: Any one of the Certificates executed and authenticated by the Certificate Administrator or the Authenticating
Agent in substantially the form set forth in Exhibit A-8 hereto.


 


“Class
A-S Component”: The Component having such designation.


 


“Class
A-S Pass-Through Rate”: For any Distribution Date, a per annum rate equal to the lesser of (a) 3.789% and (b)
the WAC Rate for such Distribution Date.


 


“Class
B Certificate”: Any one of the Certificates executed and authenticated by the Certificate Administrator or the Authenticating
Agent in substantially the form set forth in Exhibit A-9 hereto.


 


“Class
B Component”: The Component having such designation.


 


“Class
B Pass-Through Rate”: For any Distribution Date, a per annum rate equal to the lesser of (a) 4.192% and (b) the
WAC Rate for such Distribution Date.


 


“Class
C Certificate”: Any one of the Certificates executed and authenticated by the Certificate Administrator or the Authenticating
Agent in substantially the form set forth in Exhibit A-10 hereto.


 


“Class
C Component”: The Component having such designation.


 


“Class
C Pass-Through Rate”: For any Distribution Date, a per annum rate equal to the WAC Rate for such Distribution Date.


 


“Class
D Certificate”: Any one of the Certificates executed and authenticated by the Certificate Administrator or the Authenticating
Agent in substantially the form set forth in Exhibit A-15 hereto.


 


“Class
D Component”: The Component having such designation.


 


“Class
D Pass-Through Rate”: For any Distribution Date, a per annum rate equal to 3.000%.


 


“Class
E Certificate”: Any one of the Certificates executed and authenticated by the Certificate Administrator or the Authenticating
Agent in substantially the form set forth in Exhibit A-16 hereto.


 


“Class
E Component”: The Component having such designation.


 


“Class
E Pass-Through Rate”: For any Distribution Date, a per annum rate equal to 3.000%.


 


“Class
E Transfer”: As defined in Section 6.09(h) of this Agreement.


 



    -29-


     


    

 


“Class
F Certificate”: Any one of the Certificates executed and authenticated by the Certificate Administrator or the Authenticating
Agent in substantially the form set forth in Exhibit A-17 hereto.


 


“Class
F Component”: The Component having such designation.


 


“Class
F Pass-Through Rate”: For any Distribution Date, a per annum rate equal to 3.000%.


 


“Class
G Certificate”: Any one of the Certificates executed and authenticated by the Certificate Administrator or the Authenticating
Agent in substantially the form set forth in Exhibit A-18 hereto.


 


“Class
G Component”: The Component having such designation.


 


“Class
G Pass-Through Rate”: For any Distribution Date, a per annum rate equal to 3.000%.


 


“Class
R Certificate”: Any one of the Certificates executed and authenticated by the Certificate Administrator or the Authenticating
Agent in substantially the form set forth in Exhibit A-19 hereto. The Class R Certificates have no Pass-Through Rate, Certificate
Balance or Notional Amount.


 


“Class
S Certificate”: Any one of the Certificates executed and authenticated by the Certificate Administrator or the Authenticating
Agent in substantially the form set forth in Exhibit A-20 hereto and evidencing an undivided beneficial interest in the
Class S Specific Grantor Trust Assets. The Class S Certificates have no Pass-Through Rate, Certificate Balance or Notional Amount.


 


“Class
S Specific Grantor Trust Assets”: The portion of the Trust Fund consisting of the Non-Vertically Retained Percentage
of any Excess Interest collected on the ARD Mortgage Loans and the Non-Vertically Retained Percentage of amounts held from time
to time in the Excess Interest Distribution Account.


 


“Class
V-1 Certificate”: Any one of the Certificates executed and authenticated by the Certificate Administrator or the Authenticating
Agent in substantially the form set forth in Exhibit A-21 hereto.


 


“Class
V-1 Percentage”: As of any date of determination, a fraction, expressed as a percentage, the numerator of which is the
Certificate Balance of the Class V-1 Certificates, and the denominator of which is the Certificate Balance of the Class VRR Upper-Tier
Regular Interest.


 


“Class
V-2 Certificate”: Any of the Class V-2A, Class V-2B, Class V-2C, Class V-2D and Class V-2E Certificates.


 


“Class
V-2 Percentage”: As of any date of determination, a fraction, expressed as a percentage, the numerator of which is the
aggregate Certificate Balance of the Class V-2


 






    -30-


     


    

 


Certificates, and the denominator of which is the Certificate Balance of the Class
VRR Upper-Tier Regular Interest.


 


“Class
V-2A Certificate”: Any one of the Certificates executed and authenticated by the Certificate Administrator or the Authenticating
Agent in substantially the form set forth in Exhibit A-22 hereto. The Class V-2A Certificates represent undivided beneficial
interests in the VRR Specific Grantor Trust Assets.


 


“Class
V-2B Certificate”: Any one of the Certificates executed and authenticated by the Certificate Administrator or the Authenticating
Agent in substantially the form set forth in Exhibit A-23 hereto. The Class V-2B Certificates represent undivided beneficial
interests in the VRR Specific Grantor Trust Assets.


 


“Class
V-2C Certificate”: Any one of the Certificates executed and authenticated by the Certificate Administrator or the Authenticating
Agent in substantially the form set forth in Exhibit A-24 hereto. The Class V-2C Certificates represent undivided beneficial
interests in the VRR Specific Grantor Trust Assets.


 


“Class
V-2D Certificate”: Any one of the Certificates executed and authenticated by the Certificate Administrator or the Authenticating
Agent in substantially the form set forth in Exhibit A-25 hereto. The Class V-2D Certificates represent undivided beneficial
interests in the VRR Specific Grantor Trust Assets.


 


“Class
V-2E Certificate”: Any one of the Certificates executed and authenticated by the Certificate Administrator or the Authenticating
Agent in substantially the form set forth in Exhibit A-26 hereto. The Class V-2E Certificates represent undivided beneficial
interests in the VRR Specific Grantor Trust Assets.


 


“Class
V-3 Certificate”: Any of the Class V-3AC, Class V-3D and Class V-3E Certificates.


 


“Class
V-3 Percentage”: As of any date of determination, a percentage equal to 100.0% minus the sum of the Class V-1 Percentage
and the Class V-2 Percentage.


 


“Class
V-3AC Certificate”: Any one of the Certificates executed and authenticated by the Certificate Administrator or the Authenticating
Agent in substantially the form set forth in Exhibit A-27 hereto. The Class V-3AC Certificates represent undivided beneficial
interests in the VRR Specific Grantor Trust Assets.


 


“Class
V-3D Certificate”: Any one of the Certificates executed and authenticated by the Certificate Administrator or the Authenticating
Agent in substantially the form set forth in Exhibit A-28 hereto. The Class V-3D Certificates represent undivided beneficial
interests in the VRR Specific Grantor Trust Assets.


 


“Class
V-3E Certificate”: Any one of the Certificates executed and authenticated by the Certificate Administrator or the Authenticating
Agent in substantially the form set forth in Exhibit A-29 hereto. The Class V-3E Certificates represent undivided beneficial
interests in the VRR Specific Grantor Trust Assets.


 



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“Class
VRR Upper-Tier Regular Interest”: A class of “regular interests”, within the meaning of Code Section 860G(a)(1),
in the Upper-Tier REMIC, with the designation “Class VRR”. The Class VRR Upper-Tier Regular Interest is evidenced
by the Class V-1 Certificates, the respective Classes of the Class V-2 Certificates and the respective Classes of the Class V-3
Certificates and will have a principal balance equal to the aggregate of the Certificate Balances of the Class V-1 Certificates,
the respective Classes of the Class V-2 Certificates and the respective Classes of the Class V-3 Certificates from time to time.
For tax reporting purposes, the Class VRR Upper-Tier Regular Interest will accrue interest at the WAC Rate in effect from time
to time.


 


“Class
X Certificates”: The Class X-A Certificates, the Class X-B Certificates, the Class X-D Certificates, the Class X-E Certificates,
the Class X-F Certificates and/or the Class X-G Certificates, as the context requires.


 


“Class
X Strip Rate”: With respect to each Component for any Distribution Date, a rate per annum equal to: (i) the WAC
Rate for such Distribution Date, minus (ii) the Pass-Through Rate for the Corresponding Certificates.


 


“Class
X-A Certificate”: Any one of the Certificates executed and authenticated by the Certificate Administrator or the Authenticating
Agent in substantially the form set forth in Exhibit A-6 hereto.


 


“Class
X-A Components”: The Class A-1 Component, Class A-2 Component, Class A-3 Component, Class A-4 Component, Class A-AB
Component and Class A-S Component, each of which constitutes a separate class of “regular interests”, within the meaning
of Code Section 860G(a)(1), in the Upper-Tier REMIC with a pass-through rate equal to its Class X Strip Rate from time to time
and a notional amount equal to its Component Notional Amount from time to time.


 


“Class
X-A Notional Amount”: With respect to the Class X-A Certificates as of any date of determination, the sum of the Component
Notional Amounts of the Class X-A Components.


 


“Class
X-A Pass-Through Rate”: For any Distribution Date, the weighted average of Class X Strip Rates for the Class X-A Components
for such Distribution Date (weighted on the basis of the respective Component Notional Amounts of such Components outstanding
immediately prior to such Distribution Date).


 


“Class
X-B Certificate”: Any one of the Certificates executed and authenticated by the Certificate Administrator or the Authenticating
Agent in substantially the form set forth in Exhibit A-7 hereto.


 


“Class
X-B Component”: The Class B Component, which constitutes a separate class of “regular interests”, within
the meaning of Code Section 860G(a)(1), in the Upper-Tier REMIC with a pass-through rate equal to its Class X Strip Rate from
time to time and a notional amount equal to its Component Notional Amount from time to time.


 



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“Class
X-B Notional Amount”: With respect to the Class X-B Certificates as of any date of determination, the Component Notional
Amount of the Class X-B Component.


 


“Class
X-B Pass-Through Rate”: For any Distribution Date, the Class X Strip Rate for the Class X-B Component for such Distribution
Date.


 


“Class
X-D Certificate”: Any one of the Certificates executed and authenticated by the Certificate Administrator or the Authenticating
Agent in substantially the form set forth in Exhibit A-11 hereto.


 


“Class
X-D Component”: The Class D Component, which constitutes a separate class of “regular interests”, within
the meaning of Code Section 860G(a)(1), in the Upper-Tier REMIC with a pass-through rate equal to its Class X Strip Rate from
time to time and a notional amount equal to its Component Notional Amount from time to time.


 


“Class
X-D Notional Amount”: With respect to the Class X-D Certificates as of any date of determination, the Component Notional
Amount of the Class X-D Component.


 


“Class
X-D Pass-Through Rate”: For any Distribution Date, the Class X Strip Rate for the Class X-D Component for such Distribution
Date.


 


“Class
X-E Certificate”: Any one of the Certificates executed and authenticated by the Certificate Administrator or the Authenticating
Agent in substantially the form set forth in Exhibit A-12 hereto.


 


“Class
X-E Component”: The Class E Component, which constitutes a separate class of “regular interests”, within
the meaning of Code Section 860G(a)(1), in the Upper-Tier REMIC with a pass-through rate equal to its Class X Strip Rate from
time to time and a notional amount equal to its Component Notional Amount from time to time.


 


“Class
X-E Notional Amount”: With respect to the Class X-E Certificates as of any date of determination, the Component Notional
Amount of the Class X-E Component.


 


“Class
X-E Pass-Through Rate”: For any Distribution Date, the Class X Strip Rate for the Class X-E Component for such Distribution
Date.


 


“Class
X-F Certificate”: Any one of the Certificates executed and authenticated by the Certificate Administrator or the Authenticating
Agent in substantially the form set forth in Exhibit A-13 hereto.


 


“Class
X-F Component”: The Class F Component, which constitutes a separate class of “regular interests”, within
the meaning of Code Section 860G(a)(1), in the Upper-Tier REMIC with a pass-through rate equal to its Class X Strip Rate from
time to time and a notional amount equal to its Component Notional Amount from time to time.


 


“Class
X-F Notional Amount”: With respect to the Class X-F Certificates as of any date of determination, the Component Notional
Amount of the Class X-F Component.


 



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“Class
X-F Pass-Through Rate”: For any Distribution Date, the Class X Strip Rate for the Class X-F Component for such Distribution
Date.


 


“Class
X-G Certificate”: Any one of the Certificates executed and authenticated by the Certificate Administrator or the Authenticating
Agent in substantially the form set forth in Exhibit A-14 hereto.


 


“Class
X-G Component”: The Class G Component, which constitutes a separate class of “regular interests”, within
the meaning of Code Section 860G(a)(1), in the Upper-Tier REMIC with a pass-through rate equal to its Class X Strip Rate from
time to time and a notional amount equal to its Component Notional Amount from time to time.


 


“Class
X-G Notional Amount”: With respect to the Class X-G Certificates as of any date of determination, the Component Notional
Amount of the Class X-G Component.


 


“Class
X-G Pass-Through Rate”: For any Distribution Date, the Class X Strip Rate for the Class X-G Component for such Distribution
Date.


 


“Clearing
Agency”: An organization registered as a “clearing agency” pursuant to Section 17A of the Exchange Act.
The initial Clearing Agency shall be The Depository Trust Company.


 


“Clearstream”:
Clearstream Banking, société anonyme, and its successors in interest.


 


“Closing
Date”: September 29, 2017.


 


“CMBS”:
Commercial mortgage-backed securities.


 


“Co-Lender
Agreement”: With respect to any Loan Combination, the co-lender agreement, intercreditor agreement, agreement among
noteholders or similar agreement governing the relative rights of the holders of the related Mortgage Loan and Companion Loan(s).
The only Co-Lender Agreements related to the Trust as of the Closing Date are the 225 & 233 Park Avenue South Co-Lender Agreement,
the General Motors Building Co-Lender Agreement, the 9-19 9th Avenue Co-Lender Agreement, the Corporate Woods Portfolio Co-Lender
Agreement, the Mall of Louisiana Co-Lender Agreement, the Starwood Capital Group Hotel Portfolio Co-Lender Agreement, the Visions
Hotel Portfolio Co-Lender Agreement, the Pleasant Prairie Premium Outlets Co-Lender Agreement, the Lakeside Shopping Center Co-Lender
Agreement, the Long Island Prime Portfolio - Uniondale Co-Lender Agreement, the Scripps Center Co-Lender Agreement, the Atlanta
and Anchorage Hotel Portfolio Co-Lender Agreement and the 245 Park Avenue Co-Lender Agreement.


 


“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.


 



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“Collateral
Deficiency Amount” With respect to any AB Modified Loan as of any date of determination, the excess of (i) the Stated
Principal Balance of such AB Modified Loan (taking into account the related junior note(s) included therein), over (ii) the sum
of (in the case of a Loan Combination, solely to the extent allocable to the subject Mortgage Loan) (x) the most recent Appraised
Value for the related Mortgaged Property or Mortgaged Properties, 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 lender as of the date of such
determination, any capital or additional collateral contributed by the related Mortgagor at the time the Mortgage Loan became
(and as part of the modification related to) such AB Modified Loan for the benefit of the related Mortgaged Property or Mortgaged
Properties (provided, that in the case of an Outside Serviced Mortgage Loan, the amounts set forth in this clause (y) will be
taken into account solely to the extent relevant information is received by the Special Servicer), plus (z) any other escrows
or reserves (in addition to any amounts set forth in the immediately preceding clause (y)) held by the lender in respect of such
AB Modified Loan as of the date of such determination. The Certificate Administrator, the Master Servicer and the Operating Advisor
(other than with respect to any Collateral Deficiency Amount calculations that the Operating Advisor is required to review, recalculate
and/or verify pursuant to Section 3.29) shall be entitled to conclusively rely on the Special Servicer’s calculation
or determination of any Collateral Deficiency Amount.


 


“Collection
Account”: The account or accounts created and maintained by the Master Servicer pursuant to Section 3.05(a) of
this Agreement, which (subject to any changes in the identities of the Master Servicer and/or the Trustee) shall be entitled “Wells
Fargo Bank, National Association, as Master Servicer on behalf of Wilmington Trust, National Association, as Trustee, for the
benefit of the registered holders of Citigroup Commercial Mortgage Trust 2017-P8, Commercial Mortgage Pass-Through Certificates,
Series 2017-P8” and which must be an Eligible Account.


 


“Collection
Period”: With respect any Distribution Date, the period beginning on the day immediately following the Determination
Date occurring in the month preceding the month in which that Distribution Date occurs (or, in the case of the Collection Period
for the initial Distribution Date, with respect to any particular Mortgage Loan or Companion Loan, beginning on the day immediately
following the Due Date for such Mortgage Loan or Companion Loan in the month preceding the month in which that Distribution Date
occurs (or the date that would have been the Due Date if such Mortgage Loan or Companion Loan had a Due Date in such preceding
month)) and ending on and including the Determination Date occurring in the month in which that Distribution Date occurs.


 


“Commission”:
The Securities and Exchange Commission.


 


“Communication
Request”: As defined in Section 5.07(a) of this Agreement.


 


“Companion
Loan”: Any mortgage loan that is part of a Loan Combination but is not an asset of the Trust. The only Companion Loans
related to the Trust as of the Closing Date are the 225 & 233 Park Avenue South Companion Loans, the General Motors Building
Companion Loans, the 9-19 9th Avenue Companion Loan, the Corporate Woods Portfolio Companion Loans, the Mall of Louisiana Companion
Loans, the Starwood Capital Group Hotel Portfolio Companion Loans, the Visions Hotel Portfolio Companion Loan, the Pleasant Prairie
Premium Outlets


 






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Companion Loans, the Lakeside Shopping Center Companion Loans, the Long Island Prime Portfolio - Uniondale Companion
Loans, the Scripps Center Companion Loan, the Atlanta and Anchorage Hotel Portfolio Companion Loans and the 245 Park Avenue Companion
Loans.


 


“Companion
Loan Holder”: The holder of a Companion Loan.


 


“Companion
Loan Holder Representative”: With respect to each Serviced Companion Loan, any representative appointed by the related
Companion Loan Holder.


 


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


 


“Companion
Loan Rating Agency Confirmation”: With respect to any matter involving the servicing and administration of a Serviced
Companion Loan or any related REO Property as to which any Serviced Companion Loan Securities exist, confirmation in writing (which
may be in electronic form) by each applicable Companion Loan 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 such Serviced Companion Loan Securities (if then rated by the Companion Loan Rating Agency); provided that upon
receipt of a written waiver or other acknowledgment from the Companion Loan Rating Agency indicating its decision not to review
or declining to review the matter for which the Companion Loan Rating Agency Confirmation is sought (such written notice, a “Companion
Loan Rating Agency Declination”), or as otherwise provided in Section 3.30 of this Agreement, the requirement for the Companion
Loan Rating Agency Confirmation from the applicable Companion Loan Rating Agency with respect to such matter shall not apply.


 


“Companion
Loan Rating Agency Declination”: As defined in the definition of “Companion Loan Rating Agency Confirmation”
in this Agreement.


 


“Compensating
Interest Payments”: Any payment required to be made by the Master Servicer pursuant to Section 3.13 of this Agreement
to cover Prepayment Interest Shortfalls.


 


“Component”:
With respect to the Class X-A Certificates, each of the Class A-1 Component, Class A-2 Component, Class A-3 Component, Class A-4
Component, Class A-AB Component and Class A-S Component; with respect to the Class X-B Certificates, the Class B Component; with
respect to the Class X-D Certificates, the Class D Component; with respect to the Class X-E Certificates, the Class E Component;
with respect to the Class X-F Certificates, the Class F Component; and with respect to the Class X-G Certificates, the Class G
Component.


 


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


 


“Condemnation
Proceeds”: All proceeds received in connection with the taking of all or a part of a Mortgaged Property or REO Property
(including with respect to the Outside Serviced Mortgage Loans) by exercise of the power of eminent domain or condemnation, subject,


 






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however, to the rights of any tenants and ground lessors, as the case may be, and the terms of the related Mortgage; provided
that, in the case of an Outside Serviced Mortgage Loan, “Condemnation Proceeds” under this Agreement shall be
limited to any related proceeds of the type described above in this definition that are received by the Trust Fund in connection
with such Outside Serviced Mortgage Loan, pursuant to the allocations set forth in the related Co-Lender Agreement.


 


“Consent
Fees”: With respect to any Serviced Loan, any and all fees actually paid by a Mortgagor with respect to any consent
or approval (or review thereof) required or requested pursuant to the terms of the Loan Documents that does not involve a modification
evidenced by a signed writing, assumption, extension, waiver or amendment of the terms of the Loan Documents.


 


“Consultation
Election Notice”: As defined in Section 2.03(g).


 


“Consultation
Requesting Certificateholder”: Any Certificateholder or Certificate Owner that timely delivers a Consultation Election
Notice.


 


“Consultation
Termination Event”: The event that either (i) occurs when none of the Classes of Control Eligible Certificates has a
Certificate Balance, without regard to the allocation of any Cumulative Appraisal Reduction Amount, that is equal to or greater
than 25% of the initial Certificate Balance of that Class of Certificates or (ii) is deemed to occur pursuant to Section 6.09(d)
or Section 6.09(h) of this Agreement; provided, however, that a Consultation Termination Event shall in no event
exist at any time that the Certificate Balance of each Class of the Class A-1, Class A-2, Class A-3, Class A-4, Class A-AB, Class
A-S, Class B, Class C and Class D Certificates (without regard to the allocation of Appraisal Reduction Amounts) has been reduced
to zero. With respect to Excluded Mortgage Loans, a Consultation Termination Event shall be deemed to exist.


 


“Control
Eligible Certificates”: Any of the Class E, Class F and Class G Certificates.


 


“Control
Termination Event”: The event that either (i) occurs when none of the Classes of Control Eligible Certificates has a
Certificate Balance (as notionally reduced by any Cumulative Appraisal Reduction Amount then allocable to such Class in accordance
with Section 3.10(a) of this Agreement) that is at least equal to 25% of the initial Certificate Balance of such Class
of Certificates or (ii) is deemed to occur pursuant to Section 6.09(d) or Section 6.09(h) of this Agreement; provided,
however, that a Control Termination Event shall in no event exist at any time that the Certificate Balance of each Class of the
Class A-1, Class A-2, Class A-3, Class A-4, Class A-AB, Class A-S, Class B, Class C and Class D Certificates (without regard to
the allocation of Appraisal Reduction Amounts) has been reduced to zero. With respect to Excluded Mortgage Loans, a Control Termination
Event shall be deemed to exist.


 


“Controlling
Class”: As of any time of determination, the most subordinate Class of Control Eligible Certificates then outstanding
that has a Certificate Balance (as notionally reduced by any Cumulative Appraisal Reduction Amount allocable to such Class in
accordance with Section 3.10(a) of this Agreement) at least equal to 25% of the initial Certificate Balance of such Class
or if no Class of Control Eligible Certificates meets the preceding requirement, the Class E Certificates; provided, however,
that (at any time that the aggregate Certificate Balance of


 






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the Class A-1, Class A-2, Class A-3, Class A-4, Class A-AB, Class
A-S, Class B, Class C and Class D Certificates has been reduced to zero without regard to the allocation of Appraisal Reduction
Amounts) (a) in the case of any Class of Control Eligible Certificates to which the designation of “Controlling Class”
would otherwise shift by operation of this definition, where the Certificate Balance of such Class of Control Eligible Certificates
has been reduced to zero (without regard to the allocation of any Cumulative Appraisal Reduction Amount) prior to such shift,
then designation of “Controlling Class” shall not shift and shall remain with the Class of Control Eligible Certificates
currently designated as the Controlling Class, and (b) in the case of any Class of Control Eligible Certificates which is then
designated the “Controlling Class”, if the Certificate Balance of such Class of Control Eligible Certificates is reduced
to zero (without regard to the allocation of any Cumulative Appraisal Reduction Amount), then the designation of “Controlling
Class” shall shift to the Class of Control Eligible Certificates that is the most subordinate and that also has a remaining
Certificate Balance. The Controlling Class as of the Closing Date will be the Class G Certificates.


 


“Controlling
Class Certificateholder”: Each Holder (or Certificate Owner, if applicable) of a Certificate of the Controlling Class
as determined by the Certificate Administrator from time to time.


 


“Controlling
Class Representative”: The Controlling Class Certificateholder (or other representative) selected by at least a majority
of the Controlling Class Certificateholders by Certificate Balance, as identified by notice to the Certificate Administrator by
the applicable Controlling Class Certificateholders from time to time, with notice of such selection delivered to the Special
Servicer, the Master Servicer, the Operating Advisor, the Asset Representations Reviewer and the Trustee; provided that,
(i) absent such selection, or (ii) until a Controlling Class Representative is so selected, or (iii) upon receipt of notice from
the Controlling Class Certificateholders that own Certificates representing more than 50% of the Certificate Balance of the Controlling
Class that a Controlling Class Representative is no longer so designated, the Controlling Class Representative shall be the Controlling
Class Certificateholder that owns Certificates representing the largest aggregate Certificate Balance of the Controlling Class,
as identified (in writing with contact information) to the Certificate Administrator (who shall notify the Master Servicer, the
Special Servicer and the Operating Advisor). If, upon the occurrence of any of the events or circumstances specified in clauses
(i), (ii) or (iii) above, the Controlling Class Certificateholder that owns Certificates representing the
largest aggregate Certificate Balance of the Controlling Class has not been identified to the Certificate Administrator (and thereby
the Master Servicer and the Special Servicer), then the Master Servicer and the Special Servicer shall have no obligation to obtain
the consent of, or consult with, any Controlling Class Representative until notified of the identity of such largest Controlling
Class Certificateholder or otherwise notified of the identity of the Controlling Class Representative as provided in this Agreement.
No Person may exercise any of the consent or consultation rights and powers of the Controlling Class Representative with respect
to an Excluded Mortgage Loan.


 


The
initial Controlling Class Representative on the Closing Date shall be Prime Finance CMBS B-Piece Holdco X, L.P., and the Certificate
Registrar and the other parties to this Agreement shall be entitled to assume Prime Finance CMBS B-Piece Holdco X, L.P. is the
Controlling Class Representative on behalf of the Controlling Class Certificateholders, until the Certificate Administrator, the
Master Servicer, the Special Servicer and each other Controlling


 






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Class Certificateholder receives (a) written notice of a replacement
Controlling Class Representative or (b) written notice that Prime Finance CMBS B-Piece Holdco X, L.P. is no longer the Holder
(or Certificate Owner) of a majority of the applicable Controlling Class.


 


“Corporate
Trust Office”: The office of the Trustee or the Certificate Administrator, at which at any particular time its corporate
trust business shall be principally administered. At the date of this Agreement, the corporate trust office of (i) the Trustee
is located at 1100 North Market Street, Wilmington, Delaware 19890, Attention: CMBS Trustee CGCMT 2017-P8, and (ii) the Certificate
Administrator is located, for certificate transfer purposes, at 480 Washington Boulevard, 30th Floor, Jersey City, New Jersey
07310, Attention – Securities Window, and for all other purposes, except as specifically set forth herein, 388 Greenwich
Street, New York, New York 10013, Attention: Global Transaction Services, CGCMT 2017-P8.


 


“Corporate
Woods Portfolio Co-Lender Agreement”: With respect to the Corporate Woods Portfolio Loan Combination, the related agreement
between note holders, dated as of September 7, 2017, by and between the holder of the Corporate Woods Portfolio Mortgage Loan
and the Corporate Woods Portfolio Companion Loan Holders, relating to the relative rights of the holder of the Corporate Woods
Portfolio Mortgage Loan and the Corporate Woods Portfolio Companion Loan Holders, as the same may be amended and/or restated from
time to time in accordance with the terms thereof.


 


“Corporate
Woods Portfolio Companion Loans”: With respect to the Corporate Woods Portfolio Loan Combination, the related promissory
notes made by the related Mortgagor, secured by the Corporate Woods Portfolio Mortgage and designated as promissory notes A-1-B,
A-2, A-4 and A-5, which are not included in the Trust and are pari passu in right of payment with the Corporate Woods Portfolio
Mortgage Loan to the extent set forth in the related Loan Documents and as provided in the Corporate Woods Portfolio Co-Lender
Agreement, as any such promissory note may be amended, restated, replaced, extended, renewed, supplemented, consolidated, severed,
split or otherwise modified from time to time. If any promissory note evidencing a Corporate Woods Portfolio Companion Loan is
split and replaced with 2 or more replacement promissory notes, each such replacement promissory note will evidence a separate
Corporate Woods Portfolio Companion Loan.


 


“Corporate
Woods Portfolio Companion Loan Holder”: The holder of a Corporate Woods Portfolio Companion Loan.


 


“Corporate
Woods Portfolio Loan Combination”: The Corporate Woods Portfolio Mortgage Loan, together with the Corporate Woods Portfolio
Companion Loans, each of which is secured by the Corporate Woods Portfolio Mortgage. References herein to the Corporate Woods
Portfolio Loan Combination shall be construed to refer to the aggregate indebtedness secured under the Corporate Woods Portfolio
Mortgage.


 


“Corporate
Woods Portfolio Mortgage”: The Mortgage(s) encumbering the portfolio of Mortgaged Properties identified on the Mortgage
Loan Schedule as “Corporate Woods Portfolio” and securing the Corporate Woods Portfolio Mortgage Loan and the Corporate
Woods Portfolio Companion Loans.


 



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“Corporate
Woods Portfolio Mortgage Loan”: With respect to the Corporate Woods Portfolio Loan Combination, the Mortgage Loan included
in the Trust that is (i) secured by the Corporate Woods Portfolio Mortgage, (ii) evidenced by promissory notes A-1-A and A-3 and
(iii) pari passu in right of payment with the Corporate Woods Portfolio Companion Loans to the extent set forth in the related
Loan Documents and as provided in the Corporate Woods Portfolio Co-Lender Agreement.


 


“Corrected
Loan”: Any Serviced Loan that had been a Specially Serviced Loan but has ceased to be such in accordance with the definition
of “Specially Serviced Loan” (other than by reason of a Liquidation Event occurring in respect of such Serviced
Loan or a related Mortgaged Property becoming an REO Property).


 


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


 


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


 


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


 


“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 Special Servicer and, for so
long as no Control Termination Event has occurred and is continuing, the Controlling Class Representative.


 


“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.


 


“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 as of the Closing Date on the CREFC®
Website, or such other form for the


 






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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®
Assumption Modification Posting Instructions Template”: A report substantially in the form of, and containing
the information called for in, the downloadable form of the “Assumption Modification Posting Instructions Template”
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.


 


“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®
Capitalized Amounts/Non-Recoverable Trust Expense Template”: A report substantially in the form of, and containing
the information called for in, the downloadable form of the “Capitalized Amounts/Non-Recoverable Trust Expense Template”
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.


 


“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 Mortgage Loans, 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®
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 Mortgage Loans, 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®
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 as of


 






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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.


 


“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 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.


 


“CREFC®
Historical Loan Modification/Forbearance and Corrected Mortgage Loan Report”: The monthly report in the “Historical
Loan Modification/Forbearance and Corrected Mortgage Loan Report” format substantially in the form of and containing the
information called for therein for the Mortgage Loans, 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®
Intellectual Property Royalty License Fee”: With respect to each Mortgage Loan (including any REO Mortgage Loan)
and for any Distribution Date, the amount accrued during the related Interest Accrual Period at the CREFC® Intellectual
Property Royalty License Fee Rate on, in the case of the initial Distribution Date, the Cut-Off Date Balance of such Mortgage
Loan and, in the case of any subsequent Distribution Date, the Stated Principal Balance of such Mortgage Loan as of the close
of business on the Distribution Date in the related Interest Accrual Period; provided that such amounts shall be computed
for the same period and on the same interest accrual basis respecting which any related interest payment due or deemed due on
the related Mortgage Loan is computed and shall be prorated for partial periods. For the avoidance of doubt, the CREFC®
Intellectual Property Royalty License Fee shall be payable from the Lower-Tier REMIC.


 


“CREFC®
Intellectual Property Royalty License Fee Rate”: With respect to each Mortgage Loan, a rate equal to 0.00050%
per annum.


 


“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 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.


 


“CREFC®
Investor Reporting Package (IRP)”: Collectively: (a) the following eight data files (and any other files as may
be, or have been, adopted and promulgated by CREFC® as part of the CREFC® Investor Reporting Package
(IRP) from time to time): (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, (vii) CREFC® Special Servicer Loan File and (viii) CREFC®
Schedule AL File;


 



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(b)          the
following ten supplemental reports (and any other reports as may be, or have been, adopted and promulgated by CREFC®
as part of the CREFC® Investor Reporting Package (IRP) from time to time): (i) CREFC® Delinquent
Loan Status Report, (ii) CREFC® Historical Loan Modification/Forbearance 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 Watchlist/Portfolio Review Guidelines, (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 fifteen templates (and any other templates as may be, or have been, adopted and promulgated by CREFC®
as part of the CREFC® Investor Reporting Package (IRP) from time to time): (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 Certificate Administrator Template, (viii) CREFC® Significant Insurance Event Template,
(ix) CREFC® Loan Modification Report Template; (x) CREFC® Loan Liquidation Report Template,
(xi) CREFC® REO Liquidation Report Template; (xii) CREFC® Payment Posting Instructions
Template; (xiii) CREFC® Modification Posting Instructions Template; (xiv) CREFC® Assumption
Modification Posting Instructions Template, and (xv) CREFC® Capitalized Amounts/Non-Recoverable Trust Expense
Template; and


 


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


 


“CREFC®
Loan Level Reserve/LOC Report”: The monthly report in the “CREFC® Loan Level Reserve/LOC
Report” format substantially in the form of and containing the information called for therein for the Mortgage Loans, 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®
Loan Liquidation Report Template”: A report substantially in the form of, and containing the information called
for in, the downloadable form of the “Loan Liquidation Report Template” 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.


 


“CREFC®
Loan Modification Report Template”: A report substantially in the form of, and containing the information called
for in, the downloadable form of the “Loan Modification Report Template” 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.


 


“CREFC®
Loan Periodic Update File”: The data file in the “CREFC® Loan Periodic Update File”
format substantially in the form of and containing the information called for


 






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therein for the Mortgage Loans, 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®
Loan Setup File”: The data file in the “CREFC® Loan Setup File” format substantially
in the form of and containing the information called for therein for the Mortgage Loans, 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®
Modification Posting Instructions Template”: A report substantially in the form of, and containing the information
called for in, the downloadable form of the “Modification Posting Instructions Template” 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.


 


“CREFC®
NOI Adjustment Worksheet”: The worksheet in the “NOI Adjustment Worksheet” format substantially in
the form of and containing the information called for therein for the Mortgage Loans, 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®
Operating Statement Analysis Report”: The monthly report in the “Operating Statement Analysis Report”
format substantially in the form of and containing the information called for therein for the Mortgage Loans, 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®
Payment Posting Instructions Template”: A report substantially in the form of, and containing the information
called for in, the downloadable form of the “Payment Posting Instructions Template” 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.


 


“CREFC®
Property File”: The data file in the “CREFC® Property File” format substantially in
the form of and containing the information called for therein for the Mortgage Loans, 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®
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 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.


 


“CREFC®
REO Liquidation Report Template”: A report substantially in the form of, and containing the information called
for in, the downloadable form of the “REO Liquidation


 






    -44-


     


    

 


Report Template” 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.


 


“CREFC®
REO Status Report”: The report in the “REO Status Report” format substantially in the form of and
containing the information called for therein for the Mortgage Loans, 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®
Schedule AL File”: The data file in the “Schedule AL File” format substantially in the form of and
containing the information required by Items 1111(h)(1), 1111(h)(2) and 1111(h)(3) of Regulation AB, Item 1125 of Regulation AB
and Item 601(b)(102) of Regulation S-K and otherwise called for therein, or such other form containing such required information
for the presentation of such information as may be approved from time to time by the CREFC® for commercial mortgage
securities transactions generally.


 


“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 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.


 


“CREFC®
Servicer Remittance to Certificate Administrator Template”: A report substantially in the form of, and containing
the information called for in, the downloadable form of the “Interest Servicer Remittance to Certificate Administrator Template”
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.


 


“CREFC®
Servicer Watch List/Portfolio Review Guidelines”: As of each Determination Date a report, including and identifying
each Performing Serviced Loan satisfying the “CREFC® Portfolio Review Guidelines” approved from time
to time by the CREFC® in the “CREFC® Servicer Watch List” format substantially in the
form of and containing the information called for therein for the Mortgage Loans, or such other form (including other portfolio
review guidelines) for the presentation of such information as may be approved from time to time by the CREFC®
for commercial mortgage securities transactions generally.


 


“CREFC®
Significant Insurance Event Template”: A report substantially in the form of, and containing the information called
for in, the downloadable form of the “Interest Significant Insurance Event Template” 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.


 


“CREFC®
Special Servicer Loan File”: The data file in the “CREFC® Special Servicer Loan File”
format substantially in the form of and containing the information called for therein for the Mortgage Loans, or such other form
for the presentation of such information as may


 






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be approved from time to time by the CREFC® for commercial mortgage
securities transactions generally.


 


“CREFC®
Total Loan Report”: The report in the “Total Loan Report” format substantially in the form of and
containing the information called for therein for the Mortgage Loans, 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®
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.


 


“CREFI”:
Citi Real Estate Funding Inc., a New York corporation, and its successors in interest.


 


“CREFI
Mall of Louisiana Note”: With respect to the Mall of Louisiana Mortgage Loan, that certain promissory note A-3-1, in
the original principal amount of $30,000,000, made by the related Mortgagor in favor of CREFI, as the same may hereafter be amended,
restated, replaced, extended, renewed, supplemented, consolidated, severed, split or otherwise modified.


 


“CREFI
Mortgage Loan Purchase Agreement”: The mortgage loan purchase agreement, dated as of September 1, 2017, by and between
CREFI and the Depositor.


 


“Cross-Collateralized
Group”: Any group of Mortgage Loans that are cross-collateralized and cross-defaulted with each other; provided that
a Mortgage Loan shall be part of a Cross-Collateralized Group only if and for so long as such Mortgage Loan is cross-collateralized
and cross-defaulted with each other Mortgage Loan in such Cross-Collateralized Group. There are no Cross-Collateralized Groups
included as assets of the Trust as of the Closing Date.


 


“Cross-Collateralized
Mortgage Loan”: Any Mortgage Loan that is part of a Cross-Collateralized Group.


 


“Cross-Over
Date”: The first Distribution Date as of which (without regard to any distribution of the Principal Distribution Amount
on such Distribution Date) the Certificate Balances of the Class A-S, Class B, Class C, Class D, Class E, Class F and Class G
Certificates have been reduced to zero due to the application of Realized Losses.


 


“Cumulative
Appraisal Reduction Amount”: As of any date of determination by the Special Servicer, the sum of (i) all Appraisal Reduction
Amounts then in effect, and (ii) with respect to any AB Modified Loan, any Collateral Deficiency Amount then in effect. The Certificate
Administrator and the Master Servicer shall be entitled to conclusively rely on the Special Servicer’s calculation or determination
of any Cumulative Appraisal Reduction Amount. None of the Master Servicer, the Trustee nor the Certificate Administrator shall
calculate or verify any Cumulative Appraisal Reduction Amount.


 


“Cure/Contest
Period”: As defined in Section 11.01(b)(vii).


 


“Custodial
Agreement”: The custodial agreement, if any, from time to time in effect between the Custodian named therein (if other
than the Certificate Administrator) and the


 






    -46-


     


    

 


Certificate Administrator, as the same may be amended or modified from time to time
in accordance with the terms thereof. For avoidance of doubt, as of the Closing Date, the Custodian is the Certificate Administrator.


 


“Custodian”:
Any custodian appointed pursuant to Section 5.10 of this Agreement and, unless the Certificate Administrator is such custodian,
named pursuant to any Custodial Agreement. The Custodian may (but need not) be the Trustee, the Certificate Administrator or the
Master Servicer or any Affiliate or agent of the Trustee, the Certificate Administrator or the Master Servicer, but may not be
the Depositor, a Mortgage Loan Seller or any Affiliate thereof. The Certificate Administrator shall be the initial Custodian.


 


“Cut-Off
Date”: With respect to each Mortgage Loan, the Due Date in September 2017 for that Mortgage Loan (or, in the case of
any Mortgage Loan that has its first Due Date subsequent to September 2017, the date that would have been its Due Date in September
2017 under the terms of that Mortgage Loan if a Monthly Payment were scheduled to be due in that month).


 


“Cut-Off
Date Balance”: With respect to any Mortgage Loan, the outstanding principal balance of such Mortgage Loan as of the
Cut-Off Date, after application of all payments of principal due on or before such date, whether or not received.


 


“DBJPM
2017-C6 Pooling and Servicing Agreement”: The Pooling and Servicing Agreement, dated as of June 1, 2017, between Deutsche
Mortgage & Asset Receiving Corporation, as depositor, Midland Loan Services, a Division of PNC Bank, National Association,
as master servicer and special servicer, Wells Fargo Bank, National Association, as trustee, certificate administrator, paying
agent and custodian, and Pentalpha Surveillance LLC, as operating advisor and asset representations reviewer, as the same may
be amended from time to time in accordance with the terms thereof, pursuant to which the DBJPM 2017-C6 Mortgage Trust, Commercial
Mortgage Pass-Through Certificates, Series 2017-C6 were issued.


 


“DBRS”:
DBRS, Inc. or its successors in interest. If neither DBRS nor any successor remains in existence, “DBRS” 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 Trustee, the Certificate Administrator, the Master Servicer
and the Special Servicer and specific ratings of DBRS herein referenced shall be deemed to refer to the equivalent ratings (as
reasonably determined by the Depositor) of the party so designated.


 


“Debt
Service Coverage Ratio”: With respect to any Mortgage Loan (or Serviced Loan Combination, if applicable), for any twelve-month
period covered by an annual operating statement for the related Mortgaged Property, the ratio of (i) Net Operating Income produced
by the related Mortgaged Property during such period to (ii) the aggregate amount of Monthly Payments (which do not include Balloon
Payments) due under such Mortgage Loan (or Serviced Loan Combination, if applicable) during such period; provided that
with respect to the Mortgage Loans (and with respect to any Serviced Loan Combination that includes a Mortgage Loan) identified
on the Mortgage Loan Schedule as paying interest only for a specified period of time set forth in the related Loan Documents and
then paying principal and interest, the related Monthly


 






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Payment will be calculated (for purposes of this definition only) to include
interest and principal (based on the remaining amortization term indicated in the Mortgage Loan Schedule).


 


“Default”:
An event of default under any Mortgage Loan (or Serviced Loan Combination, if applicable) or an event which, with the passage
of time or the giving of notice, or both, would constitute an event of default under such Mortgage Loan (or Serviced Loan Combination,
if applicable).


 


“Default
Interest”: With respect to any Mortgage Loan or Serviced Companion Loan, all interest other than Excess Interest accrued
in respect of such Mortgage Loan or Serviced Companion Loan as provided in the related Note or Mortgage as a result of a default
(exclusive of late payment charges) that is in excess of interest at the related Mortgage Rate.


 


“Default
Rate”: With respect to each Mortgage Loan or Serviced Companion Loan, the per annum rate at which interest accrues
on such Mortgage Loan or Serviced Companion Loan, as the case may be, following any event of default on such Mortgage Loan or
Serviced Companion Loan, as the case may be, including a default in the payment of a Monthly Payment or a Balloon Payment.


 


“Defaulted
Loan”: A Serviced Loan (i) that is delinquent at least sixty days in respect of its Monthly Payments or 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 related Mortgage or Note and without regard to any acceleration of payments under the related Mortgage and Note
or (ii) as to which the Master Servicer or Special Servicer has, by written notice to the related Mortgagor, accelerated the maturity
of the indebtedness evidenced by the related Note.


 


“Defaulted
Mortgage Loan”: A Mortgage Loan that is a Defaulted Loan.


 


“Defaulted
Serviced Loan Combination”: Any Serviced Loan Combination with respect to which the related Serviced Mortgage Loan or
Serviced Companion Loan is a Defaulted Loan.


 


“Defeasance
Loan”: Those Mortgage Loans which provide the related Mortgagor with the option to defease the related Mortgaged Property.


 


“Defective
Mortgage Loan”: As defined in Section 2.03(a) of this Agreement.


 


“Deficient
Exchange Act Deliverable”: With respect to the Master Servicer, the Special Servicer, the Operating Advisor, the Asset
Representations Reviewer, the Certificate Administrator, the Custodian, the Trustee and each Servicing Function Participant and
Additional Servicer retained by it (other than a Mortgage Loan Seller 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 X of this Agreement, that does
not conform to the applicable reporting requirements under the Securities Act, the Exchange Act, the Sarbanes-Oxley Act and/or
the rules and regulations promulgated thereunder.


 



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“Definitive
Certificate”: Any Certificate in fully registered certificated form without interest coupons.


 


“Delinquent
Loan”: A Mortgage Loan that is delinquent at least sixty (60) days in respect of its Monthly Payments or Balloon Payment,
if any, in either case such delinquency to be determined without giving effect to any Grace Period.


 


“Depositor”:
Citigroup Commercial Mortgage Securities Inc., 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.


 


“Designated
Servicing Documents”: With respect to any Serviced Mortgage Loan or Serviced Loan Combination, if applicable, collectively
the following documents:


 


(1)         (A)
a copy of the executed Note for such Mortgage Loan (or, alternatively, if the original executed Note has been lost, a copy of
a lost note affidavit and indemnity with a copy of such Note), and (B) in the case of a Serviced Loan Combination, a copy of the
executed Note for the related Companion Loan;


 


(2)         a
copy of the related Loan Agreement, if any;


 


(3)         a
copy of the Mortgage;


 


(4)         a
copy of the lock box agreement or cash management agreement relating to such Mortgage Loan or Serviced Loan Combination, if any;


 


(5)         any
pre-funding insurance review documentation and insurance certificates (for insurance policies other than environmental policy);


 


(6)         a
copy of any related title insurance policy or a marked up commitment therefor;


 


(7)         a
copy of any environmental insurance policy or a copy of the insurance certificate therefor;


 


(8)         legal
description of the related Mortgaged Property;


 


(9)         a
copy of the related escrow agreement and the related security agreement (in each case, if such item is a document separate from
the Loan Agreement and the Mortgage);


 


(10)       a
copy of the agreement governing post-closing obligations (if such item is a document separate from the Loan Agreement and the
Mortgage), if any;


 



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(11)       a
copy of the closing statement and/or sources and uses statement;


 


(12)       the
related Mortgage Loan Seller’s asset summary, if any (provided that the delivery of such item shall not result in any liability
to the related Mortgage Loan Seller);


 


(13)       the
related Mortgagor tax ID;


 


(14)       a
PIP Schedule (if such item is a document separate from the Loan Agreement and the Mortgage), if any;


 


(15)       a
copy of an approved operating budget, if applicable;


 


(16)       a
copy of the related Ground Lease relating to such Mortgage Loan (or Serviced Loan Combination, if applicable), if any; and


 


(17)       in
the case of a Serviced Loan Combination, a copy of the related Co-Lender Agreement.


 


“Designated
Site”: The internet website to which Diligence Files are uploaded as designated by the Depositor to the Mortgage Loan
Sellers, initially located at www.intralinks.com.


 


“Determination
Date”: The eleventh day of each calendar month (or, if the eleventh day of that month is not a Business Day, the next
Business Day), commencing in October 2017.


 


“Diligence
File”: With respect to each Mortgage Loan, collectively the following documents in electronic format:


 


(a)       A
copy of each of the following documents:


 


(i)         (A)
the Mortgage Note, endorsed on its face or by allonge attached to the Mortgage Note, without recourse, to the order of the Trustee
on behalf of the Certificateholders or in blank, and further showing a complete, unbroken chain of endorsement from the originator
(if such originator is not the applicable Mortgage Loan Seller) (or, alternatively, if the original executed Note has been lost,
a lost note affidavit and indemnity with a copy of such Note), and (B) if such Mortgage Loan is part of a Serviced Loan Combination,
the executed Note for each related Serviced Companion Loan;


 


(ii)        the
Mortgage, together with any and all intervening assignments thereof, in each case (unless the particular item has not been returned
from the applicable recording office) with evidence of recording indicated thereon or certified
by the applicable recorder’s office (if in the possession of the applicable Mortgage Loan Seller);


 


(iii)       any
related Assignment of Leases (if such item is a document separate from the Mortgage), together with any and all intervening assignments
thereof, in each case (unless the particular item has not been returned from the applicable recording office) with evidence of
recording indicated thereon or


 







    -50-


     


    

  





certified by the applicable recorder’s office (if in the possession of the applicable Mortgage
Loan Seller);


 


(iv)       final
written modification agreements in those instances where the terms or provisions of the Note for such Mortgage Loan (or, if applicable,
any Note of a related Serviced Companion Loan) or the related Mortgage have been modified, in each case (unless the particular
item has not been returned from the applicable recording office) with evidence of recording indicated thereon if the instrument
being modified is a recordable document;


 


(v)        the
policy or certificate of lender’s title insurance issued in connection with such Mortgage Loan (or the related Serviced
Loan Combination, if applicable) or, if such policy has not been issued or located, an irrevocable, binding commitment (which
may be a “marked-up” pro forma title policy marked as binding and executed by an authorized representative of the
title insurer or an agreement to provide the same pursuant to binding escrow instructions executed by an authorized representative
of the title insurer) to issue such title insurance policy;


 


(vi)       the
Ground Lease relating to such Mortgage Loan (or the related Serviced Loan Combination, if applicable), if any, and any ground
lessor estoppel;


 


(vii)      the
related Loan Agreement, if any;


 


(viii)     the
guaranty under such Mortgage Loan or the related Serviced Loan Combination, if any;


 


(ix)        the
lock box agreement or cash management agreement relating to such Mortgage Loan or the related Serviced Loan Combination, if any;


 


(x)         the
environmental indemnity from the related Mortgagor, if any;


 


(xi)        the
related escrow agreement and the related security agreement (in each case, if such item is a document separate from the Mortgage)
and, if applicable, any intervening assignments thereof;


 


(xii)       any
filed copies (bearing evidence of filing) or evidence of filing of any UCC financing statements in favor of the originator of
such Mortgage Loan (or the related Serviced Loan Combination, if applicable) or in favor of any assignee prior to the Trustee
and UCC-3 assignment financing statements in favor of the Trustee (or, in each case, a copy thereof certified to be the copy of
such assignment submitted or to be submitted for filing), if in the possession of the applicable Mortgage Loan Seller;


 


(xiii)      in the case of any Mortgage Loan or the related Serviced Loan Combination as to which there exists a related mezzanine loan, the
related intercreditor agreement;


 


(xiv)     any
related environmental insurance policy;


 






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(xv)      any
letter of credit relating to such Mortgage Loan or the related Serviced Loan Combination and any related assignment thereof;


 


(xvi)      any
related franchise agreement, property management agreement or hotel management agreement and related comfort letters (together
with (i) copies of any notices of transfer that are necessary to transfer or assign to the Trust or the Trustee for the benefit
of the Certificateholders the benefits of such comfort letter or (ii) if the related comfort letter contemplates that a request
be made of the related franchisor to issue a replacement comfort letter for the benefit of the Trust or Trustee, a copy of the
notice requesting the issuance of such replacement comfort letter) and/or estoppel letters relating to such Mortgage Loan or the
related Serviced Loan Combination and any related assignment thereof; and


 


(xvii)     in
the case of a Mortgage Loan that is part of a Loan Combination, the related Co-Lender Agreement;


 


(b)         a
copy of any engineering reports or property condition reports;


 


(c)         other
than with respect to a hotel property (except with respect to tenanted commercial space within a hotel property), copies of a
rent roll;


 


(d)         for
any office, retail, industrial or warehouse property, a copy of all leases and estoppels and subordination and non-disturbance
agreements delivered to the related Mortgage Loan Seller;


 


(e)         a
copy of all legal opinions (excluding attorney-client communications between the related Mortgage Loan Seller, and its counsel
that are privileged communications or constitute legal or other due diligence analyses), if any, delivered in connection with
the closing of the related Mortgage Loan;


 


(f)          a
copy of all Mortgagor’s certificates of hazard insurance and/or hazard insurance policies or other applicable insurance
policies (to the extent not previously included as part of this definition), if any, delivered in connection with the closing
of the related Mortgage Loan;


 


(g)         a
copy of the appraisal for the related Mortgaged Property or Mortgaged Properties;


 


(h)         for
any Mortgage Loan that the related Mortgaged Property or Mortgaged Properties is leased to a single tenant, a copy of the lease;


 


(i)          a
copy of the applicable Mortgage Loan Seller’s asset summary;


 


(j)          a
copy of all surveys for the related Mortgaged Property or Mortgaged Properties;


 


(k)         a
copy of all zoning reports;


 






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(l)          a
copy of financial statements of the related Mortgagor;


 


(m)        a
copy of operating statements for the related Mortgaged Property or Mortgaged Properties;


 


(n)         a
copy of all UCC searches;


 


(o)         a
copy of all litigation searches;


 


(p)         a
copy of all bankruptcy searches;


 


(q)         a
copy of the origination settlement statement;


 


(r)          a
copy of any Insurance Summary Report;


 


(s)         a
copy of the organizational documents of the related Mortgagor and any guarantor;


 


(t)          a
copy of any escrow statements related to the escrow account balances as of the Mortgage Loan origination date, if not included
in the origination settlement statement;


 


(u)         the
original or a copy of all related environmental reports that were received by the applicable Mortgage Loan Seller;


 


(v)         unless
already included as part of the environmental reports, a copy of any closure letter (environmental); and


 


(w)      unless
already included as part of the environmental reports, a copy of any environmental remediation agreement for the related Mortgaged
Property or Mortgaged Properties,


 


in
each case, to the extent that the related originator received such documents in connection with the origination of such Mortgage
Loan. In the event any of the items identified above were not received in connection with the origination of such Mortgage Loan
(other than documents that would not be included in connection with the origination of the Mortgage Loan because such document
is inapplicable to the origination of a Mortgage Loan of that structure or type, taking into account whether or not such Mortgage
Loan has any additional debt), the Diligence File shall include a statement to that effect. No information that is proprietary
to the related originator or Mortgage Loan Seller or any draft documents, privileged or internal communications, credit underwriting
or due diligence analysis shall constitute part of the Diligence File. It is not required to include any of the same items identified
above again if such items have already been included under another clause of the definition of Diligence File, and the Diligence
File shall include a statement to that effect. The Mortgage Loan Seller may, without any obligation to do so, include such other
documents as part of the Diligence File that such Mortgage Loan Seller believes should be included to enable the Asset Representations
Reviewer to perform the Asset Review on such Mortgage Loan; provided that such documents are clearly labeled and identified.


 






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“Diligence
File Certification”: As defined in Section 2.01(i) of this Agreement.


 


“Directing
Holder”: (a) With respect to all of the Serviced Loans other than a Serviced Outside Controlled Loan Combination and
any Excluded Mortgage Loan, the Controlling Class Representative, and (b) with respect to any Serviced Outside Controlled Loan
Combination, the related Outside Controlling Note Holder.


 


“Directly
Operate”: With respect to any 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 such REO Property, the holding of such REO Property
primarily for sale to customers in the ordinary course of a trade or business or any use of such 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 an 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 such REO Property or takes other actions consistent with Treasury Regulations Section 1.856-4(b)(5)(ii).


 


“Disclosable
Special Servicer Fees”: With respect to any Serviced Loan or related REO Property, any compensation and other remuneration
(including, without limitation, in the form of commissions, brokerage fees and rebates) received or retained by the Special Servicer
or any of its Affiliates that is paid by any Person (including, without limitation, the Trust, any Mortgagor, any Manager, any
guarantor or indemnitor in respect of a Serviced Loan and any purchaser of any Serviced Loan or REO Property (or an interest in
an REO Property related to a Serviced Loan Combination, if applicable) in connection with the disposition, workout or foreclosure
of any Serviced Loan, the management or disposition of any REO Property, and the performance by the Special Servicer or any such
Affiliate of any other special servicing duties under this Agreement, other than (1) any compensation which is payable to the
Special Servicer under this Agreement and that is set forth in a report that is part of the CREFC® Investor Reporting Package
(IRP) for the applicable period, and (2) any Permitted Special Servicer/Affiliate Fees.


 


“Dispute
Resolution Consultation”: As defined in Section 2.03(g) of this Agreement.


 


“Dispute
Resolution Cut-off Date”: As defined in Section 2.03(g) of this Agreement.


 


“Disqualified
Non-U.S. Tax Person”: With respect to a Class R Certificate, any Non-U.S. Tax Person or agent thereof other than (i)
a Non-U.S. Tax Person that holds the Class R 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 (ii) a Non-U.S. Tax
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 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 Certificate will not be disregarded for federal income tax purposes.


 






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


 


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


 


“Distribution
Date”: The fourth Business Day following each Determination Date, commencing in October 2017. The first Distribution
Date shall be October 17, 2017.


 


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


 


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


 


“Dodd-Frank
Act”: The Dodd-Frank Wall Street Reform and Consumer Protection Act, as it may be amended from time to time.


 


“Due
Date”: With respect to any Mortgage Loan or Companion Loan, for any calendar month: (i) up to and including the calendar
month in which its Maturity Date occurs, the day of such month set forth in the related Note on which the Monthly Payment thereon
is scheduled to be first due (without regard to any grace period); (ii) after the calendar month in which its Maturity Date occurred,
the day of such month that would have been the Due Date in accordance with clause (i) of this definition without regard to the
occurrence of the Maturity Date; and (iii) if such Mortgage Loan or Companion Loan, as applicable, has become an REO Mortgage
Loan or REO Companion Loan, as applicable, the day of such month that would have been the Due Date in accordance with clause (i)
of this definition without regard to the occurrence of such event.


 


“Due
Diligence Service Provider”: As defined in Section 12.13(l) of this Agreement.


 


“Due
Period”: With respect to any Distribution Date and any Mortgage Loan (including an REO Mortgage Loan) or Companion Loan,
the period beginning on the day immediately following the Due Date in the month preceding the month in which such Distribution
Date occurs (or, in the case of the Distribution Date occurring in October 2017, if such Mortgage


 






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Loan
or Companion Loan does not have a Due Date in such preceding month, beginning on the day after the date that would have been the
Due Date if such Mortgage Loan or Companion Loan had a Due Date in such preceding month) and ending on and including the Due Date
in the month in which such Distribution Date occurs.


 


“Early
Termination Notice Date”: Any date as of which the aggregate Stated Principal Balance of the Mortgage Loans (including
REO Mortgage Loans) is less than 1.0% of the sum of the aggregate Cut-Off Date Balance of the Mortgage Pool initially included
in the Trust Fund.


 


“EDGAR”:
The Commission’s Electronic Data Gathering and Retrieval System.


 


“EDGAR-Compatible
Format”: (a) With respect to the CREFC® Schedule AL File, the Schedule AL Additional File and any other information
required pursuant to Item 1111(h) of Regulation AB, XML Format or such other format as mutually agreed to between the Depositor,
Certificate Administrator and the Master Servicer and (b) with respect to any other document or information, any format compatible
with EDGAR, including HTML, Word, Excel or clean, searchable PDFs.


 


“Eligible
Account”: Any of (i) a segregated account or accounts maintained with a federal or state chartered depository institution
or trust company (including the Trustee and the Certificate Administrator), the long-term unsecured debt obligations (or short-term
unsecured debt obligations if the account holds funds for less than 30 days) or commercial paper of which are (a) rated by Fitch
and Moody’s in its highest rating category at all times (or, in the case of the REO Account, Collection Account, Loan Combination
Custodial Account, Interest Reserve Account, Excess Liquidation Proceeds Reserve Account and Escrow Account, the long-term unsecured
debt obligations (or short-term unsecured debt obligations if the account holds funds for less than 30 days) of which are rated
at least “AA-” by Fitch (or “A” by Fitch so long as the short-term deposit or short-term unsecured debt
obligations of such depository institution or trust company are rated no less than “F1” by Fitch) and “A2”
by Moody’s or, if applicable, the short-term rating equivalent thereof, which is at least “F1” by Fitch and
“P-1” by Moody’s), (b) rated at least “R-1 (middle)” by DBRS (or, if not rated by DBRS, an equivalent
rating such as that listed above by two other NRSROs (which may include S&P, Fitch and/or Moody’s)), in the case of
accounts in which funds are held for 30 days or less or, in the case of accounts in which funds are held for more than 30 days,
the long-term unsecured debt obligations of which are rated at least “A” by DBRS (or, if not rated by DBRS, an equivalent
rating such as that listed above by two other NRSROs (which may include S&P, Fitch and/or Moody’s)), and (c) rated at
least “A-1” by S&P (or “A-2” by S&P if the long-term unsecured debt obligations or deposit accounts
thereof are rated at least “BBB” by S&P) in the case of letters of credit and accounts in which funds are held
for 30 days or less or, in the case of letters of credit and accounts in which funds are held for more than 30 days, the long-term
unsecured debt obligations or deposit accounts of which are rated at least “BBB+” by S&P, (ii) an account or accounts
maintained with Wells Fargo Bank, National Association or Citibank, N.A. so long as Wells Fargo Bank, National Association’s
or Citibank, N.A.’s, as applicable, long-term unsecured debt rating or deposit account rating shall be at least “A”
by DBRS (or, if not rated by DBRS, an equivalent rating such as that listed above by two other NRSROs (which may include S&P,
Fitch and/or Moody’s)), “A-“ by Fitch, “A2” by Moody’s and “BBB” by S&P (if
the deposits are to be held in the account for more than 30 days)


 






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or
Wells Fargo Bank, National Association’s or Citibank, N.A.’s, as applicable, short-term deposit account or short-term
unsecured debt rating shall be at least “R-1 (middle)” by DBRS (if rated by DBRS, or if not rated by DBRS, an equivalent
or higher rating by two other NRSROs), “F1” by Fitch, “P-1” by Moody’s and “A-2” by
S&P (if the deposits are to be held in the account for 30 days or less), (iii) an account or accounts maintained with KeyBank
National Association so long as KeyBank National Association’s long-term unsecured debt rating or deposit account rating
shall be at least “BBB” by DBRS (or, if not rated by DBRS, an equivalent rating such as that listed above by two other
NRSROs (which may include S&P, Fitch and/or Moody’s)), “A-“ by Fitch, “A2” by Moody’s
and “BBB” by S&P (if the deposits are to be held in the account for more than 30 days) or KeyBank National Association’s
short-term deposit account or short-term unsecured debt rating shall be at least “R-1 (low)” by DBRS (if rated by
DBRS, or if not rated by DBRS, an equivalent or higher rating by two other NRSROs), “F1” by Fitch, “P-1”
by Moody’s and “A-2” by S&P (if the deposits are to be held in the account for 30 days or less), (iv) a
segregated trust account or accounts maintained with the corporate trust department of a federal or state chartered depository
institution or trust company that, in either case, has corporate trust powers, acting in its fiduciary capacity, which institution
or trust company has a combined capital and surplus of at least $50,000,000, is (in the case of a state chartered depository institution
or trust company) subject to regulations substantially similar to 12 C.F.R. §9.10(b), and is subject to supervision or examination
by federal and state authority, and the long-term unsecured debt obligations of which are rated at least “A2” by Moody’s,
(v) 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) - (iv) above, with respect to which a Rating Agency Confirmation has been obtained
from each Rating Agency for which the minimum ratings set forth in the applicable clause is not satisfied with respect to such
account, or (vi) such other account or accounts not listed in clauses (i) - (iv) above with respect to which a Rating Agency Confirmation
has been obtained from each Rating Agency. Eligible Accounts may bear interest. No Eligible Account shall be evidenced by a certificate
of deposit, passbook or other similar instrument.


 


“Eligible
Asset Representations Reviewer”: An institution that (a) is the special servicer, operating advisor or asset representations
reviewer on a transaction rated by any of Moody’s, Fitch, KBRA, S&P, DBRS or Morningstar and that has not been a special
servicer, operating advisor or asset representations reviewer on a transaction for which any of Moody’s, Fitch, KBRA, S&P,
DBRS or Morningstar has qualified, downgraded or withdrawn its rating or ratings of one or more classes of certificates for such
transaction citing servicing or other relevant concerns with such special servicer, operating advisor or asset representations
reviewer, as applicable, as the sole or material factor in such rating action, (b) can and will make the representations and warranties
set forth in Section 2.10, (c) is not (and is not affiliated with) a Sponsor, a Mortgage Loan Seller, an originator, the
Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator, the Trustee, the Directing Holder, the Risk
Retention Consultation Party or any of their respective Affiliates, (d) has not performed (and is not affiliated with any party
hired to perform) any due diligence, loan underwriting, brokerage, borrower advisory or similar services with respect to any Mortgage
Loan or any related Companion Loan prior to the Closing Date for or on behalf of any Sponsor, any Mortgage Loan Seller, any Underwriter,
any Initial Purchaser, the Directing Holder, the Risk Retention Consultation Party or any of their respective Affiliates, or have
been paid any fees, compensation or other remuneration by any of them in connection with any such services, and (e) does not directly
or indirectly, through one or more Affiliates or otherwise, own any interest in any Certificates, any Mortgage Loans, any


 






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Companion
Loan or any securities backed by a 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 Asset Representations Reviewer (or as Operating Advisor, if
applicable).


 


“Eligible
Operating Advisor”: An institution (i) that is the special servicer or operating advisor on a commercial mortgage-backed
securities transaction rated by any of Moody’s, Fitch, KBRA, S&P, Morningstar and/or DBRS but has not been the special
servicer or operating advisor on a transaction for which Moody’s, Fitch, KBRA, S&P, Morningstar and/or DBRS has qualified,
downgraded or withdrawn its rating or ratings of, one or more classes of certificates for such transaction citing servicing concerns
with the special servicer or operating advisor, as applicable, as the sole or material factor in such rating action, (ii) that
(x) has been regularly engaged in the business of analyzing and advising clients in commercial mortgage-backed securities matters
and has at least five years of experience in collateral analysis and loss projections, and (y) has at least five years of experience
in commercial real estate asset management and experience in the workout and management of distressed commercial real estate assets,
(iii) that can and will make the representations and warranties set forth in Section 2.09(a) of this Agreement, (iv) that
is not (and is not affiliated with) the Depositor, the Trustee, the Certificate Administrator, the Master Servicer, the Special
Servicer, any Mortgage Loan Seller, the Controlling Class Representative, the Risk Retention Consultation Party or a depositor,
a trustee, a certificate administrator, a master servicer or special servicer with respect to the securitization of a Companion
Loan, or any of their respective Affiliates, (v) that has not been paid any fees, compensation or other remuneration by any Special
Servicer or successor Special Servicer (x) in respect of its obligations under this Agreement or (y) for the recommendation of
the replacement of the Special Servicer or the appointment of a successor special servicer to become the Special Servicer and
(vi) that does not directly or indirectly, through one or more Affiliates or otherwise, own any interest in any Certificates,
any Mortgage Loans, any Companion Loan or any securities backed by a 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 or any fees
to which it is entitled as Asset Representations Reviewer, if the Person acting as Operating Advisor is also acting as Asset Representations
Reviewer.


 


“Emergency
Advance”: Any Property Advance that, pursuant hereto, the Special Servicer is required to either (a) make (in its sole
discretion in accordance with the Servicing Standard) or (b) to request the Master Servicer to make, that must be made in an emergency
situation or on an urgent basis within two (2) Business Days of the Special Servicer becoming aware that it must be made in order
to avoid any material penalty, any material harm to a Mortgaged Property securing a Mortgage Loan or any other material adverse
consequence to the Trust Fund or any related Companion Loan Holder.


 


“Enforcing
Party”: In connection with any Repurchase Request, (i) in the event one or more Requesting Certificateholders or Consultation
Requesting Certificateholders has delivered a Final Dispute Resolution Election Notice with respect thereto pursuant to Section
2.03(g) of this Agreement, with respect to the mediation or arbitration that arises out of such Final Dispute Resolution Election
Notice, such Requesting Certificateholder(s) and/or Consultation Requesting Certificateholder(s), or (ii) in all other cases,
the Enforcing Servicer.


 


“Enforcing
Servicer”: The Special Servicer.


 






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“Environmental
Report”: The environmental audit report or reports with respect to each Mortgaged Property delivered to the related
Mortgage Loan Seller in connection with the origination or acquisition of the related Mortgage Loan.


 


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


 


“ERISA
Restricted Certificate”: Any Class X-F, Class X-G, Class E, Class F or Class G Certificates; provided that any
such Certificate: (a) will cease to be considered an ERISA Restricted Certificate and (b) will cease to be subject to the transfer
restrictions with respect to ERISA Restricted Certificates contained in Section 5.03(n) of this Agreement if, as of the
date of a proposed transfer of such Certificate, it is rated in one of the four highest generic ratings categories by a credit
rating agency that meets the requirements of the Underwriter Exemption or (ii) relevant provisions of ERISA would permit the transfer
of such Certificate to a Plan. A Vertically Retained Certificate will constitute an ERISA Restricted Certificate if it is transferred
through Citigroup Global Markets Inc. or Barclays Capital Inc.


 


“Escrow
Account”: As defined in Section 3.04(b) of this Agreement.


 


“Escrow
Payment”: Any payment made by any Mortgagor to the Master Servicer pursuant to the related Mortgage, Lock-Box Agreement
or Loan Agreement for the account of such Mortgagor for application toward the payment of taxes, insurance premiums, assessments,
ground rents, mandated improvements and similar items in respect of the related Mortgaged Property.


 


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


 


“Excess
Interest”: With respect to each ARD Mortgage Loan, additional interest accrued on such ARD Mortgage Loan after the Anticipated
Repayment Date allocable to the difference between the Revised Rate and the Mortgage Rate, plus any compound interest thereon,
to the extent permitted by applicable law and the related Loan Documents. The Excess Interest on any ARD Mortgage Loan shall not
be an asset of any Trust REMIC, but rather shall be an asset of the Grantor Trust.


 


“Excess
Interest Certificates”: Any class of commercial mortgage pass-through certificates issued under this Agreement that
are designated as evidencing an interest in the Excess Interest. The Class S Certificates and the Vertically Retained Certificates
shall be the only Classes of Excess Interest Certificates issued under this Agreement.


 


“Excess
Interest Distribution Account”: The trust account or subaccount created and maintained by the Certificate Administrator
pursuant to Section 3.05(e) of this Agreement in trust for the Holders of the Excess Interest Certificates, which (subject
to changes in the identities of the Certificate Administrator and/or the Trustee) shall be entitled “Citibank, N.A., as
Certificate Administrator, on behalf of Wilmington Trust, National Association, as Trustee, for the benefit of the registered
Holders of Citigroup Commercial Mortgage Trust 2017-P8, Commercial Mortgage Pass-Through Certificates, Series 2017-P8 –
Excess Interest Distribution Account”. Any such account shall be an Eligible Account. The Excess Interest Distribution Account
shall be held


 






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solely
for the benefit of the Holders of the Excess Interest Certificates. The Excess Interest Distribution Account shall not be an asset
of the Lower Tier REMIC or the Upper Tier REMIC, but rather shall be an asset of the Grantor Trust.


 


“Excess
Liquidation Proceeds”: With respect to any Mortgage Loan, the excess of (i) Liquidation Proceeds of that Mortgage Loan
or related REO Property (net of any related Liquidation Expenses and any amounts payable to a related Serviced Companion Loan
Holder pursuant to the related Co-Lender Agreement), over (ii) the amount that would have been received if a Principal Payment
in full had been made, and all other outstanding amounts had been paid, with respect to such Mortgage Loan on the Due Date immediately
following the date on which such proceeds were received. With respect to any Outside Serviced Mortgage Loan, Excess Liquidation
Proceeds shall mean such Outside Serviced Mortgage Loan’s pro rata share of any “Excess Liquidation Proceeds”
determined in accordance with the applicable Outside Servicing Agreement and the related Co-Lender Agreement that are received
by the Trust.


 


“Excess
Liquidation Proceeds Reserve Account”: The trust account or subaccount created and maintained by the Certificate Administrator
pursuant to Section 3.05(c) of this Agreement in trust for the Certificateholders, which (subject to any changes in the
identities of the Trustee and/or the Certificate Administrator) shall be entitled “Citibank, N.A., as Certificate Administrator,
on behalf of Wilmington Trust, National Association, as Trustee, for the benefit of the registered Holders of Citigroup Commercial
Mortgage Trust 2017-P8, Commercial Mortgage Pass-Through Certificates, Series 2017-P8, Excess Liquidation Proceeds Reserve Account.”
Any such account shall be an Eligible Account.


 


“Excess
Modification Fees”: With respect to any Serviced Mortgage Loan (or Serviced Loan Combination, if applicable), the sum
of (A) the excess of (i) any and all Modification Fees with respect to any modification, waiver, extension or amendment of any
of the terms of a Serviced Mortgage Loan (or Serviced Loan Combination, if applicable), over (ii) all unpaid or unreimbursed Advances
and Additional Trust Fund Expenses (including, without limitation, interest on unreimbursed Advances to the extent not otherwise
paid or reimbursed by the related Mortgagor (including indirect reimbursement from Penalty Charges or otherwise), but excluding
(1) Special Servicing Fees, Workout Fees and Liquidation Fees and (2) Borrower Delayed Reimbursements) outstanding or previously
incurred hereunder with respect to the related Serviced Mortgage Loan (or Serviced Loan Combination, if applicable) and reimbursed
from such Modification Fees (which such Advances and Additional Trust Fund Expenses shall be reimbursed from such Modification
Fees) and (B) Advances and Additional Trust Fund Expenses previously paid or reimbursed from Modification Fees as described in
the preceding clause (A), which Advances and Additional Trust Fund Expenses have been recovered from the related Mortgagor as
Penalty Charges, specific reimbursements or otherwise. All Excess Modification Fees earned by the Special Servicer shall offset
any future Workout Fees or Liquidation Fees payable with respect to the related Serviced Mortgage Loan (or Serviced Loan Combination,
if applicable) or REO Property; provided that if the Serviced Mortgage Loan (or Serviced Loan Combination, if applicable)
ceases being a Corrected Loan, and is subject to a subsequent modification, any Excess Modification Fees earned by the Special
Servicer prior to such Serviced Mortgage Loan (or Serviced Loan Combination, if applicable) ceasing to be a Corrected Loan shall
no longer be offset against future Liquidation Fees and Workout Fees unless such Serviced Mortgage Loan (or Serviced Loan Combination,
if applicable) ceased to be a Corrected Loan within 18 months of it


 






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becoming
a modified Serviced Mortgage Loan (or modified Serviced Loan Combination, if applicable). If such Mortgage Loan (or Serviced Loan
Combination) ceases to be a Corrected Loan, the Special Servicer shall be entitled to a Liquidation Fee or Workout Fee (to the
extent not previously offset) with respect to the new modification, waiver, extension or amendment or future liquidation of the
Specially Serviced Loan or related REO Property (including in connection with a repurchase, sale, refinance, discounted or full
payoff or other liquidation); provided that any Excess Modification Fees earned and paid to the Special Servicer in connection
with such subsequent modification, waiver, extension or amendment (or, as contemplated by the preceding proviso, a prior modification,
waiver, extension or amendment) shall be applied to offset such Liquidation Fee or Workout Fee to the extent described above.
Within any prior 12-month period, all Excess Modification Fees earned by the Master Servicer or the Special Servicer (after taking
into account any offset described above applied during such 12-month period) with respect to any Serviced Mortgage Loan (or Serviced
Loan Combination, if applicable) shall be subject to a cap equal to the greater of (i) 1% of the outstanding principal balance
of such Serviced Mortgage Loan (or Serviced Loan Combination, if applicable) after giving effect to such transaction, and (ii)
$25,000.


 


“Excess
Penalty Charges”: With respect to any Serviced Loan and any Collection Period, the sum of (A) the excess of (i) any
and all Penalty Charges collected in respect of such Serviced Loan during such Collection Period, over (ii) all unpaid or unreimbursed
Advances and Additional Trust Fund Expenses (including, without limitation, interest on Advances to the extent not otherwise paid
or reimbursed by the related Mortgagor, but excluding Special Servicing Fees, Workout Fees and Liquidation Fees) outstanding or
previously incurred on behalf of the Trust (and, if applicable, the related Serviced Companion Loan Holder) with respect to such
Serviced Loan and reimbursed from such Penalty Charges (which such Advances and Additional Trust Fund Expenses shall be reimbursed
from such Penalty Charges) in accordance with Section 3.14 of this Agreement and (B) Advances and expenses previously paid
or reimbursed from Penalty Charges as described in the immediately preceding clause (A), which Advances and expenses have been
recovered from the related Mortgagor or otherwise.


 


“Excess
Prepayment Interest Shortfall”: With respect to any Distribution Date, the aggregate of any Prepayment Interest Shortfalls
resulting from any Principal Prepayments made on the Mortgage Loans to be included in the Aggregate Available Funds for such Distribution
Date that are not covered by the Master Servicer’s Compensating Interest Payment for such Distribution Date and/or the portion
of any compensating interest payments allocable to any Outside Serviced Mortgage Loan to the extent received from the related
Outside Master Servicer.


 


“Excess
Servicing Fees”: With respect to each Mortgage Loan (including an REO Mortgage Loan), that portion of the Servicing
Fee that accrues at a per annum rate equal to the Excess Servicing Fee Rate.


 


“Excess
Servicing Fee Rate”: With respect to each Mortgage Loan (including an REO Mortgage Loan), a rate per annum equal
to the Servicing Fee Rate minus (i) the applicable fee rate, if any, set forth under the column labeled “Subservicing Fee
Rate (%)” on the Mortgage Loan Schedule, minus (ii) the applicable fee rate, if any, set forth under the column labeled
“Outside Servicing Fee Rate (%)” on the Mortgage Loan Schedule, minus (iii) solely with respect to a Mortgage Loan
that is a PrinREI-Subserviced Loan, the applicable fee rate set forth under the


 






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column
labeled “Primary Servicing Fee Rate (%)” on the Mortgage Loan Schedule, minus (iv) 0.0025%; provided that such
rate shall be subject to reduction at any time following any resignation of the 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 each Mortgage Loan (including an REO Mortgage Loan with respect thereto), the
right to receive Excess 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.


 


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


 


“Exchange
Date”: As defined in Section 5.13(g).


 


“Exchangeable
Certificates”: The Class V-1 Certificates, the Class V-2A Certificates, Class V-2B Certificates, Class V-2C Certificates,
Class V-2D Certificates, Class V-2E Certificates, Class V-3AC Certificates, Class V-3D Certificates and Class V-3E Certificates,
collectively.


 


“Exchangeable
Group”: Each of Exchangeable Group 1, Exchange Group 2 and Exchangeable Group 3.


 


“Exchangeable
Group 1”: The Class V-1 Certificates, collectively.


 


“Exchangeable
Group 2”: The Class V-2 Certificates, collectively.


 


“Exchangeable
Group 3”: The Class V-3 Certificates, collectively.


 


“Excluded
Controlling Class Holder”: With respect to any Excluded Controlling Class Mortgage Loan, the Controlling Class Representative
or any Controlling Class Certificateholder, as applicable, that is a Borrower Party with respect to such Excluded Controlling
Class Mortgage Loan. Promptly upon obtaining actual knowledge of any such party becoming an “Excluded Controlling Class
Holder”, the Controlling Class Certificateholder or Controlling Class Representative, as the case may be, shall provide
notice in the form of Exhibit M-1F hereto to the Master Servicer, the Special Servicer, the Operating Advisor, the Asset
Representations Reviewer, the Trustee and the Certificate Administrator, which such notice shall be physically delivered in accordance
with Section 12.04 of this Agreement and shall specifically identify the Excluded Controlling Class Holder and the subject
Excluded Controlling Class Mortgage Loan. Additionally, any Excluded Controlling Class Holder shall also send to the Certificate
Administrator a notice substantially in the form of Exhibit M-1G hereto, which notice shall provide the CitiDirect Login
User ID associated with such Excluded Controlling Class Holder, and which notice shall direct the Certificate Administrator to
restrict such Excluded Controlling Class Holder’s access to the Certificate Administrator’s Website as and to the
extent provided in this Agreement.


 






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“Excluded
Controlling Class Mortgage Loan”: Any Mortgage Loan or Loan Combination with respect to which, as of any date of determination,
the Controlling Class Representative or any Controlling Class Certificateholder, as applicable, is a Borrower Party. For the avoidance
of doubt, if a Mortgage Loan or a Loan Combination is not an Excluded Controlling Class Mortgage Loan, such Mortgage Loan or Loan
Combination also is not an Excluded Mortgage Loan.


 


“Excluded
Information”: With respect to any Excluded Controlling Class Mortgage Loan, any information and reports solely relating
to such Excluded Controlling Class Mortgage Loan and/or the related Mortgaged Property or portfolio of Mortgaged Properties, including,
without limitation, any Asset Status Reports, Final Asset Status Reports (or summaries thereof), any Appraisals, inspection reports
(related to Specially Serviced Loans conducted by the Special Servicer or the Excluded Special Servicer, as applicable), any Officer’s
Certificates delivered by the Master Servicer, the Special Servicer or the Trustee pursuant to Section 3.20(c) or Section
4.06(b) supporting a non-recoverability determination, the Operating Advisor Annual Reports, any determination of the Special
Servicer’s net present value calculation, any Appraisal Reduction Amount calculations, environmental assessments, seismic
reports and property condition reports and such other information and reports designated as Excluded Information (other than such
information with respect to such Excluded Controlling Class Mortgage Loan that is aggregated with information of other Mortgage
Loans at a pool level) by the Master Servicer, the Special Servicer or the Operating Advisor, as the case may be. For the avoidance
of doubt, any file or report contained in the CREFC® Investor Reporting Package (CREFC® IRP) (other than the CREFC®
Special Servicer Loan File relating to any Excluded Controlling Class Mortgage Loan) and any Schedule AL Additional File shall
not be considered “Excluded Information”. Each of the Master Servicer, the Special Servicer or the Operating Advisor
shall deliver any Excluded Information for posting to the Certificate Administrator’s Website to the Certificate Administrator
in accordance with Section 3.32 hereof. For the avoidance of doubt, the Certificate Administrator’s obligation to
segregate any information delivered to it under the “Excluded Information” tab on the Certificate Administrator’s
Website shall be triggered solely by such information being delivered in the manner provided in Section 3.32 hereof.


 


“Excluded
Mortgage Loan”: A Mortgage Loan or Loan Combination with respect to which, as of any date of determination, the Controlling
Class Representative or a Controlling Class Certificateholder (or Controlling Class Certificateholders in the aggregate) of more
than 50% of the Controlling Class (by Certificate Balance) is a Borrower Party (or are Borrower Parties, as applicable). For the
avoidance of doubt, any Excluded Mortgage Loan is also an Excluded Controlling Class Mortgage Loan.


 


“Excluded
Mortgage Loan Special Servicer”: With respect to any Excluded Special Servicer Mortgage Loan, a Special Servicer that
is not a Borrower Party and satisfies all of the eligibility requirements applicable to the Special Servicer set forth in this
Agreement.


 


“Excluded
RRCP Mortgage Loan”: With respect to the Risk Retention Consultation Party as of any date of determination, a Mortgage
Loan or Loan Combination with respect to which the Risk Retention Consultation Party or the Person(s) entitled to appoint the
Risk Retention Consultation Party is a Borrower Party.


 






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“Excluded
Special Servicer Information”: With respect to any Excluded Special Servicer Mortgage Loan, any information and reports
solely relating to such Excluded Special Servicer Mortgage Loan and/or the related Mortgaged Property or portfolio of Mortgaged
Properties, including, without limitation, any Asset Status Reports, Final Asset Status Reports (or summaries thereof), any Appraisals,
inspection reports, any Officer’s Certificates delivered by the Master Servicer, the related Excluded Mortgage Loan Special
Servicer or the Trustee pursuant to Section 3.20(c) or Section 4.06(b) supporting a non-recoverability determination,
the Operating Advisor Annual Reports (provided that the Special Servicer or the Excluded Mortgage Loan Special Servicer, as applicable,
shall be entitled to access and view any Operating Advisor Annual Report relating to itself, even if such report also includes
information about any Excluded Special Servicer Mortgage Loan), any determination of the related Excluded Mortgage Loan Special
Servicer’s net present value calculation, any Appraisal Reduction Amount calculations, environmental assessments, seismic
reports and property condition reports and such other information and reports designated as Excluded Special Servicer Information
(other than such information with respect to such Excluded Special Servicer Mortgage Loan that is aggregated with information
of other Mortgage Loans at a pool level) by the Master Servicer, the related Excluded Mortgage Loan Special Servicer or the Operating
Advisor, as the case may be. For the avoidance of doubt, any file or report contained in the CREFC® Investor Reporting Package
(CREFC® IRP) (other than the CREFC® Special Servicer Loan File relating to any Excluded Special Servicer Mortgage Loan)
shall not be considered “Excluded Special Servicer Information”.


 


“Excluded
Special Servicer Mortgage Loan”: As of any date of determination, any Mortgage Loan or Loan Combination with respect
to which the related Special Servicer, to its knowledge, is a Borrower Party.


 


“FDIC”:
The Federal Deposit Insurance Corporation, and its successors in interest.


 


“Final
Asset Status Report”: With respect to any Specially Serviced Loan, each related Asset Status Report, together with such
other data or supporting information provided by the Special Servicer to the Operating Advisor or the related Directing Holder
or the Risk Retention Consultation Party (other than with respect to any Excluded RRCP Mortgage Loan) or any related Serviced
Companion Loan Holder (or its Companion Loan Holder Representative), in each case, which does not include any communications (other
than the related Asset Status Report) between the Special Servicer, on the one hand, and the related Directing Holder, the Risk
Retention Consultation Party and/or any related Serviced Companion Loan Holder (or its Companion Loan Holder Representative),
on the other hand, with respect to such Specially Serviced Loan; provided that no Asset Status Report shall be considered
to be a Final Asset Status Report unless any related Outside Controlling Note Holder (if a Serviced Outside Controlled Loan Combination
is involved) or, prior to the occurrence and continuance of a Control Termination Event, the Controlling Class Representative
(if any other Serviced Loan(s) (other than any Excluded Mortgage Loan) are involved), as applicable, 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 and
consent pursuant to this Agreement, or has been deemed to have approved or consented to such action, or unless the Asset Status
Report is otherwise implemented by the Special Servicer in accordance with this Agreement.


 






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“Final
Dispute Resolution Election Notice”: As defined in Section 2.03(g) of this Agreement.


 


“Final
Recovery Determination”: With respect to any defaulted Mortgage Loan or Serviced Loan Combination that is a Specially
Serviced Loan (or, in the case of an Outside Serviced Mortgage Loan, the equivalent under the applicable Outside Servicing Agreement)
or REO Mortgage Loan, as the case may be, a determination that there has been a recovery of all Insurance Proceeds, Condemnation
Proceeds, Liquidation Proceeds, REO Proceeds and other payments or recoveries that the Special Servicer, or the related Outside
Special Servicer with respect to an Outside Serviced Mortgage Loan (if it is a “Specially Serviced Loan” (or an analogous
concept) under the applicable Outside Servicing Agreement) or any related REO Property, has determined in accordance with the
Servicing Standard will ultimately be recoverable; provided that with respect to each Outside Serviced Mortgage Loan, the
Final Recovery Determination shall be made by the related Outside Special Servicer in accordance with the applicable Outside Servicing
Agreement.


 


“Fitch”:
Fitch Ratings, Inc. or its successors in interest. If neither Fitch nor any successor remains in existence, “Fitch”
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 Trustee, the Certificate Administrator, the Master Servicer
and the Special Servicer and specific ratings of Fitch herein referenced shall be deemed to refer to the equivalent ratings (as
reasonably determined by the Depositor) of the party so designated.


 


“Form
8-K Disclosure Information”: As defined in Section 10.07 of this Agreement.


 


“General
Motors Building Co-Lender Agreement”: With respect to the General Motors Building Loan Combination, the related agreement
between note holders, dated as of June 30, 2017, by and between the holder of the General Motors Building Mortgage Loan and the
General Motors Building Companion Loan Holders, relating to the relative rights of the holder of the General Motors Building Mortgage
Loan and the General Motors Building Companion Loan Holders, as the same may be amended and/or restated from time to time in accordance
with the terms thereof.


 


“General
Motors Building Companion Loan Holder”: The holder of a General Motors Building Companion Loan.


 


“General
Motors Building Companion Loans”: The General Motors Building Pari Passu Companion Loans and the General Motors Building
Subordinate Companion Loans.


 


“General
Motors Building Loan Combination”: The General Motors Building Mortgage Loan, together with the General Motors Building
Companion Loans, each of which is secured by the General Motors Building Mortgage. References herein to the General Motors Building
Loan Combination shall be construed to refer to the aggregate indebtedness secured under the General Motors Building Mortgage.


 






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“General
Motors Building Mortgage”: The Mortgage encumbering the Mortgaged Property identified on the Mortgage Loan Schedule
as “General Motors Building” and securing the General Motors Building Mortgage Loan and the General Motors Building
Companion Loans.


 


“General
Motors Building Mortgage Loan”: With respect to the General Motors Building Loan Combination, the Mortgage Loan included
in the Trust that is (i) secured by the General Motors Building Mortgage, (ii) evidenced by promissory notes A-3-A2-1 and A-3-A3
and (iii) to the extent set forth in the related Loan Documents and as provided in the General Motors Building Co-Lender Agreement,
pari passu in right of payment with the General Motors Building Pari Passu Companion Loans and generally senior in right of payment
to the General Motors Building Subordinate Companion Loans.


 


“General
Motors Building Pari Passu Companion Loans”: With respect to the General Motors Building Loan Combination, the related
promissory notes made by the related Mortgagor, secured by the General Motors Building Mortgage and designated as promissory notes
A-1-A1, A-1-A2, A-1-A3, A-1-C1, A-1-C2, A-1-C3-1, A-1-C3-2, A-1-C4, A-1-S, A-2-A1, A-2-A2, A-2-A3, A-2-C1, A-2-C2-1, A-2-C2-2-A,
A-2-C2-2-B, A-2-C3, A-2-S, A-3-A1, A-3-A2-2, A-3-C1, A-3-C2, A-3-C3-1, A-3-C3-2, A-3-S, A-4-A1, A-4-A2, A-4-A3, A-4-C1, A-4-C2,
A-4-C3 and A-4-S, respectively, which are not included in the Trust and, to the extent set forth in the related Loan Documents
and as provided in the General Motors Building Co-Lender Agreement, are pari passu in right of payment with the General Motors
Building Mortgage Loan and generally senior in right of payment to the General Motors Building Subordinate Companion Loans, as
any such promissory note may be amended, restated, replaced, extended, renewed, supplemented, consolidated, severed, split or
otherwise modified from time to time. If any promissory note evidencing a General Motors Building Pari Passu Companion Loan is
split and replaced with 2 or more replacement promissory notes, each such replacement promissory note will evidence a separate
General Motors Building Pari Passu Companion Loan.


 


“General
Motors Building Subordinate Companion Loans”: With respect to the General Motors Building Loan Combination, the related
promissory notes made by the related Mortgagor, secured by the General Motors Building Mortgage and designated as promissory notes
B-1-S, B-2-S, B-3-S and B-4-S, which are not included in the Trust and are generally subordinate in right of payment to the General
Motors Building Mortgage Loan and the General Motors Building Pari Passu Companion Loans to the extent set forth in the related
Loan Documents and as provided in the General Motors Building Co-Lender Agreement, as any such promissory note may be amended,
restated, replaced, extended, renewed, supplemented, consolidated, severed, split or otherwise modified from time to time. If
any promissory note evidencing a General Motors Building Subordinate Companion Loan is split and replaced with 2 or more replacement
promissory notes, each such replacement promissory note will evidence a separate General Motors Building Subordinate Companion
Loan.


 


“General
Special Servicer”: As defined in Section 6.08(i) of this Agreement.


 


“Global
Certificates”: Any Certificate registered in the name of the Depository or its nominee.


 


“Grace
Period”: The number of days before a payment default is an event of default under the related Mortgage Loan.


 






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“Grantor
Trust”: A segregated asset pool within the Trust Fund, which at all times shall be treated as a “grantor trust”
under the Grantor Trust Provisions, consisting of the VRR Specific Grantor Trust Assets, the Class S Specific Grantor Trust Assets
and the Excess Interest Distribution Account, beneficial ownership of which is represented by the Grantor Trust Certificates.


 


“Grantor
Trust Certificates”: Any class of commercial mortgage pass-through certificates issued under this Agreement that is
designated as evidencing an interest in the Grantor Trust. The Class S Certificates, the Class V-1 Certificates, the Class V-2
Certificates and the Class V-3 Certificates shall be the only Classes of Grantor Trust Certificates issued under this Agreement.


 


“Grantor
Trust Provisions”: Subpart E of part I of subchapter J of the Code and Treasury Regulations Section 301.7701-4(c).


 


“Ground
Lease”: The ground lease pursuant to which any Mortgagor holds a leasehold interest in the related Mortgaged Property.


 


“GSMS
2017-GS7 Pooling and Servicing Agreement”: The Pooling and Servicing Agreement, dated as of August 1, 2017, between
GS Mortgage Securities Corporation II, as depositor, Wells Fargo Bank, National Association, as master servicer, Rialto Capital
Advisors, LLC, as special servicer, Wells Fargo Bank, National Association, as certificate administrator, Wilmington Trust, National
Association, as trustee, and Park Bridge Lender Services LLC, as operating advisor and asset representations reviewer, as the
same may be amended from time to time in accordance with the terms thereof, pursuant to which the GS Mortgage Securities Trust
2017-GS7, Commercial Mortgage Pass-Through Certificates, Series 2017-GS7 were issued.


 


“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 or hereafter existing, and specifically including, without limitation, asbestos
and asbestos-containing materials, polychlorinated biphenyls, 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, and with respect to any Lower-Tier Regular Interest, the Trustee for the
benefit of the Certificateholders.


 


“Indemnified
Party”: As defined in Section 8.05(c) or Section 12.13(d), as applicable, of this Agreement, as the context
requires.


 


“Indemnifying
Party”: As defined in Section 8.05(c), Section 10.12 or Section 12.13(d), 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 a Mortgage Loan Seller, the Depositor, the Trustee, the Operating Advisor, the Asset


 






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Representations
Reviewer, the Certificate Administrator, the Master Servicer, the Special Servicer, the Controlling Class Representative, the
Risk Retention Consultation Party, any Mortgagor, any Companion Loan Holder (or, if applicable, its Companion Loan Holder Representative)
or any Affiliate thereof, and (ii) is not connected with any such Person as an officer, employee, promoter, underwriter, trustee,
partner, director or Person performing similar functions; provided, however, that a Person shall not fail to be
Independent of the Mortgage Loan Sellers, the Depositor, the Trustee, the Master Servicer, the Special Servicer, the Controlling
Class Representative, the Operating Advisor, the Asset Representations Reviewer, the Certificate Administrator, any Mortgagor,
any Companion Loan Holder (or, if applicable, its Companion Loan Holder Representative) or any Affiliate thereof merely because
such Person is (A) compensated for services by, or (B) the beneficial owner of 1% or less of any class of securities issued by,
the Depositor, the Mortgage Loan Sellers, the Trustee, the Master Servicer, the Special Servicer, the Controlling Class Representative,
the Operating Advisor, the Asset Representations Reviewer, the Certificate Administrator, any Mortgagor, any Companion Loan Holder
(or, if applicable, its Companion Loan Holder Representative) or any Affiliate thereof, as the case may be, provided that
such ownership constitutes less than 1% of the total assets owned by such Person.


 


“Independent
Contractor”: Either (i) any Person that would be an “independent contractor” with respect to the applicable
Trust REMIC within the meaning of Code Section 856(d)(3) 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 the 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, the Trustee and
the Certificate Administrator has been delivered to the Trustee and the Certificate Administrator to that effect) or (ii) any
other Person (including the Master Servicer and the Special Servicer) if the Master Servicer, on behalf of itself, the Trustee
and the Certificate Administrator 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 any 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 such REO Property
to cease to qualify as “foreclosure property” within the meaning of Code Section 860G(a)(8) (determined without regard
to the exception applicable for purposes of Code Section 860D(a)) or cause any income realized in respect of such REO Property
to fail to qualify as Rents from Real Property (provided that such income would otherwise so qualify).


 


“Initial
Purchasers”: Citigroup Global Markets Inc., Barclays Capital Inc., Drexel Hamilton, LLC and J.P. Morgan Securities LLC.


 


“Initial
Requesting Certificateholder”: The first Certificateholder or Certificate Owner (other than a Holder or Certificate
Owner of a Vertically Retained Certificate) to deliver a Certificateholder Repurchase Request as described in Section 2.03(f) with respect to a Mortgage Loan. For the avoidance of doubt, there may not be more than one Initial Requesting


 






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Certificateholder
with respect to any Mortgage Loan, and a Holder of a Vertically Retained Certificate may not be an Initial Requesting Certificateholder.


 


“Initial
Schedule AL Additional File”: The data file containing additional information or schedules regarding data points in
the Initial Schedule AL File and filed as Exhibit 103 to the Form ABS-EE or, if applicable, Form ABS-EE/A incorporated by reference
in the Prospectus.


 


“Initial
Schedule AL File”: The data file prepared by, or on behalf of, the Depositor and filed as Exhibit 102 to the Form ABS-EE
or, if applicable, Form ABS-EE/A incorporated by reference in the Prospectus.


 


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


 


“Institutional
Accredited Investor”: An entity that qualifies as an “accredited investor” within the meaning of Rule 501(a)
(1), (2), (3) or (7) of Regulation D under the Act or any entity in which all of the equity owners qualify as “accredited
investors” within the meaning of Rule 501(a) (1), (2), (3) or (7) of Regulation D under the Act.


 


“Insurance
Proceeds”: Proceeds of any fire and hazard insurance policy, title policy or other insurance policy relating to a Mortgage
Loan (including an Outside Serviced Mortgage Loan) (including any amounts paid by the Master Servicer pursuant to Section 3.07
of this Agreement); provided that, in the case of an Outside Serviced Mortgage Loan, “Insurance Proceeds”
under this Agreement shall be limited to any related proceeds of the type described above in this definition that are received
by the Trust Fund in connection with such Outside Serviced Mortgage Loan, pursuant to the allocations set forth in the related
Co-Lender Agreement or, if no allocation is provided in the related Co-Lender Agreement, as allocated pursuant to the applicable
Outside Servicing Agreement.


 


“Insurance
Summary Report”: With respect to each Mortgage Loan, a report or other summary prepared either by the related Mortgage
Loan Seller or a third party insurance consultant on behalf of the related Mortgage Loan Seller that provides a summary of all
insurance policies covering the related Mortgaged Property(ies), identifying the insurance provider, applicable ratings of each
such provider and the amount of coverage and any applicable deductible.


 


“Interest
Accrual Amount”: (a) With respect to any Distribution Date and any Class of Non-Vertically Retained Principal Balance
Certificates, an amount equal to interest for the related Interest Accrual Period accrued at the applicable Pass-Through Rate
for such Class on the related Certificate Balance outstanding immediately prior to such Distribution Date; and (b) with respect
to any Distribution Date and a Class of the Class X Certificates, an amount equal to the sum of the Accrued Component Interest
for the related Interest Accrual Period for all of the respective Components for such Class for such Interest Accrual Period.
Calculations of interest for each Interest Accrual Period shall be made on 30/360 Basis.


 


“Interest
Accrual Period”: With respect to any Distribution Date, the calendar month prior to the month in which such Distribution
Date occurs.


 






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“Interest
Distribution Amount”: With respect to any Distribution Date and any Class of Non-Vertically Retained Regular Certificates,
an amount equal to (A) the sum of (i) the Interest Accrual Amount with respect to such Class for such Distribution Date and (ii)
the Interest Shortfall, if any, with respect to such Class for such Distribution Date, less (B) any Excess Prepayment Interest
Shortfall allocated to such Class on such Distribution Date pursuant to Section 4.01(j).


 


“Interest
Reserve Account”: The trust account or subaccount created and maintained by the Certificate Administrator pursuant to
Section 3.23 of this Agreement, which (subject to any changes in the identities of the Trustee and/or the Certificate Administrator)
shall be entitled “Citibank, N.A., as Certificate Administrator, on behalf of Wilmington Trust, National Association, as
Trustee, for the benefit of the registered Holders of Citigroup Commercial Mortgage Trust 2017-P8, Commercial Mortgage Pass-Through
Certificates, Series 2017-P8, Interest Reserve Account” and which shall be an Eligible Account.


 


“Interest
Shortfall”: With respect to any Distribution Date for any Class of Non-Vertically Retained Regular Certificates, subject
to increase as provided in Section 4.01(g) of this Agreement, the sum of (a) the portion of the Interest Distribution Amount
for such Class remaining unpaid as of the close of business on the preceding Distribution Date (if any), and (b) to the extent
permitted by applicable law, (i) in the case of a Class of Non-Vertically Retained Principal Balance Certificates, one month’s
interest on that amount remaining unpaid at the Pass-Through Rate applicable to such Class for the subject Distribution Date,
and (ii) in the case of a Class of Interest-Only Certificates, one month’s interest on that amount remaining unpaid at the
WAC Rate for the subject Distribution Date.


 


“Interested
Person”: As of any date of determination, the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor,
the Asset Representations Reviewer, the Trustee, the Certificate Administrator, the Controlling Class Representative, the Risk
Retention Consultation Party, any Mortgage Loan Seller, any Mortgagor, any holder of a related mezzanine loan, any manager of
a Mortgaged Property, any Independent Contractor engaged by the Special Servicer pursuant to Section 3.16 of this Agreement,
or any Person actually known to a Responsible Officer of the Trustee or the Certificate Administrator to be an Affiliate of any
of the preceding entities; and, with respect to a Defaulted Serviced Loan Combination, the related Other Depositor, the master
servicer, the special servicer (or any independent contractor engaged by such special servicer), or the trustee for the related
Other Securitization Trust, the related Serviced Companion Loan Holder or its Companion Loan Holder Representative, any holder
of a related mezzanine loan, or any Person actually known to a Responsible Officer of the Trustee or the Certificate Administrator
to be an Affiliate of any of the preceding entities.


 


“Interest-Only
Certificates”: The Class X-A, Class X-B, Class X-D, Class X-E, Class X-F and Class X-G Certificates, collectively.


 


“Investment”:
Any direct or indirect ownership interest in any security, note or other financial instrument related to the Certificates or issued
or executed by a Mortgagor, a loan directly or indirectly secured by any of the foregoing or a hedging transaction (however structured)
that references or relates to any of the foregoing.


 


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


 






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“Investment
Company Act”: The Investment Company Act of 1940, as it may be amended from time to time.


 


“Investment
Decisions”: Investment, trading, lending or other financial decisions, strategies or recommendations with respect to
Investments, whether on behalf of the Master Servicer or any Affiliate thereof, the Special Servicer or any Affiliate thereof,
the Operating Advisor or any Affiliate thereof, the Certificate Administrator or any Affiliate thereof, or the Trustee or any
Affiliate thereof, as applicable, or any Person on whose behalf the Master Servicer or any Affiliate thereof, the Special Servicer
or any Affiliate thereof, the Operating Advisor or any Affiliate thereof, the Certificate Administrator or any Affiliate thereof,
or the Trustee or any Affiliate thereof, as applicable, has discretion in connection with Investments.


 


“Investor
Certification”: A certificate representing that such Person executing the certificate is a Certificateholder, a Certificate
Owner or a prospective purchaser of a Certificate (or any investment advisor or manager of the foregoing), the Controlling Class
Representative (to the extent the Controlling Class Representative is not a Certificateholder or Certificate Owner), the Risk
Retention Consultation Party (to the extent the Risk Retention Consultation Party is not a Certificateholder or Certificate Owner)
or a Serviced Companion Loan Holder or its Companion Loan Holder Representative, 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, (A) (1) in the case of a Person that is neither the Controlling Class Representative nor a Controlling Class
Certificateholder, such Person is or is not a Borrower Party and such Person is or is not the Risk Retention Consultation Party
or (2) in the case of the Controlling Class Representative or a Controlling Class Certificateholder, such Person is or is not
a Borrower Party as to any identified Excluded Controlling Class Mortgage Loan, and (B) except in the case of a Serviced Companion
Loan Holder or its Companion Loan Holder Representative, such Person has received a copy of the Prospectus, which certificate
shall be substantially in the form of Exhibit M-1A, Exhibit M-1B, Exhibit M-1C, Exhibit M-1D or Exhibit
M-1E 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 (which does not apply to a prospective purchaser of a Certificate, a Serviced
Companion Loan Holder or its Companion Loan Holder Representative), (A) (1) such Person is not a Borrower Party or (2) in the
case of the Controlling Class Representative or any Controlling Class Certificateholder, such Person is a Borrower Party as to
any identified Excluded Controlling Class Mortgage Loan, (B) such Person is or is not the Depositor, the Master Servicer, the
Special Servicer, an Excluded Mortgage Loan Special Servicer, the Trustee, the Certificate Administrator, the Operating Advisor,
the Asset Representations Reviewer, a Mortgage Loan Seller or an Affiliate of any of the foregoing and (C) such Person has received
a copy of the Prospectus, which certificate shall be substantially in the form of Exhibit M-2A or Exhibit M-2B to
this Agreement or in the form of an electronic certification (which may be a click-through confirmation) contained on the Certificate
Administrator’s Website or the Master Servicer’s website. The Certificate Administrator may require that Investor
Certifications are resubmitted from time to time in accordance with its policies and procedures. For the avoidance of doubt if
a Borrower Party is the Controlling Class Representative or a Controlling Class Certificateholder, such Person (A) shall be prohibited
from having access to the Excluded Information solely with respect to the related Excluded Controlling Class Mortgage Loan and
(B) shall not be permitted to exercise voting or control, consultation


 






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and/or
special servicer appointment rights as a member of the Controlling Class solely with respect to the related Excluded Controlling
Class Mortgage Loan.


 


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


 


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


 


“IRS”:
The Internal Revenue Service.


 


“KBRA”:
Kroll Bond Rating Agency, Inc. or its successors in interest.


 


“Lakeside
Shopping Center Co-Lender Agreement”: With respect to the Lakeside Shopping Center Loan Combination, the related agreement
between note holders, dated as of August 22, 2017, by and between the holder of the Lakeside Shopping Center Mortgage Loan and
the Lakeside Shopping Center Companion Loan Holders, relating to the relative rights of the holder of the Lakeside Shopping Center
Mortgage Loan and the Lakeside Shopping Center Companion Loan Holders, as the same may be amended and/or restated from time to
time in accordance with the terms thereof.


 


“Lakeside
Shopping Center Companion Loans”: With respect to the Lakeside Shopping Center Loan Combination, the related promissory
notes made by the related Mortgagor, secured by the Lakeside Shopping Center Mortgage and designated as promissory notes A-1,
A-2 and A-3-2, respectively, which are not included in the Trust and are pari passu in right of payment with the Lakeside Shopping
Center Mortgage Loan to the extent set forth in the related Loan Documents and as provided in the Lakeside Shopping Center Co-Lender
Agreement, as any such promissory note may be amended, restated, replaced, extended, renewed, supplemented, consolidated, severed,
split or otherwise modified from time to time. If any promissory note evidencing a Lakeside Shopping Center Companion Loan is
split and replaced with 2 or more replacement promissory notes, each such replacement promissory note will evidence a separate
Lakeside Shopping Center Companion Loan.


 


“Lakeside
Shopping Center Companion Loan Holder”: The holder of a Lakeside Shopping Center Companion Loan.


 


“Lakeside
Shopping Center Loan Combination”: The Lakeside Shopping Center Mortgage Loan, together with the Lakeside Shopping Center
Companion Loans, each of which is secured by the Lakeside Shopping Center Mortgage. References herein to the Lakeside Shopping
Center Loan Combination shall be construed to refer to the aggregate indebtedness secured under the Lakeside Shopping Center Mortgage.


 


“Lakeside
Shopping Center Mortgage”: The Mortgage encumbering the Mortgaged Property identified on the Mortgage Loan Schedule
as “Lakeside Shopping Center” and securing the Lakeside Shopping Center Mortgage Loan and the Lakeside Shopping Center
Companion Loans.


 


“Lakeside
Shopping Center Mortgage Loan”: With respect to the Lakeside Shopping Center Loan Combination, the Mortgage Loan included
in the Trust that is (i) secured by the Lakeside Shopping Center Mortgage, (ii) evidenced by promissory note A-3-1 and (iii) pari


 






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passu
in right of payment with the Lakeside Shopping Center Companion Loans to the extent set forth in the related Loan Documents and
as provided in the Lakeside Shopping Center Co-Lender Agreement.


 


“Lead
Servicing Pari Passu Companion Loan”: With respect to any Servicing Shift Loan Combination, the related Pari Passu Companion
Loan evidenced by the controlling or lead pari passu promissory note for such Loan Combination. There is no Servicing Shift Loan
Combination relating to the Trust and all references in this Agreement to “Lead Servicing Pari Passu Companion Loan”
shall be disregarded.


 


“Liquidation
Event”: With respect to any Mortgage Loan (or Serviced Loan Combination), any of the following events: (i) such Mortgage
Loan (or Serviced Loan Combination) is paid in full; (ii) a Final Recovery Determination is made with respect to such Mortgage
Loan (or Serviced Loan Combination); (iii) such Mortgage Loan is repurchased or substituted for by the applicable Mortgage Loan
Seller pursuant to Section 6 of the related Mortgage Loan Purchase Agreement; (iv) such Mortgage Loan is purchased or otherwise
acquired by the Special Servicer, the Master Servicer, the Holders of the Controlling Class, Holders of the Class R Certificates
or the Remaining Certificateholder pursuant to Section 9.01 of this Agreement; (v) such Mortgage Loan (or Serviced Loan
Combination) is purchased by the holder of a mezzanine loan or a Subordinate Companion Loan Holder pursuant to the related intercreditor
agreement, Co-Lender Agreement or similar agreement; (vi) the taking of a Mortgaged Property (or portion thereof) by exercise
of the power of eminent domain or condemnation; (vii) such Mortgage Loan (or Serviced Loan Combination) is purchased by any Person
in accordance with Section 3.17 of this Agreement; or (viii) in the case of an Outside Serviced Mortgage Loan, such Mortgage
Loan is liquidated by any party pursuant to terms analogous to those set forth in the preceding clauses contained in the applicable
Outside Servicing Agreement and/or the related Co-Lender Agreement. With respect to any REO Property (and the related REO Mortgage
Loan or REO Companion Loan), any of the following events: (i) a Final Recovery Determination is made with respect to such REO
Property; (ii) such REO Property is purchased or otherwise acquired by the Master Servicer, the Special Servicer, Holders of the
Controlling Class, Holders of the Class R Certificates or the Remaining Certificateholder pursuant to Section 9.01 of this
Agreement; (iii) the taking of a REO Property (or portion thereof) by exercise of the power of eminent domain or condemnation;
(iv) such REO Property is purchased by the holder of a mezzanine loan or a Subordinate Companion Loan Holder pursuant to the related
intercreditor agreement, Co-Lender Agreement or similar agreement; or (v) such REO Property is purchased by another party in accordance
with Section 3.17 of this Agreement.


 


“Liquidation
Expenses”: All customary, reasonable and necessary costs and expenses incurred by the Master Servicer, the Special Servicer,
the Certificate Administrator and the Trustee in connection with the liquidation of any Specially Serviced Loan or REO Property
acquired in respect thereof or final payoff of a Corrected Loan (including, without limitation, legal fees and expenses, committee
or referee fees, and, if applicable, brokerage commissions, and conveyance taxes associated with such Mortgage Loan or Mortgaged
Property).


 


“Liquidation
Fee”: (i) With respect to each Specially Serviced Loan as to which the Special Servicer receives a full or discounted
payoff (or unscheduled partial payment to the extent such prepayment is required by the Special Servicer as a condition to a workout)
from the


 






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related
Mortgagor, (ii) except as otherwise described below, with respect to any Serviced Mortgage Loan (or Serviced Loan Combination,
if applicable) repurchased or substituted, or with respect to which a Loss of Value Payment is made, as contemplated by Section
2.03 of this Agreement, and (iii) with respect to any Specially Serviced Loan or any REO Property (other than an REO Property
related to an Outside Serviced Mortgage Loan) as to which the Special Servicer receives Liquidation Proceeds, Insurance Proceeds
or Condemnation Proceeds, an amount calculated by the application of the applicable Liquidation Fee Rate to the related payment
or proceeds (exclusive of any portion of such payoff or proceeds that represents Penalty Charges); provided that the Liquidation
Fee with respect to such Specially Serviced Loan or REO Property shall be reduced by the amount of any Excess Modification Fees
paid by or on behalf of the related Mortgagor with respect to the Specially Serviced Loan or REO Property as described in the
definition of “Excess Modification Fees” in this Agreement, but only to the extent those fees have not previously
been deducted from a Workout Fee or Liquidation Fee; provided, however, that, except as contemplated by the preceding
proviso with respect to offset in connection with Excess Modification Fees and the next two (2) provisos, no Liquidation Fee will
be less than $25,000; provided, further, that (a) the Liquidation Fee shall be zero with respect to any Serviced
Mortgage Loan or Serviced Loan Combination or any Mortgaged Property purchased, repurchased or substituted for pursuant to clauses
(iii) through (v) of the first sentence of the definition of Liquidation Event (unless with respect to (A) clause (iii), the applicable
Mortgage Loan Seller does not repurchase or substitute for such Mortgage Loan until after more than 120 days following its receipt
of notice or discovery of the Material Defect that gave rise to the particular repurchase or substitution obligation, and (B)
clause (v), the mezzanine loan holder (based on a purchase option set forth under the related intercreditor agreement) or the
Subordinate Companion Loan Holder (based on a purchase option set forth under the related Co-Lender Agreement) does not purchase
such Serviced Mortgage Loan or Serviced Loan Combination within 90 days of the date that the first purchase option related to
the subject Servicing Transfer Event first becomes exercisable under the related intercreditor agreement or the related Co-Lender
Agreement, as applicable) or pursuant to clauses (ii) or (iv) of the second sentence of the definition of Liquidation Event (unless
with respect to clause (iv), the mezzanine loan holder (based on a purchase option set forth under the related intercreditor agreement)
or the Subordinate Companion Loan Holder (based on a purchase option set forth under the related Co-Lender Agreement) does not
purchase such REO Property within 90 days of the date that the first purchase option related to the subject Servicing Transfer
Event first becomes exercisable under the related intercreditor agreement or the related Co-Lender Agreement, as applicable),
(b) the Liquidation Fee shall be zero with respect to any Serviced Mortgage Loan or Serviced Loan Combination or any Mortgaged
Property with respect to which a Loss of Value Payment is made as contemplated by Section 2.03(a) of this Agreement unless
the applicable Mortgage Loan Seller does not make the particular Loss of Value Payment with respect to such Mortgage Loan until
after more than 120 days following its receipt of notice or discovery of the Material Defect that gave rise to the payment of
the particular Loss of Value Payment, and (c) the Liquidation Fee with respect to each Serviced Mortgage Loan or REO Mortgage
Loan repurchased or substituted for after more than 120 days following the Mortgage Loan Seller’s receipt of notice or discovery
of a Material Defect shall be in an amount equal to the Liquidation Fee Rate of the outstanding principal balance of such Serviced
Mortgage Loan or REO Mortgage Loan; provided, further that if a Serviced Mortgage Loan or Serviced Loan Combination
becomes a Specially Serviced Loan only because of an event described in clause (a)(ii) of the definition of Specially Serviced
Loan as a result of a payment default at maturity and the related Liquidation Proceeds or payment are received within 90 days
following


 






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the related default in connection with the full and final payoff or refinancing of the related Serviced Mortgage Loan
or Serviced Loan Combination, if applicable, the Special Servicer will not be entitled to collect a Liquidation Fee, but may collect
and retain appropriate fees from the related Mortgagor in connection with such liquidation.


 


“Liquidation
Fee Rate”: A rate equal to the lesser of (a) such rate as would result in a Liquidation Fee of $1,000,000 and (b) 1.0%;
provided, however, that except as contemplated in the definition of “Liquidation Fee”, no Liquidation
Fee will be less than $25,000.


 


“Liquidation
Proceeds”: The amount (other than Insurance Proceeds and Condemnation Proceeds) received in connection with (i) a full
or discounted payoff (or unscheduled partial payment to the extent such prepayment is required by the Special Servicer as a condition
to a workout) with respect to a Specially Serviced Loan (ii) a Liquidation Event or (iii) the transfer of any Loss of Value Payments
from the Loss of Value Reserve Fund to the Collection Account in accordance with Section 3.06(c) of this Agreement (provided that, for the purpose of determining the amount of the Liquidation Fee (if any) payable to the Special Servicer in connection
with such Loss of Value Payment, the full amount of such Loss of Value Payment shall be deemed to constitute “Liquidation
Proceeds” from which the Liquidation Fee (if any) is payable as of such time such Loss of Value Payment is made by the applicable
Mortgage Loan Seller).


 


“LNR”:
LNR Securities Holding, LLC, a Delaware limited liability company, and its successors in interest.


 


“Loan
Agreement”: With respect to any Mortgage Loan or Serviced Loan Combination, the loan agreement, if any, between the
related originator(s) and the Mortgagor, pursuant to which such Mortgage Loan or Serviced Loan Combination was made.


 


“Loan
Combination”: An aggregate debt consisting of a particular Mortgage Loan that is an asset of the Trust and one or more
other mortgage loans (each of which is referred to as a “Companion Loan”) that are not assets of the Trust,
which Mortgage Loan and related Companion Loan(s) are: (i) each evidenced by one or more separate Notes; (ii) cross-defaulted
with each other; and (iii) all secured by the same Mortgage(s) encumbering the same Mortgaged Property or portfolio of Mortgaged
Properties. The term “Loan Combination” shall include any successor REO Mortgage Loan and the related successor REO
Companion Loan(s) (or the related deemed Companion Loan(s), if applicable)). The only Loan Combinations related to the Trust as
of the Closing Date are the 225 & 233 Park Avenue South Loan Combination, the General Motors Building Loan Combination, the
9-19 9th Avenue Loan Combination, the Corporate Woods Portfolio Loan Combination, the Mall of Louisiana Loan Combination, the
Starwood Capital Group Hotel Portfolio Loan Combination, the Visions Hotel Portfolio Loan Combination, the Pleasant Prairie Premium
Outlets Loan Combination, the Lakeside Shopping Center Loan Combination, the Long Island Prime Portfolio - Uniondale Loan Combination,
the Scripps Center Loan Combination, the Atlanta and Anchorage Hotel Portfolio Loan Combination and the 245 Park Avenue Loan Combination.


 


“Loan
Combination Custodial Account”: With respect to any Serviced Loan Combination, the respective segregated account or
sub-account created and maintained by the Master Servicer pursuant to Section 3.05A of this Agreement on behalf of the
holders of such Serviced Loan Combination, which (subject to any changes in the identities of the Master Servicer


 






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and/or
the Trustee) shall be entitled “Wells Fargo Bank, National Association, as Master Servicer, on behalf of Wilmington Trust,
National Association, as Trustee, for the benefit of the registered Holders of Citigroup Commercial Mortgage Trust 2017-P8, Commercial
Mortgage Pass-Through Certificates, Series 2017-P8, and the related Serviced Companion Loan Holder, as their interests may appear.”


 


“Loan
Combination Special Servicer”: Any Person responsible for performing the duties of Special Servicer hereunder with respect
to a Serviced Loan Combination or any related REO Property.


 


“Loan
Documents”: With respect to any Mortgage Loan, or Serviced Loan Combination, the documents executed or delivered in
connection with the origination or any subsequent modification of such Mortgage Loan or Serviced Loan Combination, as applicable,
or subsequently added to the related Mortgage File, and any related Co-Lender Agreement and/or intercreditor agreement.


 


“Loan
Number”: With respect to any Mortgage Loan, the loan number by which such Mortgage Loan was identified on the books
and records of the Depositor or any Sub-Servicer for the Depositor, as set forth in the Mortgage Loan Schedule.


 


“Loan-Related
Litigation”: As defined in Section 3.33 of this Agreement.


 


“Loan-to-Value
Ratio”: With respect to any Mortgage Loan or Serviced Loan Combination, as of any date of determination, the fraction,
expressed as a percentage, the numerator of which is the then unpaid principal balance of such Mortgage Loan or Serviced Loan
Combination, as applicable, and the denominator of which is the Appraised Value of the related Mortgaged Property as determined
by an Appraisal thereof.


 


“Lock-Box
Account”: With respect to any Mortgaged Property, if applicable, any account created pursuant to any documents relating
to a Mortgage Loan or Serviced Loan Combination to receive rental or other income generated by the Mortgaged Property. 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 related Mortgage Loan or Serviced Loan Combination and
Section 3.07 of this Agreement, which Person shall be taxed on all reinvestment income or gain thereon.


 


“Lock-Box
Agreement”: With respect to any Mortgage Loan or Serviced Loan Combination, the lock-box or other similar agreement,
if any, between the related originator(s) and the Mortgagor, pursuant to which the related Lock-Box Account, if any, may have
been established.


 


“Long
Island Prime Portfolio - Uniondale Co-Lender Agreement”: With respect to the Long Island Prime Portfolio - Uniondale
Loan Combination, the related co-lender agreement, dated as of June 6, 2017, by and between the holder of the Long Island Prime
Portfolio - Uniondale Mortgage Loan and the Long Island Prime Portfolio - Uniondale Companion Loan Holders, relating to the relative
rights of the holder of the Long Island Prime Portfolio - Uniondale Mortgage Loan and the Long Island Prime Portfolio - Uniondale
Companion Loan Holders, as the same may be amended and/or restated from time to time in accordance with the terms thereof.


 






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“Long
Island Prime Portfolio - Uniondale Companion Loans”: With respect to the Long Island Prime Portfolio - Uniondale Loan
Combination, the related promissory notes made by the related Mortgagor, secured by the Long Island Prime Portfolio - Uniondale
Mortgage and designated as promissory notes A-1-1, A-1-2 and A-2-1, which are not included in the Trust and are pari passu in
right of payment with the Long Island Prime Portfolio - Uniondale Mortgage Loan to the extent set forth in the related Loan Documents
and as provided in the Long Island Prime Portfolio - Uniondale Co-Lender Agreement, as any such promissory note may be amended,
restated, replaced, extended, renewed, supplemented, consolidated, severed, split or otherwise modified from time to time. If
any promissory note evidencing a Long Island Prime Portfolio - Uniondale Companion Loan is split and replaced with 2 or more replacement
promissory notes, each such replacement promissory note will evidence a separate Long Island Prime Portfolio - Uniondale Companion
Loan.


 


“Long
Island Prime Portfolio - Uniondale Companion Loan Holder”: The holder of a Long Island Prime Portfolio - Uniondale Companion
Loan.


 


“Long
Island Prime Portfolio - Uniondale Loan Combination”: The Long Island Prime Portfolio - Uniondale Mortgage Loan, together
with the Long Island Prime Portfolio - Uniondale Companion Loans, each of which is secured by the Long Island Prime Portfolio
- Uniondale Mortgage. References herein to the Long Island Prime Portfolio - Uniondale Loan Combination shall be construed to
refer to the aggregate indebtedness secured under the Long Island Prime Portfolio - Uniondale Mortgage.


 


“Long
Island Prime Portfolio - Uniondale Mortgage”: The Mortgage(s) encumbering the portfolio of Mortgaged Properties identified
on the Mortgage Loan Schedule as “Long Island Prime Portfolio - Uniondale” and securing the Long Island Prime Portfolio
- Uniondale Mortgage Loan and the Long Island Prime Portfolio - Uniondale Companion Loans.


 


“Long
Island Prime Portfolio - Uniondale Mortgage Loan”: With respect to the Long Island Prime Portfolio - Uniondale Loan
Combination, the Mortgage Loan included in the Trust that is (i) secured by the Long Island Prime Portfolio - Uniondale Mortgage,
(ii) evidenced by promissory note A-2-2 and (iii) pari passu in right of payment with the Long Island Prime Portfolio - Uniondale
Companion Loans to the extent set forth in the related Loan Documents and as provided in the Long Island Prime Portfolio - Uniondale
Co-Lender Agreement.


 


“Loss
of Value Payment”: As defined in Section 2.03(a) of this Agreement.


 


“Loss
of Value Reserve Fund”: The “outside reserve fund” (within the meaning of Treasury Regulations Section 1.860G-2(h))
designated as such pursuant to Section 3.05(g) of this Agreement. The Loss of Value Reserve Fund will be part of the Trust
Fund but not part of the Grantor Trust or any Trust REMIC.


 


“Lower-Tier
Principal Balance”: The principal amount of any Lower-Tier Regular Interest outstanding as of any date of determination.
As of the Closing Date, the Lower-Tier Principal Balance of each Lower-Tier Regular Interest shall equal the original Lower-Tier
Principal Balance as set forth in the Preliminary Statement hereto. On each Distribution Date, the Lower-Tier Principal Balance
of each Lower-Tier Regular Interest shall be permanently reduced by all distributions of principal deemed to have been made in
respect of such Lower-Tier Regular


 






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Interest
on such Distribution Date pursuant to Section 4.01(a)(ii) of this Agreement, and shall be further permanently reduced on
such Distribution Date by all Realized Losses or VRR Realized Losses, as applicable, deemed to have been allocated thereto on
such Distribution Date pursuant to Section 4.01(f) 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 the Corresponding Certificates. The Lower-Tier Principal
Balance of any Lower-Tier Regular Interest may be increased on a particular Distribution Date as and to the extent contemplated
by Section 4.01(g) of this Agreement.


 


“Lower-Tier
Regular Interests”: The respective classes of “regular interests”, within the meaning of Code Section 860G(a)(1),
in the Lower-Tier REMIC, designated as the Class LA-1, Class LA-2, Class LA-3, Class LA-4, Class LA-AB, Class LA-S, Class LB,
Class LC, Class LD, Class LE, Class LF, Class LG and Class LVRR Lower-Tier Regular Interests.


 


“Lower-Tier
REMIC”: A segregated asset pool within the Trust Fund consisting of the Mortgage Loans and collections thereon (other
than Excess Interest), any related REO Property (or a beneficial interest in the applicable portion of the “REO Property”
under the applicable Outside Servicing Agreement related to any Outside Serviced Mortgage Loan) acquired in respect thereof and
all proceeds of such REO Property, other property of the Trust Fund related thereto and amounts (other than Excess Interest and
any interest or other income earned thereon) held in respect thereof from time to time in the Collection Account, any Serviced
Loan Combination Custodial Account, the Interest Reserve Account and the related REO Account, and amounts held from time to time
in the Lower-Tier REMIC Distribution Account and the Excess Liquidation Proceeds Reserve Account, in each case excluding amounts
allocable to the Companion Loans and any interest or other income earned on such amounts allocable to the Companion Loans.


 


“Lower-Tier
REMIC Distribution Account”: The account or accounts created and maintained as a separate account (or separate sub-account
within the same account as the Upper-Tier REMIC Distribution Account) or accounts by the Certificate Administrator pursuant to
Section 3.05(b) of this Agreement, which (subject to any changes in the identities of the Trustee and/or the Certificate
Administrator) shall be entitled “Citibank, N.A., as Certificate Administrator, on behalf of Wilmington Trust, National
Association, as Trustee, for the benefit of the registered Holders of Citigroup Commercial Mortgage Trust 2017-P8, Commercial
Mortgage Pass-Through Certificates, Series 2017-P8, Lower-Tier REMIC Distribution Account” and which must be an Eligible
Account. The Lower-Tier REMIC Distribution Account shall be an asset of the Lower-Tier REMIC.


 


“Lower-Tier
Residual Interest”: The sole class of “residual interests”, within the meaning of Code Section 860G(a)(2),
in the Lower-Tier REMIC and evidenced by the Class R Certificates.


 


“MAI”:
Member of the Appraisal Institute.


 






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“Major
Decision”: Collectively:


 


(a)         any
proposed or actual foreclosure upon or comparable conversion (which may include acquisitions of an REO Property) of the ownership
of properties securing such of the Serviced Loans as come into and continue in default;


 


(b)         any
modification, consent to a modification or waiver of a monetary term (other than Penalty Charges which the Master Servicer or
the Special Servicer, as applicable, is permitted to waive pursuant to this Agreement) or material non-monetary term (including,
without limitation, a modification with respect to the timing of payments and acceptance of discounted payoffs but excluding waiver
of Penalty Charges) of a Serviced Loan or any extension of the Maturity Date or Anticipated Repayment Date, as applicable, of
any Serviced Loan;


 


(c)         any
sale of a Serviced Mortgage Loan that is a Defaulted Mortgage Loan (and any related Serviced Pari Passu Companion Loan) or REO
Property (other than in connection with the termination of the Trust Fund) for less than the applicable Purchase Price;


 


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


 


(e)         any
release of collateral or any acceptance of substitute or additional collateral for a Serviced Loan, or any consent to either of
the foregoing, unless such action is otherwise required pursuant to the specific terms of the related Serviced Loan and there
is no lender discretion;


 


(f)          any
waiver of a “due-on-sale” or “due-on-encumbrance” clause with respect to a Serviced Loan or, if lender
consent is required, any consent to such waiver or consent to a transfer of the Mortgaged Property or interests in the Mortgagor
or consent to the incurrence of additional debt, other than any such transfer or incurrence of debt as may be effected pursuant
to the terms of the related loan agreement without the consent of the lender;


 


(g)         any
approval of property management company changes or franchise changes, in each case to the extent the lender is required to consent
to, or approve, such changes under the related Loan Documents, provided that with respect to property management company changes
(i) the Serviced Loan has an outstanding principal balance greater than $2,500,000, or (ii) the successor property manager is
affiliated with the related Mortgagor;


 


(h)         releases
of any holdback amounts, escrow accounts, reserve accounts or letters of credit held as performance or “earn-out”
holdbacks, escrows or reserves, other than those required pursuant to the specific terms of the related Serviced Loan and for
which there is no lender discretion (for the avoidance of doubt the determination of whether conditions precedent to a borrower’s
right to obtain release have been satisfied will be a matter of lender discretion), but solely with respect to any of the Specified
Mortgage Loans;


 






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(i)          any
acceptance of an assumption agreement or any other agreement permitting transfers of interests in a Mortgagor or guarantor releasing
a Mortgagor or guarantor from liability under a Serviced Loan other than pursuant to the specific terms of such Serviced Loan
and for which there is no lender discretion;


 


(j)          any
acceleration of a Serviced Loan or the exercise of any other remedy following a default or an event of default with respect to
a Serviced Loan, any initiation of judicial, bankruptcy or similar proceedings under the related Loan Documents or with respect
to the related Mortgagor or Mortgaged Property;


 


(k)         the
determination of the Special Servicer pursuant to clause (b) or clause (c) of the definition of “Specially Serviced Loan”;


 


(l)          any
modification, waiver or amendment of an intercreditor agreement, Co-Lender Agreement or similar agreement (other than with respect
to amendments to split or re-size notes consistent with the terms of the subject Co-Lender Agreement and as to which the consent
of the holder of the related Mortgage Loan is not required), in each case entered into with any mezzanine lender or Companion
Loan Holder or subordinate debt holder related to a Serviced Loan, or an action to enforce rights with respect thereto and in
each case, in a manner that materially and adversely affects the Holders of the Control Eligible Certificates;


 


(m)        any
determination of an Acceptable Insurance Default;


 


(n)         in
the case of any Specially Serviced Loan, approval of any waiver regarding the receipt of financial statements (other than immaterial
timing waivers including late financial statements which in no event relieve any borrower of the obligation to provide financial
statements on at least a quarterly basis) following three consecutive late deliveries of financial statements;


 


(o)         in
the case of any Specially Serviced Loan, any modification, waiver or amendment of any lease, the execution of any new lease or
the granting of a subordination, non-disturbance and attornment agreement in connection with any lease (other than a ground lease)
at a Mortgaged Property or REO Property, if (a) the lease affects an area greater than or equal to 30% of the net rentable area
of the improvements at the Mortgaged Property and (b) such transaction is not a routine leasing matter;


 


(p)         any
consent to incurrence of additional debt by a borrower or mezzanine debt by a direct or indirect parent of a borrower, other than
such debt that is permitted pursuant to the specific terms of the related Serviced Loan and for which there is no lender discretion
(for the avoidance of doubt, the determination of whether conditions precedent to the right to incur additional debt or additional
mezzanine debt will not be a matter of lender discretion);


 


(q)         in
the case of any Specially Serviced Loan, any approval of or consent to a grant of an easement or right of way that materially
affects the use or value of a Mortgaged Property or a borrower’s ability to make payments with respect to such Specially
Serviced Loan;


 






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(r)          agreeing
to any modification, waiver, consent or amendment of the related Serviced Loan in connection with a defeasance if such proposed
modification, waiver, consent or amendment is with respect to (i) a waiver of a Mortgage Loan event of default (but excluding
non-monetary events of default other than defaults relating to transfers of interest in the related Mortgagor or the existing
collateral or material modifications of the existing collateral) that would permit the defeasance of the subject Serviced Loan,
(ii) a modification of the type of defeasance collateral required under the related Loan Documents such that defeasance collateral
other than direct, non-callable obligations of the United States would be permitted or (iii) a modification that would permit
a Principal Prepayment instead of defeasance if the related Loan Documents do not otherwise permit such Principal Prepayment;
and


 


(s)         determining
whether to permit any ground lease modification, amendment or subordination, non-disturbance and attornment agreement or entry
into a new ground lease;


 


provided,
for the avoidance of doubt, that any modification, waiver, consent or amendment by the Master Servicer or the Special Servicer
that is set forth in any of clauses (a) through (n) above in this definition shall constitute a Major Decision regardless
of the fact that such action is being taken in connection with a defeasance; and, provided, further, that, in the
case of a Serviced Outside Controlled Loan Combination, “Major Decision” shall have the meaning as such term or any
analogous term is assigned in the related Co-Lender Agreement. For the avoidance of doubt, the Controlling Class Representative
shall have no consent or consultation rights with respect to Major Decisions with respect to any Excluded Mortgage Loan.


 


“Major
Decision Reporting Package”: With respect to any Major Decision, (a) a written report prepared by the Special Servicer
describing in reasonable detail (i) the background and circumstances requiring action of the Special Servicer, (ii) the proposed
course of action recommended, and (iii) information regarding any direct or indirect conflict of interest in the subject action,
and (b) all information in the Special Servicer’s possession that is reasonably requested by the party receiving such Major
Decision Reporting Package in order for such party to exercise any consultation or consent rights available to such party under
this Agreement.


 


“Mall
of Louisiana Co-Lender Agreement”: With respect to the Mall of Louisiana Loan Combination, the related co-lender agreement,
dated as of September 5, 2017, by and between the holder of the Mall of Louisiana Mortgage Loan and the Mall of Louisiana Companion
Loan Holders, relating to the relative rights of the holder of the Mall of Louisiana Mortgage Loan and the Mall of Louisiana Companion
Loan Holders, as the same may be amended and/or restated from time to time in accordance with the terms thereof.


 


“Mall
of Louisiana Companion Loans”: With respect to the Mall of Louisiana Loan Combination, the related promissory notes
made by the related Mortgagor, secured by the Mall of Louisiana Mortgage and designated as promissory notes A-1, A-2, A-3-2, A-4,
A-5-1, A-6 and A-7, respectively, which are not included in the Trust and are pari passu in right of payment with the Mall of
Louisiana Mortgage Loan to the extent set forth in the related Loan Documents and as provided in the Mall of Louisiana Co-Lender
Agreement, as any such promissory note may be amended, restated, replaced, extended, renewed, supplemented, consolidated, severed,
split or


 






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otherwise
modified from time to time. If any promissory note evidencing a Mall of Louisiana Companion Loan is split and replaced with 2
or more replacement promissory notes, each such replacement promissory note will evidence a separate Mall of Louisiana Companion
Loan.


 


“Mall
of Louisiana Companion Loan Holder”: The holder of a Mall of Louisiana Companion Loan.


 


“Mall
of Louisiana Loan Combination”: The Mall of Louisiana Mortgage Loan, together with the Mall of Louisiana Companion Loans,
each of which is secured by the Mall of Louisiana Mortgage. References herein to the Mall of Louisiana Loan Combination shall
be construed to refer to the aggregate indebtedness secured under the Mall of Louisiana Mortgage.


 


“Mall
of Louisiana Mortgage”: The Mortgage encumbering the Mortgaged Property identified on the Mortgage Loan Schedule as
“Mall of Louisiana” and securing the Mall of Louisiana Mortgage Loan and the Mall of Louisiana Companion Loans.


 


“Mall
of Louisiana Mortgage Loan”: With respect to the Mall of Louisiana Loan Combination, the Mortgage Loan included in the
Trust that is (i) secured by the Mall of Louisiana Mortgage, (ii) evidenced by promissory notes A-3-1 and A-5-2 and (iii) pari
passu in right of payment with the Mall of Louisiana Companion Loans to the extent set forth in the related Loan Documents and
as provided in the Mall of Louisiana Co-Lender Agreement.


 


“Manager”:
With respect to any Mortgage Loan or Serviced Loan Combination, any property manager for the related Mortgaged Properties.


 


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


 


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


 


“Master
Servicer Servicing Personnel”: The divisions and individuals of the Master Servicer who are involved in the performance
of the duties of the Master Servicer under this Agreement.


 


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


 


“Material
Defect”: With respect to any Mortgage Loan, a Material Breach or a Material Document Defect, as the case may be, with
respect to such Mortgage Loan.


 


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


 


“Maturity
Date”: With respect to each Mortgage Loan, the maturity date as set forth on the Mortgage Loan Schedule; and with respect
to each Serviced Companion Loan, the Maturity Date for the related Mortgage Loan.


 






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“Maximum
Certificate Balance”: With respect to any Class of Exchangeable Certificates, as of the Closing Date, the original maximum
Certificate Balance of such Class as set forth in the table under the heading “Grantor Trust” in the Preliminary Statement,
and as of any date of determination subsequent to the Closing Date, the Certificate Balance of such Class that would be outstanding
as of such date of determination assuming the Maximum Certificate Balance of such Class had been issued on the Closing Date and
no exchanges in accordance with Section 5.13 subsequently occurred. For purposes of clarification, the Maximum Certificate Balance
of any Class of Exchangeable Certificates as of any date of determination is expected to equal the product of (i) the VRR Allocation
Percentage, multiplied by (ii) the then Certificate Balance or aggregate Certificate Balance, as applicable, of the Related Regular
Certificates.


 


“Mediation
Rules”: As defined in Section 2.03(h)(i).


 


“Mediation
Services Provider”: As defined in Section 2.03(h)(i)


 


“Modification
Fees”: With respect to any Serviced Loan, any and all fees collected from the related Mortgagor with respect to a modification,
extension, waiver or amendment that modifies, 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 (a) any Assumption Fees, Consent Fees or assumption
application fees and (b) any fee in connection with a defeasance of such Serviced Loan.


 


“Modified
Asset”: Any Serviced Loan as to which any Servicing Transfer Event has occurred and which has been modified by the Special
Servicer pursuant to Section 3.24 of this Agreement in a manner that:


 


(a)         affects
the amount or timing of any payment of principal or interest due thereon (other than, or in addition to, bringing Monthly Payments
current with respect to such Serviced Loan);


 


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


 


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


 


“Monthly
Payment”: With respect to any Mortgage Loan or Serviced Companion Loan, as applicable (other than any REO Mortgage Loan
or REO Companion Loan), and any Due Date, the scheduled monthly payment of principal (if any) and interest at the related Mortgage
Rate, which is payable by the related Mortgagor on such Due Date under the related Note or Notes, exclusive of any Balloon Payment.
The Monthly Payment with respect to any Due Date for (i) an REO Mortgage Loan or REO Companion Loan or (ii) any Mortgage Loan
or Serviced Companion


 






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Loan
that is delinquent at its respective Maturity Date and with respect to which the Special Servicer has not entered into an extension,
shall be the monthly payment that would otherwise have been payable on such Due Date had the related Note not been discharged
or the related Maturity Date had not been reached, as the case may be, determined as set forth in the preceding sentence and on
the assumption that all other amounts, if any, due thereunder are paid when due. The Monthly Payment for any Serviced Loan Combination
is the aggregate Monthly Payment for the related Mortgage Loan and Serviced Companion Loan(s).


 


“Moody’s”:
Moody’s Investors Service, Inc. or its successors in interest. If neither Moody’s nor any successor remains in existence,
“Moody’s” 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 Trustee, the Certificate Administrator,
the Master Servicer and the Special Servicer and specific ratings of Moody’s herein referenced shall be deemed to refer
to the equivalent ratings (as reasonably determined by the Depositor) of the party so designated.


 


“Morningstar”:
Morningstar Credit Ratings, LLC or its successors in interest.


 


“Mortgage”:
The mortgage, deed of trust or other instrument creating a first lien on or first priority ownership interest in a Mortgaged Property
securing the Note(s) evidencing a Mortgage Loan or Loan Combination.


 


“Mortgage
File”: With respect to any Mortgage Loan or the related Serviced Loan Combination, subject to Section 2.01(b),
collectively the following documents:


 


(1)         (A)
the original executed Note for such Mortgage Loan, endorsed on its face or by allonge thereto (without recourse, representation
or warranty, express or implied) to the order of “Wilmington Trust, National Association, as Trustee, on behalf of the registered
Holders of Citigroup Commercial Mortgage Trust 2017-P8, Commercial Mortgage Pass-Through Certificates, Series 2017-P8” or
in blank, and further showing a complete, unbroken chain of endorsement from the originator (if such originator is not the applicable
Mortgage Loan Seller) (or, alternatively, if the original executed Note has been lost, a lost note affidavit and indemnity with
a copy of such Note), and (B) if such Mortgage Loan is part of a Serviced Loan Combination, a copy of the executed Note for each
related Serviced Companion Loan;


 


(2)         an
original or copy of the Mortgage, together with originals or copies of any and all intervening assignments thereof, in each case
(unless the particular item has not been returned from the applicable recording office) with evidence of recording indicated thereon
or certified by the applicable recorder’s office;


 


(3)         an
original or copy of any related Assignment of Leases (if such item is a document separate from the Mortgage), together with originals
or copies of any and all intervening assignments thereof, in each case (unless the particular item has not been returned from
the applicable recording office) with evidence of recording indicated thereon or certified by the applicable recorder’s
office;


 






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(4)         an
original executed assignment, in recordable form (except for missing recording information not yet available if the instrument
being assigned has not been returned from the applicable recording office), of (A) the Mortgage and (B) any related Assignment
of Leases (if such item is a document separate from the Mortgage), in favor of “Wilmington Trust, National Association,
as Trustee, on behalf of the registered Holders of Citigroup Commercial Mortgage Trust 2017-P8, Commercial Mortgage Pass-Through
Certificates, Series 2017-P8 [and the holder of the related Serviced Companion Loan, as their interests may appear]” or
in blank, or a copy of such assignment if the related Mortgage Loan Seller or its designee, rather than the Trustee, is responsible
for recording such assignment; provided, however, that with respect to a Servicing Shift Mortgage Loan, each such assignment shall
be executed in blank until the earliest of (A) the related Servicing Shift Date, (B) such Servicing Shift Mortgage Loan becoming
a Specially Serviced Mortgage Loan, and (C) 180 days after the Closing Date;


 


(5)         the
original assignment of all unrecorded documents relating to the Mortgage Loan (or the related Serviced Loan Combination, if applicable),
in favor of “Wilmington Trust, National Association, as Trustee, on behalf of the registered Holders of Citigroup Commercial
Mortgage Trust 2017-P8, Commercial Mortgage Pass-Through Certificates, Series 2017-P8 [and the holder of the related Serviced
Companion Loan, as their interests may appear]”; provided, however, that with respect to a Servicing Shift Mortgage Loan,
each such assignment shall be executed in blank until the earliest of (A) the related Servicing Shift Date, (B) such Servicing
Shift Mortgage Loan becoming a Specially Serviced Mortgage Loan, and (C) 180 days after the Closing Date;


 


(6)         originals
or copies of final written modification agreements in those instances where the terms or provisions of the Note for such Mortgage
Loan (or, if applicable, any Note of a Serviced Loan Combination) or the related Mortgage have been modified, in each case (unless
the particular item has not been returned from the applicable recording office) with evidence of recording indicated thereon if
the instrument being modified is a recordable document;


 


(7)         the
original or a copy of the policy or certificate of lender’s title insurance issued in connection with such Mortgage Loan
(or the related Serviced Loan Combination, if applicable) or, if such policy has not been issued or located, an irrevocable, binding
commitment (which may be a “marked-up” pro forma title policy marked as binding and executed by an authorized representative
of the title insurer or an agreement to provide the same pursuant to binding escrow instructions executed by an authorized representative
of the title insurer) to issue such title insurance policy;


 


(8)         an
original or copy of the related Ground Lease relating to such Mortgage Loan (or the related Serviced Loan Combination, if applicable),
if any, and any ground lessor estoppel;


 


(9)         an
original or copy of the related Loan Agreement, if any;


 


(10)       an
original of any guaranty under such Mortgage Loan or the related Serviced Loan Combination, if any;


 



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(11)       an
original or copy of the lock box agreement or cash management agreement relating to such Mortgage Loan or the related Serviced
Loan Combination, if any;


 


(12)       an
original or copy of the environmental indemnity from the related Mortgagor, if any;


 


(13)       an
original or copy of the related escrow agreement and the related security agreement (in each case, if such item is a document
separate from the Mortgage) and, if applicable, the originals or copies of any intervening assignments thereof;


 


(14)       an
original assignment of the related security agreement (if such item is a document separate from the Mortgage and if such item
is not included in the assignment described in clause (5)), in favor of “Wilmington Trust, National Association, as Trustee,
on behalf of the registered Holders of Citigroup Commercial Mortgage Trust 2017-P8, Commercial Mortgage Pass-Through Certificates,
Series 2017-P8 [and the holder of the related Serviced Companion Loan, as their interests may appear]”; provided, however,
that with respect to a Servicing Shift Mortgage Loan, each such assignment shall be executed in blank until the earliest of (A)
the related Servicing Shift Date, (B) such Servicing Shift Mortgage Loan becoming a Specially Serviced Mortgage Loan, and (C)
180 days after the Closing Date;


 


(15)       any
filed copies (bearing evidence of filing) or evidence of filing of any UCC financing statements in favor of the originator of
such Mortgage Loan (or the related Serviced Loan Combination, if applicable) or in favor of any assignee prior to the Trustee,
and an original UCC-3 assignment thereof, in form suitable for filing, in favor of the Trustee (or, in each case, a copy thereof,
certified to be the copy of such assignment submitted or to be submitted for filing);


 


(16)       in
the case of any Mortgage Loan or the related Serviced Loan Combination as to which there exists a related mezzanine loan, the
original or a copy of the related intercreditor agreement;


 


(17)       an
original or copy of any related environmental insurance policy;


 


(18)       a
copy of any letter of credit relating to such Mortgage Loan or the related Serviced Loan Combination and any related assignment
thereof (with the original to be delivered to the Master Servicer);


 


(19)       copies
of any related franchise agreement, property management agreement or hotel management agreement and related comfort letters (together
with (i) copies of any notices of transfer that are necessary to transfer or assign to the Trust or the Trustee the benefits of
such comfort letter or (ii) if the related comfort letter contemplates that a request be made of the related franchisor to issue
a replacement comfort letter for the benefit of the Trust or Trustee, a copy of the notice requesting the issuance of such replacement
comfort letter (the copy of such notice shall be delivered by the related Mortgage Loan Seller to the Custodian for inclusion
in the Mortgage File within the time period set forth in the penultimate paragraph of Section 2.01(b)), with the original
of any replacement comfort


 






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letter
to be included in the Mortgage File following receipt thereof by the Master Servicer) and/or estoppel letters relating to such
Mortgage Loan or the related Serviced Loan Combination and any related assignment thereof; and


 


(20)       in
the case of a Loan Combination, an original or a copy of the related Co-Lender Agreement;


 


provided that, whenever the term “Mortgage File” is used to refer to documents actually received by the Certificate Administrator
or a Custodian appointed thereby, 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”: Each of the mortgage loans transferred and assigned to the Trustee pursuant to Section 2.01 and from time
to time held in the Trust Fund, the mortgage loans originally so transferred, assigned and held being identified on the Mortgage
Loan Schedule as of the Cut-Off Date. Such term shall include any Specially Serviced Mortgage Loan, REO Mortgage Loan or defeased
Mortgage Loan and each Outside Serviced Mortgage Loan (but not the Companion Loans); provided, that, notwithstanding anything
to the contrary in this Agreement: (a) with respect to the Mall of Louisiana Mortgage Loan (which consists of two or more separate
notes contributed to the Trust by CREFI and BBPLC, respectively), the term “Mortgage Loan” shall mean the entire such
Mall of Louisiana Mortgage Loan, except that (i) for the purposes of determining any rights or obligations of CREFI with respect
to such Mortgage Loan under this Agreement or the CREFI Mortgage Loan Purchase Agreement, except as otherwise provided in Section
11.02(b), the term “Mortgage Loan” shall refer to the portion of the Mall of Louisiana Mortgage Loan evidenced
by the CREFI Mall of Louisiana Note and such promissory note(s) shall be treated like a separate Mortgage Loan, and (ii) for the
purposes of determining any rights or obligations of BBPLC with respect to such Mortgage Loan under this Agreement or the BBPLC
Mortgage Loan Purchase Agreement, except as otherwise provided in Section 11.02(b), the term “Mortgage Loan”
shall refer to the portion of the Mall of Louisiana Mortgage Loan evidenced by the BBPLC Mall of Louisiana Note and such promissory
note(s) shall be treated like a separate Mortgage Loan; and (b) with respect to the Starwood Capital Group Hotel Portfolio Mortgage
Loan (which consists of two or more separate notes contributed to the Trust by SMF and BBPLC, respectively), the term “Mortgage
Loan” shall mean the entire such Starwood Capital Group Hotel Portfolio Mortgage Loan, except that (i) for the purposes
of determining any rights or obligations of SMF with respect to such Mortgage Loan under this Agreement or the SMF Mortgage Loan
Purchase Agreement, except as otherwise provided in Section 11.02(b), the term “Mortgage Loan” shall refer
to the portion of the Starwood Capital Group Hotel Portfolio Mortgage Loan evidenced by the SMF Starwood Capital Group Hotel Portfolio
Note and such promissory note(s) shall be treated like a separate Mortgage Loan, and (ii) for the purposes of determining any
rights or obligations of BBPLC with respect to such Mortgage Loan under this Agreement or the BBPLC Mortgage Loan Purchase Agreement,
except as otherwise provided in Section 11.02(b), the term “Mortgage Loan” shall refer to the portion of the
Starwood Capital Group Hotel Portfolio Mortgage Loan evidenced by the BBPLC Starwood Capital Group Hotel Portfolio Note and such
promissory note(s) shall be treated like a separate Mortgage Loan. For the avoidance of doubt, no Retained Defeasance Rights and
Obligations will be part of a “Mortgage Loan” or an asset of the Trust.


 






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“Mortgage
Loan Purchase Agreement”: The CREFI Mortgage Loan Purchase Agreement, the PCC Mortgage Loan Purchase Agreement, the
SMF Mortgage Loan Purchase Agreement, the BBPLC Mortgage Loan Purchase Agreement or the CGMRC Mortgage Loan Purchase Agreement,
as applicable.


 


“Mortgage
Loan Schedule”: The list of Mortgage Loans included in the Trust Fund as of the Closing Date being attached hereto as
Exhibit B, which list shall set forth the following information with respect to each Mortgage Loan:


 


(i)         the
Loan Number;


 


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


 


(iii)       the
Cut-Off Date Balance;


 


(iv)       the
original Mortgage Rate;


 


(v)        the
(A) remaining term to maturity/ARD and (B) Maturity Date/ARD;


 


(vi)       in
the case of a Balloon Loan, the remaining amortization term;


 


(vii)      the
Servicing Fee Rate (which may be presented as consisting of the following separate components: “Master Servicing Fee Rate
(%)”, “Primary Servicing Fee Rate (%)”, “Subservicing Fee Rate (%)” and “Outside Servicing
Fee Rate (%)”) (separately identifying any primary servicing fee rate or subservicing fee rate included in the Servicing
Fee Rate, and in the case of a Serviced Loan Combination, separately identifying the Servicing Fee Rate applicable to the related
Serviced Companion Loan in such Serviced Loan Combination, and in the case of an Outside Serviced Mortgage Loan, separately identifying
the primary servicing fee rate payable to the Outside Servicer);


 


(viii)     the
Mortgage Loan Seller(s);


 


(ix)        whether
the Mortgage Loan is cross-collateralized and the cross-collateralized group it belongs to;


 


(x)         whether
the Mortgage Loan is an ARD Mortgage Loan;


 


(xi)        the
Anticipated Repayment Date, if applicable;


 


(xii)       the
Revised Rate, if applicable; and


 


(xiii)       whether
such Mortgage Loan is part of a Serviced Loan Combination, in which case the information required by clauses (iii), (iv), (v),
(vi) and (vii) above shall also be set forth for the Serviced Companion Loan in the related Serviced Loan Combination.


 






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“Mortgage
Loan Seller”: Each of CREFI, PCC, SMF, BBPLC and CGMRC, and their respective successors in interest.


 


“Mortgage
Loan Seller Sub-Servicer”: A Sub-Servicer required to be retained by the Master Servicer by a Mortgage Loan Seller,
as listed on Exhibit S to this Agreement, or any successor thereto.


 


“Mortgage
Pool”: All of the Mortgage Loans and any successor REO Mortgage Loans, collectively. The Mortgage Pool does not include
the Companion Loans or any related REO Companion Loans.


 


“Mortgage
Rate”: With respect to any Mortgage Loan (including an REO Mortgage Loan) or Serviced Companion Loan (including an REO
Companion Loan), the per annum rate at which interest accrues (or, if and while it is an REO Mortgage Loan or REO Companion
Loan, is deemed to accrue) on such Mortgage Loan or Serviced Companion Loan, as the case may be, as stated in the related Note
or Co-Lender Agreement, in each case without giving effect to the Default Rate, any Excess Interest or any Revised Rate with respect
to such Mortgage Loan or Serviced Companion Loan, as the case may be.


 


“Mortgaged
Property”: The underlying property securing a Mortgage Loan and the related Companion Loan(s), including any REO Property
(including with respect to an Outside Serviced Mortgage Loan), consisting of a fee simple estate, and, with respect to certain
Mortgage Loans and any related Companion Loan(s), a leasehold estate, or both a leasehold estate and a fee simple estate, or a
leasehold estate in a portion of the property and a fee simple estate in the remainder, in a parcel of land improved by a commercial
property, together with any personal property, fixtures, leases and other property or rights pertaining thereto.


 


“Mortgagor”:
The obligor or obligors on a Note evidencing a Mortgage Loan and any related Note(s) in favor of any related Companion Loan Holder(s),
including, without limitation, any Person that has acquired the related Mortgaged Property and assumed the obligations of the
original obligor under such Note evidencing a Mortgage Loan and any such Note(s) in favor of any related Companion Loan Holder(s).


 


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


 


“Net
Condemnation Proceeds”: The Condemnation Proceeds received with respect to any Mortgage Loan or Serviced Companion Loan
(including an REO Mortgage Loan or REO Companion Loan) net of the amount of (i) costs and expenses incurred with respect thereto
and (ii) amounts required to be applied to the restoration or repair of the related Mortgaged Property; provided that,
in the case of an Outside Serviced Mortgage Loan, “Net Condemnation Proceeds” under this Agreement shall be limited
to any related Condemnation Proceeds that are received by the Trust Fund in connection with such Outside Serviced Mortgage Loan,
pursuant to the allocations set forth in the related Co-Lender Agreement.


 


“Net
Insurance Proceeds”: Insurance Proceeds, to the extent such proceeds are not to be applied to the restoration of the
related Mortgaged Property or released to the Mortgagor in accordance with the express requirements of the Mortgage or Note or
other Loan Documents included in the Mortgage File or in accordance with the Servicing Standard, or with respect to the


 


 



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environmental
insurance policy, applied to pay any costs, expenses, penalties, fines or similar items; provided that, in the case of
an Outside Serviced Mortgage Loan, “Net Insurance Proceeds” under this Agreement shall be limited to any related Insurance
Proceeds that are received by the Trust Fund in connection with such Outside Serviced Mortgage Loan, pursuant to the allocations
set forth in the related Co-Lender Agreement.


 


“Net
Liquidation Proceeds”: The Liquidation Proceeds received by the Trust Fund with respect to any Mortgage Loan or Serviced
Loan Combination (including an REO Mortgage Loan or REO Companion Loan) net of the amount of Liquidation Expenses incurred with
respect thereto.


 


“Net
Mortgage Rate”: With respect to any Mortgage Loan (including an REO Mortgage Loan), the per annum rate equal
to the related Mortgage Rate minus the related Administrative Cost Rate.


 


“Net
Mortgage Pass-Through Rate”: (a) With respect to any Mortgage Loan (including an REO Mortgage Loan) that accrues interest
on a 30/360 Basis, for any Distribution Date, the Net Mortgage Rate in effect for such Mortgage Loan during the one-month accrual
period applicable to the Due Date for such Mortgage Loan that occurs in the same month as that Distribution Date; and (b) with
respect to any Mortgage Loan (including an REO Mortgage Loan) that accrues interest on an Actual/360 Basis, for any Distribution
Date, the annualized rate at which interest would have to accrue in respect of such Mortgage Loan on a 30/360 Basis in order to
produce the aggregate amount of interest actually accrued (or, in the event of a voluntary or involuntary principal prepayment
affecting same, that otherwise would have accrued) in respect of such Mortgage Loan (adjusted to the related Net Mortgage Rate
and, if applicable, exclusive of any Excess Interest) during the one-month accrual period applicable to the Due Date for such
Mortgage Loan that occurs in the same month as that Distribution Date. However, with respect to each Mortgage Loan that accrues
interest on an Actual/360 Basis, when determining: (i) the related Net Mortgage Pass-Through Rate for the Distribution Date in
January (except during a leap year) or February of any year subsequent to 2017 (in any event unless that Distribution Date is
the final Distribution Date), the “aggregate amount of interest actually accrued (or, in the event of a voluntary or involuntary
principal prepayment affecting same, that otherwise would have accrued)”, as referred to in clause (b) of the preceding
sentence, shall be deemed to exclude related Withheld Amounts to be transferred to the Interest Reserve Account in such month;
or (ii) the related Net Mortgage Pass-Through Rate for the Distribution Date in March (or in February if the final Distribution
Date occurs in such particular month of February) in any year subsequent to 2017, the “aggregate amount of interest actually
accrued (or, in the event of a voluntary or involuntary principal prepayment affecting same, that otherwise would have accrued)”,
as referred to in clause (b) of the preceding sentence, shall be deemed to include related Withheld Amounts to be deposited in
the Lower-Tier REMIC Distribution Account for distribution on such Distribution Date. In addition, the Net Mortgage Pass-Through
Rate with respect to any Mortgage Loan for any Distribution Date shall be determined without regard to: (i) any modification,
waiver or amendment of the terms of such Mortgage Loan, whether agreed to by the Master Servicer, the Special Servicer, an Outside
Servicer or an Outside Special Servicer or resulting from a bankruptcy, insolvency or similar proceeding involving the related
borrower; (ii) the occurrence and continuation of a default under such Mortgage Loan; (iii) the passage of the related maturity


 






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date
or, in the case of an ARD Mortgage Loan, the related Anticipated Repayment Date; and (iv) the related Mortgaged Property becoming
an REO Property.


 


“Net
Operating Income”: With respect to any Mortgaged Property, for any Mortgagor’s fiscal year end, Net Operating
Income will be calculated in accordance with the standard definition of “Net Operating Income” approved from time
to time endorsed and put forth by CREFC®.


 


“Net
REO Proceeds”: With respect to each REO Property and any related REO Mortgage Loan or REO Companion Loan, REO Proceeds
received by the Trust Fund with respect to such REO Property, REO Mortgage Loan or REO Companion Loan (other than the proceeds
of a liquidation thereof), net of any insurance premiums, taxes, assessments, ground rents and other costs and expenses permitted
to be paid therefrom pursuant to Section 3.16(b) of this Agreement; provided that, in the case of an REO Property
that relates to an Outside Serviced Mortgage Loan, “Net REO Proceeds” under this Agreement shall be limited to any
REO Proceeds that are received by the Trust Fund in connection with such Outside Serviced Mortgage Loan, pursuant to the allocations
set forth in the related Co-Lender Agreement.


 


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


 


“Nonrecoverable
Advance”: Any Nonrecoverable P&I Advance or Nonrecoverable Property Advance. Workout-Delayed Reimbursement Amounts
shall constitute a Nonrecoverable Advance only when the Person making such determination in accordance with the procedures specified
in Sections 3.20 and 4.06, the definition of Nonrecoverable P&I Advance or the definition of Nonrecoverable
Property Advance, as applicable, and taking into account factors such as all other outstanding Advances, either (a) has determined
that such Workout-Delayed Reimbursement Amounts, would not ultimately be recoverable from late collections or any other recovery
on or in respect of the related Mortgage Loan or Serviced Loan Combination or REO Property, as applicable, or (b) has determined
that such Workout-Delayed Reimbursement Amount, along with any other Workout-Delayed Reimbursement Amounts (that have not been
reimbursed to the party that made such Advance) or unreimbursed Nonrecoverable Advances, would not be ultimately recoverable from
the principal portion of future general collections on the Mortgage Loans and REO Properties.


 


“Nonrecoverable
P&I Advance”: With respect to any Mortgage Loan, any P&I Advance previously made or proposed to be made in respect
of such Mortgage Loan or a related REO Mortgage Loan by the Master Servicer or the Trustee, which P&I Advance such party or
the Special Servicer has determined pursuant to and in accordance with Section 4.06 of this Agreement, would not or will
not be ultimately recoverable from late payments, Insurance Proceeds, Condemnation Proceeds or Liquidation Proceeds, or any other
recovery on or in respect of such Mortgage Loan or REO Mortgage Loan, as the case may be.


 


“Nonrecoverable
Property Advance”: Any Property Advance (including any Emergency Advance) previously made or proposed to be made in
respect of a Serviced Mortgage Loan, Serviced Loan Combination or REO Property by the Master Servicer, the Special Servicer or
the Trustee, which Property Advance the advancing party (or, in the case of an Emergency


 






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Advance
made by the Special Servicer pursuant to the proviso to the penultimate sentence of Section 3.20(e), the reimbursing party)
or, if different, the Special Servicer has determined pursuant to and in accordance with Section 3.20 of this Agreement,
would not or will not, as applicable, be ultimately recoverable from late payments, Insurance Proceeds, Condemnation Proceeds,
Liquidation Proceeds, or any other recovery on or in respect of such Serviced Mortgage Loan, Serviced Loan Combination or REO
Property, as the case may be. Any Property Advance (including any Emergency Advance) that is not required to be repaid by the
related Mortgagor under the terms of the related Loan Documents shall be deemed to be a Nonrecoverable Advance for purposes of
the Master Servicer’s, the Special Servicer’s or the Trustee’s entitlement to reimbursement for such Advance.
In the case of an Outside Serviced Mortgage Loan or any related REO Property, the term “Nonrecoverable Property Advance”
shall have the meaning assigned thereto in the Outside Servicing Agreement.


 


“Non-Book
Entry Certificates”: As defined in Section 5.02(c)(iii) of this 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 (or, in the case of a Class of Exchangeable Certificates,
the aggregate of the initial Certificate Balances of all of the Classes of the Exchangeable Certificates (collectively)) 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 (or, in the case of a Class of Exchangeable Certificates, to all Classes
of the of the Exchangeable Certificates (collectively)) as of such date of determination, (y) any Appraisal Reduction Amounts
allocated to such Class of Certificates (or, in the case of a Class of Exchangeable Certificates, to all Classes of the Exchangeable
Certificates (collectively)) as of such date of determination and (z) any Realized Losses or VRR Realized Losses, as applicable,
previously allocated to such Class of Certificates (or, in the case of a Class of Exchangeable Certificates, to all Classes of
the of the Exchangeable Certificates (collectively)) 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 (or, in the case of a Class of Exchangeable
Certificates, the aggregate of the initial Certificate Balances of all of the Classes of the Exchangeable Certificates (collectively))
less (ii) any payments of principal (whether as principal some or all of prepayments or otherwise) previously distributed to the
Holders of that Class of Certificates (or, in the case of a Class of Exchangeable Certificates, to all Classes of the of the Exchangeable
Certificates (collectively)) as of such date of determination. For avoidance of doubt, if some or all of the Class V-1 Certificates
are exchanged for either Class V-2 Certificates or Class V-3 Certificates, then all such Class V-2 Certificates or Class V-3 Certificates,
as applicable, will be Non-Reduced Certificates if such portion (which may be all) of the Class V-1 Certificates that has been
exchanged, if outstanding, would have been (or been part of) a Class of Non-Reduced Certificates.


 


“Non-Vertically
Retained Certificates”: All Certificates other than the Vertically Retained Certificates.


 


“Non-Vertically
Retained Percentage”: An amount expressed as a percentage equal to 100% less the Vertically Retained Percentage. For
the avoidance of doubt, at all times,


 






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the
sum of the Vertically Retained Percentage and the Non-Vertically Retained Percentage shall equal 100%.


 


“Non-Vertically
Retained Principal Balance Certificates”: All Non-Vertically Retained Certificates that are also Principal Balance Certificates.


 


“Non-Vertically
Retained Regular Certificates”: All Non-Vertically Retained Certificates that are also Regular Certificates.


 


“Non-Vertically
Retained Yield Maintenance Charge”: As defined in Section 4.01(d)(ii).


 


“Non-Specially
Serviced Loan”: A Mortgage Loan that is not, and is not part of, a Specially Serviced Loan.


 


“Non-U.S.
Beneficial Ownership Certification”: As defined in Section 5.03(f) of this Agreement.


 


“Non-U.S.
Tax Person”: A person other than a U.S. Tax Person.


 


“Note”
or “Mortgage Note”: With respect to any Mortgage Loan or Companion Loan as of any date of determination, the
note or other evidence of indebtedness and/or agreements evidencing the indebtedness of a Mortgagor under such Mortgage Loan or
Companion Loan, as the case may be, including any amendments or modifications, or any renewal or substitution notes, as of such
date.


 


“Notice
of Termination”: Any of the notices given to the Certificate Administrator by the Master Servicer, the Depositor or
any Holder of a Class R Certificate pursuant to Section 9.01(c).


 


“Notifying
Party”: As defined in Section 3.01(i).


 


“Notional
Amount”: For any date of determination, (a) with respect to the Class X-A Certificates, the Class X-A Notional Amount,
(b) with respect to the Class X-B Certificates, the Class X-B Notional Amount, (c) with respect to the Class X-D Certificates,
the Class X-D Notional Amount, (d) with respect to the Class X-E Certificates, the Class X-E Notional Amount, (e) with respect
to the Class X-F Certificates, the Class X-F Notional Amount, and (f) with respect to the Class X-G Certificates, the Class X-G
Notional Amount.


 


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


 


“NRSRO
Certification”: A certification executed by an NRSRO (other than any Rating Agency) in favor of the Rule 17g-5 Information
Provider substantially in the form attached as Exhibit M-5 hereto that states that such NRSRO has provided the Depositor
with the appropriate certifications pursuant to paragraph (e) of Rule 17g-5 under the Exchange Act and that such NRSRO will keep
any information obtained from the Rule 17g-5 Information Provider’s Website confidential, except to the extent such information
has been made available to the general public.


 






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Each
NRSRO shall be deemed to recertify to the foregoing each time it accesses the Rule 17g-5 Information Provider’s Website.


 


“OCC”:
The Office of the Comptroller of the Currency, and its successors in interest.


 


“Offering
Circular”: The offering circular dated September 18, 2017 relating to the Class X-D, Class X-E, Class X-F, Class X-G,
Class D, Class E, Class F, Class G and Class R Certificates.


 


“Officer’s
Certificate”: With respect to any Person, a certificate signed by an authorized officer of such Person or, in the case
of the Master Servicer or the Special Servicer, a Servicing Officer, and delivered to the Depositor, the Trustee, the Certificate
Administrator, the Master Servicer or the Special Servicer, as the case may be.


 


“Operating
Advisor”: Pentalpha Surveillance LLC, a Delaware 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 3.29(d)(ii) of this Agreement.


 


“Operating
Advisor Consulting Fee”: A fee for each Major Decision on which the Operating Advisor has consultation rights equal
to $10,000 or such lesser amount as the related Mortgagor agrees to pay with respect to any Serviced Mortgage Loan (or Serviced
Loan Combination, if applicable), payable pursuant to Section 3.06(a) and Section 3.06A(a) of this Agreement; provided,
that the Operating Advisor Consulting Fee shall be payable only to the extent such fee is actually received from the related Mortgagor
as a separately identifiable fee; provided, further that the Operating Advisor may in its sole discretion reduce
the Operating Advisor Consulting Fee with respect to any Major Decision; and provided, further that the Master Servicer
or Special Servicer, as applicable, may waive or reduce the amount of any Operating Advisor Consulting Fee payable by the related
Mortgagor 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 on a non-binding basis prior
to any such waiver or reduction).


 


“Operating
Advisor Fee”: With respect to each Serviced Mortgage Loan or any successor REO Mortgage Loan and any Distribution Date,
an amount accrued during the related Interest Accrual Period at the applicable Operating Advisor Fee Rate on, in the case of the
initial Distribution Date, the Cut-Off Date Balance of such Mortgage Loan and, in the case of any subsequent Distribution Date,
the Stated Principal Balance of such Mortgage Loan as of the close of business on the Distribution Date in the related Interest
Accrual Period; provided that such amounts shall be computed for the same period and on the same interest accrual basis
respecting which any related interest payment due or deemed due on the related Mortgage Loan is computed and shall be prorated
for partial periods. 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. For the avoidance of doubt, the Operating Advisor Fee shall be payable from the Lower-Tier REMIC.


 






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“Operating
Advisor Fee Rate”: With respect to each Serviced Mortgage Loan or any successor REO Mortgage Loan for any Interest Accrual
Period, a rate equal to 0.00158% per annum.


 


“Operating
Advisor Personnel”: The divisions and individuals of the Operating Advisor who are involved in the performance of the
duties of the Operating Advisor under this Agreement.


 


“Operating
Advisor Standard”: As defined in Section 3.29(b) of this Agreement.


 


“Operating
Advisor Termination Event”: As defined in Section 7.06(a) of this Agreement.


 


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


 


“Other
17g-5 Information Provider”: The applicable other “17g-5 information provider” under an Other Pooling and
Servicing Agreement relating to a Serviced Companion Loan.


 


“Other
Asset Representations Reviewer”: Any party acting as “asset representations reviewer” (within the meaning
of Item 1101(m) of Regulation AB) under an Other Pooling and Servicing Agreement.


 


“Other
Crossed Loans”: As defined in Section 2.03(a) of this Agreement.


 


“Other
Depositor”: With respect to a Serviced Companion Loan or a Serviced Loan Combination, the “depositor” (within
the meaning of Item 1101(e) of Regulation AB) of the related Other Securitization Trust.


 


“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, Form ABS-EE
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, the trustee,
certificate administrator, master servicer, special servicer or depositor under the related Other Pooling and Servicing





 






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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” under an Other Pooling and Servicing Agreement
relating to a Serviced Companion Loan.


 


“Other
PSA Asset Review”: With respect to any Serviced Companion Loan, any review of representations and warranties with respect
to such Serviced Companion Loan conducted by the related Other Asset Representations Reviewer.


 


“Other
Pooling and Servicing Agreement”: With respect to a Serviced Companion Loan or the related Serviced Loan Combination,
the pooling and servicing agreement or other comparable agreement governing the creation of the related Other Securitization Trust
and the issuance of securities backed by the assets of such Other Securitization Trust, but not the servicing of such Serviced
Companion Loan or Serviced Loan Combination or the related Mortgage Loan. As of the Closing Date, there is no Other Pooling and
Servicing Agreement relating to the Trust.


 


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


 


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


 


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


 


“Other
Trustee”: The applicable other “trustee” or, if applicable, the other “certificate administrator”
or, if applicable, the other “custodian” under an Other Pooling and Servicing Agreement relating to a Serviced Companion
Loan.


 


“Outside
Certificate Administrator”: With respect to an Outside Serviced Mortgage Loan, the certificate administrator under the
applicable Outside Servicing Agreement.


 


“Outside
Controlling Note Holder”: With respect to any Loan Combination that is, and only for so long as such Loan Combination
is, a Serviced Outside Controlled Loan Combination, at any time the holder of the related controlling note (regardless of whether
such note evidences a Pari Passu Companion Loan or a Subordinate Companion Loan) or such holder’s designated representative;
provided that if, with respect to any Serviced Outside Controlled Loan Combination, the related controlling note is included
in a securitization trust, the Outside Controlling Note Holder shall be the party designated under the pooling and servicing agreement,
trust and servicing agreement or comparable agreement governing the securitization of the related controlling note as authorized
to exercise the rights of the holder of the related controlling note; and provided, further, that the right of any
such designated party to exercise some or all of such rights may terminate or shift to another designated party upon the occurrence
of certain trigger events if and to the extent set forth in the pooling and servicing agreement, trust and servicing agreement
or comparable agreement governing the securitization of the related controlling note.


 






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With
respect to each Servicing Shift Loan Combination, the holder of the related controlling note (regardless of whether such note
evidences a Pari Passu Companion Loan or a Subordinate Companion Loan) will (i) be an Outside Controlling Note Holder prior to
the related Servicing Shift Date and (ii) cease to be an Outside Controlling Note Holder on and after the related Servicing Shift
Date.


 


“Outside
Custodian”: With respect to an Outside Serviced Mortgage Loan, the custodian under the applicable Outside Servicing
Agreement.


 


“Outside
Depositor”: With respect to an Outside Serviced Mortgage Loan, the depositor under the applicable Outside Servicing
Agreement.


 


“Outside
Operating Advisor”: With respect to an Outside Serviced Mortgage Loan, the operating advisor under the applicable Outside
Servicing Agreement.


 


“Outside
Paying Agent”: With respect to an Outside Serviced Mortgage Loan, the paying agent under the applicable Outside Servicing
Agreement.


 


“Outside
Securitization Trust”: With respect to any Outside Serviced Mortgage Loan, the “issuing entity” (within
the meaning of Item 1101(f) of Regulation AB) that holds a related Outside Serviced Companion Loan (or any portion thereof or
interest therein) and is created under the related Outside Servicing Agreement.


 


“Outside
Service Providers”: With respect to any Outside Serviced Mortgage Loan, the related Outside Trustee, Outside Custodian,
Outside Certificate Administrator, Outside Paying Agent, Outside Servicer, Outside Special Servicer and any sub-servicer of any
of the foregoing.


 


“Outside
Serviced Co-Lender Agreement”: The Co-Lender Agreement for an Outside Serviced Loan Combination. The only Outside Serviced
Co-Lender Agreements related to the Trust as of the Closing Date are the 225 & 233 Park Avenue South Co-Lender Agreement,
the General Motors Building Co-Lender Agreement, the Mall of Louisiana Co-Lender Agreement, the Starwood Capital Group Hotel Portfolio
Co-Lender Agreement, the Lakeside Shopping Center Co-Lender Agreement, the Long Island Prime Portfolio - Uniondale Co-Lender Agreement,
the Scripps Center Co-Lender Agreement, the Atlanta and Anchorage Hotel Portfolio Co-Lender Agreement and the 245 Park Avenue
Co-Lender Agreement. With respect to each Servicing Shift Mortgage Loan and the related Servicing
Shift Loan Combination, the related Co-Lender Agreement shall be an Outside Serviced Co-Lender Agreement on and after the related
Servicing Shift Date.


 


“Outside
Serviced Companion Loan”: Any Companion Loan that is part of an Outside Serviced Loan Combination. The only Outside
Serviced Companion Loans related to the Trust as of the Closing Date are the 225 & 233 Park Avenue South Companion Loans,
the General Motors Building Companion Loans, the Mall of Louisiana Companion Loans, the Starwood Capital Group Hotel Portfolio
Companion Loans, the Lakeside Shopping Center Companion Loans, the Long Island Prime Portfolio - Uniondale Companion Loan, the
Scripps Center Companion Loan, the Atlanta and Anchorage Hotel Portfolio Companion Loans and the 245 Park Avenue Companion Loans.
With respect to each Servicing Shift Mortgage Loan and the related


 






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Servicing
Shift Loan Combination, each related Companion Loan shall be an Outside Serviced Companion Loan on and after the related Servicing
Shift Date.


 


“Outside
Serviced Loan Combination”: Any Loan Combination that is not serviced under this Agreement, but instead is being serviced
pursuant to the pooling and servicing agreement or other comparable agreement governing the securitization of a related Companion
Loan (whether by itself or with other mortgage assets), or pursuant to any successor servicing agreement contemplated by the related
Co-Lender Agreement. The only Outside Serviced Loan Combinations related to the Trust as of the Closing Date are the 225 &
233 Park Avenue South Loan Combination, the General Motors Building Loan Combination, the Mall of Louisiana Loan Combination,
the Starwood Capital Group Hotel Portfolio Loan Combination, the Lakeside Shopping Center Loan Combination, the Long Island Prime
Portfolio - Uniondale Loan Combination, the Scripps Center Loan Combination, the Atlanta and Anchorage Hotel Portfolio Loan Combination
and the 245 Park Avenue Loan Combination. Each Servicing Shift Loan Combination shall be an Outside Serviced Loan Combination
on and after the related Servicing Shift Date.


 


“Outside
Serviced Loan Combination Noteholders”: With respect to an Outside Serviced Loan Combination, the holder of the related
Outside Serviced Mortgage Loan and the holder(s) of the related Outside Serviced Companion Loan(s), collectively.


 


“Outside
Serviced Mortgage Loan”: Any Mortgage Loan that is part of an Outside Serviced Loan Combination. The only Outside Serviced
Mortgage Loans related to the Trust as of the Closing Date are the 225 & 233 Park Avenue South Mortgage Loan, the General
Motors Building Mortgage Loan, the Mall of Louisiana Mortgage Loan, the Starwood Capital Group Hotel Portfolio Mortgage Loan,
the Lakeside Shopping Center Mortgage Loan, the Long Island Prime Portfolio - Uniondale Mortgage Loan, the Scripps Center Mortgage
Loan, the Atlanta and Anchorage Hotel Portfolio Mortgage Loan and the 245 Park Avenue Mortgage Loan. Each Servicing Shift Mortgage
Loan shall be an Outside Serviced Mortgage Loan on and after the related Servicing Shift Date.


 


“Outside
Servicer”: With respect to an Outside Serviced Mortgage Loan, the master servicer under the applicable Outside Servicing
Agreement.


 


“Outside
Servicing Agreement”: With respect to an Outside Serviced Mortgage Loan or the related Outside Serviced Loan Combination,
the pooling and servicing agreement, trust and servicing agreement or other comparable agreement governing the creation of an
Outside Securitization Trust that includes a related Outside Serviced Companion Loan, the issuance of securities backed by the
assets of such Outside Securitization Trust and the servicing of such Outside Serviced Mortgage Loan, such Outside Serviced Loan
Combination and the related Outside Serviced Companion Loan(s), or any successor servicing agreement with respect to such Outside
Serviced Mortgage Loan, such Outside Serviced Loan Combination and the related Outside Serviced Companion Loan(s) contemplated
by the related Co-Lender Agreement. The only Outside Servicing Agreements related to the Trust as of the Closing Date are (i)
the WFCM 2017-C39 Pooling and Servicing Agreement, pursuant to which the 225 & 233 Park Avenue South Mortgage Loan (which
is an Outside Serviced Mortgage Loan) is being serviced; (ii) the BXP 2017-GM Trust and Servicing Agreement, pursuant to which
the General Motors Building


 






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Mortgage
Loan (which is an Outside Serviced Mortgage Loan) is being serviced; (iii) the BANK 2017-BNK7 Pooling and Servicing Agreement,
pursuant to which the Mall of Louisiana Mortgage Loan (which is an Outside Serviced Mortgage Loan) is being serviced; (iv) the
DBJPM 2017-C6 Pooling and Servicing Agreement, pursuant to which the Starwood Capital Group Hotel Portfolio Mortgage Loan (which
is an Outside Serviced Mortgage Loan) is being serviced; (v) the CGCMT 2017-B1 Pooling and Servicing Agreement, pursuant to which
the Lakeside Shopping Center Mortgage Loan (which is an Outside Serviced Mortgage Loan) is being serviced; (vi) the GSMS 2017-GS7
Pooling and Servicing Agreement, pursuant to which the Long Island Prime Portfolio - Uniondale Mortgage Loan (which is an Outside
Serviced Mortgage Loan) is being serviced; (vii) the CGCMT 2017-P7 Pooling and Servicing Agreement, pursuant to which the Scripps
Center Mortgage Loan (which is an Outside Serviced Mortgage Loan) is being serviced; (viii) the CFCRE 2017-C8 Pooling and Servicing
Agreement, pursuant to which the Atlanta and Anchorage Hotel Portfolio Mortgage Loan (which is an Outside Serviced Mortgage Loan)
is being serviced; and (ix) the 245 Park Avenue Trust 2017-245P Trust and Servicing Agreement, pursuant to which the 245 Park
Avenue Mortgage Loan (which is an Outside Serviced Mortgage Loan) is being serviced. With respect to each Servicing Shift Mortgage
Loan and the related Servicing Shift Loan Combination, on or after the related Servicing Shift Date, the related Servicing Shift
Mortgage Loan Pooling and Servicing Agreement shall be an Outside Servicing Agreement.


 


“Outside
Special Servicer”: With respect to an Outside Serviced Mortgage Loan, the special servicer under the applicable Outside
Servicing Agreement.


 


“Outside
Trustee”: With respect to an Outside Serviced Mortgage Loan, the trustee under the applicable Outside Servicing Agreement.


 


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


 


“P&I
Advance”: As to any Mortgage Loan (including any Outside Serviced Mortgage Loan and any REO Mortgage Loan), any advance
made by the Master Servicer or the Trustee pursuant to Section 4.06 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 but without duplication,
payment or reimbursement of interest thereon at the Advance Rate to but excluding the date of payment or reimbursement.


 


“Pari
Passu Companion Loan”: A Companion Loan that is pari passu in right of payment to the related Split Mortgage Loan. The
only Pari Passu Companion Loans related to the Trust as of the Closing Date are the 225 & 233 Park Avenue South Companion
Loans, the General Motors Building Pari Passu Companion Loans, the 9-19 9th Avenue Companion Loan, the Corporate Woods Portfolio
Companion Loans, the Mall of Louisiana Companion Loans, the Starwood Capital Group Hotel Portfolio Companion Loans, the Visions
Hotel Portfolio Companion Loan, the Pleasant Prairie Premium Outlets Companion Loans, the Lakeside Shopping Center Companion Loans,
the Long Island Prime Portfolio - Uniondale Companion Loans, the Scripps Center Companion Loan, the Atlanta and Anchorage Hotel
Portfolio Companion Loans and the 245 Park Avenue Pari Passu Companion Loans.


 


“Pari
Passu Indemnified Items”: As defined in Section 3.01(j)(ii) of this Agreement.


 






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“Pari
Passu Indemnified Party”: As defined in Section 3.01(j)(ii) of this Agreement.


 


“Pari
Passu Loan Combination”: A Loan Combination that includes a Pari Passu Companion Loan. The only Pari Passu Loan Combinations
related to the Trust as of the Closing Date are the 225 & 233 Park Avenue South Loan Combination, the General Motors Building
Loan Combination, the 9-19 9th Avenue Loan Combination, the Corporate Woods Portfolio Loan Combination, the Mall of Louisiana
Loan Combination, the Starwood Capital Group Hotel Portfolio Loan Combination, the Visions Hotel Portfolio Loan Combination, the
Pleasant Prairie Premium Outlets Loan Combination, the Lakeside Shopping Center Loan Combination, the Long Island Prime Portfolio
- Uniondale Loan Combination, the Scripps Center Loan Combination, the Atlanta and Anchorage Hotel Portfolio Loan Combination
and the 245 Park Avenue Loan Combination.


 


“Pass-Through
Rate”: Each of the Class A-1 Pass-Through Rate, the Class A-2 Pass-Through Rate, the Class A-3 Pass-Through Rate, the
Class A-4 Pass-Through Rate, the Class A-AB Pass-Through Rate, the Class X-A Pass-Through Rate, the Class X-B Pass-Through Rate,
the Class A-S Pass-Through Rate, the Class B Pass-Through Rate, the Class C Pass-Through Rate, the Class X-D Pass Through Rate,
the Class X-E Pass Through Rate, the Class X-F Pass Through Rate, the Class X-G Pass Through Rate, the Class D Pass-Through Rate,
the Class E Pass-Through Rate, the Class F Pass-Through Rate and the Class G Pass-Through Rate. The Class S Certificates, the
Class R Certificates and, other than for tax reporting purposes, the Vertically Retained Certificates do not have Pass-Through
Rates.


 


“Paying
Agent”: The paying agent appointed pursuant to Section 5.06 of this Agreement.


 


“PCC”:
Macquarie US Trading LLC d/b/a Principal Commercial Capital, a Delaware limited liability company, and its successors in interest.


 


“PCC
Mortgage Loan Purchase Agreement”: The mortgage loan purchase agreement, dated as of September 1, 2017, by and between
PCC and the Depositor.


 


“PCC
Mortgage Loans”: The Mortgage Loans transferred by PCC to the Depositor and/or the Trust pursuant to the PCC Mortgage
Loan Purchase Agreement and this Agreement.


 


“Penalty
Charges”: With respect to any Serviced Loan (or successor REO Mortgage Loan or successor REO Companion Loan), any amounts
actually collected thereon from the Mortgagor that represent default charges, penalty charges, late fees and/or Default Interest
(in the case of any Split Mortgage Loan or Serviced Companion Loan, to the extent allocable thereto pursuant to the related Co-Lender
Agreement, and, in the case of a Serviced Companion Loan, to the extent not payable to the Serviced Companion Loan Holder, and,
in the case of an Outside Serviced Mortgage Loan, any such amounts remitted by the related Outside Servicer to the Master Servicer).


 


“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 (other than a Class S or Class R Certificate), the percentage interest
is equal to the initial


 



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denomination as of the Closing Date of such Certificate divided by the initial Certificate Balance or
Notional Amount, as applicable, of such Class of Certificates. For these purposes on any date of determination, the “initial
denomination as of the Closing Date” of any Exchangeable Certificate received in an exchange will be determined as if such
Certificate was part of the related Class on the Closing Date, the “initial denomination as of the Closing Date” of
any Exchangeable Certificate surrendered in an exchange will be determined as if such Certificate was not part of the related
Class on the Closing Date and the initial Certificate Balance of the related Class of Exchangeable Certificates will be determined
as if such Class consisted only of the Certificates composing the Class on that date of determination and such Certificates had
been outstanding as of the Closing Date. With respect to any Class S or Class R Certificate, the percentage interest is set forth
on the face thereof.


 


“Performing
Party”: As defined in Section 10.12 of this Agreement.


 


“Performing
Serviced Companion Loan”: A Serviced Companion Loan that is not, and is not part of, a Specially Serviced Loan or REO
Loan.


 


“Performing
Serviced Loan”: A Performing Serviced Mortgage Loan, a Performing Serviced Companion Loan or a Performing Serviced Loan
Combination, as the context may require.


 


“Performing
Serviced Loan Combination”: A Serviced Loan Combination that is not a Specially Serviced Loan or REO Loan.


 


“Performing
Serviced Mortgage Loan”: A Serviced Mortgage Loan that is not, and is not part of, 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 scheduled maturity
on or before the Business Day preceding the date upon which such funds are required to be drawn (provided that funds invested
by the Certificate Administrator in Permitted Investments managed or advised by the Certificate Administrator may (or, as and
when contemplated under Section 3.07(c), shall) mature on the Distribution Date) and a maximum maturity of 365 days, regardless
of whether issued by the Depositor, the Master Servicer, the Trustee, the Certificate Administrator 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 Rating Agency Confirmation:


 


(i)          direct
obligations of, or obligations fully guaranteed as to payment of principal and interest by, the U.S. Treasury; Small Business
Administration-guaranteed participation certificates and guaranteed pool certificates; U.S. Department of Housing and Urban Development
public housing agency bonds; Government National Mortgage Association (GNMA) guaranteed mortgage-backed securities or participation
certificates; and Resolution Funding Corp. debt obligations; provided, however, that the investments described in
this clause must (A) have a predetermined fixed dollar of principal due at maturity that cannot vary or change, (B) if such investments
have a variable rate of interest, such interest rate must be tied to a single interest rate index plus a fixed spread (if any)
and must


 



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move proportionately with that index, and (C) such investments must not be subject to liquidation prior to their maturity;


 


(ii)         Federal
Housing Administration debentures;


 


(iii)        obligations
of the following United States government sponsored agencies: Federal Home Loan Mortgage Corp. (debt obligations), the Farm Credit
System (consolidated system wide bonds and notes), the Federal Home Loan Banks (consolidated debt obligations), and the Federal
National Mortgage Association (debt obligations); provided, however, that the investments described in this clause
must (A) have a predetermined fixed dollar amount of principal due at maturity that cannot vary or change, (B) if such investments
have a variable rate of interest, such interest rate must be tied to a single interest rate index plus a fixed spread (if any)
and must move proportionately with that index, (C) such investments must not be subject to liquidation prior to their maturity,
and (D) in each case, be rated no less than the Applicable S&P Permitted Investment Rating by S&P (or, if not rated by
S&P, otherwise acceptable to S&P as confirmed by receipt of a Rating Agency Confirmation from S&P);


 


(iv)       federal
funds, unsecured certificates of deposit, time or similar deposits, bankers’ acceptances and repurchase agreements of any
bank, (A) if it has a term of three months or less, (1) the short-term obligations of which are rated in the highest short-term
debt rating category of Fitch and DBRS, (2) 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 and (3) (x) if it
has a term of thirty (30) days or less, the short term obligations of which are rated “A-1” by S&P or the long
term obligations of which are rated at least “AA-” by S&P and (y) if it has a term of three months or less, but
more than thirty (30) days, the short term obligations of which are rated “A-1+” by S&P and the long term obligations
of which are rated at least “AA-” by S&P, (B) if it has a term of more than three months and not in excess of
six months, the short-term obligations of which are rated in the highest short-term rating category by each Rating Agency and
the long-term obligations of which are rated at least “Aa3” by Moody’s and “AA-” by S&P and
(C) 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 each Rating Agency and the long-term obligations of which are rated “Aaa” by Moody’s, “AAA” by
DBRS and “AAA” by S&P (or, in the case of any such Rating Agency as set forth in clauses (A) through (C) above,
such lower rating as is the subject of a Rating Agency Confirmation by such Rating Agency); provided, however, that
the investments described in this clause must (A) have a predetermined fixed dollar amount of principal due at maturity that cannot
vary or change, (B) if such investments have a variable rate of interest, such interest rate must be tied to a single interest
rate index plus a fixed spread (if any) and must move proportionately with that index, and (C) such investments must not be subject
to liquidation prior to their maturity;


 



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(v)         demand
and time deposits in, or certificates of deposit of, or bankers’ acceptances issued by, any bank or trust company, savings
and loan association or savings bank, (A) if it has a term of three months or less, (1) the short-term obligations of which are
rated in the highest short-term debt rating category of Fitch and DBRS and (2) 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 and (3) (x) if it has a term of thirty (30) days or less, the short term obligations of which are rated “A-1”
by S&P or the long term obligations of which are rated at least “AA-” by S&P and (y) if it has a term of three
months or less, but more than thirty (30) days, the short term obligations of which are rated “A-1+” by S&P and
the long term obligations of which are rated at least “AA-” by S&P, (B) if it has a term of more than three months
and not in excess of six months, the short-term obligations of which are rated in the highest short-term rating category by each
Rating Agency and the long-term obligations of which are rated at least “Aa3” by Moody’s and “AA-”
by S&P and (C) 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 each Rating Agency and the long-term obligations of which are rated “Aaa” by Moody’s, “AAA”
by DBRS and “AAA” by S&P (or, in the case of any such Rating Agency as set forth in clauses (A) through (C) above,
such lower rating as is the subject of a Rating Agency Confirmation by such Rating Agency); provided, however, that
the investments described in this clause must (A) have a predetermined fixed dollar amount of principal due at maturity that cannot
vary or change, (B) if such investments have a variable rate of interest, such interest rate must be tied to a single interest
rate index plus a fixed spread (if any) and must move proportionately with that index, and (C) such investments must not be subject
to liquidation prior to their maturity;


 


(vi)       debt
obligations, (A) if it has a term of three months or less, (1) the short-term obligations of which are rated in the highest short-term
debt rating category of Fitch and DBRS and (2) 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 and (3) (x)
if it has a term of thirty (30) days or less, the short term obligations of which are rated “A-1” by S&P or the
long term obligations of which are rated at least “AA-” by S&P and (y) if it has a term of three months or less,
but more than thirty (30) days, the short term obligations of which are rated “A-1+” by S&P and the long term
obligations of which are rated at least “AA-” by S&P, (B) if it has a term of more than three months and not in
excess of six months, the short-term obligations of which are rated in the highest short-term rating category by each Rating Agency
and the long-term obligations of which are rated at least “Aa3” by Moody’s and “AA-” by S&P
and (C) 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 each Rating Agency and the long-term obligations of which are rated “Aaa” by Moody’s, “AAA”
by DBRS and “AAA” by S&P (or, in the case of any such Rating Agency as set forth in clauses (A) through (C) above,
such lower rating as is the subject of a Rating Agency Confirmation by such Rating Agency); provided, however, that
the investments described in this clause must (A) have a predetermined fixed dollar


 



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amount of principal due at maturity that cannot
vary or change, (B) if such investments have a variable rate of interest, such interest rate must be tied to a single interest
rate index plus a fixed spread (if any) and must move proportionately with that index, and (C) such investments must not be subject
to liquidation prior to their maturity;


 


(vii)       commercial
paper (including both non-interest bearing discount obligations and interest bearing obligations payable on demand or on a specified
date not more than one year after the date of issuance thereof), (A) if it has a term of one month or less, the short-term obligations
of which are rated at least “F1” by Fitch, “P-1” by Moody’s (or, in the case of Moody’s, the
long-term obligations of which are rated at least “A2” by Moody’s) and “A-1” by S&P and in the
highest short-term debt rating category of DBRS; (B) if it has a term of more than one month and not in excess of sixty days,
(1) the short-term debt obligations of which are rated at least “F1+” by Fitch (or “F1” by Fitch, if the
long-term debt obligations of which are rated at least “AA-” by Fitch), (2) the short-term debt obligations of which
are rated at least “P-1” by Moody’s or the long-term obligations of which are rated at least “A2”
by Moody’s, (3) the short-term debt obligations of which are rated in the highest short-term debt rating category by DBRS
and (4) the short term obligations of which are rated at least “A-1” by S&P; (C) if it has a term of more than
sixty days and not in excess of three months, (1) the short-term debt obligations of which are rated at least “F1+”
by Fitch (or “F1” by Fitch, if the long-term debt obligations of which are rated at least “AA-” by Fitch),
(2) the short-term debt obligations of which are rated at least “P-1” by Moody’s or the long-term obligations
of which are rated at least “A2” by Moody’s, (3) the short-term debt obligations of which are rated in the highest
short-term debt rating category by DBRS and (4) the short term obligations of which are rated “A-1+” by S&P (or
at least “A-1” by S&P, if the long term obligations of which are rated at least “AA-” by S&P);
(D) if it has a term of more than three months and not in excess of six months, (1) the short-term debt obligations of which are
rated at least “F1+” by Fitch (or “F1” by Fitch, if the long-term debt obligations of which are rated
at least “AA-” by Fitch), (2) the short-term debt obligations of which are rated at least “P-1” by Moody’s
and the long-term debt obligations of which are rated at least “Aa3” by Moody’s, (3) the short-term debt obligations
of which are rated in the highest short-term rating category by DBRS and (4) the short term obligations of which are rated “A-1+”
by S&P (or at least “A-1” by S&P, if the long term obligations of which are rated at least “AA-”
by S&P); and (E) if it has a term of more than six months, (1) the short-term debt obligations of which are rated at least
“F1+” by Fitch (or “F1” by Fitch, if the long-term debt obligations of which are rated at least “AA-”
by Fitch), (2) the short-term debt obligations of which are rated at least “P-1” by Moody’s and the long-term
debt obligations of which are rated at least “Aaa” by Moody’s, (3) the short-term debt obligations of which
are rated in the highest short-term rating category by DBRS and the long term debt obligations of which are rated at least “AAA”
by DBRS and (4) the short term obligations of which are rated “A-1+” by S&P (or at least “A-1” by
S&P, if the long term obligations of which are rated at least “AA-” by S&P) (or, in the case of any such Rating
Agency as set forth in clauses (A) through (E) above, such lower rating as is the subject of


 



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a Rating Agency Confirmation by such
Rating Agency); provided, however, that the investments described in this clause must (A) have a predetermined fixed
dollar of principal due at maturity that cannot vary or change, (B) if such investments have a variable rate of interest, such
interest rate must be tied to a single interest rate index plus a fixed spread (if any) and must move proportionately with that
index, and (C) such investments must not be subject to liquidation prior to their maturity;


 


(viii)       money
market funds which seek to maintain a constant net asset value per share (including the Wells Fargo Advantage Heritage Money Market
Fund) so long as such funds are rated by DBRS, Fitch and Moody’s in its highest money market fund ratings category and are
rated “AAAm” by S&P (or, if not rated by any such Rating Agency, otherwise acceptable to such Rating Agency, as
confirmed in a Rating Agency Confirmation);


 


(ix)        any
other demand, money market or time deposit, demand obligation or any other obligation, security or investment with respect to
which Rating Agency Confirmation has been obtained from each Rating Agency; and


 


(x)         such
other demand, money market or time deposit, demand obligation or any other obligation, security or investment 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) –
(ix) above, with respect to which a Rating Agency Confirmation has been obtained from each Rating Agency for which the minimum
ratings set forth in the applicable clause is not satisfied with respect to such demand, money market or time deposit, demand
obligation or any other obligation, security or investment;


 


provided,
however, that (A) such instrument continues to qualify as a “cash flow investment” pursuant to Code Section
860G(a)(6) earning a passive return in the nature of interest, (B) such instrument shall have an unqualified rating (i.e., one
with no qualifying suffix), with the exception of ratings with regulatory indicators, such as the “(sf)” subscript,
and unsolicited ratings, (C) such instrument shall have a predetermined fixed dollar of principal due at maturity that cannot
vary or change, and (D) no instrument or security shall be a Permitted Investment if (i) such instrument or security evidences
a right to receive only interest payments, (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, (iii)
the rating for such instrument or security includes an “r” designation or (iv) if such instrument may be redeemed
at a price below the purchase price; and provided, further, that no amount beneficially owned by the Upper-Tier
REMIC or the Lower-Tier REMIC (even if not yet deposited in the Trust) may be invested in investments (other than money market
funds) treated as equity interests for federal income tax purposes, unless the Master Servicer receives an Opinion of Counsel,
at the expense of the party directing such Permitted Investment, to the effect that such investment will not adversely affect
the status of the Upper-Tier REMIC or the Lower-Tier REMIC. Permitted Investments may not be purchased at a price in excess of
par.


 


Notwithstanding
the foregoing, to the extent that the Loan Documents with respect to a particular Mortgage Loan require the funds in the related
Mortgagor Accounts to be invested


 



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in investments other than those itemized in clauses (i) through (ix) above, the Master Servicer
shall invest the funds in such Mortgagor Accounts in accordance with the terms of the related Loan Documents.


 


“Permitted
Special Servicer/Affiliate Fees”: Any commercially reasonable treasury management fees, banking fees, title insurance
and/or other insurance commissions and fees, title agency fees, and appraisal review 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 any Serviced Loan or
REO Property, in each case, in accordance with Article III of this Agreement.


 


“Permitted
Transferee”: With respect to a Class R Certificate, any Person or agent of such Person other than (a) a Disqualified
Organization, (b) 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 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, (c) a Disqualified Non-U.S. Tax Person, (d) an entity treated as a U.S. partnership if any of its
partners, directly or indirectly (other than through a U.S. corporation) is (or is permitted to be under the partnership agreement)
a Disqualified Non-U.S. Tax Person or (e) a U.S. Tax Person with respect to which income from a Class R Certificate is attributable
to a foreign permanent establishment or fixed base, within the meaning of an applicable income tax treaty, of the transferee or
any other U.S. Tax 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 5.03(n) of this Agreement.


 


“Plan
Investor”: As defined in Section 5.03(n) of this Agreement.


 


“Pleasant
Prairie Premium Outlets Co-Lender Agreement”: With respect to the Pleasant Prairie Premium Outlets Loan Combination,
the related co-lender agreement, dated as of September 19, 2017, by and between the holder of the Pleasant Prairie Premium Outlets
Mortgage Loan and the Pleasant Prairie Premium Outlets Companion Loan Holders, relating to the relative rights of the holder of
the Pleasant Prairie Premium Outlets Mortgage Loan and the Pleasant Prairie Premium Outlets Companion Loan Holders, as the same
may be amended and/or restated from time to time in accordance with the terms thereof.


 


“Pleasant
Prairie Premium Outlets Companion Loans”: With respect to the Pleasant Prairie Premium Outlets Loan Combination, the
related promissory notes made by the related Mortgagor, secured by the Pleasant Prairie Premium Outlets Mortgage and designated
as promissory notes A-2, A-3 and A-4, which are not included in the Trust and are pari passu in right of payment with the Pleasant
Prairie Premium Outlets Mortgage Loan to the extent set forth in the related Loan Documents and as provided in the Pleasant Prairie
Premium Outlets Co-Lender Agreement, as any such promissory note may be amended, restated, replaced, extended, renewed, supplemented,
consolidated, severed, split or otherwise modified from time to time. If any promissory note evidencing a Pleasant Prairie Premium
Outlets Companion Loan is split and


 



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replaced with 2 or more replacement promissory notes, each such replacement promissory note
will evidence a separate Pleasant Prairie Premium Outlets Companion Loan.


 


“Pleasant
Prairie Premium Outlets Companion Loan Holder”: The holder of a Pleasant Prairie Premium Outlets Companion Loan.


 


“Pleasant
Prairie Premium Outlets Loan Combination”: The Pleasant Prairie Premium Outlets Mortgage Loan, together with the Pleasant
Prairie Premium Outlets Companion Loans, each of which is secured by the Pleasant Prairie Premium Outlets Mortgage. References
herein to the Pleasant Prairie Premium Outlets Loan Combination shall be construed to refer to the aggregate indebtedness secured
under the Pleasant Prairie Premium Outlets Mortgage.


 


“Pleasant
Prairie Premium Outlets Mortgage”: The Mortgage encumbering the Mortgaged Property identified on the Mortgage Loan Schedule
as “Pleasant Prairie Premium Outlets” and securing the Pleasant Prairie Premium Outlets Mortgage Loan and the Pleasant
Prairie Premium Outlets Companion Loans.


 


“Pleasant
Prairie Premium Outlets Mortgage Loan”: With respect to the Pleasant Prairie Premium Outlets Loan Combination, the Mortgage
Loan included in the Trust that is (i) secured by the Pleasant Prairie Premium Outlets Mortgage, (ii) evidenced by promissory
note A-1 and (iii) pari passu in right of payment with the Pleasant Prairie Premium Outlets Companion Loans to the extent set
forth in the related Loan Documents and as provided in the Pleasant Prairie Premium Outlets Co-Lender Agreement.


 


“Preliminary
Dispute Resolution Election Notice”: As defined in Section 2.03(g) of this Agreement.


 


“Preliminary
Prospectus”: The prospectus dated September 11, 2017, relating to the Public Certificates.


 


“Prepayment
Assumption”: The assumption that there will be zero prepayments with respect to the Mortgage Loans; provided,
that it is assumed that any ARD Mortgage Loan is prepaid in full on its Anticipated Repayment Date.


 


“Prepayment
Interest Excess”: With respect to any Distribution Date, for each Mortgage Loan or Serviced Loan Combination that was
subject to a Principal Prepayment in full or in part during the related Collection Period, which Principal Prepayment was applied
to such Mortgage Loan or Serviced Loan Combination after the related Due Date in such Collection Period, the amount of interest
(net of the related Servicing Fee and any related Excess Interest and Default Interest) that accrued on the amount of such Principal
Prepayment during the period commencing from such Due Date to, but not including, the date as of which such Principal Prepayment
was applied to the unpaid principal balance of the Mortgage Loan or Serviced Loan Combination (or any later date through which
interest accrues), to the extent collected from the related Mortgagor (without regard to any related Yield Maintenance Charge
actually collected) and, in the case of an Outside Serviced Mortgage Loan, remitted to the Trust Fund.


 


“Prepayment
Interest Shortfall”: With respect to any Distribution Date, for each Mortgage Loan or Serviced Loan Combination that
was subject to a Principal Prepayment in full


 



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or in part during the related Collection Period, which Principal Prepayment was
applied to such Mortgage Loan or Serviced Loan Combination (with such prepayment allocated between the related Mortgage Loan and
Serviced Companion Loan in accordance with the related Co-Lender Agreement) prior to the related Due Date in such Collection Period,
the amount of interest (net of the related Servicing Fee and any related Excess Interest and Default Interest) to the extent not
collected from the related Mortgagor (without regard to any Yield Maintenance Charge that may be collected), that would have accrued
on the amount of such Principal Prepayment during the period commencing on the date as of which such Principal Prepayment was
applied to the unpaid principal balance of such Mortgage Loan or Serviced Loan Combination through the end of the one-month accrual
period applicable to such Due Date, inclusive.


 


“Primary
Collateral”: With respect to any Cross-Collateralized Mortgage Loan, any Mortgaged Property (or portion thereof) designated
as directly securing such Cross-Collateralized Mortgage Loan and excluding any Mortgaged Property (or portion thereof) as to which
the related lien may only be foreclosed upon by exercise of the cross-collateralization provisions of such Cross-Collateralized
Mortgage Loan.


 


“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 with regard to any
determination of the Prime Rate in accordance with the parenthetical in the preceding sentence.


 


“Principal
Balance Certificates”: The Certificates (other than the Class X, Class S and Class R Certificates), collectively.


 


“Principal
Distribution Amount”: With respect to any Distribution Date and the Non-Vertically Retained Principal Balance Certificates,
the sum of (i) the Non-Vertically Retained Percentage of the Aggregate Principal Distribution Amount for such Distribution Date
and (ii) the Principal Shortfall, if any, for the prior Distribution Date.


 


“Principal
Prepayment”: Any payment of principal made by a Mortgagor on a Mortgage Loan or Serviced Loan Combination 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 on any date or dates in any month or months subsequent to the month of prepayment other than any amount paid in connection
with the release of the related Mortgaged Property through defeasance.


 


“Principal
Shortfall”: For any Distribution Date, the amount, if any, by which (i) the Principal Distribution Amount for such Distribution
Date exceeds (ii) the aggregate amount actually distributed with respect to principal on the Non-Vertically Retained Principal
Balance Certificates on such Distribution Date in respect of such Principal Distribution Amount.


 


“PrinREI”:
Principal Real Estate Investors, LLC a Delaware limited liability company, and its successors in interest.


 



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“PrinREI-Subserviced
Loan”: Each PCC Mortgage Loan, for so long as PrinREI is acting as the related primary servicer with respect thereto
pursuant to the PrinREI Primary Servicing Agreement, together with any related Companion Loan.


 


“PrinREI
Primary Servicing Agreement”: The primary servicing agreement, dated as of September 1, 2017, between Wells Fargo Bank,
National Association, as master servicer, and PrinREI, as primary servicer, with respect to this transaction, as the same may
be amended from time to time in accordance with the terms thereof.


 


“Private
Certificates”: The Class X-D, Class X-E, Class X-F, Class X-G, Class D, Class E, Class F, Class G, Class S and Class
R Certificates and the Vertically Retained Certificates, collectively.


 


“Privileged
Information”: Any (i) correspondence or other communications between the related Directing Holder or the Risk Retention
Consultation Party (and, in the case of any Serviced Loan Combination, the related Serviced Companion Loan Holder (or its Companion
Loan Holder Representative)), on the one hand, and the Special Servicer, on the other hand, related to any Specially Serviced
Loan or the exercise of the consent or consultation rights of such Directing Holder under this Agreement, the consultation rights
of the Risk Retention Consultation Party under this Agreement and/or the consent or consultation rights of any related Serviced
Companion Loan Holder (or its Companion Loan Holder Representative) under the related Co-Lender Agreement, (ii) strategically
sensitive information that the Special Servicer has reasonably determined (and has identified as privileged or confidential information)
could compromise the Trust Fund’s position in any ongoing or future negotiations with the related Mortgagor or other interested
party, and (iii) any information subject to attorney-client privilege.


 


“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, any affected Serviced Companion Loan Holder, the Trustee and the Asset Representations
Reviewer, as evidenced by an Officer’s Certificate (which shall include a certification that it is based on the advice of
counsel) delivered to each of the Master Servicer, the Special Servicer, the applicable Directing Holder, the Risk Retention Consultation
Party (other than with respect to any Excluded RRCP Mortgage Loan), the Operating Advisor, the Certificate Administrator, the
Trustee and the Asset Representations Reviewer) required by law, rule, regulation, order, judgment or decree to disclose such
information.


 


“Privileged
Person”: The Depositor and its designees, the Initial Purchasers, the Underwriters, the Mortgage Loan Sellers, the Master
Servicer, the Special Servicer, the Excluded Mortgage Loan Special Servicer, the Trustee, the Certificate Administrator, any Additional
Servicer designated by the Master Servicer or the Special Servicer, the Directing Holder (but, in the case of the Controlling
Class Representative, only for so long as a Consultation Termination


 



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Event does not exist), the Operating Advisor, any Affiliate
of the Operating Advisor designated by the Operating Advisor, the Asset Representations Reviewer, any affiliate of the Asset Representations
Reviewer designated by the Asset Representations Reviewer, any Companion Loan Holder that delivers an Investor Certification (subject
to the next sentence and the proviso to this sentence), any other Person (including the Risk Retention Consultation Party) who
provides the Certificate Administrator with an Investor Certification (subject to the next sentence and the proviso to this sentence),
any Rating Agency, and any NRSRO that delivers a NRSRO Certification to the Certificate Administrator; provided that in
no event shall an Excluded Controlling Class Holder be entitled to Excluded Information with respect to an Excluded Controlling
Class Mortgage Loan with respect to which it is a Borrower Party (but this exclusion shall not apply to any other Mortgage Loan).
In no event shall a Borrower Party (other than the Risk Retention Consultation Party if it is a Borrower Party) be considered
a Privileged Person; provided that the foregoing shall not be applicable to, nor limit, an Excluded Controlling Class Holder’s
right to access information with respect to any Mortgage Loan other than Excluded Information with respect to a related Excluded
Controlling Class Mortgage Loan. For the avoidance of doubt, the Controlling Class Representative, each Controlling Class Certificateholder
and the Special Servicer shall, at any given time, be considered a Privileged Person with respect to any Mortgage Loans or Serviced
Loan Combinations for which it is not then a Borrower Party, and the limitations on access to information set forth in this Agreement
will apply only with respect to the related Mortgage Loan for which the applicable party is a Borrower Party and only with respect
to the related Excluded Information (in the case of the Controlling Class Representative or a Controlling Class Certificateholder)
or the related Excluded Special Servicer Information (in the case of the Special Servicer).


 


“Property
Advance”: As to any Serviced Mortgage Loan, Serviced Loan Combination or REO Property (other than an REO Property related
to an Outside Serviced Mortgage Loan), any advance made by the Master Servicer or the Trustee in respect of Property Protection
Expenses, together with all other customary, reasonable and necessary “out-of-pocket” costs and expenses (including
attorneys’ fees and fees and expenses of real estate brokers) incurred by the Master Servicer, the Special Servicer or the
Trustee in connection with the servicing and administration of a Serviced Mortgage Loan or Serviced Loan Combination, if a default
is imminent thereunder or a default, delinquency or other unanticipated event has occurred with respect thereto, or in connection
with the administration of any REO Property (other than an REO Property related to an Outside Serviced Mortgage Loan), including,
but not limited to, the cost of (a) compliance with the obligations of the Master Servicer, the Special Servicer or the Trustee,
if any, set forth in Sections 2.03, 3.04 and 3.07 of this Agreement, (b) the preservation, insurance, restoration,
protection and management of a related Mortgaged Property, (c) obtaining any Insurance Proceeds, Condemnation Proceeds or Liquidation
Proceeds, (d) any enforcement or judicial proceedings with respect to a related Mortgaged Property, including foreclosures, (e)
any Appraisal or any other appraisal or update thereof expressly permitted or required to be obtained hereunder and (f) the operation,
management, maintenance and liquidation of any such REO Property; provided that, notwithstanding anything to the contrary,
“Property Advances” shall not include allocable overhead of the Master Servicer, the Special Servicer or the Trustee,
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 any Mortgage
Loan or REO Property pursuant to any provision of this Agreement or an intercreditor agreement; and provided, further,
that, no Property


 



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Advances shall be made with regard to a Subordinate Companion Loan if the related Mortgage Loan is no longer
held by the Trust. 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 from and including the date of
the making of such Advance to but excluding the date of payment or reimbursement. If and when used with respect to an Outside
Serviced Mortgage Loan or any related REO Property, the term “Property Advance” shall have the meaning assigned thereto
or to the term “Servicing Advance” in the applicable Outside Servicing Agreement.


 


“Property
Protection Expenses”: Any costs and expenses incurred by the Master Servicer, the Special Servicer or the Trustee pursuant
to Section 3.04, 3.07, 3.10(f), 3.10(g) or 3.17(b) or indicated herein as being a cost or expense
of the Lower-Tier REMIC to be advanced by the Master Servicer or the Trustee, as applicable.


 


“Proposed
Course of Action Notice”: As defined in Section 2.03(g) of this Agreement.


 


“Prospectus”:
The prospectus dated September 18, 2017, relating to the Public Certificates.


 


“PSA
Party Repurchase Request”: As defined in Section 2.03 of this Agreement.


 


“PTCE”:
Prohibited Transaction Class Exemption.


 


“Public
Certificates”: The Class A-1, Class A-2, Class A-3, Class A-4, Class A-AB, Class X-A, Class X-B, Class A-S, Class B
and Class C Certificates.


 


“Public
Documents”: As defined in Section 4.02(a) of this Agreement.


 


“Public
Global Certificates”: A Global Certificate relating to a Class of Public Certificates.


 


“Purchase
Price”: With respect to any Mortgage Loan (or REO Property), a price equal to the sum of the following (without duplication):
(a) the outstanding principal balance of such Mortgage Loan (or the related REO Mortgage Loan) as of the time of purchase less
any portion of any Loss of Value Payment then on deposit in the Loss of Value Reserve Fund allocable to pay principal of such
Mortgage Loan (or REO Property); plus (b) all accrued and unpaid interest on the principal balance of such Mortgage Loan (or the
related REO Mortgage Loan), other than Default Interest or Excess Interest, at the related Mortgage Rate in effect from time to
time through the Due Date in the Collection Period of purchase; plus (c) all related unreimbursed Property Advances (including
any Property Advances and Advance Interest Amounts with respect thereto that were reimbursed out of general collections on the
Mortgage Loans) (or, in the case of an Outside Serviced Mortgage Loan, the pro rata portion of any similar amounts allocable
to such Mortgage Loan and payable with respect thereto pursuant to the related Co-Lender Agreement); plus (d) all accrued and
unpaid Advance Interest Amounts in respect of related Advances (or, in the case of an Outside Serviced Mortgage Loan, all such
amounts with respect to P&I Advances related to such Outside Serviced Mortgage Loan and, with respect to outstanding Property
Advances, the pro rata portion of any similar interest amounts payable with respect thereto


 



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pursuant to the related Co-Lender
Agreement); plus (e) to the extent not otherwise covered by clause (d) above, any Special Servicing Fees and any other
Additional Trust Fund Expenses outstanding or previously incurred in respect of the related Mortgage Loan; plus (f) if such Mortgage
Loan is being repurchased or substituted for by a Mortgage Loan Seller pursuant to Section 6 of the related Mortgage Loan Purchase
Agreement, all expenses incurred or to be incurred by the Master Servicer, the Special Servicer, the Depositor, the Certificate
Administrator and the Trustee in respect of the Material Defect giving rise to the repurchase or substitution obligation (to the
extent not otherwise included in the amounts described in clause (e) above); provided, however, that such
expenses shall not include expenses incurred by Certificateholders or Certificate Owners in instituting an Asset Review Vote Election,
in taking part in an Asset Review vote or in exercising such Certificateholder’s or Certificate Owner’s, as applicable,
rights under the dispute resolution mechanics pursuant to Section 2.03(g) hereof; plus (g) to the extent not otherwise
included in the amount described in clause (e) above, any Liquidation Fee if and to the extent payable in accordance with
the terms and conditions of this Agreement; plus (h) any related Asset Representations Reviewer Asset Review Fee to the extent
not previously paid by the related Mortgage Loan Seller. With respect to any REO Property that relates to a Serviced Loan Combination,
the Purchase Price for the Trust Fund’s interest in such REO Property shall be the amount calculated in accordance with
the first sentence of this definition in respect of the related REO Mortgage Loan and, solely for purposes of calculating fair
prices under the final sentence of Section 3.17(k) of this Agreement, such amount shall be calculated as if the REO Mortgage
Loan consisted of the REO Mortgage Loan and the related REO Companion Loan(s), if applicable.


 


“Qualified
Bidder”: As defined in Section 7.01(b) of this Agreement.


 


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


 


“Qualified
Insurer”: As used in Sections 3.08 and 5.10 of this Agreement, in the case of (i) all policies not referred
to in clause (ii) below, 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) at least “A (low)” by DBRS (or, if not rated
by DBRS, an equivalent rating such as that listed above by at least two NRSROs (which may include S&P, Fitch, Moody’s
and/or A.M. Best)), (b) at least “A” by Fitch (or, if not rated by Fitch, an equivalent rating such as that listed
above by at least two NRSROs (which may include S&P, DBRS, Moody’s and/or A.M. Best)), (c) at least “A3”
by Moody’s (or, if not rated by Moody’s, then either (x) an equivalent rating such as that listed above by at least
two NRSROs (which may include S&P and/or Fitch) or one NRSRO (which may include S&P and/or Fitch) and A.M. Best or (y)
Moody’s has issued a Rating Agency Confirmation with respect to such insurance company) and (d) at least “A-”
by S&P or (ii) in the case of the fidelity bond and the errors and omissions insurance required to be maintained pursuant
to Section 3.08(c) of this Agreement, a company that shall have a claims-paying ability rated at least as follows by at
least one of the following NRSROs: “A (low)” by DBRS, “A-“ by S&P, “A-“ by Fitch, “A3”
by Moody’s or “A:X” by A.M. Best, or (iii) in either case, an insurance company not satisfying the ratings criteria
of any Rating Agency set forth in clause (i) or (ii), as applicable, but with respect to which the Master Servicer
or the Special Servicer, as applicable, has received a Rating Agency Confirmation from such Rating Agency. “Qualified Insurer”
shall also mean any entity that satisfies all of the criteria, other than the ratings criteria, set forth in one of the foregoing
clauses and whose obligations under the related insurance


 



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policy are guaranteed or backed by an entity that satisfies the ratings
criteria set forth in such clause (construed as if such entity were an insurance company referred to therein).


 


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


 


“Qualified
Substitute Mortgage Loan”: A mortgage loan that must, on the date of substitution: (i) have an outstanding principal
balance, after application of all scheduled payments of principal and interest due during or prior to the month of substitution,
whether or not received, not in excess of the Stated Principal Balance of the deleted Mortgage Loan as of the Due Date in the
calendar month during which the substitution occurs; (ii) have a Mortgage Rate not less than the Mortgage Rate of the deleted
Mortgage Loan; (iii) have the same Due Date as and a grace period no longer than that of the deleted Mortgage Loan; (iv) accrue
interest on the same basis as the deleted Mortgage Loan (for example, on the basis of a 360-day year consisting of twelve 30-day
months); (v) have a remaining term to stated maturity not greater than, and not more than two years less than, the remaining term
to stated maturity of the deleted Mortgage Loan; (vi) have a then-current loan-to-value ratio equal to or less than the lesser
of (a) the loan-to-value ratio of the deleted Mortgage Loan as of the Cut-Off Date and (b) 75%, in each case using the “value”
for the Mortgaged Property as determined using an Appraisal; (vii) comply (except in a manner that would not be adverse to the
interests of the Certificateholders) as of the date of substitution in all material respects with all of the representations and
warranties set forth in the applicable Mortgage Loan Purchase Agreement; (viii) have an environmental report that indicates no
material adverse environmental conditions with respect to the related Mortgaged Property and which will be delivered as a part
of the related Servicing File; (ix) have a then-current debt service coverage ratio at least equal to the greater of (a) the debt
service coverage ratio of the deleted Mortgage Loan as of the Closing Date and (b) 1.25x; (x) constitute a “qualified replacement
mortgage” within the meaning of Code Section 860G(a)(4) as evidenced by an Opinion of Counsel (provided at the applicable
Mortgage Loan Seller’s expense); (xi) not have a maturity date or an amortization schedule that extends to a date that is
after the date that is five years prior to the Rated Final Distribution Date; (xii) have prepayment restrictions comparable to
those of the deleted Mortgage Loan; (xiii) not be substituted for a deleted Mortgage Loan unless the Trustee and the Certificate
Administrator have received a prior Rating Agency Confirmation (the cost, if any, of obtaining such Rating Agency Confirmation
to be paid by the applicable Mortgage Loan Seller); (xiv) have been approved, so long as a Consultation Termination Event has
not occurred and is not continuing, by the Controlling Class Representative; (xv) prohibit defeasance within two years of the
Closing Date; (xvi) not be substituted for a deleted Mortgage Loan if it would result in the termination of the REMIC status of
a Trust REMIC or the imposition of tax on a Trust REMIC other than a tax on income expressly permitted or contemplated to be imposed
by the terms of this Agreement, as determined by an Opinion of Counsel; (xvii) have an engineering report with respect to the
related Mortgaged Property that will be delivered as a part of the related Servicing File; (xviii) be current in the payment of
all scheduled payments of principal and interest then due; and (xix) not be an ARD Mortgage Loan unless the Mortgage Loan for
which it is being substituted is an ARD Mortgage Loan. In the event that more than one mortgage loan is substituted for a deleted
Mortgage Loan or Mortgage Loans, then (x) the amounts described in clause (i) above shall be determined on the basis of aggregate
principal balances and (y) each such proposed


 



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Qualified Substitute Mortgage Loan shall individually satisfy each of the requirements
specified in clauses (ii) through (xviii) above, except that the rates described in clause (ii) above and the remaining term to
stated maturity referred to in clause (v) above shall be determined on a weighted average basis; provided that no individual
Mortgage Rate (net of the Administrative Cost Rate) shall be lower than the highest fixed Pass-Through Rate (and not based on,
or subject to a cap equal to, the WAC Rate) of any Class of Non-Vertically Retained Principal Balance Certificates having a Certificate
Balance then outstanding. When a Qualified Substitute Mortgage Loan is substituted for a deleted Mortgage Loan, the applicable
Mortgage Loan Seller shall certify that the replacement Mortgage Loan(s) meet(s) all of the requirements of the above definition
and shall send such certification to the Certificate Administrator and the Trustee and, prior to the occurrence and continuance
of a Consultation Termination Event, the Controlling Class Representative.


 


“Rated
Final Distribution Date”: The Distribution Date occurring in September 2050.


 


“Rating
Agency”: Each of Moody’s, Fitch, DBRS and S&P or their successors in interest. If no such rating agency nor
any successor thereof remains in existence, “Rating Agency” shall be deemed to refer to such nationally recognized
statistical rating organization or other comparable Person reasonably designated by the Depositor, notice of which designation
shall be given to the Trustee, the Certificate Administrator, the Special Servicer and the Master Servicer, and specific ratings
of Moody’s, Fitch, DBRS and S&P herein referenced shall be deemed to refer to the equivalent ratings (as reasonably
determined by the Depositor) of the party so designated. References herein to the highest long-term unsecured debt rating category
of Moody’s, Fitch, DBRS or S&P shall mean “Aaa” with respect to Moody’s and “AAA” with
respect to Fitch, DBRS and S&P, and, in the case of any other rating agency, shall mean such highest rating category without
regard to any plus or minus or numerical qualification.


 


“Rating
Agency Confirmation”: With respect to any matter, confirmation in writing (which may be in electronic form) 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 upon receipt of a written waiver or other acknowledgment from any applicable Rating
Agency indicating its decision not to review or declining to review the matter for which the Rating Agency Confirmation is sought
(such written notice, a “Rating Agency Declination”), or as otherwise provided in Section 3.30 of this
Agreement, the requirement for the Rating Agency Confirmation from the applicable Rating Agency with respect to such matter shall
be deemed to have been satisfied.


 


“Rating
Agency Declination”: As defined in the definition of “Rating Agency Confirmation” in this Agreement.


 


“Realized
Loss”: With respect to any Distribution Date, the amount, if any, by which (i) the aggregate Certificate Balance of
all Classes of Non-Vertically Retained Principal Balance Certificates, after giving effect to distributions of principal on such
Distribution Date, exceeds (ii) the product of (A) the Non-Vertically Retained Percentage and (B) the aggregate Stated Principal
Balance of the Mortgage Loans (including any REO Mortgage Loans) (for purposes of this calculation only, not giving effect to
any reductions of the Stated Principal Balance


 



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for principal payments received on the Mortgage Loans that were used to reimburse
the Master Servicer, the Special Servicer or the Trustee from general collections of principal on the Mortgage Loans for Workout-Delayed
Reimbursement Amounts, to the extent such Workout-Delayed Reimbursement Amounts are not otherwise determined to be Nonrecoverable
Advances) after giving effect to any and all reductions thereon on such Distribution Date. The allocation of Realized Losses may
be reversed as provided in Section 4.01(g) of this Agreement.


 


“Record
Date”: With respect to each Distribution Date and each Class of Certificates, the last Business Day of the month preceding
the month in which that Distribution Date occurs.


 


“Registered
Rating Agency”: (a) Any Rating Agency that has registered as a user of the Rule 17g-5 Information Provider’s Website;
or (b) any NRSRO other than the Rating Agencies (i) that has registered as a user of the Rule 17g-5 Information Provider’s
Website and (ii) with respect to which the Rule 17g-5 Information Provider has received an NRSRO Certification pursuant to Section
12.13(h) of this Agreement.


 


“Regular
Certificates”: The Class A-1, Class A-2, Class A-3, Class A-4, Class A-AB, Class X-A, Class X-B, Class X-D, Class X-E,
Class X-F, Class X-G, Class A-S, Class B, Class C, Class D, Class E, Class F and Class G Certificates, collectively.


 


“Regulation
AB”: Subpart 229.1100 – Asset Backed Securities (Regulation AB), 17 C.F.R. §§229.1100-229.1125, as such
rules may be amended from time to time, and subject to such clarification and interpretation as have been provided by the 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
RR”: The final credit risk retention rule issued by the Securities and Exchange Commission (appearing at 17 C.F.R. §
246.1, et seq.) that adopted the joint final rule promulgated by the Regulatory Agencies (appearing at 79 F.R. 77601; pages
77740-77766) to implement the credit risk retention requirements of Section 15G of the Securities Exchange Act of 1934, as added
by Section 941 of the Dodd-Frank Wall Street Reform and Consumer Protection Act, as such rule may be amended from time to time,
and subject to such clarification and interpretation as have been provided by the Regulatory Agencies 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.


 


“Regulatory
Agencies”: The Office of the Comptroller of the Currency; the Board of Governors of 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.


 


“Regulation
S”: Regulation S under the Act.


 


“Regulation
S Global Certificates”: As defined in Section 5.02(c)(i) of this Agreement.


 



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


 


“Regulation
S-K”: Regulation S-K under the Act.


 


“Related
Regular Certificates”: With respect to: (i) the Class V-2A Certificates, the Class A-1, Class A-2, Class A-3, Class
A-4, Class A-AB, Class X-A and Class A-S Certificates; (ii) the Class V-2B Certificates, the Class X-B and Class B Certificates;
(iii) the Class V-2C Certificates, the Class C Certificates; (iv) the Class V-2D Certificates, the Class X-D and Class D Certificates;
(v) the Class V-2E Certificates, the Class X-E, Class X-F, Class X-G, Class E, Class F and Class G Certificates; (vi) the Class
V-3AC Certificates, the Class A-1, Class A-2, Class A-3, Class A-4, Class A-AB, Class X-A, Class X-B, Class A-S, Class B and Class
C Certificates; (vii) the Class V-3D Certificates, the Class X-D and Class D Certificates; (viii) the Class V-3E Certificates,
Class X-E, Class X-F, Class X-G, Class E, Class F and Class G Certificates; and (ix) the Class V-1 Certificates, all the Regular
Certificates.


 


“Relevant
Distribution Date”: With respect to (a) any Significant Obligor with respect to the Trust, the Distribution Date, and
(b) any Significant Obligor with respect to an Other Securitization Trust, the “Distribution Date” (or an analogous
concept) under the related Other Pooling and Servicing Agreement.


 


“Relevant
Servicing Criteria”: The Servicing Criteria applicable to a specific party, as set forth on Exhibit O to this
Agreement. For clarification purposes, multiple parties can have responsibility for the same Relevant Servicing Criteria. With
respect to a Servicing Function Participant engaged by the Master Servicer, the Special Servicer or the Certificate Administrator,
the term “Relevant Servicing Criteria” may refer to a portion of the Relevant Servicing Criteria applicable to the
Master Servicer, the Special Servicer or the Certificate Administrator.


 


“Remaining
Certificateholder”: Any Holder (or Holders provided they act in unanimity) holding 100% of the Certificates (other than
the Class S and Class R Certificates) or an assignment of the voting rights thereof; provided, however, that the
Certificate Balances of the Class A-1, Class A-2, Class A-3, Class A-4, Class A-AB, Class A-S, Class B, Class C and Class D Certificates
and the Notional Amounts of the Class X-A, Class X-B and Class X-D Certificates have been reduced to zero.


 


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


 


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


 



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


 


(1)       except
as provided in Code Section 856(d)(4) or (6), any amount received or accrued, directly or indirectly, with respect to such 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);


 


(2)       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 Code Sections 856(d)(2)(B) and (d)(5);


 


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


 


(4)       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 such REO Property within the meaning of Treasury Regulations Section 1.856-4(b)(1)
(whether or not such charges are separately stated); and


 


(5)       rent
attributable to personal property unless such personal property is leased under, or in connection with, the lease of such 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”: A segregated custodial account or accounts created and maintained by the Special Servicer pursuant to Section
3.16 of this Agreement on behalf of the Trustee in trust for the Certificateholders and the Serviced Companion Loan Holders,
which (subject to any change in the identities of the Special Servicer and/or the Trustee) shall be entitled “KeyBank National
Association, as Special Servicer, on behalf of Wilmington Trust, National Association, as Trustee, for the benefit of the registered
Holders of Citigroup Commercial Mortgage Trust 2017-P8, Commercial Mortgage Pass-Through Certificates, Series 2017-P8 and the
Companion Loan Holder REO Account, as their interests may appear.” Any such account or accounts shall be an Eligible Account.


 


“REO
Companion Loan”: Any Serviced Companion Loan if the related Mortgaged Property has become an REO Property.


 


“REO
Extension”: As defined in Section 3.16(a) of this Agreement.


 


“REO
Loan”: An REO Mortgage Loan, REO Companion Loan or REO Loan Combination, as the context may require.


 


“REO
Loan Combination”: Any Serviced Loan Combination as to which the related Mortgaged Property has become an REO Property.



 



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“REO
Mortgage Loan”: Any Mortgage Loan as to which the related Mortgaged Property has become an REO Property (including an
REO Property consisting of the Trust’s beneficial interest in a Mortgaged Property acquired upon a foreclosure or deed-in-lieu
of foreclosure of any of the Outside Serviced Mortgage Loans under the applicable Outside Servicing Agreement; for the avoidance
of doubt, any such beneficial interest will not be serviced by the Special Servicer under this Agreement).


 


“REO
Proceeds”: With respect to any REO Property (other than an REO Property related to an Outside Serviced Mortgage Loan)
and the related REO Mortgage Loan and REO Companion Loan, all revenues received by the Special Servicer with respect to such REO
Property, REO Mortgage Loan or REO Companion Loan which do not constitute Liquidation Proceeds. In the case of an Outside Serviced
Mortgage Loan that has become an REO Mortgage Loan and in the case of the related REO Property, “REO Proceeds” under
this Agreement shall be limited to any proceeds of the type described above in this definition that are received by the Trust
Fund in connection with such Outside Serviced Mortgage Loan, pursuant to the allocations set forth in the related Co-Lender Agreement.


 


“REO
Property”: A Mortgaged Property as to which title has been acquired on behalf of the Trust Fund and any related Serviced
Companion Loan Holder through foreclosure, deed-in-lieu of foreclosure or otherwise; provided that a Mortgaged Property
that secures an Outside Serviced Mortgage Loan shall constitute an REO Property if and when it is acquired under the applicable
Outside Servicing Agreement on behalf of the Trustee for the benefit of the Trust Fund as the holder of such Outside Serviced
Mortgage Loan and of the related Companion Loan Holder(s) through foreclosure, acceptance of a deed-in-lieu of foreclosure or
otherwise in accordance with applicable law in connection with a default or imminent default of such Outside Serviced Mortgage
Loan.


 


“Reportable
Event”: As defined in Section 10.07 of this Agreement.


 


“Reporting
Servicer”: As defined in Section 10.09 of this Agreement.


 


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


 


“Repurchase
Communication”: For purposes of Sections 2.03(a) and 3.01(c) of this Agreement only, any communication,
whether oral or written, which need not be in any specific form.


 


“Repurchase
Request”: A Certificateholder Repurchase Request, a PSA Party Repurchase Request or any other Repurchase Communication
of a request or demand for repurchase or replacement of any Mortgage Loan alleging a Document Defect or Breach with respect to
such Mortgage Loan.


 


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


 


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


 



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“Request
for Release”: A request for a release signed by a Servicing Officer, substantially in the form of Exhibit C hereto.


 


“Requesting
Certificateholder”: (i) The Initial Requesting Certificateholder, if any, or (ii) any other Certificateholder or Certificate
Owner that, in each case, is exercising its rights under Section 2.03(g) of this Agreement to refer a matter involving
a Repurchase Request to either mediation or arbitration; provided that a Holder of a Vertically Retained Certificate may
not be a Requesting Certificateholder.


 


“Requesting
Holders”: As defined in Section 3.10(a) of this Agreement.


 


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


 


“Residual
Ownership Interest”: Any record or beneficial interest in the Class R Certificates.


 


“Resolution
Failure”: As defined in Section 2.03(f) of this Agreement.


 


“Resolved”:
With respect to a Repurchase Request, means that (i) the related Material Defect has been cured, (ii) the related Mortgage Loan
has been repurchased in accordance with the related Mortgage Loan Purchase Agreement, (iii) a mortgage loan has been substituted
for the related Mortgage Loan in accordance with the related Mortgage Loan Purchase Agreement, (iv) the applicable Mortgage Loan
Seller has made a Loss of Value Payment, (v) a contractually binding agreement has been entered into between the Enforcing Servicer,
on behalf of the Trust, and the related Mortgage Loan Seller that settles the related Mortgage Loan Seller’s obligations
under the related Mortgage Loan Purchase Agreement, or (vi) the related Mortgage Loan is no longer property of the Trust as a
result of a sale or other disposition in accordance with this Agreement.


 


“Responsible
Officer”: When used with respect to (i) the Trustee, any officer of the Corporate Trust Office of the Trustee (and,
in the event that the Trustee is the Certificate Registrar or the Paying Agent, of the Certificate Registrar or the Paying Agent,
as applicable) assigned to the Corporate Trust Office 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 (ii) the Certificate Administrator, any officer assigned to the Corporate Trust
Services group, with direct responsibility for the administration of this Agreement and also, with respect to a particular matter,
any other officer to whom a particular matter is referred by the Certificate Administrator because of such officer’s knowledge
of and familiarity with the particular subject. When used with respect to any Certificate Registrar (other than the Trustee or
the Certificate Administrator), any officer or assistant officer thereof.


 


“Restricted
Group”: Collectively, the following persons and entities: the Trustee; the Underwriters; the Depositor; the Master Servicer;
the Special Servicer; any Sub-Servicers; the Sponsors; each Mortgagor, if any, with respect to Mortgage Loans constituting more
than 5% of the total unamortized principal balance of all the Mortgage Loans in the Trust Fund as of the Closing Date; and any
and all Affiliates of any of the aforementioned Persons.


 



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“Restricted
Party”: As defined in the definition of “Privileged Information Exception” in this Agreement.


 


“Restricted
Period”: As defined in Section 5.02(c)(i) of this Agreement.


 


“Retained
Defeasance Rights and Obligations”: As defined in Section 3.09(d)(ii) of this Agreement.


 


“Retained
Defeasance Rights and Obligations Mortgage Loan”: As defined in Section 3.09(d)(ii) of this Agreement.


 


“Retained
Interest Safekeeping Account”: An account maintained by the Certificate Administrator, which account shall be deemed
to be owned by the Holders of the VRR Interest in proportions equal to their respective ownership interest of the VRR Interest.


 


“Retaining
Parties”: Each of CGMRC as holder of the VRR1 Interest, BBPLC as holder of the VRR2 Interest, PCC as holder of the VRR3
Interest and LNR as holder of the VRR4 Interest, and any successor holder of all or part of the VRR1 Interest, the VRR2 Interest,
the VRR3 Interest or the VRR4 Interest.


 


“Retaining
Sponsor”: CREFI, acting as retaining sponsor as such term is defined under Rule 2 of Regulation RR.


 


“Review
Materials”: As defined in Section 11.01(b)(i).


 


“Review
Package”: A package of documents consisting of a memorandum outlining the analysis and recommendation (in accordance
with the Servicing Standard) of the Master Servicer or the Special Servicer, as the case may be, with respect to the matters that
are the subject thereof, and copies of all relevant documentation.


 


“Revised
Rate”: With respect to any ARD Mortgage Loan, the increased interest rate after the Anticipated Repayment Date (in the
absence of a default) for such ARD Mortgage Loan, as calculated and as set forth in the related Loan Agreement.


 


“Risk
Retention Consultation Party”: The party selected by CREFI. The Certificate Administrator shall promptly provide the
name and contact information for the initial Risk Retention Consultation Party upon request of any party to this Agreement and
any such requesting party may conclusively rely on the name and contact information provided by the Certificate Administrator.
The other parties hereto shall be entitled to assume, without independent investigation or verification, that the identity of
the Risk Retention Consultation Party has not changed until such parties receive written notice of (including the identity of
and contact information for) a replacement of such Risk Retention Consultation Party from CREFI. Notwithstanding the foregoing,
the Risk Retention Consultation Party shall not have any consultation rights with respect to any Excluded RRCP Mortgage Loan.
The initial Risk Retention Consultation Party shall be CREFI.


 


In
the event that no Risk Retention Consultation Party has been appointed or identified to the Master Servicer or the Special Servicer,
as applicable, and the Master Servicer or


 



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the Special Servicer, as applicable, has attempted to obtain such information from the
Certificate Administrator and no such entity has been identified to the Master Servicer or the Special Servicer, as applicable,
then until such time as the new Risk Retention Consultation Party is identified, the Master Servicer or the Special Servicer,
as applicable, shall have no duty to consult with, provide notice to, or seek the approval or consent of the Risk Retention Consultation
Party as the case may be.


 


“Rule
144A”: Rule 144A under the Act.


 


“Rule
144A Global Certificates”: As defined in Section 5.02(c)(ii) of this Agreement.


 


“Rule
15Ga-1”: Rule 15Ga-1 under the Exchange Act.


 


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


 


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


 


“Rule
17g-5”: Rule 17g-5 under the Exchange Act.


 


“Rule
17g-5 Information Provider”: The Certificate Administrator acting in such capacity under this Agreement.


 


“Rule
17g-5 Information Provider’s Website”: The website established and maintained by the Rule 17g-5 Information Provider
pursuant to Section 12.06 and Section 12.13 of this Agreement, initially located at www.sf.citidirect.com, under the “NRSRO”
tab for the related transaction.


 


“S&P”:
S&P Global Ratings, a Standard & Poor’s Financial Services LLC business, or its successors in interest. 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 reasonably designated by the Depositor, notice of which designation shall
be given to the Trustee, the Certificate Administrator, the Master Servicer and the Special Servicer and specific ratings of S&P
herein referenced shall be deemed to refer to the equivalent ratings (as reasonably determined by the Depositor) of the party
so designated.


 


“Sarbanes-Oxley
Act”: 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”: As defined in Section 10.05 of this Agreement.


 


“Schedule
AL Additional File”: With respect to each CREFC® Schedule AL File prepared by the Master Servicer pursuant
to Section 4.02(b), any data file containing additional information or schedules regarding data points in such CREFC®
Schedule AL File required by Items 1111(h)(4) and/or 1111(h)(5) of Regulation AB and Item 601(b)(103) of Regulation S-K.


 



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“Scheduled
Principal Distribution Amount”: With respect to each Distribution Date, an amount equal to the aggregate of the principal
portions of:


 


(A)       all
Monthly Payments (which do not include Balloon Payments) with respect to the Mortgage Loans (including any REO Mortgage Loans)
due or deemed due during or, if and to the extent not previously received or advanced pursuant to Section 4.06 and distributable
to Certificateholders on a preceding Distribution Date, prior to the related Collection Period, in each case to the extent either
(i) paid by the Mortgagor as of the Determination Date (or, in the case of an Outside Serviced Mortgage Loan, received by the
Master Servicer as of the Business Day immediately preceding the related Master Servicer Remittance Date) or (ii) advanced by
the Master Servicer or the Trustee, as applicable, pursuant to Section 4.06 in respect of such Distribution Date); and


 


(B)        all
Balloon Payments with respect to the Mortgage Loans (including any REO Mortgage Loans) to the extent received during the related
Collection Period (or, in the case of an Outside Serviced Mortgage Loan, received by the Master Servicer as of the Business Day
immediately preceding the related Master Servicer Remittance Date), and to the extent not included in clause (A) above
for the subject Distribution Date and not previously received or advanced and distributable to Certificateholders on a preceding
Distribution Date.


 


For
purposes of clarification, the Scheduled Principal Distribution Amount from time to time shall include all late payments of principal
made by the Mortgagors with respect to the Mortgage Loans, including late payments in respect of a delinquent Balloon Payment,
received during the periods or by the times described above in this definition, except to the extent those late payments are otherwise
applied to reimburse the Master Servicer or the Trustee, as the case may be, for prior P&I Advances, pursuant to Section
3.06(a) and Section 3.06A(a).


 


“Scripps
Center Co-Lender Agreement”: With respect to the Scripps Center Loan Combination, the related co-lender agreement, dated
as of March 10, 2017, by and between the holder of the Scripps Center Mortgage Loan and the Scripps Center Companion Loan Holder,
relating to the relative rights of the holder of the Scripps Center Mortgage Loan and the Scripps Center Companion Loan Holder,
as the same may be amended and/or restated from time to time in accordance with the terms thereof.


 


“Scripps
Center Companion Loan”: With respect to the Scripps Center Loan Combination, the related promissory note made by the
related Mortgagor, secured by the Scripps Center Mortgage and designated as promissory note A-1, which is not included in the
Trust and is pari passu in right of payment with the Scripps Center Mortgage Loan to the extent set forth in the related Loan
Documents and as provided in the Scripps Center Co-Lender Agreement, as such promissory note may be amended, restated, replaced,
extended, renewed, supplemented, consolidated, severed, split or otherwise modified from time to time. If the promissory note
evidencing the Scripps Center Companion Loan is split and replaced with 2 or more replacement promissory notes, each such replacement
promissory note will evidence a separate Scripps Center Companion Loan.


 



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“Scripps
Center Companion Loan Holder”: The holder of the Scripps Center Companion Loan.


 


“Scripps
Center Loan Combination”: The Scripps Center Mortgage Loan, together with the Scripps Center Companion Loan, each of
which is secured by the Scripps Center Mortgage. References herein to the Scripps Center Loan Combination shall be construed to
refer to the aggregate indebtedness secured under the Scripps Center Mortgage.


 


“Scripps
Center Mortgage”: The Mortgage encumbering the Mortgaged Property identified on the Mortgage Loan Schedule as “Scripps
Center” and securing the Scripps Center Mortgage Loan and the Scripps Center Companion Loan.


 


“Scripps
Center Mortgage Loan”: With respect to the Scripps Center Loan Combination, the Mortgage Loan included in the Trust
that is (i) secured by the Scripps Center Mortgage, (ii) evidenced by promissory note A-2 and (iii) pari passu in right of payment
with the Scripps Center Companion Loan to the extent set forth in the related Loan Documents and as provided in the Scripps Center
Co-Lender Agreement.


 


“Secure
Data Room”: The “Diligence Files” tab on the page relating to this transaction located within the Certificate
Administrator’s Website (initially “www.sf.citidirect.com”).


 


“Service(s)”
or “Servicing”: In accordance with Regulation AB, the act of servicing, managing or administering the Mortgage
Loans or any other assets of the Trust by an entity (other than the Certificate Administrator and the Trustee) that meets the
definition of “servicer” set forth in Item 1101 of Regulation AB and is subject to 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.


 


“Serviced
AB Loan Combination”: A Loan Combination that is being serviced pursuant to this Agreement and that includes a Subordinate
Companion Loan. There is no Serviced AB Loan Combination relating to the Trust and all references in this Agreement to “Serviced
AB Loan Combination” shall be disregarded.


 


“Serviced
Companion Loan”: A Companion Loan that is part of a Serviced Loan Combination. The only Serviced Companion Loans related
to the Trust as of the Closing Date are the 9-19 9th Avenue Companion Loan, the Corporate Woods Portfolio Companion Loans, the
Pleasant Prairie Premium Outlets Companion Loans and the Visions Hotel Portfolio Companion Loan. With respect to each Servicing
Shift Mortgage Loan and the related Servicing Shift Loan Combination, each related Companion Loan will no longer be a Serviced
Companion Loan on and after the related Servicing Shift Date.


 


“Serviced
Companion Loan Holder”: The holder of a Serviced Companion Loan.


 


“Serviced
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 a Serviced Companion Loan (or a portion thereof or interest
therein).


 



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“Serviced
Loan”: A Serviced Mortgage Loan or Serviced Companion Loan.


 


“Serviced
Loan Combination”: A Loan Combination that is being serviced pursuant to this Agreement. The only Serviced Loan Combinations
related to the Trust as of the Closing Date are the 9-19 9th Avenue Loan Combination, the Corporate Woods Portfolio Loan Combination,
the Pleasant Prairie Premium Outlets Loan Combination and the Visions Hotel Portfolio Loan Combination. A Servicing Shift Loan
Combination will no longer be a Serviced Loan Combination on and after the related Servicing Shift Date.


 


“Serviced
Loan Combination Remittance Date”: With respect to any Serviced Companion Loan: (i) the date specified as the applicable
“remittance date” (or analogous concept) in the related Co-Lender Agreement; or (ii) if no such applicable “remittance
date” (or analogous concept) is so specified in the related Co-Lender Agreement, then, if such Serviced Companion Loan is
not included in an Other Securitization Trust, the Master Servicer Remittance Date and, if such Serviced Companion Loan is included
in an Other Securitization Trust, the Business Day immediately following the “determination date” (or analogous concept)
set forth in the related Other Pooling and Servicing Agreement.


 


“Serviced
Mortgage Loan”: A Mortgage Loan that is not an Outside Serviced Mortgage Loan.


 


“Serviced
Outside Controlled Loan Combination”: A Serviced Loan Combination with respect to which the related “controlling
note” (regardless of whether such note evidences a Pari Passu Companion Loan or a Subordinate Companion Loan) is not included
in the Trust. Each Servicing Shift Loan Combination will be a Serviced Outside Controlled Loan Combination prior to the related
Servicing Shift Date. Each Servicing Shift Loan Combination will cease to be a Serviced Outside Controlled Loan Combination from
and after the related Servicing Shift Date. There is no Serviced Outside Controlled Loan Combination related to the Trust and
references in this Agreement to “Serviced Outside Controlled Loan Combination” shall be disregarded.


 


“Serviced
Outside Controlled Mortgage Loan”: With respect to a Serviced Outside Controlled Loan Combination, the related Serviced
Mortgage Loan included in the Trust, which is evidenced by a non-controlling promissory note made by the related Mortgagor. Each
Servicing Shift Mortgage Loan will be a Serviced Outside Controlled Mortgage Loan prior to the related Servicing Shift Date. Each
Servicing Shift Mortgage Loan will cease to be a Serviced Outside Controlled Mortgage Loan on and after the related Servicing
Shift Date. There is no Serviced Outside Controlled Mortgage Loan related to the Trust and references in this Agreement to “Serviced
Outside Controlled Mortgage Loan” shall be disregarded.


 


“Serviced
Pari Passu Companion Loan”: A Pari Passu Companion Loan that is part of a Serviced Pari Passu Loan Combination. The
only Serviced Pari Passu Companion Loans related to the Trust as of the Closing Date are the 9-19 9th Avenue Companion Loan, the
Corporate Woods Portfolio Companion Loans, the Pleasant Prairie Premium Outlets Companion Loans and the Visions Hotel Portfolio
Companion Loan. With respect to each Servicing Shift Mortgage Loan and the related Servicing Shift Loan Combination, each related
Pari Passu Companion Loan will cease to be a Serviced Pari Passu Companion Loan on and after the related Servicing Shift Date.


 



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“Serviced
Pari Passu Companion Loan Holder”: A holder of a Serviced Pari Passu Companion Loan.


 


“Serviced
Pari Passu Loan Combination”: A Pari Passu Loan Combination that is being serviced pursuant to this Agreement. The only
Serviced Pari Passu Loan Combinations related to the Trust as of the Closing Date are the 9-19 9th Avenue Loan Combination, the
Corporate Woods Portfolio Loan Combination, the Pleasant Prairie Premium Outlets Loan Combination and the Visions Hotel Portfolio
Loan Combination. Each Servicing Shift Loan Combination will cease to be a Serviced Pari Passu Loan Combination on and after the
related Servicing Shift Date.


 


“Serviced
Subordinate Companion Loan”: A Subordinate Companion Loan that is part of a Serviced AB Loan Combination. There are
no Serviced Subordinate Companion Loans related to the Trust and references in this Agreement to “Serviced Subordinate Companion
Loan” shall be disregarded.


 


“Serviced
Subordinate Companion Loan Holder”: A holder of a Serviced Subordinate Companion Loan.


 


“Servicer”:
As defined in Section 10.02(b) of this Agreement.


 


“Servicer
Indemnified Party”: As defined in Section 8.05(c) of this Agreement.


 


“Servicer
Termination Event”: As defined in Section 7.01 of this Agreement.


 


“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 each Mortgage Loan (including each Mortgage Loan that is a Specially Serviced Loan and each Outside
Serviced Mortgage Loan), each REO Mortgage Loan, each Serviced Companion Loan (including each Serviced Companion Loan that is
a Specially Serviced Loan) and each REO Companion Loan that is included as part of a Serviced Loan Combination and for any Distribution
Date, the amount accrued during the related Interest Accrual Period at the related Servicing Fee Rate on, in the case of the initial
Distribution Date, the Cut-Off Date Balance of such Mortgage Loan and, in the case of any subsequent Distribution Date, the Stated
Principal Balance of such Mortgage Loan or such Serviced Companion Loan, as the case may be, as of the close of business on the
Distribution Date in the related Interest Accrual Period; provided that such amounts shall be computed for the same period
and on the same interest accrual basis respecting which any related interest payment due or deemed due on the related Mortgage
Loan or Serviced Loan Combination is computed and shall be prorated for partial periods; and provided, further,
that, notwithstanding Section 3.05, Section 3.06 or Section 3.12 of this Agreement, (1) the Servicing Fee
shall be payable from the Lower-Tier REMIC and (2) the portion thereof payable with respect to each Outside Serviced Mortgage
Loan to the applicable Outside Servicer shall be calculated and paid under the applicable Outside Servicing Agreement, shall not
be payable to the Master Servicer, shall previously have been deducted by the applicable Outside Servicer prior to remittance
to the Trust and shall not be withdrawn from the Collection Account.


 



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“Servicing
Fee Rate”: With respect to each Mortgage Loan (including any Outside Serviced Mortgage Loan) (or any successor REO Mortgage
Loan with respect thereto), the per annum rate equal to the sum of the rates set forth under the columns labeled “Master
Servicing Fee Rate (%)”, “Primary Servicing Fee Rate (%)”, “Subservicing Fee Rate (%)” and “Outside
Servicing Fee Rate (%)” on the Mortgage Loan Schedule; with respect to the 9-19 9th Avenue Companion Loan (or any successor
REO Companion Loan with respect thereto), 0.0025% per annum; with respect to each Corporate Woods Portfolio Companion Loan (or
any successor REO Companion Loan with respect thereto), 0.0025% per annum; with respect to each Pleasant Prairie Premium Outlets
Companion Loan (or any successor REO Companion Loan with respect thereto), 0.0025% per annum; and with respect to the Visions
Hotel Portfolio Companion Loan (or any successor REO Companion Loan with respect thereto), 0.0025% per annum.


 


“Servicing
File”: Any documents (other than documents required to be part of the related Mortgage File but including copies of
such documents required to be part of the related Mortgage File) related to the origination or the servicing of the Mortgage Loans
that are in the possession of or under the control of the applicable Mortgage Loan Seller, including but not limited to appraisals,
environmental reports, engineering reports, legal opinions, and the applicable Mortgage Loan Seller’s asset summary, delivered
to the Master Servicer or the Special Servicer; provided that no information that is proprietary to the related Mortgage
Loan Seller or any draft documents, privileged or other related Mortgage Loan Seller communications, credit underwriting, due
diligence analyses or data, or internal worksheets, memoranda, communications or evaluations shall be required to be delivered
as part of the Servicing File. Notwithstanding anything to the contrary contained herein, with respect to each Outside Serviced
Mortgage Loan, the Servicing File shall consist solely of any related documents or records generated by the Master Servicer or
Special Servicer hereunder or received by either of them from the applicable Outside Servicer or Outside Special Servicer.


 


“Servicing
Function Participant”: Any Additional Servicer, Sub-Servicer, Subcontractor or any other Person, other than the Certificate
Administrator, the Operating Advisor, the Master Servicer, the Special Servicer and the Trustee, that is performing activities
that address the Servicing Criteria, unless such Person’s activities relate only to 5% or less of the Mortgage Loans by
unpaid principal balance calculated in accordance with the provisions of 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 Mortgage Loans and the Serviced Companion Loans 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 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
Trustee, the Operating Advisor and the Certificate Administrator by the Master Servicer or the Special Servicer, as applicable,
as such list may from time to time be amended.


 


“Servicing
Shift Date”: With respect to a Servicing Shift Loan Combination, the date on which the related Lead Servicing Pari Passu
Companion Loan is included in an Outside Securitization Trust, and which is also the date on which the pooling and servicing agreement
or other comparable agreement governing the creation of such Outside Securitization Trust becomes


 



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the Outside Servicing Agreement
for such Servicing Shift Loan Combination. There is no Servicing Shift Loan Combination relating to the Trust and all references
in this Agreement to “Servicing Shift Date” shall be disregarded.


 


“Servicing
Shift Loan Combination”: Any Loan Combination that is initially serviced under this Agreement provided, that upon the
inclusion of a designated related Pari Passu Companion Loan in a future securitization, the servicing of such Loan Combination
will shift to the pooling and servicing agreement or other comparable agreement governing the securitization of such related Pari
Passu Companion Loan (whether by itself or with other mortgage assets). A Servicing Shift Loan Combination will be (i) a Serviced
Loan Combination prior to any such shift in servicing and (ii) an Outside Serviced Loan Combination after the related shift in
servicing occurs. There is no Servicing Shift Loan Combination relating to the Trust and, therefore, all references in this Agreement
to “Servicing Shift Loan Combination” shall be disregarded.


 


“Servicing
Shift Mortgage Loan”: Any Mortgage Loan that is part of a Servicing Shift Loan Combination. There is no Servicing Shift
Mortgage Loan relating to the Trust and, therefore, all references in this Agreement to “Servicing Shift Mortgage Loan”
shall be disregarded.


 


“Servicing
Shift Mortgage Loan Pooling and Servicing Agreement”: With respect to a Servicing Shift Mortgage Loan or a Servicing
Shift Loan Combination, on and after the related Servicing Shift Date, the related pooling and servicing agreement or other comparable
agreement governing the creation of the Outside Securitization Trust that holds the related Lead Servicing Pari Passu Companion
Loan. There is no Servicing Shift Mortgage Loan or Servicing Shift Loan Combination relating to the Trust and, therefore, all
references in this Agreement to “Servicing Shift Mortgage Loan Pooling and Servicing Agreement” shall be disregarded.


 


“Servicing
Standard”: With respect to the Master Servicer or the Special Servicer, to service and administer the Serviced Loans
and any REO Properties that such party is obligated to service and administer hereunder, on behalf of the Trust Fund and the Trustee
(as the trustee for the Certificateholders or, with respect to each Serviced Loan Combination, on behalf of the Certificateholders
and the related Serviced Companion Loan Holder(s), as a collective whole as if such Certificateholders or, with respect to each
Serviced Loan Combination, such Certificateholders and the related Serviced Companion Loan Holder(s), constituted a single lender
(and, in the case of a Serviced AB Loan Combination, taking into account the subordinate nature of any related Subordinate Companion
Loan)), in accordance with the terms of this Agreement and in accordance with the following: (i) the higher of the following standards
of care: (A) 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 comparable mortgage loans with similar borrowers and comparable REO properties for other
third-party portfolios (giving due consideration to the customary and usual standards of practice of prudent institutional commercial
mortgage lenders servicing their own mortgage loans and REO properties); and (B) 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 comparable mortgage loans
and REO properties owned by the Master Servicer or the Special Servicer, as the case may be; and in either case, exercising reasonable
business judgment and acting in accordance with applicable law, the terms of the respective Serviced Loans and, if applicable,
the related Co-Lender Agreement; (ii) with a view to: the timely


 



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recovery of all payments of principal and interest, including
Balloon Payments, under the Serviced Loans or, in the case of (1) a Specially Serviced Loan or (2) a Mortgage Loan or Serviced
Loan Combination as to which the related Mortgaged Property is an REO Property, the maximization of recovery on that Mortgage
Loan or Serviced Loan Combination to the Certificateholders (as a collective whole as if such Certificateholders constituted a
single lender) (or, if any Serviced Companion Loan is involved, with a view to the maximization of recovery on the related Serviced
Loan Combination to the Certificateholders and the related Serviced Companion Loan Holder(s) (as a collective whole as if such
Certificateholders and Serviced Companion Loan Holder(s) constituted a single lender (and, in the case of a Serviced AB Loan Combination,
taking into account the subordinate nature of any related Subordinate Companion Loan))) of principal and interest, including Balloon
Payments, on a present value basis (the relevant discounting of anticipated collections that will be distributable to the Certificateholders
(or, in the case of any Serviced Loan Combination, to the Certificateholders and the related Companion Loan Holder) to be performed
at the Calculation Rate); and (iii) without regard to (A) any relationship, including as lender on any other debt, that the Master
Servicer or the Special Servicer, as the case may be, or any Affiliate thereof, may have with any of the related Mortgagors, or
any Affiliate thereof, or any other party to this Agreement; (B) the ownership of any Certificate (or any Companion Loan or other
indebtedness secured by the related Mortgaged Property or any security backed by a Companion Loan) by the Master Servicer or the
Special Servicer, as the case may be, or any Affiliate thereof; (C) the obligation of the Master Servicer to make Advances; (D)
the right of the Master Servicer or the Special Servicer, as the case may be, or any Affiliate thereof, to receive compensation
or reimbursement of costs hereunder generally or with respect to any particular transaction; and (E) the ownership, servicing
or management for others of any other mortgage loan or real property not subject to this Agreement by the Master Servicer or the
Special Servicer, as the case may be, or any Affiliate thereof; provided that the foregoing standards shall apply with
respect to an Outside Serviced Mortgage Loan and any related REO Property only to the extent that the Master Servicer or the Special
Servicer has any express duties or rights to grant consent with respect thereto pursuant to this Agreement.


 


“Servicing
Transfer Event”: With respect to any Serviced Mortgage Loan or any Serviced Loan Combination, the occurrence of any
of the events described in clauses (a) through (g) of the definition of “Specially Serviced Loan.”


 


“Significant
Obligor”: Any “significant obligor” (within the meaning of Item 1101(k) of Regulation AB) (i) with respect
to the Trust, or (ii) with respect to a Serviced Companion Loan and an Other Securitization Trust, as to which the applicable
Other Depositor has notified the Master Servicer in writing is a “significant obligor” (within the meaning of Item
1101(k) of Regulation AB) as to such Other Securitization Trust. There is no Significant Obligor with respect to the Trust.


 


“Significant
Obligor NOI Quarterly Filing Deadline”: With respect to each calendar quarter (other than the fourth calendar quarter
of any calendar year) and each Significant Obligor, the date that is fifteen (15) days after the Relevant Distribution Date occurring
on or immediately following the date by which the related Mortgagor is required to deliver quarterly financial statements to the
lender under the related Loan Agreement in connection with such calendar quarter (which date is set forth in Section 10.11(a) for any Significant Obligor with respect to the Trust).


 



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


 


“Similar
Law”: As defined in Section 5.03(n) of this Agreement.


 


“SMC”:
Starwood Mortgage Capital LLC, a Delaware limited liability company, and its successors in interest.


 


“SMC
Guaranty”: The letter agreement dated as of September 1, 2017, by SMC, for the benefit of the Depositor and its successors
and permitted assigns, relating to certain obligations of SMF under the SMF Mortgage Loan Purchase Agreement.


 


“SMF”:
Starwood Mortgage Funding V LLC, a Delaware limited liability company, and its successors in interest.


 


“SMF
Mortgage Loan Purchase Agreement”: The mortgage loan purchase agreement, dated as of September 1, 2017 by and between
SMF and the Depositor.


 


“SMF
Starwood Capital Group Hotel Portfolio Note”: With respect to the Starwood Capital Group Hotel Portfolio Mortgage Loan,
that certain promissory note A-16-2, in the original principal amount of $10,000,000, made by the related Mortgagor in favor of
SMF, as the same may hereafter be amended, restated, replaced, extended, renewed, supplemented, consolidated, severed, split or
otherwise modified.


 


“Special
Notice”: As defined in Section 5.07(b).


 


“Special
Servicer”: KeyBank National Association, a Delaware limited liability company, or its successor in interest, or any
successor Special Servicer appointed as provided herein (including with respect to any Excluded Special Servicer Mortgage Loan,
if any, the related Excluded Mortgage Loan Special Servicer appointed pursuant to Section 6.08(j) of this Agreement, as
applicable and as the context may require).


 


“Special
Servicer Decision”: With respect to any Mortgage Loan, any of the following (to the extent it is not a Major Decision):


 


(a)       approving
leases, lease modifications or amendments or any requests for subordination, non-disturbance and attornment agreements or other
similar agreements for (i) all ground leases, including any determination whether to cure any borrower defaults relating to any
ground lease, and (ii) all other leases in excess of the lesser of (y) 30,000 square feet and (z) 30% of the net rentable area
at the related Mortgaged Property so long as it is reviewable by the lender under the related Loan Documents;


 


(b)       approving
any waiver regarding the receipt of financial statements (other than an immaterial timing waiver including late financial statements);


 


(c)       approving
annual budgets for the related Mortgaged Property (to the extent lender approval is required under the related Loan Documents)
that provide for (i) operating expenses equal to more than 110% of the amount that was budgeted therefor in


 



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the prior year or
(ii) payments to Persons or entities known by the Master Servicer to be affiliates of the related Mortgagor (excluding affiliated
managers paid at fee rates agreed to at the origination of the related Mortgage Loan or Loan Combination);


 


(d)       approving
rights of way and easements that materially affect the use or value of a Mortgaged Property or the Mortgagor’s ability to
make payments with respect to the related Mortgage Loan and approving consent to subordination of the related Mortgage Loan to
such rights of way and easements;


 


(e)       in
circumstances where no lender discretion is permitted other than confirming that the conditions in the related Loan Documents
have been satisfied (including determining whether any applicable terms or tests are satisfied), approving any request to incur
additional debt in accordance with the terms of the related Loan Documents;


 


(f)       in
circumstances where no lender discretion is required other than confirming satisfaction of the applicable terms of the related
Loan Documents (including determining whether any applicable terms or tests are satisfied), approving requests for any release
of collateral or any acceptance of substitute or additional collateral for a Mortgage Loan; provided that, in any case, Special
Servicer Decisions will not include (i) grants of easements or rights of way that do not materially affect the use or value of
the Mortgaged Property or the Mortgagor’s ability to make any payments with respect to the Mortgage Loan; or (ii) the release,
substitution or addition of collateral securing any Serviced Mortgage Loan or Serviced Loan Combination in connection with a defeasance
of such collateral;


 


(g)       any
modification, consent to a modification or waiver of any material term of any intercreditor or similar agreement (which will not
include any amendments to split or re-size notes consistent with the terms of any Co-Lender Agreement as to which the consent
of the holder of the related Mortgage Loan is not required) related to a Serviced Mortgage Loan or Serviced Loan Combination,
or any action to enforce rights with respect thereto, except that, if any such modification or amendment would adversely impact
the Master Servicer, such modification or amendment will additionally require the consent of the Master Servicer as a condition
to its effectiveness;


 


(h)       any
proposed modification or waiver of any material provision in the related Loan Documents governing the type, nature or amount of
insurance coverage required to be obtained and maintained by the related Mortgagor; and


 


(i)       any
approval of any casualty insurance settlements (unless such casualty insurance settlements are less than the threshold specified
in the related Loan Documents and there is no lender discretion provided for in the related Loan Documents, including determining
whether any conditions precedent have been satisfied) or condemnation settlements (unless such condemnation settlements are immaterial
and there is no lender discretion provided for in the related Loan Documents, including determining whether any conditions precedent
have been satisfied), and any determination to apply casualty proceeds or condemnation awards to the reduction of the debt rather
than to the restoration of the Mortgaged Property.


 



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“Special
Servicer Servicing Personnel”: The divisions and individuals of the Special Servicer who are involved in the performance
of the duties of the Special Servicer under this Agreement.


 


“Special
Servicing Compensation”: With respect to any Serviced Mortgage Loan, Serviced Loan Combination or REO Property (other
than an REO Property related to an Outside Serviced Mortgage Loan), any of the Special Servicing Fee, the Workout Fee, and the
Liquidation Fee which shall be due to the Special Servicer.


 


“Special
Servicing Fee”: With respect to each Specially Serviced Loan and REO Property (other than an REO Property related to
an Outside Serviced Mortgage Loan) and any Distribution Date, an amount accrued during the related Interest Accrual Period at
the applicable Special Servicing Fee Rate on the Stated Principal Balance of the related Specially Serviced Loan as of the close
of business on the Distribution Date in such Interest Accrual Period; provided that such amounts shall be computed for
the same period and on the same interest accrual basis respecting which any related interest payment due or deemed due on the
related Specially Serviced Loan is computed and shall be prorated for partial periods. For the avoidance of doubt, the Special
Servicing Fee shall be deemed payable from the Lower-Tier REMIC.


 


“Special
Servicing Fee Rate”: With respect to any Specially Serviced Loan or REO Property (other than an REO Property related
to an Outside Serviced Mortgage Loan), a rate equal to (a) 0.25% per annum or (b) if the rate in clause (a) would result
in a Special Servicing Fee that would be less than $3,500 in any given month (as prorated for a partial period), then the Special
Servicing Fee Rate for such month for such Specially Serviced Loan or REO Property shall be such higher per annum rate as would
result in a Special Servicing Fee equal to $3,500 for such month (as prorated for a partial period) with respect to such Specially
Serviced Loan or REO Property.


 


“Specially
Serviced Loan”: Any Serviced Loan (including a related REO Mortgage Loan or REO Companion Loan) as to which any of the
following events has occurred:


 


(a)       the
related Mortgagor has failed to make when due any Monthly Payment or a Balloon Payment, which failure continues unremedied (without
regard to any grace period):


 


(i)          except
in the case of a Balloon Loan delinquent in respect of its Balloon Payment, beyond 60 days after the date on which the subject
payment was due, or


 


(ii)         solely
in the case of a delinquent Balloon Payment, (A) 30 days after the date on which that Balloon Payment was due (except as described
in clause B below) or (B) if (1) the related Mortgagor has delivered to the Master Servicer or the Special Servicer (each of whom
shall promptly deliver a copy to the other, the Operating Advisor and the Controlling Class Representative (so long as no Consultation
Termination Event has occurred and is continuing)), on or before the 60th day after the date on which that Balloon Payment was
due, a refinancing commitment, letter of intent or otherwise binding application for refinancing from an acceptable lender or
signed purchase agreement reasonably acceptable to the


 



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Special Servicer, (2) the related Mortgagor continued to make its Monthly
Payments on each Due Date, and (3) no other Servicing Transfer Event has occurred with respect to the Serviced Loan, then a Servicing
Transfer Event will not occur until the earlier of (x) 120 days after the date on which the Balloon Payment was due and (y) the
termination of the refinancing commitment or purchase agreement; or


 


(b)       there
shall have occurred a default (other than as set forth in clause (a) above and other than an Acceptable Insurance Default) that
(i) in the judgment of the Master Servicer or the Special Servicer (and, in the case of the Special Servicer, with the consent
of the related Directing Holder (unless, if the Controlling Class Representative is the related Directing Holder, a Control Termination
Event has occurred and is continuing)) materially impairs the value of the related Mortgaged Property as security for the Serviced
Loan or otherwise materially adversely affects the interests of Certificateholders in the Serviced Mortgage Loan (or, in the case
of a Serviced Loan Combination, the interests of the Certificateholders and the related Serviced Companion Loan Holder(s) in such
Serviced Loan Combination), and (ii) continues unremedied for the applicable grace period under the terms of the Serviced Loan
(or, if no grace period is specified and the default is capable of being cured, for 60 days); provided, that any default
requiring a Property Advance will be deemed to materially and adversely affect the interests of the Certificateholders in the
subject Serviced Mortgage Loan (or, in the case of a Serviced Loan Combination, the interests of the Certificateholders and the
related Serviced Companion Loan Holder(s) in such Serviced Loan Combination); or


 


(c)       the
Master Servicer or the Special Servicer (and, in the case of the Special Servicer, with the consent of the related Directing Holder
(unless, if the Controlling Class Representative is the related Directing Holder, a Control Termination Event has occurred and
is continuing)) has determined that (i) a default (other than an Acceptable Insurance Default) under the Serviced Loan is reasonably
foreseeable, (ii) such default will materially impair the value of the related Mortgaged Property as security for such Serviced
Loan or otherwise materially adversely affects the interests of Certificateholders in the Serviced Mortgage Loan (or, in the case
of a Serviced Loan Combination, the interests of the Certificateholders or the related Serviced Companion Loan Holder(s) in such
Serviced Loan Combination), and (iii) the default is likely to continue unremedied for the applicable grace period under the terms
of such Serviced Loan or, if no grace period is specified and the default is capable of being cured, for 60 days; or


 


(d)       a
decree or order of a court or agency or supervisory authority having jurisdiction in the premises in any 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, shall have been entered into against the related Mortgagor; or


 


(e)       the
related Mortgagor consents to the appointment of a conservator or receiver or liquidator in any insolvency, readjustment or debt,
marshaling of assets and


 



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liabilities or similar proceedings of or relating to such Mortgagor or of or relating to all or substantially
all of its property; or


 


(f)       the
related Mortgagor 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
suspend payment of its obligations; or


 


(g)       the
Master Servicer or the Special Servicer shall have received notice of the commencement of foreclosure or similar proceedings with
respect to the related Mortgaged Property;


 


provided,
however, that a Serviced Loan will cease to be a Specially Serviced Loan, when a Liquidation Event has occurred with respect
to such Serviced Loan or any related REO Property or, so long as at such time no circumstance identified in clauses (a) through
(g) above exists that would cause the Serviced Loan to continue to be characterized as a Specially Serviced Loan, when:


 


(w)      with
respect to the circumstances described in clause (a) of this definition, the related Mortgagor has made three consecutive full
and timely Monthly Payments under the terms of such Serviced Loan (as such terms may be changed or modified in connection with
a bankruptcy or similar proceeding involving the related Mortgagor or by reason of a modification, extension, waiver or amendment
granted or agreed to by the Master Servicer or the Special Servicer pursuant to Section 3.24 of this Agreement);


 


(x)       with
respect to the circumstances described in clauses (c), (d), (e) and (f) of this definition, such circumstances cease to exist
in the good faith, reasonable judgment of the Special Servicer, but, with respect to any bankruptcy or insolvency proceedings
described in clauses (d), (e) and (f), no later than the entry of an order or decree dismissing such proceeding;


 


(y)       with
respect to the circumstances described in clause (b) of this definition, such default is cured as determined by the Special Servicer
in its reasonable, good faith judgment; and


 


(z)       with
respect to the circumstances described in clause (g) of this definition, such proceedings are terminated.


 


The
Special Servicer may conclusively rely on the Master Servicer’s determination and the Master Servicer may conclusively rely
on the Special Servicer’s determination as to whether a Servicing Transfer Event has occurred giving rise to a Serviced
Loan’s becoming a Specially Serviced Loan. If any Serviced Mortgage Loan that is part of a Serviced Loan Combination becomes
a Specially Serviced Loan, then the related Serviced Companion Loan shall also become a Specially Serviced Loan. If the Serviced
Companion Loan that is included in a Serviced Loan Combination becomes a Specially Serviced Loan, then the related Serviced Mortgage
Loan that is part of such Serviced Loan Combination shall also become a Specially Serviced Loan.


 



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“Specially
Serviced Mortgage Loan”: A Mortgage Loan that is, or is part of, a Specially Serviced Loan.


 


“Specified
Mortgage Loans”: The Mortgage Loans identified on Exhibit GG to this Agreement.


 


“Split
Mortgage Loan”: Any Mortgage Loan that is part of a Loan Combination. The only Split Mortgage Loans that are assets
of the Trust as of the Closing Date are the Corporate Woods Portfolio Mortgage Loan, the 225 & 233 Park Avenue South Mortgage
Loan, the General Motors Building Mortgage Loan, the 9-19 9th Avenue Mortgage Loan, the Mall of Louisiana Mortgage Loan, the Starwood
Capital Group Hotel Portfolio Mortgage Loan, the Pleasant Prairie Premium Outlets Mortgage Loan, the Visions Hotel Portfolio Mortgage
Loan, the Lakeside Shopping Center Mortgage Loan, the Long Island Prime Portfolio - Uniondale Mortgage Loan, the Scripps Center
Mortgage Loan, the Atlanta and Anchorage Hotel Portfolio Mortgage Loan and the 245 Park Avenue Mortgage Loan.


 


“Sponsor”:
Each of CREFI, PCC, SMF, BBPLC and CGMRC, and their respective successors in interest.


 


“Startup
Day”: The day designated as such pursuant to Section 2.12(c) of this Agreement.


 


“Starwood
Capital Group Hotel Portfolio Co-Lender Agreement”: With respect to Starwood Capital Group Hotel Portfolio Loan Combination,
the related co-lender agreement, dated as of June 29, 2017, by and between the holder of Starwood Capital Group Hotel Portfolio
Mortgage Loan and Starwood Capital Group Hotel Portfolio Companion Loan Holders, relating to the relative rights of the holder
of Starwood Capital Group Hotel Portfolio Mortgage Loan and Starwood Capital Group Hotel Portfolio Companion Loan Holders, as
the same may be amended and/or restated from time to time in accordance with the terms thereof.


 


“Starwood
Capital Group Hotel Portfolio Companion Loans”: With respect to Starwood Capital Group Hotel Portfolio Loan Combination,
the related promissory notes made by the related Mortgagor, secured by Starwood Capital Group Hotel Portfolio Mortgage and designated
as promissory notes A-1, A-2-1, A-2-2, A-3, A-4, A-5, A-6-1, A-6-2, A-7, A-8, A-9, A-10, A-11, A-12, A-13-1, A-13-2, A-14, A-15
and A-16-1, respectively, which are not included in the Trust and are pari passu in right of payment with the Starwood Capital
Group Hotel Portfolio Mortgage Loan to the extent set forth in the related Loan Documents and as provided in Starwood Capital
Group Hotel Portfolio Co-Lender Agreement, as any such promissory note may be amended, restated, replaced, extended, renewed,
supplemented, consolidated, severed, split or otherwise modified from time to time. If any promissory note evidencing a Starwood
Capital Group Hotel Portfolio Companion Loan is split and replaced with 2 or more replacement promissory notes, each such replacement
promissory note will evidence a separate Starwood Capital Group Hotel Portfolio Companion Loan.


 


“Starwood
Capital Group Hotel Portfolio Companion Loan Holder”: The holder of a Starwood Capital Group Hotel Portfolio Companion
Loan.


 



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“Starwood
Capital Group Hotel Portfolio Loan Combination”: Starwood Capital Group Hotel Portfolio Mortgage Loan, together with
Starwood Capital Group Hotel Portfolio Companion Loans, each of which is secured by Starwood Capital Group Hotel Portfolio Mortgage.
References herein to the Starwood Capital Group Hotel Portfolio Loan Combination shall be construed to refer to the aggregate
indebtedness secured under Starwood Capital Group Hotel Portfolio Mortgage.


 


“Starwood
Capital Group Hotel Portfolio Mortgage”: The Mortgage(s) encumbering the portfolio of Mortgaged Properties identified
on the Mortgage Loan Schedule as “Starwood Capital Group Hotel Portfolio” and securing the Starwood Capital Group
Hotel Portfolio Mortgage Loan and Starwood Capital Group Hotel Portfolio Companion Loans.


 


“Starwood
Capital Group Hotel Portfolio Mortgage Loan”: With respect to Starwood Capital Group Hotel Portfolio Loan Combination,
the Mortgage Loan included in the Trust that is (i) secured by Starwood Capital Group Hotel Portfolio Mortgage, (ii) evidenced
by promissory notes A-16-2 and A-17 and (iii) pari passu in right of payment with the Starwood Capital Group Hotel Portfolio Companion
Loans to the extent set forth in the related Loan Documents and as provided in Starwood Capital Group Hotel Portfolio Co-Lender
Agreement.


 


“Stated
Principal Balance”: With respect to any Mortgage Loan (other than an REO Mortgage Loan), as of any date of determination,
an amount equal to (a) the Cut-Off Date Balance of such Mortgage Loan (or, in the case of a Qualified Substitute Mortgage Loan,
the unpaid principal balance of such Mortgage Loan (as of the date of substitution) after application of all scheduled payments
of principal and interest due during or prior to the month of substitution, whether or not received), minus (b) the sum of (i)
any and all amounts (without duplication) attributable to such Mortgage Loan that are part of the Scheduled Principal Distribution
Amount and/or the Unscheduled Principal Distribution Amount for each and every Distribution Date coinciding with or preceding
such date of determination and (ii) any adjustment to the principal balance of such Mortgage Loan as a result of a reduction of
principal by a bankruptcy court or as a result of a modification reducing the principal balance of such Mortgage Loan as of the
Determination Date for the most recent Distribution Date coinciding with or preceding such date of determination. The Stated Principal
Balance of a Mortgage Loan with respect to which title to the related Mortgaged Property has been acquired on behalf of the Trust
Fund and, if such Mortgage Loan is part of a Loan Combination, the related Companion Loan Holder, is equal to the Stated Principal
Balance thereof outstanding on the date on which such title is acquired less any and all amounts attributable to such Mortgage
Loan that are part of the Unscheduled Principal Distribution Amount and the principal portion of any P&I Advances with respect
to such REO Mortgage Loan for each and every Distribution Date coinciding with or preceding such date of determination but after
the date on which such title is acquired. With respect to any Serviced Companion Loan (including an REO Companion Loan), as of
any date of determination, the Stated Principal Balance shall equal the unpaid principal balance of such Serviced Companion Loan
as of the Cut-off Date, minus (i) all amounts remitted to the related Serviced Companion Loan Holder on or prior to the most recent
Distribution Date coinciding with or preceding such date of determination that are allocable to principal of such Serviced Companion
Loan and (ii) any adjustment to the principal balance of such Serviced Companion Loan as a result of a reduction of principal
by a bankruptcy court or as a result of a modification reducing the principal amount due on such Serviced Companion Loan as of
the Determination Date for the most recent Distribution


 



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Date coinciding with or preceding such date of determination. Notwithstanding
the foregoing, the Stated Principal Balance of a Mortgage Loan or Serviced Companion Loan that has been paid in full or a Specially
Serviced Loan with respect to which the Special Servicer has made a Final Recovery Determination (or, in the case of an Outside
Serviced Mortgage Loan, with respect to which the Outside Special Servicer has made an equivalent determination) shall be zero
from and after the Distribution Date related to the Collection Period in which such payment or determination is made. The Stated
Principal Balance of a Serviced Loan Combination (including an REO Loan Combination), as of any date of determination, shall equal
the sum of the then Stated Principal Balances of the related Mortgage Loan (including an REO Mortgage Loan) and the related Serviced
Companion Loan(s) (including any related REO Companion Loan).


 


“Subcontractor”:
Any vendor, subcontractor or other Person that is not responsible for the overall or general servicing (as “servicing”
is commonly understood by participants in the mortgage-backed securities market) of Mortgage Loans but performs one or more discrete
functions of the Servicing Criteria with respect to Mortgage Loans under the direction or authority of the Master Servicer, the
Special Servicer, the Certificate Administrator, the Trustee, an Additional Servicer, or a Sub-Servicer.


 


“Subordinate
Companion Loan”: A Companion Loan that is subordinate in right of payment to the related Split Mortgage Loan. The only
Subordinate Companion Loans related to the Trust as of the Closing Date are the General Motors Building Subordinate Companion
Loans and the 245 Park Avenue Subordinate Companion Loans.


 


“Subordinate
Companion Loan Holder”: The holder of a Subordinate Companion Loan.


 


“Subordinate
YM Certificates”: As defined in Section 4.01(d) of this Agreement.


 


“Substitution
Shortfall Amount”: With respect to a substitution pursuant to Section 2.03(a) of this Agreement, an amount equal
to the excess, if any, of the Purchase Price of the Mortgage Loan being replaced calculated as of the date of substitution over
the Stated Principal Balance of the related Qualified Substitute Mortgage Loan after application of all scheduled payments of
principal and interest due during or prior to the month of substitution. In the event that one or more Qualified Substitute Mortgage
Loans are substituted (at the same time by the same Mortgage Loan Seller) for one or more deleted Mortgage Loans, the Substitution
Shortfall Amount shall be determined as provided in the preceding sentence on the basis of the aggregate Purchase Prices of the
Mortgage Loan or Mortgage Loans being replaced and the aggregate Stated Principal Balances of the related Qualified Substitute
Mortgage Loans.


 


“Sub-Servicer”:
Any Person that Services Mortgage Loans on behalf of the Master Servicer, the Special Servicer or an Additional Servicer and is
responsible for the performance (whether directly or through Sub-Servicers or Subcontractors) of all or a material portion of
the Servicing functions required to be performed by the Master Servicer, the Special Servicer or an Additional Servicer under
this Agreement, with respect to some or all of the Mortgage Loans. As of the Closing Date, the Sub-Servicer(s) set forth on Exhibit
S to this Agreement will be the Sub-Servicer for the related Mortgage Loan(s) set forth on Exhibit S to this Agreement.


 



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“Sub-Servicing
Agreement”: The written contract between the Master Servicer, an Additional Servicer or the Special Servicer (if it
is permitted to appoint sub-servicers pursuant to Section 3.01(c) of this Agreement), as the case may be, and any Sub-Servicer
relating to servicing and administration of Mortgage Loans as provided in Section 3.01(c) of this Agreement.


 


“Successful
Bidder”: As defined in Section 7.01(b) of this Agreement.


 


“Supplemental
Servicer Schedule”: With respect to the Mortgage Loans to be serviced by the Master Servicer, a list attached hereto
as Exhibit P, which list sets forth the following information with respect to each Mortgage Loan:


 


(i)          the
Mortgagor’s name;


 


(ii)         property
type;


 


(iii)        the
original balance;


 


(iv)        the
origination date;


 


(v)         the
original and remaining amortization term;


 


(vi)        whether
such Mortgage Loan has a guarantor;


 


(vii)       whether
such Mortgage Loan is secured by a letter of credit;


 


(viii)      the
original balance of any reserve or escrowed funds and the monthly amount of any reserve or escrowed funds;


 


(ix)        the
grace period with respect to both default interest and late payment charges;


 


(x)         whether
such Mortgage Loan is insured by environmental policies;


 


(xi)        whether
an operation and maintenance plan exists and, if so, what repairs are required;


 


(xii)       whether
a cash management agreement or lock-box agreement is in place;


 


(xiii)      the
number of units, pads, rooms or square feet of the Mortgaged Property;


 


(xiv)      the
amount of the Monthly Payment due on the first Due Date following the Closing Date;


 


(xv)       the
interest accrual basis;


 


(xvi)      Administrative
Cost Rate;


 



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(xvii)     whether
the Mortgage Loan is secured by a Ground Lease;


 


(xviii)    whether
the related Mortgage Loan is a Defeasance Loan; and


 


(xix)       whether
such Mortgage Loan is part of any Serviced Loan Combination, in which case the information required by clauses (xiv) and (xv)
above shall also be set forth for the Companion Loan in such Serviced Loan Combination.


 


Such
list may be in the form of more than one list, collectively setting forth all of the information required.


 


“Tax
Returns”: The federal income tax return 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 on behalf of each Trust REMIC under the REMIC Provisions, and the federal income tax return
to be filed by the Certificate Administrator on behalf of the Grantor Trust due to its classification as a grantor trust under
subpart E, part I of subchapter J of the Code, 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, state or local tax laws.


 


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


 


“Terminated
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.


 


“Termination
Purchase Amount”: As of any time of determination, an amount equal to the sum of (A) the aggregate Purchase Price (excluding
the amount described in clause (g) of the definition of “Purchase Price”) of all the Mortgage Loans (exclusive
of REO Mortgage Loans) then included in the Trust and (B) the Appraised Value of the Trust’s portion of each REO Property,
if any, then included in the Trust, as determined by the Special Servicer (the relevant appraisals for purposes of this clause
(B) shall be obtained by the Special Servicer and prepared by an Appraiser in accordance with MAI standards).


 


“Test”:
As defined in Section 11.01(b)(iv).


 


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


 


“Transfer”:
Any direct or indirect transfer or other form of assignment of any Ownership Interest in a Class R Certificate.


 


“Transferee
Affidavit”: As defined in Section 5.03(p)(ii) of this Agreement.


 



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“Transferor
Letter”: As defined in Section 5.03(p)(ii) of this Agreement.


 


“Treasury
Regulations”: Applicable final or temporary regulation of the U.S. Department of the Treasury.


 


“Trust”:
The trust created by this Agreement.


 


“Trust
Fund”: The corpus of the trust created hereby and to be administered hereunder, consisting of: (i) such Mortgage Loans
as from time to time are subject to this Agreement, together with the Mortgage Files relating thereto; (ii) all scheduled or unscheduled
payments on or collections in respect of the Mortgage Loans due after the Cut-Off Date or, with respect to a Qualified Substitute
Mortgage Loan, the Due Date in the month of substitution (exclusive of interest relating to periods prior to, but due after, the
Cut-Off Date); (iii) any REO Property (but, with respect to any REO Property relating to a Loan Combination, only to the extent
of the Trust’s interest in the related Loan Combination); (iv) all revenues received in respect of any REO Property (but,
with respect to any REO Property relating to a Loan Combination, only to the extent of the Trust’s interest in the related
Loan Combination); (v) the Master Servicer’s and the Trustee’s rights under the insurance policies with respect to
the Mortgage Loans required to be maintained pursuant to this Agreement and any proceeds thereof; (vi) the Trustee’s rights
in any Assignments of Leases, Rents and Profits and any security agreements; (vii) the Trustee’s rights under any indemnities
or guaranties given as additional security for any Mortgage Loan; (viii) all of the Trustee’s and the Certificate Administrator’s
rights in the Escrow Accounts and Lock-Box Accounts and all proceeds of the Mortgage Loans deposited in the Collection Account,
the Distribution Account, the Excess Interest Distribution Account, the Interest Reserve Account, the Excess Liquidation Proceeds
Reserve Account and any REO Account, including any reinvestment income thereon; (ix) the Trustee’s rights in any environmental
indemnity agreements relating to the Mortgaged Properties; (x) the Depositor’s rights under the Mortgage Loan Purchase Agreements
and the SMC Guaranty to the extent assigned to the Trustee pursuant to Section 2.01 of this Agreement; (xi) the Lower-Tier
Regular Interests; and (xii) the Loss of Value Reserve Fund.


 


“Trust
Reimbursement Amount”: As defined in Section 3.06A(a) of this Agreement.


 


“Trust
Reimbursement Amount No.1”: As defined in Section 3.06(a) of this Agreement.


 


“Trust
Reimbursement Amount No.2”: As defined in Section 3.06A(a) of this Agreement.


 


“Trust
REMIC”: Each of the Lower-Tier REMIC and the Upper-Tier REMIC.


 


“Trustee”:
Wilmington Trust, 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
Personnel”: The divisions and individuals of the Trustee who are involved in the performance of the duties of the Trustee
under this Agreement.


 



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“Trustee/Certificate
Administrator Fee”: With respect to each Mortgage Loan and for any Distribution Date, an amount accrued during the related
Interest Accrual Period at the Trustee/Certificate Administrator Fee Rate on, in the case of the initial Distribution Date, the
Cut-Off Date Balance of such Mortgage Loan and, in the case of any subsequent Distribution Date, the Stated Principal Balance
of such Mortgage Loan as of the close of business on the Distribution Date in the related Interest Accrual Period; provided that such amounts shall be computed for the same period and on the same interest accrual basis respecting which any related
interest payment due or deemed due on the related Mortgage Loan is computed and shall be prorated for partial periods. For the
avoidance of doubt, the Trustee/Certificate Administrator Fee shall be payable from the Lower-Tier REMIC.


 


“Trustee/Certificate
Administrator Fee Rate”: With respect to each Mortgage Loan, a rate equal to 0.0058% per annum.


 


“Underwriter
Exemption”: Collectively, (a) Prohibited Transaction Exemption 91-23, granted to a predecessor of Citigroup Global Markets
Inc. and (b) the prohibited transaction exemption granted to Barclays Capital Inc., FAN 04-03E, each as most recently amended
by Prohibited Transaction Exemption 2013-08 and as further amended by the Department of Labor from time to time.


 


“Underwriters”:
Citigroup Global Markets Inc., Barclays Capital Inc. and Drexel Hamilton, LLC.


 


“Unliquidated
Advance”: Any Advance previously made by a party hereto that has been previously reimbursed, as between the Person
that made the Advance hereunder, on the one hand, and the Trust Fund, on the other, as part of a Workout-Delayed
Reimbursement Amount pursuant to subsections (ii) (B) and (C) of Section 3.06(a) of this Agreement but that has not
been recovered from the Mortgagor or otherwise from collections on or the proceeds of the Mortgage Loan or REO Property in
respect of which the Advance was made.


 


“Unscheduled
Principal Distribution Amount”: With respect to any Distribution Date, an amount equal to the aggregate of: (a) all
Principal Prepayments received on the Mortgage Loans during the related Collection Period (or, in the case of the Outside Serviced
Mortgage Loans, all Principal Prepayments received during the period that renders them includable in the Aggregate Available Funds
for such Distribution Date); and (b) any other collections (exclusive of payments by Mortgagors) received on the Mortgage Loans
and, to the extent of the Trust’s interest therein, any REO Properties during the related Collection Period (or, in the
case of an Outside Serviced Mortgage Loan or any interest in REO Property acquired with respect thereto, all such proceeds received
during the period that renders them includable in the Aggregate Available Funds for such Distribution Date), whether in the form
of Liquidation Proceeds, Insurance Proceeds, Condemnation proceeds, net income, rents, and REO Proceeds or otherwise, that were
identified and applied by the Master Servicer (and/or, in the case of an Outside Serviced Mortgage Loan, the related Outside Servicer)
as recoveries of previously unadvanced principal of the related Mortgage Loan.


 


“Unsolicited
Information”: As defined in Section 11.01(b)(iii).


 



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“Upper-Tier
REMIC Distribution Account”: The trust account or accounts created and maintained as a separate trust account (or separate
sub-account within the same account as the Lower-Tier REMIC Distribution Account) or accounts by the Certificate Administrator
pursuant to Section 3.05(b) of this Agreement, which (subject to any changes in the identities of the Trustee and/or the
Certificate Administrator) shall be entitled “Citibank, N.A., as Certificate Administrator, on behalf of Wilmington Trust,
National Association, as Trustee, for the benefit of the registered Holders of Citigroup Commercial Mortgage Trust 2017-P8, Commercial
Mortgage Pass-Through Certificates, Series 2017-P8, Upper-Tier REMIC Distribution Account” and which must be an Eligible
Account.


 


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


 


“Upper-Tier
Residual Interest”: The sole class of “residual interests”, within the meaning of Code Section 860G(a)(2),
in the Upper-Tier REMIC and evidenced by the Class R Certificates.


 


“U.S.
Tax 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, 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. Tax 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 as of August 20, 1996 that have elected to be treated as U.S.
Tax Persons).


 


“Vertically
Retained Certificates”: Collectively, the Class V-1 Certificates, the Class V-2 Certificates and the Class V-3 Certificates.


 


“Vertically
Retained Percentage”: A fraction, expressed as a percentage, the numerator of which is the initial Certificate Balance
of the Class VRR Upper-Tier Regular Interest, and the denominator of which is the aggregate initial Certificate Balance of all
of the Classes of Principal Balance Certificates.


 


“Vertically
Retained Yield Maintenance Charge”: As defined in Section 4.01(d) of this Agreement.


 


“Visions
Hotel Portfolio Co-Lender Agreement”: With respect to the Visions Hotel Portfolio Loan Combination, the related co-lender
agreement, dated as of August 23, 2017, by and between the holder of the Visions Hotel Portfolio Mortgage Loan and the Visions
Hotel Portfolio Companion Loan Holder, relating to the relative rights of the holder of the Visions Hotel Portfolio Mortgage Loan
and the Visions Hotel Portfolio Companion Loan Holder, as the same may be amended and/or restated from time to time in accordance
with the terms thereof.


 


“Visions
Hotel Portfolio Companion Loan”: With respect to the Visions Hotel Portfolio Loan Combination, the related promissory
note made by the related Mortgagor, secured


 






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by
the Visions Hotel Portfolio Mortgage and designated as promissory note A-2, which is not included in the Trust and is pari passu
in right of payment with the Visions Hotel Portfolio Mortgage Loan to the extent set forth in the related Loan Documents and as
provided in the Visions Hotel Portfolio Co-Lender Agreement, as such promissory note may be amended, restated, replaced, extended,
renewed, supplemented, consolidated, severed, split or otherwise modified from time to time. If the promissory note evidencing
the Visions Hotel Portfolio Companion Loan is split and replaced with 2 or more replacement promissory notes, each such replacement
promissory note will evidence a separate Visions Hotel Portfolio Companion Loan.


 


“Visions
Hotel Portfolio Companion Loan Holder”: The holder of the Visions Hotel Portfolio Companion Loan.


 


“Visions
Hotel Portfolio Loan Combination”: The Visions Hotel Portfolio Mortgage Loan, together with the Visions Hotel Portfolio
Companion Loan, each of which is secured by the Visions Hotel Portfolio Mortgage. References herein to the Visions Hotel Portfolio
Loan Combination shall be construed to refer to the aggregate indebtedness secured under the Visions Hotel Portfolio Mortgage.


 


“Visions
Hotel Portfolio Mortgage”: The Mortgage(s) encumbering the portfolio of Mortgaged Properties identified on the Mortgage
Loan Schedule as “Visions Hotel Portfolio” and securing the Visions Hotel Portfolio Mortgage Loan and the Visions
Hotel Portfolio Companion Loan.


 


“Visions
Hotel Portfolio Mortgage Loan”: With respect to the Visions Hotel Portfolio Loan Combination, the Mortgage Loan included
in the Trust that is (i) secured by the Visions Hotel Portfolio Mortgage, (ii) evidenced by promissory note A-1 and (iii) pari
passu in right of payment with the Visions Hotel Portfolio Companion Loan to the extent set forth in the related Loan Documents
and as provided in the Visions Hotel Portfolio Co-Lender Agreement.


 


“Voting
Rights”: The portion of the voting rights of all of the Certificates that is allocated to any Certificate or Class of
Certificates. At all times during the term of this Agreement, the Voting Rights shall be allocated among the respective Classes
of Certificateholders as follows: (a) 1% in the aggregate in the case of the respective Classes of the Interest-Only Certificates,
allocated pro rata based upon their respective Notional Amounts as of the date of determination (but only for so long as
the Notional Amount of at least one Class of Interest-Only Certificates is greater than zero), and (b) in the case of any Class
of Principal Balance Certificates, a percentage equal to the product of 99% (or, if the Notional Amounts of all Classes of Interest-Only
Certificates have been reduced to zero, 100%) and a fraction, the numerator of which is equal to the Certificate Balance of such
Class of Principal Balance Certificates as of the date of determination, and the denominator of which is equal to the aggregate
of the Certificate Balances of all Classes of the Principal Balance Certificates, in each case as of the date of determination
(provided that, if, but only if, expressly so provided herein in any circumstance, the allocation or exercise of Voting
Rights for any particular purpose shall take into account the allocation of Appraisal Reduction Amounts to notionally reduce Certificate
Balances). The Voting Rights of any Class of Certificates shall be allocated among Holders of Certificates of such Class in proportion
to their respective Percentage Interests. The Class S and Class R Certificates shall not be entitled to any Voting Rights.


 






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“VRR
Allocation Percentage”: A percentage equal to the Vertically Retained Percentage divided by the Non-Vertically Retained
Percentage.


 


“VRR
Available Funds”: With respect to any Distribution Date, an amount equal to the Vertically Retained Percentage of the
Aggregate Available Funds for such Distribution Date.


 


“VRR
Interest”: The Class V-1 Certificates, the respective Classes of the Class V-2 Certificates, and the respective Classes
of the Class V-3 Certificates, collectively.


 


“VRR
Interest Distribution Amount”: With respect to any Distribution Date, an amount equal to the product of (A) the VRR
Allocation Percentage and (B) the aggregate amount of interest distributed to the Holders of the Non-Vertically Retained Regular
Certificates pursuant to Sections 4.01(b)(i), (iv), (vii), (x), (xiii), (xvi), (xix)
and (xxii) on such Distribution Date.


 


“VRR
Interest Transfer Restriction Period”: With respect to the Class V-1 Certificates, the Class V-2 Certificates and the
Class V-3 Certificates, the period from the Closing Date to the earlier of: (i) the date that is latest of (A) the date on which
the aggregate unpaid principal balance of all outstanding Mortgage Loans has been reduced to 33% of the aggregate Cut-off Date
Balance of the Mortgage Loans, (B) the date on which the aggregate outstanding Certificate Balance of the Principal Balance Certificates
has been reduced to 33% of the aggregate outstanding Certificate Balance of the Principal Balance Certificates as of the Closing
Date, or (C) two (2) years after the Closing Date; or (ii) in the sole discretion of the Retaining Sponsor and the Depositor,
the date on which the provisions of Regulation RR applicable to the Retaining Sponsor, the Retaining Parties and the securitization
transaction contemplated by this Agreement are repealed in their entirety or are otherwise eliminated and the Retaining Sponsor
and the Depositor have determined that such repeal or elimination renders Regulation RR in its entirety inapplicable (and that
there are no other risk retention requirements under the Dodd-Frank Act that would be applicable) to the securitization transaction
contemplated by this Agreement.


 


“VRR
Principal Distribution Amount”: With respect to any Distribution Date, an amount equal to the product of (A) the VRR
Allocation Percentage and (B) the aggregate amount of principal distributed to the Holders of the Non-Vertically Retained Principal
Balance Certificates pursuant to Sections 4.01(b)(ii), (v), (viii), (xi), (xiv), (xvii),
(xx) and (xxiii) and the penultimate paragraph of Section 4.01(b) on such Distribution Date. 


 


“VRR
Realized Loss”: With respect to any Distribution Date, the amount, if any, by which (i) the aggregate Certificate Balance
of the Vertically Retained Certificates, after giving effect to distributions of principal on such Distribution Date, exceeds
(ii) the product of (A) the Vertically Retained Percentage and (B) the aggregate Stated Principal Balance of the Mortgage Loans
(including any REO Mortgage Loans) (for purposes of this calculation only, not giving effect to any reductions of the Stated Principal
Balance for principal payments received on the Mortgage Loans that were used to reimburse the Master Servicer, the Special Servicer
or the Trustee from general collections of principal on the Mortgage Loans for Workout-Delayed Reimbursement Amounts, to the extent
such Workout-Delayed Reimbursement Amounts are not otherwise determined to be Nonrecoverable Advances) after giving effect to
any and all reductions thereon on such Distribution Date.


 






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“VRR
Realized Loss Interest Distribution Amount”: With respect to any Distribution Date, an amount equal to the product of
(A) the VRR Allocation Percentage and (B) the aggregate amount of interest on reimbursed Realized Losses distributed to the Holders
of the Non-Vertically Retained Principal Balance Certificates pursuant to Sections 4.01(b)(iii), (vi), (ix),
(xii), (xv), (xviii), (xxi) and (xxiv) on such Distribution Date.


 


“VRR
Specific Grantor Trust Assets”: The portion of the Trust Fund consisting of (i) the Class VRR Upper-Tier Regular Interest,
together with all distributions thereon and proceeds thereof, (ii) the Vertically Retained Percentage of any Excess Interest collected
on the ARD Mortgage Loans, and (iii) the Vertically Retained Percentage of amounts held from time to time in the Excess Interest
Distribution Account.


 


“VRR1
Interest”: As defined in the Preliminary Statement.


 


“VRR2
Interest”: As defined in the Preliminary Statement.


 


“VRR3
Interest”: As defined in the Preliminary Statement.


 


“VRR4
Interest”: As defined in the Preliminary Statement.


 


“WAC
Rate”: With respect to any Distribution Date, a per annum rate equal to the weighted average of the applicable
Net Mortgage Pass-Through Rates of the Mortgage Loans (including the REO Mortgage Loans) for such Distribution Date, weighted
on the basis of their respective Stated Principal Balances immediately prior to such Distribution Date.


 


“WFCM
2017-C39 Pooling and Servicing Agreement”: The Pooling and Servicing Agreement, dated as of August 1, 2017, between
Wells Fargo Commercial Mortgage Securities, Inc., as depositor, Wells Fargo Bank, National Association, as master servicer, LNR
Partners, LLC, as special servicer, Wells Fargo Bank, National Association, as certificate administrator, Wilmington Trust, National
Association, as trustee, and Trimont Real Estate Advisors, LLC, as operating advisor and as asset representations reviewer, as
the same may be amended from time to time in accordance with the terms thereof, pursuant to which the Commercial Mortgage Pass-Through
Certificates, Series 2017-C39 were issued.


 


“WHFIT”:
A “Widely Held Fixed Investment Trust” as that term is defined in Treasury Regulations section 1.671-5(b)(22) or successor
provisions.


 


“WHFIT
Regulations”: Treasury Regulations section 1.671-5, as amended.


 


“WHMT”:
A “Widely Held Mortgage Trust” as that term is defined in Treasury Regulations section 1.671-5(b)(23) or successor
provisions.


 


“Withheld
Amounts”: As defined in Section 3.23 of this Agreement.


 


“Workout-Delayed
Reimbursement Amounts”: With respect to any Mortgage Loan or Serviced Loan Combination, the amount of any Advance made
with respect to such Mortgage Loan or Serviced Loan Combination on or before the date such Mortgage Loan or Serviced Loan Combination
becomes (or, but for the making of three monthly payments under its


 






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modified
terms, would then constitute) a Corrected Loan, together with (to the extent accrued and unpaid) interest on such Advances, to
the extent that (i) such Advance is not reimbursed to the Person who made such Advance on or before the date, if any, on which
such Mortgage Loan or Serviced Loan Combination becomes a Corrected Loan and (ii) the amount of such Advance becomes a future
obligation of the Mortgagor to pay under the terms of modified Loan Documents. That any amount constitutes all or a portion of
any Workout-Delayed Reimbursement Amount shall not in any manner limit the right of any Person hereunder to determine in the future
that such amount instead constitutes a Nonrecoverable Advance.


 


“Workout
Fee”: The fee paid to the Special Servicer with respect to each Corrected Loan equal to the applicable Workout Fee Rate
applied to each collection of interest (excluding Default Interest and Excess Interest) and principal (other than any amount for
which a Liquidation Fee is paid) received on such Corrected Loan for so long as it remains a Corrected Loan; provided that
no Workout Fee shall be payable by the Trust with respect to such Corrected Loan if and to the extent that the Corrected Loan
became a Specially Serviced Loan under clause (c) of the definition of Specially Serviced Loan (and no other clause thereof) and
no mortgage loan event of default actually occurs, unless the Serviced Mortgage Loan (or Serviced Loan Combination, if applicable)
is modified by the Special Servicer in accordance with the terms hereof; provided, further, that if a Serviced Mortgage
Loan (or Serviced Loan Combination, if applicable) becomes a Specially Serviced Loan under this Agreement only because of an event
described in clause (a)(ii) of the definition of Specially Serviced Loan as a result of a payment default at maturity and the
related collection of interest and principal is received within 90 days following the related Maturity Date in connection with
the full and final payoff or refinancing of the related Serviced Mortgage Loan (or Serviced Loan Combination, if applicable),
the Special Servicer will not be entitled to collect a Workout Fee, but may collect and retain appropriate fees from the related
Mortgagor in connection with such workout; provided, further, that the Workout Fee with respect to any Specially
Serviced Loan that becomes a Corrected Loan under this Agreement shall be reduced by any Excess Modification Fees paid by or on
behalf of the related Mortgagor with respect to such Serviced Mortgage Loan (or Serviced Loan Combination, if applicable) as described
in the definition of Excess Modification Fees in this Agreement, but only to the extent those fees have not previously been deducted
from a Workout Fee or Liquidation Fee.


 


“Workout
Fee Rate”: A rate equal to the lesser of (a) 1.0% and (b) such lower rate as would result in a Workout Fee of $1,000,000
when applied to each expected payment of principal and interest (other than Default Interest and Excess Interest) on the subject
Serviced Mortgage Loan (or Serviced Loan Combination, if applicable) from the date such Mortgage Loan (or Serviced Loan Combination,
if applicable) becomes a Corrected Loan, through and including the then-related maturity date; provided that, if the rate
in clause (a) above would result in a Workout Fee that would be less than $25,000 when applied to each expected payment of principal
and interest (other than Default Interest and Excess Interest) on the subject Serviced Mortgage Loan (or Serviced Loan Combination,
if applicable) from the date such Serviced Mortgage Loan (or Serviced Loan Combination, if applicable) becomes a Corrected Loan
through and including the then-related maturity date, then the Workout Fee Rate shall be a rate equal to such higher rate as would
result in a Workout Fee equal to $25,000 when applied to each expected payment of principal and interest (other than Default Interest
and Excess Interest) on such Serviced Mortgage Loan (or Serviced Loan Combination, if applicable) from the date such Serviced
Mortgage Loan


 






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(or
Serviced Loan Combination, if applicable) becomes a Corrected Loan through and including the then-related maturity date.


 


“XML
Format”: Extensible markup language electronic format.


 


“Yield
Maintenance Charge”: With respect to any Mortgage Loan or Serviced Companion Loan, the yield maintenance charge or prepayment
premium, if any, payable under the related Note in connection with certain prepayments.


 


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


 


(a)       All
calculations of interest with respect to the Mortgage Loans shall be made in accordance with the terms of the related Note and
Mortgage.


 


(b)       For
purposes of distribution of Yield Maintenance Charges pursuant to Section 4.01(d) of this Agreement on any Distribution
Date, the Class of Non-Vertically Retained Principal Balance Certificates as to which the Non-Vertically Retained Percentage of
any prepayment shall be deemed to be distributed shall be determined on the assumption that the portion of the Principal Distribution
Amount paid to the Non-Vertically Retained Principal Balance Certificates on such Distribution Date in respect of principal shall
consist first of the Non-Vertically Retained Percentage of scheduled payments included in the definition of Aggregate Principal
Distribution Amount and second of the Non-Vertically Retained Percentage of prepayments included in such definition.


 


(c)       Any
Mortgage Loan payment is deemed to be received by the Trust Fund on the date such payment is actually received by the Master Servicer,
the Special Servicer or the Certificate Administrator; provided, however, that for purposes of calculating distributions
on the Certificates, Principal Prepayments with respect to any Mortgage 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 outstanding principal balance of such Mortgage Loan
on which interest accrues.


 


(d)       For
purposes of calculating distributions on the Certificates and, in the absence of express provisions in the related Loan Documents
(and/or, with respect to each Outside Serviced Mortgage Loan, the related Outside Servicing Agreement) to the contrary, for purposes
of otherwise collecting amounts due under a Mortgage Loan, all amounts collected by or on behalf of the Trust in respect of any
Mortgage Loan in the form of payments from the related Mortgagor, Liquidation Proceeds, Condemnation Proceeds or Insurance Proceeds
(excluding, if applicable, in the case of each Serviced Loan Combination, any amounts payable to the holder(s) of the related
Companion Loan(s) pursuant to the related Co-Lender Agreement) shall be deemed to be allocated in the following order of priority:


 


(i)        as
a recovery of any unreimbursed Advances (including any Workout-Delayed Reimbursement Amount) with respect to the related Mortgage
Loan and unpaid interest at the Advance Rate on such Advances and, if applicable, unreimbursed and unpaid expenses of the Trust;


 






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(ii)       as
a recovery of Nonrecoverable Advances with respect to the related Mortgage Loan and any interest on those Nonrecoverable Advances
at the Advance Rate, to the extent previously paid or reimbursed from principal collections on the Mortgage Pool (as described
in the first proviso in the definition of Aggregate Principal Distribution Amount);


 


(iii)      to
the extent not previously so allocated pursuant to clause (i) or (ii) above, as a recovery of accrued and unpaid interest on such
Mortgage Loan (exclusive of Default Interest and Excess Interest) to the extent of the excess of (A) all unpaid interest (exclusive
of Default Interest and Excess Interest) accrued on such Mortgage Loan at the related Mortgage Rate in effect from time to time
through the end of the applicable Mortgage Loan interest accrual period, over (B) after taking into account any allocations pursuant
to clause (v) below on earlier dates, the aggregate portion of the accrued and unpaid interest described in subclause (A) of this
clause (iii) that either (1) was not advanced because of the reductions (if any) in the amount of related P&I Advances for
such Mortgage Loan that have theretofore occurred under Section 4.06(a) of this Agreement in connection with the related
Appraisal Reduction Amounts or (2) accrued at the related Net Mortgage Rate on the portion of the Stated Principal Balance of
such Mortgage Loan equal to any related Collateral Deficiency Amount in effect from time to time and as to which no P&I Advance
was made;


 


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


 


(v)       as
a recovery of accrued and unpaid interest on such Mortgage Loan (exclusive of Default Interest and Excess Interest) to the extent
of the sum of (A) the cumulative amount of the reductions (if any) in the amount of related P&I Advances for such Mortgage
Loan that have theretofore occurred under Section 4.06(a) of this Agreement in connection with related Appraisal Reduction
Amounts, plus (B) any unpaid interest (exclusive of Default Interest and Excess Interest) that accrued at the related Net Mortgage
Rate on the portion of the Stated Principal Balance of such Mortgage Loan equal to any related Collateral Deficiency Amount in
effect from time to time and as to which no P&I Advance was made (to the extent that collections have not been allocated as
recovery of such 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 such Mortgage Loan;


 


(vii)     as
a recovery of any other reserves to the extent then required to be held in escrow with respect to such Mortgage Loan;


 


(viii)    as
a recovery of any Yield Maintenance Charge then due and owing under such Mortgage Loan;


 






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(ix)      as
a recovery of any late payment charges and Default Interest then due and owing under such Mortgage Loan;


 


(x)       as
a recovery of any Assumption Fees, assumption application fees and Modification Fees then due and owing under such Mortgage Loan;


 


(xi)      as
a recovery of any other amounts then due and owing under such Mortgage Loan other than remaining unpaid principal and other than,
if applicable, accrued and unpaid Excess Interest (and, 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);


 


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


 


(xiii)    in
the case of an ARD Mortgage Loan after the related Anticipated Repayment Date, as a recovery of any accrued but unpaid Excess
Interest;


 


provided that, to the extent required under the REMIC Provisions, payments or proceeds received (or receivable by exercise of the lender’s
rights under the related Loan Documents) with respect to any partial release of a Mortgaged Property (including following a condemnation)
at a time when the loan-to-value ratio of the related Mortgage Loan or Serviced Loan Combination, as applicable, exceeds 125%,
or would exceed 125% following any partial release (based solely on the value of the real property and excluding personal property
and going concern value, if any) must be collected and allocated to reduce the principal balance of the Mortgage Loan or the related
Serviced Loan Combination in the manner permitted by the REMIC Provisions.


 


(e)       Collections
by or on behalf of the Trust in respect of any REO Property (exclusive of amounts to be allocated to the payment of the costs
of operating, managing, leasing, maintaining and disposing of such REO Property and, if applicable, in the case of each Serviced
Loan Combination, exclusive of any amounts payable to the holder(s) of the related Companion Loan(s) pursuant to the related Co-Lender
Agreement) shall be deemed to be allocated for purposes of calculating distributions on the Certificates and (subject to any related
Co-Lender Agreement and/or Outside Servicing Agreement) for purposes of otherwise collecting amounts due under the Mortgage Loan
in the following order of priority:


 


(i)        as
a recovery of any unreimbursed Advances (including any Workout-Delayed Reimbursement Amount) with respect to the related REO Mortgage
Loan and interest at the Advance Rate on all Advances and, if applicable, unreimbursed and unpaid expenses of the Trust with respect
to the related REO Mortgage Loan;


 


(ii)       as
a recovery of any Nonrecoverable Advances with respect to the related REO Mortgage Loan and any interest on those Nonrecoverable
Advances at the Advance Rate, to the extent previously paid or reimbursed from principal collections on the Mortgage Loans (as
described in the first proviso in the definition of Aggregate Principal Distribution Amount);


 






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(iii)      to
the extent not previously so allocated pursuant to clause (i) or (ii) above, as a recovery of accrued and unpaid interest on the
related REO Mortgage Loan (exclusive of Default Interest and Excess Interest) to the extent of the excess of (A) all unpaid interest
(exclusive of Default Interest and Excess Interest) accrued on such REO Mortgage Loan at the applicable Mortgage Rate in effect
from time to time through the end of the applicable Mortgage Loan interest accrual period, over (B) after taking into account
any allocations pursuant to clause (v) below or clause (v) of Section 1.02(d) above on earlier dates, the aggregate portion
of the accrued and unpaid interest described in subclause (A) of this clause (iii) that either (1) was not advanced because of
the reductions (if any) in the amount of related P&I Advances for the related REO Mortgage Loan that have theretofore occurred
under Section 4.06(a) of this Agreement in connection with Appraisal Reduction Amounts or (2) accrued at the applicable
Net Mortgage Rate on the portion of the Stated Principal Balance of such REO Mortgage Loan equal to any related Collateral Deficiency
Amount in effect from time to time and as to which no P&I Advance was made; 


 


(iv)      to
the extent not previously so allocated pursuant to clause (i) or (ii) above, as a recovery of principal of the related REO Mortgage
Loan to the extent of its entire unpaid principal balance;


 


(v)       as
a recovery of accrued and unpaid interest on the related REO Mortgage Loan (exclusive of Default Interest and Excess Interest)
to the extent of the sum of (A) the cumulative amount of the reductions (if any) in the amount of related P&I Advances for
such REO Mortgage Loan that have theretofore occurred under Section 4.06(a) of this Agreement in connection with related
Appraisal Reduction Amounts, plus (B) any unpaid interest (exclusive of Default Interest and Excess Interest) that accrued at
the applicable Net Mortgage Rate on the portion of the Stated Principal Balance of such REO Mortgage Loan equal to any related
Collateral Deficiency Amount in effect from time to time and as to which no P&I Advance was made (to the extent that collections
have not theretofore been allocated as a recovery of such accrued and unpaid interest on earlier dates pursuant to this clause
(v) or clause (v) of Section 1.02(d) above);


 


(vi)      as
a recovery of any Yield Maintenance Charge then due and owing under the related REO Mortgage Loan;


 


(vii)     as
a recovery of any late payment charges and Default Interest then due and owing under the related REO Mortgage Loan;


 


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


 


(ix)      as
a recovery of any other amounts then due and owing under the related REO Mortgage Loan other than, if applicable, accrued and
unpaid Excess Interest (and, 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


 


(x)       in
the case of an ARD Mortgage Loan after the related Anticipated Repayment Date, as a recovery of any accrued but unpaid Excess
Interest.


 






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(f)       The
applications of amounts received in respect of any Mortgage Loan pursuant to paragraph (d) 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
any Mortgage Loan or any REO Property pursuant to paragraph (e) of this Section 1.02 shall be determined by the Special
Servicer (unless such Mortgage Loan is, or such REO Property relates to, an Outside Serviced Mortgage Loan, in which case such
applications shall be determined by the Master Servicer) in accordance with the Servicing Standard.


 


(g)       All
net present value calculations and determinations made hereunder with respect to the Mortgage Loans, the Serviced Companion Loans
or a Mortgaged Property or REO Property (including for purposes of the definition of “Servicing Standard”, and including,
if and when applicable, with respect to an Outside Serviced Mortgage Loan or the related Mortgaged Property or any related REO
Property) shall be made using the Calculation Rate.


 


(h)       For
purposes of calculating Pass-Through Rates and distributions on, and allocations of Realized Losses and VRR Realized Losses to,
the Certificates, as well as for purposes of calculating the Servicing Fee, the Trustee/Certificate Administrator Fee, the Operating
Advisor Fee and the Asset Representations Reviewer Ongoing Fee payable each month, each REO Property (including any REO Property
with respect to an Outside Serviced Mortgage Loan held pursuant to an Outside Servicing Agreement) will be treated as if the related
Mortgage Loan and any related Companion Loan(s) had remained outstanding and the related Loan Documents continued in full force
and effect; and all references to “Mortgage Loan,” “Mortgage Loans” or “Mortgage Pool” in
this Agreement, when used in that context, will be deemed to also be references to or to also include, as the case may be, any
REO Mortgage Loan, and all references to “Companion Loan” or “Companion Loans” in this Agreement, when
used in that context, will be deemed to also be references to or to also include, as the case may be, any REO Companion Loan.
Each REO Loan will generally be deemed to have the same characteristics as its actual predecessor Mortgage Loan or Companion Loan,
as applicable, including the same fixed Mortgage Rate (and, accordingly, the same Net Mortgage Rate) and the same unpaid principal
balance and Stated Principal Balance. Amounts due on the predecessor Mortgage Loan or Companion Loan, as applicable, including
any portion of those amounts payable or reimbursable to the Master Servicer, the Special Servicer, the Operating Advisor, the
Asset Representations Reviewer, the Certificate Administrator or the Trustee, as applicable, will continue to be “due”
in respect of the REO Loan; and amounts received in respect of the related REO Property, net of payments to be made, or reimbursements
to the Master Servicer or Special Servicer for payments previously advanced, in connection with the operation and management of
that property, generally will be applied by the Master Servicer as if received on the predecessor Mortgage Loan or Companion Loan,
as applicable.


 


Section
1.03      Certain Constructions. (a) For purposes of this Agreement, references to the
most or next most subordinate Class of Non-Vertically Retained Regular Certificates outstanding at any time shall mean the
most or next most subordinate Class of Non-Vertically Retained Regular Certificates then outstanding as among the Class A-1,
Class A-2, Class A-3, Class A-4, Class A-AB, Class X-A, Class X-B, Class X-D, Class X-E, Class X-F, Class X-G, Class A-S,
Class B, Class C, Class D, Class E, Class F and Class G Certificates; provided, however, that for purposes of
determining the most subordinate Class of Non-Vertically Retained Regular Certificates, in the event that the Class A-1,
Class A-2, Class A-3, Class A-4 and


 






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Class
A-AB Certificates are the only Classes of Non-Vertically Retained Principal Balance Certificates outstanding, the Class A-1, Class
A-2, Class A-3, Class A-4, Class A-AB and Class X-A Certificates together will be treated as the most subordinate Class of Non-Vertically
Retained Regular Certificates. For purposes of this Agreement, each Class of Certificates (other than the Class S and Class R
Certificates) shall be deemed to be outstanding only to the extent its respective Certificate Balance or Notional Amount has not
been (and, in the case of a Class of Exchangeable Certificates, assuming the maximum related Certificate Balance had been issued
on the Closing Date and no exchanges in accordance with Section 5.13 subsequently occurred, would not otherwise have been)
reduced to zero. For purposes of this Agreement, the Class R Certificates shall be deemed to be outstanding so long as the Trust
REMICs have not been terminated pursuant to Section 9.01 of this Agreement.


 


(b)       For
purposes of this Agreement, except as otherwise expressly provided or unless the context otherwise requires:


 


(i)        the
terms defined in this Agreement include the plural as well as the singular, and the use of any gender herein shall be deemed to
include the other gender;


 


(ii)       references
herein to “Articles”, “Sections”, “Subsections”, “Paragraphs” and other subdivisions
without reference to a document are to designated Articles, Sections, Subsections, Paragraphs and other subdivisions of this Agreement;


 


(iii)      a
reference to a Subsection without further reference to a Section is a reference to such Subsection as contained in the same Section
in which the reference appears, and this rule shall also apply to Paragraphs and other subdivisions;


 


(iv)      the
words “herein”, “hereof”, “hereunder”, “hereto”, “hereby” and other
words of similar import refer to this Agreement as a whole and not to any particular provision; and


 


(v)       the
terms “include” or “including” shall mean without limitation by reason of enumeration.


 


Article
II



CONVEYANCE OF MORTGAGE LOANS;

ORIGINAL ISSUANCE OF CERTIFICATES


 


Section
2.01     Conveyance of Mortgage Loans.


 


(a)       The
Depositor, concurrently with the execution and delivery hereof, does hereby establish a trust to be designated as Citigroup Commercial
Mortgage Trust 2017-P8, appoint the Trustee to serve as trustee of such trust and assign, sell, transfer, set over and otherwise
convey to the Trustee (as holder of the Lower-Tier Regular Interests) in trust without recourse for the benefit of the Certificateholders
all the right, title and interest of the Depositor, including any security interest therein for the benefit of the Depositor,
in, to and under (i) the Mortgage Loans identified on the Mortgage Loan Schedule, (ii) Sections 2, 3, 4, 5 (other than Section
5(e), 5(f), 5(g), 5(h) (insofar as it relates to the delivery of the subject certification to the Depositor) and 5(m)


 






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(insofar
as the indemnity relates to the failure in clause (ii) of such section 5(m)), 6 (other than Sections 6(i), 6(j) and 6(k)) and
(to the extent related to the foregoing) 7, 11, 12, 13, 14, 16, 17, 18 and 23 of each Mortgage Loan Purchase Agreement, (iii)
the SMC Guaranty, (iv) each Co-Lender Agreement, if any, and (v) all Escrow Accounts, Lock-Box Accounts and all other assets included
or to be included in the Trust Fund for the benefit of the Certificateholders. Such assignment includes all interest and principal
received or receivable on or with respect to the Mortgage Loans (other than payments of principal and interest and other amounts
due and payable on the Mortgage Loans on or before the Cut-Off Date and excluding any Retained Defeasance Rights and Obligations
with respect to the Mortgage Loans). Such assignment of any Outside Serviced Mortgage Loan is further subject to the terms and
conditions of the applicable Outside Servicing Agreement and the related Co-Lender Agreement. The transfer of the Mortgage Loans
and the related rights and property accomplished hereby is absolute and, notwithstanding Section 12.08 of this Agreement,
is intended by the parties to constitute a sale.


 


(b)       In
connection with the Depositor’s assignment pursuant to Section 2.01(a) of this Agreement, the Depositor shall direct
each Mortgage Loan Seller (pursuant to the related Mortgage Loan Purchase Agreement) to deliver to and deposit with (or to cause
to be delivered to and deposited with) the Custodian (on behalf of the Trustee), on or before the Closing Date, the Mortgage File
for each Mortgage Loan, with copies (other than with respect to an Outside Serviced Mortgage Loan) to be delivered, within five
(5) Business Days after the Closing Date, to the Master Servicer; provided, however, that copies of any document
in the Mortgage File that also constitutes a Designated Servicing Document shall be delivered to the Master Servicer (other than
with respect to an Outside Serviced Mortgage Loan) on or before the Closing Date. Notwithstanding anything to the contrary contained
herein, (A) with respect to an Outside Serviced Mortgage Loan, the preceding document delivery requirements shall be deemed satisfied
by the delivery by the applicable Mortgage Loan Seller to the Custodian (on behalf of the Trustee) of (i) with respect to the
documents and/or instruments referred to in clause (1) of the definition of “Mortgage File”, executed originals of
the related documents, and (ii) with respect to the documents and/or instruments referred to in clauses (2) through (20) of the
definition of “Mortgage File”, such documents shall be delivered to the applicable Outside Custodian under the applicable
Outside Servicing Agreement (with a copy thereof to the Custodian hereunder) and (B) with respect to a Servicing Shift Mortgage
Loan, the related Mortgage File delivered to and deposited with the Custodian (on behalf of the Trustee) as contemplated by the
first sentence of this Section 2.01(b) shall, on or after the related Servicing Shift Date, be transferred to the Outside
Custodian related to the securitization of the related Lead Servicing Pari Passu Companion Loan in accordance with the second
paragraph of Section 2.01(c) and with the expectation that the assignments referred to in clauses (4), (5) and (14) of
the definition of “Mortgage File” (to the extent that recordation of such item would have otherwise been required)
will be recorded in the name of the trustee for that securitization. None of the Certificate Administrator, the Trustee, the Custodian,
the Master Servicer or the Special Servicer shall be liable for any failure by any Mortgage Loan Seller or the Depositor to comply
with the document delivery requirements of the related Mortgage Loan Purchase Agreement and this Section 2.01(b). Notwithstanding
anything herein to the contrary, with respect to letters of credit (exclusive of those relating to an Outside Serviced Mortgage
Loan), the applicable Mortgage Loan Seller shall deliver, on or before the Closing Date, to the Master Servicer and the Master
Servicer shall hold the original (or copy, if such original has been submitted by the applicable Mortgage Loan Seller to the issuing
bank to effect an assignment or amendment of such letter of credit (changing the beneficiary thereof to the Trustee (in care of
the


 






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Master
Servicer) for the benefit of Certificateholders and, if applicable, the related Serviced Companion Loan Holder, to the extent
required in order for the Master Servicer to draw on such letter of credit on behalf of the Trustee for the benefit of Certificateholders
and, if applicable, the related Serviced Companion Loan Holder in accordance with the applicable terms thereof and/or of the related
Loan Documents)) and the applicable Mortgage Loan Seller shall be deemed to have satisfied any delivery requirements of the related
Mortgage Loan Purchase Agreement and this Section 2.01(b) by delivering, on or before the Closing Date, with respect to
any letter(s) of credit a copy thereof to the Custodian together with an Officer’s Certificate of the applicable Mortgage
Loan Seller certifying that such document has been delivered to the Master Servicer or an Officer’s Certificate from the
Master Servicer certifying that it holds the letter(s) of credit pursuant to this Section 2.01(b). If a letter of credit
referred to in the previous sentence is not in a form that would allow the Master Servicer to draw on such letter of credit on
behalf of the Trustee for the benefit of Certificateholders and, if applicable, the related Serviced Companion Loan Holder in
accordance with the applicable terms thereof and/or of the related Loan Documents, the applicable Mortgage Loan Seller shall deliver
the appropriate assignment or amendment documents (or copies of such assignment or amendment documents if the related Mortgage
Loan Seller has submitted the originals to the related issuer of such letter of credit for processing) to the Master Servicer
within 90 days of the Closing Date; provided that with respect to a Servicing Shift Mortgage Loan, no such assignments shall be
made until the earlier of (i) the related Servicing Shift Date, in which case such assignments shall be made in accordance with
the related Servicing Shift Mortgage Loan Pooling and Servicing Agreement, and (ii) the earlier of (A) 180 days after the Closing
Date and (B) such time as any such letter of credit is required to be drawn upon by the Master Servicer, in which case such assignments
shall be made in favor of the Trustee for the benefit of the Certificateholders and for the benefit of the holder of the related
Companion Loan, until the occurrence of the related Servicing Shift Date. Contemporaneous with the securitization of the related
Lead Servicing Pari Passu Companion Loan, any such letter of credit shall be assigned to the related Outside Servicer or related
Outside Trustee, as applicable, as provided in the related Servicing Shift Mortgage Loan Pooling and Servicing Agreement. The
applicable Mortgage Loan Seller shall pay any costs of assignment or amendment of such letter(s) of credit required in order for
the Master Servicer to draw on such letter(s) of credit on behalf of the Trustee for the benefit of Certificateholders and, if
applicable, the related Serviced Companion Loan Holder, and shall cooperate with the reasonable requests of the Master Servicer
or the Special Servicer, as applicable, in connection with effectuating a draw under any such letter of credit prior to the date
such letter of credit is assigned or amended in order that it may be drawn by the Master Servicer on behalf of the Trustee for
the benefit of Certificateholders and, if applicable, the related Serviced Companion Loan Holder.


 


With
respect to any Serviced Mortgage Loan secured by a Mortgaged Property that is subject to a franchise agreement with a related
comfort letter in favor of the related Mortgage Loan Seller that requires notice to or request of the related franchisor to transfer
or assign any such related comfort letter to the Trustee for the benefit of the Certificateholders (and, if applicable, the related
Serviced Companion Loan Holder(s)) or have a new comfort letter (or any such new document or acknowledgement as may be contemplated
under the existing comfort letter) issued in the name of the Trustee for the benefit of the Certificateholders (and, if applicable,
the related Serviced Companion Loan Holder(s)), the related Mortgage Loan Seller or its designee shall, within 45 days of the
Closing Date (or any shorter period if required by the applicable comfort letter), provide any such required notice or make any
such required request to the related franchisor


 






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for
the transfer or assignment of such comfort letter or issuance of a new comfort letter (or any such new document or acknowledgement
as may be contemplated under the existing comfort letter), with a copy of such notice or request to the Custodian (who shall include
such document in the related Mortgage File) and the Master Servicer, and the Master Servicer shall use reasonable efforts in accordance
with the Servicing Standard to acquire such replacement comfort letter, if necessary (or to acquire any such new document or acknowledgement
as may be contemplated under the existing comfort letter), and the Master Servicer shall, as soon as reasonably practicable following
receipt thereof, deliver the original of such replacement comfort letter, new document or acknowledgement, as applicable, to the
Custodian for inclusion in the Mortgage File.


 


After
the Depositor’s transfer of the Mortgage Loans to the Trustee pursuant to this Section 2.01(b), the Depositor shall
not take any action inconsistent with the Trust’s ownership of the Mortgage Loans.


 


(c)       The
Depositor hereby represents and warrants that each Mortgage Loan Seller has covenanted in the applicable Mortgage Loan Purchase
Agreement that it shall record and file, or cause a third party on its behalf to record and file, at the related Mortgage Loan
Seller’s expense, in the appropriate public recording office for real property records or UCC financing statements, as appropriate,
each related assignment of Mortgage and assignment of Assignment of Leases referred to in clause (4) of the definition of “Mortgage
File” and each related UCC-3 assignment referred to in clause (15) of the definition of “Mortgage File”, in
each case in favor of the Trustee. This subsection (c) shall not apply to any Outside Serviced Mortgage Loan because the
documents referred to herein have been assigned to the related Outside Trustee.


 


Notwithstanding
the foregoing, with respect to a Servicing Shift Mortgage Loan: (A) the instruments of assignment referred to in clauses (4),
(5) and (14) in the definition of “Mortgage File” may be in blank and need not be recorded pursuant to this Agreement
(to the extent recordation would have otherwise been required) until the earliest of (i) the related Servicing Shift Date, in
which case such instruments shall be completed and, if applicable, recorded in accordance with the related Servicing Shift Mortgage
Loan Pooling and Servicing Agreement, and the related Mortgage Loan Seller shall deliver or cause the delivery of photocopies
of any such instruments of assignment so completed and recorded to the Custodian, (ii) such Servicing Shift Mortgage Loan becomes
a Specially Serviced Mortgage Loan prior to the related Servicing Shift Date, in which case such assignments shall be completed
and, if applicable, recorded in accordance with this Agreement upon such occurrence, and (iii) the expiration of 180 days following
the Closing Date, in which case assignments shall be completed and, if applicable, recordations shall be effected in accordance
with this Agreement upon such occurrence; and (B) following the related Servicing Shift Date and upon the transfer of servicing
of the related Servicing Shift Mortgage Loan to the related Outside Servicing Agreement in accordance with the related Co-Lender
Agreement, the Custodian shall deliver the originals of all documents constituting the related Mortgage File and any other related
Loan Documents (if not a part of the related Mortgage File) in its possession (other than the documents described in clause (1)
of the definition of “Mortgage File”) to the related Outside Trustee or the Outside Custodian; provided that,
prior to the delivery of any such original documents to the related Outside Trustee or Outside Custodian, the Custodian shall
make and retain photocopies of any and all documents so delivered to the related Outside Trustee or the Outside Custodian; and
provided, further, that, to the extent any instruments of assignment that are part of the Mortgage File have been recorded pursuant
to this Agreement prior


 






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to
the related Servicing Shift Date, the Trustee shall execute and deliver assignments to the Outside Trustee.


 


The
Depositor hereby represents and warrants that the applicable Mortgage Loan Seller has covenanted in the related Mortgage Loan
Purchase Agreement as to each Mortgage Loan (exclusive of any Outside Serviced Mortgage Loan), that if it cannot deliver or cause
to be delivered the documents and/or instruments referred to in clauses (2), (3) and (6) (if recorded) and (15) of the definition
of “Mortgage File” 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, as applicable, a copy of the original certified by the applicable Mortgage
Loan Seller or the title agent to be a true and complete copy of the original thereof submitted for recording, shall be forwarded
to the Custodian. Each assignment referred to in the prior paragraph that is recorded and the file copy of each UCC-3 assignment
referred to in the previous paragraph shall reflect that it should be returned by the public recording or filing office to the
Custodian or its agent following recording (or, alternatively, to the applicable Mortgage Loan Seller or its designee, in which
case the applicable Mortgage Loan Seller shall deliver or cause the delivery of the recorded/filed original to the Custodian promptly
following receipt); provided that, in those instances where the public recording office retains the original assignment
of Mortgage or assignment of Assignment of Leases, the applicable Mortgage Loan Seller or its designee shall obtain and provide
to the Custodian a certified copy of the recorded original. On a monthly basis, at the expense of the applicable Mortgage Loan
Seller, the Custodian shall forward to the Master Servicer a copy of each of the aforementioned assignments following the Custodian’s
receipt thereof.


 


If
the Custodian has received written notice that any of the aforementioned assignments is lost or returned unrecorded or unfiled,
as the case may be, because of a defect therein, then the Custodian shall direct the applicable Mortgage Loan Seller (pursuant
to the Mortgage Loan Purchase Agreement) promptly to prepare or cause the preparation of a substitute therefor or cure such defect
or cause such defect to be cured, as the case may be, and to record or file, or with respect to any assignments that a third party
on the Mortgage Loan Seller’s behalf has agreed to record or file as described above, to deliver to such third party the
substitute or corrected document.


 


(d)       In
connection with the Depositor’s assignment pursuant to Section 2.01(a) of this Agreement, except with respect to
any Outside Serviced Mortgage Loan, the Depositor shall direct the applicable Mortgage Loan Seller (pursuant to the related Mortgage
Loan Purchase Agreement) to deliver to and deposit with (or cause to be delivered to and deposited with) the Master Servicer within
five (5) Business Days after the Closing Date: (i) a copy of the Mortgage File; (ii) all documents and records not otherwise required
to be contained in the Mortgage File that (A) relate to the origination and/or servicing and administration of the Mortgage Loans
and any related Serviced Companion Loan(s), (B) are reasonably necessary for the ongoing administration and/or servicing of the
Mortgage Loans (including any related asset summaries that were delivered to the Rating Agencies in connection with the rating
of the Certificates, material notices related to tenant leases, and any related operating statements, financial statements, appraisals
or similar reports) or any related Serviced Companion Loans or for evidencing or enforcing any of the rights of the holder of
the Mortgage Loans or any related Serviced Companion Loans or holders of interests therein, and (C) are in possession or under
control of the applicable Mortgage Loan Seller; and (iii) all unapplied Escrow Payments and reserve funds in the possession


 






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or
under control of the applicable Mortgage Loan Seller that relate to such Mortgage Loans and any related Serviced Companion Loans,
together with a statement indicating which Escrow Payments and reserve funds are allocable to each Mortgage Loan or any related
Serviced Companion Loan; provided that copies of any document in the Mortgage File and any other document, record or item
referred to above in this sentence that, in each case, constitutes a Designated Servicing Document shall be delivered to the Master
Servicer on or before the Closing Date; and provided, further, that the applicable Mortgage Loan Seller shall not
be required to deliver any draft documents, privileged or other related Mortgage Loan Seller communications, credit underwriting,
due diligence analyses or data, or internal worksheets, memoranda, communications or evaluations. The Master Servicer shall hold
all such documents, records and funds on behalf of the Trustee in trust for the benefit of the Certificateholders (and, insofar
as they also relate to a Serviced Companion Loan, on behalf of and for the benefit of the applicable Serviced Companion Loan Holder).
Notwithstanding anything to the contrary, the foregoing provisions of this Section 2.01(d) shall not apply to the Outside
Serviced Mortgage Loans. In addition, each Mortgage Loan Seller is required, pursuant to the related Mortgage Loan Purchase Agreement,
to provide to the Master Servicer the initial data with respect to its Mortgage Loans for (i) the CREFC® Financial File and
the CREFC® Loan Periodic Update File that are required to be prepared by the Master Servicer pursuant to this Agreement and
(ii) the Supplemental Servicer Schedule.


 


(e)       In
connection with the Depositor’s assignment pursuant to subsection (a) above, the Depositor shall deliver, and hereby represents
and warrants that it has delivered, to the Custodian and the Master Servicer, on or before the Closing Date, a fully executed
original counterpart of each Mortgage Loan Purchase Agreement, as in full force and effect, without amendment or modification,
on the Closing Date.


 


(f)       With
respect to a Serviced Loan Combination, the Custodian shall also hold the related Mortgage File for the use and benefit of the
related Serviced Companion Loan Holder(s).


 


(g)       The
parties to this Agreement acknowledge and agree, with respect to the Outside Serviced Mortgage Loans, that the Trust assumes the
obligations and rights of the holder of each Outside Serviced Mortgage Loan under the respective Co-Lender Agreement and/or Outside
Servicing Agreement.


 


(h)       It
is not intended that this Agreement create a partnership or a joint-stock association.


 


(i)       The
parties to this Agreement acknowledge that each Mortgage Loan Purchase Agreement provides that: (1) within sixty (60) days after
the Closing Date, the related Mortgage Loan Seller is required to deliver or cause to be delivered the Diligence File for each
of its Mortgage Loans to the Depositor by uploading such Diligence Files to the Designated Site; and (2) promptly upon completion
of such delivery of the Diligence Files (but in no event later than sixty (60) days after the Closing Date), the applicable Mortgage
Loan Seller is required to provide to the Depositor (with a copy (which may be sent by email if and to the extent provided for
in Section 12.04 of this Agreement) to each of the Master Servicer, the Special Servicer, the Trustee, the Certificate Administrator,
the Custodian, the Controlling Class Representative, the Asset


 






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Representations
Reviewer and the Operating Advisor) an officer’s certificate signed by such Mortgage Loan Seller certifying that the electronic
copies of the documents uploaded to the Designated Site constitute all documents required under the definition of “Diligence
File” and such Diligence Files are organized and categorized in accordance with the electronic file structure reasonably
requested by the Depositor (the “Diligence File Certification”). The Depositor shall have no responsibility
for determining whether any Diligence Files delivered to it are complete and shall have no liability to the Trust or the Certificateholders
for the failure of any Mortgage Loan Seller to deliver a Diligence File (or a complete Diligence File) to the Depositor.


 


(j)       Within
3 Business Days after the Closing Date, the Depositor shall deliver to the Master Servicer (a) the Initial Schedule AL File and
the Initial Schedule AL Additional File in XML Format and Excel format and (b) Annex A to the Prospectus in Excel format at the
following email address: ssreports@wellsfargo.com.


 


Section
2.02      Acceptance by the Trustee, the Custodian and the Certificate Administrator.


 


(a)       The
Trustee, by its execution and delivery of this Agreement, hereby accepts receipt, directly or through the Custodian on its behalf,
of (i) the Mortgage Loans and all documents delivered to it that constitute portions of the related Mortgage Files and (ii) all
other assets delivered to it and included in the Trust Fund, in good faith and without notice of any adverse claim, and declares
that it or the Custodian on its behalf holds and will hold such documents and any other documents subsequently received by it
that constitute portions of the Mortgage Files, and that the Custodian on behalf of the Trustee holds and will hold the Mortgage
Loans and such other assets, together with any other assets subsequently delivered to it that are to be included in the Trust
Fund, in trust for the exclusive use and benefit of all present and future Certificateholders and, if applicable, the Serviced
Companion Loan Holders pursuant to Section 2.01(f) of this Agreement. With respect to each Serviced Loan Combination, the
Custodian shall also hold the portion of such Mortgage File that relates to the Serviced Companion Loan in such Loan Combination
in trust for the use and benefit of the related Serviced Companion Loan Holder. In connection with the foregoing, the Certificate
Administrator, as the initial Custodian, hereby certifies to each of the other parties hereto, the applicable Mortgage Loan Seller,
each Underwriter and each Initial Purchaser that, as to each Mortgage Loan, (i) all documents specified in clause (1) of the definition
of “Mortgage File” are in its possession, and (ii) the original Note (or, if accompanied by a lost note affidavit,
the copy of such Note) received by it with respect to such Mortgage Loan has been reviewed by it and (A) appears regular on its
face (handwritten additions, changes or corrections shall not constitute irregularities if initialed by the Mortgagor), (B) appears
to have been executed (where appropriate) and (C) purports to relate to such Mortgage Loan.


 


(b)       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 exceptions have been removed and (iii) the day on which the applicable Mortgage Loan Seller has repurchased
or substituted for the last affected Mortgage Loan), the Custodian shall review the documents delivered to it with respect to
each Mortgage Loan, and the Custodian shall, subject to Sections 2.01(c), 2.02(c) and 2.02(d) of this Agreement
and the terms of the respective Mortgage Loan Purchase Agreements, certify in writing (substantially in the form of Exhibit
N to this


 






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Agreement)
to each of the other parties hereto, the applicable Mortgage Loan Seller, each Underwriter and each Initial Purchaser (and upon
request, in the case of a Serviced Loan Combination, to the related Serviced Companion Loan Holder) that, as to each Mortgage
Loan then subject to this Agreement (except as specifically identified in any exception report annexed to such certification,
which exception report shall also be available in electronic format (including Excel-compatible format) upon request): (i) all
documents specified in clauses (1), (2), (3), (4) (other than with respect to an Outside Serviced Mortgage Loan), (5), (6) (provided
that the Custodian has been notified of any related modification), (7), (15) and (20) (for any Mortgage Loan that is part of a
Loan Combination) of the definition of “Mortgage File” are in its possession; (ii) the recordation/filing contemplated
by Section 2.01(c) of this Agreement has been completed (based solely on receipt by the Custodian (whether that is the
Certificate Administrator or any other Custodian appointed by it) of the particular recorded/filed documents); (iii) all documents
received by the Custodian with respect to such Mortgage Loan have been reviewed by the Custodian and (A) appear regular on their
face (handwritten additions, changes or corrections shall not constitute irregularities if initialed by the Mortgagor), (B) appear
to have been executed (where appropriate) and (C) purport to relate to such Mortgage Loan; and (iv) based on the examinations
referred to in Section 2.02(a) of this Agreement and this Section 2.02(b) and only as to the foregoing documents
(together with any Loan Agreement that has been delivered by the related Mortgage Loan Seller), the information set forth in the
Mortgage Loan Schedule with respect to the items specified in clauses (iv) and (v)(B) of the definition of “Mortgage Loan
Schedule” accurately reflects the information set forth in the Mortgage File. With respect to the items listed in clauses
(2), (3), (4) and (6) of the definition of “Mortgage File” if the original of such document is not in the Custodian’s
possession because it has not been returned from the applicable recording office, then the Custodian’s certification prepared
pursuant to this Section 2.02(b) should indicate the absence of such original. In addition, as it relates to the Outside
Serviced Mortgage Loans, with respect to the items listed in clauses (1), (2), (3), (4), (5), (6), (7), (15) and (20) of the definition
of “Mortgage File”, the Custodian’s certification prepared pursuant to this Section 2.02(b) should indicate
the absence of such document: (i) in the case of the item listed in clause (1) of the definition of “Mortgage File”,
unless the Custodian is in possession of the original of such document; and (ii) in the case of the items listed in clauses (2),
(3), (4), (5), (6), (7), (15) and (20) of the definition of “Mortgage File”, unless the Custodian is in possession
of a copy of such document. If the Custodian’s obligation to deliver the certifications contemplated in this subsection
terminates because two years have elapsed since the Closing Date, the Certificate Administrator shall deliver (or cause any other
Custodian appointed by it to deliver) a comparable certification to any party hereto, the Serviced Companion Loan Holder and any
Underwriter and any Initial Purchaser on request.


 


(c)       It
is acknowledged that none of the Trustee, the Master Servicer, the Special Servicer, the Certificate Administrator or the Custodian
is under any duty or obligation to inspect, review or examine any of the documents, instruments, certificates or other papers
relating to the Loans delivered to it to determine that the same are valid, legal, effective, genuine, binding, enforceable, sufficient
or appropriate for the represented purpose or that they are other than what they purport to be on their face. Furthermore, none
of the Trustee, the Master Servicer, the Special Servicer, the Certificate Administrator or the Custodian shall have any responsibility
for determining whether the text of any assignment or endorsement is in proper or recordable form, whether the requisite recording
of any document is in accordance with the requirements of any applicable jurisdiction, or whether a blanket assignment is permitted
in any applicable jurisdiction.


 






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(d)       The
parties hereto hereby agree that the scope of the Custodian’s review of the Mortgage Files is limited solely to confirming
that the documents specified in clauses (1), (2), (3), (4) (other than with respect to an Outside Serviced Mortgage Loan), (5),
(6) (provided that the Custodian has been notified of any related modification), (7), (15) and (20) (for any Mortgage Loan that
is part of a Loan Combination) of the definition of “Mortgage File” have been received, appear regular on their face
and such additional information as will be necessary for delivering the certifications required by Sections 2.02(a) and
2.02(b) of this Agreement, and such review is in no way intended to, nor shall it be used to, verify the content of any
collateral descriptions included in any data tapes and shall not otherwise directly or indirectly be reflected in any offering
document. Any review of the Mortgage Files by the Custodian and any certification with respect thereto is not intended to, and
shall not be deemed by the parties to this Agreement to, constitute “due diligence services” or a “third party
due diligence report” as such terms are defined in Rule 17g-10 and 15Ga-2, respectively, under the Exchange Act. Any recipient
of the Custodian’s certification or a copy thereof by its receipt thereof is deemed to agree, and each party to this Agreement
hereby agrees, that it shall not share such certification with any NRSRO or any party not addressed on such certification. Notwithstanding
the foregoing, nothing in this Section 2.02(d) shall relieve any party to this Agreement from its obligation to deliver
information to the Rating Agencies as required under and in accordance with the terms of this Agreement.


 


(e)       If,
after the Closing Date, the Depositor comes into possession of any documents or records that constitute part of the Mortgage File
or Servicing File for any Mortgage Loan, the Depositor shall promptly deliver such document to the Custodian with a copy to the
Master Servicer (if it constitutes part of the Servicing File).


 


Section
2.03 Mortgage Loan Sellers’ Repurchase, Substitution or Cures of Mortgage Loans for Document Defects in Mortgage Files
and Breaches of Representations and Warranties.


 


(a)       If
(i) any party hereto (other than the Asset Representations Reviewer) (A) discovers or receives notice alleging that any document
constituting a part of a Mortgage File has not been properly executed, is missing, contains information that does not conform
in any material respect with the corresponding information set forth in the Mortgage Loan Schedule, or does not appear to be regular
on its face (each, a “Document Defect”) or (B) discovers or receives notice alleging a breach of any representation
or warranty of the applicable Mortgage Loan Seller made pursuant to Section 6(c) of the related Mortgage Loan Purchase Agreement
with respect to any Mortgage Loan (a “Breach”) or (ii) the Special Servicer or the Depositor receives a Repurchase
Request, then such Person shall give prompt written notice thereof to the applicable Mortgage Loan Seller, the Controlling Class
Representative (prior to the occurrence and continuance of a Consultation Termination Event), the other parties hereto, any related
Serviced Companion Loan Holder (if applicable) and, for posting to the Rule 17g-5 Information Provider’s Website pursuant
to Section 12.13 of this Agreement, the Rule 17g-5 Information Provider (to the extent notice has not previously been delivered
to such Persons pursuant to this sentence). If any such Document Defect or Breach materially and adversely affects, or any such
Document Defect is deemed in accordance with Section 2.03(b) of this Agreement to materially and adversely affect, the
value of the related Mortgage Loan, the value of the related Mortgaged Property (or any related REO Property) or the interests
of the Trustee or any Certificateholder in the related Mortgage Loan or the related Mortgaged Property (or any related REO Property)
or causes any Mortgage Loan to


 






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fail
to be a Qualified Mortgage, then such Document Defect shall constitute a “Material Document Defect” or such
Breach shall constitute a “Material Breach”, as the case may be. The Enforcing Servicer shall determine, with
respect to any affected Mortgage Loan or REO Mortgage Loan, whether a Document Defect is a Material Document Defect or a Breach
is a Material Breach. If such Document Defect or Breach has been determined to be a Material Defect, then the Enforcing Servicer
shall give prompt written notice to the other parties hereto, the Controlling Class Representative (prior to the occurrence and
continuance of a Consultation Termination Event), and the applicable Mortgage Loan Seller (a) notifying such parties of the existence
of such Material Defect and (b) demanding that the applicable Mortgage Loan Seller (and in the case of the Mortgage Loans sold
to the Depositor by SMF, with simultaneous notice to and demand on SMC, as guarantor of certain of SMF’s obligations under
the SMF Mortgage Loan Purchase Agreement, pursuant to the SMC Guaranty), not later than 90 days from the earlier of the applicable
Mortgage Loan Seller’s (x) discovery of, and (y) receipt of notice of, and receipt of a demand to take action with respect
to, such Material Defect (or, in the case of a Material Defect relating to a Mortgage Loan not being a Qualified Mortgage, not
later than 90 days from any party discovering such Material Defect), cure the same in all material respects (which cure shall
include payment of losses and any Additional Trust Fund Expenses associated therewith (including, if applicable, the amount of
any fees of the Asset Representations Reviewer payable pursuant to the related Mortgage Loan Purchase Agreement attributable to
the Asset Review of such Mortgage Loan)) or, if such Material Defect cannot be cured within such 90 day period, either (before
the end of such 90-day period) (i) repurchase the affected Mortgage Loan or any related REO Property (or the Trust’s interest
therein with respect to any Outside Serviced Mortgage Loan) at the applicable Purchase Price by wire transfer of immediately available
funds to the Collection Account or (ii) substitute a Qualified Substitute Mortgage Loan for such affected Mortgage Loan (provided that in no event shall any such substitution occur on or after the second anniversary of the Closing Date) and pay the Master
Servicer for deposit into the Collection Account, any Substitution Shortfall Amount in connection therewith, all in conformity
with the applicable Mortgage Loan Purchase Agreement and this Agreement; provided, however, that if (i) such Material
Defect is capable of being cured but not within such 90 day period, (ii) such Material Defect is not related to any Mortgage Loan’s
not being a Qualified Mortgage and (iii) the applicable Mortgage Loan Seller has commenced and is diligently proceeding with the
cure of such Material Defect within such 90 day period, then such Mortgage Loan Seller shall have an additional 90 days to complete
such cure or, in the event of a failure to so cure, to complete such repurchase or substitution (it being understood and agreed
that, in connection with such Mortgage Loan Seller’s receiving such additional 90 day period, such Mortgage Loan Seller
shall deliver an Officer’s Certificate to the Trustee, the Special Servicer and the Certificate Administrator setting forth
the reasons such Material Defect is not capable of being cured within the initial 90 day period and what actions such Mortgage
Loan Seller is pursuing in connection with the cure thereof and stating that such Mortgage Loan Seller anticipates that such Material
Defect will be cured within such additional 90 day period); and provided, further, that, if any such Material Defect
is still not cured after the initial 90 day period and any such additional 90 day period solely due to the failure of such Mortgage
Loan Seller to have received the recorded document, then such Mortgage Loan Seller shall be entitled to continue to defer its
cure, repurchase and/or substitution obligations in respect of such Material Defect so long as such Mortgage Loan Seller certifies
to the Trustee, the Special Servicer and the Certificate Administrator every 30 days thereafter that the Material Defect is still
in effect solely because of its failure to have received the recorded document and that such Mortgage Loan Seller is diligently
pursuing the cure of such defect (specifying the actions being taken), except that no such deferral of cure, repurchase or


 






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substitution
may continue beyond the date that is 18 months following the Closing Date. If the affected Mortgage Loan is to be repurchased,
the Master Servicer shall designate the Collection Account as the account to which funds in the amount of the Purchase Price are
to be wired. If the affected Mortgage Loan is to be substituted for, the Master Servicer shall designate the Collection Account
as the account to which funds in the amount of the Substitution Shortfall Amount are to be wired. Any such repurchase or substitution
of a Mortgage Loan shall be on a whole loan, servicing released basis. Monthly Payments due with respect to each Qualified Substitute
Mortgage Loan (if any) after the related Due Date in the month of substitution, and Monthly Payments due with respect to each
Mortgage Loan being repurchased or replaced after the related Cut-Off Date and received by the Master Servicer or the Special
Servicer on behalf of the Trust on or prior to the related date of repurchase or substitution, shall be part of the Trust Fund.
Monthly Payments due with respect to each Qualified Substitute Mortgage Loan (if any) on or prior to the related Due Date in the
month of substitution, and Monthly Payments due with respect to each Mortgage Loan being repurchased or replaced and received
by the Master Servicer or the Special Servicer on behalf of the Trust after the related date of repurchase or substitution, shall
not be part of the Trust Fund and are to be remitted by the Master Servicer to the Mortgage Loan Seller effecting the related
repurchase or substitution promptly following receipt. From and after the date of substitution, each Qualified Substitute Mortgage
Loan, if any, that has been substituted shall be deemed to constitute a “Mortgage Loan” hereunder for all purposes.
No mortgage loan may be substituted for a Defective Mortgage Loan as contemplated by this Section 2.03(a) if the Mortgage
Loan to be replaced was itself a Qualified Substitute Mortgage Loan that had replaced a prior Mortgage Loan, in which case, absent
a cure (including by the making of a Loss of Value Payment pursuant to the following paragraph) of the relevant Material Defect,
the affected Mortgage Loan will be required to be repurchased.


 


Notwithstanding
the foregoing provisions of this Section 2.03(a), in lieu of the related Mortgage Loan Seller performing its obligations
with respect to any Material Defect as set forth in the preceding paragraph, to the extent that such Mortgage Loan Seller and
the Enforcing Servicer (subject to the consent of the Controlling Class Representative so long as no Control Termination Event
has occurred and is continuing and other than with respect to an Excluded Mortgage Loan), are able to agree upon a cash payment
payable by such Mortgage Loan Seller to the Trust that would be deemed sufficient to compensate the Trust for such Material Defect
(a “Loss of Value Payment”), such Mortgage Loan Seller may elect, in its sole discretion, to pay such Loss
of Value Payment to the Trust, and the amount of such Loss of Value Payment shall be deposited into the Loss of Value Reserve
Fund to be applied in accordance with Section 3.06(c) of this Agreement; provided that a Material Defect as a result
of a Mortgage Loan not constituting a Qualified Mortgage may not be cured by a Loss of Value Payment. In connection with the Enforcing
Servicer’s reaching an agreement with a Mortgage Loan Seller as to a Loss of Value Payment, the Master Servicer shall, upon
the Enforcing Servicer’s request, promptly provide the Enforcing Servicer with a copy of the Servicing File for such Mortgage
Loan and any other information relating to such Mortgage Loan and reasonably requested by the Enforcing Servicer. Any agreement
by the Enforcing Servicer with a Mortgage Loan Seller as to any Loss of Value Payment with respect to a Specially Serviced Loan
shall be subject to the consent of the Controlling Class Representative (so long as no Control Termination Event has occurred
and is continuing and other than with respect to an Excluded Mortgage Loan). The Loss of Value Payment shall include the portion
of any Liquidation Fees payable to the Special Servicer in respect of such Loss of Value Payment and the portion of fees of the
Asset Representations Reviewer attributable to any Asset


 






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Review
of such Mortgage Loan. Upon its making a Loss of Value Payment, the related Mortgage Loan Seller shall be deemed to have cured
the subject Material Defect in all respects. Provided that such Loss of Value Payment is made, this paragraph describes the sole
remedy available to the Certificateholders or the Trust regarding any such Material Defect in respect of which such Loss of Value
Payment is accepted, and the related Mortgage Loan Seller shall not be obligated to repurchase or replace the affected Mortgage
Loan or otherwise cure such Material Defect. This paragraph is intended to apply only to a mutual agreement or settlement between
the applicable Mortgage Loan Seller and the Enforcing Servicer, provided that, prior to any such agreement or settlement,
nothing in this paragraph shall preclude the Mortgage Loan Seller or the Enforcing Servicer, as applicable, from exercising any
of its rights related to a Material Defect in the manner and within the time frames set forth in the related Mortgage Loan Purchase
Agreement or this Section 2.03 (excluding this paragraph) (including any right to cure, repurchase or substitute for such
Mortgage Loan).


 


In
the case of a Material Defect with respect to the Mall of Louisiana Mortgage Loan, CREFI shall be responsible for any remedies
under this Agreement and the CREFI Mortgage Loan Purchase Agreement solely in respect of the portion of the Mall of Louisiana
Mortgage Loan evidenced by the CREFI Mall of Louisiana Note as if such promissory note(s) were a separate Mortgage Loan, and BBPLC
shall be responsible for any remedies under this Agreement and the BBPLC Mortgage Loan Purchase Agreement solely in respect of
the portion of the Mall of Louisiana Mortgage Loan evidenced by the BBPLC Mall of Louisiana Note as if such promissory note(s)
were a separate Mortgage Loan. In the case of a Material Defect with respect to the Starwood Capital Group Hotel Portfolio Mortgage
Loan, SMF shall be responsible for any remedies under this Agreement and the SMF Mortgage Loan Purchase Agreement solely in respect
of the portion of the Starwood Capital Group Hotel Portfolio Mortgage Loan evidenced by the SMF Starwood Capital Group Hotel Portfolio
Note as if such promissory note(s) were a separate Mortgage Loan, and BBPLC shall be responsible for any remedies under this Agreement
and the BBPLC Mortgage Loan Purchase Agreement solely in respect of the portion of the Starwood Capital Group Hotel Portfolio
Mortgage Loan evidenced by the BBPLC Starwood Capital Group Hotel Portfolio Note as if such promissory note(s) were a separate
Mortgage Loan.


 


If
(x) a Mortgage Loan is to be repurchased or replaced as described above (a “Defective Mortgage Loan”), (y)
such Defective Mortgage Loan is part of a Cross-Collateralized Group and (z) the applicable Document Defect or Breach does not
constitute a Material Defect as to the other Mortgage Loan(s) that are a part of such Cross-Collateralized Group (the “Other
Crossed Loans”) (without regard to this paragraph), then the applicable Document Defect or Breach (as the case may be)
shall be deemed to constitute a Material Defect as to each such Other Crossed Loan for purposes of the above provisions, and the
related Mortgage Loan Seller shall be obligated to repurchase or replace each such Other Crossed Loan in accordance with the provisions
above unless, in the case of such Breach or Document Defect, as applicable:


 


(A)    the
related Mortgage Loan Seller (at its expense) delivers or causes to be delivered to the Trustee, the Master Servicer and the Special
Servicer an Opinion of Counsel to the effect that such Mortgage Loan Seller’s repurchase or replacement of only the Mortgage
Loan(s) as to which a Material Defect has actually occurred without regard to the provisions of this paragraph (the “Affected
Loan(s)”) and the operation of the remaining provisions of this Section 2.03(a) (i)


 






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will
not cause either Trust REMIC to fail to qualify as a REMIC or cause the Grantor Trust to fail to qualify as a grantor trust under
subpart E, part I of subchapter J of the Code for federal income tax purposes at any time that any Certificate is outstanding
and (ii) will not 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); and


 


(B)    each
of the following conditions would be satisfied if the related Mortgage Loan Seller were to repurchase or replace only the Affected
Loans and not the Other Crossed Loans:


 


(1)       the
debt service coverage ratio for such Other Crossed Loan(s) (excluding the Affected Loan(s)) for the four calendar quarters immediately
preceding the repurchase or replacement is not less than the lesser of (A) 0.10x below the debt service coverage ratio for the
Cross-Collateralized Group (including the Affected Loan(s)) set forth in Annex A to the Prospectus and (B) the debt service
coverage ratio for the Cross-Collateralized Group (including the Affected Loan(s)) for the four preceding calendar quarters preceding
the repurchase or replacement;


 


(2)       the
loan-to-value ratio for the Other Crossed Loans (excluding the Affected Loan(s)) is not greater than the greatest of (A) the loan-to-value
ratio, expressed as a whole number percentage (taken to one decimal place), for the Cross-Collateralized Group (including the
Affected Loan(s)) set forth in Annex A to the Prospectus plus 10%, (B) the loan-to-value ratio, expressed as a whole
number percentage (taken to one decimal place), for the Cross-Collateralized Group (including the Affected Loan(s)) at the time
of repurchase or replacement and (C) 75%; and


 


(3)       either
(x) the exercise of remedies against the Primary Collateral of any Mortgage Loan in the Cross-Collateralized Group will not impair
the ability to exercise remedies against the Primary Collateral of the other Mortgage Loans in the Cross-Collateralized Group
or (y) the Loan Documents evidencing and securing the relevant Mortgage Loans have been modified in a manner that complies with
the related Mortgage Loan Purchase Agreement and this Agreement and that removes any threat of impairment of the ability to exercise
remedies against the Primary Collateral of the other Mortgage Loans in the Cross-Collateralized Group as a result of the exercise
of remedies against the Primary Collateral of any Mortgage Loan in the Cross-Collateralized Group.


 


The
determination of the Enforcing Servicer as to whether the conditions set forth above have been satisfied shall be conclusive and
binding in the absence of manifest error on the Certificateholders, other parties to this Agreement and the related Mortgage Loan
Seller. The Enforcing Servicer will be entitled to cause to be delivered, or direct the related Mortgage Loan Seller to cause
to be delivered, to the Enforcing Servicer an Appraisal of any or all of the related


 






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Mortgaged
Properties for purposes of determining whether the condition set forth in clause (B)(2) above has been satisfied, in each
case at the expense of the related Mortgage Loan Seller if the scope and cost of the Appraisal is approved by the related Mortgage
Loan Seller and, prior to the occurrence and continuance of a Control Termination Event, the Controlling Class Representative
(such approval not to be unreasonably withheld in each case).


 


With
respect to any Defective Mortgage Loan that forms a part of a Cross-Collateralized Group and as to which the conditions described
in the second preceding paragraph are satisfied, such that the Trust Fund will continue to hold the Other Crossed Loans, the related
Mortgage Loan Seller and the Trustee, as successor to the Depositor, are bound by an agreement (set forth in the related Mortgage
Loan Purchase Agreement) to forbear from enforcing any remedies against the other’s Primary Collateral but each is permitted
to exercise remedies against the Primary Collateral securing its respective Mortgage Loans, including with respect to the Trustee,
the Primary Collateral securing the Affected Loan(s) still held by the Trust Fund. If the exercise of remedies by one such party
would impair the ability of the other such party to exercise its remedies with respect to the Primary Collateral securing the
Affected Loan or the Other Crossed Loans, as the case may be, held by the other such party, then both parties have agreed to forbear
from exercising such remedies unless and until the Loan Documents evidencing and securing the relevant Mortgage Loans can be modified
in a manner that complies with the related Mortgage Loan Purchase Agreement to remove the threat of impairment as a result of
the exercise of remedies. Any reserve or other cash collateral or letters of credit securing any of the Mortgage Loans that form
a Cross-Collateralized Group shall be allocated between such Mortgage Loans in accordance with the related Loan Documents, or
otherwise on a pro rata basis based upon their outstanding Stated Principal Balances. All other terms of the related Mortgage
Loans shall remain in full force and effect, without any modification thereof. The provisions of this paragraph shall be binding
on all future holders of each Mortgage Loan that forms part of a Cross-Collateralized Group.


 


Pursuant
to each Mortgage Loan Purchase Agreement, if there is a Material Defect with respect to one or more Mortgaged Properties securing
a Mortgage Loan, the related Mortgage Loan Seller shall not be obligated to repurchase the Mortgage Loan (or (1) in the case of
the Mall of Louisiana Mortgage Loan, with respect to CREFI, the applicable portion of the Mall of Louisiana Mortgage Loan evidenced
by the CREFI Mall of Louisiana Note, and with respect to BBPLC, the applicable portion of the Mall of Louisiana Mortgage Loan
evidenced by the BBPLC Mall of Louisiana Note or (2) in the case of the Starwood Capital Group Hotel Portfolio Mortgage Loan,
with respect to SMF, the applicable portion of the Starwood Capital Group Hotel Portfolio Mortgage Loan evidenced by the SMF Starwood
Capital Group Hotel Portfolio Note, and with respect to BBPLC, the applicable portion of the Starwood Capital Group Hotel Portfolio
Mortgage Loan evidenced by the BBPLC Starwood Capital Group Hotel Portfolio Note) if (i) the affected Mortgaged Property(ies)
may be released pursuant to the terms of any partial release provisions in the related Loan documents (and such Mortgaged Property(ies)
is, in fact, released), (ii) the remaining Mortgaged Property(ies) satisfy the requirements, if any, set forth in the related
Loan Documents and the related Mortgage Loan Seller provides an opinion of counsel to the effect that such release would not (A)
cause any Trust REMIC to fail to qualify as a REMIC or (B) result in the imposition of a tax upon any Trust REMIC or the Trust
and (iii) each Rating Agency has provided a Rating Agency Confirmation.


 






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To
the extent necessary and appropriate, the Master Servicer or Special Servicer, as applicable, shall execute (pursuant to a limited
power of attorney provided by the Trustee that enables the Master Servicer or Special Servicer, as applicable, to execute) the
modification of the Loan Documents that complies with the applicable Mortgage Loan Purchase Agreement to remove the threat of
impairment of the ability of the Mortgage Loan Seller or the Trust Fund to exercise its remedies with respect to the Primary Collateral
securing the Mortgage Loan(s) held by such party resulting from the exercise of remedies by the other such party; provided that the Trustee shall not be liable for any misuse of any such power of attorney by the Master Servicer or Special Servicer,
as applicable, or any of its agents or subcontractors. The Master Servicer shall advance all costs and expenses incurred by the
Trustee, the Special Servicer and the Master Servicer with respect to any Cross-Collateralized Group pursuant to this paragraph
and the first, second and third preceding paragraphs, and such advances and interest thereon shall (i) constitute and be reimbursable
as Property Advances and (ii) be included in the calculation of Purchase Price for the Affected Loan(s) to be repurchased or replaced.
Neither the Master Servicer nor the Special Servicer shall be liable to any Certificateholder or any other party hereto if a modification
of the Loan Documents described above cannot be effected for any reason beyond the control of the Master Servicer or the Special
Servicer or should not be effected as determined by the Master Servicer or Special Servicer, as applicable, in accordance with
the Servicing Standard.


 


If
the Master Servicer, the Special Servicer or the Depositor receives a Repurchase Communication of a withdrawal of a Repurchase
Request of which notice has been previously received or given and which withdrawal is by the Person making such Repurchase Request
(a “Repurchase Request Withdrawal”), such party shall give written notice of such Repurchase Request Withdrawal
to the applicable Mortgage Loan Seller, the other parties hereto, the Controlling Class Representative (prior to the occurrence
and continuance of a Consultation Termination Event), any Serviced Companion Loan Holder (if applicable) and, for posting to the
Rule 17g-5 Information Provider’s Website pursuant to Section 12.13 of this Agreement, the Rule 17g-5 Information
Provider (to the extent notice has not previously been delivered to such Persons pursuant to this sentence). If the Master Servicer
or the Special Servicer receives a Repurchase Communication that any Mortgage Loan that was subject of a Repurchase Request has
been repurchased or replaced (a “Repurchase”), or that such Repurchase Request has been rejected (a “Repurchase
Request Rejection”), then the Master Servicer or the Special Servicer, as applicable, shall (in accordance with the
following paragraph) give written notice of such Repurchase or Repurchase Request Rejection to the other such party, the Depositor,
the applicable Mortgage Loan Seller (unless it is the entity that has repurchased or replaced the subject Mortgage Loan or rejected
such Repurchase Request), and the Certificate Administrator (in each case unless the proposed recipient is the party that notified
the Master Servicer or the Special Servicer, as applicable, thereof).


 


Each
notice of a Repurchase Request, Repurchase Request Withdrawal, Repurchase or Repurchase Request Rejection required to be given
by a party pursuant to this Section 2.03(a) (each, a “Rule 15Ga-1 Notice”) shall be given no later than
ten (10) Business Days after receipt of a Repurchase Communication of such Repurchase Request, Repurchase Request Withdrawal,
Repurchase or Repurchase Request Rejection, as applicable, and shall include (i) the identity of the related Mortgage Loan and
the Person making the Repurchase Request, (ii) the date that the Repurchase Communication regarding the Repurchase Request, Repurchase
Request Withdrawal, Repurchase or Repurchase Request Rejection was received, as applicable, (iii) if


 






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known,
the basis for the Repurchase Request (as asserted in the Repurchase Request) and (iv) in the case of Rule 15Ga-1 Notices provided
by the Special Servicer with respect to a Repurchase Request, a statement as to whether the Special Servicer currently plans to
pursue such Repurchase Request.


 


If
the Trustee, the Master Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer or
the Custodian receives a Repurchase Communication of a Repurchase Request, a Repurchase Request Withdrawal, a Repurchase or a
Repurchase Request Rejection, then such party shall promptly forward such Repurchase Communication of such Repurchase Request,
Repurchase Request Withdrawal, Repurchase or Repurchase Request Rejection to the Special Servicer and, prior to the occurrence
and continuance of a Consultation Termination Event, the Controlling Class Representative, and include the following statement
in the related correspondence: “This is a Repurchase Communication regarding [a “Repurchase Request”] [a “Repurchase
Request Withdrawal”] [a “Repurchase”] [a “Repurchase Request Rejection”] under Section 2.03(a) of
the Pooling and Servicing Agreement relating to the Citigroup Commercial Mortgage Trust 2017-P8, Commercial Mortgage Pass-Through
Certificates, Series 2017-P8, requiring action by you as the recipient of such [Repurchase Request] [Repurchase Request Withdrawal]
[Repurchase] [Repurchase Request Rejection] thereunder”. Upon receipt of any Repurchase Communication of a Repurchase Request,
Repurchase Request Withdrawal, Repurchase or Repurchase Request Rejection by the Special Servicer pursuant to the foregoing provisions
of this paragraph, the Special Servicer shall be deemed to be the recipient of such Repurchase Communication of such Repurchase
Request, Repurchase Request Withdrawal, Repurchase or Repurchase Request Rejection, and the Special Servicer shall comply with
the notice procedures set forth in the preceding paragraphs of this Section 2.03(a) with respect to such Repurchase Communication
of such Repurchase Request, Repurchase Request Withdrawal, Repurchase or Repurchase Request Rejection.


 


No
Person that is required to provide a Rule 15Ga-1 Notice pursuant to this Section 2.03(a) (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. Each Mortgage Loan Purchase Agreement will provide that (i) any Rule 15Ga-1 Notice provided
pursuant to this Section 2.03(a) is so provided only to assist the related Mortgage Loan Seller, the Depositor and their
respective Affiliates to comply with Rule 15Ga-1, 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(a) by a Rule 15Ga-1 Notice Provider in a Rule 15Ga-1 Notice 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 related Mortgage Loan Purchase
Agreement, including with respect to any Repurchase Request that is the subject of a Rule 15Ga-1 Notice.


 


On
or before the Closing Date, the Depositor shall deliver to the Master Servicer a copy of each Mortgage Loan Purchase Agreement
and the SMC Guaranty, which the Master Servicer shall provide to each Sub-Servicer.


 


(b)       Subject
to the applicable Mortgage Loan Seller’s right to cure as contemplated in this Section 2.03, and further subject
to Section 2.01(b) and Section 2.01(c) of this Agreement, failure of such Mortgage Loan Seller to deliver the documents
referred to in


 






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clauses
(1), (2), (7), (8), (18) and (19) in the definition of “Mortgage File” in accordance with this Agreement and the applicable
Mortgage Loan Purchase Agreement for any Mortgage Loan shall be deemed a Material Document Defect; provided, however,
that no Document Defect (except a deemed Material Document Defect described above) shall be considered to be a Material Document
Defect unless the document with respect to which the Document Defect exists is required in connection with an imminent enforcement
of the lender’s rights or remedies under the related Mortgage Loan, defending any claim asserted by any Mortgagor or third
party with respect to the Mortgage Loan, establishing the validity or priority of any lien on any collateral securing the Mortgage
Loan or for any immediate significant servicing obligation.


 


(c)       In
connection with any repurchase of, or substitution of a Qualified Substitute Mortgage Loan for, a Mortgage Loan pursuant to this
Section 2.03, the Trustee, the Certificate Administrator, the Custodian, the Master Servicer and the Special Servicer shall
each tender to the applicable repurchasing entity, upon delivery to each of them of a receipt executed by the applicable repurchasing
entity evidencing such repurchase or substitution, all portions of the Mortgage File and other documents (including, without limitation,
the Servicing File), and all Escrow Payments and reserve funds, pertaining to such Mortgage Loan possessed by it, and each document
that constitutes a part of the Mortgage File shall be endorsed or assigned to the extent necessary or appropriate to the applicable
Mortgage Loan Seller or its designee in the same manner, but only if the respective documents have been previously assigned or
endorsed to the Trustee, and pursuant to appropriate forms of assignment, substantially similar to the manner and forms pursuant
to which such documents were previously assigned to the Trustee or as otherwise reasonably requested to effect the retransfer
and reconveyance of the Mortgage Loan and the security thereof to the Mortgage Loan Seller or its designee; provided that
such tender by the Trustee, the Certificate Administrator and/or and the Custodian shall be conditioned upon its receipt from
the Master Servicer of a Request for Release and an Officer’s Certificate to the effect that the requirements for repurchase
or substitution have been satisfied. The Master Servicer shall, and is hereby authorized and empowered by the Trustee to, prepare,
execute and deliver in its own name, on behalf of the Certificateholders and the Trustee or any of them, the endorsements and
assignments contemplated by this Section 2.03(c), and such other instruments as may be necessary or appropriate to transfer
title to an REO Property (including with respect to an Outside Serviced Mortgage Loan) in connection with the repurchase of, or
substitution for, an REO Mortgage Loan and the Trustee shall execute and deliver any powers of attorney necessary to permit the
Master Servicer to do so; provided, however, that the Trustee shall not be held liable for any misuse of any such
power of attorney by the Master Servicer or any of its agents or subcontractors. The parties to this Agreement acknowledge that
the related Mortgage Loan Purchase Agreement provides that in the event a Qualified Substitute Mortgage Loan is substituted for
a Defective Mortgage Loan by the related Mortgage Loan Seller as contemplated by this Section 2.03, the related Mortgage
Loan Seller will be required to deliver to the Custodian the related Mortgage File and to the Master Servicer all Escrow Payments
and reserve funds pertaining to such Qualified Substitute Mortgage Loan possessed by it and a certification to the effect that
such Qualified Substitute Mortgage Loan satisfies all of the requirements of the definition of “Qualified Substitute Mortgage
Loan” in this Agreement.


 


The
parties to this Agreement acknowledge that the related Mortgage Loan Purchase Agreement provides that if any Mortgage Loan is
to be repurchased or replaced as contemplated by this Section 2.03, the related Mortgage Loan Seller will be required to
amend the


 






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Mortgage
Loan Schedule (as such term is defined in the related Mortgage Loan Purchase Agreement) to reflect the removal of any deleted
Mortgage Loan and, if applicable, the substitution of the related Qualified Substitute Mortgage Loan(s) and deliver or cause the
delivery of such amended Mortgage Loan Schedule (as such term is defined in the related Mortgage Loan Purchase Agreement) to the
parties to this Agreement. Upon any substitution of a Qualified Substitute Mortgage Loan for a deleted Mortgage Loan, such Qualified
Substitute Mortgage Loan shall become part of the Trust Fund and be subject to the terms of this Agreement in all respects.


 


(d)       The
related Mortgage Loan Purchase Agreement and, if applicable, the SMC Guaranty provide the sole remedies available to the Certificateholders,
or the Trustee on behalf of the Certificateholders, respecting any Document Defect or Breach with respect to any Mortgage Loan.
For purposes of this Agreement, the purchase, replacement or payment of any Loss of Value Payment by SMC, on behalf of SMF, of
or with respect to any Mortgage Loan for which SMF is the related Mortgage Loan Seller shall be deemed a purchase, replacement
or payment of Loss of Value Payment, as applicable, by SMF.


 


(e)       [Reserved].


 


(f)       (i)
In the event an Initial Requesting Certificateholder delivers a written request to a party to this Agreement that a Mortgage Loan
be repurchased by the applicable Mortgage Loan Seller alleging the existence of a Material Defect with respect to such Mortgage
Loan and setting forth the basis for such allegation (a “Certificateholder Repurchase Request”), such party
shall promptly forward that Certificateholder Repurchase Request to the Enforcing Servicer, and the Enforcing Servicer shall promptly
forward that Certificateholder Repurchase Request to the applicable Mortgage Loan Seller and each other party to this Agreement.


 


(ii)       In
the event that any of the Depositor, the Master Servicer, the Special Servicer, the Trustee, the Certificate Administrator or
the Operating Advisor (solely in its capacity as operating advisor) determines that a Mortgage Loan should be repurchased or replaced
due to a Material Defect, or has knowledge of a Material Defect with respect to a Mortgage Loan, then such party shall deliver
prompt written notice of such Material Defect to the Enforcing Servicer identifying the applicable Mortgage Loan and setting forth
the basis for such allegation (a “PSA Party Repurchase Request”). Notwithstanding anything to the contrary
in the first sentence of this clause (ii) or any other provision of this Agreement, the Trustee may, but is not obligated
to, make a determination that a Mortgage Loan should be repurchased or replaced due to a Material Defect. The Enforcing Servicer
shall promptly forward such PSA Party Repurchase Request to the applicable Mortgage Loan Seller and each other party to this Agreement.
Subject to subsections (g), (h), (i), (j) and (k) of this Section 2.03, the Enforcing Servicer shall act as the Enforcing
Party and enforce the rights of the Trust against the related Mortgage Loan Seller with respect to each Repurchase Request. The
Enforcing Servicer shall enforce the obligations of the Mortgage Loan Sellers under the Mortgage Loan Purchase Agreements (including,
without limitation, obligations resulting from a Material Defect) pursuant to the terms of this Agreement and the Mortgage Loan
Purchase Agreements. Subject to the provisions of the applicable Mortgage Loan Purchase Agreement and this Agreement, such enforcement,
including, without limitation, the legal prosecution of claims, if any, shall be carried out in such form, to such extent and
at such time as the Enforcing Servicer would require were it,


 






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in
its individual capacity, the owner of the affected Mortgage Loan, and in accordance with the Servicing Standard. Any costs incurred
by the Enforcing Servicer with respect to the enforcement of the obligations of a Mortgage Loan Seller under the applicable Mortgage
Loan Purchase Agreement shall be deemed to be Property Advances, to the extent not recovered from the Mortgage Loan Seller or
the applicable Requesting Certificateholder and/or Consultation Requesting Certificateholder.


 


(iii)       In
the event the Repurchase Request is not Resolved within 180 days after the Mortgage Loan Seller receives the Repurchase Request
(a “Resolution Failure”), then the provisions described in Section 2.03(g) below shall apply. Receipt
of the Repurchase Request shall be deemed to occur two (2) Business Days after the Repurchase Request is sent to the related Mortgage
Loan Seller in a commercially reasonable manner. The fact that a Repurchase Request has been Resolved pursuant to clause (vi)
of the definition of “Resolved” shall not preclude the Enforcing Servicer from exercising any of its rights related
to a Material Defect in the manner and timing otherwise set forth in this Agreement, in the related Mortgage Loan Purchase Agreement
or as provided by law.


 


(g)       (i)
After a Resolution Failure occurs with respect to a Repurchase Request regarding a Mortgage Loan (whether the Repurchase Request
was initiated by an Initial Requesting Certificateholder or by a party to this Agreement), the Enforcing Servicer shall send a
notice (a “Proposed Course of Action Notice”) to the Initial Requesting Certificateholder, if any, to the address
specified in the Initial Requesting Certificateholder’s Repurchase Request, and to the Certificate Administrator who shall
make such notice available to all other Certificateholders and Certificate Owners by posting such notice on the Certificate Administrator’s
Website indicating the Enforcing Servicer’s intended course of action with respect to the Repurchase Request. If (a) the
Enforcing Servicer’s intended course of action with respect to the Repurchase Request does not involve pursuing further
action to exercise rights against the applicable Mortgage Loan Seller with respect to the Repurchase Request, or (b) the Enforcing
Servicer’s intended course of action is to pursue further action to exercise rights against the related Mortgage Loan Seller
with respect to the Repurchase Request but a Requesting Certificateholder does not agree with the course of action selected by
the Enforcing Servicer and, in the case of clause (a) or (b), a Requesting Certificateholder wishes to exercise its right to refer
the matter to mediation (including non-binding arbitration) or arbitration, if any, then a Requesting Certificateholder may deliver
to the Enforcing Servicer a written notice (a “Preliminary Dispute Resolution Election Notice”) within 30 days
from the date the Proposed Course of Action Notice was posted on the Certificate Administrator’s Website (the 30th day following
the date of posting, the “Dispute Resolution Cut-off Date”) indicating its intent to exercise its right to
refer the matter to either mediation (including non-binding arbitration) or arbitration. In addition, any Certificateholder or
Certificate Owner may deliver, prior to the Dispute Resolution Cut-off Date, a written notice (a “Consultation Election
Notice”) requesting the right to participate in any Dispute Resolution Consultation (as defined in clause (iii)
below) that is conducted by the Enforcing Servicer following the Enforcing Servicer’s receipt of a Preliminary Dispute Resolution
Election Notice as provided in clause (iii) below.


 


(ii)       If
no Requesting Certificateholder delivers a Preliminary Dispute Resolution Election Notice prior to the Dispute Resolution Cut-off
Date, then no Certificateholder or Certificate Owner shall have the right to refer the Repurchase Request to mediation or


 






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arbitration,
and the Enforcing Servicer shall be the sole party obligated and entitled to determine a course of action, including, but not
limited to, enforcing the Trust’s rights against the related Mortgage Loan Seller, subject to any consent or consultation
rights of the Directing Holder pursuant to Section 6.09.


 


(iii)       Promptly
and in any event within ten (10) Business Days following receipt of a Preliminary Dispute Resolution Election Notice from a Requesting
Certificateholder, the Enforcing Servicer shall consult with each Requesting Certificateholder regarding such Requesting Certificateholder’s
intention to elect either mediation (including non-binding arbitration) or arbitration as the dispute resolution method with respect
to the Repurchase Request, and with any Consultation Requesting Certificateholder (the “Dispute Resolution Consultation”)
so that such Requesting Certificateholder and such Consultation Requesting Certificateholder may consider the views of the Enforcing
Servicer as to the claims underlying the Repurchase Request and possible dispute resolution methods, such discussions to occur
and be completed no later than ten (10) Business Days following the Dispute Resolution Cut-off Date. The Enforcing Servicer shall
be entitled to establish procedures the Enforcing Servicer deems to be in accordance with the Servicing Standard relating to the
timing and extent of such consultations. No later than five (5) Business Days after completion of the Dispute Resolution Consultation,
a Requesting Certificateholder or a Consultation Requesting Certificateholder may provide a final notice to the Enforcing Servicer
indicating its decision to exercise its right to refer the matter to either mediation or arbitration (“Final Dispute
Resolution Election Notice”).


 


(iv)       If,
following the Dispute Resolution Consultation, no Requesting Certificateholder or Consultation Requesting Certificateholder timely
delivers a Final Dispute Resolution Election Notice to the Enforcing Servicer, then no Certificateholder or Certificate Owner
shall have any further right to refer the Repurchase Request to mediation or arbitration, and the Enforcing Servicer shall be
the sole party obligated and entitled to determine a course of action including, but not limited to, enforcing the Trust’s
rights against the related Mortgage Loan Seller, subject to any consent or consultation rights of the Directing Holder.


 


(v)       If
a Requesting Certificateholder or Consultation Requesting Certificateholder timely delivers a Final Dispute Resolution Election
Notice to the Enforcing Servicer, then such Requesting Certificateholder or Consultation Requesting Certificateholder shall become
the Enforcing Party and must promptly submit the matter to mediation (including non-binding arbitration) or arbitration. If more
than one Requesting Certificateholder or Consultation Requesting Certificateholder timely deliver a Final Dispute Resolution Election
Notice, then such Requesting Certificateholders and/or Consultation Requesting Certificateholders shall collectively become the
Enforcing Party, and the holder or holders of a majority of the Voting Rights among such Requesting Certificateholders and/or
Consultation Requesting Certificateholders shall be entitled to make all decisions relating to such mediation or arbitration (including
whether to refer the matter to mediation (including non-binding arbitration) or arbitration). If, however, no Requesting Certificateholder
or Consultation Requesting Certificateholder commences arbitration or mediation pursuant to the terms of this Agreement within
thirty (30) days after delivery of its Final Dispute Resolution Election Notice to the Enforcing Servicer,


 






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then
(i) the rights of any Requesting Certificateholder or Consultation Requesting Certificateholder to act as the Enforcing Party
shall terminate and no Certificateholder or Certificate Owner shall have any further right to elect to refer the matter to mediation
or arbitration, (ii) if the Proposed Course of Action Notice indicated that the Enforcing Servicer will take no further action
with respect to the Repurchase Request, then the related Material Defect shall be deemed waived for all purposes under this Agreement
and the related Mortgage Loan Purchase Agreement, provided, however, that such Material Defect will not be deemed waived
with respect to the Enforcing Servicer to the extent there is a material change from the facts and circumstances known to it at
the time when the Proposed Course of Action Notice was delivered by the Enforcing Servicer, and (iii) if the Proposed Course of
Action Notice had indicated a course of action other than the course of action under clause (ii), then the Enforcing Servicer
shall be the sole party obligated and entitled to determine a course of action including, but not limited to, enforcing the Trust’s
rights against the related Mortgage Loan Seller.


 


(vi)      Notwithstanding
the foregoing, the dispute resolution provisions described above under this Section 2.03(g) shall not apply, and the Enforcing
Servicer shall be the sole party entitled to enforce the Trust’s rights against the related Mortgage Loan Seller, if the
Enforcing Servicer has commenced litigation with respect to the Repurchase Request, or determines in accordance with the Servicing
Standard that it is in the best interest of Certificateholders to commence litigation with respect to the Repurchase Request to
avoid the running of any applicable statute of limitations.


 


(vii)     In
the event a Requesting Certificateholder or Consultation Requesting Certificateholder becomes the Enforcing Party, the Enforcing
Servicer, on behalf of the Trust, shall remain a party to any proceedings against the related Mortgage Loan Seller as further
described herein.


 


(viii)    For
the avoidance of doubt, none of the Depositor, any Mortgage Loan Seller nor any of their respective affiliates shall be entitled
to be a Requesting Certificateholder or Consultation Requesting Certificateholder.


 


(ix)      The
Requesting Certificateholders or Consultation Requesting Certificateholders are entitled to elect either mediation or arbitration
with respect to a Repurchase Request in their sole discretion; provided, however, no Requesting Certificateholder or Consultation
Requesting Certificateholder shall be entitled to then utilize the alternative method in the event that the initial method is
unsuccessful, and no other Certificateholder or Certificate Owner shall be entitled to elect either arbitration or mediation in
the event a mediation or arbitration is undertaken with respect to such Repurchase Request.


 


(h)       If
the Enforcing Party selects mediation (including non-binding arbitration), the following provisions shall apply:


 


(i)       The
mediation shall be administered by a nationally recognized mediation organization selected by the applicable Mortgage Loan Seller
within 30 days of receipt of written notice of the Enforcing Party’s selection of mediation (such provider, the


 






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“Mediation
Services Provider”) in accordance with published mediation procedures (the “Mediation Rules”) promulgated
by the Mediation Services Provider.


 


(ii)       The
mediator shall be impartial, an attorney admitted to practice in the State of New York and have at least fifteen (15) years of
experience in commercial litigation, and if possible, commercial real estate finance or commercial mortgage-backed securitization
matters and who will be appointed from a list of neutrals maintained by the Mediation Services Provider. Upon being supplied a
list of at least ten potential qualified mediators by the Mediation Services Provider each party will have the right to exercise
two peremptory challenges within fourteen (14) days and to rank the remaining potential mediators in order of preference. The
Mediation Services Provider shall select the mediator from the remaining attorneys on the list respecting the preference choices
of the parties to the extent possible.


 


(iii)       Prior
to accepting an appointment, the mediator must promptly disclose any circumstances likely to create a reasonable inference of
bias or conflict of interest or likely to preclude completion of the hearings within the prescribed time schedule.


 


(iv)      The
parties shall use commercially reasonable efforts to conduct an organizational conference to begin the mediation within 10 Business
Days of the selection of the mediator and to conclude the mediation within 60 days thereafter.


 


(v)       The
expenses of any mediation shall be allocated among the parties to the mediation including, if applicable, between the Enforcing
Party and the Enforcing Servicer, as mutually agreed by the parties as part of the mediation (any such expenses allocated to the
Enforcing Servicer shall be reimbursed as provided in clause (vi) below).


 


(vi)      Out-of-pocket
costs and expenses of the Enforcing Servicer for mediation or arbitration, to the extent not agreed to be paid by the Enforcing
Party or another party (in the case of mediation) or allocated to the Enforcing Party or another party (in the case of arbitration),
shall be reimbursable as expenses of the Trust Fund payable out of the Collection Account pursuant to Section 3.06(a) of
this Agreement.


 


(i)        If
the Enforcing Party selects third-party arbitration, the following provisions will apply:


 


(i)        The
arbitration shall be administered by a nationally recognized arbitration organization selected by the related Mortgage Loan Seller
within 30 days of receipt of written notice of the Enforcing Party’s selection of third-party arbitration (such provider,
the “Arbitration Services Provider”) in accordance with published arbitration procedures (the “Arbitration
Rules”) promulgated by the Arbitration Services Provider.


 


(ii)       The
arbitrator shall be impartial, an attorney admitted to practice in the State of New York and have at least 15 years of experience
in commercial litigation, and if possible, commercial real estate finance or commercial mortgage-backed securitization matters
and who will be appointed from a list of neutrals maintained by the Arbitration Services Provider. Upon being supplied a list
of at least ten potential arbitrators by the Arbitration Services Provider each party will have the right to exercise two peremptory


 


 



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challenges
within 14 days and to rank the remaining potential arbitrators in order of preference. The Arbitration Services Provider will
select the arbitrator from the remaining attorneys on the list respecting the preference choices of the parties to the extent
possible.


 


(iii)      Prior
to accepting an appointment, the arbitrator must promptly disclose any circumstances likely to create a reasonable inference of
bias or conflict of interest or likely to preclude completion of the hearings within the prescribed time schedule.


 


(iv)      After
consulting with the parties at an organizational conference held not later than 10 Business Days after its appointment, the arbitrator
shall devise procedures and deadlines for the arbitration, to the extent not already agreed to by the parties, with the goal of
expediting the proceeding and completing the arbitration within 120 days. The arbitrator shall have the authority to schedule,
hear, and determine any and all motions, including dispositive and discovery motions, in accordance with the Federal Rules of
Civil Procedure for non-jury matters (the “Rules”) (including summary judgment and other prehearing and post
hearing motions), and will do so by reasoned decision on the motion of any party to the arbitration.


 


(v)       Notwithstanding
whatever other discovery may be available under the Rules, unless otherwise agreed by the parties, each party to the arbitration
will be presumptively limited to the following discovery in the arbitration: (A) the parties shall reasonably and in good faith
voluntarily produce to all other parties all documents upon which they intend to rely and all documents they reasonably and in
good faith believe to be relevant to the claims or defenses asserted by any of the parties, (B) party witness depositions (excluding
Rule 30b-6 witnesses), and (C) expert witness depositions, provided that the arbitrator shall have the ability to grant
the parties, or either of them, additional discovery to the extent that the arbitrator determines good cause is shown that such
additional discovery is reasonable and necessary.


 


(vi)      The
arbitrator shall make its final determination no later than 30 days after the conclusion of the hearings and submission of any
post-hearing submissions. The arbitrator shall resolve the dispute in accordance with the terms of the related Mortgage Loan Purchase
Agreement and this Agreement, and may not modify or change those agreements in any way or award remedies not consistent with those
agreements. The arbitrator will not have the power to award punitive damages or consequential damages in any arbitration conducted
by them. Interest on any monetary award shall bear interest from the date of the Final Dispute Resolution Election Notice at the
Prime Rate. In its final determination, the arbitrator shall determine and award the costs of the arbitration (including the fees
of the arbitrator, cost of any record or transcript of the arbitration, and administrative fees) and shall award reasonable attorneys’
fees to the parties to the arbitration as determined by the arbitrator in its reasonable discretion. The determination of the
arbitrator shall be by a reasoned decision in writing and counterpart copies will be promptly delivered to the parties. The final
determination of the arbitrator shall be final and non-appealable, except for actions to confirm or vacate the determination permitted
under federal or state law, and may be enforced in any court of competent jurisdiction.


 






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(vii)     By
selecting arbitration, the Enforcing Party is waiving its right to sue in court, including the right to a trial by jury.


 


(viii)    No
person may bring a putative or certified class action to arbitration.


 


(j)        The
following provisions will apply to both mediation and third-party arbitration:


 


(i)        Any
mediation or arbitration will be held in New York, New York unless another location is agreed by all parties;


 


(ii)       If
the dispute involves a matter that cannot effectively be remedied by the payment of damages, or if there be any dispute relating
to arbitration or the arbitrators that cannot be resolved promptly by the arbitrators or the Arbitration Services Provider, then
any party in such instance may during the pendency of the arbitration proceedings seek temporary equitable remedies, pending the
final decision of the arbitration panel, solely by application in the Southern District of New York if such court shall have subject
matter jurisdiction, or if the Southern District of New York has no jurisdiction, then the Supreme Court of the State of New York
for the County of New York. The arbitration proceedings shall not be stayed unless so ordered by the court.


 


(iii)      The
details and/or existence of any Repurchase Request, any informal meetings, mediations or arbitration proceedings conducted under
this Section 2.03, including all offers, promises, conduct and statements, whether oral or written, made in the course
of the parties’ attempt to informally resolve any Repurchase Request, will be confidential, privileged and inadmissible
for any purpose, including impeachment, in any mediation, arbitration or litigation, or other proceeding (including any proceeding
under this Section 2.03). Such information will be kept strictly confidential and shall not be disclosed or shared with
any third party (other than a party’s attorneys, experts, accountants and other agents and representatives, as reasonably
required in connection with any resolution procedure under this Section 2.03), except as otherwise required by law, regulatory
requirement or court order. If any party to a resolution procedure receives a subpoena or other request for information from a
third party (other than a governmental regulatory body) for such confidential information, the recipient shall promptly notify
the other party to the resolution procedure and shall provide the other party with a reasonable opportunity to object to the production
of its confidential information.


 


(iv)      In
the event a Requesting Certificateholder or Consultation Requesting Certificateholder is the Enforcing Party, the agreement with
the arbitrator or mediator, as the case may be, shall be required to contain an acknowledgment that the Trust, or the Enforcing
Servicer on its behalf, shall be a party to any arbitration or mediation proceedings solely for the purpose of being the beneficiary
of any award in favor of the Enforcing Party; provided that the degree and extent to which the Enforcing Servicer actively
prepares for and participates in such proceeding shall be determined by such Enforcing Servicer in consultation with the Directing
Holder (but, if the Controlling Class Representative is the related Directing Holder, only if no Consultation Termination Event
has occurred and is continuing and only if an Excluded Mortgage Loan is not involved) and in accordance with the Servicing Standard.
All amounts recovered by the Enforcing 


 



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Party
shall be paid to the Trust, or the Enforcing Servicer on its behalf, and deposited in the Collection Account. The agreement with
the arbitrator or mediator, as the case may be, shall provide that in the event a Requesting Certificateholder or Consultation
Requesting Certificateholder is allocated any related costs and expenses pursuant to the terms of the arbitrator’s decision
or the agreement reached in mediation, neither the Trust nor the Enforcing Servicer acting on its behalf shall be responsible
for any such costs and expenses allocated to the Requesting Certificateholder or Consultation Requesting Certificateholder.


 


(v)       In
the event a Requesting Certificateholder or Consultation Requesting Certificateholder is the Enforcing Party, the Requesting Certificateholder
or Consultation Requesting Certificateholder is required to pay any expenses allocated to the Enforcing Party in the arbitration
proceedings or any expenses that the Enforcing Party agrees to bear in the mediation proceedings.


 


(vi)      The
Trust (or the Enforcing Servicer or a trustee, acting on its behalf), the Depositor or any Mortgage Loan Seller shall be permitted
to redact any personally identifiable customer information included in any information provided for purposes of any mediation
or arbitration. Each party to the proceedings shall be required to agree to keep confidential the details related to the Repurchase
Request and the dispute resolution identified in connection with such procedures; provided, however, that (1) the
Certificateholders shall be permitted to communicate prior to the commencement of any such proceedings to the extent provided
in Section 5.07, (2) to the extent that the Enforcing Servicer is required under Section 2.03(a) to provide any
Rule 15Ga-1 Notice in connection with such Repurchase Request, the Enforcing Servicer shall be permitted to include in such Rule
15Ga-1 Notice the information required pursuant to Section 2.03(a) and (3) the applicable Mortgage Loan Seller shall be
permitted to disclose information related to the Repurchase Request to the extent necessary to comply with its obligations under
Rule 15Ga-1 or Item 1104 of Regulation AB.


 


(vii)     For
the avoidance of doubt, in no event shall the exercise of any right of a Requesting Certificateholder or Consultation Requesting
Certificateholder to refer a Repurchase Request to mediation or arbitration or to participate in such mediation or arbitration
affect in any manner the ability of the Special Servicer to perform its obligations with respect to a Specially Serviced Loan
(including without limitation, a liquidation, foreclosure, negotiation of a loan modification or workout, acceptance of a discounted
pay off or deed-in-lieu, or bankruptcy or other litigation) or the exercise of any rights of a Directing Holder.


 


(viii)    Any
out-of-pocket expenses required to be borne by or allocated to the Enforcing Servicer in a mediation or arbitration shall be reimbursable
as expenses of the Trust Fund payable out of the Collection Account pursuant to Section 3.06(a) of this Agreement.


 


Section
2.04      Representations and Warranties of the Depositor.


 


(a)       The
Depositor hereby represents and warrants to the Trustee, for its own benefit and the benefit of the Certificateholders and the
Serviced Companion Loan Holders, and


 






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to
the Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer and the Certificate Administrator,
as of the Closing Date, that:


 


(i)        The
Depositor is a corporation duly organized, validly existing and in good standing under the laws of the State of Delaware, and
is duly qualified as a foreign corporation in good standing in all jurisdictions in which the ownership or lease of its property
or the conduct of its business requires such qualification (except where the failure to qualify would not have a materially adverse
effect on the consummation of any transactions contemplated by this Agreement); the Depositor has taken all necessary corporate
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 Mortgage Loans in accordance with this Agreement; the Depositor has duly authorized
the execution, delivery and performance of this Agreement, and has duly executed and delivered this Agreement;


 


(ii)       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 against the Depositor in
accordance with the terms of this Agreement, except as such enforcement may be limited by bankruptcy, insolvency, reorganization
or other similar laws affecting the enforcement of creditors’ rights generally, and by general principles of equity (regardless
of whether such enforceability is considered in a proceeding in equity or at law) and, as to any rights of indemnification hereunder,
by considerations of public policy;


 


(iii)      Neither
the execution and delivery by the Depositor of this Agreement nor the compliance by the Depositor with the provisions hereof,
nor the consummation by the Depositor of the transactions contemplated by this Agreement, will (A) conflict with or result in
a breach of, or constitute a default under, the organizational documents of the Depositor or, after giving effect to the consents
or taking of the actions contemplated by clause (B) of this paragraph (iii), any of the provisions of any law, governmental rule,
regulation, judgment, decree or order binding on the Depositor or its properties, or any of the provisions of any indenture or
agreement or other instrument to which the Depositor is a party or by which it is bound or result in the creation or imposition
of any lien, charge or encumbrance upon any of its properties pursuant to the terms of any such indenture, agreement or other
instrument or (B) require any consent of, notice to, or filing with any person, entity or governmental body, which has not been
obtained or made by the Depositor, except where, in any of the instances contemplated by clause (A) above or this clause (B),
the failure to do so will not have a material and adverse effect on the consummation of any transactions contemplated by this
Agreement;


 


(iv)      There
is no litigation, charge, investigation, action, suit or proceeding pending or, to the Depositor’s knowledge, threatened
against the Depositor in any court or by or before any other governmental agency or instrumentality the outcome of which could
be reasonably expected to materially and adversely affect the validity of the Mortgage Loans or the ability of the Depositor to
carry out the transactions contemplated by this Agreement;


 






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(v)       The
Depositor is not transferring the Mortgage Loans to the Trustee with any intent to hinder, delay or defraud its present or future
creditors;


 


(vi)      No
proceedings looking toward merger, liquidation, dissolution or bankruptcy of the Depositor are pending or contemplated;


 


(vii)     Immediately
prior to the transfer of the Mortgage Loans to the Trustee for the benefit of the Certificateholders pursuant to this Agreement,
the Depositor had such right, title and interest in and to each Mortgage Loan as was transferred to it by the related Mortgage
Loan Seller pursuant to the related Mortgage Loan Purchase Agreement;


 


(viii)    The
Depositor has not transferred any of its right, title and interest in and to the Mortgage Loans (as such was transferred to it
by the Mortgage Loan Sellers pursuant to the Mortgage Loan Purchase Agreements) to any Person other than the Trustee; and


 


(ix)       The
Depositor is transferring all of its right, title and interest in and to the Mortgage Loans (as such was transferred to it by
the Mortgage Loan Sellers pursuant to the Mortgage Loan Purchase Agreements) to the Trustee for the benefit of the Certificateholders
free and clear of any and all liens, pledges, charges, security interests and other encumbrances created by or through the Depositor.


 


(b)       The
representations and warranties set forth in paragraph (a) above shall survive the execution and delivery of this Agreement. Upon
discovery by the Depositor, the Master Servicer, the Special Servicer or a Responsible Officer of the Trustee or the Certificate
Administrator (or upon written notice thereof from any Certificateholder or any Serviced Companion Loan Holder) of a breach of
any of the representations and warranties set forth in this Section which materially and adversely affects the interests of any
party to this Agreement, the Certificateholders or any Serviced Companion Loan Holder or the interests of the Master Servicer,
the Special Servicer or the Trustee in any Mortgage Loan or Serviced Loan Combination, the party discovering such breach shall
give prompt written notice to the other parties hereto, each Certifying Certificateholder, the Serviced Companion Loan Holders
and, prior to the occurrence and continuance of a Consultation Termination Event, the Controlling Class Representative.


 


Section
2.05      Representations, Warranties and Covenants of the Master Servicer.


 


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


 


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


 






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(ii)       The
execution and delivery of this Agreement by the Master Servicer, and the performance and compliance with the terms of this Agreement
by the Master Servicer, do not violate the Master Servicer’s organizational documents or constitute a default (or an event
that, 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 that is applicable to it or any of its assets, in each case, which does
or is likely to materially and adversely affect either the ability of the Master Servicer to perform its obligations under this
Agreement or the financial condition of the Master Servicer;


 


(iii)      The
Master Servicer has the full power and authority to enter into and consummate all transactions to be performed by it as 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 each of the other parties hereto, constitutes a valid, legal
and binding obligation of the Master Servicer, enforceable against the Master Servicer in accordance with the terms hereof, subject
to (A) applicable bankruptcy, receivership, insolvency, liquidation, fraudulent transfer, reorganization, moratorium and other
laws affecting the enforcement of creditors’ (including bank creditors’) rights generally, (B) general principles
of equity, regardless of whether such enforcement is considered in a proceeding in equity or at law and (C) public policy considerations
regarding the enforceability of provisions providing or purporting to provide indemnification or contribution with respect to
violations of securities laws;


 


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


 


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


 


(vii)     Each
officer or employee of the Master Servicer that has responsibilities concerning the servicing and administration of Mortgage Loans
and the Serviced Companion Loans is covered by errors and omissions insurance in the amounts and with the coverage required by
Section 3.08(c) of this Agreement or the Master Servicer self-insures for such errors and omissions coverage in compliance
with the requirements of Section 3.08(c) of this Agreement; and


 


(viii)       No
consent, approval, authorization or order of, or filing or registration with, any state or federal court or governmental agency
or body is required for the consummation 


 



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by
the Master Servicer of the transactions contemplated by this Agreement, except for those consents, approvals, authorizations and
orders that previously have been obtained and those filings and registrations that previously have been completed and except for
consents, approvals, authorizations, orders, filings or registrations which are not required in order for the Master Servicer
to enter into this Agreement but may be required (and if so required, will be obtained) in connection with the Master Servicer’s
subsequent performance of this Agreement.


 


(b)       The
representations and warranties set forth in paragraph (a) above shall survive the execution and delivery of this Agreement. Upon
discovery by the Depositor, the Master Servicer, the Special Servicer or a Responsible Officer of the Trustee or the Certificate
Administrator (or upon written notice thereof from any Certificateholder or any Serviced Companion Loan Holder) of a breach of
any of the representations and warranties set forth in this Section which materially and adversely affects the interests of any
party to this Agreement, the Certificateholders or any Serviced Companion Loan Holder or the interests of the Master Servicer,
the Special Servicer or the Trustee in any Mortgage Loan or Serviced Loan Combination, the party discovering such breach shall
give prompt written notice to the other parties hereto, each Certifying Certificateholder, the Serviced Companion Loan Holders
and, prior to the occurrence and continuance of a Consultation Termination Event, the Controlling Class Representative.


 


Section
2.06     Representations, Warranties and Covenants of the Special Servicer.


 


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


 


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


 


(ii)       The
execution and delivery of this Agreement by the Special Servicer, and the performance and compliance with the terms of this Agreement
by the Special Servicer, do not (A) violate the Special Servicer’s organizational documents or by-laws or (B) constitute
a default (or an event that, 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 that is applicable to it or any of its assets,
in each case, which does or is likely to materially and adversely affect either the ability of the Special Servicer to perform
its obligations under this Agreement or the financial condition of the Special Servicer;


 


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


 






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(iv)      This
Agreement, assuming due authorization, execution and delivery by each of the other parties hereto, constitutes a valid, legal
and binding obligation of the Special Servicer, enforceable against the Special Servicer in accordance with the terms hereof,
subject to (A) applicable bankruptcy, receivership, insolvency, liquidation, fraudulent transfer, reorganization, moratorium and
other laws affecting the enforcement of creditors’ (including bank creditors’) rights generally, (B) general principles
of equity, regardless of whether such enforcement is considered in a proceeding in equity or at law and (C) public policy considerations
regarding the enforceability of provisions providing or purporting to provide indemnification or contribution with respect to
violations of securities laws;


 


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


 


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


 


(vii)     Each
officer or employee of the Special Servicer that has or, following a transfer of servicing responsibilities to the Special Servicer
pursuant to Section 3.22 of this Agreement, would have, responsibilities concerning the servicing and administration of
Mortgage Loans and Serviced Companion Loans is covered by errors and omissions insurance in the amounts and with the coverage
required by Section 3.08(c) of this Agreement or the Special Servicer self-insures for such errors and omissions coverage
in compliance with the requirements of Section 3.08(c) of this Agreement; and


 


(viii)    No
consent, approval, authorization or order of, or filing or registration with, any state or federal court or governmental agency
or body is required for the consummation by the Special Servicer of the transactions contemplated by this Agreement, except for
those consents, approvals, authorizations and orders that previously have been obtained and those filings and registrations that
previously have been completed and except for consents, approvals, authorizations, orders, filings or registrations which are
not required in order for the Special Servicer to enter into this Agreement but may be required (and if so required, will be obtained)
in connection with the Special Servicer’s subsequent performance of this Agreement.


 


(b)       The
representations and warranties set forth in paragraph (a) above shall survive the execution and delivery of this Agreement. Upon
discovery by the Depositor, the Master Servicer, the Special Servicer or a Responsible Officer of the Trustee or the Certificate


 


 



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Administrator (or upon written
notice thereof from any Certificateholder or any Serviced Companion Loan Holder) of a breach of any of the representations and
warranties set forth in this Section which materially and adversely affects the interests of any party to this Agreement, the
Certificateholders or any Serviced Companion Loan Holder or the interests of the Master Servicer, the Special Servicer or the
Trustee in any Mortgage Loan, the party discovering such breach shall give prompt written notice to the other parties hereto,
each Certifying Certificateholder, the Serviced Companion Loan Holders and, prior to the occurrence and continuance of a Consultation
Termination Event, the Controlling Class Representative.


 


Section
2.07     Representations and Warranties of the Trustee.


 


(a)         The
Trustee hereby represents and warrants for the benefit of the Certificateholders, and the Serviced Companion Loan Holders, and
to the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer and the
Certificate Administrator, 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; the Trustee possesses and shall continue to possess all requisite authority, power, licenses, permits, franchise
and approvals to conduct its business and to execute, deliver and comply with its obligations under this Agreement;


 


(ii)         the
execution and delivery of this Agreement by the Trustee and its performance and compliance with the terms of this Agreement will
not violate the Trustee’s articles of association or by-laws or shareholders’ resolutions or constitute a default
(or an event which, with notice or lapse of time, or both, would constitute a default) under, or result in the breach of, any
material contract, agreement or other instrument to which the Trustee is a party or which may be applicable to the Trustee or
any of its assets;


 


(iii)        except
to the extent that the laws of any jurisdiction in which a part of the Trust Fund may be located require that a co-trustee or
separate trustee be appointed to act with respect to such property as contemplated by Section 8.08 of this Agreement, the
Trustee has the full power and authority to enter into and consummate the transactions 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 and binding obligation
of the Trustee, enforceable against it in accordance with the terms of this Agreement, except as such enforcement may be limited
by (A) bankruptcy, insolvency, conservatorship, reorganization, receivership, moratorium or other laws relating to or affecting
the rights of creditors generally, (B) general principles of equity (regardless of whether such enforcement is considered in a
proceeding in equity or at law) and (C) public policy considerations regarding the enforceability of provisions providing or purporting
to provide indemnification or contribution with respect to violations of securities laws;


 


(v)         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


 



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 Agreement will not constitute a violation with respect to, any order or decree of any court or any order,
law or regulation of any federal, state, municipal or governmental agency of or in the United States of America having jurisdiction,
which violation would have consequences that would materially and adversely affect the condition (financial or other) or operations
of the Trustee or its properties or might have consequences that would materially affect the performance of its duties hereunder
or thereunder;


 


(vi)        no
consent, approval, authorization or order of, or registration of filing with, or notice to any court, governmental or regulatory
agency or body, is required for the execution, delivery and performance by the Trustee of this Agreement or if required, such
approval has been obtained prior to the Closing Date; and


 


(vii)       no
litigation is pending or, to the best of the Trustee’s knowledge, threatened against the Trustee which would prohibit its
entering into or materially and adversely affect its ability to perform its obligations under this Agreement.


 


(b)         The
representations and warranties set forth in paragraph (a) above shall survive the execution and delivery of this Agreement. Upon
discovery by the Depositor, the Master Servicer, the Special Servicer or a Responsible Officer of the Trustee or the Certificate
Administrator (or upon written notice thereof from any Certificateholder or any Serviced Companion Loan Holder) of a breach of
any of the representations and warranties set forth in this Section which materially and adversely affects the interests of any
party to this Agreement, the Certificateholders or any Serviced Companion Loan Holder or the interests of the Master Servicer,
the Special Servicer or the Trustee in any Mortgage Loan or Serviced Loan Combination, the party discovering such breach shall
give prompt written notice to the other parties hereto, each Certifying Certificateholder, the Serviced Companion Loan Holders
and, prior to the occurrence and continuance of a Consultation Termination Event, the Controlling Class Representative.


 


Section
2.08     Representations and Warranties of the Certificate Administrator.


 


(a)         The
Certificate Administrator hereby represents and warrants to the Trustee, for its own benefit and for the benefit of the Certificateholders
and the Serviced Companion Loan Holders, and to the Depositor, the Master Servicer, the Special Servicer, the Asset Representations
Reviewer and the Operating Advisor, 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; the Certificate Administrator possesses and shall continue to possess all requisite authority,
power, licenses, permits, franchise and approvals to conduct its business and to execute, deliver and comply with its obligations
under this Agreement;


 


(ii)         the
execution and delivery of this Agreement by the Certificate Administrator and its performance and compliance with the terms of
this Agreement will not violate the Certificate Administrator’s articles of association or by-laws or shareholders’
resolutions or constitute a default (or an event which, with notice or lapse of time, or both, would constitute a default) under,
or result in the breach of, any material contract, agreement or other instrument to which the Certificate Administrator is a party
or which may be applicable to the Certificate Administrator or any of its assets;


 






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(iii)        the
Certificate Administrator has the full power and authority to enter into and consummate the transactions 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 and binding obligation
of the Certificate Administrator, enforceable against it in accordance with the terms of this Agreement, except as such enforcement
may be limited by (A) bankruptcy, insolvency, conservatorship, reorganization, receivership, moratorium or other laws relating
to or affecting the rights of creditors generally (B) general principles of equity (regardless of whether such enforcement is
considered in a proceeding in equity or at law) and (C) public policy considerations regarding the enforceability of provisions
providing or purporting to provide indemnification or contribution with respect to violations of securities laws;


 


(v)         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 or any order, law or regulation of any federal, state, municipal or governmental agency of or in the United
States of America having jurisdiction, which violation would have consequences that would materially and adversely affect the
condition (financial or other) or operations of the Certificate Administrator or its properties or might have consequences that
would materially affect the performance of its duties hereunder or thereunder;


 


(vi)        no
consent, approval, authorization or order of, or registration of filing with, or notice to any court, governmental or regulatory
agency or body, is required for the execution, delivery and performance by the Certificate Administrator of this Agreement or
if required, such approval has been obtained prior to the Closing Date; and


 


(vii)       no
litigation is pending or, to the best of the Certificate Administrator’s knowledge, 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.


 


(b)         The
representations and warranties set forth in paragraph (a) above shall survive the execution and delivery of this Agreement. Upon
discovery by the Depositor, the Master Servicer, the Special Servicer or a Responsible Officer of the Trustee or the Certificate
Administrator (or upon written notice thereof from any Certificateholder or any Serviced Companion Loan Holder) of a breach of
any of the representations and warranties set forth in this Section which materially and adversely affects the interests of any
party to this Agreement, the Certificateholders or any Serviced Companion Loan Holder or the interests of the Master Servicer,
the Special Servicer or the Certificate Administrator in any Mortgage Loan or Serviced Loan Combination, the party discovering
such breach shall give prompt written notice to the other parties hereto, each Certifying Certificateholder, the Serviced Companion
Loan Holders and, prior to the occurrence and continuance of a Consultation Termination Event, the Controlling Class Representative.


 






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Section
2.09     Representations, Warranties and Covenants of the Operating Advisor.


 


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


 


(i)          The
Operating Advisor is a limited liability company, duly organized, validly existing and in good standing under the laws of the
State of Delaware; and the Operating Advisor is in compliance with the laws of each jurisdiction in which a Mortgaged Property
is located to the extent necessary to perform its obligations under 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 violate the Operating Advisor’s organizational documents or constitute a default (or an
event that, with notice or lapse of time, or both, would constitute a default) under, or result in the breach of, any material
agreement or other instrument to which it is a party or that is applicable to it or any of its assets, in each case, which does
or is likely to materially and adversely affect the ability of the Operating Advisor to perform its obligations under this Agreement;


 


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


 


(iv)        This
Agreement, assuming due authorization, execution and delivery by each of 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, receivership, insolvency, liquidation, fraudulent transfer, reorganization, moratorium and
other laws affecting the enforcement of creditors’ rights generally, (B) general principles of equity, regardless of whether
such enforcement is considered in a proceeding in equity or at law, and (C) public policy considerations regarding the enforceability
of provisions providing or purporting to provide indemnification or contribution with respect to violations of securities laws;


 


(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 do not constitute a violation of, any law, any order or decree of any court or arbiter, or any
order, regulation or demand of any federal, state or local governmental or regulatory authority, which violation, in the Operating
Advisor’s good faith and reasonable judgment, is likely to affect materially and adversely the ability of the Operating
Advisor to perform its obligations under this Agreement;


 


(vi)        No
litigation is pending or, to the best of the Operating Advisor’s knowledge, threatened against the Operating Advisor that
would prohibit the Operating Advisor from entering into this Agreement or, in the Operating Advisor’s good faith and reasonable


 



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judgment, is likely to materially and adversely affect the ability of the Operating Advisor to perform its obligations under this
Agreement;


 


(vii)      The
Operating Advisor has errors and omissions insurance coverage that is in full force and effect, which complies with the requirements
of Section 3.08 hereof;


 


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


 


(ix)        The
Operating Advisor possesses sufficient financial strength to fulfill its duties and responsibilities pursuant to this Agreement
over the life of the Trust Fund; and


 


(x)         No
consent, approval, authorization or order of, or filing or registration with, any state or federal court or governmental agency
or body is required for the consummation by the Operating Advisor of the transactions contemplated by this Agreement, except for
any consent, approval, authorization or order which has not been obtained or cannot be obtained prior to the Closing Date, and
which, if not obtained would not have a materially adverse effect on the ability of the Operating Advisor to perform its obligations
hereunder.


 


(b)        The
representations and warranties set forth in paragraph (a) above shall survive the execution and delivery of this Agreement. Upon
discovery by the Depositor, the Master Servicer, the Special Servicer or a Responsible Officer of the Trustee or the Certificate
Administrator (or upon written notice thereof from any Certificateholder or any Serviced Companion Loan Holder) of a breach of
any of the representations and warranties set forth in this Section which materially and adversely affects the interests of any
party to this Agreement, the Certificateholders or any Serviced Companion Loan Holder or the interests of the Master Servicer,
the Special Servicer or the Trustee in any Mortgage Loan or Serviced Loan Combination, the party discovering such breach shall
give prompt written notice to the other parties hereto, each Certifying Certificateholder, the Serviced Companion Loan Holders
and, prior to the occurrence and continuance of a Consultation Termination Event, the Controlling Class Representative.


 


Section
2.10     Representations, Warranties and Covenants of the Asset Representations Reviewer.


 


(a)         The
Asset Representations Reviewer hereby represents and warrants to the Trustee, for its own benefit and the benefit of the Certificateholders
and the Serviced Companion Loan Holders, and to the Depositor, the Master Servicer, the Special Servicer and the Certificate Administrator,
as of the Closing Date, that:


 


(i)          The
Asset Representations Reviewer is a limited liability company, duly organized, validly existing and in good standing under the
laws of the State of Delaware; and the Asset Representations Reviewer is in compliance with the laws of each jurisdiction in which
a Mortgaged Property is located to the extent necessary to perform its obligations under this Agreement;


 


(ii)         The
execution and delivery of this Agreement by the Asset Representations Reviewer, and the performance and compliance with the terms
of this Agreement by the Asset Representations Reviewer, do not violate the Asset Representations Reviewer’s organizational
documents or constitute a default (or an event that, with notice or lapse of


 



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 time, or both, would constitute a default) under,
or result in the breach of, any material agreement or other instrument to which it is a party or that is applicable to it or any
of its assets, in each case, which does or is likely to materially and adversely affect the ability of the Asset Representations
Reviewer to perform its obligations under this Agreement;


 


(iii)        The
Asset Representations Reviewer has the full power and authority to enter into and consummate all transactions contemplated by
this Agreement, has duly authorized the execution, delivery and performance of this Agreement, and has duly executed and delivered
this Agreement;


 


(iv)        This
Agreement, assuming due authorization, execution and delivery by each of the other parties hereto, constitutes a valid, legal
and binding obligation of the Asset Representations Reviewer, enforceable against the Asset Representations Reviewer in accordance
with the terms hereof, subject to (A) applicable bankruptcy, receivership, insolvency, liquidation, fraudulent transfer, reorganization,
moratorium and other laws affecting the enforcement of creditors’ rights generally, (B) general principles of equity, regardless
of whether such enforcement is considered in a proceeding in equity or at law, and (C) public policy considerations regarding
the enforceability of provisions providing or purporting to provide indemnification or contribution with respect to violations
of securities laws;


 


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


 


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


 


(vii)       The
Asset Representations Reviewer has errors and omissions insurance coverage that is in full force and effect, which complies with
the requirements of Section 3.08 hereof;


 


(viii)     The
Asset Representations Reviewer is an Eligible Asset Representations Reviewer; and


 


(ix)        No
consent, approval, authorization or order of, or filing or registration with, any state or federal court or governmental agency
or body is required for the consummation by the Asset Representations Reviewer of the transactions contemplated by this Agreement,
except for any consent, approval, authorization or order which has not been obtained or cannot be obtained prior to the Closing
Date, and which, if not obtained would


 



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 not have a materially adverse effect on the ability of the Asset Representations Reviewer
to perform its obligations hereunder.


 


(b)        The
representations and warranties set forth in paragraph (a) above shall survive the execution and delivery of this Agreement. Upon
discovery by the Depositor, the Master Servicer, the Special Servicer or a Responsible Officer of the Trustee or the Certificate
Administrator (or upon written notice thereof from any Certificateholder or any Serviced Companion Loan Holder) of a breach of
any of the representations and warranties set forth in this Section which materially and adversely affects the interests of any
party to this Agreement, the Certificateholders or any Serviced Companion Loan Holder or the interests of the Master Servicer,
the Special Servicer or the Trustee in any Mortgage Loan or Serviced Loan Combination, the party discovering such breach shall
give prompt written notice to the other parties hereto, each Certifying Certificateholder, the Serviced Companion Loan Holders
and, prior to the occurrence and continuance of a Consultation Termination Event, the Controlling Class Representative.


 


Section
2.11     Execution and Delivery of Certificates; Issuance of Lower-Tier Regular Interests.


 


The
Trustee (i) acknowledges the assignment to it of the Mortgage Loans and the delivery of the related Mortgage Files to the Custodian
(to the extent the documents constituting the Mortgage Files are actually delivered to the Custodian), subject to the provisions
of Sections 2.01 and 2.02 of this Agreement, (ii) concurrently with such delivery described in clause (i),
declares that it holds the Mortgage Loans (exclusive of Excess Interest) for the benefit of the Holders of the Class R Certificates
(in respect of the Lower-Tier Residual Interest) and the holder(s) of the Lower-Tier Regular Interests, and (iii) concurrently
with such delivery described in clause (i), declares that it holds the Excess Interest for the benefit of the Holders of the Excess
Interest Certificates. Concurrently with such delivery described in clause (i) of the prior sentence, (i) the Lower-Tier
Regular Interests and the Lower-Tier Residual Interest shall be issued, and the Trustee and Certificate Administrator acknowledge
the issuance thereof, in exchange for the assets of the Lower-Tier REMIC, (ii) the Depositor hereby conveys all right, title and
interest in and to the Lower-Tier Regular Interests and other property constituting the Upper-Tier REMIC to the Trustee, receipt
of which is hereby acknowledged, (iii) the Trustee acknowledges and hereby declares that it holds the same on behalf of the Holders
of the Class R Certificates (in respect of the Upper-Tier Residual Interest), the Grantor Trust (in respect of the Class VRR Upper-Tier
Regular Interest) and the Holders of the Regular Certificates, and (iv) in exchange for the conveyance described in the immediately
preceding clause (ii), (A) the Class VRR Upper-Tier Regular Interest (together with the other classes of REMIC regular
interests in the Upper-Tier REMIC) and the Upper-Tier Residual Interest shall be issued, and (B) the Certificate Administrator
shall execute and cause to be authenticated and delivered to and upon the order of the Depositor, (1) the Regular Certificates,
and (2) the Class R Certificates (representing the Lower-Tier Residual Interest and the Upper-Tier Residual Interest), registered
in the names set forth in such order and duly authenticated by the Certificate Administrator. The Depositor hereby conveys all
right, title and interest in and to any VRR Specific Grantor Trust Assets, any Class S Specific Grantor Trust Assets and any other
property constituting the Grantor Trust to the Trustee, receipt of which is hereby acknowledged. The Certificate Administrator
shall execute and cause to be authenticated and delivered to and upon the order of the Depositor, the Grantor Trust Certificates
in exchange for the conveyance pursuant to the prior sentence.


 






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Section
2.12     Miscellaneous REMIC and Grantor Trust Provisions.


 


(a)         The
Class LA-1, Class LA-2, Class LA-3, Class LA-4, Class LA-AB, Class LA-S, Class LB, Class LC, Class LD, Class LE, Class LF, Class
LG and Class LVRR Lower-Tier Regular Interests are hereby designated as “regular interests” in the Lower-Tier REMIC
within the meaning of Code Section 860G(a)(1), and the Lower-Tier Residual Interest (evidenced by the Class R Certificates) is
hereby designated as the sole class of “residual interests” in the Lower-Tier REMIC within the meaning of Code Section
860G(a)(2).


 


(b)         The
Non-Vertically Retained Regular Certificates and the Class VRR Upper-Tier Regular Interest are hereby designated as “regular
interests” in the Upper-Tier REMIC within the meaning of Code Section 860G(a)(1), and the Upper-Tier Residual Interest (evidenced
by the Class R Certificates) is hereby designated as the sole class of “residual interests” in the Upper-Tier REMIC
within the meaning of Code Section 860G(a)(2).


 


(c)         The
Closing Date is hereby designated as the “Startup Day” of the Lower-Tier REMIC and the Upper-Tier REMIC. The
“latest possible maturity date” for purposes of Code Section 860G(a)(1) of the Lower-Tier Regular Interests, the Non-Vertically
Retained Regular Certificates and the Class VRR Upper-Tier Regular Interest is the Rated Final Distribution Date.


 


(d)         None
of the Depositor, the Trustee, the Master Servicer, the Special Servicer, the Operating Advisor or the Certificate Administrator
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.


 


(e)         The
Class S Certificates shall represent undivided beneficial interests in the portion of the Trust Fund consisting of the Class S
Specific Grantor Trust Assets, distributions thereon and proceeds thereof, which portion will be treated as part of a “grantor
trust” within the meaning of subpart E, part I of subchapter J of the Code. The Class V-1 Certificates, the Class V-2 Certificates
and the Class V-3 Certificates shall represent undivided beneficial interests in the portion of the Trust Fund consisting of the
VRR Specific Grantor Trust Assets, distributions thereon and proceeds thereof, which portion will be treated as part of a “grantor
trust” within the meaning of subpart E, part I of subchapter J of the Code.


 


Article
III



ADMINISTRATION AND SERVICING

OF THE MORTGAGE LOANS


 


Section
3.01     Master Servicer to Act as Master Servicer; Administration of the Mortgage Loans; Sub-Servicing Agreements; Outside
Serviced Mortgage Loans.


 


(a)         The
Master Servicer (with respect to the Performing Serviced Loans) and the Special Servicer (with respect to the Specially Serviced
Loans and, to the extent provided in this Agreement, the Performing Serviced Loans), each as an independent contractor, shall
service and administer the Mortgage Loans (other than the Outside Serviced Mortgage Loans, which will 


 



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be serviced, together with
the related Outside Serviced Companion Loans, pursuant to the applicable Outside Servicing Agreement) and the Serviced Companion
Loans on behalf of the Trust Fund and the Trustee (for the benefit of the Certificateholders or, with respect to each Serviced
Loan Combination, for the benefit of the Certificateholders and the related Serviced Companion Loan Holders as a collective whole
as if such Certificateholders and Serviced Companion Loan Holders constituted a single lender (and, in the case of a Serviced
AB Loan Combination, taking into account the subordinate nature of the related Subordinate Companion Loan(s)), subject to the
terms and conditions of the related Co-Lender Agreement) in accordance with: (i) any and all applicable laws; (ii) the express
terms of this Agreement, the respective Serviced Mortgage Loans or Serviced Loan Combinations and, in the case of the Serviced
Loan Combinations, the related Co-Lender Agreement; and (iii) the Servicing Standard. To the extent consistent with the foregoing
and subject to any express limitations set forth in this Agreement and any related Co-Lender Agreement or mezzanine loan intercreditor
agreement, the Master Servicer and Special Servicer shall seek to maximize the timely and complete recovery of principal and interest
on the Mortgage Loans (other than the Outside Serviced Mortgage Loans) and the Serviced Companion Loans. Subject only to the Servicing
Standard, the Master Servicer and Special Servicer shall have full power and authority, acting alone or, in the case of the Master
Servicer only, through Sub-Servicers (subject to paragraph (c) of this Section 3.01 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 which it may deem
consistent with the Servicing Standard and, in its judgment exercised in accordance with the Servicing Standard, in the best interests
of the Certificateholders and, in the case of a Serviced Loan Combination, the related Serviced Companion Loan Holder(s) (as a
collective whole as if such Certificateholders and, in the case of a Serviced Loan Combination, the related Serviced Companion
Loan Holder(s) constituted a single lender (and, in the case of a Serviced AB Loan Combination, taking into account the subordinate
nature of the related Subordinate Companion Loan(s)), subject to the terms and conditions of the related Co-Lender Agreement),
including, without limitation, with respect to each Mortgage Loan and Serviced Companion Loan, (A) other than with respect to
the Outside Serviced Mortgage Loans, to prepare, execute and deliver, on behalf of the Certificateholders, the Serviced Companion
Loan Holders 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 each Mortgaged Property and related collateral; (ii) subject to Sections 3.07,
3.09, 3.10 and 3.24 of this Agreement, any modifications, waivers, consents or amendments to or with respect
to any documents contained in the related Mortgage File or defeasance of the Mortgage Loan or Serviced Companion Loan; and (iii)
any and all instruments of satisfaction or cancellation, or of partial or full release or discharge, and all other comparable
instruments, with respect to the Mortgage Loan (and related Serviced Companion Loan) or the related Mortgaged Property; and (B)
including with respect to the Outside Serviced Mortgage Loans, to direct, manage, prosecute and/or defend any action, suit or
proceeding of any kind filed in the name of the Master Servicer or Special Servicer in their respective capacity on behalf of
the Trustee or the Trust. 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 any Mortgage Loan, or Serviced Companion Loan except under the circumstances
described in Sections 3.03, 3.07, 3.09, 3.10 and 3.24 of this Agreement. The Master Servicer and Special
Servicer shall service and administer the Mortgage Loans (other than the Outside Serviced Mortgage Loans), the Serviced Companion
Loans and each related REO Property in accordance with applicable law and the terms thereof and hereof and the terms of any


 



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applicable
Co-Lender Agreements and intercreditor agreements and shall provide to the Mortgagors any reports required to be provided to them
thereby.


 


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 (i) to the Master Servicer, any powers of attorney substantially in the form of Exhibit AA-1 to this Agreement
or such other form as mutually agreed to by the Trustee and the Master Servicer, (ii) to the Special Servicer, any powers of attorney
in the form of Exhibit AA-2 to this Agreement or such other form as mutually agreed to by the Trustee and the Special Servicer,
and (iii) to the Master Servicer or Special Servicer, as applicable, other documents reasonably acceptable to the Trustee prepared
by the Master Servicer and Special Servicer and necessary or appropriate (as certified in such written request) to enable the
Master Servicer and Special Servicer to carry out their servicing and administrative duties hereunder. Notwithstanding anything
contained herein to the contrary, none of the Master Servicer, the Special Servicer or any Sub-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, unless prohibited by any requirement of
the applicable jurisdiction in which any such action, suit or proceeding is brought and if so prohibited, in the manner required
by such jurisdiction (provided that the Master Servicer or the Special Servicer, as applicable, shall then provide five (5) Business
Days’ written notice to the Trustee of the initiation of such action, suit or proceeding (or such shorter time period as
is reasonably required in the judgment of the Master Servicer or the Special Servicer, as applicable, made in accordance with
the Servicing Standard) prior to filing such action, suit or proceeding), and shall not be required to obtain the Trustee’s
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.
Each of the Master Servicer, the Special Servicer and any Sub-Servicer shall indemnify the Trustee for any and all costs, liabilities
and expenses incurred by the Trustee in connection with the negligent or willful misuse of such powers of attorney by the Master
Servicer or the Special Servicer or its agents or subcontractors, as applicable.


 


(b)        Unless
otherwise provided in the related Loan Documents, the Master Servicer shall apply any partial principal prepayment received on
a Serviced Loan on a date other than a Due Date, to the principal balance of such Mortgage Loan as of the Due Date immediately
following the date of receipt of such partial principal prepayment. Unless otherwise provided in the related Loan Documents, the
Master Servicer shall apply any amounts received on “government securities” within the meaning of Section 2(a)(16)
of the Investment Company Act, or any other securities that comply with Treasury Regulations Section 1.860G-2(a)(8)(ii) (which
shall not be redeemed by the Master Servicer prior to the maturity thereof) in respect of such a Serviced Loan being defeased
pursuant to its terms to the principal balance of and interest on such Serviced Loan as of the Due Date immediately following
the receipt of such amounts. If with respect to any Serviced Loan the related Loan Documents permit the lender, at its option,
prior to an event of default under the related Serviced Loan, to apply amounts held in any reserve account as a prepayment or
to hold such amounts in a reserve account, the Master Servicer shall hold such amounts in the applicable reserve account and may
not apply such amounts as a prepayment until the occurrence of an event of default under the related Serviced Loan; provided that any such amounts may be used, if permitted under the related Loan Documents, to defease the related


 



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Serviced Loan or,
upon an event of default under the related Serviced Loan, to prepay the Serviced Loan.


 


(c)         The
Master Servicer may enter into Sub-Servicing Agreements with third parties (including a party that has previously been engaged
as a Subcontractor) with respect to any of its obligations hereunder, provided that (i) any such agreement shall be consistent
with the provisions of this Agreement, (ii) any such agreement shall be consistent with the Servicing Standard, (iii) other than
with respect to any Mortgage Loan Seller Sub-Servicer, the Depositor has consented to the related Sub-Servicer, (iv) any such
agreement shall provide that, following receipt of the applicable Mortgage Loan Purchase Agreement from the Depositor, the Master
Servicer shall provide a copy of the applicable Mortgage Loan Purchase Agreement to the related Sub-Servicer, and that such Sub-Servicer
shall notify the Master Servicer in writing within five (5) Business Days after such Sub-Servicer discovers or receives notice
alleging a Document Defect or a Breach or receives a Repurchase Communication of a Repurchase Request, a Repurchase Request Withdrawal,
a Repurchase or a Repurchase Request Rejection; (v) the Master Servicer shall notify the applicable Mortgage Loan Seller of any
such agreement (other than any Sub-Servicing Agreement in place on the Closing Date with a Mortgage Loan Seller Sub-Servicer);
(vi) any assignment of such Sub-Servicing Agreement by the related Sub-Servicer (other than an assignment to the Master Servicer)
shall be subject to the prior written consent of the Depositor (which consent shall not be unreasonably withheld, conditioned
or delayed); (vii) any amendment or modification of such Sub-Servicing Agreement shall be subject to the prior written consent
of the Depositor (which consent shall not be unreasonably withheld, conditioned or delayed) if the Master Servicer determines
that, as a result of such amendment or modification, the Sub-Servicer would become a “servicer” within the meaning
of Item 1101 of Regulation AB that (1) meets the criteria in Item 1108(a)(2)(i), (ii) or (iii) of Regulation AB or (2) meets the
criteria in Item 1108(a)(2)(iii) of Regulation AB and services 20% or more of the pool assets; (viii) any such Sub-Servicing Agreement
shall provide that it may be assumed by the Trustee or its designee, if the Trustee or its designee has assumed the duties of
the Master Servicer, or by any successor Master Servicer without cost or obligation to the assuming party or the Trust Fund, upon
the assumption by such party of the obligations of the Master Servicer pursuant to Section 7.02 hereof; (ix) any such Sub-Servicing
Agreement shall provide that the Trustee (for the benefit of the Certificateholders and the related Companion Loan Holder (if
applicable) and the Trust (as holder of the Lower-Tier Regular Interests) shall be a third party beneficiary under such Sub-Servicing
Agreement, but that (except to the extent the Trustee or its designee assumes the obligations of such party thereunder as contemplated
herein) none of the Trust, the Trustee, the Operating Advisor, the Asset Representations Reviewer, the Certificate Administrator,
the Master Servicer or Special Servicer, as applicable, any successor master servicer or special servicer or any Certificateholder
(or the related Companion Loan Holder, if applicable) shall have any duties under such Sub-Servicing Agreement or any liabilities
arising therefrom; (ix) any such Sub-Servicing Agreement shall provide that the Sub-Servicer shall be in default under the related
Sub-Servicing Agreement and such Sub-Servicing Agreement shall be terminated (unless such default is waived by the Depositor in
writing) if the Sub-Servicer fails (A) to deliver by the due date (which may take into account any grace period permitted pursuant
to this Agreement) any Exchange Act reporting items required to be delivered to the Master Servicer, the Certificate Administrator
or the Depositor under Article X or under the Sub-Servicing Agreement or to the master servicer under any other pooling
and servicing agreement that the Depositor is a party to, or (B) to perform in any material respect any of its covenants or obligations
contained in the


 



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Sub-Servicing Agreement regarding creating, obtaining or delivering any Exchange Act reporting items required
for any party to this Agreement to perform its obligations under Article X or under the Exchange Act reporting requirements
of any other pooling and servicing agreement that the Depositor is a party to; (x) any such Sub-Servicing Agreement shall comply
with the requirements set forth in Section 10.17 of this Agreement; and (xi) no Sub-Servicer shall be permitted under any
Sub-Servicing Agreement to take (or determine not to take) action with respect to Major Decisions or Special Servicer Decisions
without the consent of the Special Servicer. 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). The Master Servicer shall be responsible for paying the servicing fees of
any Sub-Servicer retained by it. The Master Servicer shall, upon request, provide a copy of each Sub-Servicing Agreement (and
any assignment thereof) entered into by it to the Depositor. A Sub-Servicer may be an affiliate of the Depositor, the Master Servicer
or the Special Servicer. The Special Servicer shall not appoint sub-servicers with respect to any of its servicing obligations
and duties under this Agreement.


 


Any
Sub-Servicing Agreement, and any other transactions or services relating to the Mortgage Loans and/or Serviced Loan Combinations
involving a Sub-Servicer, shall be deemed to be between the Master Servicer and such Sub-Servicer alone, and the Trustee, the
Certificate Administrator, the Custodian, the Operating Advisor, the Trust Fund and the Certificateholders shall not be deemed
parties thereto and shall have no claims, rights, obligations, duties or liabilities (including, without limitation, any obligation
to pay any termination fee to any Sub-Servicer as a result of the termination of any Sub-Servicing Agreement) with respect to
the Sub-Servicer, except as set forth in Section 3.01(d) of this Agreement and no provision herein may be construed so
as to require the Trust Fund to indemnify any such Sub-Servicer.


 


As
part of its servicing activities hereunder, the Master Servicer for the benefit of the Trustee, the Certificateholders and, if
applicable, the Serviced Companion Loan Holders, shall (at no expense to the Trustee, the Certificateholders, the Serviced Companion
Loan Holders or the Trust) monitor the performance and enforce the obligations of each of its Sub-Servicers under the related
Sub-Servicing Agreement (except that, to the extent provided in Article X hereof, the Master Servicer shall be required
only to use commercially reasonable efforts to cause any Mortgage Loan Seller Sub-Servicer to comply with the requirements of
Article X hereof). Such enforcement, including, without limitation, the legal prosecution of claims, termination of Sub-Servicing
Agreements in accordance with their respective terms and the pursuit of other appropriate remedies, shall be in such form and
carried out to such an extent and at such time as is in accordance with the Servicing Standard and the terms of this Agreement.
The Master Servicer shall have the right to remove a Sub-Servicer retained by it in accordance with the terms of the related Sub-Servicing
Agreement.


 


(d)        If
the Trustee or any successor Master Servicer assumes the obligations of the Master Servicer in accordance with Section 7.02,
the Trustee or such successor, as applicable, to the extent necessary to permit the Trustee or such successor, as applicable,
to carry out the provisions of Section 7.02, shall, without act or deed on the part of the Trustee or such successor, as
applicable, succeed to all of the rights and obligations of the Master Servicer under any Sub-Servicing Agreement entered into
by the Master Servicer pursuant to Section 3.01(c) of this Agreement. In such event, the Trustee or the successor Master
Servicer, as applicable, shall be


 



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


 


In
the event that the Trustee or any successor Master Servicer assumes the servicing obligations of the Master Servicer, upon request
of the Trustee or such successor Master Servicer, as applicable, the Master Servicer shall at its own expense deliver or cause
to be delivered to the Trustee or such successor Master Servicer, as applicable, all documents and records relating to any Sub-Servicing
Agreement and the Mortgage Loans then being serviced thereunder and an accounting of amounts collected and held by it, if any,
and will otherwise use its reasonable efforts to effect the orderly and efficient transfer of any Sub-Servicing Agreement to the
Trustee or the successor Master Servicer, as applicable.


 


(e)         The
parties hereto acknowledge that each Serviced Loan Combination is subject to the terms and conditions of the related Co-Lender
Agreement and recognize the respective rights and obligations of the Trust, as holder of the related Mortgage Loan, and of the
related Serviced Companion Loan Holder(s) under the related Co-Lender Agreement, including: (i) with respect to the allocation
of collections on or in respect of such Serviced Loan Combination, and the making of remittances, to the Trust, as holder of the
related Mortgage Loan, and to the related Serviced Companion Loan Holder(s); (ii) with respect to the allocation of expenses and
losses relating to such Serviced Loan Combination to the Trust, as holder of the related Mortgage Loan, and to the related Serviced
Companion Loan Holder(s); (iii) any consultation, consent and Special Servicer appointment rights of a related Serviced Companion
Loan Holder or its Companion Loan Holder Representative; (iv) any right of a related Companion Loan Holder to attend (in-person
or telephonically) annual meetings with the Master Servicer or the Special Servicer, as applicable, upon reasonable notice and
at times reasonably acceptable to the Master Servicer or the Special Servicer, as applicable, for the purpose of discussing servicing
issues related to such Serviced Loan Combination; (v) any right of a related Companion Loan Holder to cure certain defaults under
the related Serviced Loan Combination; and (vi) any right of a related Companion Loan Holder to purchase the related Split Mortgage
Loan from the Trust Fund (together with any other related Serviced Pari Passu Companion Loans, if applicable). With respect to
any Serviced Loan Combination, the Master Servicer (if such Serviced Loan Combination is a Performing Serviced Loan) or the Special
Servicer (if such Serviced Loan Combination has become a Specially Serviced Loan or the related Mortgaged Property has been converted
to an REO Property) shall prepare and provide to the related Serviced Companion Loan Holder(s) (or its Companion Loan Holder Representative),
or the master servicer or special servicer for the related Other Securitization Trust on its behalf, all notices, reports, statements
and communications to be delivered by the holder of the related Mortgage Loan under the related Co-Lender Agreement, and shall
perform all duties and obligations to be performed by a servicer and perform all servicing-related duties and obligations to be
performed by the holder of the related Mortgage Loan pursuant to the related Co-Lender Agreement. Furthermore, to the extent not
otherwise expressly included herein, any provisions required to be included herein pursuant to any Co-Lender Agreement for a Serviced
Loan Combination are deemed incorporated herein by


 



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reference, and the parties hereto shall comply with those provisions as if
set forth herein in full. In the event of any conflict between this Agreement and a Co-Lender Agreement with respect to a Serviced
Pari Passu Loan Combination, the terms of such Co-Lender Agreement shall control with respect to such Serviced Pari Passu Loan
Combination.


 


With
respect to any Serviced Outside Controlled Mortgage Loan (including any Servicing Shift Mortgage Loan prior to the related Servicing
Shift Date), subject to the rights of the Controlling Class Representative under this Agreement and any applicable consultation
rights of the Operating Advisor (to the extent set forth in Section 3.29(f)), the Master Servicer (if such Serviced Outside
Controlled Mortgage Loan is a Performing Serviced Loan and the matter does not involve a Major Decision or Special Servicer Decision)
or the Special Servicer (if such Serviced Outside Controlled Mortgage Loan is a Specially Serviced Loan or if such Serviced Outside
Controlled Mortgage Loan is a Performing Serviced Loan and the matter involves a Major Decision or Special Servicer Decision)
shall be entitled to exercise the rights and powers granted under the related Co-Lender Agreement to the “Non-Controlling
Note Holder” (as such term or any analogous term is defined in the related Co-Lender Agreement).


 


(f)         Notwithstanding
anything to the contrary herein, (a) at no time shall the Master Servicer or the Trustee be required to make any P&I Advance
on any Companion Loan and (b) if the Mortgage Loan (or the related REO Property) that is part of a Serviced Loan Combination is
no longer part of the Trust Fund, neither the Master Servicer nor the Trustee, as the case may be, shall have any obligation to
make any Property Advance on such Serviced Loan Combination. If pursuant to the foregoing sentence, the Master Servicer does not
intend to make a Property Advance with respect to a Serviced Loan Combination that the Master Servicer would have made if the
related Mortgage Loan or REO Property were still part of the Trust Fund, the Master Servicer shall promptly notify the holder
of the related Serviced Companion Loan of its intention to no longer make such Property Advances and shall additionally promptly
notify such holder of any required Property Advance it would have otherwise made upon becoming aware of the need for such Property
Advance. Additionally, at the time the Mortgage Loan relating to a Serviced Loan Combination is removed from the Trust Fund, the
Master Servicer shall deliver to the related Serviced Companion Loan Holder (or the master servicer of any securitization of the
related Serviced Companion Loan) (i) a copy of the most recent inspection report and the inspection report for the prior calendar
year, (ii) copies of all financial statements collected from the related borrower for the most recent calendar year and the prior
calendar year, (iii) a copy of the most recent Appraisal and any other Appraisal done in the prior year and (iv) a copy of all
tax and insurance bills for the current calendar year and the prior calendar year.


 


(g)        Notwithstanding
anything herein to the contrary, the parties hereto acknowledge and agree that the Master Servicer’s and the Special Servicer’s
obligations and responsibilities hereunder and the Master Servicer’s and the Special Servicer’s authority with respect
to each Outside Serviced Mortgage Loan and each Outside Serviced Companion Loan related to the Outside Serviced Mortgage Loans
are limited by and subject to the terms of the related Co-Lender Agreement and this Agreement and the rights of the related Outside
Servicer and the related Outside Special Servicer with respect thereto under the applicable Outside Servicing Agreement. The parties
further recognize the respective rights and obligations of the related Outside Trustee and/or the Outside Serviced Companion Loan
Holders (or the representatives thereof) under each respective Co-Lender Agreement including with respect to the


 



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allocation of
collections on or in respect of an Outside Serviced Loan Combination in accordance with the related Co-Lender Agreement. The Master
Servicer shall cooperate with the Certificate Administrator, on behalf of the Trust, in connection with the enforcement of the
rights by the Trustee (as holder of the Outside Serviced Mortgage Loans) under each related Co-Lender Agreement and each applicable
Outside Servicing Agreement. The Master Servicer or Special Servicer, as applicable, (under the power of attorney granted by the
Trustee) shall take such actions as it shall deem reasonably necessary to facilitate the servicing of each Outside Serviced Companion
Loan by the related Outside Servicer and the related Outside Special Servicer, including, but not limited to, delivering appropriate
requests for release to the Custodian (if any) in order to deliver any portion of the related Mortgage Files to the related Outside
Servicer or related Outside Special Servicer under the applicable Outside Servicing Agreement.


 


To
the extent that the Trust, as holder of an Outside Serviced Mortgage Loan for the benefit of the Certificateholders, is entitled
to (i) consent to or approve any modification, waiver or amendment of such Outside Serviced Mortgage Loan or (ii) exercise any
consultation rights with respect to “Major Decisions” or “Material Actions” (as such term or any analogous
term is defined in the applicable Outside Servicing Agreement) in connection with such Outside Serviced Mortgage Loan or any related
REO Property or any consultation rights with respect to the implementation of “Asset Status Reports” (as such term
or any analogous term is defined in the applicable Outside Servicing Agreement), then the following party or parties (to the extent
notified by the appropriate party to the applicable Outside Servicing Agreement of any matter requiring the exercise of consent,
approval or consultation rights) shall actually exercise such consent, approval or consultation rights, and the respective parties
to this Agreement shall take such actions as are reasonably necessary to allow the following party or parties to exercise such
consent, approval or consultation rights: (a) the Controlling Class Representative (unless a Control Termination Event exists
or such Outside Serviced Mortgage Loan is an Excluded Mortgage Loan) or the Special Servicer (if a Control Termination Event exists
or such Outside Serviced Mortgage Loan is an Excluded Mortgage Loan) shall exercise any such consent or approval rights, in each
case in accordance with Section 3.01(i); and (b) the Controlling Class Representative (unless a Consultation Termination
Event exists or such Outside Serviced Mortgage Loan is an Excluded Mortgage Loan) or the Special Servicer (if a Consultation Termination
Event exists or such Outside Serviced Mortgage Loan is an Excluded Mortgage Loan) shall exercise any such consultation rights
entitled to be exercised by the holder of such Outside Serviced Mortgage Loan in accordance with Section 3.01(i). The Master
Servicer shall only be obligated to forward any requests received from the Outside Servicer or the Outside Special Servicer, as
applicable, for such consent and/or consultation to the Special Servicer (who shall forward any such request to the Controlling
Class Representative except if a Control Termination Event or Consultation Termination Event, as applicable, has occurred and
is continuing or if such Outside Serviced Mortgage Loan is an Excluded Mortgage Loan), and the Master Servicer shall have no right
or obligation to exercise any such consent or consultation rights.


 


In
addition to such consent, approval or consultation rights, the Controlling Class Representative (if no Control Termination Event
has occurred and is continuing and the related Outside Serviced Mortgage Loan is not an Excluded Mortgage Loan) and the Special
Servicer (if a Control Termination Event has occurred and is continuing), on behalf of the Trust, as holder of each Outside Serviced
Mortgage Loan for the benefit of the Certificateholders, will have the right (exercisable in its sole discretion), to the extent
provided in the related Co-Lender Agreement


 





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and/or the applicable Outside Servicing Agreement, to attend (in-person or telephonically)
annual meetings with the related Outside Servicer or Outside Special Servicer, as applicable, upon reasonable notice and at times
reasonably acceptable to the related Outside Servicer or Outside Special Servicer, as applicable, for the purpose of discussing
servicing issues related to such Outside Serviced Loan Combination.


 


None
of the Master Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator, the Custodian or the Trustee
shall have any obligation or authority to supervise any Outside Servicer, any Outside Special Servicer, any Outside Trustee or
any other party to the applicable Outside Servicing Agreement or to make Property Advances with respect to any of the Outside
Serviced Mortgage Loans or a Companion Loan related to an Outside Serviced Mortgage Loan. The obligation of the Master Servicer
and the Special Servicer to provide information to the Trustee or any other Person with respect to the Outside Serviced Mortgage
Loans and any Outside Serviced Companion Loan related to an Outside Serviced Mortgage Loan is dependent on their receipt of the
corresponding information from the related Outside Servicer or the related Outside Special Servicer, as applicable.


 


(h)        The
parties hereto acknowledge that each Outside Serviced Loan Combination is subject to the terms and conditions of the respective
Co-Lender Agreement and further acknowledge that, pursuant to the respective Co-Lender Agreement, (i) the related Outside Serviced
Mortgage Loan and the related Outside Serviced Companion Loans are to be serviced and administered by the related Outside Servicer
and Outside Special Servicer in accordance with the applicable Outside Servicing Agreement, and (ii) in the event that the applicable
Outside Serviced Companion Loan is no longer part of the trust fund created by the applicable Outside Servicing Agreement and
the related Outside Serviced Mortgage Loan remains an asset of the Trust Fund, then, as set forth in the related Co-Lender Agreement,
the related Outside Serviced Loan Combination shall be serviced in accordance with the applicable provisions of the applicable
Outside Servicing Agreement as if such agreement was still in full force and effect with respect to the related Outside Serviced
Loan Combination, until such time as a new servicing agreement has been agreed to by the parties to the related Co-Lender Agreement
in accordance with the provisions of such agreement and confirmation has been obtained from the Rating Agencies that such new
servicing agreement would not result in a downgrade, qualification or withdrawal of the then current ratings of any Class of Certificates
then outstanding and any other requirements applicable to the related Outside Serviced Mortgage Loan.


 


(i)          The
parties hereto acknowledge that each Outside Serviced Mortgage Loan is subject to the terms and conditions of the related Co-Lender
Agreement. With respect to each Outside Serviced Loan Combination, the parties hereto recognize the respective rights and obligations
of the related Outside Serviced Loan Combination Noteholders under the related Co-Lender Agreement, including with respect to
the allocation of collections and losses on or in respect of the related Outside Serviced Mortgage Loan and the related Outside
Serviced Companion Loan(s) and the making of payments to the related Outside Serviced Loan Combination Noteholders in accordance
with the related Co-Lender Agreement and the applicable Outside Servicing Agreement. The parties hereto further acknowledge that,
pursuant to the related Co-Lender Agreement, each Outside Serviced Mortgage Loan and the related Outside Serviced Companion Loan(s)
are to be serviced and administered by the related Outside Servicer and Outside Special Servicer in accordance with the applicable
Outside Servicing Agreement, and that


 



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payments allocated to each Outside Serviced Mortgage Loan and the related Outside Serviced
Companion Loans pursuant to the applicable Outside Servicing Agreement and the related Co-Lender Agreement are to be made by related
Outside Servicer. Although each Outside Serviced Mortgage Loan is not serviced and administered hereunder, the Master Servicer
and the Special Servicer hereunder for each such Outside Serviced Mortgage Loan shall have certain duties as set forth herein
and shall constitute the “Master Servicer” and “Special Servicer” hereunder with respect to each such
Outside Serviced Mortgage Loan.


 


If
there are at any time amounts due from the Trust, as holder of an Outside Serviced Mortgage Loan, to any party under the related
Co-Lender Agreement or the applicable Outside Servicing Agreement, the Master Servicer shall pay such amounts out of the Collection
Account. If a party to the applicable Outside Servicing Agreement related to an Outside Serviced Mortgage Loan requests the Master
Servicer, Special Servicer, Trustee, Certificate Administrator or Custodian to consent to, or consult with respect to, a modification,
waiver or amendment of, or other loan-level action related to, such Outside Serviced Mortgage Loan (except a modification, waiver
or amendment of the applicable Outside Servicing Agreement or the related Co-Lender Agreement which shall not be subject to the
operation of this sentence but shall instead be subject to the operation of the provisions below in this paragraph), the party
hereto that receives such request shall (but in the case of the Master Servicer subject to the limitation that it shall only be
required to deliver any such request to the Special Servicer) promptly deliver a copy of such request to the Controlling Class
Representative (if no Control Termination Event (in the case of consent rights) or Consultation Termination Event (in the case
of consultation rights) exists and such Outside Serviced Mortgage Loan is not an Excluded Mortgage Loan) or to the Special Servicer
(if a Control Termination Event (in the case of consent rights) or Consultation Termination Event (in the case of consultation
rights) exists or such Outside Serviced Mortgage Loan is an Excluded Mortgage Loan), as applicable, and (a) any such consent rights
shall be exercised by the Controlling Class Representative (unless a Control Termination Event exists or such Outside Serviced
Mortgage Loan is an Excluded Mortgage Loan) or by the Special Servicer (if a Control Termination Event exists or such Outside
Serviced Mortgage Loan is an Excluded Mortgage Loan) and (b) any such consultation rights shall be exercised by the Controlling
Class Representative (unless a Consultation Termination Event exists or such Outside Serviced Mortgage Loan is an Excluded Mortgage
Loan) or by the Special Servicer (if a Consultation Termination Event exists or such Outside Serviced Mortgage Loan is an Excluded
Mortgage Loan); provided, that if such Outside Serviced Mortgage Loan were serviced hereunder and such action would not
be permitted without Rating Agency Confirmation, then the Controlling Class Representative or the Special Servicer, as applicable,
shall not exercise any such right of consent without first having obtained (or having caused the related Outside Servicer or Outside
Special Servicer to obtain) or received such Rating Agency Confirmation (payable at the expense of the party making such request
for consent or approval if such requesting party is a Certificateholder or a party to this Agreement, and otherwise from the Collection
Account). If a Responsible Officer of the Trustee, Certificate Administrator or Custodian receives actual notice of a termination
event under the applicable Outside Servicing Agreement, then the Trustee, Certificate Administrator or Custodian, as applicable,
shall notify the Master Servicer (in writing), and the Master Servicer shall act in accordance with the instructions of (prior
to the occurrence of a Control Termination Event) the Controlling Class Representative in accordance with the applicable Outside
Servicing Agreement with respect to such termination event (provided that the Master Servicer shall only be required to comply
with such instructions if such instructions are in accordance with the applicable


 



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Outside Servicing Agreement and not inconsistent
with this Agreement); provided that, if such instructions are not provided within a reasonable time period (not to exceed
ten (10) Business Days or such lesser response time as is afforded under the applicable Outside Servicing Agreement) or if a Control
Termination Event exists or if the Master Servicer is not permitted by the applicable Outside Servicing Agreement to follow such
instructions, then the Master Servicer shall take such action or inaction (to the extent permitted by the applicable Outside Servicing
Agreement), as directed in writing by the Holders of the Certificates evidencing at least 25% of the aggregate of all Voting Rights
(such direction to be sought and communicated to the Master Servicer by the Certificate Administrator) within a reasonable period
of time that does not exceed such response time as is afforded under the applicable Outside Servicing Agreement. Subject to the
foregoing, during the continuation of any termination event with respect to the related Outside Servicer or Outside Special Servicer
under the applicable Outside Servicing Agreement, each of the Trustee, the Certificate Administrator, the Master Servicer and
the Special Servicer shall have the right (but not the obligation) to take all actions to enforce its rights and remedies and
to protect the interests, and enforce the rights and remedies, of the Trust (including the institution and prosecution of all
judicial, administrative and other proceedings and the filings of proofs of claim and debt in connection therewith). The reasonable
costs and expenses incurred by the Master Servicer, Special Servicer, the Certificate Administrator, or the Trustee in connection
with such enforcement shall be paid by the Master Servicer out of the Collection Account. If the Trustee receives a request (and,
if the Master Servicer, Special Servicer or the Certificate Administrator receives such request, such party shall promptly forward
such request to the Trustee) from any party to the applicable Outside Servicing Agreement for consent to or approval of a modification,
waiver or amendment of the applicable Outside Servicing Agreement and/or the related Co-Lender Agreement, or the adoption of any
servicing agreement that is the successor to and/or in replacement of the applicable Outside Servicing Agreement in effect as
of the Closing Date or a change in servicer under the applicable Outside Servicing Agreement, then the Trustee is hereby directed
to, and the Trustee shall, grant such consent or approval if (a) the Trustee shall have received a prior Rating Agency Confirmation
from each Rating Agency (payable at the expense of the party making such request for consent or approval to the Trustee, if a
Certificateholder or a party to this Agreement, and otherwise from the Collection Account) with respect to such consent or approval,
and (b) unless a Control Termination Event has occurred and is continuing or the related Outside Serviced Mortgage Loan is an
Excluded Mortgage Loan, the Trustee shall have obtained the consent of the Controlling Class Representative. The Trustee, the
Certificate Administrator, the Special Servicer and the Master Servicer (each, a “Notifying Party”) shall each
promptly forward all material notices or other communications delivered to it in connection with the applicable Outside Servicing
Agreement to each other Notifying Party (unless a Notifying Party has actual knowledge that such other Notifying Party (i) was
copied on such original notice or communication or (ii) actually received such notice or communication), the Operating Advisor,
the Controlling Class Representative (if a Consultation Termination Event does not exist) and the Depositor and, if such notice
or communication is in the nature of a notice or communication that would be required to be delivered to the Rule 17g-5 Information
Provider (for posting to the Rule 17g-5 Information Provider’s Website in accordance with Section 12.13) if the related
Outside Serviced Mortgage Loan were a Mortgage Loan that is serviced and administered under this Agreement, to the Rule 17g-5
Information Provider (who shall promptly post such notice to the Rule 17g-5 Information Provider’s Website in accordance
with Section 12.13); provided that, notwithstanding the foregoing, the Special Servicer shall have no obligation
to forward any such notice or communication under this provision unless (A) the Special Servicer is the only addressee


 



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of such
notice or communication or (B) there is no addressee on such notice or communication. Any obligation of the Master Servicer or
Special Servicer, as applicable, to provide information and collections to the Trustee, the Certificate Administrator, the Controlling
Class Representative and the Certificateholders with respect to any Outside Serviced Mortgage Loan shall be dependent on its receipt
of the corresponding information and collections from the related Outside Servicer or the related Outside Special Servicer. Each
of the Trustee, the Certificate Administrator, the Master Servicer and the Special Servicer shall reasonably cooperate with the
Master Servicer, the Special Servicer, the Operating Advisor or the Controlling Class Representative, in each case as and when
applicable, to facilitate the exercise by such party of any consent, approval or consultation rights set forth in this Section
3.01 with respect to an Outside Serviced Mortgage Loan; provided, however, the Trustee, the Certificate Administrator,
the Master Servicer and the Special Servicer shall have no right or obligation to exercise any consent or consultation rights
or obtain a Rating Agency Confirmation on behalf of the Controlling Class Representative.


 


(j)          With
respect to each Outside Serviced Mortgage Loan, the parties to this Agreement agree as follows:


 


(i)          pursuant
to the related Outside Servicing Agreement, the related Outside Servicer or Outside Special Servicer, as applicable, is obligated
to make “Servicing Advances” or “Property Advances” and incur “Additional Trust Fund Expenses”
(as each such term or any analogous term is defined in the related Outside Servicing Agreement) with respect to such Outside Serviced
Mortgage Loan; the Trust shall be responsible for its pro rata share (such pro rata share and the pro rata
share of the holder(s) of the related Outside Serviced Companion Loan(s) to be determined based on the respective principal balances
of such Outside Serviced Mortgage Loan and the related Outside Serviced Companion Loan(s)) of any “Nonrecoverable Servicing
Advance” or “Nonrecoverable Property Advances” (and advance interest thereon) and any “Additional Trust
Fund Expenses” (as each such term or any analogous term is defined in the related Outside Servicing Agreement), but only
to the extent that they relate to servicing and administration of such Outside Serviced Mortgage Loan, including without limitation,
any unpaid “Special Servicing Fees,” “Liquidation Fees” and “Workout Fees” (as each such term
or any analogous term is defined in the related Outside Servicing Agreement) relating to such Outside Serviced Mortgage Loan;
and in the event that the funds received with respect to the related Outside Serviced Loan Combination are insufficient to cover
“Servicing Advances,” “Property Advances” or “Additional Trust Fund Expenses” (as each such
term or any analogous term is defined in the applicable Outside Servicing Agreement) relating to the servicing and administration
of the related Outside Serviced Loan Combination, (i) the Master Servicer shall, promptly following notice from the related Outside
Servicer, reimburse the related Outside Servicer, the related Outside Special Servicer, the related Outside Certificate Administrator
or the related Outside Trustee, as applicable (such reimbursement, to the extent owed to the related Outside Special Servicer,
the related Outside Certificate Administrator or the related Outside Trustee, may be paid by the Master Servicer to the related
Outside Servicer, who shall pay such amounts to the related Outside Special Servicer, the related Outside Certificate Administrator
or the related Outside Trustee, as applicable), out of general funds in the Collection Account for the Trust’s pro rata
share (such pro rata share and the pro rata share of the holder(s) of the related Outside Serviced Companion
Loan(s) to be determined based on the respective principal balances


 



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of such Outside Serviced Mortgage Loan and the related Outside
Serviced Companion Loan(s)) of any such “Nonrecoverable Servicing Advance,” “Nonrecoverable Property Advances”
and/or “Additional Trust Fund Expenses” (as each such term or any analogous term is defined in the applicable Outside
Servicing Agreement), and (ii) if the related Outside Servicing Agreement permits the related Outside Servicer, the related Outside
Special Servicer, the related Outside Certificate Administrator or the related Outside Trustee to reimburse itself from the related
Outside Securitization Trust’s general account, then the parties to this Agreement hereby acknowledge and agree that the
related Outside Servicer, the related Outside Special Servicer, the related Outside Certificate Administrator or the related Outside
Trustee, as applicable, may do so and the Master Servicer shall be required to, promptly following notice from the related Outside
Servicer, reimburse the related Outside Securitization Trust out of general funds in the Collection Account for the Trust’s
pro rata share (such pro rata share and the pro rata share of the holder(s) of the related Outside Serviced
Companion Loan(s) to be determined based on the respective principal balances of such Outside Serviced Mortgage Loan and the related
Outside Serviced Companion Loan(s)) of any such “Nonrecoverable Servicing Advance,” “Nonrecoverable Property
Advances” and/or “Additional Trust Fund Expenses” (as each such term or any analogous term is defined in the
applicable Outside Servicing Agreement) relating to the servicing and administration of such Outside Serviced Loan Combination;


 


(ii)         With
respect to each Outside Serviced Mortgage Loan, each of (i) (as and to the same extent the related Outside Securitization Trust
established under the related Outside Servicing Agreement is required to indemnify each of the following parties in respect of
other mortgage loans in the related Outside Securitization Trust pursuant to the terms of the related Outside Servicing Agreement)
the related Outside Servicer, the related Outside Special Servicer, the related Outside Certificate Administrator, the related
Outside Trustee, the related Outside Operating Advisor and the related Outside Depositor (and any director, officer, employee
or agent of any of the foregoing, to the extent such parties are identified as “Indemnified Parties” in the related
Outside Servicing Agreement in respect of other mortgages included in such Outside Securitization Trust) and (ii) the related
Outside Securitization Trust (such parties in clause (i) and the related Outside Securitization Trust, collectively, the “Pari
Passu Indemnified Parties”) shall be indemnified against any claims, losses, penalties, fines, forfeitures, legal fees
and related costs, judgments and any other costs, liabilities, fees and expenses incurred in connection with the servicing and
administration of such Outside Serviced Mortgage Loan and the related Mortgaged Property (or, with respect to the related Outside
Operating Advisor, incurred in connection with the provision of services for such Outside Serviced Mortgage Loan) under the applicable
Outside Servicing Agreement (collectively, the “Pari Passu Indemnified Items”) to the extent of the Trust’s
pro rata share (such pro rata share and the pro rata share of the holder(s) of the related Outside Serviced
Companion Loan(s) to be determined based on the respective principal balances of such Outside Serviced Mortgage Loan and the related
Outside Serviced Companion Loan(s)) of such Pari Passu Indemnified Items, and to the extent amounts on deposit in the “Serviced
Loan Combination Collection Account”, “Serviced Pari Passu Companion Loan Custodial Account”, “Whole Loan
Custodial Account” or “Loan Combination Custodial Account” (as each such term or any analogous term is defined
in the applicable Outside Servicing Agreement), as applicable, maintained pursuant to the related Outside Servicing Agreement
that are allocated to the


 



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Outside Serviced Mortgage Loan are insufficient for reimbursement of such amounts, such Indemnified
Party shall be entitled to be reimbursed by the Trust (including out of general collections in the Collection Account) for the
Trust’s pro rata share of the insufficiency;


 


(iii)        To
the extent not otherwise expressly included herein, any provisions required to be included herein pursuant to any Co-Lender Agreement
for an Outside Serviced Loan Combination are deemed incorporated herein by reference, and the parties hereto shall comply with
those provisions as if set forth herein in full. In the event of any inconsistency between the provisions of this Agreement and
any Outside Serviced Co-Lender Agreement, such Outside Serviced Co-Lender Agreement shall prevail, provided that in no event shall
the Master Servicer or the Special Servicer, as the case may be, take any action or omit to take any action in accordance with
the terms of any Outside Serviced Co-Lender Agreement, that would cause the Master Servicer or the Special Servicer, as the case
may be, to violate the Servicing Standard or REMIC Provisions; and


 


(iv)        each
Outside Servicer, each Outside Special Servicer, each Outside Certificate Administrator, each Outside Trustee, each Outside Operating
Advisor and each Outside Securitization Trust shall be third party beneficiaries of this Section 3.01(j).


 


(k)         To
the extent required under any Loan Documents, the Master Servicer shall, on behalf of the related lender, maintain a Note register
for the related Mortgage Loan in accordance with such Loan Documents.


 


(l)          In
order to comply with the 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 the purposes of this clause (l), “Applicable
Laws”), the Master Servicer may be required to obtain, verify and record certain information relating to individuals
and entities which maintain a business relationship with the Master Servicer. Accordingly, each of the parties hereto agrees to
provide to the Master Servicer, upon its reasonable request, from time to time such identifying information and documentation
as may be readily available to such party in order to enable the Master Servicer to comply with Applicable Laws; provided that
the Master Servicer shall be responsible for all reasonable actual out-of-pocket expenses incurred by such party in connection
therewith.


 


Section
3.02     Liability of the Master Servicer. Notwithstanding any Sub-Servicing Agreement or
primary servicing agreement, any of the provisions of this Agreement relating to agreements or arrangements between the
Master Servicer 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 shall remain obligated and primarily liable to
the Trustee, the Certificate Administrator, the Certificateholders and any Serviced Companion Loan Holder for the servicing
and administering of the Mortgage Loans (other than the Outside Serviced Mortgage Loans) and the Serviced Companion Loan in
accordance with the provisions of this Agreement without diminution of such obligation or liability by virtue of such
Sub-Servicing Agreements, primary servicing agreements or arrangements or by virtue of indemnification from any 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 alone was servicing and administering the Mortgage Loans (other than the Outside Serviced Mortgage Loans) and
the


 



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Serviced Companion Loan. The Master
Servicer shall be entitled to enter into an agreement with any Sub-Servicer providing for indemnification of the Master Servicer
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 Certain Mortgage Loan Payments.


 


(a)         The
Master Servicer (with respect to Performing Serviced Loans) or the Special Servicer (with respect to Specially Serviced Loans),
as applicable, shall use commercially reasonable efforts in accordance with the Servicing Standard to collect all payments called
for under the terms and provisions of the Serviced Loans it is obligated to service hereunder, and shall follow the Servicing
Standard with respect to such collection procedures; provided that, with respect to any ARD Mortgage Loan, so long as the
related Mortgagor is in compliance with each provision of the related Loan Documents, the Master Servicer and the Special Servicer
shall not take any enforcement action with respect to the failure of the related Mortgagor to make any payment of Excess Interest,
other than requests for collection, until the Maturity Date of any ARD Mortgage Loan or until the outstanding principal balance
of such ARD Mortgage Loan (exclusive of any portion representing accrued Excess Interest) has been paid in full); provided,
further, that, with respect to any ARD Mortgage Loan, the Master Servicer or Special Servicer, as the case may be, may
take action to enforce the Trust Fund’s right to apply excess cash flow to principal in accordance with the terms of the
Loan Documents. For clarification, no obligation of the Master Servicer or the Special Servicer to use commercially reasonable
efforts to collect fees from the related Mortgagor will change the obligation of the Master Servicer to pay such fees from general
collections or other proceeds in accordance with Section 3.06(a) and Section 3.06A(a) of this Agreement, whether
or not such Special Servicing Fees, Workout Fees or Liquidation Fees are collected from or paid by the related Mortgagor. The
Master Servicer, with respect to the Performing Serviced Loans, and the Special Servicer, with respect to the Specially Serviced
Loans, shall use its reasonable efforts to collect income statements, rent rolls and other reporting information from Mortgagors
(as required under the related Loan Documents). Consistent with the foregoing, the Master Servicer (with respect to Performing
Serviced Loans) or Special Servicer (with respect to Specially Serviced Loans), as applicable, may in its discretion waive any
Penalty Charges in connection with any delinquent Monthly Payment with respect to any Mortgage Loan (other than an Outside Serviced
Mortgage Loan) or Serviced Companion Loan. In addition, the Master Servicer shall be entitled to take such actions with respect
to the collection of payments on the Mortgage Loans (other than the Outside Serviced Mortgage Loans) and the Serviced Companion
Loan as are permitted or required under Section 3.21 of this Agreement.


 


(b)         If
the Master Servicer receives Excess Interest directly from the related Mortgagor or through the Special Servicer, which Excess
Interest was collected during the Collection Period for any Distribution Date, or receives notice from the related Mortgagor that
the Master Servicer will be receiving Excess Interest during the Collection Period for any Distribution Date, then the Master
Servicer shall notify the Certificate Administrator no later than two Business Days prior to such Distribution Date by means of
a clearly labeled item in the CREFC® Loan Periodic Update File. None of the Master Servicer, the Special Servicer,
the Certificate Administrator or the Trustee shall be responsible for any failure of the related Mortgagor to pay any such Excess
Interest. The preceding statements shall not, however, be construed to limit the provisions of Section 3.03(a) of this
Agreement.


 






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(c)         With
respect to each Outside Serviced Mortgage Loan, the Certificate Administrator shall deliver to the related Outside Trustee, the
related Outside Certificate Administrator, the related Outside Special Servicer, the related Outside Servicer and the related
Outside Operating Advisor promptly following the Closing Date (and, in the case of each Servicing Shift Mortgage Loan, promptly
upon the related Servicing Shift Date), written notice in the form of Exhibit FF-1, Exhibit FF-2, Exhibit FF-3,
Exhibit FF-4, Exhibit FF-5, Exhibit FF-6, Exhibit FF-7, Exhibit FF-8 or Exhibit FF-9
attached hereto, as applicable, stating that, as of the Closing Date (or the related Servicing Shift Date, as applicable), the
Trustee is the holder of such Outside Serviced Mortgage Loan and directing each such recipient to remit to the Master Servicer
all amounts payable to, and to forward, deliver or otherwise make available, as the case may be, to the Master Servicer all reports,
statements, documents, communications and other information that are to be forwarded, delivered or otherwise made available to,
the holder of such Outside Serviced Mortgage Loan under the related Co-Lender Agreement and the applicable Outside Servicing Agreement
(which notice shall also provide contact information for the Trustee, the Certificate Administrator, the Master Servicer, the
Special Servicer and each party designated to exercise the rights of the “Non-Controlling Note Holder” under the related
Co-Lender Agreement), accompanied by a copy of an executed version of this Agreement, and (B) notice of any subsequent change
in the identity of the Master Servicer or any party designated to exercise the rights of the “Non-Controlling Note Holder”
under the related Co-Lender Agreement (together with the relevant contact information). The Master Servicer shall, within one
(1) Business Day of receipt of properly identified funds, deposit into the Collection Account all amounts received with respect
to each Outside Serviced Mortgage Loan, the Mortgaged Property related to each Outside Serviced Mortgage Loan or any related REO
Property; provided, however, that to the extent any such amounts are received after 2:00 p.m. Eastern time on any
given Business Day, the Master Servicer shall use commercially reasonable efforts to deposit such amounts into the Collection
Account within one (1) Business Day of receipt of such amounts but, in any event, the Master Servicer shall deposit such amounts
into the Collection Account within two (2) Business Days of receipt of such amounts.


 


(d)        With
respect to each Outside Serviced Mortgage Loan, if the Master Servicer does not receive from the related Outside Servicer any
Monthly Payment or other amounts known by the Master Servicer to be owing on such Outside Serviced Mortgage Loan in accordance
with the terms of the applicable Outside Servicing Agreement and/or the related Co-Lender Agreement, then the Master Servicer
shall provide notice of such failure to the related Outside Servicer and the related Outside Trustee.


 


Section
3.04     Collection of Taxes, Assessments and Similar Items; Escrow Accounts.


 


(a)         With
respect to each Mortgaged Property securing a Serviced Loan, the Master Servicer shall maintain accurate records with respect
to each related Mortgaged Property reflecting the status of taxes, assessments, ground rents and other similar items that are
or may become a lien on the related Mortgaged Property and the status of insurance premiums payable with respect thereto. From
time to time, to the extent such payments are to be made from escrowed funds, the Master Servicer shall (i) obtain all bills for
the payment of such items (including renewal premiums), and (ii) effect payment of all such bills with respect to such Mortgaged
Properties prior to the applicable penalty or termination date, in each case employing for such purpose Escrow


 



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Payments as allowed
under the terms of the related Serviced Loan. With respect to non-escrowed payments, when the Master Servicer becomes aware in
accordance with the Servicing Standard that a Mortgagor (other than with respect to the Outside Serviced Mortgage Loan) has failed
to make any such payment or, with respect to escrowed loans, collections from the Mortgagor 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. Notwithstanding anything in this Agreement to the contrary, the Master Servicer may in accordance with the Servicing
Standard elect (but is not required) to make (and in the case of a Specially Serviced Loan, at the direction of the Special Servicer
will be required to make) a payment from amounts on deposit in the Collection Account that would otherwise be a Property Advance
with respect to a Mortgage Loan (other than an Outside Serviced Mortgage Loan) notwithstanding that the Master Servicer or the
Special Servicer has determined that such a Property Advance would, if advanced, be a Nonrecoverable Property Advance, if making
the payment (x) would prevent (i) the related 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 related
Mortgage Loan, or (y) would remediate any adverse environmental condition or circumstance at the related Mortgaged Property, if,
in each instance, the Master Servicer or the Special Servicer, as applicable, determines in accordance with the Servicing Standard
that making the payment is in the best interest of the Certificateholders and any related Serviced Companion Loan Holder(s) (as
a collective whole as if the Certificateholders and such Serviced Companion Loan Holder(s) constituted a single lender (and, in
the case of a Serviced AB Loan Combination, taking into account the subordinate nature of the related Subordinate Companion Loan(s))).
If the Special Servicer makes such a determination, it shall notify the Master Servicer and the Master Servicer shall make such
payment from the Collection Account. No costs incurred by the Master Servicer in effecting the payment of taxes and assessments
on the Mortgaged Properties shall, for the purpose of calculating distributions to Certificateholders, be added to the amount
owing under the related Mortgage Loans, notwithstanding that the terms of such Mortgage Loans so permit.


 


(b)        The
Master Servicer shall segregate and hold all funds collected and received pursuant to any Mortgage Loan or Serviced Loan Combination
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. The Master Servicer shall also deposit into
each applicable Escrow Account any amounts representing losses on Permitted Investments to the extent required by Section 3.07(b) of this Agreement and any Insurance Proceeds or Condemnation Proceeds which are required to be applied to the restoration
or repair of any Mortgaged Property pursuant to the related Mortgage Loan. Escrow Accounts shall be Eligible Accounts (except
to the extent the related Mortgage Loan requires or permits it to be held in an account that is not an Eligible Account) in accordance
with the terms of the related Loan Documents) and (subject to any changes in the identities of the Master Servicer and/or the
Trustee) shall be entitled, “Wells Fargo Bank, National Association, as Master Servicer, on behalf of Wilmington Trust,
National Association, as Trustee for the benefit of the registered Holders of Citigroup Commercial Mortgage Trust 2017-P8, Commercial
Mortgage Pass-Through Certificates, Series 2017-P8, the Serviced Companion Loan Holders, and


 



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Various Mortgagors.” 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 related Loan Documents and in accordance with the terms of
the related Mortgage Loan or Serviced Loan Combination, as applicable;


 


(ii)         to
transfer funds to the Collection Account and/or the applicable Loan Combination Custodial Account to reimburse the Master Servicer,
the Special Servicer or the Trustee, as applicable, for any Property Advance (with interest thereon at the Advance Rate) relating
to Escrow Payments, but only from amounts received with respect to the related Mortgage Loan or Serviced Loan Combination, as
applicable, which represent late collections of Escrow Payments thereunder;


 


(iii)        for
application to the restoration or repair of the related Mortgaged Property in accordance with the related Mortgage Loan or Serviced
Loan Combination, as applicable, and the Servicing Standard;


 


(iv)        to
clear and terminate such Escrow Account upon the termination of this Agreement;


 


(v)         to
pay from time to time to the related Mortgagor (a) any interest or investment income earned on funds deposited in the Escrow Account
if such income is required to be paid to the related Mortgagor under law or by the terms of the Mortgage Loan or Serviced Loan
Combination, as applicable, or otherwise to the Master Servicer and (b) any other funds required to be released to the related
Mortgagors pursuant to the related Loan Documents; and


 


(vi)        to
remove any funds deposited in an Escrow Account that were not required to be deposited therein.


 


(c)         In
the event any Loan Documents permit the lender, at the discretion of the lender, to use letters of credit and/or cash reserves
to prepay the related Mortgage Loan prior to the Maturity Date and in the absence of an event of default or acceleration of the
Mortgage Loan, then the Master Servicer shall hold such amounts in an Escrow Account for so long as the Loan Documents permit
such discretion.


 


(d)        Unless
required by the related Loan Documents, neither the Master Servicer nor the Special Servicer shall apply any earnout escrows or
reserves established with respect to any Mortgage Loan as a prepayment of such Mortgage Loan if no event of default has occurred
under such Mortgage Loan.


 


(e)         To
the extent that (i) an operations and maintenance plan is required to be established and executed pursuant to the terms of a Serviced
Loan, or (ii) any repairs, capital improvements, actions or remediations are required to have been taken or completed pursuant
to the terms of the Serviced Loan, the Master Servicer shall determine in accordance with the Servicing Standard (which determination
may be made on the basis of inquiry to the Mortgagor and this sentence shall in no event be construed to require a physical inspection
other than


 



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inspections described in Section 3.18 of this Agreement; provided that all deliveries required to be
made to Master Servicer under the related Loan Documents of supporting documentation have been made; then the Master Servicer
shall report the then current status as a failure) whether the related Mortgagor has failed to perform such obligations under
the related Mortgage Loan or Serviced Loan Combination as of the date required under the related Mortgage Loan or Serviced Loan
Combination and report any such failure to the Special Servicer, the Serviced Companion Loan Holders and, prior to the occurrence
and continuance of a Consultation Termination Event, the Controlling Class Representative within a reasonable time after the date
as of which such actions or remediations are required to be or to have been taken or completed.


 


Section
3.05     Collection Account; Distribution Accounts; and Excess Liquidation Proceeds Reserve Account; and Excess Interest Distribution
Account.


 


(a)         The
Master Servicer shall establish and maintain the Collection Account in the Master Servicer’s name on behalf of the Trustee,
for the benefit of the Certificateholders and the Trustee as the Holder of the Lower-Tier Regular Interests. The Collection Account
shall be established and maintained as an Eligible Account. Amounts attributable to the Mortgage Loans (other than the Excess
Interest) will be assets of the Lower Tier REMIC. As and when required under this Agreement, the Master Servicer shall transfer
to the Collection Account any amounts to be transferred thereto from a Loan Combination Custodial Account as contemplated by Section
3.06A(a)(i) of this Agreement, and the Master Servicer shall deposit in the Collection Account any amounts required to be
deposited therein 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. In addition, the Master Servicer shall deposit or cause to be deposited
in the Collection Account, within one (1) Business Day following receipt of properly identified funds, (x) all Net Liquidation
Proceeds received on or with respect to a Mortgage Loan related to a Serviced Loan Combination in connection with any of the events
described in clauses (iii) and (iv) of the definition of “Liquidation Event” in this Agreement, and
(y) without duplication, the following payments and collections received or made by it on or with respect to the Mortgage Loans
(other than any Mortgage Loan related to a Serviced Loan Combination):


 


(i)          all
payments on account of principal on such Mortgage Loans, including Principal Prepayments and the principal component of Insurance
Proceeds, Condemnation Proceeds and Liquidation Proceeds;


 


(ii)         all
payments on account of interest on such Mortgage Loans (including Excess Interest);


 


(iii)        all
Yield Maintenance Charges on such Mortgage Loans;


 


(iv)        all
amounts with respect to any related REO Property transferred to the Collection Account, or to the Master Servicer for deposit
in the Collection Account, from an REO Account pursuant to Section 3.16(b) of this Agreement;


 


(v)         all
Net Insurance Proceeds, Net Condemnation and Net Liquidation Proceeds with respect to such Mortgage Loans;


 






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(vi)        any
amounts received from Mortgagors under such Mortgage Loans that represent (A) recoveries of Property Protection Expenses, (B)
any recovery of Unliquidated Advances with respect to such Mortgage Loans, or (C) any other reimbursements in accordance with
the related Loan Documents, in each case to the extent not permitted to be retained by the Master Servicer as provided herein;


 


(vii)       any
Loss of Value Payments, as set forth in Section 3.06(c) of this Agreement; and


 


(viii)      any
other amounts required by the provisions of this Agreement to be deposited into the Collection Account by the Master Servicer
or Special Servicer, including pursuant to Section 2.03 and Section 3.03(c) of this Agreement;


 


provided,
however, that to the extent any amounts referred to in clauses (x) or (y) above of this Section 3.05(a) are received after 2:00 p.m. Eastern time on any given Business Day, the Master Servicer shall use commercially reasonable
efforts to deposit such amounts into the Collection Account within one (1) Business Day of receipt thereof but, in any event,
the Master Servicer shall deposit such amounts into the Collection Account within two (2) Business Days of receipt thereof.


 


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, to the extent provided herein, Ancillary Fees, Consent Fees, Assumption Fees, assumption
application fees, defeasance fees, review fees and other amounts that constitute other Additional Servicing Compensation or other
Additional Special Servicing Compensation 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,
shall be entitled to retain any such Ancillary Fees, Consent Fees, Assumption Fees, assumption application fees, defeasance fees,
review fees and/or amounts that constitute other Additional Servicing Compensation or other Additional Special Servicing Compensation
received with respect to such Mortgage Loans in accordance with Section 3.12 of this Agreement; provided that if the Master
Servicer or the Special Servicer, as applicable, receives any such Ancillary Fees, Consent Fees, Assumption Fees, assumption application
fees, defeasance fees and/or amounts that constitute other Additional Servicing Compensation or other Additional Special Servicing
Compensation in excess of the percentage of such fees to which it is entitled pursuant to Section 3.12(a) (in the case
of the Master Servicer) or Section 3.12(c) (in the case of the Special Servicer), then it shall remit to the other party
(i.e. the Special Servicer (if Master Servicer has received the excess percentage of such fees) or the Master Servicer (if Special
Servicer has received the excess percentage of such fees), as applicable) the percentage of such fees to which such other party
is entitled pursuant to Section 3.12(a) or Section 3.12(c), as applicable. To the extent that any Penalty Charges
or Modification Fees received by the Master Servicer or the Special Servicer, as applicable, with respect to any Mortgage Loan
constitute servicing compensation pursuant to Section 3.14(a)(iv) of this Agreement, the Master Servicer and the Special
Servicer shall not deposit such fees into the Collection Account and shall instead apply such fees in accordance with Section
3.14(a)(iv) of this Agreement. 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. The Master Servicer shall give written notice to the Certificate Administrator and the Special


 



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Servicer of the
location and account number of the Collection Account and shall notify the Certificate Administrator and the Special Servicer
in writing of any subsequent change thereof.


 


Upon
receipt of any of the amounts described in clauses (i) through (vi) and (viii) of the last sentence of the second preceding paragraph
with respect to a Mortgage Loan (other than a Mortgage Loan related to a Serviced Loan Combination), the Special Servicer shall
promptly, but in no event later than one (1) Business Day after receipt of properly identified funds, remit such amounts to the
Master Servicer for deposit into the Collection Account in accordance with the second preceding paragraph, 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. With respect to any such amounts paid by check to the order of the Special Servicer,
the Special Servicer shall endorse such check to the order of the Master Servicer, unless the Special Servicer determines, consistent
with the Servicing Standard, that a particular item cannot be so endorsed and delivered because of a restrictive endorsement or
other appropriate reason. Any such amounts received by the Special Servicer with respect to an REO Property that relates to any
Mortgage Loan (other than a Mortgage Loan related to a Serviced Loan Combination) shall initially be deposited by the Special
Servicer into the related REO Account (or, at the option of the Special Servicer, remitted by the applicable property manager
directly to the Master Servicer) and thereafter remitted to the Master Servicer for deposit into the Collection Account, all in
accordance with Section 3.16 of this Agreement.


 


(b)          The
Certificate Administrator shall establish and maintain the Lower-Tier REMIC Distribution Account and the Upper-Tier REMIC Distribution
Account in the name of the Certificate Administrator on behalf of the Trustee, for the benefit of the Certificateholders. Each
of the Distribution Accounts shall be non-interest bearing and shall be established and maintained as Eligible Accounts or as
sub-accounts of a single Eligible Account. With respect to each Distribution Date, on or before such Distribution Date, the Certificate
Administrator shall be deemed to make or shall make the withdrawals from the Lower-Tier REMIC Distribution Account, as set forth
in Section 4.01 of this Agreement, shall be deemed to make the deposits into the Lower-Tier REMIC Distribution Account
and the Upper-Tier REMIC Distribution Account, as set forth in Section 4.01 hereof, and shall cause the amount of Aggregate
Available Funds (including P&I Advances) and Yield Maintenance Charges to be distributed in respect of the Certificates, pursuant
to Section 4.01 hereof on such date.


 


(c)          The
Certificate Administrator shall establish (upon receipt of written notice that an event that generates Excess Liquidation Proceeds
has occurred) and maintain the Excess Liquidation Proceeds Reserve Account in the name of the Certificate Administrator on behalf
of the Trustee for the benefit of the Certificateholders. The Excess Liquidation Proceeds Reserve Account shall be non-interest
bearing and shall be maintained separate and apart from trust funds for mortgage pass-through certificates of other series administered
by the Certificate Administrator and other accounts of the Certificate Administrator.


 


Upon
the disposition of any REO Property in accordance with Section 3.17 of this Agreement, the Special Servicer shall calculate
the Excess Liquidation Proceeds, if any, realized in connection with such sale and remit to the Certificate Administrator such
amount for deposit in the Excess Liquidation Proceeds Reserve Account. Amounts held in the Excess Liquidation Proceeds Reserve
Account on each Distribution Date that exceed amounts reasonably anticipated


 



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to be required to offset possible future Realized
Losses and VRR Realized Losses, as determined by the Special Servicer, and all amounts held in the Excess Liquidation Proceeds
Reserve Account on the final Distribution Date, in each case after application in accordance with the first two sentences of Section
4.01(e) of this Agreement, shall be distributed to the Holders of the Class R Certificates in respect of the Lower-Tier Residual
Interest.


 


(d)        [RESERVED]


 


(e)        Prior
to the Master Servicer Remittance Date immediately following the end of the first Collection Period during which Excess Interest
is received on any ARD Mortgage Loan, and upon notification from the Master Servicer pursuant to Section 3.03(b) of this
Agreement, the Certificate Administrator shall establish and maintain the Excess Interest Distribution Account in the name of
the Certificate Administrator on behalf of the Trustee, for the benefit of the Holders of the Excess Interest Certificates. The
Excess Interest Distribution Account shall be non-interest bearing and shall be established and maintained as an Eligible Account
(or as a subaccount of an Eligible Account). With respect to each Distribution Date, the Master Servicer shall withdraw from the
Collection Account and remit to the Certificate Administrator on the applicable Master Servicer Remittance Date for deposit in
the Excess Interest Distribution Account an amount equal to the Excess Interest received during the applicable Collection Period.


 


The
Certificate Administrator shall, on any Distribution Date, make withdrawals from the Excess Interest Distribution Account to the
extent required to make the distributions of Excess Interest required by Section 4.01(k) of this Agreement.


 


Following
the distribution of Excess Interest to the Holders of the Excess Interest Certificates on the first Distribution Date after which
there are no longer any ARD Mortgage Loans outstanding, the Certificate Administrator may terminate the Excess Interest Distribution
Account.


 


(f)         Notwithstanding
anything to the contrary herein, the Lower-Tier REMIC Distribution Account, the Upper-Tier REMIC Distribution Account, the Excess
Interest Distribution Account, the Excess Liquidation Proceeds Reserve Account and the Interest Reserve Account may all be sub-accounts
of a single Eligible Account; provided that each of them shall be treated as a separate account for purposes of deposits and withdrawals
under this Agreement.


 


(g)        If
any Loss of Value Payments are received in connection with a Material Document Defect or Material Breach, as the case may be,
pursuant to or as contemplated by Section 2.03(a) of this Agreement, the Special Servicer shall establish and maintain
one or more accounts (collectively, the “Loss of Value Reserve Fund”) to be held on behalf of the Trustee for
the benefit of the Certificateholders, for purposes of holding such Loss of Value Payments. Each account that constitutes the
Loss of Value Reserve Fund shall be an Eligible Account or a sub-account of an Eligible Account. The Special Servicer shall, within
one (1) Business Day after receipt of properly identified and available funds, deposit in the Loss of Value Reserve Fund all Loss
of Value Payments received by it. The Loss of Value Reserve Fund shall be accounted for as an outside reserve fund within the
meaning of Treasury Regulations Section 1.860G-2(h) and not an asset of any Trust REMIC. Furthermore, for all federal tax purposes,
the Certificate Administrator shall (i) treat amounts paid out of the Loss of Value Reserve Fund (and any income earned thereon)
through the Collection Account to the Certificateholders (or, in the case of any income earned on the Loss of Value Reserve Fund
and paid to the Special Servicer as additional


 



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compensation) as damages paid to and distributed by the Trust REMICs on account
of a breach of a representation or warranty by the related Mortgage Loan Seller and (ii) treat any amounts paid out of the Loss
of Value Reserve Fund through the Collection Account to a Mortgage Loan Seller as distributions by the Trust Fund to such Mortgage
Loan Seller as beneficial owner of the Loss of Value Reserve Fund. The applicable Mortgage Loan Seller will be the beneficial
owner of the related account in the Loss of Value Reserve Fund for all federal income tax purposes, and shall be taxable on all
income earned thereon.


 


(h)        For
the avoidance of doubt, the Lower-Tier REMIC Distribution Account, the Excess Liquidation Proceeds Reserve Account, and the Interest
Reserve Account (including interest, if any, earned on the investment of funds in such accounts) will be owned by the Lower-Tier
REMIC, the Excess Interest Distribution Account will be owned by the Grantor Trust, and the Upper-Tier REMIC Distribution Account
(including interest, if any, earned on the investment of funds in such account) will be owned by the Upper-Tier REMIC, each for
federal income tax purposes.


 


Section
3.05A.     Loan Combination Custodial Account.


 


(a)         The
Master Servicer shall establish and maintain, with respect to each Serviced Loan Combination (if any), one or more separate accounts,
which may be sub-accounts of a single account (with respect to each Serviced Loan Combination, the “Loan Combination
Custodial Account”) in which the amounts described in clauses (i) through (viii) below shall be deposited
and held in the name of the Master Servicer on behalf of the Trustee for the benefit of the Certificateholders and the related
Serviced Companion Loan Holder, as their interests may appear; provided that a Loan Combination Custodial Account may be
a sub-account of the Collection Account or another Loan Combination Custodial Account (but shall be deemed to be a separate account
for purposes of applying the terms of this Agreement). Each of the Loan Combination Custodial Accounts shall be an Eligible Account
or a subaccount of an Eligible Account. The Master Servicer shall deposit or cause to be deposited in each Loan Combination Custodial
Account, within one Business Day following receipt of properly identified funds (or, in the case of payments by the Master Servicer,
when otherwise required to be so deposited under this Agreement), the following payments and collections received or made by it
on or with respect to the related Serviced Loan Combination:


 


(i)          all
payments on account of principal on the related Serviced Loan Combination, including Principal Prepayments and the principal component
of Insurance Proceeds, Condemnation Proceeds and Liquidation Proceeds;


 


(ii)         all
payments on account of interest on the related Serviced Loan Combination;


 


(iii)        all
Yield Maintenance Charges on the related Serviced Loan Combination;


 


(iv)        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 such Loan Combination Custodial Account;


 






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(v)         all
amounts with respect to any REO Property acquired in respect of the related Serviced Loan Combination transferred to such Loan
Combination Custodial Account, or the Master Servicer for deposit in such Loan Combination Custodial Account, from the related
REO Account pursuant to Section 3.16(b) of this Agreement;


 


(vi)        all
Net Condemnation Proceeds, Net Insurance Proceeds and Net Liquidation Proceeds with respect to the related Serviced Loan Combination
(other than any Net Liquidation Proceeds received on or in respect of the related Mortgage Loan in connection with any of the
events described in clauses (iii) and (iv) of the definition of “Liquidation Event” in this Agreement);


 


(vii)       any
amounts received from the Mortgagor under the related Serviced Loan Combination that represent (A) recoveries of Property Protection
Expenses, or (B) any other reimbursements in accordance with the related Loan Documents, in each case to the extent not permitted
to be retained by the Master Servicer as provided herein; and


 


(viii)      any
other amounts required by the provisions of this Agreement to be deposited into such Loan Combination Custodial Account by the
Master Servicer or Special Servicer, including any recovery of any Unliquidated Advances;


 


provided,
however, that to the extent any such amounts are received after 2:00 p.m. Eastern time on any given Business Day, the Master
Servicer shall use commercially reasonable efforts to deposit such amounts into the related Loan Combination Custodial Account
within one (1) Business Day of receipt thereof but, in any event, the Master Servicer shall deposit such amounts into the related
Loan Combination Custodial Account within two (2) Business Days of receipt thereof.


 


(b)         The
foregoing requirements for deposits in each Loan Combination Custodial Account shall be exclusive, it being understood and agreed
that, without limiting the generality of the foregoing, to the extent provided herein, Ancillary Fees, Consent Fees, Assumption
Fees, assumption application fees, defeasance fees, review fees and other amounts that constitute other Additional Servicing Compensation
or other Additional Special Servicing Compensation need not be deposited in such Loan Combination Custodial 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, shall be entitled to retain any such Ancillary Fees, Consent Fees, Assumption Fees, assumption application
fees, defeasance fees, review fees and/or other amounts that constitute other Additional Servicing Compensation or other Additional
Special Servicing Compensation received with respect to the Serviced Loan Combinations in accordance with Section 3.12
of this Agreement; provided that if the Master Servicer or the Special Servicer, as applicable, receives any such Ancillary Fees,
Consent Fees, Assumption Fees, assumption application fees, defeasance fees and/or amounts that constitute other Additional Servicing
Compensation or other Additional Special Servicing Compensation in excess of the percentage of such fees to which it is entitled
pursuant to Section 3.12(a) (in the case of the Master Servicer) or Section 3.12(c) (in the case of the Special
Servicer), then it shall remit to the other party (i.e. the Special Servicer (if Master Servicer has received the excess percentage
of such fees) or the Master Servicer (if Special Servicer has received the excess percentage of such fees), as applicable) the
percentage of such fees to which such other party is entitled pursuant to Section


 



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 3.12(a) or Section 3.12(c), as
applicable. The Master Servicer and the Special Servicer shall not deposit any Modification Fees received by the Master Servicer
or the Special Servicer, as applicable, with respect to any Serviced Loan Combination into the related Loan Combination Custodial
Account and shall instead apply such fees (except to the extent not permitted under the related Co-Lender Agreement) in accordance
with Section 3.14 of this Agreement. In the event that the Master Servicer deposits in a Loan Combination Custodial Account
any amount not required to be deposited therein, it may at any time withdraw such amount from such Loan Combination Custodial
Account, any provision herein to the contrary notwithstanding. The Master Servicer shall give written notice to the Certificate
Administrator, the related Serviced Companion Loan Holders and the Special Servicer of the location and account number of each
Loan Combination Custodial Account and shall notify the Certificate Administrator, the related Serviced Companion Loan Holder
and the Special Servicer in writing of any subsequent change thereof. Each Loan Combination Custodial Account shall be maintained
as a segregated account (or sub-account of such segregated account), separate and apart from trust funds created for mortgage
backed securities of other series and the other accounts of the Master Servicer.


 


(c)         Upon
receipt of any of the amounts described in clauses (i) through (viii) of Section 3.05A(a) with respect to
a Serviced Loan Combination, the Special Servicer shall promptly, but in no event later than one Business Day after receipt, remit
such amounts to the Master Servicer for deposit into the Loan Combination Custodial Account in accordance with Section 3.05A(a),
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. With respect to any such amounts paid by check to the order
of the Special Servicer, the Special Servicer shall endorse such check to the order of the Master Servicer, unless the Special
Servicer determines, consistent with the Servicing Standard, that a particular item cannot be so endorsed and delivered because
of a restrictive endorsement or other appropriate reason. Any such amounts received by the Special Servicer with respect to an
REO Property that relates to a Serviced Loan Combination shall initially be deposited by the Special Servicer into the related
REO Account (or, at the option of the Special Servicer, remitted by the applicable property manager directly to the Master Servicer)
and thereafter remitted to the Master Servicer for deposit into the related Loan Combination Custodial Account, all in accordance
with Section 3.17 of this Agreement.


 


Section
3.06     Permitted Withdrawals From the Collection Account.


 


(a)         The
Master Servicer may make withdrawals from the Collection Account only as described below (the order set forth below not constituting
an order of priority for such withdrawals), subject to the application of Penalty Charges and Modification Fees in accordance
with the related Co-Lender Agreement and Section 3.14 of this Agreement:


 


(i)          to
remit on or before each Master Servicer Remittance Date to the Certificate Administrator for deposit in the Lower-Tier REMIC Distribution
Account, the Interest Reserve Account, the Excess Interest Distribution Account and the Excess Liquidation Proceeds Reserve Account
the amounts required to be deposited in such accounts pursuant to Sections 3.05(c), 3.05(e), 3.23, 4.01(a)(i) and Section 4.06(a) of this Agreement, respectively;


 






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(ii)         to
pay or reimburse the Master Servicer, the Special Servicer or the Trustee, as applicable (A) for Advances made thereby with respect
to Mortgage Loans that are not part of a Serviced Loan Combination (other than Workout-Delayed Reimbursement Amounts) and any
related Advance Interest Amounts (provided that the Trustee shall have priority with respect to such payment or reimbursement
of any such Advances and any related Advance Interest Amounts), the Master Servicer’s right to reimburse any such Person
pursuant to this clause (ii)(A) being limited to late collections (including cure payments by related Serviced Companion Loan
Holders) of the particular item which was the subject of the related Advance, Penalty Charges, Net Condemnation Proceeds, Net
REO Proceeds, Net Insurance Proceeds and Net Liquidation Proceeds on or in respect of the particular Mortgage Loan or REO Property
respecting which such Advance was made, if applicable (provided that (x) prior to the time any Advance is reimbursed, Advance
Interest Amounts may be reimbursed solely from Penalty Charges and Modification Fees collected on the related Mortgage Loan, and
(y) at the time any Advance (other than Workout Delayed Reimbursement Amounts) is reimbursed, Advance Interest Amounts on such
reimbursed Advance shall be payable first from Penalty Charges and Modification Fees collected on the related Mortgage Loan, and,
to the extent such Penalty Charges and Modification Fees are insufficient, then from general collections on deposit in the Collection
Account), (B) for Advances made thereby with respect to Mortgage Loans that are part of a Serviced Loan Combination and any related
Advance Interest Amounts (provided that the Trustee shall have priority with respect to such payment or reimbursement of
any such Advances and any related Advance Interest Amounts), the Master Servicer’s right to reimburse any such person pursuant
to this clause (ii)(B) being limited to Net Liquidation Proceeds on or in respect of the particular Mortgage Loan or REO Property
respecting which such Advance was made, which Net Liquidation Proceeds were received in connection with any of the events described
in clauses (iii), (iv) and (vii) of the definition of “Liquidation Event”, (C) to the extent not reimbursed pursuant
to Section 3.14 of this Agreement, for Advances and any related Advance Interest Amounts (or portion thereof) that have
been deemed to be Nonrecoverable Advances or are not recovered from recoveries in respect of the related Mortgage Loan, Serviced
Loan Combination or REO Property after a Final Recovery Determination to the extent not recovered from the related Loan Combination
Custodial Account and Advance Interest Amounts thereon, first, out of the principal portion of general collections on the
Mortgage Loans and REO Properties, and second, to the extent the principal portion of general collections is insufficient
and with respect to such excess only, subject to any election in its sole discretion to defer reimbursement thereof pursuant to
Section 3.27 of this Agreement, out of other collections on the Mortgage Loans and REO Properties, and (D) for Workout-Delayed
Reimbursement Amounts and Advance Interest Amounts thereon, first, out of the principal portion of the general collections
on the Mortgage Loans and REO Properties, net of such amounts being reimbursed pursuant to clause (C) above, and second,
upon a determination by the Master Servicer, the Special Servicer or the Trustee, as applicable, that a Workout-Delayed Reimbursement
Amount is a Nonrecoverable Advance, in the same manner as Nonrecoverable Advances may be reimbursed (provided that with
respect to each Mortgage Loan or REO Property that relates to a Serviced Loan Combination, such Workout-Delayed Reimbursement
Amounts and Advance Interest Amounts thereon shall first be reimbursed pursuant to Section


 



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 3.06A(a)(ii) of this Agreement
and, if not reimbursed pursuant thereto, shall be paid from the Collection Account as provided in this clause (ii)(D));


 


(iii)        to
pay on or before each Master Servicer Remittance Date to the Master Servicer (who shall pay the holder of the Excess Servicing
Fee Rights the portion of the Servicing Fee that represents Excess Servicing Fees in accordance with Section 3.12 of this
Agreement) and to the Special Servicer, as applicable, as compensation, the aggregate unpaid Servicing Fee with respect to Mortgage
Loans (to the extent not otherwise required to be applied against Prepayment Interest Shortfalls) in respect of the immediately
preceding Interest Accrual Period, and Special Servicing Compensation (if any) in respect of the immediately preceding Interest
Accrual Period or Collection Period, as applicable, to be paid, in the case of the Servicing Fee, from interest received on the
related Mortgage Loan, and to pay from time to time to the Master Servicer in accordance with Section 3.07(b) of this Agreement
any interest or investment income earned on funds deposited in the Collection Account and, in the case of the Special Servicing
Fee, from general collections; provided, however, that in the case of any Mortgage Loan or REO Mortgage Loan related
to a Serviced Loan Combination, (A) Servicing Fees may be paid out of the Collection Account pursuant to this clause (iii) only
from the interest portion of Net Liquidation Proceeds on or in respect of such Mortgage Loan or REO Property, which Net Liquidation
Proceeds were received in connection with any of the events described in clauses (iii), (iv) and (vii) of the definition of “Liquidation
Event” and (B) Special Servicing Compensation shall first be paid out of the related Loan Combination Custodial Account
pursuant to Section 3.06A(a)(iii) of this Agreement and may be paid out of the Collection Account pursuant to this clause (iii)
only if and to the extent that such Special Servicing Compensation has not been paid out of the related Loan Combination Custodial
Account pursuant to Section 3.06A(a)(iii) of this Agreement;


 


(iv)       in
accordance with Section 2.03 of this Agreement, to reimburse the Trustee or the Special Servicer, out of general collections
on the Mortgage Loans and related REO Properties (including with respect to the Outside Serviced Mortgage Loans) for any unreimbursed
expense reasonably incurred by the Trustee or the Special Servicer in connection with the enforcement of a Mortgage Loan Seller’s
obligations under Section 6(e) of the related Mortgage Loan Purchase Agreement, together with interest thereon at the Advance
Rate from the time such expense was incurred to, but excluding, the date such expense was reimbursed, but only to the extent that
such expenses are not otherwise reimbursable;


 


(v)        to
pay out of general collections on the Mortgage Loans and related REO Properties, for costs and expenses incurred by the Trust
Fund with respect to the Mortgage Loans and related REO Properties pursuant to Sections 3.04(a) and 3.10(e) of this
Agreement and to pay Liquidation Expenses out of related Liquidation Proceeds pursuant to Section 3.11 of this Agreement
(provided that with respect to each Serviced Loan Combination, such expenses shall first be reimbursed pursuant to Section
3.06A(a)(iv) of this Agreement to the extent related to such Serviced Loan Combination and if not reimbursed pursuant thereto,
shall be paid from the Collection Account as provided in this clause (v));


 






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(vi)       to
the extent not reimbursed or paid pursuant to any other clause of this Section 3.06, to reimburse or pay the Master Servicer,
the Trustee, the Custodian, the Certificate Administrator, the Special Servicer, the Operating Advisor, the Asset Representations
Reviewer, CREFC® or the Depositor, as applicable, for unpaid Additional Trust Fund Expenses (other than Advance
Interest Amounts), unpaid Trustee/Certificate Administrator Fees, unpaid Servicing Fees (but only if the related Mortgage Loan
has been liquidated or a Final Recovery Determination has been made with respect thereto), unpaid Special Servicing Compensation,
unpaid Operating Advisor Fees, unpaid Operating Advisor Consulting Fees (but only to the extent such Operating Advisor Consulting
Fee is actually received from the related Mortgagor), unpaid Asset Representations Reviewer Ongoing Fees and any unpaid Asset
Representations Reviewer Asset Review Fee (to the extent such fee is payable by the Trust), unpaid CREFC® Intellectual
Property Royalty License Fees and other unpaid items incurred by or owing to such Person pursuant to Section 2.03(h)(vi),
Section 2.03(j)(viii), the second sentence of Section 3.07(c), Section 3.08(a), Section 3.08(b), Section
3.10, Section 3.12(c), Section 3.16(a), Section 3.29(k), Section 6.03, Section 7.04, Section
8.05(a), Section 8.05(b), Section 8.05(d), Section 11.02(a), Section 11.02(b) or Section 12.07 of this Agreement, or any other provision of this Agreement pursuant to which such Person is entitled to reimbursement or
payment from the Trust Fund, in each case only to the extent expressly reimbursable under such Section, it being acknowledged
that this clause (vi) shall not be deemed to modify the substance of any such Section, including the provisions of such Section
that set forth the extent to which one of the foregoing Persons is or is not entitled to payment or reimbursement (provided that with respect to each Mortgage Loan that is part of a Serviced Loan Combination, such expenses shall first be reimbursed
pursuant to Section 3.06A(a)(v) of this Agreement to the extent related to such Serviced Loan Combination and, if not reimbursed
pursuant thereto, shall be paid from the Collection Account as provided in this clause (vi), and provided, further,
that Special Servicing Compensation with respect to any Serviced Companion Loan (or a successor REO Companion Loan) shall not
be payable from the Collection Account pursuant to this clause (vi));


 


(vii)      to
transfer to the Certificate Administrator for deposit in one or more separate, non-interest bearing accounts any amount reasonably
determined by the Certificate Administrator to be necessary to pay any applicable federal, state or local taxes imposed on either
Trust REMIC under the circumstances and to the extent described in Section 4.05 of this Agreement;


 


(viii)     to
make such payments and reimbursements out of Penalty Charges and Modification Fees on deposit in the Collection Account as are
contemplated by Section 3.14 of this Agreement;


 


(ix)        to
make such payments and reimbursements as contemplated by Section 3.06(c) of this Agreement out of funds transferred to
the Collection Account from the Loss of Value Reserve Fund pursuant to Section 3.06(c) of the Agreement;


 


(x)         to
withdraw any amount deposited into the Collection Account that was not required to be deposited therein; or


 






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(xi)        to
clear and terminate the Collection Account pursuant to Section 9.01 of this Agreement.


 


If
and to the extent that the Master Servicer has reimbursed or made payment to itself or any other Person pursuant to any clause
of the prior paragraph above for any cost, expense, indemnity, fee or Property Advance or Advance Interest Amount thereon with
respect to a Loan Combination that represents the related Serviced Companion Loan’s allocable share of such cost, expense,
indemnity, fee, or Property Advance or Advance Interest Amount thereon (taking into account the subordinate nature of any related
Subordinate Companion Loan), the Master Servicer (with respect to Performing Serviced Loans) and the Special Servicer (with respect
to Specially Serviced Loans) shall use efforts consistent with the Servicing Standard to collect such amounts out of collections
on such Serviced Companion Loan (or, if and to the extent permitted under the related Co-Lender Agreement, from the related Serviced
Companion Loan Holder) and deposit all such amounts (collectively, with respect to such Serviced Companion Loan, the “Trust
Reimbursement Amount No.1”) collected from or on behalf of the related Serviced Companion Loan Holder into the Collection
Account.


 


The
Master Servicer shall also be entitled to make withdrawals from time to time, from the Collection Account of amounts necessary
for the payments or reimbursement of amounts required to be paid to the parties to, and/or the securitization trust created under,
the applicable Outside Servicing Agreement by the holder of each Outside Serviced Mortgage Loan pursuant to each Outside Serviced
Co-Lender Agreement. In the absence of manifest error, the Master Servicer may conclusively rely on the request for payments contemplated
by the preceding sentence.


 


The
Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan-by-Mortgage Loan basis, for the purpose of justifying
any withdrawal from the Collection Account pursuant to subclauses (i)-(ix) of the third preceding paragraph.


 


The
Master Servicer shall pay to each of the Special Servicer (or to third party contractors at the direction of the Special Servicer),
the Operating Advisor, the Asset Representations Reviewer, the Trustee and the Certificate Administrator, as applicable, from
the applicable Collection Account, amounts permitted to be paid thereto from such account promptly upon receipt of a written statement
of an officer of the Special Servicer, an officer of the Operating Advisor, an officer of the Asset Representations Reviewer or
a Responsible Officer of the Trustee or the Certificate Administrator, as the case may be, describing the item and amount to which
the Special Servicer (or such third party contractor), the Operating Advisor, the Asset Representations Reviewer, the Trustee
or the Certificate Administrator, as the case may be, is entitled (unless such payment to the Special Servicer, the Operating
Advisor, the Asset Representations Reviewer, the Trustee or the Certificate Administrator, as the case may be, is clearly required
pursuant to this Agreement, in which case a written statement is not required). The Master Servicer may rely conclusively on any
such written statement and shall have no duty to recalculate the amounts stated therein. The parties seeking payment pursuant
to this Section shall each keep and maintain a separate accounting for the purpose of justifying any request for withdrawal from
each Collection Account, on a loan-by-loan basis.


 






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With
respect to each Outside Serviced Mortgage Loan, the Master Servicer shall pay to, subject to Section 3.01(j)(i) and (j)(ii),
the related Outside Servicer, the related Outside Special Servicer, the related Outside Certificate Administrator or the related
Outside Trustee, as applicable, from the Collection Account on the Master Servicer Remittance Date amounts permitted to be paid
to the related Outside Servicer, the related Outside Special Servicer, the related Outside Certificate Administrator or the related
Outside Trustee, as applicable, therefrom based upon an Officer’s Certificate received from the related Outside Servicer,
the related Outside Special Servicer, the related Outside Certificate Administrator or the related Outside Trustee, as applicable,
on the first Business Day following the immediately preceding Determination Date, describing the item and amount to which the
related Outside Servicer, the related Outside Special Servicer, the related Outside Certificate Administrator or the related Outside
Trustee, as applicable, is entitled. The Master Servicer may rely conclusively on any such certificate and shall have no duty
to re-calculate the amounts stated therein.


 


The
Trustee, the Custodian, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer, the Depositor,
CREFC®, the Special Servicer and the Master Servicer 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 Fees (including
investment income), Trustee/Certificate Administrator Fees, Special Servicing Compensation, Advances, Advance Interest Amounts,
Operating Advisor Fees, Operating Advisor Consulting Fees (but only to the extent such Operating Advisor Consulting Fees are actually
received from the related Mortgagor(s)), Asset Representations Reviewer Ongoing Fee, Asset Representations Reviewer Asset Review
Fee (only to the extent such fee is payable by the Trust), CREFC® Intellectual Property Royalty License Fees and
(for each of such Persons other than CREFC®) their respective expenses hereunder (including without limitation
Additional Trust Fund Expenses) to the extent such fees, indemnity amounts and expenses are to be reimbursed or paid from amounts
on deposit in the Collection Account pursuant to this Agreement (and to have such amounts paid directly to third party contractors
for any invoices submitted to the Trustee, the Master Servicer or the Special Servicer, as applicable).


 


(b)         The
Certificate Administrator shall, upon receipt, deposit in each of the Lower-Tier REMIC Distribution Account, the Excess Interest
Distribution Account, the Interest Reserve Account and the Excess Liquidation Proceeds Reserve Account any and all amounts received
by the Certificate Administrator in accordance with Section 3.06(a)(i) of this Agreement and required to be deposited therein.
If, as of 3:00 p.m., New York City time, on any Master Servicer Remittance Date or on such other date as any amount referred to
in the preceding sentence is required to be delivered hereunder, the Master Servicer shall not have delivered to the Certificate
Administrator for deposit in the Lower-Tier REMIC Distribution Account, the Excess Interest Distribution Account, the Interest
Reserve Account and the Excess Liquidation Proceeds Reserve Account the amounts required to be deposited therein pursuant to the
provisions of this Agreement (including, without limitation, Section 3.06(a)(i) of this Agreement), then the Certificate
Administrator shall, to the extent that a Responsible Officer of the Certificate Administrator has such knowledge, provide notice
of such failure to the Master Servicer by facsimile transmission sent to telecopy number (704) 715-0036 (or such alternative number
provided by the Master Servicer to the Certificate Administrator in writing) and by telephone at telephone number (800) 326-1334
(or such alternative number provided by the Master Servicer to the Certificate Administrator in writing) as soon as possible,
but in any event before 5:00 p.m.,


 



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New York City time, on such day; provided, however, that the Master Servicer
will pay the Certificate Administrator interest on such late payment at the Prime Rate until such late payment is received by
the Certificate Administrator.


 


(c)         If
any Loss of Value Payments are deposited into the Loss of Value Reserve Fund with respect to any Mortgage Loan or any related
REO Property, then the Special Servicer shall, promptly upon written direction from the Master Servicer (provided that,
(1) with respect to clause (iv) below, the Special Servicer shall have provided notice to the Master Servicer of the occurrence
of such Liquidation Event and (2) with respect to clause (v) below, the Certificate Administrator shall have provided the
Master Servicer and the Special Servicer with five Business Days’ prior notice of such final Distribution Date), transfer
such Loss of Value Payments (up to the remaining portion thereof) from the Loss of Value Reserve Fund to the Master Servicer for
deposit into the Collection Account for the following purposes:


 


(i)          to
reimburse the Master Servicer, the Special Servicer or the Trustee, in accordance with Section 3.06(a) of this Agreement,
for any Nonrecoverable Advance made by such party with respect to such Mortgage Loan or any related REO Property (together with
any related Advance Interest Amounts);


 


(ii)         to
pay, in accordance with Section 3.06(a) of this Agreement, or to reimburse the Trust for the prior payment of, any expense
relating to such Mortgage Loan or any related REO Property that constitutes or, if not paid out of such Loss of Value Payments,
would constitute an Additional Trust Fund Expense, and to pay, in accordance with Section 3.06(a) of this Agreement, any
unpaid Liquidation Fee due and owing to the Special Servicer with respect to such Mortgage Loan or any related REO Property;


 


(iii)        to
offset any portion of Realized Losses and/or VRR Realized Losses that are attributable to such Mortgage Loan or related REO Property
(as calculated without regard to the application of such Loss of Value Payments), incurred with respect to such Mortgage Loan
or any related successor REO Mortgage Loan;


 


(iv)        following
the occurrence of a Liquidation Event with respect to such Mortgage Loan or any related REO Property and any related transfers
from the Loss of Value Reserve Fund with respect to the items contemplated by the immediately preceding clauses (i)-(iii)
above as to such Mortgage Loan, to cover the items contemplated by the immediately preceding clauses (i)-(iii) in respect
of any other Mortgage Loan or REO Mortgage Loan; and


 


(v)        on
the final Distribution Date after all distributions have been made as set forth in clauses (i) through (iv) above, to each
Mortgage Loan Seller, its pro rata share, based on the amount that it contributed, net of any amount contributed by such
Mortgage Loan Seller that was used pursuant to clauses (i)-(iii) to offset any portion of Realized Losses and/or VRR Realized
Losses that are attributable to such Mortgage Loan or related REO Property, Additional Trust Fund Expenses or any Nonrecoverable
Advances incurred with respect to the Mortgage Loan related to such contribution.


 


Any
Loss of Value Payments transferred to the Collection Account pursuant to clauses (i) - (iii) of the prior paragraph shall
be treated as Liquidation Proceeds received by the


 



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 Trust in respect of the related Mortgage Loan or any successor REO Mortgage
Loan with respect thereto for which such Loss of Value Payments were received; and any Loss of Value Payments transferred to the
Collection Account pursuant to clause (iv) of the prior paragraph shall be treated as Liquidation Proceeds received by
the Trust in respect of the Mortgage Loan or REO Mortgage Loan for which such Loss of Value Payments are being transferred to
the Collection Account to cover an item contemplated by clauses (i)-(iii) of the prior paragraph.


 


Section
3.06A.     Permitted Withdrawals From the Loan Combination Custodial Account.


 


(a)         The
Master Servicer may make withdrawals from the Loan Combination Custodial Account for each Serviced Loan Combination only as described
below (the order set forth below not constituting an order of priority for such withdrawals), subject to the application of Penalty
Charges and Modification Fees in accordance with the related Co-Lender Agreement and Section 3.14 of this Agreement:


 


(i)          (A)
after the Determination Date, and on or prior to the Business Day immediately preceding the Master Servicer Remittance Date, in
each calendar month (and also on the Business Day immediately following the receipt of any funds from the REO Account for any
REO Property related to such Serviced Loan Combination, if such funds are received after the Determination Date and before the
Distribution Date in any calendar month and were not available for any earlier transfer to the Collection Account in such calendar
month), to transfer to the Collection Account all amounts on deposit in the Loan Combination Custodial Account payable to the
Trust pursuant to the related Co-Lender Agreement with respect to the related Mortgage Loan (or any successor REO Mortgage Loan),
including any applicable Trust Reimbursement Amount, and (B) on or prior to the related Serviced Loan Combination Remittance Date
in each calendar month (and also on the Business Day immediately following the receipt of any funds from the REO Account for any
REO Property related to such Serviced Loan Combination, if such funds are received after the Determination Date and before the
Distribution Date in any calendar month), to remit to the related Serviced Companion Loan Holder all amounts on deposit in the
Loan Combination Custodial Account payable to such Serviced Companion Loan Holder pursuant to the related Co-Lender Agreement
with respect to the related Serviced Companion Loan (or any successor REO Companion Loan), exclusive of any applicable Trust Reimbursement
Amount;


 


(ii)         to
pay or reimburse the Master Servicer, the Special Servicer or the Trustee, for Advances made thereby with respect to such Serviced
Loan Combination and any related Advance Interest Amounts (provided that the Trustee shall have priority with respect to such
payment or reimbursement of any such Advances and any related Advance Interest Amounts), the Master Servicer’s right to
reimburse any such Person pursuant to this clause (ii) being limited to late collections (including cure payments by related Serviced
Companion Loan Holders) of the particular item which was the subject of the related Advance, Penalty Charges, Net Condemnation
Proceeds, Net REO Proceeds, Net Insurance Proceeds and Net Liquidation Proceeds on or in respect of the particular Serviced Loan
Combination or any related REO Property; provided, however, that if such Advance has become a Workout-Delayed Reimbursement Amount
(but not a Nonrecoverable


 



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Advance), then neither such Workout-Delayed Reimbursement Amount nor any related Advance Interest Amounts
shall be reimbursed or paid, as the case may be, out of payments or other collections of interest (other than Penalty Charges)
or Yield Maintenance Charges on or in respect of the related Mortgage Loan (or any successor REO Mortgage Loan) or the related
Serviced Companion Loan (or any successor REO Companion Loan); and provided, further, that if such Advance is a P&I Advance
with respect to the related Mortgage Loan (or a successor REO Mortgage Loan), then neither such Advance nor any related Advance
Interest Amounts shall be reimbursed or paid, as the case may be, out of, or otherwise result in a reduction of, amounts otherwise
payable to the related Serviced Companion Loan Holder with respect to the related Serviced Companion Loan (or any successor REO
Companion Loan), except that in the case of a Serviced AB Loan Combination, reimbursements or payments, as the case may be, of
Advances or any related Advance Interest Amounts shall be made taking into account the subordinate nature of the related Subordinate
Companion Loan to the extent set forth in, and in accordance with, the related Co-Lender Agreement;


 


(iii)        to
pay on or before each Master Servicer Remittance Date (A) to the Master Servicer as compensation, the aggregate unpaid Servicing
Fee with respect to such Serviced Loan Combination (to the extent not otherwise required to be applied against Prepayment Interest
Shortfalls) in respect of the immediately preceding Interest Accrual Period, to be paid from interest received on the related
Mortgage Loan or Serviced Companion Loan, as applicable, and to pay from time to time to the Master Servicer in accordance with
Section 3.07(b) any interest or investment income earned on funds deposited in such Loan Combination Custodial Account
and (B) to the Special Servicer as compensation, any Special Servicing Compensation payable with respect to such Serviced Loan
Combination; provided, however, that no Servicing Fees or Special Servicing Compensation earned with respect to the related Mortgage
Loan (or a successor REO Mortgage Loan) shall be payable out of, or otherwise result in a reduction of, amounts otherwise payable
to the related Serviced Companion Loan Holder with respect to the related Serviced Companion Loan (or any successor REO Companion
Loan) (provided that, in the case of a Serviced AB Loan Combination, such payments shall be made taking into account the subordinate
nature of the related Subordinate Companion Loan to the extent set forth in, and in accordance with, the related Co-Lender Agreement),
and no Servicing Fees or Special Servicing Compensation earned with respect to the related Serviced Companion Loan (or any successor
REO Companion Loan) shall be payable out of, or otherwise result in a reduction of, amounts otherwise payable to the Trust with
respect to the related Mortgage Loan (or a successor REO Mortgage Loan) (it being acknowledged and agreed that this proviso is
in no way intended to limit the rights of the Master Servicer or Special Servicer under the related Co-Lender Agreement to seek
payment of any unpaid Servicing Fees or Special Servicing Compensation, as applicable, with respect to any Serviced Companion
Loan from the related Serviced Companion Loan Holder);


 


(iv)        to
pay for costs and expenses incurred by the Trust Fund solely with respect to such Serviced Loan Combination and related REO Property
pursuant to Section 3.10(e) and to pay Liquidation Expenses out of Liquidation Proceeds pursuant to Section 3.11;


 






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(v)         to
the extent not reimbursed or paid pursuant to any other clause of this Section 3.06A, to reimburse or pay the Master
Servicer, the Trustee, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer, the Special
Servicer or the Depositor, as applicable, for unpaid Additional Trust Fund Expenses, Servicing Fees and other unpaid items
incurred by or owing to such Person pursuant to the second sentence of Section 3.07(c), Section 3.08(a), Section
3.08(b), Section 3.10, the second sentence of Section 3.12(a), the third sentence of Section
3.12(c), Section 3.16(a), Section 6.03, Section 7.04, the last sentence of Section 8.05(a), Section
8.05(b), Section 8.05(d) or Section 12.07, or any other provision of this Agreement pursuant to which such
Person is entitled to reimbursement or payment from the Trust Fund, in each case only to the extent expressly reimbursable
under such Section and to the extent related to such Serviced Loan Combination and not related to amounts which are solely
expenses of the Trust Fund (such as expenses related to administration of the Trust Fund or REMIC taxes, penalties or
interest or preservation of the REMIC status of each Trust REMIC), it being acknowledged that this clause (v) shall not be
deemed to modify the substance of any such Section, including the provisions of such Section that set forth the extent to
which one of the foregoing Persons is or is not entitled to payment or reimbursement; provided, however, that no payment or
reimbursement to the Operating Advisor, the Asset Representations Reviewer or the Certificate Administrator or payment or
reimbursement of costs and expenses associated with obtaining a Rating Agency Confirmation, shall be made out of, or
otherwise result in a reduction of, amounts otherwise payable to the related Serviced Companion Loan Holder with respect to
the related Serviced Companion Loan (or successor REO Companion Loan) (provided that, in the case of a Serviced AB Loan
Combination, such payments or reimbursements shall be made taking into account the subordinate nature of the related
Subordinate Companion Loan to the extent set forth in, and in accordance with, the related Co-Lender Agreement), and no
payment or reimbursement of costs and expenses associated with obtaining a Companion Loan Rating Agency Confirmation shall be
made out of, or otherwise result in a reduction of, amounts otherwise payable to the Trust with respect to the related
Mortgage Loan (or any successor REO Mortgage Loan);


 


(vi)       to
make such payments and reimbursements out of Penalty Charges and Modification Fees on deposit in such Loan Combination Custodial
Account as are contemplated by the related Co-Lender Agreement and Section 3.14 of this Agreement;


 


(vii)      to
withdraw any amount deposited into such Loan Combination Custodial Account that was not required to be deposited therein;


 


(viii)     if
the related Serviced Companion Loan (or any successor REO Companion Loan with respect thereto) is part of an Other Securitization
Trust, to the extent required by the related Co-Lender Agreement, to reimburse the applicable party to the related Other Pooling
and Servicing Agreement for any advances of delinquent monthly debt service payments made thereby with respect to such Serviced
Companion Loan (or REO Companion Loan), together with interest thereon, provided that such reimbursement, together with interest,
shall be made solely out of payments and other collections on such Serviced Companion Loan (or REO Companion Loan); or


 






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(ix)        to
clear and terminate such Loan Combination Custodial Account pursuant to Section 9.01 of this Agreement.


 


The
Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan-by-Mortgage Loan and Companion Loan-by-Companion
Loan basis, for the purpose of justifying any withdrawal from each Loan Combination Custodial Account pursuant to subclauses (i)
- (ix) above. If and to the extent that the Master Servicer has reimbursed or made payment to itself or any other Person pursuant
to any clause of the prior paragraph above for any cost, expense, indemnity, or Property Advance or Advance Interest Amount thereon
with respect to a Serviced Loan Combination out of monies allocable to the related Mortgage Loan (or any successor REO Mortgage
Loan) to an extent that the Trust has borne some or all of the related Serviced Companion Loan’s allocable share of such
cost, expense, indemnity, or Property Advance or Advance Interest Amount thereon (taking into account the subordinate nature of
any related Subordinate Companion Loan to the extent set forth in, and in accordance with, the related Co-Lender Agreement), the
Master Servicer shall use efforts consistent with the Servicing Standard to collect such amounts disproportionately borne by the
Trust out of collections on such Serviced Companion Loan (or, if and to the extent permitted under the related Co-Lender Agreement,
from the related Serviced Companion Loan Holder) and deposit all such amounts (collectively, with respect to such Serviced Companion
Loan, the “Trust Reimbursement Amount No.2” and, together with Trust Reimbursement Amount No.1, the “Trust
Reimbursement Amount”) collected from or on behalf of the related Serviced Companion Loan Holder into the Collection
Account.


 


The
Master Servicer shall pay to each of the Special Servicer (or to third party contractors at the direction of the Special Servicer),
the Operating Advisor, the Trustee, the Certificate Administrator and an advancing party under any Other Pooling and Servicing
Agreement, as applicable, from the applicable Loan Combination Custodial Account, amounts permitted to be paid thereto from such
account promptly upon receipt of a written statement of an officer of the Special Servicer, an officer of the Operating Advisor,
a Responsible Officer of the Trustee or the Certificate Administrator or an officer of such advancing party under such Other Pooling
and Servicing Agreement, as the case may be, describing the item and amount to which the Special Servicer (or such third party
contractor), the Operating Advisor, the Trustee, the Certificate Administrator or such advancing party under such Other Pooling
and Servicing Agreement, as the case may be, is entitled (unless such payment to the Special Servicer, the Operating Advisor,
the Trustee or the Certificate Administrator, as the case may be, is clearly required pursuant to this Agreement, in which case
a written statement is not required). The Master Servicer may rely conclusively on any such written statement and shall have no
duty to re-calculate the amounts stated therein. The parties seeking payment pursuant to this Section shall each keep and maintain
separate accounting for the purpose of justifying any request for withdrawal from each Loan Combination Custodial Account, on
a loan-by-loan basis.


 


The
Trustee, the Depositor, the Operating Advisor, the Certificate Administrator, the Special Servicer and the Master Servicer shall
in all cases have a right prior to the Certificateholders to any funds on deposit in a Loan Combination Custodial Account from
time to time for the reimbursement or payment of the Servicing Fees (including investment income), or Special Servicing Compensation,
Advances, Advance Interest Amounts and their respective indemnity amounts or expenses hereunder to the extent such fees, indemnity
amounts and expenses


 



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are to be reimbursed or paid from amounts on deposit in such Loan Combination Custodial Account pursuant
to this Agreement and the related Co-Lender Agreement (and to have such amounts paid directly to third party contractors for any
invoices approved by the Trustee, the Depositor, the Certificate Administrator, the Master Servicer or the Special Servicer, as
applicable); provided, however, for the avoidance of doubt, neither the Trustee/Certificate Administrator Fees nor
the Operating Advisor Fee shall be paid from funds on deposit in a Loan Combination Custodial Account.


 


After
the Determination Date, and on or prior to the Business Day immediately preceding the Master Servicer Remittance Date, in each
calendar month (and also on the Business Day immediately following the receipt of any funds from the REO Account for any REO Property
related to the applicable Serviced Loan Combination, if such funds are received after the Determination Date and before the Distribution
Date in any calendar month and were not available for any earlier transfer to the Collection Account in such calendar month),
the Master Servicer shall remit for deposit in the Collection Account all amounts on deposit in a Loan Combination Custodial Account
payable to the Trust pursuant to the related Co-Lender Agreement with respect to the related Mortgage Loan (or any successor REO
Mortgage Loan), including any applicable Trust Reimbursement Amount; and on or prior to the related Serviced Loan Combination
Remittance Date in each calendar month (and also on the Business Day immediately following the receipt of any funds from the REO
Account for any REO Property related to the applicable Serviced Loan Combination, if such funds are received after the Determination
Date and before the Distribution Date in any calendar month), the Master Servicer shall remit to the related Serviced Companion
Loan Holder all amounts on deposit in a Loan Combination Custodial Account payable to such Serviced Companion Loan Holder pursuant
to the related Co-Lender Agreement with respect to the related Serviced Companion Loan (or any successor REO Companion Loan),
exclusive of any applicable Trust Reimbursement Amount, in each case, prior to the required remittance from the Collection Account
to the Certificate Administrator for deposit into the Lower-Tier REMIC Distribution Account on such Master Servicer Remittance
Date.


 


(b)        Notwithstanding
anything to the contrary contained herein, with respect to each Serviced Companion Loan, the Master Servicer shall withdraw from
the related Loan Combination Custodial Account and remit to the related Serviced Companion Loan Holder, within one (1) Business
Day of receipt of properly identified funds, any amounts that represent late collections received by the Master Servicer from
the related Mortgagor that are allocable to such Serviced Companion Loan or any successor REO Loan with respect thereto or reimbursable
to the related Other Servicer or the related Other Trustee; provided, however, that to the extent any such amounts
are received after 3:00 p.m. Eastern time on any given Business Day, the Master Servicer shall use commercially reasonable efforts
to remit such amounts to the related Serviced Companion Loan Holder within one (1) Business Day of receipt of properly identified
funds but, in any event, the Master Servicer shall remit such amounts within two (2) Business Days of receipt of properly identified
funds.


 


(c)        Notwithstanding
anything to the contrary contained herein, with respect to each Serviced Companion Loan, the Master Servicer shall withdraw from
the related Loan Combination Custodial Account and remit to the related Serviced Companion Loan Holder, within one (1) Business
Day of receipt of properly identified funds, any amounts that represent Principal Prepayments received by the Master Servicer
from the related Mortgagor that are allocable to such


 



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Serviced Companion Loan or any successor REO Loan with respect thereto (exclusive
of any portion of such amount paid or reimbursed to any third party in accordance with the related Co-Lender Agreement or this
Agreement), unless such amount would otherwise be included in the monthly remittance to the related Serviced Companion Loan Holder
for such month pursuant to Section 3.06A(a); provided, however, that to the extent any such amounts are received
after 3:00 p.m. Eastern time on any given Business Day, the Master Servicer shall use commercially reasonable efforts to remit
such amounts to the related Serviced Companion Loan Holder within one (1) Business Day of receipt of properly identified funds
but, in any event, the Master Servicer shall remit such amounts within two (2) Business Days of receipt of properly identified
funds.


 


Section
3.07     Investment of Funds in the Collection Account, the REO Account, the Mortgagor Accounts, and Other Accounts.


 


(a)         The
Master Servicer, or with respect to any REO Account and any Loss of Value Reserve Fund, the Special Servicer, may direct any depository
institution maintaining the Collection Account, any Loan Combination Custodial Account, any Mortgagor Account (subject to the
second succeeding sentence), any REO Account or any Loss of Value Reserve Fund (each of the Collection Account, any Loan Combination
Custodial Account, any REO Account, any Loss of Value Reserve Fund and any Mortgagor Account, for purposes of this Section
3.07, an “Investment Account”), to invest the funds in such Investment Account 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 direction by the Master Servicer or the Special Servicer to invest funds on deposit in an Investment Account shall be in writing
and shall certify that the requested 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 or Lock-Box Account (the “Mortgagor Accounts”),
the Master Servicer shall act upon the written request of the related Mortgagor or Manager to the extent the Master Servicer is
required to do so under the terms of the respective Mortgage Loan (or Serviced Loan Combination) or related documents, provided that in the absence of appropriate written instructions from the related Mortgagor 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 or a nominee of the Trustee (in each
case for the benefit of the Certificateholders). The Trustee (for the benefit of the Certificateholders) shall have sole control
(except with respect to investment direction, which shall be in the control of the Master Servicer (with respect to the Collection
Account, any Loan Combination Custodial Account or any Mortgagor Account) or the Special Servicer (with respect to any REO Accounts
and any Loss of Value Reserve Fund), as applicable, as an independent contractor to the Trust Fund) over each such investment
and any certificate or other instrument evidencing any such investment shall be delivered directly to the Trustee or its nominee
(which shall initially be the Master Servicer or the Special Servicer, as applicable), together with any document of transfer,
if any, necessary to transfer title to such investment to the Trustee or its nominee (for the benefit of the Certificateholders).
Neither the Trustee nor the Certificate Administrator shall have any responsibility or liability with respect to the investment
directions of the Master Servicer or the Special Servicer, any Mortgagor or Manager or any losses resulting therefrom, whether
from Permitted Investments or otherwise. The


 



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Master Servicer shall have no responsibility or liability with respect to the investment
direction of the Special Servicer, any Mortgagor 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 investment direction of the Master
Servicer, any Mortgagor or any property 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 in the case of REO Accounts and any Loss of Value Reserve Fund), 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 in the case of REO Accounts and any Loss of Value Reserve Fund) that such Permitted Investment
would not constitute a Permitted Investment in respect of funds thereafter on deposit in the related Investment Account. Amounts
on deposit in the Distribution Account, the Excess Interest Distribution Account, the Excess Liquidation Proceeds Reserve Account
and the Interest Reserve Account (each, a “Certificate Administrator Account”) shall remain uninvested.


 


(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) any Mortgagor Account to the extent required under the Mortgage
Loan (or Serviced Loan Combination) or applicable law to be for the benefit of the related Mortgagor or (ii) any REO Account and
any Loss of Value Reserve Fund, which shall be for the benefit of the Special Servicer, and if held in the Collection Account,
a Loan Combination Custodial Account or an REO Account, shall be subject to withdrawal by the Master Servicer or the Special Servicer,
as applicable, in accordance with Section 3.06, Section 3.06A or Section 3.16(b) of this Agreement, as applicable. The
Master Servicer (or with respect to any REO Account and any Loss of Value Reserve Fund, the Special Servicer) shall deposit from
its own funds into any applicable Investment Account, the amount of any loss incurred in respect of any such Permitted Investment
immediately upon realization of such loss (except with respect to losses incurred as a result of the related Mortgagor or Manager
exercising its power under the related Loan Documents to direct such investment in such Mortgagor Account); provided, however,
that the Master Servicer or 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 any Mortgagor Account the amount of any loss incurred in respect of Permitted Investments, except to the extent that amounts
are invested for the benefit of the Mortgagor under the terms of the Mortgage Loan (or Serviced Loan Combination) or applicable
law. Notwithstanding the foregoing, neither the Master Servicer nor the Special Servicer (in their respective capacities as Master
Servicer and Special Servicer, respectively) 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 is not the Person
or an Affiliate of the Person maintaining such account hereunder and satisfied the qualifications set forth in the definition
of Eligible Account both (1) at the time such investment was made and (2) as of the date that is 30 days prior to the insolvency.


 






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(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, the Trustee may, and upon the request
of Holders of Certificates representing greater than 50% of the Percentage Interests of 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, the Trust Fund 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. In the event that the Trustee does
not take any such action, the Master Servicer may, but is not obligated to, take such action at its own cost and expense.


 


Section
3.08     Maintenance of Insurance Policies and Errors and Omissions and Fidelity Coverage.


 


(a)         The
Master Servicer on behalf of the Trustee, as mortgagee of record, shall use efforts consistent with the Servicing Standard to
cause the related Mortgagor to maintain, to the extent required by each Mortgage Loan (other than an Outside Serviced Mortgage
Loan) and each Serviced Companion Loan (except to the extent that the failure to maintain such insurance coverage is an Acceptable
Insurance Default), and if the Mortgagor does not so maintain, shall itself maintain (subject to the provisions of this Agreement
concerning Nonrecoverable Advances and to the extent the Trustee as mortgagee of record has an insurable interest and to the extent
available at commercially reasonable rates), (i) fire and hazard insurance (and windstorm insurance, if applicable) with extended
coverage on the related Mortgaged Property in an amount which is at least equal to the lesser of (a) one hundred percent (100%)
of the then “full replacement cost” of the improvements and equipment (excluding foundations, footings and excavation
costs), without deduction for physical depreciation, and (b) the outstanding principal balance of the related Mortgage Loan and
the related Serviced Companion Loan or such greater amount as is necessary to prevent any reduction in such policy by reason of
the application of co-insurance provisions and to prevent the Trustee thereunder from being deemed to be a co-insurer and provided
such policy shall include a “replacement cost” rider, (ii) insurance providing coverage against 18 months (or such
longer period or with such extended period endorsement as provided in the related Mortgage or other Loan Document) of rent interruptions
and (iii) such other insurance as is required in the related Mortgage Loan and the related Serviced Companion Loan. Subject to
Section 3.16 of this Agreement, the Special Servicer in accordance with the Servicing Standard and to the extent available
at commercially reasonable rates (as determined by the Special Servicer in accordance with the Servicing Standard), shall cause
to be maintained for each REO Property (other than an REO Property related to an Outside Serviced Mortgage Loan) no less insurance
coverage than was previously required of the Mortgagor under the related Loan Documents (except to the extent that the failure
to maintain such insurance coverage is an Acceptable Insurance Default); provided that to the extent the Loan Documents
require the related Mortgagor to maintain insurance with an insurer rated better than as indicated in the definition of “Qualified
Insurer”, the Master Servicer may, without a Rating Agency Confirmation or the approval of the Special Servicer, to the
extent consistent with the Servicing Standard, permit the related Mortgagor to maintain insurance with an insurer that does not
meet the requirements of the Loan Documents so long as the related Mortgagor maintains insurance with an insurer rated at least
as indicated in the definition of “Qualified Insurer”. All insurance for an REO Property shall be from a Qualified
Insurer, if available from a Qualified Insurer, and if not available from a


 



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Qualified Insurer, from an insurance provider that
is rated the next highest available rating who is offering such insurance at commercially reasonable rates. Any amounts collected
by the Master Servicer or the Special Servicer under any such policies (other than amounts required to be applied to the restoration
or repair of the related Mortgaged Property or amounts to be released to the Mortgagor in accordance with the terms of the related
Loan Documents) shall be deposited into the Collection Account pursuant to Section 3.05 of this Agreement or the Loan Combination
Custodial Account pursuant to Section 3.05A of this Agreement, as applicable, subject to withdrawal pursuant to Section
3.05, Section 3.05A, Section 3.06 or Section 3.06A of this Agreement. Any cost incurred by the Master
Servicer or the Special Servicer in maintaining any such insurance shall not, for the purpose of calculating distributions to
Certificateholders, be added to the unpaid principal balance of the related Mortgage Loan, notwithstanding that the terms of such
Mortgage Loan so permit. It is understood and agreed that no other additional insurance other than flood insurance or earthquake
insurance subject to the conditions set forth below is to be required of any Mortgagor or to be maintained by the Master Servicer
other than pursuant to the terms of the related Loan Documents and pursuant to such applicable laws and regulations as shall at
any time be in force and as shall require such additional insurance. If the related Mortgaged Property (other than an REO Property
and other than with respect to an Outside Serviced Mortgage Loan) is located in a federally designated special flood hazard area,
the Master Servicer will use efforts consistent with the Servicing Standard to cause the related Mortgagor to maintain, to the
extent required by each Serviced Loan, and if the related Mortgagor does not so maintain, shall itself obtain (subject to the
provisions of this Agreement concerning Nonrecoverable Advances) and maintain flood insurance in respect thereof. Such flood insurance
shall be in an amount equal to the lesser of (i) the unpaid principal balance of the related Mortgage Loan and the related Serviced
Companion Loan and (ii) the maximum amount of such insurance required by the terms of the related Mortgage Loan or Serviced Loan
Combination and as is available for the related property under the national flood insurance program (assuming that the area in
which such property is located is participating in such program). If a Mortgaged Property (other than an REO Property) is related
to a Serviced Loan pursuant to which earthquake insurance is required to be maintained pursuant to the terms of the Mortgage Loan
or Serviced Loan Combination, the Master Servicer shall use efforts consistent with the Servicing Standard to cause the related
Mortgagor to maintain, and if the related Mortgagor does not so maintain will itself obtain (subject to the provisions of this
Agreement concerning Nonrecoverable Advances and for so long as such insurance continues to be available at commercially reasonable
rates) and maintain earthquake insurance in respect thereof, in the amount required by the Mortgage Loan or Serviced Loan Combination
or, if not specified, in-place at origination. If an REO Property (other than an REO Property related to the Outside Serviced
Mortgage Loan) (i) is located in a federally designated special flood hazard area or (ii) is related to a Serviced Loan with respect
to which earthquake insurance would be appropriate in accordance with the Servicing Standard and such insurance is available at
commercially reasonable rates, the Special Servicer will obtain (subject to the provisions of this Agreement concerning Nonrecoverable
Advances) and maintain flood insurance and/or earthquake insurance in respect thereof providing the same coverage as described
in this Section 3.08(a). Out-of-pocket expenses incurred by the Master Servicer or Special Servicer in maintaining insurance
policies pursuant to this Section 3.08 shall be advanced by the Master Servicer as a Property Advance and shall be reimbursable
to the Master Servicer with interest at the Advance Rate. The Master Servicer (or the Special Servicer, with respect to REO Properties)
agrees to prepare and present, on behalf of itself, the Trustee and the Certificateholders and the Serviced Companion Loan Holders,
claims under each related insurance policy maintained by it


 



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pursuant to this Section 3.08(a) in a timely fashion in accordance
with the terms of such policy and to take such reasonable steps as are necessary to receive payment or to permit recovery thereunder.
All insurance policies required to be maintained by the Master Servicer or Special Servicer hereunder shall name the Trustee or
the Master Servicer or the Special Servicer, on behalf of the Trustee as the mortgagee, as loss payee, and shall be issued by
Qualified Insurers, if available from a Qualified Insurer, and if not available from a Qualified Insurer, from an insurance provider
that is rated the next highest available rating who is offering such insurance at commercially reasonable rates. Notwithstanding
the foregoing: (A) the Master Servicer shall not be required to maintain any earthquake or environmental insurance policy on any
Mortgaged Property and the Special Servicer shall not be required to maintain any earthquake or environmental insurance policy
on any REO Property, in each case unless such insurance is required to be maintained under the related Loan Documents and is available
at commercially reasonable rates; provided, however, that neither the Master Servicer nor the Special Servicer shall
have any obligation to maintain such earthquake or environmental insurance policy required under the related Loan Documents if
the originator of the Serviced Mortgage Loan or Serviced Loan Combination waived compliance with such insurance requirements (and
if the applicable Master Servicer does not cause the Mortgagor to maintain or does not itself maintain such earthquake or environmental
insurance policy on any Mortgaged Property, the Special Servicer shall have the right, but not the duty, to obtain, at the Trust’s
expense, earthquake or environmental insurance on any Mortgaged Property securing a Specially Serviced Loan or an REO Property
so long as such insurance is available at commercially reasonable rates); (B) with respect to the Master Servicer’s obligation
to cause the related Mortgagor to maintain such insurance, the Master Servicer shall have no obligation beyond using its efforts
consistent with the Servicing Standard to cause any Mortgagor to maintain the insurance required to be maintained or that the
lender is entitled to reasonably require, subject to applicable law, under the related Loan Documents; and (C) in making determinations
as to the availability of insurance at commercially reasonable rates or otherwise, the Master Servicer or the Special Servicer,
as applicable, shall, to the extent consistent with the Servicing Standard, be entitled to rely, at its own expense, on insurance
consultants in making such determination and any such determinations by the Master Servicer or the Special Servicer, as applicable,
need not be made more frequently than annually but in any event shall be made at the approximate date on which the Master Servicer
or the Special Servicer, as applicable, receives notice of the renewal, replacement or cancellation of coverage.


 


Notwithstanding
the foregoing, the Master Servicer or Special Servicer, as applicable, will not be required to maintain, and shall not cause a
Mortgagor to be in default with respect to the failure of the related Mortgagor to obtain, all risk casualty insurance which does
not contain any carve out for terrorist or similar acts, if, and only if, the Special Servicer has determined in accordance with
the Servicing Standard that the failure to maintain such insurance is an Acceptable Insurance Default; provided that, during
the period that the Special Servicer is evaluating such insurance hereunder, the Master Servicer shall not be liable for any loss
related to its failure to require the Mortgagor to maintain terrorism insurance and shall not be in default of its obligations
hereunder as a result of such failure. The Special Servicer shall promptly notify the Master Servicer of each determination under
this paragraph.


 


(b)         (i)
If the Master Servicer or the Special Servicer obtains and maintains a blanket insurance policy insuring against fire and hazard
losses on all of the Mortgaged Properties (other than REO Properties and other than Mortgaged Properties that secure the Outside
Serviced


 



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Mortgage Loans) as to which the related Mortgagor has not maintained insurance required by the related Mortgage Loan
or, if applicable, related Serviced Loan Combination (other than any Mortgagor that is required under the related Loan Documents
to maintain insurance with an insurer rated better than as indicated in the definition of “Qualified Insurer” that
maintains insurance with an insurer rated at least as indicated in the definition of “Qualified Insurer”) or the Special
Servicer obtains and maintains a blanket insurance policy insuring against fire and hazard losses on all of the REO Properties
(other than REO Properties acquired in respect of the Outside Serviced Mortgage Loan), as required under this Agreement, as the
case may be, then the Master Servicer or the Special Servicer, as the case may be, shall conclusively be deemed to have satisfied
its respective obligations concerning the maintenance of insurance coverage set forth in Section 3.08(a) of this Agreement.
Any such blanket insurance policy shall be maintained with a Qualified Insurer. A blanket insurance policy may contain a deductible
clause, in which case the Master Servicer or the Special Servicer, as applicable, shall, in the event that (i) there shall not
have been maintained on the related Mortgaged Property a policy otherwise complying with the provisions of Section 3.08(a) of this Agreement, and (ii) there shall have been one or more losses which would have been covered by such a policy had it
been maintained, immediately deposit into the Collection Account or, if applicable, related Loan Combination Custodial Account
from its own funds the amount not otherwise payable under the blanket policy because of such deductible clause to the extent that
any such deductible exceeds the deductible limitation that pertained to the related Mortgage Loan or Serviced Loan Combination
or, in the absence of any such deductible limitation, the deductible limitation which is consistent with the Servicing Standard.
In connection with its activities as Master Servicer or the Special Servicer hereunder, as applicable, the Master Servicer and
the Special Servicer, respectively, agree to prepare and present, on behalf of itself, the Trustee and Certificateholder and any
related Serviced Companion Loan Holder, claims under any such blanket policy which it maintains in a timely fashion in accordance
with the terms of such policy and to take such reasonable steps as are necessary to receive payment or permit recovery thereunder.


 


(ii)         If
the Master Servicer causes any Mortgaged Property (other than any REO Property and other than any Mortgaged Property that secures
an Outside Serviced Mortgage Loan) or the Special Servicer causes any REO Property (other than an REO Property acquired in respect
of an Outside Serviced Mortgage Loan) to be covered by a master force placed insurance policy and such policy shall be issued
by a Qualified Insurer and provide no less coverage in scope and amount for such Mortgaged Property or REO Property than the insurance
required to be maintained pursuant to Section 3.08(a) of this Agreement, then the Master Servicer or Special Servicer,
as the case may be, shall conclusively be deemed to have satisfied its respective obligations to maintain insurance pursuant to
Section 3.08(a) of this Agreement. Such policy may contain a deductible clause, in which case the Master Servicer or the
Special Servicer, as applicable, shall, in the event that (i) there shall not have been maintained on the related Mortgaged Property
or REO Property a policy otherwise complying with the provisions of Section 3.08(a), and (ii) there shall have been one
or more losses which would have been covered by such a policy had it been maintained, immediately deposit into the Collection
Account or, if applicable, related Loan Combination Custodial Account from its own funds the amount not otherwise payable under
such policy because of such deductible to the extent that any such deductible exceeds the deductible limitation that pertained
to the related Mortgage Loan and/or related Serviced Companion Loan(s) related thereto, or, in the absence of any


 



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such deductible
limitation, the deductible limitation which is consistent with the Servicing Standard.


 


(iii)        In
either case, if the Master Servicer or Special Servicer, as applicable, causes any Mortgaged Property or REO Property to be covered
by such “force-placed” insurance policy, the incremental costs of such insurance applicable to such Mortgaged Property
or REO Property (i.e., other than any minimum or standby premium payable for such policy whether or not any Mortgaged Property
or REO Property is covered thereby) shall be paid as a Property Advance. Any legal fees or other out-of-pocket costs incurred
in accordance with the Servicing Standard in connection with any claim under an 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.


 


(c)         The
Master Servicer and the Special Servicer shall each obtain and maintain in effect a fidelity bond or similar form of insurance
coverage (which may provide blanket coverage) or a combination of fidelity bond and insurance coverage, in such form as is consistent
with the Servicing Standard and in such amounts that are consistent with the Servicing Standard, insuring against loss occasioned
by fraud, theft or other intentional misconduct of the officers and employees of the Master Servicer or the Special Servicer,
as the case may be. The Master Servicer and the Special Servicer each shall be deemed to have complied with this provision if
one of its respective Affiliates has such fidelity bond coverage and, by the terms of such fidelity bond, the coverage afforded
thereunder extends to the Master Servicer or the Special Servicer, as applicable. In addition, the Master Servicer and the Special
Servicer shall each 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 to service the Mortgage Loans and
any Serviced Companion Loans hereunder in such form as is consistent with the Servicing Standard and in such amounts as are consistent
with the Servicing Standard. Notwithstanding the foregoing, so long as the long-term unsecured debt rating or deposit account
rating of the Master Servicer (or its corporate parent) or the Special Servicer (or its corporate parent) is not in any event
less than “A(low)” as rated by DBRS, “A-” or its equivalent as rated by S&P, “A3” as rated
by Moody’s and “A-” as rated by Fitch, the Master Servicer or the Special Servicer, as applicable, may self-insure
for the fidelity bond and errors and omissions coverage otherwise required above. The Master Servicer shall cause each and every
Sub-Servicer it has engaged to maintain or cause to be maintained by an agent or contractor servicing any Mortgage Loan or Serviced
Loan Combination on behalf of such Sub-Servicer, a fidelity bond and an errors and omissions insurance policy which satisfy the
requirements for the fidelity bond and the errors and omissions policy to be maintained by the Master Servicer to comply with
the foregoing. All fidelity bonds and policies of errors and omissions insurance obtained under this Section 3.08(c) shall
be issued by a Qualified Insurer.


 


(d)         Each
of the Operating Advisor and Asset Representations Reviewer shall obtain and maintain at its own expense and keep in full force
and effect throughout the term of this Agreement an “errors and omissions” insurance policy with a Qualified Insurer
covering losses that may be sustained as a result of an officer’s or employee’s errors or omissions.


 






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Section
3.09     Enforcement of Due-On-Sale and Due-On-Encumbrance Clauses; Assumption Agreements; Defeasance Provisions.


 


(a)         Upon
receipt of any request of a waiver or consent in respect of a due-on-sale or due-on-encumbrance provision under the Loan Documents
of a Serviced Loan, the Special Servicer shall promptly process and analyze such request, including the preparation of written
materials in connection with such analysis, and determine in a manner consistent with the Servicing Standard whether to waive
any right to accelerate payment the lender may have, or grant its consent, under the due-on-sale or due-on-encumbrance provision
of such Serviced Loan. If the Master Servicer receives any such request with respect to Performing Serviced Loans, the Master
Servicer shall promptly deliver a copy of such request to the Special Servicer. Notwithstanding the forgoing, with respect to
any Performing Serviced Loan (x) that is a PrinREI-Subserviced Loan or (y) as to which the Master Servicer and the Specially Servicer
mutually agree, the Master Servicer shall process and analyze any such request, including the preparation of written materials
in connection with such analysis, in accordance with the Servicing Standard, and provide its written recommendation and analysis
to the Special Servicer as to whether or not to waive any right to accelerate payment the lender may have, or grant its consent,
under the due-on-sale or due-on-encumbrance provision of such Serviced Loan (with any such recommended course of action to be
subject to the Special Servicer’s consent).


 


Both
the Master Servicer and the Special Servicer (as applicable in accordance with the first paragraph of this Section 3.09(a))
each in a manner consistent with the Servicing Standard and each on behalf of the Trustee as the mortgagee of record, shall, to
the extent permitted by applicable law, enforce the restrictions contained in the related Loan Documents on transfers or further
encumbrances of the related Mortgaged Property and on transfers or further encumbrances of interests in the related Mortgagor,
unless following receipt of a request for a waiver or consent in respect of a due-on-sale or due-on-encumbrance provision the
Master Servicer (to the extent that it is processing such request pursuant to the first paragraph of this Section 3.09(a),
with the written consent of the Special Servicer, which consent shall be deemed given if not denied within 15 Business Days (or,
with respect to a Serviced Loan Combination, such longer period as required by the related Co-Lender Agreement, but in no event
less than 5 Business Days after the time period set forth in such Co-Lender Agreement for review by any related Serviced Companion
Loan Holder or its Companion Loan Holder Representative) after the Special Servicer’s receipt (unless earlier objected to)
of the written recommendation and analysis of the Master Servicer for such action and any additional information reasonably available
to the Master Servicer that the Special Servicer may reasonably request for the analysis of such request, which recommendation
and information may be delivered in an electronic format reasonably acceptable to the Master Servicer and the Special Servicer)
or the Special Servicer, as applicable, has determined, consistent with the Servicing Standard, that the waiver of such restrictions
or granting of consent would be in accordance with the Servicing Standard. Promptly after the Master Servicer (with the written
consent of the Special Servicer to the extent required pursuant to this Section 3.09(a)) or the Special Servicer, as applicable,
has made any determination to grant a waiver in respect of a due-on-sale or due-on-encumbrance provision, the Master Servicer
or the Special Servicer, as applicable, shall: (1) deliver to the Trustee, the Certificate Administrator, each other party to
this Agreement and, for posting to the Rule 17g-5 Information Provider’s Website pursuant to Section 12.13 of this
Agreement, the Rule 17g-5 Information Provider an Officer’s Certificate setting forth the basis for such determination;
provided that, notwithstanding anything herein to the contrary,


 



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no such Officer’s Certificate shall be required to be delivered
if the Master Servicer or Special Servicer, as applicable, is granting consent to an assumption pursuant to this Section 3.09(a) in accordance with the terms of the related Loan Documents and there is no material waiver of any conditions or any other
provisions of the related Loan Documents with respect thereto; and (2) close the related transaction, subject to the consent of
the Special Servicer obtained as described above (if the Master Servicer is processing such request), any applicable consultation
rights of the Risk Retention Consultation Party (to the extent the Risk Retention Consultation Party has consultation rights pursuant
to Section 6.09), any applicable consultation rights of the Operating Advisor (to the extent the Operating Advisor has
consultation rights pursuant to Section 3.29 or Section 6.09) and the consultation and/or consent rights (if any)
of the related Directing Holder or the consultation rights of any related Serviced Pari Passu Companion Loan Holder (or its Companion
Loan Holder Representative) as provided in this Section 3.09(a), and as otherwise provided in the related Co-Lender Agreement
and this Agreement, and subject to Sections 3.09(b), 3.21, 3.24, 3.25 and Section 3.28; provided,
however, that neither the Master Servicer nor the Special Servicer shall enter into any such agreement to the extent that any
terms thereof would result in (i) the imposition of a tax on a Trust REMIC under the REMIC Provisions or cause either Trust REMIC
to fail to qualify as a REMIC or cause the Grantor Trust to fail to qualify as a grantor trust under subpart E, part I of subchapter
J of the Code for federal income tax purposes at any time that any Certificate is outstanding or (ii) create any lien on a Mortgaged
Property that is senior to, or on parity with, the lien of the related Mortgage.


 


With
respect to all Serviced Mortgage Loans and each Serviced Loan Combination, the Special Servicer shall, prior to consenting to
a proposed action of the Master Servicer pursuant to this Section 3.09 that constitutes a Major Decision, and prior to
itself taking such an action, obtain the written consent of the related Outside Controlling Note Holder (to the extent set forth
in the related Co-Lender Agreement if a Serviced Outside Controlled Loan Combination is involved) or the Controlling Class Representative
(if any other Serviced Loan(s) (exclusive of any Excluded Mortgage Loan(s)) are involved and a Control Termination Event does
not exist), as applicable, which consent shall be deemed given ten (10) Business Days after receipt (unless earlier objected to)
by such related Directing Holder of the Major Decision Reporting Package for such action, which recommendation and information
may be delivered in an electronic format reasonably acceptable to the related Directing Holder and the Master Servicer or the
Special Servicer, as applicable. In addition, neither the Master Servicer nor the Special Servicer may waive the rights of the
lender or grant its consent under any “due-on-encumbrance” provision unless (1) the Master Servicer or the Special
Servicer, as applicable (in each case, if it is the party processing the related request pursuant to this Section 3.09(a)),
shall have received a prior written Rating Agency Confirmation with respect to such action, or (2) the related Serviced Mortgage
Loan (including a Serviced Mortgage Loan related to a Serviced Loan Combination) (A) represents less than 2% of the aggregate
principal balance of all of the Mortgage Loans in the Trust Fund, (B) has a principal balance that is equal to or less than $20,000,000,
(C) has a Loan-to-Value Ratio equal to or less than 85% (including any existing and proposed debt), (D) has a Debt Service Coverage
Ratio equal to or greater than 1.20x (in each case, determined based upon the aggregate of the Stated Principal Balance of the
Serviced Mortgage Loan, any related Serviced Companion Loan (if applicable) and the principal amount of the proposed additional
lien) and (E) is not one of the 10 largest Mortgage Loans (considering any Cross-Collateralized Group as a single Mortgage Loan)
in the Mortgage Pool based on principal balance or (3) the related Serviced Mortgage Loan (including a Serviced Mortgage Loan
related to a Serviced Loan Combination)


 



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has a principal balance less than $10,000,000; provided that, for the avoidance
of doubt, notwithstanding any provision contained in the related Loan Documents to the contrary, no Rating Agency Confirmation
shall be required in connection with such waiver or grant of consent under any “due-on-encumbrance” provision if the
related Serviced Mortgage Loan satisfies the conditions set forth in clause (2) or clause (3) above of this sentence. Further,
neither the Master Servicer nor the Special Servicer may waive the rights of the lender or grant its consent under any “due-on-sale”
provision unless (1) the Master Servicer or the Special Servicer, as applicable (in each case, if it is the party processing the
related request pursuant to this Section 3.09(a)), shall have received a prior written Rating Agency Confirmation with
respect to such action, or (2) the related Serviced Mortgage Loan (including a Serviced Mortgage Loan related to a Serviced Loan
Combination) (A) represents less than 5% of the principal balance of all of the Mortgage Loans in the Trust Fund, (B) has a principal
balance that is equal to or less than $35,000,000 and (C) is not one of the 10 largest Mortgage Loans (considering any Cross-Collateralized
Group as a single Mortgage Loan) in the Mortgage Pool based on principal balance or (3) the related Serviced Mortgage Loan (including
a Serviced Mortgage Loan related to a Serviced Loan Combination) has a principal balance less than $10,000,000; provided
that, for the avoidance of doubt, notwithstanding any provision contained in the related Loan Documents to the contrary, no Rating
Agency Confirmation shall be required in connection with such waiver or grant of consent under any “due-on-sale” provision
if the related Serviced Mortgage Loan satisfies the conditions set forth in clause (2) or clause (3) above of this sentence. For
the purposes of this Agreement, due-on-sale provisions shall include, without limitation, sales or transfers of Mortgaged Properties,
in full or in part, or the sale, transfer, pledge or hypothecation of direct or indirect interests in any Mortgagor or its owner,
in each case to the extent not permitted under the related Loan Documents, and due-on-encumbrance provisions shall include, without
limitation, any mezzanine/subordinate financing of any Mortgagor or any Mortgaged Property or any sale or transfer of preferred
equity in any Mortgagor or its owners, in each case to the extent not permitted under the related Loan Documents.


 


The
Master Servicer or the Special Servicer, as applicable (in each case, if it is the party processing the related request pursuant
to this Section 3.09(a)), shall notify in writing the Trustee, the Certificate Administrator, the Special Servicer or the
Master Servicer, as applicable, the Controlling Class Representative (prior to the occurrence and continuance of a Consultation
Termination Event), the Operating Advisor, the Risk Retention Consultation Party (other than with respect to any Excluded RRCP
Mortgage Loan), the Rule 17g-5 Information Provider (for posting to the Rule 17g-5 Information Provider’s Website pursuant
to Section 12.13 of this Agreement) and, with respect to a Serviced Loan Combination, the related Serviced Companion Loan
Holder, of any assumption or substitution agreement executed pursuant to this Section 3.09(a) and shall forward thereto
a copy of such agreement, and shall also deliver to the Certificate Administrator or the Custodian an original of the recorded
agreement relating to such assumption or substitution within 15 Business Days following the execution and receipt thereof by the
Master Servicer or the Special Servicer, as applicable.


 


In
connection with any request for a Rating Agency Confirmation from a Rating Agency pursuant to this Section 3.09(a), the
Master Servicer or the Special Servicer, as applicable (in each case, if it is the party processing the related request pursuant
to the first paragraph of this Section 3.09(a)), shall deliver a Review Package to the Rule 17g-5 Information Provider
for


 



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 posting to the Rule 17g-5 Information Provider’s Website in accordance with Section 12.13 of this Agreement.


 


Further,
subject to the terms of the related Loan Documents and applicable law, the Master Servicer or the Special Servicer, as applicable
(in each case, if it is the party processing the related request pursuant to this Section 3.09(a)), shall use reasonable efforts
to cause all costs in connection with any assumption or encumbrance, including any arising from seeking a Rating Agency Confirmation,
to be paid by the related Mortgagor. To the extent not collected from the related Mortgagor after the use of such efforts, any
rating agency charges in connection with the foregoing shall be paid by the Master Servicer as a Property Advance (or as an Additional
Trust Fund Expense if such Property Advance would be a Nonrecoverable Advance).


 


To
the extent not prohibited by the applicable Loan Documents and applicable law, the Master Servicer or Special Servicer, as applicable,
may charge the related Mortgagor a fee in connection with any enforcement or waiver contemplated in this subsection (a); provided that any such fee shall be applied as if it were a Modification Fee and/or Assumption Fee, as applicable, pursuant to the
terms of this Agreement.


 


(b)        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 a Mortgage Loan, any sale or other transfer of the related Mortgaged Property or the creation of any lien
or other encumbrance with respect to such Mortgaged Property.


 


(c)        In
connection with the taking of, or the failure to take, any action pursuant to this Section 3.09, neither the Master Servicer
nor the Special Servicer shall 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 any Mortgage Loan or
Serviced Companion Loan or the related Note, other than pursuant to Section 3.24 of this Agreement.


 


(d)        With
respect to any Serviced Mortgage Loan or Serviced Loan Combination which permits release of Mortgaged Properties through defeasance,
and to the extent consistent with the terms of the related Loan Documents:


 


(i)          Subject
to the consent rights of the Special Servicer and the Directing Holder and the process set forth in Sections 3.24 and 6.09
with respect to Major Decisions and Special Servicer Decisions, the Master Servicer shall process all defeasances of Serviced
Mortgage Loans and Serviced Loan Combinations in accordance with the terms of the related Loan Documents, and shall be entitled
to any defeasance fees paid relating thereto (provided that for the avoidance of doubt, any such defeasance fee shall not include
the Special Servicer’s portion of any Modification Fees or waiver fees in connection with a defeasance to which the Special
Servicer is entitled under this Agreement).


 


(ii)         In
the event such Serviced Mortgage Loan or Serviced Loan Combination requires that the Master Servicer on behalf of the Trustee
purchase the required “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


 



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Section 1.860G-2(a)(8)(ii), the Master Servicer, an accommodation
Mortgagor pursuant to clause (v) below or the Mortgagor shall, at the Mortgagor’s expense (to the extent consistent with
the related Loan Documents), purchase or cause the purchase of such obligations in accordance with the terms of such Mortgage
Loan or Serviced Loan Combination and deliver to the Master Servicer, in the case of the Mortgagor, or in the case of the Master
Servicer, hold the same on behalf of the Trust Fund and, if applicable, the related Serviced Companion Loan Holder; provided that, subject to the related Loan Documents, the Master Servicer shall not accept the amounts paid by the related Mortgagor
to effect defeasance until acceptable “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) have been identified,
in each case which are acceptable as defeasance collateral under the then most recently published current guidelines of the Rating
Agencies. Notwithstanding the foregoing, with respect to each of the Mortgage Loans identified on Exhibit Q to this Agreement
(each, a “Retained Defeasance Rights and Obligations Mortgage Loan” and, collectively, the “Retained
Defeasance Rights and Obligations Mortgage Loans”), the related Mortgage Loan Seller or originator has transferred to
a third party or has retained the right to establish or designate the successor borrower and/or to purchase or cause to be purchased
the related defeasance collateral (“Retained Defeasance Rights and Obligations”). In the event the Master Servicer
receives notice of a defeasance request with respect to a Mortgage Loan that provides for Retained Defeasance Rights and Obligations
in the related Loan Documents, the Master Servicer shall provide, within five (5) business days of receipt of such notice, written
notice of such defeasance request to the related Mortgage Loan Seller or to the related Mortgage Loan Seller’s assignee.
Until such time as PCC provides written notice to the contrary, the notice of a defeasance of a Mortgage Loan with Retained Defeasance
Rights and Obligations as to which PCC is the related Mortgage Loan Seller shall be delivered to Macquarie US Trading LLC d/b/a
Principal Commercial Capital, 125 West 55th Street, New York, New York 10019, to the attention of Joshua Karlin. Until such time
as SMF provides written notice to the contrary, the notice of a defeasance of a Mortgage Loan with Retained Defeasance Rights
and Obligations as to which SMF is the related Mortgage Loan Seller shall be delivered to Starwood Mortgage Funding V LLC, 1601
Washington Ave., Suite 800, Miami Beach, Florida 33139, Attention: Leslie K. Fairbanks, Executive Vice President, fax number:
(305) 695-5449, e-mail: lfairbanks@starwood.com, with a copy to: LNR Property LLC, 1601 Washington Ave., Suite 800, Miami Beach,
Florida 33139, Attention: Vincent Kallaher, Senior Vice President, fax number: (305) 695-5449, email: vkallaher@starwood.com,
with a copy to: LNR Property LLC, 1601 Washington Ave., Suite 800, Miami Beach, Florida 33139, Attention: General Counsel, fax
number: (305) 695-5449, email: asossen@starwod.com.


 


(iii)        The
Master Servicer shall require, to the extent the related Loan Documents grant the mortgagee discretion to so require, delivery
of an Opinion of Counsel (which shall be an expense of the related Mortgagor to the extent consistent with the related Loan Documents)
to the effect that the Trustee on behalf of the Certificateholders has a first priority security interest in the defeasance deposit
and the “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), and the assignment thereof is valid and enforceable;
such opinion, together with any other


 



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certificates or documents to be required in connection with such defeasance shall be in
form and substance acceptable to the Master Servicer.


 


(iv)       The
Master Servicer shall obtain, to the extent the related Loan Documents grant the mortgagee discretion to so obtain, a certificate
(which shall be an expense of the related Mortgagor to the extent consistent with the related Loan Documents) from an Independent
certified public accountant certifying that the “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),
comply with the requirements of the related Loan Agreement or Mortgage.


 


(v)        To
the extent consistent with the related Loan Documents, prior to permitting release of any Mortgaged Properties through defeasance,
the Master Servicer shall (at the Mortgagor’s expense) obtain a Rating Agency Confirmation; provided that the Master Servicer
shall not be required to obtain such Rating Agency Confirmation from any Rating Agency to the extent that the Master Servicer
has delivered a defeasance certificate to such Rating Agency substantially in the form of Exhibit DD to this Agreement
for any Mortgage Loan that, at the time of such defeasance, is (x) not one of the ten largest Mortgage Loans by Stated Principal
Balance, (y) a Mortgage Loan with a Stated Principal Balance equal to or less than $35,000,000 and (z) a Mortgage Loan that represents
less than 5% of the Stated Principal Balance of all Mortgage Loans.


 


(vi)       If
the Mortgage Loan or Serviced Loan Combination permits the related Mortgagor or the lender or its designee to cause an accommodation
Mortgagor to assume such defeased obligations, the Master Servicer shall, or shall cause the Mortgagor to, establish at the Mortgagor’s
cost and expense (and shall use efforts consistent with the Servicing Standard to cause the related Mortgagor to consent to such
assumption) a special purpose bankruptcy-remote entity to assume such obligations, as to which the Trustee and the Certificate
Administrator has received a Rating Agency Confirmation (if such confirmation is required pursuant to the then most recently published
guidelines of the Rating Agencies).


 


(vii)      To
the extent consistent with the related Loan Documents, the Master Servicer shall require the related Mortgagor to pay all costs
and expenses incurred in connection with the defeasance of the related Mortgage Loan or Serviced Loan Combination. In the event
that the Mortgagor is not required to pay any such costs and expenses under the terms of the Loan Documents, such costs and expenses
shall be Additional Trust Fund Expenses.


 


(viii)     In
no event shall the Master Servicer have liability to any party hereto or beneficiary hereof for obtaining a Rating Agency Confirmation
(or conditioning approval of defeasance on the delivery of a Rating Agency Confirmation) or for imposing conditions to approval
of a defeasance on the satisfaction of conditions that are consistent with the Servicing Standard but are not required under Rating
Agency guidelines (provided that this shall not protect the Master Servicer from any liability that may be imposed as a
result of the violation of applicable law or the Loan Documents).


 






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(ix)        The
Master Servicer may accept as defeasance collateral any “government security,” within the meaning of Treasury Regulation’s
Section 1.860G-(2)(a)(8)(ii), notwithstanding any more restrictive requirements in the Loan Documents; provided, that the Master
Servicer has received an Opinion of Counsel that acceptance of such defeasance collateral will not endanger the status of either
Trust REMIC as a REMIC or 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”
as set forth in Section 860G(c) of the Code).


 


(e)         Notwithstanding
any other provision of this Agreement, without any other approval or consent, the Master Servicer (for Performing Serviced Loans)
or the Special Servicer (for Specially Serviced Loans) may grant and process a Mortgagor’s request for consent to subject
the related Mortgaged Property to an immaterial easement, right of way or similar agreement for utilities, access, parking, public
improvements or another purpose (and may consent to subordination of the related Serviced Loan to such easement, right of way
or similar agreement); provided that in each case, the Master Servicer or Special Servicer, as applicable, (i) shall have
determined in accordance with the Servicing Standard that such easement, right of way or similar agreement will not materially
and adversely affect the operation or value of such Mortgaged Property or the Trust Fund’s interest in the Mortgaged Property
and (ii) shall have determined that such easement, right of way or similar agreement will not cause either Trust REMIC to fail
to qualify as a REMIC at any time that any Certificates are outstanding. The Master Servicer or the Special Servicer may rely
on an Opinion of Counsel in making any such determination under clause (ii) above.


 


Section
3.10     Appraisal Reductions; Calculation and allocation of Collateral Deficiency Amounts; Realization Upon Defaulted Loans.


 


(a)         Promptly
upon the occurrence of an Appraisal Reduction Event with respect to a Serviced Loan, the Special Servicer shall use reasonable
efforts to obtain an updated Appraisal of the related Mortgaged Property, the costs of which shall be advanced by, and reimbursable
to, the Master Servicer as a Property Advance (or shall be an expense of the Trust Fund and paid by the Master Servicer out of
the Collection Account if such Property Advance would be a Nonrecoverable Advance); provided, however, that the
Special Servicer shall not be required to obtain an updated Appraisal of any Mortgaged Property with respect to which there exists
an Appraisal which is less than nine months old unless the Special Servicer determines in accordance with the Servicing Standard
that such previously obtained Appraisal is materially inaccurate. With respect to any Serviced Loan for which an Appraisal Reduction
Event has occurred and still exists, the Special Servicer shall obtain annual letter updates to any updated Appraisal. Any Appraisal
prepared in order to determine the Appraisal Reduction Amount with respect to a Serviced Loan Combination shall be delivered by
the Special Servicer, upon request, to each related Serviced Companion Loan Holder.


 


As
of the first Determination Date following a Serviced Mortgage Loan becoming an AB Modified Loan, the Special Servicer shall calculate
whether a Collateral Deficiency Amount exists with respect to such AB Modified Loan, taking into account the most recent


 



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Appraisal
obtained by the Special Servicer with respect to such Serviced Mortgage Loan, and all other information relevant to a Collateral
Deficiency Amount determination. The Master Servicer shall provide (via electronic delivery) the Special Servicer with information
in its possession that is reasonably required to calculate or recalculate any Collateral Deficiency Amount pursuant to the definition
thereof using reasonable efforts to deliver such information within four (4) Business Days of the Special Servicer’s reasonable
written request. Upon obtaining actual knowledge or receipt of notice by the Special Servicer that an Outside Serviced Mortgage
Loan has become an AB Modified Loan, the Special Servicer shall (i) promptly request from the related Outside Servicer, Outside
Special Servicer and Outside Trustee the most recent appraisal with respect to such AB Modified Loan, in addition to all other
information reasonably required by the Special Servicer to calculate whether a Collateral Deficiency Amount exists with respect
to such AB Modified Loan, and (ii) as of the first Determination Date following receipt by the Special Servicer of the appraisal
and any other information set forth in the immediately preceding clause (i) that the Special Servicer reasonably expects to receive
(and does receive within a reasonable period of time) and reasonably believes is necessary to perform such calculation, 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 from the Outside Servicer, Outside Special Servicer or Outside Trustee, as the case may be, with
respect to such Outside Serviced Mortgage Loan, and all other information relevant to a Collateral Deficiency Amount determination.
In connection with its calculation of a Collateral Deficiency Amount with respect to an Outside Serviced Mortgage Loan that has
become an AB Modified Loan, the Special Servicer shall be entitled to conclusively rely on any appraisal or other information
received from the related Outside Servicer, Outside Special Servicer or Outside Trustee. The Special Servicer shall notify the
Master Servicer and the Certificate Administrator of any Collateral Deficiency Amount calculated by the Special Servicer with
respect to an Outside Serviced Mortgage Loan that has become an AB Modified Loan. The Master Servicer and the Certificate Administrator
shall be entitled to conclusively rely on any Collateral Deficiency Amounts calculated by the Special Servicer with respect to
an Outside Serviced Mortgage Loan. Upon any other party to this Agreement obtaining knowledge or receipt of notice that an Outside
Serviced Mortgage Loan has become an AB Modified Loan, such party shall promptly notify the Special Servicer thereof. None of
the Trustee, the Certificate Administrator or the Master Servicer shall calculate or verify any Collateral Deficiency Amount.


 


The
Certificate Balance of each Class of applicable Principal Balance Certificates shall be notionally reduced (solely for purposes
of determining the identity of the Non-Reduced Certificates and the Controlling Class, as well as the occurrence of a Control
Termination Event, and, to the extent expressly set forth herein, for purposes of allocating and/or exercising Voting Rights in
connection with certain circumstances involving the termination of certain parties hereto) as of any date of determination to
the extent of the Appraisal Reduction Amount(s) allocated to such Class on the preceding Distribution Date. An amount equal to
the Vertically Retained Percentage of the aggregate Appraisal Reduction Amount for any Distribution Date shall be applied to notionally
reduce the Certificate Balances of the Class V-1 Certificates, the respective Classes of the Class V-2 Certificates and the respective
Classes of the Class V-3 Certificates as follows: (i) the Class V-1 Percentage of such amount shall be applied to notionally reduce
(to not less than zero) the Certificate Balance of the Class V-1 Certificates; (ii) the Class V-2 Percentage of such amount shall
be applied to notionally reduce (in the case of any particular Class, to not less than zero) the Certificate Balances of the Class
V-2E Certificates, the Class V-2D Certificates, the


 



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Class V-2C Certificates, the Class V-2B Certificates and the Class V-2A Certificates,
in that order; and (iii) the Class V-3 Percentage of such amount shall be applied to notionally reduce (in the case of any particular
Class, to not less than zero) the Certificate Balances of the Class V-3E Certificates, the Class V-3D Certificates and the Class
V-3AC Certificates, in that order. The Non-Vertically Retained Percentage of the aggregate Appraisal Reduction Amount for any
Distribution Date shall be applied to notionally reduce the Certificate Balances of the following Classes of Certificates in the
following order of priority: first, to the Class G Certificates; second, to the Class F Certificates; third,
to the Class E Certificates; fourth, to the Class D Certificates; fifth, to the Class C Certificates; sixth,
to the Class B Certificates; seventh, to the Class A-S Certificates; and finally, pro rata to the (i) Class A-1
Certificates, (ii) Class A-2 Certificates, (iii) Class A-3 Certificates, (iv) Class A-4 Certificates, and (v) Class A-AB Certificates,
based on their respective Certificate Balances (provided in each case that no Certificate Balance in respect of any such Class
may be notionally reduced below zero). In addition, as of any date of determination for purposes of determining the Controlling
Class or the occurrence of a Control Termination Event, and after taking into account the allocations contemplated by the prior
sentence, the Non-Vertically Retained Percentage of Collateral Deficiency Amounts shall be applied to notionally reduce the Certificate
Balances of each Class of the Control Eligible of Certificates in the following order of priority (in each case after taking into
account any Appraisal Reduction Amounts allocated thereto): first, to the Class G Certificates; second, to the Class
F Certificates; and third, to the Class E Certificates (provided in each case that no Certificate Balance in respect of
any such Class may be notionally reduced below zero). For the avoidance of doubt, for purposes of determining the Controlling
Class or the occurrence of a Control Termination Event, any Class of Control Eligible Certificates shall be allocated the Non-Vertically
Retained Percentage of both applicable Appraisal Reduction Amounts and applicable Collateral Deficiency Amounts (the sum of which
shall constitute the applicable Cumulative Appraisal Reduction Amount), in accordance with the preceding two sentences.


 


With
respect to any Appraisal Reduction Amount calculated for the purposes of determining the Non-Reduced Certificates or, to the extent
expressly set forth herein, for the purposes of allocating and/or exercising Voting Rights in connection with certain circumstances
involving the termination of certain parties hereto, and with respect to any Appraisal Reduction Amount or Collateral Deficiency
Amount calculated for purposes of determining the Controlling Class or the occurrence of a Control Termination Event, the appraised
value of the related Mortgaged Property shall be determined on an “as-is” basis.


 


The
Special Servicer shall promptly notify the Certificate Administrator and the Master Servicer of the determination of (i) any Appraisal
Reduction Amount, (ii) any Collateral Deficiency Amount, and (iii) any resulting Cumulative Appraisal Reduction Amount by providing
such information in the CREFC® Appraisal Reduction Template, and the Certificate Administrator shall promptly
post notice of the determination of any such Appraisal Reduction Amount, Collateral Deficiency Amount and/or Cumulative Appraisal
Reduction Amount, as applicable, on the Certificate Administrator’s website.


 


Any
Appraisal Reduction Amounts with respect to each Serviced Loan Combination shall be allocated, first, to any related Serviced
Subordinate Companion Loan (up to the outstanding principal balance thereof), and then, to the related Serviced Mortgage Loan
and any related Serviced Pari Passu Companion Loan(s), on a pro rata and pari passu basis in


 



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accordance with the respective outstanding
principal balances of such related Serviced Mortgage Loan and the related Serviced Pari Passu Companion Loan.


 


The
Holders of Certificates representing the majority of the Certificate Balance of the most senior Class of Control Eligible Certificates
whose Certificate Balance is notionally reduced to less than 25% of the initial Certificate Balance of that Class as a result
of an allocation of an Appraisal Reduction Amount or Collateral Deficiency Amount in respect of such Class (such Class, an “Appraised-Out
Class”) shall have the right to challenge the Special Servicer’s Appraisal Reduction Amount determination or Collateral
Deficiency Amount determination and, at their sole expense, obtain a second Appraisal of any Serviced Loan for which an Appraisal
Reduction Event has occurred or as to which there exists a Collateral Deficiency Amount (such Holders, the “Requesting
Holders”). The Requesting Holders shall cause the Appraisal to be prepared on an “as-is” basis by an Appraiser,
and the Appraisal must be reasonably acceptable to the Special Servicer in accordance with the Servicing Standard. The Requesting
Holders shall provide the Special Servicer with notice of their intent to challenge the Special Servicer’s Appraisal Reduction
Amount determination or Collateral Deficiency Amount determination within 10 days of the Requesting Holders’ receipt of
written notice of the determination of such Appraisal Reduction Amount or Collateral Deficiency Amount, as applicable.


 


An
Appraised-Out Class shall be entitled to continue to exercise the rights of the Controlling Class until 10 days following its
receipt of written notice of the determination of an Appraisal Reduction Amount or Collateral Deficiency Amount, as applicable,
unless the Requesting Holders provide written notice of their intent to challenge such Appraisal Reduction Amount or Collateral
Deficiency Amount to the Special Servicer and the Certificate Administrator within such 10-day period pursuant to the immediately
preceding paragraph. If the Requesting Holders provide such notice, then the Appraised-Out Class shall be entitled to continue
to exercise the rights of the Controlling Class until the earliest of (i) 120 days following the related Appraisal Reduction Event
or receipt of written notice of a Collateral Deficiency Amount, as applicable, unless the Requesting Holders provide the second
appraisal within such 120-day period, (ii) the determination by the Special Servicer (described below) that a recalculation of
the Appraisal Reduction Amount or Collateral Deficiency Amount, as applicable, is not warranted or that such recalculation does
not result in the Appraised-Out Class remaining the Controlling Class and (iii) the occurrence of a Consultation Termination Event.
After the Appraised-Out Class is no longer entitled to exercise the rights of the Controlling Class, the rights of the Controlling
Class shall be exercised by the Class of Control Eligible Certificates immediately senior to such Appraised-Out Class, if any,
unless a recalculation results in the reinstatement of the Appraised-Out Class as the Controlling Class.


 


In
addition to the foregoing, the Holders of Certificates representing the majority of the Certificate Balance of any Appraised-Out
Class shall have the right, at their sole expense, to require the Special Servicer to order an additional Appraisal of any Serviced
Loan for which an Appraisal Reduction Event has occurred or as to which a Collateral Deficiency Amount exists if an event has
occurred at or with regard to the related Mortgaged Property or Mortgaged Properties that would have a material effect on its
appraised value, and the Special Servicer shall use its reasonable efforts, in accordance with the Servicing Standard, to obtain
such Appraisal within 30 days from receipt of such Holders’ written request and shall use its reasonable efforts, in accordance
with the Servicing Standard, to obtain an Appraisal that is prepared on an “as-is” basis


 



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by an Appraiser; provided that the Special Servicer shall not be required to obtain such Appraisal if the Special Servicer determines in accordance
with the Servicing Standard that no events at or with regard to the related Mortgaged Property or Mortgaged Properties have occurred
that would have a material effect on such appraised value of the related Mortgaged Property or Mortgaged Properties.


 


Upon
receipt of an Appraisal provided by, or requested by, Holders of an Appraised-Out Class pursuant to this Section and any other
information reasonably requested by the Special Servicer from the Master Servicer reasonably required to calculate or recalculate
the Appraisal Reduction Amount or Collateral Deficiency Amount, as applicable, the Special Servicer shall determine, in accordance
with the Servicing Standard, whether, based on its assessment of such additional Appraisal, any recalculation of the Appraisal
Reduction Amount or Collateral Deficiency Amount, as applicable, is warranted and, if so warranted, shall recalculate such Appraisal
Reduction Amount or Collateral Deficiency Amount based upon such additional Appraisal. If required by any such recalculation,
the Appraised-Out Class shall be reinstated as the Controlling Class. The Special Servicer shall promptly deliver notice to the
Certificate Administrator of any such determination and recalculation, and the Certificate Administrator shall promptly post such
notice to the Certificate Administrator’s Website.


 


Appraisals
that are permitted to be presented by, or obtained by the Special Servicer at the request of, Holders of an 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 this Agreement without regard to any appraisal requests made by any Holder of an Appraised-Out Class.


 


(b)        In
connection with any foreclosure, enforcement of the Loan Documents or other acquisition, the Master Servicer in accordance with
Section 3.20 of this Agreement shall pay the out-of-pocket costs and expenses in any such proceedings as a Property Advance
unless the Master Servicer determines, in accordance with the Servicing Standard, that such Advance would constitute a Nonrecoverable
Advance (in which case such costs shall be an expense of the Trust Fund and paid by the Master Servicer out of the Collection
Account). The Master Servicer shall be entitled to reimbursement of Advances (with interest at the Advance Rate) made pursuant
to the preceding sentence to the extent permitted by Section 3.06(a)(ii) of this Agreement.


 


Subject
to Section 3.21 of this Agreement, 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 related Mortgagor or any other liable party if the laws of the state do not permit such a deficiency judgment
after a non-judicial foreclosure or if the Special Servicer determines, in accordance with the Servicing Standard, 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, the Certificate
Administrator, any related Outside Controlling Note Holder, the Operating Advisor, the Risk Retention Consultation Party (other
than with respect to any Excluded RRCP Mortgage Loan) and (prior to the occurrence and continuance of a Consultation Termination
Event) the Controlling Class Representative.


 






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In
the event that title to any Mortgaged Property (other than any Mortgaged Property related to an Outside Serviced Mortgage Loan)
is acquired in foreclosure or by deed-in-lieu of foreclosure, the deed or certificate of sale shall be issued to the Trustee,
to a co-trustee or to its nominee (which shall not include the Master Servicer but may be a single member limited liability company
owned by the Trust and managed by the Special Servicer) or a separate trustee or co-trustee on behalf of the Trustee as holder
of the Lower-Tier Regular Interests and on behalf of the holders of the Certificates and, if applicable, and the related Serviced
Companion Loan Holders. Notwithstanding any such acquisition of title and cancellation of the related Serviced Mortgage Loan,
the related Serviced Mortgage Loan shall (except for purposes of Section 9.01) be considered to be an REO Mortgage Loan
held in the Trust Fund until such time as the related REO Property shall be sold by the Trust Fund and shall be reduced only by
collections net of expenses.


 


(c)         Notwithstanding
any provision to the contrary, the Special Servicer shall not acquire for the benefit of the Trust Fund any personal property
pursuant to this Section 3.10 unless either:


 


(i)          such
personal property is (in the good faith judgment of the Special Servicer) incident to real property (within the meaning of Code
Section 856(e)(1)) so acquired by the Special Servicer for the benefit of the Trust Fund; or


 


(ii)         the
Special Servicer shall have requested and received an Opinion of Counsel (which opinion shall be an expense of the Trust Fund)
to the effect that the holding of such personal property by the Trust Fund will not cause the imposition of a tax on a Trust REMIC
under the REMIC Provisions or cause either Trust REMIC to fail to qualify as a REMIC for federal income tax purposes or cause
the Grantor Trust to fail to qualify as a grantor trust for federal income tax purposes at any time that any Certificate is outstanding.


 


(d)        Notwithstanding
any provision to the contrary in this Agreement, neither the Special Servicer nor the Master Servicer shall, on behalf of the
Trust Fund or, if applicable, the related Serviced Companion Loan Holder, obtain title to any direct or indirect partnership or
membership interest or other equity interest in any Mortgagor pledged pursuant to any pledge agreement, unless the Master Servicer
or the Special Servicer shall have requested and received an Opinion of Counsel (which opinion shall be an expense of the Trust
Fund) to the effect that the holding of such partnership or membership interest or other equity interest by the Trust Fund will
not cause the imposition of a tax on a Trust REMIC under the REMIC Provisions or cause either Trust REMIC to fail to qualify as
a REMIC for federal income tax purposes or cause the Grantor Trust to fail to qualify as a grantor trust for federal income tax
purposes at any time that any Certificate is outstanding.


 


(e)         Notwithstanding
any provision to the contrary contained in this Agreement, the Special Servicer shall not, on behalf of the Trust Fund or, if
applicable, the related Serviced Companion Loan Holders, obtain title to a Mortgaged Property as a result of foreclosure or by
deed-in-lieu of foreclosure or otherwise, obtain title to any direct or indirect partnership or membership interest in any Mortgagor
pledged pursuant to a pledge agreement and thereby be the beneficial owner of a Mortgaged Property, and shall not otherwise acquire
possession of, or take any other action with respect to, any Mortgaged Property if, as a result of any such action, the


 






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Custodian, the Trustee, the Certificate
Administrator or the Trust Fund or the Certificateholders or, if applicable, the related Serviced Companion Loan Holders, would
be considered to hold title to, or be a “mortgagee-in-possession” of, or to be an “owner” or “operator”
of such 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 report prepared by an Independent Person who regularly conducts
environmental audits, that:


 


(i)          such
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 Trust Fund and any related Serviced Companion Loan Holder (as a collective
whole) to take such actions as are necessary to bring such Mortgaged Property in compliance therewith; and


 


(ii)         there
are no circumstances present at such 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 Trust Fund and
any related Serviced Companion Loan Holder(s) (as a collective whole as if the Trust Fund and, if applicable, any related Serviced
Companion Loan Holder(s) constituted a single lender (and, in the case of a Serviced AB Loan Combination, taking into account
the subordinate nature of any related Subordinate Companion Loan)) to take such actions with respect to the affected Mortgaged
Property as could be required by such law or regulation.


 


In
the event that the environmental assessment first obtained by the Special Servicer with respect to a Mortgaged Property indicates
that such 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 any related Serviced 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.


 


In
the event that the Special Servicer seeks to obtain title to a Mortgaged Property on behalf of the Trust Fund and any related
Serviced Companion Loan Holder, the Special Servicer may, in its discretion, establish a single member limited liability company
with the Trust Fund and any related Serviced Companion Loan Holder as the sole owner to hold title to such Mortgaged Property.


 


(f)          The
environmental assessment contemplated by Section 3.10(e) of this Agreement shall be prepared within three months 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 and, if applicable, any secured creditor


 



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impaired property policy issued on or prior to the Closing Date
with respect to any Mortgage Loan (including that the environmental assessment identify any potential pollution conditions (as
defined in the environmental insurance policy) with respect to the related Mortgaged Property). The Master Servicer shall advance
the cost of preparation of such environmental assessments unless the Master Servicer determines, in accordance with the Servicing
Standard, that such Advance would be a Nonrecoverable Advance (in which case such costs shall be an expense of the Trust Fund
and paid by the Master Servicer out of the Collection Account). The Master Servicer shall be entitled to reimbursement of Advances
(with interest at the Advance Rate) made pursuant to the preceding sentence in the manner set forth in Section 3.06 of
this Agreement. Copies of any environmental assessment prepared pursuant to Section 3.10(e) of this Agreement shall be
provided to the Holder of any Principal Balance Certificates and any related Serviced Companion Loan Holder upon written request
to the Special Servicer.


 


(g)        If
the Special Servicer determines pursuant to Section 3.10(e)(i) of this Agreement that a Mortgaged Property is not in compliance
with applicable environmental laws, but that it is in the best economic interest of the Trust Fund and any related Serviced Companion
Loan Holder, as a collective whole as if the Trust Fund and any related Serviced Companion Loan Holder constituted a single lender
(and, in the case of a Serviced AB Loan Combination, taking into account the subordinate nature of any related Subordinate Companion
Loan), to take such actions as are necessary to bring such Mortgaged Property in compliance therewith, or if the Special Servicer
determines pursuant to Section 3.10(e)(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 any related Serviced Companion Loan
Holder, as a collective whole as if the Trust Fund and any related Serviced Companion Loan Holder constituted a single lender
(and, in the case of a Serviced AB Loan Combination, taking into account the subordinate nature of any related Subordinate Companion
Loan), to take such action with respect to the containment, clean-up or remediation of Hazardous Materials affecting such Mortgaged
Property as is required by law or regulation, then the Special Servicer shall take such action as it deems to be in the best economic
interest of the Trust Fund and any related Serviced Companion Loan Holder, as a collective whole as if the Trust Fund and any
related Serviced Companion Loan Holder constituted a single lender (and, in the case of a Serviced AB Loan Combination, taking
into account the subordinate nature of any related Subordinate Companion Loan). The Master Servicer shall pay the cost of any
such compliance, containment, clean-up or remediation from the Collection Account.


 


(h)        The
Special Servicer shall notify the Master Servicer of any abandoned and/or foreclosed properties which require reporting to the
IRS and shall provide the Master Servicer with all information regarding forgiveness of indebtedness and required to be reported
with respect to any Mortgage Loan or Serviced Companion Loan which is abandoned or foreclosed and the Master Servicer shall report
to the IRS and the related Mortgagor, in the manner required by applicable law, such information and the Master Servicer shall
report, via IRS Form 1099C, all forgiveness of indebtedness to the extent such information has been provided to the Master Servicer
by the Special Servicer. Upon request, the Master Servicer shall deliver a copy of any such report to the Trustee, the Certificate
Administrator and, if affected, to any related Serviced Companion Loan Holder.


 



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Section
3.11     Trustee, Certificate Administrator and Custodian to Cooperate; Release of Mortgage Files. Upon the payment in
full of any Mortgage Loan or Serviced Loan Combination or the receipt by the Master Servicer or the Special Servicer of a
notification that payment in full has been escrowed in a manner customary for such purposes, the Master Servicer or the
Special Servicer shall immediately notify the Trustee, the Certificate Administrator and the Custodian and, if affected, the
related Serviced Companion Loan Holder by delivery of 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. No expenses incurred in connection with any instrument of
satisfaction or deed of reconveyance shall be chargeable to the Trust Fund.


 


From
time to time upon request of the Master Servicer or Special Servicer and delivery to the Custodian of a Request for Release, the
Certificate Administrator (or a Custodian on its behalf) shall promptly release the Mortgage File (or any portion thereof) designated
in such Request for Release to the Master Servicer or Special Servicer, as applicable. Upon return of the foregoing to the Custodian,
or in the event of a liquidation or conversion of the Mortgage Loan or Serviced Loan Combination into an REO Property, receipt
by the Trustee and the Certificate Administrator of a certificate of a Servicing Officer stating that such Mortgage Loan or Serviced
Loan Combination 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 such Mortgage Loan or Serviced Loan Combination
has become an REO Property, the Custodian shall deliver a copy of the Request for Release to the Master Servicer or Special Servicer,
as applicable.


 


Within
three (3) Business Days, after receipt of written certification of a Servicing Officer, the Trustee shall execute and deliver
to the Special Servicer any court pleadings, requests for trustee’s sale or other documents prepared by the Special Servicer,
its agents or attorneys and reasonably acceptable to the Trustee, necessary to the foreclosure or trustee’s sale in respect
of a Mortgaged Property or to any legal action brought to obtain judgment against any Mortgagor on the Mortgage Loan or Serviced
Loan Combination, or to obtain a deficiency judgment, or to enforce any other remedies or rights provided by the Loan Documents
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, and that the execution and
delivery thereof by the Trustee will not invalidate or otherwise affect the lien of the Mortgage or other security agreement,
except for the termination of such a lien upon completion of the foreclosure or trustee’s sale.


 


If
from time to time, pursuant to the terms of the Co-Lender Agreement and the applicable Outside Servicing Agreement related to
an Outside Serviced Mortgage Loan, and as appropriate for enforcing the terms of, or otherwise properly servicing, such Outside
Serviced Mortgage Loan, the related Outside Servicer, the related Outside Special Servicer or other similar party requests delivery
to it of the original Note for such Outside Serviced Mortgage Loan, then such party shall deliver a Request for Release in the
form of Exhibit C attached hereto to the Custodian and the Custodian shall release (or cause the release of) such original
Note to the requesting party or its designee. In connection with the release of the original Note for an Outside


 



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Serviced Mortgage
Loan in accordance with the preceding sentence, the Custodian shall obtain such documentation as is appropriate to evidence the
holding by the related Outside Servicer, the related Outside Special Servicer or such other similar party, as the case may be,
of such original Note as custodian on behalf of and for the benefit of the Trustee.


 


Section
3.12     Servicing Fees, Trustee/Certificate Administrator Fees and Special Servicing Compensation.


 


(a)         As
compensation for its activities hereunder, the Master Servicer shall be entitled, with respect to each Mortgage Loan (including
each Mortgage Loan that is a Specially Serviced Loan and each Outside Serviced Mortgage Loan), each REO Mortgage Loan, each Serviced
Companion Loan (including each Serviced Companion Loan that is a Specially Serviced Loan) and each REO Companion Loan that is
included as part of a Serviced Loan Combination and each Interest Accrual Period, to the Servicing Fee, which shall be payable
from amounts on deposit in the Collection Account and/or, in the case of a Serviced Loan Combination or portion thereof, the related
Loan Combination Custodial Account as set forth in Section 3.06(a)(iii) and Section 3.06(a)(vii) and/or Section
3.06A of this Agreement, as applicable. In addition, the Master Servicer shall be entitled to receive, as additional servicing
compensation (the following items, collectively, “Additional Servicing Compensation”), (i) 100% of any Excess
Modification Fees with respect to a modification, waiver, extension or amendment of a Performing Serviced Loan consented to by
the Master Servicer pursuant to Section 3.24 of this Agreement that did not require the approval of the Special Servicer,
(ii) 50% of any Excess Modification Fees with respect to a modification, waiver, extension or amendment of a Performing Serviced
Loan consented to by the Special Servicer pursuant to Section 3.24 of this Agreement (whether or not the Special Servicer
elects to handle any related processing), (iii) 100% of any defeasance fee received in connection with a defeasance of a Serviced
Loan as contemplated under Section 3.09 of this Agreement (provided that for the avoidance of doubt, any such defeasance
fee shall not include the Special Servicer’s portion of any Modification Fees or waiver fees in connection with a defeasance
to which the Special Servicer is entitled under this Agreement), (iv) 100% of any Assumption Fees with respect to a Performing
Serviced Loan involving a transaction described in the definition of “Assumption Fees” consented to by the Master
Servicer that did not require the approval of the Special Servicer, (v) 50% of any Assumption Fees with respect to a Performing
Serviced Loan involving a transaction described in the definition of “Assumption Fees” consented to by the Special
Servicer (whether or not the Special Servicer elects to handle any related processing), (vi) the aggregate Prepayment Interest
Excess (exclusive of any portion thereof attributable to an Outside Serviced Mortgage Loan), but only to the extent such amount
is not required to be included in any Compensating Interest Payment, 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, (vii) 100% of Ancillary Fees
(other than fees for insufficient or returned checks) actually received from Mortgagors on Performing Serviced Loans, (viii) 100%
of assumption application fees actually received from Mortgagors on Performing Serviced Loans (if the related assumption was processed
by the Master Servicer), (ix) 100% of Consent Fees with respect to a Performing Serviced Loan that did not require the approval
of, or processing by, the Special Servicer, (x) 50% of any Consent Fees with respect to a Performing Serviced Loan consented to
by the Special Servicer (regardless of whether the Master Servicer or the Special Servicer processes the related servicing matter),
(xi) 100% of Excess Penalty Charges paid by the Mortgagors with respect to any Serviced Loan other than Excess Penalty Charges
accrued during the period such Serviced


 



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Loan is a Specially Serviced Loan (provided that for the avoidance of doubt, the
Master Servicer shall be entitled to any collections of Excess Penalty Charges that represent amounts accrued while the related
Serviced Loan is a Performing Serviced Loan even if collected when the Serviced Loan is a Specially Serviced Loan), and (xii)
100% of fees for insufficient or returned checks actually received from Mortgagors on all Serviced Loans; provided, however,
that the Master Servicer shall not be entitled to apply or retain any amounts described in clauses (i) through (v) above as additional
compensation with respect to a specific Mortgage Loan or Serviced Loan Combination, as applicable, with respect to which a default
or event of default thereunder has occurred and is continuing unless and until such default or event of default has been cured
(or has been waived in accordance with the terms of this Agreement) and all delinquent amounts required to have been paid by the
Mortgagor, Advance Interest Amounts and Additional Trust Fund Expenses (other than Special Servicing Fees, Workout Fees and Liquidation
Fees) both (x) due with respect to such Mortgage Loan or Serviced Loan Combination, as applicable, and (y) in the case of expense
items, that arose within the last 12 months, have been paid. The Master Servicer shall also be entitled pursuant to, and to the
extent provided for in Sections 3.06(a)(iii), Section 3.06(A) and Section 3.07(b), to withdraw from the Collection
Account and the Loan Combination Custodial Accounts and to receive from any Mortgagor Accounts (to the extent not payable to the
related Mortgagor under a Mortgage Loan or Serviced Loan Combination or applicable law) any interest or other income earned on
deposits therein. Interest or other income earned on funds in the Collection Account, Loan Combination Custodial Account and Mortgagor
Accounts (to the extent consistent with the related Loan Documents), shall be paid to the Master Servicer as additional servicing
compensation and interest or other income earned on funds in any REO Account shall be payable to the Special Servicer. In addition,
the Master Servicer shall be entitled to charge and retain reasonable review fees in connection with any Mortgagor request with
respect to any Performing Serviced Loan, to the extent such fees are (i) not inconsistent with the related Loan Documents, (ii)
in accordance with the Servicing Standard and (iii) actually paid by or on behalf of the related Mortgagor. The Special Servicer
shall not be permitted to waive any such review fee without the Master Servicer’s consent.


 


For
the avoidance of doubt, with respect to any Excess Modification Fee, Assumption Fee, Consent Fee or other fee with respect to
a Performing Serviced Loan that is required to be split between the Master Servicer and the Special Servicer pursuant to the terms
of this Agreement, the Master Servicer and the Special Servicer shall each have the right in its sole discretion, 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 foregoing provisions of this paragraph shall only apply to Performing Serviced
Loans and, subject to the other terms of this Agreement, shall not prohibit any waiver or reduction by the Special Servicer of
any fee payable by the Mortgagor with respect to any Specially Serviced Loan.


 



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Wells
Fargo Bank, National Association and any successor holder of the Excess Servicing Fee Rights 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 CC-1 to this Agreement, and
(iii) the prospective transferee shall have delivered to Wells Fargo Bank, National Association and the Depositor a certificate
substantially in the form attached as Exhibit CC-2 to this Agreement. None of the Depositor, the Trustee, the Certificate
Administrator, the Operating Advisor, the Asset Representations Reviewer 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. Wells Fargo Bank, 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 Wells Fargo Bank, National Association
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 Underwriters, the Initial Purchasers, the Certificate Administrator, the
Trustee, the Custodian, the Master Servicer, the Operating Advisor, the Asset Representations Reviewer, the Certificate Registrar
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 any information received in connection with its
acquisition and holding of such Excess Servicing Fee Right 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 Person then acting as the Master Servicer shall pay, out of each amount paid to such Master Servicer
as Servicing Fees with respect to each related Mortgage Loan or REO Mortgage Loan, as the case may be, the related Excess Servicing
Fees to the holder of such Excess Servicing Fee Right within one (1) Business Day following the payment of such Servicing Fees
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 Operating Advisor,
the Asset Representations Reviewer, the Depositor, the Special Servicer, the Trustee or the Custodian shall have any obligation
whatsoever regarding payment of the Excess Servicing Fee or the assignment or transfer of the Excess Servicing Fee Right.


 



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Except
as otherwise provided herein, the Master 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.


 


The
Master Servicer will not be entitled to retain any portion of Excess Interest paid on any Mortgage Loan. Notwithstanding anything
herein to the contrary, in the case of a Serviced Loan Combination, in no event shall Servicing Fees with respect to the related
Mortgage Loan (including an REO Mortgage Loan) be payable out of payments and other collections with respect to the related Serviced
Pari Passu Companion Loan(s), and in no event shall Servicing Fees with respect to the related Serviced Pari Passu Companion Loan(s)
(including an REO Companion Loan) be payable out of payments and other collections with respect to the related Mortgage Loan or
the Mortgage Pool. In addition, with respect to any Serviced Subordinate Companion Loan, in no event shall Servicing Fees with
respect to such Serviced Subordinate Companion Loan (including an REO Companion Loan) be payable out of payments and other collections
with respect to any related Serviced Pari Passu Companion Loan(s), the related Mortgage Loan or the Mortgage Pool. This paragraph
is in no way intended to limit the rights, if any, of the Master Servicer under the related Co-Lender Agreement to seek payment
of unpaid Servicing Fees with respect to any Serviced Companion Loan from the related Serviced Companion Loan Holder.


 


(b)        As
compensation for its activities hereunder, on each Distribution Date the Trustee shall be entitled with respect to each Mortgage
Loan to its portion of the Trustee/Certificate Administrator Fee, and the Certificate Administrator shall be entitled with respect
to each Mortgage Loan to its portion of the Trustee/Certificate Administrator Fee. The Certificate Administrator shall pay the
Trustee the Trustee’s portion of the Trustee/Certificate Administrator Fee. Except as otherwise provided herein, the Trustee/Certificate
Administrator Fee includes all routine expenses of the Trustee, the Certificate Registrar, the Paying Agent, the Certificate Administrator
and the Authenticating Agent. Each of the Trustee’s and Certificate Administrator’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 the Trustee’s
or Certificate Administrator’s, as applicable, responsibilities and obligations under this Agreement.


 


(c)        As
compensation for its activities hereunder, the Special Servicer shall be entitled with respect to each Specially Serviced Loan
(including each Serviced Companion Loan that is included as part of each Serviced Loan Combination) in respect of each Interest
Accrual Period to the Special Servicing Fee, which shall be payable from amounts on deposit in the Collection Account and/or,
in the case of a Serviced Loan Combination or portion thereof, the related Loan Combination Custodial Account as set forth in
Section 3.06(a) and Section 3.06A. 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 additional servicing compensation (the
following items, collectively, the “Additional Special Servicing Compensation”): (i) 50% of any Excess Modification
Fees with respect to a modification, waiver, extension or amendment of a Performing Serviced Loan consented to by the Special
Servicer pursuant to Section 3.24 of this Agreement (whether or not the Special Servicer elects to handle any related processing);
(ii) 100% of any Excess Modification Fees with respect to a modification, waiver, extension or amendment of a Specially Serviced
Loan consented to by the Special Servicer pursuant to Section 3.24 of this Agreement; (iii) 100% of any Assumption


 



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Fees
with respect to a Specially Serviced Loan; (iv) 50% of any Assumption Fees with respect to a Performing Serviced Loan involving
a transaction described in the definition of “Assumption Fees” consented to by the Special Servicer (whether or not
the Special Servicer elects to handle any related processing); (v) 100% of Ancillary Fees (other than fees for insufficient or
returned checks) actually received from Mortgagors on Specially Serviced Loans; (vi) 100% of assumption application fees actually
received from Mortgagors on (a) Specially Serviced Loans and (b) Performing Serviced Loans if the related assumption was processed
by the Special Servicer; (vii) 100% of Consent Fees with respect to a Specially Serviced Loan; (viii) 50% of any Consent Fees
with respect to a Performing Serviced Loan consented to by the Special Servicer (regardless of whether the Master Servicer or
the Special Servicer processes the related servicing matter); (ix) 100% of Excess Penalty Charges accrued with respect to any
Serviced Loan during the period such Serviced Loan is a Specially Serviced Loan and actually received from the Mortgagors (provided that for the avoidance of doubt, the Special Servicer shall be entitled to any collections of Excess Penalty Charges that
represent amounts accrued while the related Serviced Loan is a Specially Serviced Loan even if collected when the Serviced Loan
is not a Specially Serviced Loan); and (x) any interest or other income earned on deposits in the REO Accounts and any Loss of
Value Reserve Fund. In addition, the Special Servicer shall be entitled to charge and retain reasonable review fees in connection
with any Mortgagor request with respect to any Specially Serviced Loan or with respect to any Performing Serviced Loan as to which
the Mortgagor request relates to a Major Decision or a Special Servicer Decision, to the extent such fees are (i) not inconsistent
with the related Loan Documents, (ii) in accordance with the Servicing Standard and (iii) actually paid by or on behalf of the
related Mortgagor. The Special Servicer shall not be entitled to any Special Servicing Fees with respect to the Outside Serviced
Mortgage Loans. The Master Servicer shall not be permitted to waive any such review fee without the Special Servicer’s consent.


 


For
the avoidance of doubt, with respect to any Excess Modification Fee, Assumption Fee, Consent Fee or other fee with respect to
a Performing Serviced Loan that is required to be split between the Master Servicer and the Special Servicer pursuant to the terms
of this Agreement, the Master Servicer and the Special Servicer shall each have the right in its sole discretion, 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 foregoing provisions of this paragraph shall only apply to Performing Serviced
Loans and, subject to the other terms of this Agreement, shall not prohibit any waiver or reduction by the Special Servicer of
any fee payable by the Mortgagor with respect to any Specially Serviced Loan.


 


Except
as otherwise provided herein, the Special Servicer shall pay all expenses incurred by it in connection with its servicing activities
hereunder.


 



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The
Special Servicer shall also be entitled to additional servicing compensation in the form of a Workout Fee with respect to each
Corrected Loan at the Workout Fee Rate on such Mortgage Loan or Serviced Loan Combination for so long as it remains a Corrected
Loan. The Special Servicer shall not be entitled to any Workout Fee with respect to any Outside Serviced Mortgage Loan. The Workout
Fee with respect to any Corrected Loan will cease to be payable if such loan again becomes a Specially Serviced Loan; provided that a new Workout Fee will become payable if and when such Specially Serviced Loan again becomes a Corrected Loan. If the
Special Servicer is terminated (other than for cause) or resigns: (1) it shall retain the right to receive any and all Workout
Fees payable in respect of Mortgage Loans or Serviced Loan Combinations that became Corrected Loans prior to the time of that
termination or resignation, except the Workout Fees will no longer be payable if any such Mortgage Loan or Serviced Loan Combination
subsequently becomes a Specially Serviced Loan; and (2) it will receive any Workout Fees payable in respect of any Mortgage Loan
or Serviced Loan Combination that was, at the time of that termination or resignation, a Specially Serviced Loan for which the
resigning or terminated Special Servicer had cured the event of default through a modification, restructuring or workout negotiated
by the Special Servicer and evidenced by a signed writing, but which had not as of the time the Special Servicer resigned or was
terminated become a Corrected Loan solely because the Mortgagor had not had sufficient time to make three consecutive full and
timely Monthly Payments as described in clause (w) of the definition of “Specially Serviced Loan” and which thereafter
becomes a Corrected Loan as a result of the Mortgagor making such three consecutive full and timely Monthly Payments as described
in clause (w) of the definition of “Specially Serviced Loan”, except the Workout Fees will no longer be payable if
any such Mortgage Loan or Serviced Loan Combination subsequently becomes a Specially Serviced Loan. In either case, the successor
special servicer will not be entitled to any portion of such Workout Fees. The Special Servicer shall also be entitled to additional
servicing compensation in the form of a Liquidation Fee (other than with respect to the Outside Serviced Mortgage Loans) payable
out of the Liquidation Proceeds prior to the deposit of the Net Liquidation Proceeds in the Collection Account or the Loan Combination
Custodial Account, as applicable. However, no Liquidation Fee will be payable with respect to an Outside Serviced Mortgage Loan
or in connection with, or out of, Liquidation Proceeds as set forth in the final two provisos of the definition of “Liquidation
Fee” herein. Notwithstanding anything herein to the contrary, the Special Servicer shall not be entitled to receive both
a Liquidation Fee and a Workout Fee with respect to any specific collections or proceeds on any Mortgage Loan or Serviced Loan
Combination. For purposes of the foregoing provisions of this Section 3.12(c), a termination and removal of the Special
Servicer under Section 6.08 of this Agreement shall be deemed to constitute a termination without cause.


 


If
at any time a Mortgage Loan or Serviced Loan Combination becomes a Specially Serviced Loan, the Special Servicer shall use its
reasonable efforts to collect the amount of any Special Servicing Fee, Liquidation Fee and/or Workout Fee from the related Mortgagor
pursuant to the related Loan Documents, including exercising all remedies available under such Loan Documents that would be in
accordance with the Servicing Standard, specifically taking into account the costs or likelihood of success of any such collection
efforts and the Realized Loss and VRR Realized Loss that would be incurred by Certificateholders in connection therewith as opposed
to the Realized Loss and VRR Realized Loss that would be incurred as a result of not collecting such amounts from the related
Mortgagor.


 



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The
Special Servicer shall not be entitled to any Liquidation Fee with respect to any Outside Serviced Mortgage Loan or any Outside
Serviced Companion Loan. In addition, the Special Servicer will not be entitled to retain any portion of Excess Interest paid
on any Mortgage Loan.


 


Notwithstanding
anything herein to the contrary, in the case of a Serviced Loan Combination, in no event shall Special Servicing Compensation
with respect to the related Mortgage Loan (including an REO Mortgage Loan) be payable out of payments and other collections with
respect to the related Serviced Pari Passu Companion Loan(s), and in no event shall Special Servicing Compensation with respect
to the related Serviced Pari Passu Companion Loan(s) (including an REO Companion Loan) be payable out of payments and other collections
with respect to the related Mortgage Loan or the Mortgage Pool. In addition, with respect to any Serviced Subordinate Companion
Loan, unless otherwise provided in the related Co-Lender Agreement, in no event shall Special Servicing Compensation with respect
to such Companion Loan (including an REO Companion Loan) be payable out of payments and other collections with respect to any
related Serviced Pari Passu Companion Loan(s), the related Mortgage Loan or the Mortgage Pool. This paragraph is in no way intended
to limit the rights of the Special Servicer under the related Co-Lender Agreement to seek payment of unpaid Special Servicing
Compensation with respect to any Serviced Companion Loan from the related Serviced Companion Loan Holder.


 


(d)        The
Master Servicer, Special Servicer, the Certificate Administrator and Trustee shall be entitled to reimbursement from the Trust
Fund for the costs and expenses incurred by them in the performance of their 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, 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)(vi) of this Agreement.


 


(e)         No
provision of this Agreement or of the Certificates shall require the Master Servicer, the Special Servicer, 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, Special Servicer, 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 Condemnation Proceeds, Net Liquidation Proceeds
and other collections on or in respect of the Mortgage Loans or Serviced Loan Combination (to the extent recovery is permitted
from a Serviced Loan Combination hereunder) or from adequate indemnity from other assets comprising the Trust Fund against such
risk or liability.


 


If
the Master Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator or the Trustee receives a request
or inquiry from a Mortgagor, any Certificateholder or any other Person the response to which would, in the Master Servicer’s,
the Special Servicer’s or the Operating Advisor’s commercially reasonable judgment or the Certificate Administrator’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 Operating Advisor, the


 



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Certificate Administrator or the Trustee the cost of which
would not be an expense of the Trust Fund 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 Mortgagor or such Certificateholder or such other Person, as applicable, makes arrangements for the payment
of the Master Servicer’s, the Special Servicer’s, the Operating Advisor’s, the Certificate Administrator’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 Operating Advisor, the Certificate Administrator 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.


 


(f)         With
respect to each Collection Period, the Special Servicer shall deliver or cause to be delivered to the Master Servicer, within
two Business Days following the related Determination Date, and the Master Servicer shall deliver, to the extent it has received
such information, to the Certificate Administrator, without charge and within one Business Day prior to the related Distribution
Date, an electronic report 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; provided, that no such report shall be due
in any month during which no Disclosable Special Servicer Fees were received.


 


(g)        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 or rebates) from any Person (including, without limitation,
the Trust, any Mortgagor, any Manager, any guarantor or indemnitor in respect of a Serviced Mortgage Loan or Serviced Companion
Loan and any purchaser of any Serviced Mortgage Loan, Serviced Companion Loan or REO Property) in connection with the disposition,
workout or foreclosure of any Serviced Loan, the management or disposition of any 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 or the fees received by any Person acting as an
Outside Servicer or Outside Special Servicer as expressly provided for under the applicable Outside Servicing Agreement with respect
to an Outside Serviced Mortgage Loan, or as master servicer or special servicer as expressly provided for under the applicable
Other Pooling and Servicing Agreement governing the securitization of a Serviced Companion Loan.


 


(h)        If
a Servicing Shift Mortgage Loan becomes a Specially Serviced Mortgage Loan prior to the related Servicing Shift Date, the Special
Servicer shall service and administer the related Loan Combination and any related REO Property in the same manner as any other
Specially Serviced Loan or REO Property and shall be entitled to all rights and compensation earned with respect to the related
Loan Combination during the period for which it acts as Special Servicer of the related Loan Combination. With respect to a Servicing
Shift Mortgage Loan, prior to the related Servicing Shift Date, no other special servicer will be entitled to any such compensation
or have such rights and obligations. If a Servicing Shift Mortgage Loan is still a Specially Serviced Mortgage Loan on the related
Servicing Shift Date, the related Outside Special Servicer and the Special Servicer shall be entitled to compensation with respect
to the related Loan Combination as


 



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if the Special Servicer were being terminated as Special Servicer and the related Outside Special
Servicer were replacing it as the successor special servicer. Upon receipt of notice of its termination as Special Servicer with
respect to a Servicing Shift Mortgage Loan, the Special Servicer shall reasonably cooperate with the related Outside Special Servicer
in connection with the servicing transition of such Servicing Shift Mortgage Loan on and after the related Servicing Shift Date.


 


Section
3.13     Compensating Interest Payments. The Master Servicer shall deliver to the Certificate
Administrator for deposit in the Lower-Tier REMIC Distribution Account (other than the portion of any Compensating Interest
Payment described below that is allocable to a Serviced Companion Loan) on each Master Servicer Remittance Date, without any
right of reimbursement therefor, an amount, with respect to each Mortgage Loan (other than an Outside Serviced Mortgage Loan)
and any related Serviced Pari Passu Companion Loan, equal to the lesser of:


 


		(i)	the
                                         aggregate of all Prepayment Interest Shortfalls incurred in connection with voluntary
                                         Principal Prepayments received in respect of the Mortgage Loans (other than the Outside
                                         Serviced Mortgage Loans) and any related Serviced Pari Passu Companion Loan(s) (in each
                                         case other than a Specially Serviced Loan or a Mortgage Loan or any related Serviced
                                         Pari Passu Companion Loan on which the Special Servicer allowed a prepayment on a date
                                         other than the applicable Due Date) for the related Distribution Date; and



 


		(ii)	the
                                         aggregate of (A) that portion of the Master Servicer’s Servicing Fees for the related
                                         Distribution Date that is, in the case of each Mortgage Loan, Serviced Pari Passu Companion
                                         Loan and REO Loan for which such Servicing Fees are being paid in such Collection Period,
                                         calculated at a rate of 0.00250% per annum, and (B) all Prepayment Interest Excesses
                                         received by the Master Servicer during such Collection Period with respect to the Mortgage
                                         Loans (and, so long as a Loan Combination is serviced under this Agreement, any related
                                         Serviced Pari Passu Companion Loan) subject to prepayment and net investment earnings
                                         on such Prepayment Interest Excesses. In no event will the rights of the Certificateholders
                                         to the offset of the aggregate Prepayment Interest Shortfalls be cumulative.



 


If
a Prepayment Interest Shortfall occurs with respect to a Mortgage Loan as a result of the Master Servicer allowing the related
Mortgagor to deviate (a “Prohibited Prepayment”) from the terms of the related Loan Documents regarding Principal
Prepayments (other than (w) if the Mortgage Loan is an Outside Serviced Mortgage Loan, (x) subsequent to a default under the related
Loan Documents or if the Mortgage Loan is a Specially Serviced Loan, (y) pursuant to applicable law or a court order or otherwise
in such circumstances where the Master Servicer is required to accept such principal prepayment in accordance with the Servicing
Standard, or (z) in connection with the payment of any Insurance Proceeds or Condemnation Proceeds), then for purposes of calculating
the Compensating Interest Payment for the related Distribution Date, the Master Servicer shall pay, without regard to clause (ii)
of the preceding paragraph, the amount of the Prepayment Interest Shortfall with respect to such Mortgage Loan otherwise described
in clause (i) of the preceding paragraph in connection with such Prohibited Prepayment.


 



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Compensating
Interest Payments with respect to a Serviced Loan Combination shall be allocated between the related Mortgage Loan and the related
Serviced Pari Passu Companion Loan(s) in accordance with their respective principal amounts, and the Master Servicer shall pay
the portion of such Compensating Interest Payments allocable to a related Serviced Pari Passu Companion Loan to the holder thereof.


 


Section
3.14     Application of Penalty Charges and Modification Fees.


 


(a)         On
or prior to the second Business Day before each Master Servicer Remittance Date, the Master Servicer shall apply all Penalty Charges
and Modification Fees (to the extent permitted under any related Co-Lender Agreement (in the case of a Serviced Loan Combination)
and not applied pursuant to Section 3.06A(a)(ii) or Section 3.06(a)(ii), as applicable, of this Agreement) received
by it with respect to any Mortgage Loan or Serviced Loan Combination, including an Outside Serviced Mortgage Loan (to the extent
allocable to such Outside Serviced Mortgage Loan pursuant to the related Co-Lender Agreement and remitted to the Master Servicer
by the related Outside Servicer) during the related Collection Period, as follows:


 


(i)          first,
to the extent of all Penalty Charges and Modification Fees (in such order), to pay or reimburse the Master Servicer, the Special
Servicer and/or the Trustee, as applicable, for all outstanding Advances (including unreimbursed Advances that have been determined
to be Nonrecoverable Advances) and the related Advance Interest Amounts and other outstanding Additional Trust Fund Expenses (exclusive
of Special Servicing Fees, Workout Fees and Liquidation Fees) other than Borrower Delayed Reimbursements, in each case, with respect
to such Mortgage Loan or Serviced Loan Combination;


 


(ii)         second,
to the extent of all remaining Penalty Charges and Modification Fees (in such order), as a reimbursement to the Trust of all Advances
(and related Advance Interest Amounts) with respect to such Mortgage Loan or Serviced Loan Combination previously determined to
be Nonrecoverable Advances and previously reimbursed to the Master Servicer, the Special Servicer and/or the Trustee, as applicable,
from amounts on deposit in the Collection Account (and such amounts will be retained or deposited in the Collection Account as
recoveries of such Nonrecoverable Advances and related Advance Interest Amounts) other than Borrower Delayed Reimbursements;


 


(iii)        third,
to the extent of all remaining Penalty Charges and Modification Fees (in such order), as a reimbursement to the Trust of all other
Additional Trust Fund Expenses (exclusive of Special Servicing Fees, Workout Fees and Liquidation Fees) with respect to such Mortgage
Loan or Serviced Loan Combination previously paid from the Collection Account or related Loan Combination Custodial Account (and
such amounts will be retained or deposited in the Collection Account or related Loan Combination Custodial Account as recoveries
of such Additional Trust Fund Expenses) other than Borrower Delayed Reimbursements; and


 


(iv)       fourth,
to the extent of any remaining Penalty Charges and any remaining Modification Fees, to the Master Servicer or the Special Servicer,
as applicable, as servicing compensation, pro rata, based on their entitlement set forth in Section 3.12 of this
Agreement prior to the applications set forth in clauses (i) through (iii) above;


 



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provided that, notwithstanding the foregoing, in the case of a Loan Combination, Penalty Charges shall be allocated for the purposes
and in the order set forth in the related Co-Lender Agreement.


 


(b)        In
connection with the operation of the provisions of this Section 3.14, not later than the 25th day of the month in which
each Distribution Date occurs (beginning with the 25th day of the month following the first Collection Period in which an Additional
Trust Fund Expense, Advance or Advance Interest Amount is incurred), the Master Servicer shall deliver to the Special Servicer
a report in the form reasonably agreed to by both the Master Servicer and the Special Servicer setting forth information regarding
(1) the amount of Penalty Charges, Modification Fees and Assumption Fees collected by the Master Servicer and the Special Servicer,
as applicable, and (2) the related loan expenses and other amounts paid to the Trust from such Penalty Charges, Modification Fees
and Assumption Fees, in each case for the related Collection Period or other reporting period as agreed to by the Master Servicer
and the Special Servicer. The Master Servicer shall respond promptly to any inquiries of the Special Servicer with respect to
the contents of any such report and shall provide any supporting information with respect thereto that is reasonably requested
by the Special Servicer.


 


Section
3.15 Access to Certain Documentation. The Master Servicer and Special Servicer shall provide to the Trustee, the
Certificate Administrator, the Controlling Class Representative (but only prior to the occurrence and continuance of any
Consultation Termination Event), the Operating Advisor, the Underwriters, the Initial Purchasers, the Depositor and any
Certificateholders and Serviced Companion Loan Holders that are, in the case of any Certificateholder or Serviced Companion
Loan Holder, federally insured financial institutions, the Federal Reserve Board, the FDIC and the OCC and the supervisory
agents and examiners of such boards and such corporations, and any other governmental or regulatory body to the jurisdiction
of which any Certificateholder or Serviced Companion Loan Holder is subject, access to the documentation regarding the
Mortgage Loans required by applicable regulations of the Federal Reserve Board, FDIC, OCC or any such governmental or
regulatory body, such access being afforded without charge but only upon reasonable request and during normal business hours
at the offices of the Master Servicer or Special Servicer (which access shall be limited, in the case of the Serviced
Companion Loan Holders or any regulatory authority seeking such access in respect of the Serviced Companion Loan Holders, to
records relating to the Serviced Companion Loans). Nothing in this Section 3.15 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 Mortgagors, and the failure of the Master Servicer and Special Servicer to provide access as provided in this Section
3.15 as a result of such obligation shall not constitute a breach of this Section 3.15.


 


In
connection with providing or granting any information or access pursuant to the prior paragraph to a Certificateholder, a Serviced
Companion Loan Holder or any regulatory authority that may exercise authority over a Certificateholder or Serviced Companion Loan
Holder, the Master Servicer and the Special Servicer may each require payment from such Certificateholder or Serviced Companion
Loan Holder 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 without charge under applicable law. In connection with providing Certificateholders
or beneficial owners of Certificates access to the


 



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information described in the preceding paragraph, the Master Servicer and the
Special Servicer shall 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 and will keep such information
confidential.


 


In
addition, in connection with providing access to information pursuant to this Section 3.15, each of the Master Servicer
and the Special Servicer may (i) affix a reasonable disclaimer to any information provided by it for which it is not the original
source (without suggesting liability on the part of any other party hereto); (ii) affix to any information provided by it a reasonable
statement regarding securities law restrictions on such information and/or condition access to information on the execution of
a reasonable confidentiality agreement; (iii) withhold access to confidential information or any intellectual property; and (iv)
withhold access to items of information contained in the Servicing File for any Mortgage Loan or Serviced Companion Loan if the
disclosure of such items would constitute a waiver of the attorney-client privilege.


 


Each
of the Master Servicer and the Special Servicer, as applicable, shall, without charge, make a knowledgeable Servicing Officer
available via telephone to verbally answer questions from the Directing Holder (unless, if the Controlling Class Representative
is the related Directing Holder, a Control Termination Event has occurred and is continuing), the Operating Advisor and the Risk
Retention Consultation Party (to the extent the Risk Retention Consultation Party has consultation rights pursuant to Section
6.09), on a monthly basis, during regular business hours at such time and for such duration as the Master Servicer or the
Special Servicer, as applicable, on the one hand, and the Directing Holder (unless, if the Controlling Class Representative is
the related Directing Holder, a Control Termination Event has occurred and is continuing), the Operating Advisor and the Risk
Retention Consultation Party (to the extent the Risk Retention Consultation Party has consultation rights pursuant to Section
6.09), as applicable, on the other hand, shall reasonably agree, regarding the performance and servicing of the applicable
Serviced Mortgage Loans and/or related REO Properties for which the Master Servicer or the Special Servicer, as applicable, is
responsible. In any event, the Directing Holder, the Operating Advisor or the Risk Retention Consultation Party, as applicable,
agree to identify for the Master Servicer and the Special Servicer in advance (but at least two (2) Business Days prior to the
related monthly conference) the applicable Mortgage Loans (or Serviced Loan Combination) and/or REO Properties it intends to discuss.
As a condition to such disclosure, the related Directing Holder shall execute a confidentiality agreement substantially in the
form of Exhibit M-4 to this Agreement and an Investor Certification.


 


The
Master Servicer may (but shall not be required to), in accordance with such rules and procedures as it may adopt in its sole discretion,
make available through the Master Servicer’s website or otherwise, any additional information relating to the Mortgage Loans,
the Serviced Companion Loans, the related Mortgaged Properties and/or the related Mortgagors that is not Privileged Information,
for review by the Depositor, the Trustee, the Master Servicer, the Special Servicer and the Operating Advisor.


 


The
Special Servicer shall deliver (to the extent available to the Special Servicer) to the Operating Advisor such reports and other
information produced or otherwise available to


 



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any Outside Controlling Note Holder, the Controlling Class Representative or Certificateholders
generally, as requested by the Operating Advisor in support of the performance of the Operating Advisor’s obligations under
this Agreement in electronic format.


 


The
Operating Advisor hereby agrees that it shall use the information provided to it by the Special Servicer solely for purposes of
performing its duties as Operating Advisor under this Agreement and shall not disclose such information to any other Person or
entity except (i) with respect to Privileged Information, pursuant to Section 3.29(j) of this Agreement, or (ii) with respect
to any information other than Privileged Information, to the extent necessary to support its conclusions in its Operating Advisor
Annual Report required under Section 3.29 of this Agreement or to discharge its other duties under this Agreement.


 


Section
3.16     Title and Management of REO Properties.


 


(a)         In
the event that title to any Mortgaged Property (other than a Mortgaged Property with respect to an Outside Serviced Mortgage Loan)
is acquired for the benefit of Certificateholders (or, with respect to a Serviced Loan Combination, for the benefit of the Certificateholders
and the related Serviced Companion Loan Holder(s)) (as a collective whole as if such Certificateholders and, if applicable, such
Serviced Companion Loan Holder(s) constituted a single lender) (either by the Trust Fund or by a single member limited liability
company established for that purpose) 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 a nominee of the Trustee (which shall not include the Master Servicer),
or a separate trustee or co-trustee, on behalf of the Trust Fund and any related Serviced Companion Loan Holders. The Special
Servicer, on behalf of the Trust Fund, shall sell any REO Property prior to the close of the third calendar year following the
year in which the Lower-Tier REMIC acquires ownership of such REO Property, within the meaning of Treasury Regulations Section
1.856-6(b)(1), for purposes of Code Section 860G(a)(8), unless (i) the IRS grants (or does not deny) an extension of time (an
“REO Extension”) to sell such REO Property or (ii) the Special Servicer obtains an Opinion of Counsel for the
Special Servicer, the Certificate Administrator and the Trustee, addressed to the Special Servicer, the Certificate Administrator
and the Trustee, to the effect that the holding by the Lower-Tier REMIC of such REO Property subsequent to the close of the third
calendar year following the year in which such acquisition occurred will not result in the imposition of taxes on “prohibited
transactions” (as defined in Code Section 860F) of either Trust REMIC, or cause either Trust REMIC to fail to qualify as
a REMIC under the Code at any time that any of the Lower-Tier Regular Interests, any of the Non-Vertically Retained Regular Certificates
or the Class VRR Upper-Tier Regular Interest is outstanding. If the Special Servicer is granted (or is not denied) the REO Extension
contemplated by clause (i) of the immediately preceding sentence or obtains the Opinion of Counsel contemplated by clause (ii)
of the immediately preceding sentence, the Special Servicer shall sell such REO Property within such longer period as is permitted
by such REO Extension or such Opinion of Counsel, as the case may be. Any expense incurred by the Special Servicer in connection
with its receiving the REO Extension contemplated by clause (i) of the second preceding sentence or its obtaining the Opinion
of Counsel contemplated by clause (ii) of the second preceding sentence shall be an expense of the Trust Fund payable out of the
Collection Account pursuant to Section 3.06(a) of this Agreement. The Special Servicer, on behalf of the Trust Fund and
any related Serviced Companion Loan Holder, in accordance with the Servicing Standard, shall dispose of any REO Property held
by the Trust Fund (i) prior to the last day of such


 



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period (taking into account extensions) by which such REO Property is required
to be disposed of pursuant to the provisions of the immediately preceding sentence in a manner provided under Section 3.17 of this Agreement and (ii) on the same terms and conditions as if it were the owner of such REO Property. The Special Servicer
shall manage, conserve, protect and operate each REO Property for the Certificateholders and, if applicable, the related Serviced
Companion Loan Holder, solely for the purpose of its prompt disposition and sale in a manner which does not cause such REO Property
to fail to qualify as “foreclosure property” within the meaning of Code Section 860G(a)(8) or result in the receipt
by the Trust Fund of any “income from non-permitted assets” within the meaning of Code Section 860F(a)(2)(B) or (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.


 


(b)        The
Special Servicer shall have full power and authority, subject only to the specific requirements and prohibitions of this Agreement,
to do any and all things in connection with any REO Property (other than an REO Property related to an Outside Serviced Mortgage
Loan) as are consistent with the Servicing Standard and the terms of this Agreement, all on such terms and for such period as
the Special Servicer deems to be in the best interests of Certificateholders and, if applicable, the related Serviced Companion
Loan Holder(s) (as a collective whole as if such Certificateholders and, if applicable, the related Serviced Companion Loan Holder(s)
constituted a single lender (and, in the case of a Serviced AB Loan Combination, taking into account the subordinate nature of
any related Subordinate Companion Loan)), and, in connection therewith, the Special Servicer shall only agree to the payment of
management fees that are consistent with general market standards or to terms that are more favorable. Consistent with the foregoing,
the Special Servicer shall cause or permit to be earned with respect to such REO Property any “net income from foreclosure
property,” within the meaning of Code Section 860G(c), which is subject to tax under the REMIC Provisions only if it has
determined, and has so advised the Certificate Administrator in writing, that the earning of such income on a net after-tax basis
could reasonably be expected to result in a greater recovery on behalf of Certificateholders and, if applicable, the related Companion
Loan Holder(s) (as a collective whole as if such Certificateholders and, if applicable, the related Companion Loan Holder(s),
constituted a single lender (and, in the case of a Serviced AB Loan Combination, taking into account the subordinate nature of
any related Subordinate Companion Loan)) than an alternative method of operation or rental of such 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 (subject to any
changes in the identities of the Special Servicer and/or the Trustee) shall be entitled “KeyBank National Association, as
Special Servicer, on behalf of Wilmington Trust, National Association, as Trustee, for the benefit of the registered Holders of
Citigroup Commercial Mortgage Trust 2017-P8, Commercial Mortgage Pass-Through Certificates, Series 2017-P8, [IN THE CASE OF AN
REO PROPERTY RELATED TO A SERVICED LOAN COMBINATION: and the related Serviced Companion Loan Holder, as their interests may appear],
REO Account.” The Special Servicer shall be entitled to withdraw for its account any interest or investment income earned
on funds deposited in an REO Account to the extent provided in Section 3.07(b) of this Agreement. The Special Servicer
shall deposit or cause to be deposited in the REO Account, within one (1) Business Day after receipt, all revenues and proceeds
received by it with respect to any REO Property, and shall withdraw therefrom funds


 



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necessary for the proper operation, management
and maintenance of such REO Property and for other Property Protection Expenses with respect to such 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 including,
if applicable, the payments of any ground rents in respect of such REO Property; and


 


(iv)       any
taxes imposed on either Trust REMIC in respect of net income from foreclosure property in accordance with Section 4.05
of this Agreement.


 


To
the extent that such REO Proceeds are insufficient for the purposes set forth in clauses (i) through (iv) above and the Special
Servicer has provided written notice of such shortfall to the Master Servicer at least five (5) Business Days (or, in an emergency
situation or on an urgent basis, two (2) Business Days, provided that the written notice sets forth the nature of the emergency
or the basis of the urgency) prior to the date that such amounts are due, the Master Servicer shall advance the amount of such
shortfall unless the Master Servicer determines, in accordance with the Servicing Standard, that such Advance would be a Nonrecoverable
Advance (in which case such costs shall be an expense of the Trust Fund and paid by the Master Servicer out of the Collection
Account). If the Master Servicer does not make any such Advance in violation of the immediately preceding sentence, the Trustee
shall make such Advance unless the Trustee determines that such Advance would be a Nonrecoverable Advance. The Trustee shall be
entitled to rely, conclusively, on any determination by the Master Servicer that an Advance, if made, would be a Nonrecoverable
Advance. The Trustee, in determining whether or not a proposed Advance would be a Nonrecoverable Advance, shall use its good faith
business 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 set forth in Section 3.06 and/or,
if applicable, Section 3.06A of this Agreement. The Special Servicer shall withdraw from each REO Account and remit to
the Master Servicer for deposit into the Collection Account, or, for a Serviced Loan Combination, the related Loan Combination
Custodial Account, on a monthly basis prior to the related Master Servicer Remittance Date the Net REO Proceeds, Net Liquidation
Proceeds, Net Condemnation Proceeds and Net Insurance Proceeds received or collected from each REO Property during the related
Collection Period, except that in determining the amount of any 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
the Trust Fund to enter into, renew or extend any New Lease, 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;


 



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(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 related Mortgage Loan or Serviced Loan Combination became imminent, all within the meaning of
Code Section 856(e)(4)(B); 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, any
related Serviced Companion Loan Holder, the Certificate Administrator and the Trustee (which opinion shall be an expense of the
Trust Fund and, if any related Serviced Companion Loan is part of a REMIC, the related Serviced Companion Loan Holder) to the
effect that such action will not cause such REO Property to fail to qualify as “foreclosure property” within the meaning
of Code Section 860G(a)(8) (determined without regard to the exception applicable for purposes of Code Section 860D(a)) 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 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 such REO Property to fail to qualify as “foreclosure property” within the meaning of Code Section
860G(a)(8)) (which opinion shall be an expense of the Trust Fund), 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 operation and management of such 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 thirty days following
the receipt thereof by such Independent Contractor;


 


(iii)        none
of the provisions of this Section 3.16(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 or the Trustee
on behalf of the Certificateholders and, if applicable, any related Serviced Companion Loan Holder with respect to the operation
and management of any such 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 such REO Property.


 



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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)         When
and as necessary, the Special Servicer shall send to the Trustee and the Certificate Administrator and the related Serviced Companion
Loan Holder (or the master servicer or special servicer for the related Other Securitization Trust on its behalf) 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 Section 3.16(a) and Section 3.16(b) of this Agreement.


 


(d)        Notwithstanding
anything to the contrary, this Section 3.16 shall not apply to any REO Property related to an Outside Serviced Mortgage
Loan.


 


Section
3.17     Sale of Defaulted Loans and REO Properties; Sale of Outside Serviced Mortgage Loans.


 


(a)         The
parties hereto may sell or purchase, or permit the sale or purchase of, a Mortgage Loan (excluding an Outside Serviced Mortgage
Loan) only (i) on the terms and subject to the conditions set forth in this Section 3.17, (ii) as otherwise expressly provided
in or contemplated by Sections 2.03 and 9.01 of this Agreement, or (iii) (A) in the case of a Mortgage Loan related
to a Serviced Loan Combination in accordance with and subject to the provisions of the related Co-Lender Agreement and Section
3.28 of this Agreement and (B) in the case of a Mortgage Loan with a related mezzanine loan or subordinate mortgage loan,
in accordance with and subject to the provisions of the related intercreditor agreement.


 


(b)      
  Promptly upon a Serviced Loan becoming a Defaulted Loan and if the Special Servicer determines in accordance with
the Servicing Standard that it would be in the best interests of the Certificateholders and, in the case of a Serviced Pari
Passu Loan Combination, any related Serviced Pari Passu Companion Loan Holder (as a collective whole as if such
Certificateholders and, in the case of a Serviced Pari Passu Loan Combination, any related Serviced Pari Passu Companion Loan
Holder, constituted a single lender) to attempt to sell such Defaulted Loan, the Special Servicer shall use reasonable
efforts to solicit offers for such Defaulted Loan on behalf of the Certificateholders and, if applicable, any related
Serviced Pari Passu Companion Loan Holder in such manner as will be reasonably likely to realize a fair price. Subject to the
other subsections of this Section 3.17, 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 such Defaulted
Loan. The Special Servicer shall notify the Controlling Class Representative (prior to the occurrence and continuance of a
Consultation Termination Event), any related Outside Controlling Note Holder, the Risk Retention Consultation Party (other
than with respect to any Excluded RRCP Mortgage Loan) and the Operating Advisor of any offers received regarding the sale of
any Defaulted Loan. Any Serviced Pari Passu Companion Loan that is part of a Defaulted Serviced Loan Combination is to be
sold together with


 



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the related Mortgage Loan, subject to this Section 3.17 and any additional
requirements set forth in the related Co-Lender Agreement.


 


(c)         The
Special Servicer shall give the Trustee, the Certificate Administrator, the Master Servicer, any related Serviced Companion Loan
Holder (in the case of a Serviced Loan Combination), the Risk Retention Consultation Party (other than with respect to any Excluded
RRCP Mortgage Loan), the Controlling Class Representative (prior to the occurrence and continuance of a Consultation Termination
Event), any related Outside Controlling Note Holder (if a Serviced Outside Controlled Loan Combination is involved) and the Operating
Advisor not less than five (5) Business Days’ prior written notice of its intention to sell any Defaulted Loan. No Interested
Person shall be obligated to submit an offer to purchase any Defaulted Loan, and notwithstanding anything to the contrary contained
herein, neither the Trustee, in its individual capacity, nor any of its Affiliates may offer to purchase, or purchase any Defaulted
Loan pursuant hereto.


 


(d)        Whether
any cash offer constitutes a fair price for any Defaulted Loan for purposes of Section 3.17(b) of this Agreement shall
be determined by the Special Servicer, if the offeror is a Person other than an Interested Person, and by the Trustee, if the
offeror is an Interested Person (provided that the Trustee may not be an offeror); provided, however, that
no offer from an Interested Person shall constitute a fair price unless (i) it is the highest offer received and (ii) at least
two other offers are received from independent third parties; and provided, further, notwithstanding the immediately
preceding proviso, the Purchase Price for any Defaulted Loan (and any equivalent amount for any related Serviced Companion Loan)
shall be deemed a fair price in all cases, including with respect to any offer from an Interested Person. In all cases under this
Agreement (except to the extent the Trustee is not required to determine whether any cash offer constitutes a fair price for any
Defaulted Loan pursuant to the immediately preceding sentence), in determining whether any offer received from an Interested Person
represents a fair price for any Defaulted Loan, the Trustee shall (at the expense of the Interested Person) designate an independent
third party expert in real estate or commercial mortgage loan matters with at least five (5) years’ experience in valuing
or investing in mortgage loans similar to such Defaulted Loan that has been selected with reasonable care by the Trustee to determine
if such cash offer constitutes a fair price for such Defaulted Loan; provided that the Trustee will not engage a third
party expert whose fees exceed a commercially reasonable amount as determined by the Trustee. The reasonable costs of all appraisals,
inspection reports and broker opinions of value incurred by any such third party pursuant to this Section 3.17(d) will
be covered by, and will be reimbursable by the Interested Person. The Trustee will be entitled to rely conclusively upon such
third party’s determination. In determining whether any such offer from a Person other than an Interested Person constitutes
a fair price for any such Defaulted Loan, the Special Servicer shall take into account (in addition to the results of any Appraisal,
updated Appraisal or narrative Appraisal that it may have obtained pursuant to this Agreement within the prior 9 months), among
other factors, the period and amount of any delinquency on such Defaulted Loan, the occupancy level and physical condition of
the related Mortgaged Property and the state of the local economy. The appraiser conducting any new Appraisal for determining
whether any offer from a Person other than an Interested Person represents a fair price for any Defaulted Loan shall be an Appraiser
selected by the Special Servicer. The cost of any such Appraisal shall be covered by, and shall be reimbursable to, the Master
Servicer as a Property Advance if no Interested Person is offering to purchase such Defaulted Loan.


 



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(e)         Subject
to Section 3.17(a) through Section 3.17(d), Section 3.17(f), Section 3.17(g) and Section 3.17(m),
the Special Servicer shall act on behalf of the Trust Fund and any affected Serviced Companion Loan Holder in negotiating and
taking any other action necessary or appropriate in connection with the sale of any Defaulted Loan, and the collection of all
amounts payable in connection therewith. In connection therewith, the Special Servicer may charge 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 or, if applicable, the
Loan Combination Custodial Account. Any sale of any Defaulted Loan shall be final and without recourse to the Trustee, the Certificate
Administrator or the Trust Fund (except such recourse to the Trust Fund imposed by those representations and warranties typically
given in such transactions, any appropriations 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 with respect to the purchase
price therefor accepted by the Special Servicer or the Trustee.


 


(f)         Subject
to (x) the rights of a holder of a mezzanine loan, under the respective intercreditor agreement, and (y) the rights of a Subordinate
Companion Loan Holder, under the respective Co-Lender Agreement, to purchase a Mortgage Loan or Serviced Loan Combination (or
senior portion thereof), unless and until a Defaulted Loan is sold pursuant to this Section, the Special Servicer shall continue
to service and administer such Defaulted Loan in accordance with the Servicing Standard and this Agreement and shall pursue such
other resolutions or recovery strategies including workout, foreclosure or sale of such Defaulted Loan, as is consistent with
this Agreement and the Servicing Standard.


 


(g)        Any
sale of a Defaulted Loan pursuant to this Section 3.17 shall be for cash only. The purchase price for any Defaulted Loan
purchased under this Section 3.17 or any Outside Serviced Mortgage Loan sold in accordance with the related Co-Lender Agreement
or Outside Servicing Agreement, shall be deposited into the Collection Account or the related Loan Combination Custodial Account,
as applicable, and the Certificate Administrator (or a Custodian on its behalf), upon receipt of an Officer’s Certificate
from the Master Servicer to the effect that such deposit has been made, shall release or cause to be released to the purchaser
of the Defaulted Loan the related Mortgage File, and the Trustee, the Master Servicer or the Special Servicer, as applicable,
shall execute and deliver such instruments of transfer or assignment, in each case without recourse, as shall be necessary to
vest in such purchaser ownership of such Defaulted Loan. In connection with any such purchase, the Special Servicer and the Master
Servicer shall deliver the related Servicing File (to the extent either has possession of such file) to such purchaser.


 


(h)         The
parties hereto may sell or purchase, or permit the sale or purchase of, an REO Property (other than an REO Property related to
an Outside Serviced Mortgage Loan) only on the terms and subject to the conditions set forth in this Section 3.17.


 


(i)         
The Special Servicer shall use reasonable efforts to solicit offers for each REO Property (other than an REO Property related
to an Outside Serviced Mortgage Loan) on behalf of the Certificateholders and the related Serviced Companion Loan Holder in
such manner as will be reasonably likely to realize a fair price within the time period specified by Section 3.16


 



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of
this Agreement. Subject to Section 3.17(m) of this Agreement, the Special Servicer shall accept the first (and, if
multiple offers are contemporaneously received, highest) cash offer received from any Person that constitutes a fair price
for such 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 (other than an REO Property related to an Outside Serviced Mortgage Loan) within
the time constraints imposed by Section 3.16 of this Agreement, then the Special Servicer shall dispose of such 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
from whom received. The Liquidation Proceeds (net of related Liquidation Expenses) for any REO Property sold hereunder shall
be deposited in the Collection Account or, if applicable, the related Loan Combination Custodial Account.


 


(j)          The
Special Servicer shall give the Trustee, the Certificate Administrator, the Master Servicer, any related Serviced Companion Loan
Holder, the Risk Retention Consultation Party (other than with respect to any Excluded RRCP Mortgage Loan), the Controlling Class
Representative (prior to the occurrence and continuance of a Consultation Termination Event), any related Outside Controlling
Note Holder (if a Serviced Outside Controlled Loan Combination is involved) and the Operating Advisor not less than three (3)
Business Days’ prior written notice of its intention to sell any REO Property (other than an REO Property related to an
Outside Serviced Mortgage Loan) hereunder. No Interested Person shall be obligated to submit an offer to purchase any REO Property,
and notwithstanding anything to the contrary contained herein, neither the Trustee, in its individual capacity, nor any of its
Affiliates may offer to purchase, or purchase, any REO Property pursuant hereto.


 


(k)         Whether
any cash offer constitutes a fair price for any REO Property (other than an REO Property related to an Outside Serviced Mortgage
Loan) for purposes of Section 3.17(i) of this Agreement shall be determined by the Special Servicer, if the offeror is
a Person other than an Interested Person, and by the Trustee, if the offeror is an Interested Person (provided that the
Trustee may not be an offeror); provided, however, that no offer from an Interested Person shall constitute a fair
price unless (i) it is the highest offer received and (ii) at least two other offers are received from independent third parties;
and provided, further, notwithstanding the immediately preceding proviso, the Purchase Price for any such REO Property
shall be deemed a fair price in all cases, including with respect to any offer from an Interested Person. In determining whether
any offer received from an Interested Person represents a fair price for any such REO Property, the Trustee shall (at the expense
of the Interested Person) designate an independent third party expert in real estate or commercial mortgage loan matters with
at least five (5) years’ experience in valuing or investing in properties similar to such REO Property that has been selected
with reasonable care by the Trustee to determine if such cash offer constitutes a fair price for such REO Property; provided that the Trustee will not engage a third party expert whose fees exceed a commercially reasonable amount as determined by
the Trustee. The reasonable costs of all appraisals, inspection reports and broker opinions of value incurred by any such third
party pursuant to this Section 3.17(k) will be covered by, and will be reimbursable by the Interested Person. The Trustee
will be entitled to rely conclusively upon such third party’s determination. In determining whether any such offer from
a Person other than an Interested Person constitutes a fair price for any such REO Property, the Special Servicer shall take into
account (in addition to the results of any Appraisal, updated Appraisal or narrative Appraisal that


 



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it may have obtained pursuant
to this Agreement within the prior 9 months), among other factors, the period and amount of any delinquency on the related Mortgage
Loan or Serviced Loan Combination, the occupancy level and physical condition of such REO Property, the state of the local economy
and the obligation to dispose of such REO Property within the time period specified in Section 3.16 of this Agreement.
The appraiser conducting any new Appraisal for determining whether any offer from a Person other than an Interested Person represents
a fair price for any REO Property shall be an Appraiser selected by the Special Servicer. The cost of any such Appraisal shall
be covered by, and shall be reimbursable to, the Master Servicer as a Property Advance if no Interested Person is offering to
purchase such REO Property.


 


(l)          Subject
to Section 3.17(a) through Section 3.17(k) and Section 3.17(m) of this Agreement, the Special Servicer shall
act on behalf of the Trust Fund and any affected Serviced Companion Loan Holder in negotiating and taking any other action necessary
or appropriate in connection with the sale of any Defaulted Loan or REO Property (other than an REO Property related to an Outside
Serviced Mortgage Loan), and the collection of all amounts payable in connection therewith. In connection therewith, the Special
Servicer may charge 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 or, if applicable, the related Loan Combination Custodial Account. Any sale of any Defaulted Loan
or REO Property (other than an REO Property related to an Outside Serviced Mortgage Loan) shall be final and without recourse
to the Trustee, the Certificate Administrator or the Trust Fund or any related Serviced Companion Loan Holder (except such recourse
to the Trust Fund and the related Serviced Companion Loan Holder imposed by those representations and warranties typically given
in such transactions, any appropriations 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 with respect to the purchase
price therefor accepted by the Special Servicer or the Trustee.


 


(m)        Notwithstanding
any of the foregoing paragraphs of this Section 3.17, the Special Servicer shall not be obligated to accept the highest
cash offer for a Defaulted Loan if the Special Servicer determines (in consultation with the Controlling Class Representative
(unless a Consultation Termination Event exists or a Serviced Outside Controlled Loan Combination is involved or an Excluded Mortgage
Loan is involved), the Operating Advisor (if a Control Termination Event exists), the Risk Retention Consultation Party (unless
an Excluded RRCP Mortgage Loan is involved) and any related Outside Controlling Note Holder (if a Serviced Outside Controlled
Loan Combination is involved)), in accordance with the Servicing Standard, that rejection of such offer would be in the best interests
of the Certificateholders and, in the case of a Serviced Pari Passu Loan Combination, the related Serviced Pari Passu Companion
Loan Holder(s) (as a collective whole as if such Certificateholders and, if applicable, any related Serviced Pari Passu Companion
Loan Holder(s) 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, in the case of a Serviced Pari Passu Loan Combination, any related Serviced
Pari Passu Companion Loan Holder(s) (as a collective whole as if such Certificateholders and, if applicable, the related Serviced
Pari Passu Companion Loan


 



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Holder(s) constituted a single lender) (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).


 


Notwithstanding
any of the foregoing paragraphs of this Section 3.17, the Special Servicer shall not be obligated to accept the highest
cash offer for an REO Property (other than an REO Property related to an Outside Serviced Mortgage Loan) if the Special Servicer
determines (in consultation with the related Directing Holder (unless, if the Controlling Class Representative is the related
Directing Holder, a Consultation Termination Event exists or an Excluded Mortgage Loan is involved), the Operating Advisor (if
a Control Termination Event exists) and the Risk Retention Consultation Party (unless an Excluded RRCP Mortgage Loan is involved)),
in accordance with the Servicing Standard, that rejection of such offer would be in the best interests of the Certificateholders
and, in the case of an REO Property that corresponds to a Serviced Loan Combination, the related Serviced Companion Loan Holder(s)
(as a collective whole as if such Certificateholders and, if applicable, any Serviced Companion Loan Holder(s) constituted a single
lender (and, in the case of a Serviced AB Loan Combination, taking into account the subordinate nature of the related Subordinate
Companion Loan(s))), 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, in the case of an REO Property that corresponds to a Serviced Loan Combination, any related Serviced Companion
Loan Holder(s) (as a collective whole as if such Certificateholders and, if applicable, any related Serviced Companion Loan Holder(s)
constituted a single lender (and, in the case of a Serviced AB Loan Combination, taking into account the subordinate nature of
the related Serviced Subordinate Companion Loan(s))) (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).


 


(n)        In
no event shall the Trust Fund or the Trustee, the Certificate Administrator, the Master Servicer or the Special Servicer on the
Trust’s behalf purchase, or pay or advance costs to purchase, any Outside Serviced Mortgage Loan, or any Companion Loan
or any Mortgage Loan.


 


(o)         Notwithstanding
anything herein to the contrary, any party identified in the related Co-Lender Agreement or Outside Servicing Agreement (which,
if the identified party is the holder of an Outside Serviced Mortgage Loan, shall mean the Controlling Class Representative for
so long as no Control Termination Event has occurred and is continuing), in its individual capacity and not on behalf of the Trust,
shall be entitled to purchase an Outside Serviced Mortgage Loan in accordance with the terms and conditions set forth in the related
Co-Lender Agreement and Outside Servicing Agreement. In no event shall the Trust Fund or the Trustee, the Master Servicer or the
Special Servicer on its behalf purchase, or pay or advance costs to purchase, any Outside Serviced Mortgage Loan or the related
Companion Loan(s) or any other Mortgage Loan.


 


(p)         Notwithstanding
anything to the contrary herein, any purchase or sale of a Specially Serviced Loan pursuant to this Section 3.17 will remain
subject to the cure, purchase and other rights of, in each case if applicable, any related Subordinate Companion Loan Holder as
set forth in the related Co-Lender Agreement and any holder of a related mezzanine loan as set forth in the related intercreditor
agreement. The Special Servicer shall determine the price to be paid in


 



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accordance with the terms of the related Co-Lender Agreement
or the related mezzanine loan intercreditor agreement in connection with any such purchase rights in favor of any related Subordinate
Companion Loan Holder or mezzanine loan holder and shall provide such notices to the related Subordinate Companion Loan Holder
or the holder of a related mezzanine loan as are required by the related Co-Lender Agreement or the related mezzanine loan intercreditor
agreement in connection with each such holders’ purchase rights.


 


(q)         With
respect to any Serviced Pari Passu Loan Combination (other than any such Loan Combination that is a Serviced Outside Controlled
Loan Combination), the parties hereto acknowledge that the related Co-Lender Agreement provides that if such Serviced Pari Passu
Loan Combination becomes a Defaulted Serviced Loan Combination, and if the Special Servicer determines to sell the related Serviced
Mortgage Loan in accordance with this Section 3.17, then the Special Servicer will be required to sell each related Serviced
Pari Passu Companion Loan together with such Serviced Mortgage Loan as a single whole loan in accordance with this Agreement and
subject to any rights of the related Directing Holder and/or the holder of any related Serviced Pari Passu Companion Loan hereunder
or under the related Co-Lender Agreement. Notwithstanding anything to the contrary herein, the Special Servicer shall not sell
any such Serviced Pari Passu Loan Combination if it becomes a Defaulted Serviced Loan Combination without the written consent
of each related Serviced Pari Passu Companion Loan Holder (provided that such consent is not required if the consenting party
is the related Mortgagor or an Affiliate of the related Mortgagor) unless the Special Servicer has delivered (which delivery may
be by electronic mail to the extent it would not be prohibited under the terms of the related Co-Lender Agreement) to such related
Serviced Pari Passu Companion Loan Holder (at the expense of such Serviced Pari Passu Companion Loan Holder to the extent permitted
under the terms of the related Co-Lender Agreement; provided, that to the extent an Other Securitization Trust is the related
Serviced Pari Passu Companion Loan Holder, no such expense shall be payable out of such Other Securitization Trust or by the parties
to the related Other Pooling and Servicing Agreement): (a) at least 15 Business Days’ prior written notice of any decision
to attempt to sell such Defaulted Serviced Loan Combination; (b) at least 10 days prior to the proposed sale date, a copy of each
bid package (together with any amendments to such bid packages) received by the Special Servicer in connection with any such proposed
sale; (c) at least 10 days prior to the proposed sale date, a copy of the most recent appraisal for the subject Serviced Pari
Passu Loan Combination, and any documents in the Servicing File reasonably requested by such related Serviced Pari Passu Companion
Loan Holder that are material to the price of the subject Serviced Pari Passu Loan Combination; and (d) until the sale is completed,
and a reasonable period of time (but no less time than is afforded to other offerors and the Controlling Class Representative)
prior to the proposed sale date, all information and other documents being provided to other offerors and all leases or other
documents that are approved by the Master Servicer or the Special Servicer in connection with the proposed sale; provided, that
a related Serviced Pari Passu Companion Loan Holder may waive as to itself any of the delivery or timing requirements set forth
in this sentence. The Controlling Class Representative and each related Serviced Pari Passu Companion Loan Holder will be permitted
to submit an offer to purchase, and any such party is permitted to be the purchaser at any sale of, the subject Defaulted Serviced
Loan Combination unless such Person is the related Mortgagor or an agent or Affiliate of the related Mortgagor.


 


(r)         With
respect to any Serviced Pari Passu Loan Combination that is a Serviced Outside Controlled Loan Combination, the parties hereto
acknowledge that the related


 



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Co-Lender Agreement provides that if such Serviced Pari Passu Loan Combination becomes a Defaulted
Serviced Loan Combination, and if the Special Servicer determines to sell the related Serviced Mortgage Loan in accordance with
this Section 3.17, then the Special Servicer will be required to sell the related Serviced Pari Passu Companion Loan together
with such Serviced Mortgage Loan as a single whole loan in accordance with this Agreement and subject to any rights of the related
Directing Holder, the Controlling Class Representative and/or the holder of any related non-controlling Serviced Pari Passu Companion
Loan hereunder or under the related Co-Lender Agreement. Notwithstanding anything to the contrary herein, the Special Servicer
shall not sell any such Serviced Pari Passu Loan Combination if it becomes a Defaulted Serviced Loan Combination without the written
consent of the Controlling Class Representative (unless a Consultation Termination Event exists), the related Outside Controlling
Note Holder and the holder of each related non-controlling Serviced Pari Passu Companion Loan (provided that such consent is not
required if the consenting party is the related Mortgagor or an Affiliate of the related Mortgagor) unless the Special Servicer
has delivered (which delivery may be by electronic mail to the extent it would not be prohibited under the terms of the related
Co-Lender Agreement) to the Controlling Class Representative, the related Outside Controlling Note Holder and the holder of each
related non-controlling Serviced Pari Passu Companion Loan (at the expense of such Outside Controlling Note Holder and the holder
of each related non-controlling Serviced Pari Passu Companion Loan, to the extent permitted under the terms of the related Co-Lender
Agreement): (a) at least 15 Business Days’ prior written notice of any decision to attempt to sell such Serviced Pari Passu
Loan Combination; (b) at least 10 days prior to the proposed sale date, a copy of each bid package (together with any material
amendments to such bid packages) received by the Special Servicer in connection with any such proposed sale; (c) at least 10 days
prior to the proposed sale date, a copy of the most recent appraisal for the subject Serviced Pari Passu Loan Combination, and
any documents in the Servicing File reasonably requested by the Controlling Class Representative, the related Outside Controlling
Note Holder and the holder of each related non-controlling Serviced Pari Passu Companion Loan that are material to the price of
the subject Serviced Pari Passu Loan Combination; and (d) until the sale is completed, and a reasonable period of time (but no
less time than is afforded to other offerors and the Controlling Class Representative) prior to the proposed sale date, all information
and other documents being provided to other offerors and all leases or other documents that are approved by the Master Servicer
or the Special Servicer in connection with the proposed sale; provided, that the Controlling Class Representative, the
related Outside Controlling Note Holder and the holder of each related non-controlling Serviced Pari Passu Companion Loan may
each waive as to itself any of the delivery or timing requirements set forth in this sentence. The Controlling Class Representative,
the related Outside Controlling Note Holder and the holder of each related non-controlling Serviced Pari Passu Companion Loan
shall be permitted to submit an offer to purchase, and any such party is permitted to be the purchaser at any sale of, the subject
Serviced Pari Passu Loan Combination unless such Person is the related Mortgagor or an agent or Affiliate of the related Mortgagor.


 


With
respect to each Serviced AB Loan Combination, if such Serviced AB Loan Combination becomes a Defaulted Serviced Loan Combination,
and if the Special Servicer determines to sell the related Serviced Mortgage Loan in accordance with this Section 3.17,
then the Special Servicer shall not be permitted or required to sell any related Serviced Subordinate Companion Loan(s) together
with such Serviced Mortgage Loan and any related Serviced Pari Passu Companion Loan(s) as a single whole loan except as required
by the related Co-Lender Agreement.


 



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(s)         With
respect to any Outside Serviced Mortgage Loan upon becoming a “Defaulted Mortgage Loan” (as such term or any analogous
term is defined pursuant to the terms of the applicable Outside Servicing Agreement), and with respect to any REO Property related
to an Outside Serviced Mortgage Loan, the liquidation of such Outside Serviced Mortgage Loan or such REO Property shall be administered
by the related Outside Special Servicer in accordance with the applicable Outside Servicing Agreement and the related Co-Lender
Agreement. Any such sale of an Outside Serviced Mortgage Loan or any related REO Property pursuant to the applicable Outside Servicing
Agreement and/or the related Co-Lender Agreement shall be final and without recourse to the Trustee or the Trust, and none of
the Master Servicer, the Special Servicer, the Certificate Administrator or the Trustee shall have any liability to any Certificateholder
with respect to the purchase price for such Outside Serviced Mortgage Loan or such REO Property accepted on behalf of the Trust.
Any proceeds of such a sale received by the Trust Fund shall be promptly deposited in the Collection Account.


 


Section
3.18 Additional Obligations of the Master Servicer; Inspections; Obligation to Notify Ground Lessors; Delivery of Certain
Reports to the Serviced Companion Loan Holder.


 


(a)        The
Master Servicer (or, with respect to Specially Serviced Loans and REO Properties, the Special Servicer) shall inspect or cause
to be inspected each Mortgaged Property that secures a Serviced Loan at such times and in such manner as are consistent with the
Servicing Standard, but in any event at least once every calendar year with respect to such Mortgaged Property relating to Serviced
Mortgage Loans with an outstanding principal balance of $2,000,000 or more and at least once every other calendar year with respect
to such Mortgaged Property relating to Serviced Mortgage Loans with an outstanding principal balance of less than $2,000,000,
in each case commencing in 2018; provided that the Master Servicer is not required to inspect any Mortgaged Property that
has been inspected by the Special Servicer during the preceding 12 months. If any Serviced Mortgage Loan or Serviced Loan Combination
becomes a Specially Serviced Loan, the related Mortgaged Property shall be inspected by the Special Servicer as soon as practicable
and thereafter at least every calendar year for so long as such condition exists. The cost of any annual inspection, or bi-annual
inspection, as the case may be, shall be borne by the Master Servicer unless the related Serviced Mortgage Loan or Serviced Loan
Combination is a Specially Serviced Loan. The Master Servicer shall reimburse the Special Servicer for the cost of any inspection
of a Specially Serviced Loan as a Property Advance (or as an expense of the Trust Fund and paid by the Master Servicer out of
the Collection Account if such Property Advance would be a Nonrecoverable Advance) and any out-of-pocket costs incurred with respect
to such inspection shall be borne by the Trust Fund. The Special Servicer or the Master Servicer, as applicable, shall prepare
or cause to be prepared a written report of each such inspection performed by it pursuant to this Section 3.18(a), and
shall, as soon as reasonably practicable following completion, deliver or make available a copy (in electronic format) of each
such report to the Certificate Administrator (who shall post such report to the Certificate Administrator’s Website for
review by Privileged Persons in accordance with Section 4.02(a)).


 


(b)        The
Master Servicer shall, as to each Mortgage Loan (excluding an Outside Serviced Mortgage Loan) which is secured by the interest
of the related Mortgagor under a Ground Lease, even if the corresponding fee interest is encumbered, promptly (and in any event
within 60 days following the later of the Closing Date or its receipt of a copy of the Ground Lease) notify


 



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the related ground
lessor of the transfer of such Mortgage Loan to the Trust Fund 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. The Master Servicer shall
forward to the Special Servicer any written notice of default under a ground lease.


 


(c)         The
Master Servicer and the Special Servicer shall each promptly prepare or cause to be prepared and deliver to each Serviced Companion
Loan Holder a written report, prepared in the manner set forth in Section 4.02, of each inspection performed by it with
respect to the related Mortgaged Property and Serviced Companion Loan related thereto.


 


(d)        The
Master Servicer is hereby authorized to exercise any rights granted under the applicable Outside Servicing Agreement in favor
of the Trust (or a party on its behalf) as the holder of each Outside Serviced Mortgage Loan to obtain information from the related
Outside Servicer (or other similar parties with an obligation to make advances) in connection with making nonrecoverability determinations.
The Master Servicer shall promptly deliver to any related Outside Servicer, upon request, such information in the Master Servicer’s
possession as the related Outside Servicer reasonably requests in order to determine whether an advance similar to a P&I Advance
would be “nonrecoverable.”


 


(e)         If
required under the related Co-Lender Agreement, the Master Servicer shall promptly deliver to each Serviced Companion Loan Holder
or provide electronically: (i) copies of operating statements and rent rolls; (ii) annual CREFC® NOI Adjustment
Worksheets (with annual operating statements as exhibits); and (iii) annual CREFC® Operating Statement Analysis
Reports, in each case prepared, received or obtained by it pursuant to this Agreement with respect to the Mortgaged Properties
securing the related Serviced Companion Loan.


 


Section
3.19 Lock-Box Accounts, Escrow Accounts.


 


Except
with respect to the Outside Serviced Mortgage Loans, the Master Servicer shall administer each Lock-Box Account and Escrow Account
in accordance with the related Mortgage or Loan Agreement or Lock-Box Agreement, if any, and administer any letters of credit
pursuant to the related letter of credit agreement and the Loan Documents.


 


Notwithstanding
the foregoing, to the extent that any cash amounts are held in an Escrow Account or other cash collateral account and the mortgagee
under the related Loan Documents is permitted, but not required, to apply such amounts to prepay the related Mortgage Loan (or
Serviced Loan Combination), neither the Master Servicer nor the Special Servicer shall apply such amounts to prepay the Mortgage
Loan (or Serviced Loan Combination) until after the occurrence of an event of default under the Mortgage Loan that may result
in the Mortgage Loan (or Serviced Loan Combination) being accelerated or becoming a Specially Serviced Loan.


 


Section
3.20 Property Advances.


 


(a)       Except
with respect to an Outside Serviced Mortgage Loan, the Master Servicer (or, to the extent provided in Section 3.20(b) of
this Agreement, the Trustee) shall make any Property Advances as and to the extent incidental to the performance of its duties
under this Agreement or otherwise required pursuant to the terms hereof; provided that no Property Advances shall be made
with regard to a Subordinate Companion Loan if the related Mortgage Loan is no


 



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longer held by the Trust. The Special Servicer
shall give the Master Servicer, the Trustee and any affected Serviced Companion Loan Holder not less than five (or, in the case
of Emergency Advances pursuant to Section 3.20(e) of this Agreement, two) Business Days’ written notice before the
date on which the Master Servicer is requested to make any Property Advance with respect to a given Specially Serviced Loan or
REO Property (other than an REO Property related to an Outside Serviced Mortgage Loan). In addition, the Special Servicer shall
provide the Master Servicer, the Trustee and any affected Serviced Companion Loan Holder with such information in its possession
as the Master Servicer, the Trustee or such Serviced Companion Loan Holder, as applicable, may reasonably request to enable the
Master Servicer or the Trustee, as applicable, to determine whether a requested Property Advance would constitute a Nonrecoverable
Advance. Any such notice by the Special Servicer to the Master Servicer of a required Property Advance shall be deemed to be a
determination by the Special Servicer that such requested Property Advance is not a Nonrecoverable Advance, and the Master Servicer
shall be entitled to conclusively rely on such determination. In the absence of a determination by the Special Servicer that a
Property Advance is a Nonrecoverable Advance, all determinations of recoverability with respect to Property Advances to be made
(or contemplated to be made) by the Master Servicer or the Trustee will remain with the Master Servicer or the Trustee, as applicable.
On the fourth Business Day before each Distribution Date, the Special Servicer shall report to the Master Servicer the Special
Servicer’s determination as to whether any Property Advance previously made with respect to a Specially Serviced Loan is
a Nonrecoverable Advance promptly after making such determination. The Master Servicer and the Trustee shall be entitled to conclusively
rely on and shall be bound by such a determination and shall be bound by a determination by the Special Servicer that a Property
Advance previously made or contemplated to be made with respect to a Specially Serviced Loan is or would be a Nonrecoverable Advance.
Although the Special Servicer may determine whether a Property Advance is a Nonrecoverable Advance, the Special Servicer will
have no right to (i) make an affirmative determination that any Property Advance previously made or to be made (or contemplated
to be made) by the Master Servicer or the Trustee is, or would be, recoverable or (ii) reverse any determination that may have
been made by the Master Servicer or the Trustee or to prohibit the Master Servicer or the Trustee from making a determination
that any Property Advance constitutes or would constitute a Nonrecoverable Advance; provided that this sentence will not be construed
to limit the Special Servicer’s right to make a determination that a Property Advance to be made (or contemplated to be
made) would be, or a previously made Advance is, a Nonrecoverable Advance, as described in this Section 3.20. The Master
Servicer and the Special Servicer shall consider Unliquidated Advances in respect of prior Property Advances for the purposes
of non-recoverability determinations as if such amounts were unreimbursed Property Advances.


 


For
purposes of distributions to Certificateholders and Serviced Companion Loan Holders and compensation to the Master Servicer or
the Trustee, Property Advances shall not be considered to increase the principal balance of any Mortgage Loan or Serviced Loan
Combination, notwithstanding that the terms of such Mortgage Loan or Serviced Loan Combination so provide.


 


(b)        The
Master Servicer shall notify the Trustee, the Special Servicer and any related Serviced Companion Loan Holder in writing promptly
upon, and in any event within one (1) 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 will be paid, and the


 



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circumstances and purpose of such Property Advance, and shall set forth therein
information and instructions 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 (5) Business
Days following such notice, the Trustee, subject to the provisions of Section 3.20(c) of this Agreement, shall pay the
amount of such Property Advance in accordance with such information and instructions. Any notice to the Trustee pursuant to this
Section shall be deemed to be given to a Responsible Officer of the Trustee if made in accordance with Section 12.04 of
this Agreement.


 


(c)         None
of the Master Servicer, the Special Servicer or the Trustee shall be obligated to make a Property Advance as to any Mortgage Loan
or Serviced Loan Combination or REO Property if the Master Servicer, the Special Servicer or the Trustee, as applicable, determines
that such Advance will be a Nonrecoverable Advance. The determination by any Person with an obligation hereunder to make Property
Advances that it has made a Nonrecoverable Advance or that any proposed Property Advance, if made, would constitute a Nonrecoverable
Advance or a determination by the Special Servicer that a Property Advance previously made or proposed to be made is or would,
if made, constitute a Nonrecoverable Advance, shall be made by such Person (i) in the case of the Master Servicer or the Special
Servicer, in accordance with the Servicing Standard and (ii) in the case of the Trustee, in accordance with its good faith business
judgment and shall be evidenced by an Officer’s Certificate delivered on or prior to the next Master Servicer Remittance
Date to (1) the affected Serviced Companion Loan Holders or their Companion Loan Holder representatives (and the related master
servicer and special servicer under any related Other Pooling and Servicing Agreement, if applicable), in the case of any Serviced
Loan Combination, (2) the Trustee (unless it is the Person making the determination), (3) the Controlling Class Representative
(prior to the occurrence and continuance of a Control Termination Event), (4) in the case of a Property Advance with respect to
any Serviced Outside Controlled Loan Combination, the related Outside Controlling Note Holder, (5) the Master Servicer (unless
it is the Person making the determination), (6) the Special Servicer (unless it is the Person making the determination), and (7)
the Depositor (if the Trustee is making the determination), setting forth the basis for such determination, together with any
other information that supports such determination together with a copy of any Appraisal of the related Mortgaged Property or
REO Property, as the case may be (which Appraisal shall be an expense of the Trust Fund, shall take into account any material
change in circumstances of which such Person is aware or such Person has received new information, either of which has a material
effect on the value and shall have been conducted in accordance with the standards of the Appraisal Institute within the twelve
months preceding such determination of nonrecoverability), and further accompanied by related Mortgagor operating statements and
financial statements, budgets and rent rolls of the related Mortgaged Property (to the extent available and/or in such Person’s
possession) and any engineers’ reports, environmental surveys or similar reports that such Person may have obtained and
that support such determination. In connection with a determination by the Special Servicer, the Master Servicer or the Trustee
as to whether a Property Advance previously made or to be made constitutes or would constitute a Nonrecoverable Advance:


 


(A)          any
such Person will be entitled to consider (among other things) the obligations of the Mortgagor under the terms of the related
Mortgage Loan or Serviced Loan Combination as it may have been modified, to consider (among other things) the related Mortgaged
Properties in their “as is” or then current


 



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conditions and occupancies, as modified by such party’s assumptions
regarding the possibility and effects of future adverse change with respect to such Mortgaged Properties, to estimate and consider
(among other things) future expenses and to estimate and consider (among other things) the timing of recoveries;


 


(B)          any
such Person may update or change its recoverability determinations at any time (but not reverse any other Person’s determination
that an Advance is a Nonrecoverable Advance) and may obtain at the expense of the Trust Fund any analysis, Appraisals or market
value estimates or other information as reasonably may be required for such purposes;


 


(C)           the
Special Servicer may, at its option, make a determination in accordance with the Servicing Standard that any proposed Property
Advance, if made, would be a Nonrecoverable Advance or that any outstanding Property Advance is a Nonrecoverable Advance and may
deliver to the Master Servicer, the Trustee, the Controlling Class Representative (prior to the occurrence and continuance of
a Consultation Termination Event) and, in the case of a Property Advance with respect to a Serviced Outside Controlled Loan Combination,
the related Outside Controlling Note Holder notice of such determination, which determination shall be conclusive and binding
on the Master Servicer and the Trustee (but this statement shall not be construed to entitle the Special Servicer to reverse any
other authorized Person’s determination, or to prohibit any such other authorized Person from making a determination, that
a Property Advance constitutes or would constitute a Nonrecoverable Advance);


 


(D)          the
Trustee shall be entitled to rely, conclusively, on any determination by the Master Servicer or Special Servicer that a Property
Advance is or, if made, would be a Nonrecoverable Advance, and the Master Servicer shall be entitled to rely, conclusively, on
any determination by the Special Servicer that a Property Advance is or, if made, would be a Nonrecoverable Advance;


 


(E)           any
non-recoverability determination by the Master Servicer or the Special Servicer pursuant to this Section 3.20 with respect
to the non-recoverability of Property Advances shall be conclusive and binding on the Master Servicer (in the case of such a determination
by the Special Servicer) and the Trustee; and


 


(F)           notwithstanding
the foregoing, the Trustee may conclusively rely upon any determination by the Master Servicer or the Special Servicer that any
Property Advance would be recoverable (unless a non-recoverability determination has been made by the other servicer in accordance
with clause (E) above which is binding on the Trustee), and the Master Servicer may conclusively rely upon any determination
by the Special Servicer that any Property Advance would be recoverable.


 


(d)        The
Master Servicer, the Special Servicer and/or the Trustee, as applicable, shall be entitled to the reimbursement of Property Advances
made by any of them to the extent permitted pursuant to Section 3.06(a)(ii) or Section 3.06A(a)(ii) of this Agreement,
together with any related Advance Interest Amount in respect of such Property Advances, and the Master


 



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Servicer and the Special
Servicer, as applicable, hereby covenant and agree to use efforts consistent with the Servicing Standard to obtain the reimbursement
of such Property Advances from the related Mortgagors to the extent permitted by applicable law and the related Loan Documents.


 


(e)        Notwithstanding
anything to the contrary contained in this Agreement, if a Property Advance is required to be made under this Agreement with respect
to any Specially Serviced Loan or REO Property (other than an REO Property related to an Outside Serviced Mortgage Loan), the
Special Servicer shall request that the Master Servicer make such Property Advance, such request to be made, in writing, at least
five (5) Business Days (or, in the case of an Emergency Advance, two (2) Business Days, provided that the written request
sets forth the nature of the emergency or the basis of the urgency) in advance of the date on which such Property Advance is required
to be made hereunder and to be accompanied by such information and documentation regarding the subject Property Advance as the
Master Servicer may reasonably request, subject to the Master Servicer’s right to determine that such Property Advance does
not constitute or would not constitute a Nonrecoverable Advance. The Master Servicer shall have the obligation to make any such
Property Advance that it is so requested by the Special Servicer to make, within five (5) Business Days (or, in the case of an
Emergency Advance, two (2) Business Days) of the Master Servicer’s receipt of such request. The Special Servicer shall have
no obligation to make any Property Advance; provided that the Special Servicer may in its sole discretion elect to make
an Emergency Advance, and the Master Servicer shall reimburse the Special Servicer for such Property Advance (with interest thereon),
provided that such Advance is not determined by the Master Servicer, in accordance with the Servicing Standard, to be nonrecoverable.
The Master Servicer shall be entitled to reimbursement for any Advance made by it at the direction of the Special Servicer, together
with interest thereon at the same time, in the same manner and to the same extent as the Master Servicer is entitled with respect
to any other Advances made thereby.


 


(f)         Within
five (5) Business Days of making an Emergency Advance pursuant to the proviso to the penultimate sentence of Section 3.20(e),
the Special Servicer shall deliver to the Master Servicer a request for reimbursement for such Emergency Advance, along with all
information and documentation regarding the subject Emergency Advance as the Master Servicer may reasonably request, and the Master
Servicer shall be obligated, out of such Master Servicer’s own funds, to reimburse the Special Servicer for any such unreimbursed
Emergency Advances (other than any Emergency Advance determined by the Master Servicer, in accordance with Section 3.20(c) of this Agreement, to be a Nonrecoverable Property Advance) made by the Special Servicer pursuant to the proviso to the penultimate
sentence of Section 3.20(e), together with interest thereon at the Advance Rate from the date made to, but not including,
the date of reimbursement. Such reimbursement and any accompanying payment of interest shall be made within five (5) Business
Days of the written request therefor pursuant to the preceding sentence by wire transfer of immediately available funds to an
account designated in writing by the Special Servicer. Upon the Master Servicer’s reimbursement to the Special Servicer
of any Emergency Advance and payment to the Special Servicer of interest thereon, all in accordance with this Section 3.20(f),
the Master Servicer shall for all purposes of this Agreement be deemed to have made such Emergency Advance at the same time as
the Special Servicer actually made such Emergency Advance, and accordingly, the Master Servicer shall be entitled to be reimbursed
for such Emergency Advance, together with interest thereon at the Advance Rate, at the same time, in the same manner and to the
same extent as the Master Servicer would otherwise have been entitled


 



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if it had actually made such Emergency Advance at the time
the Special Servicer did. Notwithstanding the foregoing provisions of this Section 3.20(f), the Master Servicer shall not
be required to reimburse the Special Servicer for any Emergency Advance if the Master Servicer determines in accordance with Section
3.20(c) of this Agreement that such Emergency Advance, although not characterized by the Special Servicer as a Nonrecoverable
Property Advance, is in fact a Nonrecoverable Property Advance. The Master Servicer shall notify the Special Servicer in writing
of such determination and, if applicable, such Nonrecoverable Property Advance shall be reimbursed to the Special Servicer pursuant
to Section 3.06(a) of this Agreement.


 


Section
3.21     Appointment of Special Servicer; Asset Status Reports.


 


(a)         KeyBank
National Association is hereby appointed as the initial Special Servicer to specially service each of the Mortgage Loans (other
than the Outside Serviced Mortgage Loans) and each Serviced Loan Combination.


 


(b)        The
Special Servicer, at the earlier of (x) within 60 days after a Servicing Transfer Event occurs and (y) prior to taking action
with respect to any Major Decision (or making a determination not to take action with respect to a Major Decision) with respect
to a Specially Serviced Loan, shall prepare a report (the “Asset Status Report”) for the related Mortgage Loan
or Serviced Loan Combination. Each Asset Status Report will be delivered in electronic format to the Operating Advisor (subject
to Section 3.21(e) of this Agreement), the related Directing Holder (but, if the Controlling Class Representative is the
related Directing Holder, only prior to the occurrence and continuance of a Consultation Termination Event and only if the related
Specially Serviced Loan is not an Excluded Mortgage Loan), the Risk Retention Consultation Party (other than with respect to any
Excluded RRCP Mortgage Loan), the related Serviced Companion Loan Holder (in the case of a Serviced Loan Combination) and, for
posting to the Rule 17g-5 Information Provider’s Website pursuant to Section 12.13 of this Agreement, the Rule 17g-5
Information Provider; provided, however, the Special Servicer shall not be required to deliver an Asset Status Report
to the related Directing Holder if they are the same entity. The Special Servicer shall notify the Operating Advisor of whether
any Asset Status Report delivered to the Operating Advisor is a Final Asset Status Report, which notification may be satisfied
by (i) delivery of an Asset Status Report that is either signed by the Directing Holder or that otherwise includes an indication
that such Asset Status Report is deemed approved due to the passage of any required consent or consultation time period or (ii)
such other method as reasonably agreed to by the Operating Advisor and the Special Servicer. The Special Servicer shall deliver
a summary of each Final Asset Status Report to the Certificate Administrator. Such Asset Status Report shall be consistent with
the Servicing Standard and set forth the following information to the extent reasonably determinable:


 


(i)         summary
of the status of the related Mortgage Loan or Serviced Loan Combination and any negotiations with the Mortgagors;


 


(ii)         if
a Servicing Transfer Event has occurred and is continuing:


 


(A)          a
discussion of the legal and environmental considerations reasonably known at such time to the Special Servicer, consistent with
the Servicing Standard, that are applicable to the exercise of remedies as aforesaid and to the enforcement


 



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of any related guaranties
or other collateral for the Mortgage Loan or Serviced Loan Combination and whether outside legal counsel has been retained;


 


(B)           the
most current rent roll and income or operating statement available for the related Mortgaged Properties;


 


(C)          
the Special Servicer’s recommendations on how the related Mortgage Loan might be returned to performing status or
otherwise realized upon;


 


(D)          a
copy of the last obtained Appraisal of the Mortgaged Property;


 


(E)           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 related Mortgage Loan or Serviced Loan Combination;


 


(F)       a
description of any amendment, modification or waiver of a material term of any ground lease; and


 


(G)       if
the Special Servicer elects to proceed with a non-judicial foreclosure, then a statement as to (i) whether there was a violation
of a non-recourse carve-out under the related Mortgage Loan or Serviced Loan Combination and (ii) any determination not to pursue
a deficiency judgment against the related Mortgagor or guarantor;


 


(iii)       a
description of any such proposed or taken actions;


 


(iv)       the
alternative courses of action that were or are being considered by the Special Servicer in connection with the proposed or taken
actions;


 


(v)       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;


 


(vi)       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; and


 


(vii)       such
other information as the Special Servicer deems relevant in light of the proposed or taken action and the Servicing Standard.


 


If
any related Outside Controlling Note Holder (if a Serviced Outside Controlled Loan Combination is involved) or the Controlling
Class Representative (if any other Serviced Loan(s), except for Excluded Mortgage Loans, are involved and a Control Termination
Event does not exist), as applicable, does not disapprove an Asset Status Report in writing within 10 Business


 



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Days of receiving
such Asset Status Report, then the related Directing Holder shall be deemed to have approved such Asset Status Report and the
Special Servicer shall implement the recommended action as outlined in such Asset Status Report; provided, however,
that the Special Servicer may not take any action that is contrary to applicable law, the Servicing Standard or the terms of the
applicable Loan Documents. If the related Directing Holder disapproves such Asset Status Report within 10 Business Days of receipt
(and, if the Controlling Class Representative is the related Directing Holder, a Control Termination Event does not exist and
such Asset Status Report does not relate to an Excluded Mortgage Loan) and the Special Servicer has not made the affirmative determination
contemplated below, the Special Servicer will revise such Asset Status Report and deliver to the Operating Advisor (subject to
Section 3.21(e) of this Agreement), the related Directing Holder (but, if the Controlling Class Representative is the related
Directing Holder, only prior to the occurrence and continuance of a Consultation Termination Event and only if such Asset Status
Report does not relate to an Excluded Mortgage Loan), the Risk Retention Consultation Party (if such Asset Status Report does
not relate to any Excluded RRCP Mortgage Loan), the Certificate Administrator, any related Serviced Companion Loan Holder(s) (in
the case of a Serviced Loan Combination) and, for posting to the Rule 17g-5 Information Provider’s Website pursuant to Section
12.13 of this Agreement, the Rule 17g-5 Information Provider a new Asset Status Report as soon as practicable, but in no event
later than 30 days after such disapproval. The Special Servicer shall revise such Asset Status Report as described above until
the related Directing Holder (but, if the Controlling Class Representative is the related Directing Holder, only if a Control
Termination Event does not exist and only if an Excluded Mortgage Loan is not involved) shall fail to disapprove such revised
Asset Status Report in writing within 10 Business Days of receiving such revised Asset Status Report or until the Special Servicer
makes a determination, consistent with the Servicing Standard, that such objection is not in the best interests of all the Certificateholders
and, if applicable, the related Serviced Companion Loan Holder(s) (as a collective whole as if such Certificateholders, and/or
Serviced Companion Loan Holder(s), if applicable, constitute a single lender (and, in the case of a Serviced AB Loan Combination,
taking into account the subordinate nature of the related Subordinate Companion Loan)). The Special Servicer may, from time to
time, modify any Asset Status Report it has previously delivered and implement such report, provided such report shall
have been prepared, reviewed and not rejected pursuant to the terms of this Section. If the related Directing Holder does not
approve an Asset Status Report within 60 Business Days from the first submission thereof, the Special Servicer shall take such
action as directed by the related Directing Holder (but, if the Controlling Class Representative is the related Directing Holder,
only if a Control Termination Event does not exist and only if an Excluded Mortgage Loan is not involved), provided such
action does not violate the Servicing Standard (or, if such action would violate the Servicing Standard, the Special Servicer
shall take such action as was reflected in the most recent Asset Status Report prepared by the Special Servicer with respect to
the subject Serviced Loan that is consistent with the Servicing Standard and such Asset Status Report shall be deemed a Final
Asset Status Report). Notwithstanding the foregoing, if the Special Servicer determines that emergency action is necessary to
protect the related Mortgaged Property or the interests of the Certificateholders and any related Serviced Companion Loan Holder(s),
or if a failure to take any such action at such time would be inconsistent with the Servicing Standard, the Special Servicer may
take actions with respect to the related Mortgaged Property before the expiration of a 10 Business Day period if the Special Servicer
reasonably determines in accordance with the Servicing Standard that failure to take such actions before the expiration of a 10
Business Day period would materially and adversely affect the interest of the Certificateholders and any related


 






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Serviced Companion
Loan Holder(s) (if applicable) and the Special Servicer has made a reasonable effort to contact the related Directing Holder (during
the period that such Directing Holder has approval rights); provided that the foregoing shall not relieve the Special Servicer
of its duties to comply with the Servicing Standard. If the Special Servicer acts or intends to act in accordance with the prior
sentence, then the Special Servicer shall act in accordance with the most recent applicable Asset Status Report provided by the
Special Servicer with respect to the subject Serviced Loan that is consistent with the Servicing Standard and such Asset Status
Report shall be deemed a Final Asset Status Report. To the extent that the Special Servicer received notice of an Excluded Controlling
Class Mortgage Loan (in the form of Exhibit M-1C or M-1F), any Asset Status Report or Excluded Information delivered
with respect to an Excluded Controlling Class Mortgage Loan shall be labeled by the Special Servicer with “Excluded Information”
followed by the loan number and loan name.


 


After
the occurrence and during the continuance of a Control Termination Event, the Special Servicer shall consult on a non-binding
basis with the Operating Advisor in connection with each Asset Status Report prior to finalizing and executing such Asset Status
Report and the Operating Advisor shall propose, by written notice, alternative courses of action within 10 Business Days of receipt
of each Asset Status Report to the extent the Operating Advisor determines such alternatives to be in the best interest of the
Certificateholders (including any Certificateholders that were previously included in the Control Eligible Classes), as a collective
whole as if such Certificateholders constituted a single lender. In addition, after the occurrence and during the continuance
of a Control Termination Event, but prior to the occurrence and continuance of a Consultation Termination Event, the Special Servicer
shall also consult on a non-binding basis with the Controlling Class Representative in connection with each related Asset Status
Report (other than any Asset Status Report with respect to an Excluded Mortgage Loan) prior to finalizing and executing such Asset
Status Report and the Controlling Class Representative shall be permitted to propose alternative courses of action within 10 Business
Days of receipt of each Asset Status Report (other than any Asset Status Report with respect to an Excluded Mortgage Loan). Furthermore,
with respect to a Serviced Loan Combination, at all times if and to the extent so provided in the related Co-Lender Agreement,
any related Serviced Pari Passu Companion Loan Holder (or its Companion Loan Holder Representative) shall be entitled to consult
on a non-binding basis with the Special Servicer and propose alternative courses of action in respect of any Asset Status Report
within 10 Business Days of receiving such Asset Status Report; provided that, in the case of a Serviced Outside Controlled
Loan Combination, a related Serviced Pari Passu Companion Loan Holder (or its Companion Loan Holder Representative) may be the
related Outside Controlling Note Holder. The Special Servicer shall consider any such proposals from (a) the Operating Advisor
(during the continuance of a Control Termination Event), (b) the Controlling Class Representative (during the continuance of a
Control Termination Event but prior to the occurrence and continuance of a Consultation Termination Event and only with respect
to any Serviced Loan that is not an Excluded Mortgage Loan) or (c) with respect to any Serviced Companion Loan, any related Serviced
Pari Passu Companion Loan Holder (or its Companion Loan Holder Representative) (if and when provided in the related Co-Lender
Agreement), as applicable, and determine whether any changes to its proposed Asset Status Report should be made, such determination
being made in accordance with the Servicing Standard and the other terms of this Agreement, but the Special Servicer will be under
no obligation to revise such Asset Status Report based on the input or comments of the Operating Advisor or (during the continuance
of a Control Termination Event) the Controlling Class Representative or, with respect to any


 



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Serviced Companion Loan and subject
to the related Co-Lender Agreement, any related Serviced Pari Passu Companion Loan Holder (or its Companion Loan Holder Representative).
In the event that the Operating Advisor, the Controlling Class Representative, the related Serviced Companion Loan Holder (or
its Companion Loan Holder Representative), or the related Outside Controlling Note Holder, as applicable, does not propose 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.


 


After
the occurrence and during the continuance of a Control Termination Event, the Controlling Class Representative shall have no right
to consent or object to any Asset Status Report under this Section 3.21(b). After the occurrence and during the continuance
of a Control Termination Event but prior to the occurrence of a Consultation Termination Event, the Controlling Class Representative,
and after the occurrence and during the continuance of a Control Termination Event, the Operating Advisor, will be entitled to
consult on a non-binding basis with the Special Servicer and propose alternative courses of action and provide other feedback
in respect of any Asset Status Report. 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
after the occurrence and during the continuance of a Control Termination Event or the Controlling Class Representative after the
occurrence and during the continuance of a Control Termination Event but prior to the occurrence of a Consultation Termination
Event, but is under no obligation to follow any particular recommendation of the Operating Advisor or Controlling Class Representative.
From and after the Closing Date, the Controlling Class Representative shall have no right to receive any Asset Status Report related
to an Excluded Mortgage Loan or otherwise to consent or object thereto under this Section 3.21(b) or consult with the Special
Servicer with respect to any matter set forth therein. Notwithstanding anything herein to the contrary, the Risk Retention Consultation
Party shall have no right to receive any Asset Status Report with respect to any Excluded RRCP Mortgage Loan.


 


With
respect to a Servicing Shift Loan Combination that is a Serviced Outside Controlled Loan Combination, prior to the related Servicing
Shift Date, no request for approval of the Controlling Class Representative shall be made on any matter related to such Servicing
Shift Loan Combination, nor shall the Controlling Class Representative have the right to approve Asset Status Reports related
to such Servicing Shift Loan Combination, except that the Controlling Class Representative (prior to the occurrence and continuance
of a Consultation Termination Event and only if the related Servicing Shift Mortgage Loan is not an Excluded Mortgage Loan) may
exercise the consultation rights, if any, of the holder of the related Servicing Shift Mortgage Loan with respect to Asset Status
Reports set forth in the applicable Co-Lender Agreement. With respect to a Servicing Shift Loan Combination that is a Serviced
Outside Controlled Loan Combination and any related REO Property, prior to the related Servicing Shift Date, the Outside Controlling
Note Holder with respect to such Servicing Shift Loan Combination shall exercise all approval rights regarding any Asset Status
Report in respect of such Servicing Shift Loan Combination or REO Property set forth in the second paragraph of this Section
3.21(b) without regard to the occurrence of any Control Termination Event or Consultation Termination Event. Notwithstanding
the foregoing, after the occurrence and during the continuance of a Control Termination Event, the Operating Advisor will be entitled
to consult on a non-binding basis with the Special Servicer and propose alternative courses of action and provide other feedback
in respect of any Asset Status


 



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Report for a Servicing Shift Mortgage Loan while it is serviced hereunder. 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 after the occurrence and during the continuance of a Control
Termination Event or the Controlling Class Representative after the occurrence and during the continuance of a Control Termination
Event but prior to the occurrence of a Consultation Termination Event, but is under no obligation to follow any particular recommendation
of the Operating Advisor or Controlling Class Representative.


 


(c)         Subject
to Section 3.21(b) of this Agreement, during the continuance of a Servicing Transfer Event, the Special Servicer shall
have the authority to meet with the related Mortgagors and take any actions consistent with the Servicing Standard and the most
recent Asset Status Report for the related Mortgage Loan.


 


(d)        Upon
request of any Certificateholder (or any Certificate Owner, if applicable, which shall have provided the Certificate Administrator
with an Investor Certification), the Certificate Administrator shall mail, without charge, to the address specified in such request
a copy of the Final Asset Status Report for each Specially Serviced Loan; provided that an Excluded Controlling Class Holder
shall not be provided with any Final Asset Status Report (or copy thereof) with respect to any Excluded Controlling Class Mortgage
Loan with respect to which such Excluded Controlling Class Holder is a Borrower Party.


 


(e)        Prior
to the occurrence and continuance of a Control Termination Event, the Special Servicer shall deliver to the Operating Advisor
only each related Final Asset Status Report.


 


(f)         With
respect to any Asset Status Report provided to the Operating Advisor pursuant to this Section 3.21, the Special Servicer
shall make available to the Operating Advisor Servicing Officers with relevant knowledge regarding the applicable Mortgage Loan
and such Asset Status Report in order to address reasonable questions that the Operating Advisor may have relating to, among other
things, such Asset Status Report and potential conflicts of interest and compensation with respect to such Asset Status Report.


 


(g)        Notwithstanding
the foregoing, the Special Servicer shall not follow any advice, direction or consultation provided by the Operating Advisor,
any Serviced Companion Loan Holder, any Companion Loan Holder Representative or the related Directing Holder that would require
or cause the Special Servicer to violate any applicable law, be inconsistent with the Servicing Standard, require or cause the
Special Servicer to violate provisions of this Agreement or the REMIC Provisions, require or cause the Special Servicer to violate
the terms of any Mortgage Loan or Serviced Loan Combination, any related Loan Documents, any related Co-Lender Agreement or any
intercreditor agreement, expose any Certificateholder, the Trust Fund, any Mortgage Loan Seller (other than with respect to enforcing
the rights and remedies against such Mortgage Loan Seller pursuant to this Agreement or the related Mortgage Loan Purchase Agreement
with respect to any Material Defect) or any party to this Agreement or their respective Affiliates, officers, directors, employees
or agents to any claim, suit or liability, cause either Trust REMIC to fail to qualify as a REMIC or the Grantor Trust to fail
to qualify as a grantor trust for federal income tax purposes, result in the imposition of a “prohibited transaction”
or “prohibited contribution” tax under the REMIC Provisions, materially expand the scope of any Special


 



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Servicer’s
responsibilities under this Agreement or any Co-Lender Agreement, or cause the Special Servicer to act, or fail to act, in a manner
that in the reasonable judgment of the Special Servicer is not in the best interests of the Certificateholders and/or the Serviced
Companion Loan Holders. In addition, the Special Servicer is under no obligation to act upon any recommendation of the Operating
Advisor.


 


Section
3.22 Transfer of Servicing Between Master Servicer and Special Servicer; Record Keeping.


 


(a)     
   Upon determining that any Serviced Loan has become a Specially Serviced Loan, the Master Servicer shall
promptly give written notice thereof to the Special Servicer, any related Serviced Companion Loan Holder (in the case of a
Serviced Loan Combination), the Operating Advisor, the Certificate Administrator, the Trustee, the related Directing Holder
(prior to the occurrence and continuance of a Consultation Termination Event with respect to the related Mortgage Loan) and,
for posting to the Rule 17g-5 Information Provider’s Website pursuant to Section 12.13 of this Agreement, the
Rule 17g-5 Information Provider and shall promptly deliver a copy of the Servicing File to the Special Servicer and
concurrently provide a copy of such Servicing File to the Operating Advisor and shall use its reasonable efforts to provide
the Special Servicer with all information, documents (but excluding the original documents constituting the Mortgage File,
but including copies thereof) and records (including records stored electronically on computer tapes, magnetic discs and the
like) relating to such Serviced 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 its reasonable efforts to
comply with the preceding sentence within five (5) Business Days of the date such Serviced Loan became a Specially Serviced
Loan and in any event shall continue to act as Master Servicer and administrator of such Serviced Loan until the Special
Servicer has commenced the servicing of such Serviced Loan, which shall occur upon the receipt by the Special Servicer of the
Servicing File. With respect to each such Serviced Loan that becomes a Specially Serviced Loan, the Master Servicer shall
instruct the related Mortgagor to continue to remit all payments in respect of such Serviced Loan to the Master Servicer. The
Master Servicer shall forward any notices it would otherwise send to the Mortgagor of such a Specially Serviced Loan to
the Special Servicer who shall send such notice to the related Mortgagor.


 


Upon
determining that a Specially Serviced Loan has become a Corrected Loan, the Special Servicer shall promptly give written notice
thereof to the Master Servicer, the Trustee, the Operating Advisor, the Certificate Administrator, any related Serviced Companion
Loan Holder, the related Directing Holder (prior to the occurrence and continuance of a Consultation Termination Event with respect
to the related Mortgage Loan) and, for posting to the Rule 17g-5 Information Provider’s Website pursuant to Section 12.13 of this Agreement, the Rule 17g-5 Information Provider and, upon giving such notice and the return of the Servicing File to
the Master Servicer, such Serviced Loan shall cease to be a Specially Serviced Loan in accordance with the first proviso of the
definition of Specially Serviced Loans, the Special Servicer’s obligation to service such Serviced Loan shall terminate
and the obligations of the Master Servicer to service and administer such Serviced Loan as a Serviced Loan that is not a Specially
Serviced Loan shall resume. In addition, if the related Mortgagor has been instructed, pursuant to the preceding paragraph, to
make payments to the Special Servicer, upon such determination, the


 



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Special Servicer shall instruct the related Mortgagor to remit
all payments in respect of such Specially Serviced Loan directly to the Master Servicer.


 


(b)        In
servicing any 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 related Mortgage File (to the extent such documents are in
the possession of the Special Servicer) and copies of any additional related Serviced Loan information, including correspondence
with the related Mortgagor, 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)         Notwithstanding
the provisions of subsections (a) and (b) of this Section 3.22, the Master Servicer shall maintain ongoing payment records
with respect to each of the Specially Serviced Loans and, upon request, 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
to the extent such information is within the Master Servicer’s possession. Upon request, the Special Servicer shall provide
the Master Servicer and the Operating Advisor with any information reasonably required by the Master Servicer or the Operating
Advisor to perform its duties under this Agreement to the extent such information is within the Special Servicer’s possession.


 


Section
3.23 Interest Reserve Account. The Certificate Administrator shall establish and maintain the Interest Reserve
Account in the Certificate Administrator’s name, on behalf of the Trustee, for the benefit of the Certificateholders.
The Interest Reserve Account shall be established and maintained as a non-interest bearing Eligible Account. On each Master
Servicer Remittance Date occurring in January (except during a leap year) or February (commencing in 2018) (unless, in either
such case, the related Distribution Date is the final Distribution Date), the Master Servicer shall remit to the Certificate
Administrator for deposit into the Interest Reserve Account, in respect of all the Mortgage Loans that accrue interest on the
basis of a 360-day year and the actual number of days in the related month, an amount equal to one day’s interest at
the related Net Mortgage Rate on the Stated Principal Balance of each such Mortgage Loan as of the close of business on the
Distribution Date in the month preceding the month in which such Master Servicer Remittance Date occurs, to the extent a
Monthly Payment or P&I Advance is made in respect thereof (all amounts so deposited in any consecutive January (if
applicable) and February, “Withheld Amounts”). On or prior to the Master Servicer Remittance Date in March
(or February if the final Distribution Date occurs in such month) of each calendar year (commencing in 2018), the Certificate
Administrator shall transfer to the Lower-Tier REMIC Distribution Account the aggregate of all Withheld Amounts on deposit in
the Interest Reserve Account.


 


Section
3.24 Modifications, Waivers, Amendments and Other Actions.


 


(a)         (i)
With respect to any Performing Serviced Loan, the Master Servicer (if the related modification, waiver or amendment (A) does not
constitute a Special Servicer Decision or Major Decision or (B) constitutes a Special Servicer Decision or Major Decision and
the Master Servicer is processing such modification, waiver or amendment subject to the consent of the Special Servicer as provided
below in this Section 3.24(a)), or (ii) with respect to any Specially Serviced Loan or (if the related modification, waiver
or amendment constitutes a Special Servicer


 



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Decision or Major Decision unless the Master Servicer is processing such modification, waiver or amendment
as provided below in this Section 3.24(a)) any Performing Serviced Loan, the Special Servicer, in each case subject to any
applicable consultation rights of the Operating Advisor (to the extent the Operating Advisor has consultation rights pursuant to
Section 3.29, Section 6.09 or this Section 3.24), any applicable consent and/or consultation rights of the
related Directing Holder with respect to Major Decisions, any applicable consultation rights of the Risk Retention Consultation
Party (to the extent the Risk Retention Consultation Party has consultation rights pursuant to Section 6.09) and, to the
extent required in accordance with the related Co-Lender Agreement, any applicable consultation rights of any related Serviced
Companion Loan Holder (or its Companion Loan Holder Representative), may modify, waive or amend any term of any Serviced Loan if
such modification, waiver or amendment (A) is consistent with the Servicing Standard and (B) would not constitute a “significant
modification” of such Serviced 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 cause the Grantor Trust to fail to qualify as a grantor trust under subpart
E, part I of subchapter J of the Code for federal income tax purposes 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 Code Section
860F(a)(2) and the tax on contributions to a REMIC set forth in Code Section 860G(d), but not including the tax on “net income
from foreclosure property” under Code Section 860G(c)). The Master Servicer and the Special Servicer may rely on an Opinion
of Counsel with respect to the determination described in clause (B) of the immediately preceding sentence.


 





In
addition, with respect to Performing Serviced Loans, to the extent any modification, waiver, amendment or other action constitutes
(i) a Major Decision or (ii) a Special Servicer Decision, the Master Servicer (if the Master Servicer is processing such modification,
waiver or amendment as provided below in this Section 3.24(a)) shall obtain the consent of the Special Servicer, and, in
each case, to the extent any modification, waiver, amendment or other action constitutes a Major Decision, the Special Servicer
shall obtain the consent of the related Outside Controlling Note Holder (if a Serviced Outside Controlled Loan Combination is
involved) or the Controlling Class Representative (if any other Serviced Loan(s) (exclusive of any Excluded Mortgage Loan(s))
are involved and a Control Termination Event does not exist), as applicable, in accordance with Section 6.09(a) of this
Agreement and shall consult with the Risk Retention Consultation Party (to the extent required pursuant to Section 6.09)
and the Operating Advisor (to the extent required pursuant to Section 3.29, Section 6.09 or this Section 3.24).
With respect to any modification, waiver, amendment, consent or other action that constitutes a Major Decision with regard to
any Serviced Loan, the Special Servicer shall also obtain the consent of the related Outside Controlling Note Holder (if a Serviced
Outside Controlled Loan Combination is involved) or the Controlling Class Representative (if any other Serviced Loan(s) (exclusive
of any Excluded Mortgage Loan(s)) are involved and a Control Termination Event does not exist), as applicable, in accordance with
Section 6.09(a) of this Agreement and shall consult with the Risk Retention Consultation Party (to the extent required
pursuant to Section 6.09) and the Operating Advisor (to the extent required pursuant to Section 3.29, Section
6.09 or this Section 3.24).


 


No
modification, waiver or amendment of any Co-Lender Agreement related to a Serviced Loan, or any action to enforce rights with
respect thereto, in each case, in a manner that materially and adversely affects the rights, duties and obligations of the Special
Servicer or the


 



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Master Servicer, as applicable, shall be permitted without the prior written consent of the Special Servicer or
the Master Servicer, as applicable.


 


The
Special Servicer shall process any modification, waiver, amendment or other action that constitutes a Major Decision or Special
Servicer Decision with respect to: (a) any Specially Serviced Loan; and (b) any Performing Serviced Loan (unless (x) such Performing
Serviced Loan is a PrinREI-Subserviced Loan or (y) the Special Servicer and the Master Servicer have mutually agreed that the
Master Servicer shall process such Major Decision or Special Servicer Decision with respect to such Performing serviced Loan,
in each of which cases the Master Servicer shall process the subject Major Decision or Special Servicer Decision, as the case
may be, subject to the consent of the Special Servicer as set forth below).


 


With
respect to any Performing Serviced Loan that is not a PrinREI-Subserviced Loan, the Master Servicer, prior to taking (or making
a determination not to take) any action with respect to any modification, waiver, amendment, consent or other action that constitutes
a Major Decision or a Special Servicer Decision, shall refer the request to the Special Servicer, and the Special Servicer shall
process the request directly; or, if mutually agreed to by the Special Servicer and the Master Servicer, the Master Servicer shall
process such request subject to the consent of the Special Servicer as set forth below. With respect to any Performing Serviced
Loan that is a PrinREI-Subserviced Loan, the Master Servicer shall process any modification, waiver, amendment, consent or other
action that constitutes a Major Decision or Special Servicer Decision subject to the consent of the Special Servicer as set forth
below.


 


When
the Special Servicer’s consent is required with respect to any modification, waiver, amendment, consent or other action
that the Master Servicer is processing with regard to any Performing Serviced Loan as set forth in either sentence of the immediately
preceding paragraph, the Master Servicer shall, in a manner consistent with the Servicing Standard, provide the Special Servicer
with written notice of any request for such modification, waiver, amendment, consent or other action, accompanied by the Master
Servicer’s written recommendation and analysis and any and all information in the Master Servicer’s possession or
reasonably available to it that the Special Servicer or, with respect to a Major Decision, the related Directing Holder may reasonably
request in order to withhold or grant its consent, and in all cases the Special Servicer shall be entitled (subject to, with respect
to Major Decision, in each case if applicable, the consultation rights of the Operating Advisor (to the extent required pursuant
to Section 3.29, Section 6.09 or this Section 3.24), the consent and/or consultation rights of the related
Directing Holder (to the extent required pursuant to Section 6.09 or this Section 3.24), the consultation rights
of the Risk Retention Consultation Party (to the extent required pursuant to Section 6.09) and/or the consultation rights
of any related Serviced Companion Loan Holder or its Companion Loan Holder Representative) to approve or disapprove such modification,
waiver, amendment, consent or other action. The Special Servicer shall have 15 Business Days (or, with respect to a Serviced Loan
Combination, such longer period as required by the related Co-Lender Agreement, but in no event less than 5 Business Days after
the time period set forth in such Co-Lender Agreement for review by any related Serviced Companion Loan Holder or its Companion
Loan Holder Representative) (or 60 days with respect to an Acceptable Insurance Default), from the date that the Special Servicer
receives the Master Servicer’s written analysis and recommendation and any supporting information it requested from the
Master Servicer, to analyze and approve such modification, waiver, amendment, consent or other action and, prior to the end of
such 15 Business


 



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Day period or such longer period if required by the applicable Co-Lender Agreement or 60-day period (with respect
to an Acceptable Insurance Default), as applicable, the Special Servicer shall notify the related Outside Controlling Note Holder
(if a Serviced Outside Controlled Loan Combination is involved) or the Controlling Class Representative (if any other Serviced
Loan(s) (exclusive of any Excluded Mortgage Loan(s)) are involved and a Control Termination Event does not exist), as applicable,
of such request for approval of each such modification, waiver, amendment, consent or other action that constitutes a Major Decision
and provide its written analysis and recommendation (or, in the case of any action that constitutes a Major Decision, the Major
Decision Reporting Package) with respect thereto. Following such notice, the related Outside Controlling Note Holder (if a Serviced
Outside Controlled Loan Combination is involved) or the Controlling Class Representative (if any other Serviced Loan(s) (exclusive
of any Excluded Mortgage Loan(s)) are involved and a Control Termination Event does not exist), as applicable, shall have 10 Business
Days (or, in the case of a determination of an Acceptable Insurance Default, 20 days) from the date it receives from the Special
Servicer the recommendation and analysis of the Master Servicer or the Special Servicer (or, in the case of any action that constitutes
a Major Decision, the related Major Decision Reporting Package), as applicable, and any other information it may reasonably request
(or, with respect to a Serviced Loan Combination, such longer time period as may be provided in the related Co-Lender Agreement)
to approve any recommendation of the Special Servicer or the Master Servicer relating to any such request for approval of modification,
waiver, amendment, consent or other action that constitutes a Major Decision. In any such event, if the related Directing Holder
does not respond to a request for approval by 5:00 p.m. on the 10th Business Day (or, with respect to a Serviced Loan Combination,
such longer time period as may be provided in the related Co-Lender Agreement) or 20th day, as applicable, after receipt of the
applicable recommendation and analysis (or, in the case of any action that constitutes a Major Decision, the related Major Decision
Reporting Package) and other requested information as set forth in the preceding sentence, the Special Servicer or the Master
Servicer, as applicable, may deem its recommendation approved by the related Directing Holder, and if the Special Servicer does
not respond to a request for approval within the required 15 Business Days (or, with respect to a Serviced Loan Combination, such
longer period as required by the related Co-Lender Agreement, but in no event less than 5 Business Days after the time period
set forth in such Co-Lender Agreement for review by any related Serviced Companion Loan Holder or its Companion Loan Holder Representative)
or 60 days (with respect to an Acceptable Insurance Default), as applicable, the Master Servicer may deem its recommendation approved
by the Special Servicer.


 


With
respect to any Performing Serviced Loan, the Master Servicer, without the consent or consultation of the Special Servicer, the
Operating Advisor and/or the Directing Holder, shall process and determine whether to consent to or approve any request by the
related Mortgagor with respect to any action that is not (1) a Major Decision, (2) a Special Servicer Decision or (3) an action
with respect to which the Special Servicer’s consent is required pursuant to Section 3.09 of this Agreement.


 


(b)       All
modifications, waivers or amendments of any Serviced Loan shall be in writing and shall be effected in a manner consistent with
the Servicing Standard. The Master Servicer or the Special Servicer, as applicable (in each case, if it is the party processing
the related modification, waiver or amendment pursuant to Section 3.24(a)), shall notify in writing the Trustee, the Certificate
Administrator, the Depositor, any related Serviced Companion Loan Holder, any related Outside Controlling Note Holder, the Controlling
Class Representative (prior


 



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to the occurrence and continuance of a Consultation Termination Event and other than with respect
to any Excluded Mortgage Loan), the Risk Retention Consultation Party (other than with respect to any Excluded RRCP Mortgage Loan),
the Operating Advisor and, for posting to the Rule 17g-5 Information Provider’s Website pursuant to Section 12.13
of this Agreement, the Rule 17g-5 Information Provider, in writing, of any modification, waiver or amendment of any term of any
Serviced Loan and the date thereof, and shall deliver a copy to the Trustee, any related Serviced Companion Loan Holder (which,
in the case of a Serviced Companion Loan that has been included in an Other Securitization Trust, shall be deemed to be the related
master servicer under the related Other Pooling and Servicing Agreement, unless the notifying party has received written notice
otherwise), any related Outside Controlling Note Holder, the Controlling Class Representative (prior to the occurrence and continuance
of a Consultation Termination Event and other than with respect to any Excluded Mortgage Loan), the Risk Retention Consultation
Party (other than with respect to any Excluded RRCP Mortgage Loan) and the Operating Advisor and an original to the Certificate
Administrator (or any Custodian appointed by it) of the recorded agreement relating to such modification, waiver or amendment
within 15 Business Days following the execution and recordation thereof. For the avoidance of doubt, the requirement with respect
to the delivery of assumption or substitution agreements shall be governed by Section 3.09.


 


(c)       Subject
to Section 3.30 of this Agreement, any modification of any Loan Documents that requires obtaining a Rating Agency Confirmation
pursuant to such Loan Documents, or any modification that would eliminate, modify or alter the requirement of obtaining a Rating
Agency Confirmation in such Loan Documents, shall not be made without obtaining a Rating Agency Confirmation. The Rating Agency
Confirmation shall be obtained at the related Mortgagor’s expense in accordance with the related Loan Agreement or, if not
so provided in such Loan Agreement or if such Mortgagor does not pay, at the expense of the Trust Fund.


 


(d)       Promptly
after any Mortgage Loan or Serviced Loan Combination becomes a Specially Serviced Loan, the Special Servicer shall request from
the Certificate Administrator the name of the current Controlling Class Representative and, if applicable, shall request from
the Master Servicer the name of the current related Serviced Companion Loan Holder. Upon receipt of the name of such current Controlling
Class Representative from the Certificate Administrator, the Special Servicer shall notify the Controlling Class Representative
that such Mortgage Loan became a Specially Serviced Loan. Upon receipt of the name of such current related Serviced Companion
Loan Holder from the Master Servicer, the Special Servicer shall notify the related Serviced Companion Loan Holder that the related
Serviced Loan Combination became a Specially Serviced Loan. The Certificate Administrator shall be responsible for providing the
name of the current Controlling Class Representative only to the extent the Controlling Class Representative has identified itself
as such to the Certificate Administrator; provided that if the Controlling Class Representative is determined pursuant
to the proviso in the definition of “Controlling Class Representative”, then (i) the Certificate Administrator shall
determine which Class is the Controlling Class and (ii) the Special Servicer shall request from the Certificate Administrator,
and the Certificate Administrator shall request from the Depository at the expense of the Trust, the list of Beneficial Holders
of the Controlling Class, and the Certificate Administrator shall provide such list to the Special Servicer and the Master Servicer
at the expense of the Trust Fund.


 


(e)       [Reserved].


 






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(f)        The
Special Servicer or Master Servicer may, as a condition to granting any request by a Mortgagor for consent to a modification,
extension, 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 related Mortgage Loan or Serviced Loan Combination and, further, pursuant to the
terms of this Agreement and applicable law, require that such Mortgagor pay to it a reasonable or customary fee for the additional
services performed in connection with such request and any related costs and expenses incurred by it; provided that the
charging of such fee would not be a “significant modification” of the Mortgage Loan within the meaning of Treasury
Regulations Section 1.860G-2(b).


 


(g)       Notwithstanding
anything set forth in this Agreement, in no event shall the Special Servicer be permitted to:


 


(i)        extend
the Maturity Date of a Serviced Loan beyond a date that is 5 years prior to the Rated Final Distribution Date; or


 


(ii)       if
the Serviced Loan is secured by a ground lease, extend the Maturity Date of such Serviced Loan beyond a date which is 20 years
or, to the extent consistent with the Servicing Standard, giving due consideration to the remaining term of the ground lease,
10 years prior to the end of the current term of such ground lease, plus any options to extend exercisable unilaterally by the
related Mortgagor.


 


(h)       In
connection with (i) the release of a Mortgaged Property or any portion of a Mortgaged Property from the lien of the related Mortgage
or (ii) the taking of a Mortgaged Property or any portion of a Mortgaged Property by exercise of the power of eminent domain or
condemnation, if the related Loan Documents require the Master Servicer or the Special Servicer, as applicable, to calculate (or
require the Mortgagor to provide such calculation to the Master Servicer or the Special Servicer, as applicable) the loan-to-value
ratio of the remaining Mortgaged Property or Mortgaged Properties or the fair market value of the real property constituting the
remaining Mortgaged Property or Mortgaged Properties, for purposes of REMIC qualification of the related Serviced Mortgage Loan,
then, unless then permitted by the REMIC Provisions, such calculation shall exclude the value of personal property and going concern
value, if any. In connection with approving any such release or taking, the Master Servicer or Special Servicer, as applicable,
shall calculate the loan-to-value ratio in a manner consistent with the prior sentence, and if such calculation is greater than
125%, the Master Servicer or Special Servicer, as applicable, will require a payment of principal in an amount equal to or greater
than a “qualified amount” as determined under Revenue Procedure 2010-30 or successor provisions unless the related
Mortgagor provides an Opinion of Counsel that if such amount is not paid the related Mortgage Loan will not fail to be a Qualified
Mortgage.


 


(i)        If
and to the extent that the Trust is entitled to exercise any consent and/or consultation rights with respect to modifications,
waivers and amendments or certain other major decisions under the applicable Outside Servicing Agreement, (a) any such consent
rights shall be exercised by the Controlling Class Representative (unless a Control Termination Event exists or such Outside Serviced
Mortgage Loan is an Excluded Mortgage Loan) or by the Special Servicer (if a Control Termination Event exists or such Outside
Serviced Mortgage Loan is an Excluded Mortgage Loan), in each case in accordance with Section 3.01(i), and (b) any such
consultation


 



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rights shall be exercised by the Controlling Class Representative (unless a Consultation Termination Event exists
or such Outside Serviced Mortgage Loan is an Excluded Mortgage Loan) or by the Special Servicer (if a Consultation Termination
Event exists or such Outside Serviced Mortgage Loan is an Excluded Mortgage Loan), in each case in accordance with Section
3.01(i). The Master Servicer shall only be obligated to forward any requests received from the related Outside Servicer or
the related Outside Special Servicer, as applicable, for such consent and/or consultation to the Special Servicer (who shall forward
any such request to the Controlling Class Representative except if a Control Termination Event or Consultation Termination Event,
as applicable, has occurred and is continuing or if such Outside Serviced Mortgage Loan is an Excluded Mortgage Loan), and the
Master Servicer shall have no right or obligation to exercise any such consent or consultation rights.


 


Section
3.25          Additional Obligations With Respect to Certain Mortgage Loans.


 


(a)       With
respect to each Mortgage Loan (other than an Outside Serviced Mortgage Loan) with a Stated Principal Balance in excess of $35,000,000,
in connection with any replacement of the Manager for the related Mortgaged Property, the Master Servicer or Special Servicer,
as applicable, to the extent permitted by the related Loan Documents, shall require a Rating Agency Confirmation and shall condition
its consent to such replacement on the Mortgagor paying for such Rating Agency Confirmation.


 


(b)       With
respect to any Mortgage Loan (other than an Outside Serviced Mortgage Loan), if any mezzanine loan is directly or indirectly secured
by any equity interest of the related Mortgagor, the Master Servicer (if (i) the related Mortgage Loan is a Performing Serviced
Loan and (ii) the performance of the particular obligation would not constitute a Special Servicer Decision or a Major Decision)
or the Special Servicer (if (i) the related Mortgage Loan is a Specially Serviced Loan or (ii) the performance of the particular
obligation would constitute a Special Servicer Decision or a Major Decision) shall perform the obligations of the Trust, as holder
of the related Mortgage Loan, or its servicer or agent under the related mezzanine loan intercreditor agreement.


 


Section
3.26          Certain Matters Relating to the Outside Serviced Mortgage Loans.


 


(a)       With
respect to each Outside Serviced Mortgage Loan, in the event that any of the related Outside Trustee, the related Outside Servicer
or the related Outside Special Servicer shall be replaced in accordance with the terms of the applicable Outside Servicing Agreement,
the Master Servicer and the Special Servicer shall acknowledge its successor as the successor to the related Outside Trustee,
the related Outside Servicer or the related Outside Special Servicer, as the case may be, in each case with reasonable promptness
following request therefor by a party to the applicable Outside Servicing Agreement. In addition to the foregoing, with respect
to each Servicing Shift Loan Combination, after the related Servicing Shift Date the related Mortgage Loan shall be an Outside
Serviced Mortgage Loan, and the rights, duties and obligations of the Trust and the parties to this Agreement shall be as set
forth herein with respect to Outside Serviced Mortgage Loans.


 


(b)       With
respect to each Servicing Shift Loan Combination, prior to the related Servicing Shift Date, the Custodian shall hold the Mortgage
File with respect to such Servicing Shift Loan Combination. Following the related Servicing Shift Date and upon the transfer of


 



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servicing of the related Servicing Shift Mortgage Loan to the related Outside Servicing Agreement in accordance with the related
Co-Lender Agreement, (i) the Certificate Administrator shall transfer (or cause any Custodian appointed by it to transfer) the
Mortgage File (other than the Note(s) evidencing the related Servicing Shift Mortgage Loan and corresponding allonges, the originals
of which shall be retained by the Custodian) for such Servicing Shift Loan Combination to the related Outside Trustee (provided
that the Custodian shall retain a photocopy of the Mortgage File) in accordance with the provisions and conditions set forth in
clause (B) of the second paragraph of Section 2.01(c) and (ii) the Master Servicer shall, upon written request, if the
Master Servicer is not the related Outside Servicer, transfer the Servicing File along with any escrows or reserve funds held
for such Servicing Shift Loan Combination to the related Outside Servicer.


 


Section
3.27          Additional Matters Regarding Advance Reimbursement.


 


(a)       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 Mortgage Loans deposited in the Collection Account,
the Master Servicer, the Special Servicer or the Trustee, 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 3.06(a)(ii)(B) of
this Agreement immediately, may elect to defer reimbursement for some or all such portion of the Nonrecoverable Advance during
the one-month Collection Period ending on the then-current Determination Date, for successive one-month periods for a total not
to exceed 12 months; provided that any deferral in excess of 6 months shall be subject to the consent of the Controlling
Class Representative (or, in the case of a Property Advance with respect to a Serviced Outside Controlled Loan Combination, the
related Outside Controlling Note Holder) (unless, if the Controlling Class Representative is the consenting party, a Control Termination
Event has occurred and is continuing, in which case the Controlling Class Representative must be consulted with unless a Consultation
Termination Event has occurred and is continuing). If the Master Servicer, the Special Servicer or the Trustee makes such an election
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 option to defer; it is acknowledged that, in
such a subsequent period, such Nonrecoverable Advance shall again be reimbursable pursuant to Section 3.06(a)(ii)(B) of
this Agreement). In connection with a potential election by the Master Servicer, the Special Servicer or the Trustee to defer
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, the Special Servicer or the Trustee shall further be authorized
to wait for principal collections to be received before making its determination of whether to defer reimbursement of a particular
Nonrecoverable Advance or portion thereof) until the end of such Collection Period; provided, however, if, at any
time the Master Servicer, the Special Servicer or the Trustee, as applicable, determines that the reimbursement of a Nonrecoverable
Advance during any Collection Period will exceed the full amount of the principal portion of general collections deposited in
the Collection Account for the related Distribution Date, then the Master Servicer, the Special Servicer or the Trustee, as applicable,
shall, through a posting to the Rule 17g-5 Information Provider’s Website pursuant to Section 12.13 of this Agreement,


 



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give the Rating Agencies at least 15 days’ notice prior to any reimbursement to it of Nonrecoverable Advances from amounts
in the Collection Account allocable to interest on the Mortgage Loans unless (1) the Master Servicer, the Special Servicer or
the Trustee, as applicable, determines in its sole discretion that waiting 15 days after such a notice could jeopardize the Master
Servicer’s, the Special Servicer’s or the Trustee’s, as applicable, ability to recover such Nonrecoverable Advances,
(2) changed circumstances or new or different information becomes known to the Master Servicer, the Special Servicer or the Trustee,
as applicable, 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 Special
Servicer, as applicable, has not timely received from the Trustee information requested by the Master Servicer or the Special
Servicer, as applicable, to consider in determining whether to defer reimbursement of a Nonrecoverable Advance; provided
that, if clause (1), (2) or (3) apply, the Master Servicer, the Special Servicer or the Trustee, as applicable, shall, through
a posting to the Rule 17g-5 Information Provider’s Website pursuant to Section 12.13 of this Agreement, give Rating
Agencies notice of an anticipated reimbursement to it of Nonrecoverable Advances from amounts in the Collection Account allocable
to interest on the Mortgage Loans as soon as reasonably practicable in such circumstances. Subject to Section 12.13 of
this Agreement, the Master Servicer, the Special Servicer or the Trustee, as applicable, shall have no liability for any loss,
liability or expense resulting from any notice provided to Rating Agencies contemplated by the immediately preceding sentence.
Any election by the Master Servicer, the Special Servicer or the Trustee to defer reimbursing itself for any Nonrecoverable Advance
(together with interest thereon) or portion thereof with respect to any Collection Period shall not be construed to impose on
the other such parties any obligation to make such an election (or any entitlement in favor of any Certificateholder or any other
Person to such an election) with respect to any subsequent Collection Period or to constitute a waiver or limitation on the right
of the Master Servicer, the Special Servicer or the Trustee to otherwise be reimbursed for such Nonrecoverable Advance immediately
(together with interest thereon). Any such election by the Master Servicer, the Special Servicer or the Trustee shall not be construed
to impose any duty on any other such party to make such an election (or any entitlement in favor of any Certificateholder or any
other Person to such an election). Any such election by any such party to defer 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 on such Nonrecoverable Advance for the period prior to the actual reimbursement of such Nonrecoverable Advance. None
of the Master Servicer, the Special Servicer, the Trustee or the other parties to this Agreement will have any liability to one
another or to any of the Certificateholders for any such election that such party makes to defer or not to defer reimbursing itself
as contemplated by this paragraph or for any losses, damages or other adverse economic or other effects that may arise from such
an election nor will such election constitute a violation of the Servicing Standard or any duty under this Agreement. The Master
Servicer’s, the Special Servicer’s or the Trustee’s, as applicable, election, if any, to defer reimbursement
of such Nonrecoverable Advances as set forth above is an accommodation to the Certificateholders and shall not be construed as
an obligation on the part of the Master Servicer, the Special Servicer or the Trustee, as applicable, or a right of the Certificateholders.
Nothing herein shall give the Master Servicer, the Special Servicer or the Trustee the right to defer reimbursement of a Nonrecoverable
Advance if there are principal collections then available in the Collection Account pursuant to Section 3.06 of this Agreement
or to defer reimbursement of a Nonrecoverable Advance for an aggregate period exceeding 12 months.


 






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(b)       If
the Master Servicer is required to make a Property Advance, but does not do so within 15 days after the Property Advance is required
to be made, then the Trustee will be required: (i) if a Responsible Officer of the Trustee has actual knowledge of the failure,
to give the Master Servicer notice of its failure; and (ii) if the failure continues for three more Business Days, to make the
Advance unless the Trustee determines such advance to be a Nonrecoverable Advance.


 


Section
3.28          Serviced Companion Loan Intercreditor Matters.


 


(a)       If,
pursuant to Section 2.03, Section 3.17 or Section 9.01 of this Agreement, any Mortgage Loan that relates
to a Serviced Loan Combination is purchased from, repurchased from or substituted out of, the Trust Fund, the subsequent holder
thereof shall be bound by the terms of the related Co-Lender Agreement and shall assume the rights and obligations of the holder
of the Note that represents the related Mortgage Loan under such Co-Lender Agreement. All portions of the related Mortgage File
and (to the extent provided under the related Mortgage Loan Purchase Agreement) other documents pertaining to such Mortgage Loan
shall be endorsed or assigned to the extent necessary or appropriate to the purchaser of such Mortgage Loan in its capacity as
the holder of the Note that represents the related Mortgage Loan (as a result of such purchase, repurchase or substitution) and
(except for the actual Note) on behalf of the holder of the Note(s) that represents the Serviced Companion Loan(s). Thereafter,
such Mortgage File shall be held by the holder of the Note that represents the related Mortgage Loan or a custodian appointed
thereby for the benefit thereof, on behalf of itself and the holder of the related Serviced Companion Loan(s) as their interests
appear under the related Co-Lender Agreement. If the related Servicing File is not already in the possession of such party, it
shall be delivered to the master servicer or special servicer, as the case may be, under any separate servicing agreement for
the Serviced Loan Combinations.


 


(b)       With
respect to each Serviced Companion Loan, notwithstanding any rights the Operating Advisor or the Controlling Class Representative
hereunder may have to consult with respect to any action or other matter with respect to the servicing of such Serviced Companion
Loan, to the extent the related Co-Lender Agreement provides that such right is exercisable by the related Serviced Companion
Loan Holder or its Companion Loan Holder Representative or is exercisable in conjunction with any related Serviced Companion Loan
Holder, then (i) neither the Operating Advisor nor the Controlling Class Representative shall be permitted to exercise such right
or (ii) to the extent provided in the related Co-Lender Agreement, the Operating Advisor or the Controlling Class Representative,
as applicable, shall be required to exercise such right in conjunction with any related Serviced Companion Loan Holder or its
Companion Loan Holder Representative, as applicable. Additionally, notwithstanding anything in this Agreement to the contrary,
the Master Servicer or Special Servicer, as applicable, shall consult with, seek the approval of, or obtain the consent of the
holder of any Serviced Companion Loan or its Companion Loan Holder Representative with respect to any matters with respect to
the servicing of such Serviced Companion Loan to the extent required under related Co-Lender Agreement and shall not take such
actions requiring consent of or consultation with the Serviced Companion Loan Holder or its Companion Loan Holder Representative
without such consent or consultation. In addition, notwithstanding anything to the contrary, the Master Servicer or Special Servicer,
as applicable, shall deliver reports and notices to the Serviced Companion Loan Holder or its Companion Loan Holder Representative
(or the master servicer or special servicer for the related


 



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Other Securitization Trust on behalf of the Serviced Companion Loan
Holder) as required under the Co-Lender Agreement.


 


(c)       With
respect to each Serviced Loan Combination, the Master Servicer shall prepare, or cause to be prepared, on an ongoing basis a statement
setting forth, to the extent applicable to such Serviced Loan Combination:


 


(i)        (A)
the amount of the distribution from the related Loan Combination Custodial Account allocable to principal and (B) separately identifying
the amount of scheduled principal payments, balloon payments, principal prepayments made at the option of the Mortgagor or other
principal prepayments (specifying the reason therefor), net liquidation proceeds and foreclosure proceeds included therein and
information on distributions made with respect to the related Serviced Loan Combination;


 


(ii)       the
amount of the distribution from the related Loan Combination Custodial Account allocable to interest and the amount of Default
Interest allocable to the related Serviced Loan Combination;


 


(iii)      the
amount of the distribution to the related Serviced Companion Loan Holder, separately identifying the non-default interest, principal
and other amounts included therein, and if the distribution to a Serviced Companion Loan Holder is less than the full amount that
would be distributable to such Serviced Companion Loan Holder if there were sufficient amounts available therefor, the amount
of the shortfall and the allocation thereof between interest and principal and the amount of the shortfall, if any, under the
related Serviced Loan Combination;


 


(iv)      the
principal balance of each of the related Serviced Loan Combination and related Serviced Companion Loan after giving effect to
the distribution of principal on the most recent Distribution Date; and


 


(v)       the
amount of the servicing fees paid to the Master Servicer and the Special Servicer with respect to the most recent Distribution
Date, showing separately the Servicing Fee, the Special Servicing Fee, the Workout Fee and the Liquidation Fee.


 


Not
later than each Distribution Date, the Master Servicer shall make the foregoing statement available to the Serviced Companion
Loan Holder (or the master servicer or special servicer for the related Other Securitization Trust on its behalf) by electronic
means (which may include posting such information pursuant to the applicable CREFC® reports on the Master Servicer’s
website) and by such other means of delivery as required under the related Co-Lender Agreement.


 


(d)       If
any Serviced Companion Loan becomes the subject of an Other PSA Asset Review pursuant to the related Other Pooling and Servicing
Agreement, the Master Servicer, the Special Servicer, the Trustee and the Certificate Administrator shall reasonably cooperate
(and the Certificate Administrator shall cause any Custodian appointed by it to reasonably cooperate) with the related Other Asset
Representations Reviewer in connection with such Other PSA Asset Review by providing the related Other Asset Representations Reviewer
with any documents reasonably requested by the related Other Asset Representations Reviewer, but only to the extent


 



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that (i) the
Other Asset Representations Reviewer has not been able to obtain such documents from the related Mortgage Loan Seller and (ii)
such documents are in the possession of the Master Servicer, the Special Servicer, the Trustee, the Certificate Administrator
or any Custodian appointed by the Certificate Administrator, 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 shall have other obligations with
respect to any such Other PSA Asset Review nor shall any such party be bound by the results of any such asset review.


 


Section
3.29          Appointment and Duties of the Operating Advisor.


 


(a)       Pentalpha
Surveillance LLC is hereby appointed to serve as the initial Operating Advisor. The Operating Advisor shall at all times be an
Eligible Operating Advisor.


 


(b)       After
the occurrence and during the continuance of a Control Termination Event, the Operating Advisor, as an independent contractor,
shall review (in light of the Servicing Standard and the requirements of this Agreement) the Special Servicer’s actions
and decisions in respect of (i) Specially Serviced Loans (as provided in Section 3.21 and Section 6.09 and in accordance
with the provisions of this Section 3.29) and (ii) Major Decisions with respect to Serviced Loans as to which the Operating
Advisor has consultation rights following the occurrence and during the continuance of a Control Termination Event, consult with
the Special Servicer regarding the Major Decisions and Asset Status Reports as contemplated by Section 3.29(g) and perform
each other obligation of the Operating Advisor as set forth in this Agreement, in each such case solely on behalf of the Trust
Fund and in the best interest of, and for the benefit of, the Certificateholders (as a collective whole), and not any particular
Class of 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 Mortgagors, any Sponsor, any Mortgage Loan Seller, the Depositor, the Master Servicer, the Special Servicer,
the Asset Representations Reviewer, the Directing Holder, the Risk Retention Consultation Party or any of their respective Affiliates
(the “Operating Advisor Standard”). The Operating Advisor shall act solely as a contracting party to the extent
set forth in this Agreement and shall not owe any fiduciary duty to any party to this Agreement or any other Person in connection
with this Agreement. The Operating Advisor’s duties shall be limited to its specific obligations under this Agreement, and
the Operating Advisor shall have no duty or liability to any particular Class of Certificates or any Certificateholder. The Operating
Advisor is not a servicer or a sub-servicer and will not be charged with changing the outcome on any particular Specially Serviced
Loan or with respect to any Major Decision on which it consults for a Serviced Loan. By its acceptance of a Certificate, each
Certificateholder acknowledges and agrees that there could be multiple strategies to resolve any Specially Serviced Loan and a
variety of actions or decisions made with respect to any Major Decision and that the goal of the Operating Advisor’s participation
is to provide additional input relating to the Special Servicer’s compliance with the Servicing Standard in making its determinations
as to which strategy to execute.


 


(c)       The
Operating Advisor shall promptly review (i) all information available to Privileged Persons on the Certificate Administrator’s
Website with respect to the Special Servicer, assets on the CREFC® Servicer Watch List, Specially Serviced Loans
and, if a Control Termination Event exists, Major Decisions on Serviced Loans, (ii) each Final Asset Status Report


 



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delivered by
the Special Servicer to the Operating Advisor, (iii) if a Control Termination Event exists, each other Asset Status Report delivered
by the Special Servicer to the Operating Advisor, (iv) each Major Decision Reporting Package delivered by the Special Servicer
to the Operating Advisor pursuant to Section 6.09(a) in connection with the Operating Advisor’s consultation rights
with respect to the subject Major Decision regarding each Serviced Loan if a Control Termination Event exists, and (v) if specifically
required to be delivered under this Agreement, such other reports, documents, certificates and other information received by the
Operating Advisor from the Special Servicer (whether directly or through the Master Servicer) as relate to the actions and decisions
of the Special Servicer in respect of Specially Serviced Loans and, solely in connection with Major Decisions as to which the
Operating Advisor has consultation rights, Performing Serviced Loans. To the extent not otherwise deliverable by the Special Servicer
to the Operating Advisor hereunder or available to the Operating Advisor on the Certificate Administrator’s Website, the
Special Servicer shall: (i) concurrently deliver to the Operating Advisor any and all reports provided by the Special Servicer
to any of the other parties to this Agreement or to any Certificateholder or Certificate Owner, in each case, to the extent that
such reports relate to any Specially Serviced Loan or any Major Decision with respect to which the Operating Advisor has consultation
rights pursuant to Section 3.29(g) of this Agreement (provided, that, for so long as a Control Termination Event
does not exist, such reports shall exclude any Major Decision Reporting Package and any Asset Status Report that is not a Final
Asset Status Report); and (ii) grant the Operating Advisor adequate and timely access to information and reports prepared by or
otherwise in the possession of the Special Servicer necessary for the Operating Advisor to fulfill its duties under this Agreement.


 


(d)       (i)
After the occurrence and during the continuance of a Control Termination Event, the Operating Advisor shall review the Special
Servicer’s actions and decisions in light of the Servicing Standard and the requirements of this Agreement, with respect
to (i) the applicable Specially Serviced Loan(s) and (ii) Major Decisions with respect to the Serviced Loans as to which the Operating
Advisor has consultation rights pursuant to Section 3.29(g) of this Agreement.


 


(ii)       Following
the occurrence of a Control Termination Event, based on the Operating Advisor’s review of the following information (to
the extent delivered to the Operating Advisor or made available to the Operating Advisor on the Certificate Administrator’s
Website): any annual compliance statement and any assessment of compliance delivered to the Operating Advisor pursuant to Section
10.08 and Section 10.09 of this Agreement, as applicable; any attestation report delivered to the Operating Advisor
pursuant to Section 10.10 of this Agreement; any Major Decision Reporting Package; any Final Asset Status Report and, during
the continuance of a Control Termination Event, any other Asset Status Report; any other reports made available to Privileged
Persons on the Certificate Administrator’s Website during the prior calendar year that the Operating Advisor is required
to review pursuant to Section 3.29(c); and any other information delivered to the Operating Advisor by the Special Servicer
(whether directly or through the Master Servicer) (other than any communications between the related Directing Holder, the Risk
Retention Consultation Party or any Serviced Companion Loan Holder (or its Companion Loan Holder Representative), as applicable,
and the Special Servicer that would be Privileged Information), the Operating Advisor shall (if, during the prior calendar year,
any Mortgage Loan was a Specially Serviced Mortgage


 



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Loan and there existed a Control Termination Event) prepare and deliver to
the Depositor, the Rule 17g-5 Information Provider (who shall promptly post such Operating Advisor Annual Report on the Rule 17g-5
Information Provider’s Website), the Trustee and the Certificate Administrator (who shall promptly post such Operating Advisor
Annual Report on the Certificate Administrator’s Website), within 120 days of the end of the prior calendar year an annual
report (the “Operating Advisor Annual Report”). The Operating Advisor Annual Report shall be substantially
in the form of Exhibit R 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; 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). The Operating Advisor Annual Report shall set forth the Operating Advisor’s assessment of the Special
Servicer’s performance of its duties under this Agreement during the prior calendar year. Subject to the restrictions in
this Agreement, including, without limitation, Section 3.29(b) of this Agreement, each such Operating Advisor Annual Report
shall (A) state whether the Operating Advisor believes, in its sole discretion exercised in good faith, that the Special Servicer
is performing its duties in compliance with (1) the Servicing Standard and (2) the Special Servicer’s obligations under
this Agreement, and (B) identify any material deviations with respect to such matters from (i) the Servicing Standard or (ii)
the Special Servicer’s obligations under this Agreement, and (C) comply with all of the confidentiality requirements applicable
to the Operating Advisor with respect to Privileged Information provided for in this Agreement (subject to any permitted exceptions
set forth in this Agreement). In the event a lack of access to Privileged Information limits the Operating Advisor from performing
its duties under this Agreement, the Operating Advisor shall not be subject to any liability arising from its lack of access to
Privileged Information. Such Operating Advisor Annual Report shall be delivered to the Trustee, the Certificate Administrator,
the Rule 17g-5 Information Provider and the Depositor, and the Certificate Administrator and the Rule 17g-5 Information Provider
shall promptly, upon receipt, post such Operating Advisor Annual Report on the Certificate Administrator’s Website and the
Rule 17g-5 Information Provider’s Website, respectively; provided, however, that the Operating Advisor shall
deliver to the Special Servicer, the Controlling Class Representative (if a Serviced Loan other than a Serviced Outside Controlled
Loan Combination is addressed and a Consultation Termination Event does not exist) and the related Outside Controlling Note Holder
(if a Serviced Outside Controlled Loan Combination is addressed), any annual report produced by the Operating Advisor at least
ten (10) calendar days prior to its delivery to the Depositor, the Trustee and the Certificate Administrator. The Operating Advisor
may, but shall not be obligated to, revise the Operating Advisor Annual Report based on any comments received from the Special
Servicer or the Controlling Class Representative. In the event the Special Servicer is replaced during the prior calendar year,
the Operating Advisor shall only be required to prepare an Operating Advisor Annual Report relating to each entity that was acting
as Special Servicer as of December 31 of the prior calendar year and is continuing in such capacity through the date of such Operating
Advisor Annual Report. In preparing an Operating Advisor Annual Report, the Operating Advisor will not be required to report on
instances of non-compliance with, or deviations from, the Servicing Standard or the Special Servicer’s obligations under
this Agreement that the Operating Advisor determines, in accordance with the Operating Advisor Standard, to be immaterial. In
connection with the


 



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Operating Advisor Annual Report and the reviews provided for in Sections 3.29(b) and 3.29(d)(i),
the Operating Advisor shall perform its review on the basis of the Special Servicer’s performance of its duties with respect
to Specially Serviced Loans and, after the occurrence and during the continuance of a Control Termination Event, with respect
to Major Decisions on Serviced Loans, 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 annual compliance statement, any assessment of compliance
and any attestation report delivered to the Operating Advisor pursuant to Section 10.08, Section 10.09 and Section
10.10 of this Agreement, as applicable, or made available to the Operating Advisor on the Certificate Administrator’s
Website, any Asset Status Report, any Major Decision Reporting Package and other information (other than any communications between
the related Directing Holder, the Risk Retention Consultation Party or any Serviced Companion Loan Holder (or its Companion Loan
Holder Representative), as applicable, and the Special Servicer that would be Privileged Information) that the Operating Advisor
is required to review on the Certificate Administrator’s website or that is delivered or made available to the Operating
Advisor by the Special Servicer (directly or through the Master Servicer) pursuant to this Agreement.


 


(e)       Prior
to the occurrence and continuance of a Control Termination Event, the Special Servicer shall forward any Appraisal Reduction Amount,
Collateral Deficiency Amount and net present value calculations used in the Special Servicer’s determination of the course
of action to be taken in connection with the workout or liquidation of a Specially Serviced Loan to the Operating Advisor after
such calculations have been finalized. Prior to the occurrence and continuance of a Control Termination Event, the Operating Advisor
shall review such calculations but may not opine on, or otherwise call into question such Appraisal Reduction Amount, Collateral
Deficiency Amount and/or net present value calculations; provided, however, if the Operating Advisor discovers a
mathematical error contained in such calculations, then the Operating Advisor shall notify the Special Servicer and the related
Directing Holder (if the related Directing Holder is not a Borrower Party with respect to the related Specially Serviced Loan)
of such error.


 


(f)        After
the occurrence and during the continuance of a Control Termination Event, after the calculation but prior to the utilization by
the Special Servicer of any of the calculations related to (i) Appraisal Reduction Amounts, (ii) Collateral Deficiency Amounts
or (iii) net present value used in the Special Servicer’s determination of the course of action to be taken in connection
with the workout or liquidation of a Specially Serviced Loan, 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), to the Operating Advisor promptly, but in any event no later than two (2) Business Days after preparing such calculations,
and the Operating Advisor shall promptly, but no later than three (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.


 


In
connection with this Section 3.29(f), in the event the Operating Advisor does not agree with the mathematical calculations
or the application of the non-discretionary portions of the


 



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applicable formulas required to be utilized for such calculation,
the Operating Advisor and the Special Servicer shall consult with each other in order to resolve any inaccuracy in the mathematical
calculations or the application of the non-discretionary portions of the applicable formulas in arriving at those mathematical
calculations or any disagreement within five (5) Business Days of delivery of such calculations to the Operating Advisor. In the
event the Operating Advisor and Special Servicer are not able to resolve such inaccuracies or disagreement prior to the end of
such five (5) Business Day period, the Operating Advisor shall promptly notify the Certificate Administrator of such disagreement
and the Certificate Administrator 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 Fund.


 


(g)       After
the occurrence and during the continuance of a Control Termination Event, the, the Operating Advisor shall consult (on a non-binding
basis) with the Special Servicer in connection with (i) any Major Decision with respect to a Serviced Loan in accordance with
Section 3.24, Section 6.09 and this Section 3.29 and (ii) each Asset Status Report in accordance with Section
3.21, and, in each case, the Special Servicer shall consider any alternative courses of action and any other feedback provided
by the Operating Advisor.


 


(h)       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 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, whether or not referenced
in any Operating Advisor Annual Report and made by Privileged Persons from time to time in accordance with the terms of Section
4.02(a) of this Agreement.


 


(i)        Subject
to the Privileged Information Exception, the Operating Advisor will be obligated to keep confidential any Privileged Information
received from the Special Servicer, the related Directing Holder, the Risk Retention Consultation Party or any related Serviced
Companion Loan Holder (or its Companion Loan Holder Representative) in connection with the exercise of the rights of the related
Directing Holder, the Risk Retention Consultation Party or such related Serviced Companion Loan Holder under this Agreement (including,
without limitation, in connection with the review and/or approval of any Asset Status Report), subject to any law, rule, regulation,
order, judgment or decree requiring the disclosure of such Privileged Information.


 


(j)        The
Operating Advisor shall keep Privileged Information confidential and shall not disclose such Privileged Information to any Person
(including Certificateholders other than the Controlling Class Representative), 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,
(2) pursuant to a Privileged Information Exception or (3) when necessary to support, and directly related to, specific findings
or conclusions (i) in the Operating Advisor Annual Report or (ii) in connection with a recommendation by the Operating Advisor
for the replacement of the Special Servicer; provided, that, in the case of clause (3) above, (x) the Operating Advisor may not
disclose any Privileged Information that is subject to attorney-client privilege and (y) the Operating Advisor shall have determined
that such disclosure will not adversely affect the Trust or the Certificateholders. Notwithstanding the foregoing, the Operating


 



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Advisor, solely to the extent required in connection with its duties under this Agreement, will be permitted to share Privileged
Information with its Affiliates and any subcontractors of the Operating Advisor provided such Affiliates and subcontractors of
the Operating Advisor agree in writing prior to their receipt of such Privileged Information to be bound by the same confidentiality
provisions applicable to the Operating Advisor described in this Agreement and a copy of such agreement is provided to the parties
hereto. 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, as applicable, any related Outside Controlling Note Holder (if a Serviced Outside Controlled
Loan Combination is involved), the Risk Retention Consultation Party and/or, unless a Consultation Termination Event has occurred
and is continuing, the Controlling Class Representative other than pursuant to a Privileged Information Exception.


 


(k)       On
each Master 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. In addition, the Operating Advisor Consulting
Fee shall be payable to the Operating Advisor (but only to the extent such fee is actually received from the related Mortgagor
as a separately identifiable fee) 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 related Mortgagor. If 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 collect the applicable Operating Advisor Consulting
Fee from the related Mortgagor in connection with such Major Decision, but only to the extent not prohibited by the related Loan
Documents, and shall deposit any Operating Advisor Consulting Fee so collected from the related Mortgagor into the Collection
Account. The Master Servicer or Special Servicer, as applicable, may waive or reduce the amount of any Operating Advisor Consulting
Fee payable by the related Mortgagor 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 (on a non-binding basis) with the Operating Advisor prior to any such waiver or reduction.


 


(l)         In
no event shall the Operating Advisor have the power to compel any transaction party to take or refrain from taking any action.


 


Section
3.30          Rating Agency Confirmation.


 


(a)       Notwithstanding
the terms of any related Loan Documents or other provisions of this Agreement, if any action under any Loan Documents or this
Agreement requires Rating Agency Confirmation as a condition precedent to such action, if the party (the “Requesting
Party”) required to obtain such Rating Agency Confirmation from each Rating Agency has made a request to any Rating
Agency for such Rating Agency Confirmation and if, within 10 Business Days of the Rating Agency Confirmation request being posted
to the Rule 17g-5 Information


 



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Provider’s Website, any Rating Agency has not granted such request, rejected such request
or provided a Rating Agency Declination, then (i) such Requesting Party shall promptly request the related Rating Agency Confirmation
again, and (ii) if there is no response to such second Rating Agency Confirmation request from the applicable Rating Agency within
five (5) Business Days of such second request, whether in the form of granting or rejecting such Rating Agency Confirmation request
or providing a Rating Agency Declination, then: (x) with respect to any condition in any Loan Document or related intercreditor
agreement or Co-Lender Agreement requiring a Rating Agency Confirmation or any other matter under this Agreement relating to the
servicing of the Mortgage Loans (other than as set forth in clause (y) or (z) below), the Requesting Party (or, if the Requesting
Party is the related Mortgagor, then the Master Servicer (with respect to Performing Serviced Loans if the subject action is not
a Major Decision or a Special Servicer Decision or the Master Servicer is processing a Major Decision or a Special Servicer Decision)
or the Special Servicer (with respect to Specially Serviced Loans and REO Properties and with respect to Performing Serviced Loans
if the subject action is a Major Decision or a Special Servicer Decision processed by the Special Servicer), as applicable) shall
determine (with the consent of the related Directing Holder, unless, in the case of the Controlling Class Representative, a Control
Termination Event has occurred and is continuing (but in each case only in the case of actions that would otherwise be Major Decisions),
which consent shall be pursued by the Special Servicer and deemed given if the related Directing Holder does not respond within
seven (7) Business Days of receipt of a request from the Special Servicer to consent to the Requesting Party’s determination),
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 accordance with the Servicing Standard, and if the Requesting Party (or, if
the Requesting Party is the related Mortgagor, then the Master Servicer or the Special Servicer, as applicable) makes such determination,
then the requirement to obtain a Rating Agency Confirmation shall not apply; (y) with respect to a replacement of the Master Servicer
or the Special Servicer, such condition shall be considered satisfied if: (1) in the case that Moody’s is the non-responding
Rating Agency, (a) the applicable replacement master servicer or special servicer, as applicable, has confirmed in writing that
it was appointed to act, and as of the date of determination is acting, as the master servicer or special servicer, as applicable,
on a transaction level basis with respect to a CMBS transaction as to which Moody’s rated one or more classes of securities
and one or more of such classes of securities are still outstanding and rated by Moody’s and (b) Moody’s has not cited
servicing concerns of the applicable 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 CMBS transaction serviced by the applicable servicer prior to the
time of determination; (2) the applicable replacement master servicer has a master servicer rating of at least “CMS3”
from Fitch or the applicable replacement special servicer has a special servicer rating of at least “CSS3” from Fitch,
if Fitch is the non-responding Rating Agency; (3) DBRS has not cited servicing concerns of the applicable replacement master servicer
or special servicer as the sole or material factor in any qualification, downgrade or withdrawal of the ratings (or placement
on “watch status” in contemplation of a ratings downgrade or withdrawal) of securities in any other CMBS transaction
serviced by the applicable servicer prior to the time of determination, if DBRS is the non-responding Rating Agency, as applicable;
and (4) the applicable replacement master servicer or special servicer, as applicable, is on S&P’s Select Servicer List
as a U.S. Commercial Mortgage Master Servicer or U.S. Commercial Mortgage Special Servicer, as applicable, if S&P is the non-responding
Rating Agency, and (z) with respect to a replacement or successor of the


 



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Operating Advisor, such condition shall be deemed to
be waived with respect to any non-responding Rating Agency so long as such Rating Agency has not cited concerns regarding the
replacement operating advisor 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 securities transaction with respect to which the replacement operating advisor acts as trust advisor or operating
advisor prior to the time of determination.


 


Any
Rating Agency Confirmation request made by the Master Servicer, Special Servicer, Certificate Administrator, Operating Advisor
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 Rating Agency Confirmation request, and shall contain all back-up material reasonably necessary for the Rating
Agency to process such request, subject to Section 12.13. Such written Rating Agency Confirmation request shall be provided
in electronic format in accordance with Section 12.13(b) and the Master Servicer, Special Servicer, Certificate Administrator,
Operating Advisor or Trustee, as applicable, shall be required to send the Rating Agency Confirmation request to the Rating Agencies
in accordance with Section 12.13(b).


 


Promptly
following the Requesting Party’s (or, if the Requesting Party is the related Mortgagor, then the Master Servicer’s
or the Special Servicer’s, as applicable) determination to take any action discussed in this Section 3.30(a) without
receiving any required Rating Agency Confirmation, such Requesting Party (or the Master Servicer or the Special Servicer, as applicable)
shall provide electronic written notice in accordance with Section 12.13(b) of the action taken for the particular item
at such time and the Master Servicer, Special Servicer, Certificate Administrator or Trustee, as applicable, shall be required
to send the Rating Agency Confirmation request to the Rating Agencies in accordance with Section 12.13(b).


 


(b)       For
the purposes of clause (ii) of Section 3.30(a), and notwithstanding anything to the contrary in Section 3.30(a),
with respect to 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 applicable Rating Agency Confirmation
requirement in the Loan Documents shall not apply, even without the determination pursuant to Section 3.30(a)(ii)(x) by
the Requesting Party (or, if the Requesting Party is the related Mortgagor, by the Master Servicer (with respect to Performing
Serviced Loans if the subject action is not a Major Decision or a Special Servicer Decision or the Master Servicer is processing
a Major Decision or a Special Servicer Decision) or the Special Servicer (with respect to Specially Serviced Loans and REO Properties
and with respect to Performing Serviced Loans if the subject action is a Major Decision or a Special Servicer Decision processed
by the Special Servicer), as applicable); provided, that the Master Servicer (with respect to Performing Serviced Loans
if the subject action is not a Major Decision or a Special Servicer Decision or the Master Servicer is processing a Major Decision
or a Special Servicer Decision) or the Special Servicer (with respect to Specially Serviced Loans and REO Properties and with
respect to Performing Serviced Loans if the subject action is a Major Decision or a Special Servicer Decision processed by the
Special Servicer), as applicable, shall in any event review the other conditions required under the related Loan Documents with
respect to such defeasance, release or substitution and confirm to its satisfaction in accordance with the Servicing Standard
that such conditions (other than the requirement for a Rating Agency Confirmation) have been satisfied.


 






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(c)       For
all other matters or actions (i) not specifically discussed in clause (ii) (x), (ii) (y) or (ii) (z) of Section 3.30(a)
above and (ii) that are not the subject of a Rating Agency Declination, the proposed action shall not be permitted to proceed
unless the applicable Requesting Party shall deliver Rating Agency Confirmation from each Rating Agency.


 


(d)       With
respect to any Serviced Companion Loan as to which there exists Serviced Companion Loan Securities, if any action relating to
the servicing and administration of any or all of the related Serviced Loans or any related REO Property (including, but not limited
to, the replacement of the Master Servicer, the Special Servicer or a sub-servicer) (the “Relevant Action”)
requires delivery of a Rating Agency Confirmation as a condition precedent to such action pursuant to this Agreement, then, except
as set forth below in this paragraph, such action will also require delivery of a Companion Loan Rating Agency Confirmation as
a condition precedent to such action from each Companion Loan Rating Agency. Each Companion Loan Rating Agency Confirmation shall
be sought by the Master Servicer or Special Servicer, as applicable, depending on whichever such party is seeking the corresponding
Rating Agency Confirmation(s) in connection with the Relevant Action. The requirement to obtain a Companion Loan Rating Agency
Confirmation with respect to any Serviced Companion Loan Securities will be subject to, will be permitted to be waived by the
Master Servicer and the Special Servicer on, and will be deemed satisfied or not to apply on, the same terms and conditions applicable
to obtaining Rating Agency Confirmations, as set forth in this Agreement; provided, that the Master Servicer or Special
Servicer, as applicable, depending on which is seeking the subject Companion Loan Rating Agency Confirmation, shall forward to
one or more of its counterparts (i.e., the master servicer or special servicer, as applicable), the Rule 17g-5 Information Provider’s
counterpart for the related Other Securitization Trust, or such other party or parties (as are agreed to by the Master Servicer
or the Special Servicer, as applicable, and the applicable parties for the related Other Securitization Trust), at the expense
of the related Other Securitization Trust to the extent not borne by the related Mortgagor, and in such format as the sender and
recipient may reasonably agree, (i) the request for such Companion Loan Rating Agency Confirmation at least two (2) Business Days
before it is sent to the applicable Companion Loan Rating Agency, (ii) all materials forwarded to the Rule 17g-5 Information Provider
under this Agreement in connection with seeking the Rating Agency Confirmation(s) for the applicable Relevant Action at approximately
the same time that such materials are forwarded to the Rule 17g-5 Information Provider, and (iii) any other materials that the
applicable Companion Loan Rating Agency may reasonably request in connection with such Companion Loan Rating Agency Confirmation
promptly following such request.


 


(e)       Each
of the Master Servicer and the Certificate Administrator shall, promptly following receipt of written request from the Special
Servicer, provide to the Special Servicer the contact information for the master servicer, the special servicer, the trustee,
the certificate administrator and the Rule 17g-5 Information Provider’s counterpart for an Other Securitization Trust, in
each case to the extent known to it.


 


Section
3.31          General Acknowledgement Regarding Companion Loan Holders.
Each Certificateholder acknowledges and agrees, by its acceptance of its Certificates, that: (i) each Companion Loan Holder may
have special relationships and interests that conflict with those of Holders of one or more Classes of Certificates; (ii) each
Companion Loan Holder may act solely in its own interests; (iii) no Companion Loan Holder has any duty to the Holders of any Class
of Certificates; and (iv) no Companion Loan Holder shall have any liability whatsoever for having



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so acted in its own interests,
and no Certificateholder may take any action whatsoever against any Companion Loan Holder or any director, officer, employee,
agent or principal thereof for such Companion Loan Holder’s having so acted in its own interests.


 


Section
3.32          Delivery of Excluded Information to the Certificate Administrator. Any Excluded Information that the
Master Servicer, the Special Servicer or the Operating Advisor identifies and delivers to the Certificate Administrator for posting
to the Certificate Administrator’s Website shall be delivered to the Certificate Administrator via e-mail (or such other
electronic means as is mutually acceptable to the parties) in one or more separate files labeled “Excluded Information”
followed by the applicable loan name and loan file to loandata@citi.com. For the avoidance of doubt, any information that
is not appropriately labeled and delivered in accordance with this Section 3.32 shall not be separately posted as Excluded
Information on the Certificate Administrator’s Website, and any information appropriately labeled and delivered to the Certificate
Administrator pursuant to this Section 3.32 shall be posted on the Certificate Administrator’s Website under the
“Excluded Information” section, as provided under Section 4.02 (unless a loan-by-loan segregation is later
performed by the Certificate Administrator in which case any information appropriately labeled and delivered to the Certificate
Administrator pursuant to this Section 3.32 shall be posted on the Certificate Administrator’s Website in such a
manner that an Excluded Controlling Class Holder will only be prohibited from accessing Excluded Information with respect to those
Excluded Controlling Class Mortgage Loan(s) for which such Excluded Controlling Class Holder is a Borrower Party; provided
that the foregoing shall not be construed as an affirmative obligation for the Certificate Administrator to perform such segregation).
When so posted, the Excluded Controlling Class Holders shall be prohibited from accessing Excluded Information with respect to
any Excluded Controlling Class Mortgage Loans on the Certificate Administrator’s Website. None of the Master Servicer, the
Special Servicer or the Operating Advisor shall have any obligations to separately label and deliver any Excluded Information
in accordance with this Section 3.32 until such party has received written notice with respect to the related Excluded
Controlling Class Mortgage Loan in the form of Exhibit M-1C to this Agreement. Nothing set forth in this Agreement shall
prohibit the Controlling Class Representative or any Controlling Class Certificateholder from receiving, requesting or reviewing
any Excluded Information relating to any Excluded Controlling Class Mortgage Loan with respect to which the Controlling Class
Representative or such Controlling Class Certificateholder is not a Borrower Party and, if such Excluded Information is not available
on the Certificate Administrator’s Website, such Controlling Class Representative or Controlling Class Certificateholder
that is not a Borrower Party with respect to the related Excluded Controlling Class Mortgage Loan shall be entitled to obtain
(upon reasonable request) such information in accordance with Section 4.02(e) of this Agreement.


 


Section
3.33          Litigation Control.


 


(a)       The
Special Servicer (with respect to each Mortgage Loan and Serviced Loan Combination) shall in accordance with the Servicing Standard,
direct, manage, prosecute and/or defend any action brought by a Mortgagor, guarantor, or other obligor on the related Note or
any affiliates thereof (each a “Borrower-Related Party”) against the Trust, the Master Servicer and/or the
Special Servicer or any predecessor master servicer or special servicer, and represent the interests of the Trust in any litigation
relating to the rights and obligations of the Trust, or of the Mortgagor or other Borrower-Related Party, under the related Mortgage
Loan or Loan


 



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Combination, as applicable, or with respect to the related Mortgaged Property or other collateral securing such Mortgage
Loan or Loan Combination, or the enforcement of the obligations of a Borrower-Related Party under the related Loan Documents (“Loan-Related
Litigation”). In the event that the Master Servicer is named in any Loan-Related Litigation but the Special Servicer
is not named in such Loan-Related Litigation (and regardless of whether the Trust is named in such Loan-Related Litigation), the
Master Servicer shall notify the Special Servicer of such litigation as soon as practicable but in any event no later than within
ten (10) Business Days of the Master Servicer receiving service of such Loan-Related Litigation.


 


(b)       To
the extent the Master Servicer is named in Loan-Related Litigation, and neither the Trust nor the Special Servicer is named, in
order to effectuate the role of the Special Servicer as contemplated by the immediately preceding subsection, the Master Servicer
shall (i) provide monthly status reports to the Special Servicer, regarding such Loan-Related Litigation; (ii) seek to have the
Trust replace the Master Servicer as the appropriate party to the lawsuit; and (iii) so long as the Master Servicer remains a
party to the lawsuit, consult with and act at the direction of the Special Servicer with respect to decisions and resolutions
related to the interests of the Trust in such Loan-Related Litigation, including but not limited to the selection of counsel;
provided that the Master Servicer shall have the right to engage separate counsel relating to claims against the Master
Servicer to the extent set forth in Section 3.33(e); and provided, further, that if there are claims against
the Master Servicer and the Master Servicer has not determined that separate counsel is required for such claims, such counsel
selected by the Special Servicer shall be reasonably acceptable to the Master Servicer.


 


(c)       The
Special Servicer shall not (i) undertake (or direct the Master Servicer to undertake) any material settlement of any Loan-Related
Litigation or (ii) initiate any material Loan-Related Litigation unless and until it has notified in writing the Controlling Class
Representative (only if the related Mortgage Loan is not an Excluded Mortgage Loan and for so long as no Consultation Termination
Event has occurred and is continuing and to the extent the identity of the Controlling Class Representative is actually known
to the Special Servicer; provided that the Special Servicer shall make due inquiry of the Certificate Administrator as to the
identity of the Controlling Class Representative), and the related holder of any Companion Loan (if such matter affects a Companion
Loan and to the extent the identity of the holder of such Companion Loan is actually known to the Special Servicer), and the Controlling
Class Representative (only if the related Mortgage Loan is not an Excluded Mortgage Loan and for so long as no Control Termination
Event has occurred and is continuing) has not objected in writing within five (5) Business Days of having been notified thereof
and having been provided with all information that the Controlling Class Representative has reasonably requested with respect
thereto promptly following its receipt of the subject notice (it being understood and agreed that if such written objection has
not been received by the Special Servicer within such 5 Business Day period, then the Controlling Class Representative shall be
deemed to have approved the taking of such action); provided that, if the Special Servicer determines (consistent with the Servicing
Standard) that immediate action is necessary to protect the interests of the Certificateholders and, with respect to a Serviced
Loan Combination, the related Companion Loan Holders, the Special Servicer may take such action without waiting for the Controlling
Class Representative’s response.


 


(d)       Notwithstanding
anything to the contrary in this Section 3.33, neither the Special Servicer nor the Master Servicer shall follow any advice,
direction or consultation


 



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provided by the Controlling Class Representative that would require or cause such Special Servicer or
the Master Servicer, as applicable, to violate any applicable law, be inconsistent with the Servicing Standard, require or cause
such Special Servicer or the Master Servicer, as applicable, to violate provisions of this Agreement, require or cause such Special
Servicer or the Master Servicer, as applicable, to violate the terms of any Mortgage Loan or Loan Combination, expose any Certificateholder
or any party to this Agreement or their Affiliates, officers, directors or agents to any claim, suit or liability, cause any Trust
REMIC created hereunder to fail to qualify as a REMIC, or any Grantor Trust created hereunder to fail to qualify as a grantor
trust for federal income tax purposes or result in the imposition of a “prohibited transaction” or “prohibited
contribution” tax under the REMIC Provisions, or materially expand the scope of the Special Servicer’s, the Master
Servicer’s, the Certificate Administrator’s or the Trustee’s, as applicable, responsibilities under this Agreement.


 


(e)       Notwithstanding
the right of the Special Servicer provided in this Section 3.33 to represent the interests of the Trust in Loan-Related
Litigation, and subject to the rights of the Special Servicer to direct the Master Servicer’s actions in this Section
3.33, the Master Servicer shall retain the right to make determinations relating to claims against the Master Servicer, including
but not limited to the right to engage separate counsel and to appear in any proceeding on its own behalf in the Master Servicer’s
reasonable discretion, the cost of which shall be subject to indemnification as and to the extent provided in this Agreement.


 


(f)        Further,
nothing in this Section shall require the Master Servicer, any Special Servicer or any other party to this Agreement to take or
fail to take any action which, in such party’s good faith and reasonable judgment, may result in a violation of the REMIC
Provisions or Grantor Trust Provisions, subject the Master Servicer, any Special Servicer or other such party to liability, or
materially expand the scope of the Master Servicer’s, any Special Servicer or such party’s obligations under this
Agreement.


 


(g)       Notwithstanding
the Master Servicer’s right to make determinations relating to claims against the Master Servicer, the Special Servicer
shall have the right at any time in accordance with the Servicing Standard to (i) direct the Master Servicer to settle any claims
asserted against the Master Servicer (whether or not the Trust or the Special Servicer is named in any such claims or Loan-Related
Litigation) and (ii) otherwise reasonably direct the actions of the Master Servicer relating to claims against the Master Servicer
(whether or not the Trust or the Special Servicer is named in any such claims or Loan-Related Litigation), provided in either
case that (A) such settlement or other direction does not contain or require any admission of liability, wrongdoing or consent
to injunctive relief on the part of the Master Servicer, (B) the cost of such settlement or any resulting judgment is and shall
be paid by the Trust pursuant to the terms of this Agreement, and payment of such cost or judgment is provided for in this Agreement,
(C) the Master Servicer is and shall be indemnified as and to the extent provided in this Agreement for all costs and expenses
of the Master Servicer incurred in defending and settling the Loan-Related Litigation and for any related judgment, (D) any action
taken by the Master Servicer at the direction of the Special Servicer shall be deemed (as to the Master Servicer) to be in compliance
with the Servicing Standard, and (E) the Special Servicer provides the Master Servicer with assurance reasonably satisfactory
to the Master Servicer as to the items in clauses (A), (B) and (C); and provided, further, that, with respect to
any material settlements with respect to any Mortgage Loan other than an Excluded Mortgage Loan, the Special Servicer shall be
required to obtain the


 



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consent or consultation of the Controlling Class Representative prior to the occurrence and continuance
of a Control Termination Event or Consultation Termination Event, respectively.


 


(h)       In
the event both the Master Servicer and the Special Servicer or Trust are named in Loan-Related Litigation, the Master Servicer
and the Special Servicer shall cooperate with each other to afford the Master Servicer and the Special Servicer the rights afforded
to such party in this Section 3.33.


 


(i)        This
Section shall not apply in the event, and to the extent, that the Special Servicer authorizes the Master Servicer, and the Master
Servicer agrees (both authority and agreement to be in writing), to make certain decisions or control certain Loan-Related Litigation
on behalf of the Trust in accordance with the Servicing Standard.


 


(j)        Notwithstanding
the foregoing, and subject to the requirements of the second sentence in the second paragraph of Section 3.01(a) of this
Agreement and subject to the power of attorney, (x) in the event that any action, suit, litigation or proceeding names the Trustee,
Certificate Administrator, Custodian or Operating Advisor, in its respective individual capacity, or in the event that any judgment
is rendered against the Trustee, Certificate Administrator, Custodian or Operating Advisor, as applicable, in its individual capacity,
the Trustee, Certificate Administrator, Custodian or Operating Advisor, as applicable, upon prior written notice to the Master
Servicer or the Special Servicer, as applicable, may retain separate counsel and appear in any such proceeding on its own behalf
in order to protect and represent its interests (but not to otherwise direct, manage or prosecute such litigation or claim); (y)
in the event of any action, suit, litigation or proceeding, other than an action, suit, litigation or proceeding relating to the
enforcement of the obligations of a Mortgagor, guarantor or other obligor under the related Loan Documents, or otherwise relating
to one or more Mortgage Loans or Mortgaged Properties, neither the Master Servicer nor the Special Servicer shall, without the
prior written consent of the Trustee, Certificate Administrator, Custodian or Operating Advisor, as applicable, (i) initiate an
action, suit, litigation or proceeding in the name of the Trustee, Certificate Administrator, Custodian or Operating Advisor,
as applicable, whether in such capacity or individually, (ii) engage counsel to represent the Trustee, Certificate Administrator,
Custodian or Operating Advisor, as applicable, (iii) settle any claim giving rise to liability to the Trustee, Certificate Administrator,
Custodian or Operating Advisor, as applicable, in its individual capacity, or (iv) prepare, execute or deliver any government
filings, forms, permits, registrations or other documents or take any other similar actions with the intent to cause, and that
actually causes, the Trustee, Certificate Administrator, Custodian or Operating Advisor, as applicable, to be registered to do
business in any state (provided that neither the Master Servicer nor the Special Servicer shall be responsible for any delay due
to the unwillingness of the Trustee, Certificate Administrator, Custodian or Operating Advisor to grant such consent); and (z)
in the event that any court finds that the Trustee, Certificate Administrator, Custodian or Operating Advisor, as applicable,
is a necessary party in respect of any action, suit, litigation or proceeding relating to or arising from this Agreement or any
Mortgage Loan, the Trustee, the Certificate Administrator, the Custodian or the Operating Advisor, as applicable, shall have the
right to retain separate counsel and appear in any such proceeding on its own behalf in order to protect and represent its interests,
whether as Trustee, Certificate Administrator, Custodian or Operating Advisor, as applicable, or individually (but not to otherwise
direct, manage or prosecute such litigation or claim); provided, however, nothing in this subsection shall be interpreted to preclude
the Special Servicer (with respect to any material Loan-Related


 



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Litigation with respect to any Mortgage Loan other than an Excluded
Mortgage Loan, with the consent or consultation of the Controlling Class Representative prior to the occurrence and continuance
of a Control Termination Event or Consultation Termination Event, respectively) from initiating any action, suit, litigation or
proceeding in its own name as representative of the Trust.


 


(k)       Notwithstanding
the foregoing or anything to the contrary in this Section, this Section shall not apply to any Loan-Related Litigation and shall
have no force and effect with respect thereto, in the event that either (i) at the time such Loan-Related Litigation is commenced
or at any time during the continuance of such Loan-Related Litigation, KeyBank National Association is no longer the Special Servicer
with respect to the related Mortgage Loan or related Loan Combination or has received notice of its replacement as Special Servicer
with respect to the related Mortgage Loan or related Loan Combination (whether or not such replacement is effective) or such related
Mortgage Loan or Loan Combination is an Excluded Special Servicer Mortgage Loan in respect of KeyBank National Association as
Special Servicer, or (ii) the Depositor, any Sponsor, any Mortgage Loan Seller, any Initial Purchaser, any Underwriter, or any
of their respective affiliates is an adverse party (with respect to the Trust or the Special Servicer) in such Loan-Related Litigation
or holds any interest which is adverse to the Trust or the Special Servicer in the related Mortgage Loan or related Loan Combination
(or any portion thereof) or the related Mortgaged Property to which Loan-Related Litigation relates, unless otherwise agreed to
in writing by each of the Depositor, Sponsor, Mortgage Loan Seller, Initial Purchaser, Underwriter, or affiliate that is such
a party or holds such interest. For the avoidance of doubt, the rights and obligations of the Master Servicer and the Special
Servicer relating to any Loan-Related Litigation shall be limited solely to the representation of the Trust and itself, separate
and apart from the interests of any other party thereto. For the further avoidance of doubt, in such circumstance described in
this paragraph, the rights and obligations of the Master Servicer and the Special Servicer relating to litigation shall be as
otherwise set forth with respect to servicing in this Agreement.


 


Article
IV



DISTRIBUTIONS TO CERTIFICATEHOLDERS


 


Section
4.01          Distributions.


 


(a)       (i)
On each Master Servicer Remittance Date, the Master Servicer shall make the remittances and deposits specified in the first paragraph
of Section 4.06(a) of this Agreement. On or prior to the Master Servicer Remittance Date in March (or February if the final
Distribution Date occurs in such month) of each calendar year (commencing in 2018), pursuant to Section 3.23, the Certificate
Administrator shall withdraw from the Interest Reserve Account the aggregate of all Withheld Amounts on deposit therein and shall
deposit any such amounts in the Lower-Tier REMIC Distribution Account. On each Master Servicer Remittance Date, the Certificate
Administrator shall withdraw from the Excess Liquidation Proceeds Reserve Account and deposit in the Lower-Tier REMIC Distribution
Account any Excess Liquidation Proceeds required to be so transferred pursuant to Section 4.01(e) of this Agreement. On
each Distribution Date, the amounts that have been transferred to the Lower-Tier REMIC Distribution Account from the Collection
Account or as P&I Advances or Compensating Interest Payments or as otherwise


 



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contemplated by the preceding sentences of this
Section 4.01(a) shall be deemed distributed on the Lower-Tier Regular Interests to the Upper-Tier REMIC, in accordance
with Section 4.01(a)(ii) and the last paragraph of Section 4.01(d). Thereafter, such amounts shall be considered
to be held in the Upper-Tier REMIC Distribution Account until distributed to the Certificateholders.


 


(ii)       All
distributions made in respect of interest on any Class of Non-Vertically Retained Principal Balance Certificates or in respect
of interest of the Class VRR Upper Tier Regular Interest on each Distribution Date pursuant to Section 4.01(b), Section 4.01(c)
or Section 9.01 shall be deemed to have first been distributed from the Lower-Tier REMIC to the Upper-Tier REMIC as
interest in respect of its Corresponding Lower-Tier Regular Interest set forth in the Preliminary Statement hereto. All distributions
made in respect of interest on any Class of the Class X Certificates on each Distribution Date pursuant to Section 4.01(b)
or Section 9.01, and allocable to any particular Component of such Class of Certificates in accordance with the last
paragraph of Section 4.01(b), shall be deemed to have first been distributed from the Lower-Tier REMIC to the Upper-Tier
REMIC as interest in respect of such Component’s Corresponding Lower-Tier Regular Interest. All distributions made in respect
of principal of any Class of Non-Vertically Retained Principal Balance Certificates or in respect of principal of the Class VRR
Upper-Tier Regular Interest on each Distribution Date pursuant to Section 4.01(b), Section 4.01(c) or Section 9.01
shall be deemed to have first been distributed from the Lower-Tier REMIC to the Upper-Tier REMIC in respect of principal of its
Corresponding Lower-Tier Regular Interest set forth in the Preliminary Statement hereto. All reimbursements (with interest) of
Realized Losses or VRR Realized Losses, as applicable, made in respect of any Class of Non-Vertically Retained Principal Balance
Certificates or in respect of the Class VRR Upper-Tier Regular Interest on each Distribution Date pursuant to Section 4.01(b),
Section 4.01(c) or Section 9.01 shall be deemed to have first been distributed from the Lower-Tier REMIC to the Upper-Tier
REMIC as reimbursements (with interest) of Realized Losses or VRR Realized Losses, as applicable, in respect of its Corresponding
Lower-Tier Regular Interest.


 


(iii)      On
each Distribution Date, the Class R Certificates shall receive distributions of any amounts remaining in the Lower-Tier REMIC
Distribution Account in respect of the Lower-Tier Residual Interest after all payments have been made to the Certificate Administrator
as the holder of the Lower-Tier Regular Interests in accordance with this Section 4.01(a)(ii) and the last paragraph of
Section 4.01(d).


 


(b)       On
each Distribution Date, the Certificate Administrator shall withdraw from the Upper-Tier REMIC Distribution Account the amounts
on deposit in the Upper-Tier REMIC Distribution Account in respect of interest, principal and reimbursement of Realized Losses,
to the extent of Available Funds, and distribute such amounts to the Holders of each Class of Non-Vertically Retained Regular
Certificates and to the Holders of the Class R Certificates in the amounts and in the order of priority set forth below:


 


(i)        First,
to the respective Holders of the Class A-1, Class A-2, Class A-3, Class A-4, Class A-AB, Class X-A, Class X-B, Class X-D, Class
X-E, Class X-F and Class X-G Certificates, in respect of interest, up to an amount equal to, and pro rata in accordance
with, the respective Interest Distribution Amounts of those Classes;


 






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(ii)        Second,
to the respective Holders of the Class A-1, Class A-2, Class A-3, Class A-4 and Class A-AB Certificates in reduction of the respective
Certificate Balances thereof in the following priority (prior to the Cross-Over Date):


 


(A)      to
the Holders of the Class A-AB Certificates, in reduction of the related Certificate Balance, up to an amount equal to the Principal
Distribution Amount for such Distribution Date, until the related Certificate Balance is reduced to the Class A-AB Scheduled Principal
Balance with respect to such Distribution Date;


 


(B)       to
the Holders of the Class A-1 Certificates, in reduction of the related Certificate Balance, up to an amount equal to the Principal
Distribution Amount for such Distribution Date, less the portion of such Principal Distribution Amount distributed pursuant to
subclause (A) above, until the related Certificate Balance is reduced to zero;


 


(C)       to
the Holders of the Class A-2 Certificates, in reduction of the related Certificate Balance, up to an amount equal to the Principal
Distribution Amount for such Distribution Date, less the portion of such Principal Distribution Amount distributed pursuant to
subclauses (A) and (B) above, until the related Certificate Balance is reduced to zero;


 


(D)       to
the Holders of the Class A-3 Certificates, in reduction of the related Certificate Balance, up to an amount equal to the Principal
Distribution Amount for such Distribution Date, less the portion of such Principal Distribution Amount distributed pursuant to
subclauses (A) through (C) above, until the related Certificate Balance is reduced to zero;


 


(E)       to
the Holders of the Class A-4 Certificates, in reduction of the related Certificate Balance, up to an amount equal to the Principal
Distribution Amount for such Distribution Date, less the portion of such Principal Distribution Amount distributed pursuant to
subclauses (A) through (D) above, until the related Certificate Balance is reduced to zero; and


 


(F)       to
the Holders of the Class A-AB Certificates, in reduction of the related Certificate Balance, up to an amount equal to the Principal
Distribution Amount for such Distribution Date, less the portion of such Principal Distribution Amount distributed pursuant to
subclauses (A) through (E) above, until the related Certificate Balance is reduced to zero;


 


(iii)       Third,
to the respective Holders of the Class A-1, Class A-2, Class A-3, Class A-4 and Class A-AB Certificates, up to an amount equal
to, and pro rata based upon, the aggregate unreimbursed Realized Losses previously allocated to each such Class, plus interest
thereon at the Pass-Through Rate for such Class compounded monthly from the date each related Realized Loss was allocated to such
Class;


 






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(iv)      Fourth,
to the Holders of the Class A-S Certificates, in respect of interest, up to an amount equal to the Interest Distribution Amount
of that Class;


 


(v)       Fifth,
after the Certificate Balances of the Class A-1, Class A-2, Class A-3, Class A-4 and Class A-AB Certificates have been reduced
to zero, to the Holders of the Class A-S Certificates, in reduction of the related Certificate Balance, up to an amount equal
to the Principal Distribution Amount for such Distribution Date, less the portion of such Principal Distribution Amount distributed
pursuant to all prior clauses, until the related Certificate Balance is reduced to zero;


 


(vi)      Sixth,
to the Holders of the Class A-S Certificates, up to an amount equal to the aggregate of unreimbursed Realized Losses previously
allocated to such Class, plus interest thereon at the Pass-Through Rate for such Class compounded monthly from the date each related
Realized Loss was allocated to such Class;


 


(vii)     Seventh,
to the Holders of the Class B Certificates, in respect of interest, up to an amount equal to the Interest Distribution Amount
of that Class;


 


(viii)    Eighth,
after the Certificate Balances of the Class A-1, Class A-2, Class A-3, Class A-4, Class A-AB and Class A-S Certificates have
been reduced to zero, to the Holders of the Class B Certificates, in reduction of the related Certificate Balance, up to an amount
equal to the Principal Distribution Amount for such Distribution Date, less the portion of such Principal Distribution Amount
distributed pursuant to all prior clauses, until the related Certificate Balance is reduced to zero;


 


(ix)       Ninth,
to the Holders of the Class B Certificates, up to an amount equal to the aggregate of unreimbursed Realized Losses previously
allocated to such Class, plus interest thereon at the Pass-Through Rate for such Class compounded monthly from the date each related
Realized Loss was allocated to such Class;


 


(x)        Tenth,
to the Holders of the Class C Certificates, in respect of interest, up to an amount equal to the Interest Distribution Amount
of that Class;


 


(xi)       Eleventh,
after the Certificate Balances of the Class A-1, Class A-2, Class A-3, Class A-4, Class A-AB, Class A-S and Class B Certificates
have been reduced to zero, to the Holders of the Class C Certificates, in reduction of the related Certificate Balance, up to
an amount equal to the Principal Distribution Amount for such Distribution Date, less the portion of such Principal Distribution
Amount distributed pursuant to all prior clauses, until the related Certificate Balance is reduced to zero;


 


(xii)     Twelfth,
to the Holders of the Class C Certificates, up to an amount equal to the aggregate of unreimbursed Realized Losses previously
allocated to such Class, plus interest thereon at the Pass-Through Rate for such Class compounded monthly from the date each related
Realized Loss was allocated to such Class;


 


(xiii)    Thirteenth,
to the Holders of the Class D Certificates, in respect of interest, up to an amount equal to the Interest Distribution Amount
of that Class;


 






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(xiv)     Fourteenth,
after the Certificate Balances of the Class A-1, Class A-2, Class A-3, Class A-4, Class A-AB, Class A-S, Class B and Class
C Certificates have been reduced to zero, to the Holders of the Class D Certificates, in reduction of the related Certificate
Balance, up to an amount equal to the Principal Distribution Amount for such Distribution Date, less the portion of such Principal
Distribution Amount distributed pursuant to all prior clauses, until the related Certificate Balance is reduced to zero;


 


(xv)      Fifteenth,
to the Holders of the Class D Certificates, up to an amount equal to the aggregate of unreimbursed Realized Losses previously
allocated to such Class, plus interest thereon at the Pass-Through Rate for such Class compounded monthly from the date each related
Realized Loss was allocated to such Class;


 


(xvi)     Sixteenth,
to the Holders of the Class E Certificates, in respect of interest, up to an amount equal to the Interest Distribution Amount
of that Class;


 


(xvii)    Seventeenth,
after the Certificate Balances of the Class A-1, Class A-2, Class A-3, Class A-4, Class A-AB, Class A-S, Class B, Class C
and Class D Certificates have been reduced to zero, to the Holders of the Class E Certificates, in reduction of the related Certificate
Balance, up to an amount equal to the Principal Distribution Amount for such Distribution Date, less the portion of such Principal
Distribution Amount distributed pursuant to all prior clauses, until the related Certificate Balance is reduced to zero;


 


(xviii)   Eighteenth,
to the Holders of the Class E Certificates, up to an amount equal to the aggregate of unreimbursed Realized Losses previously
allocated to such Class, plus interest thereon at the Pass-Through Rate for such Class compounded monthly from the date each related
Realized Loss was allocated to such Class;


 


(xix)     Nineteenth,
to the Holders of the Class F Certificates, in respect of interest, up to an amount equal to the Interest Distribution Amount
of that Class;


 


(xx)      Twentieth,
after the Certificate Balances of the Class A-1, Class A-2, Class A-3, Class A-4, Class A-AB, Class A-S, Class B, Class C,
Class D and Class E Certificates have been reduced to zero, to the Holders of the Class F Certificates, in reduction of the related
Certificate Balance, up to an amount equal to the Principal Distribution Amount for such Distribution Date, less the portion of
such Principal Distribution Amount distributed pursuant to all prior clauses, until the related Certificate Balance is reduced
to zero;


 


(xxi)     Twenty-First,
to the Holders of the Class F Certificates, up to an amount equal to the aggregate of unreimbursed Realized Losses previously
allocated to such Class, plus interest thereon at the Pass-Through Rate for such Class compounded monthly from the date each related
Realized Loss was allocated to such Class;


 


(xxii)    Twenty-Second,
to the Holders of the Class G Certificates, in respect of interest, up to an amount equal to the Interest Distribution Amount
of that Class;


 


(xxiii)   Twenty-Third,
after the Certificate Balances of the Class A-1, Class A-2, Class A-3, Class A-4, Class A-AB, Class A-S, Class B, Class C,
Class D, Class E and Class F Certificates have been reduced to zero, to the Holders of the Class G Certificates, in


 



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reduction
of the related Certificate Balance, up to an amount equal to the Principal Distribution Amount for such Distribution Date, less
the portion of such Principal Distribution Amount distributed pursuant to all prior clauses, until the related Certificate Balance
is reduced to zero;


 


(xxiv)   Twenty-Fourth,
to the Holders of the Class G Certificates, up to an amount equal to the aggregate of unreimbursed Realized Losses previously
allocated to such Class, plus interest thereon at the Pass-Through Rate for such Class compounded monthly from the date each related
Realized Loss was allocated to such Class; and


 


(xxv)    Last,
to the Holders of the Class R Certificates in respect of the Upper-Tier Residual Interest, in the amount of any remaining
portion of the Available Funds for such Distribution Date on deposit in the Upper-Tier REMIC Distribution Account.


 


Notwithstanding
the foregoing, on each Distribution Date occurring on and after the Cross-Over Date, in place of the allocation of principal payments
described in clause (ii) above, remaining Available Funds at such level shall be distributed up to an amount equal to the Principal
Distribution Amount for such Distribution Date to the respective Holders of Class A-1, Class A-2, Class A-3, Class A-4 and Class
A-AB Certificates, pro rata, based on their respective Certificate Balances, in reduction of their respective Certificate
Balances (and the schedule for the Class A-AB principal distributions shall be disregarded). Any remaining Available Funds will
then be allocated as provided in clauses (iii) through (xxv) above.


 


All
distributions of interest made in respect of a Class of the Class X Certificates on any Distribution Date pursuant to this Section
4.01(b), shall be deemed to have been made: (x) if there is only one Component of such Class, in respect of such Component;
and (y) if there are multiple Components of such Class, in respect of all such Components, pro rata in accordance with
the respective amounts of interest that would be payable on such Components on such Distribution Date based on one-twelfth of
the Class X Strip Rate of each such Component multiplied by its respective Component Notional Amount, reduced by its share of
any Excess Prepayment Interest Shortfall for such Distribution Date, together with any amounts thereof remaining unpaid from previous
Distribution Dates.


 


(c)        On
each Distribution Date, the Certificate Administrator shall withdraw from the Upper-Tier REMIC Distribution Account the amounts
on deposit therein, to the extent of the VRR Available Funds for such Distribution Date, and shall distribute such amounts to
the Holders of the respective Classes of the Vertically Retained Certificates and the Class R Certificates in accordance with
the following three paragraphs. In connection therewith, for federal income tax purposes, the amounts distributed with respect
to the respective Classes of the Vertically Retained Certificates on any Distribution Date in accordance with the following three
paragraphs shall be deemed to have first been transferred to the Grantor Trust in respect of the Class VRR Upper-Tier Regular
Interest for the following purposes and in the following order of priority:


 


(i)         First,
to make distributions of interest on the Class VRR Upper-Tier Regular Interest, up to an amount equal to the VRR Interest Distribution
Amount for such Distribution Date;


 






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(ii)        Second,
to make distributions in reduction of the Certificate Balance of the Class VRR Upper-Tier Regular Interest, up to an amount equal
to the VRR Principal Distribution Amount for such Distribution Date, until the outstanding Certificate Balance of the Class VRR
Upper-Tier Regular Interest has been reduced to zero; and


 


(iii)       Third,
to reimburse (with interest) prior write-offs of the Certificate Balance of the Class VRR Upper-Tier Regular Interest, up to an
amount equal to the unreimbursed VRR Realized Losses previously allocated to the Class VRR Upper-Tier Regular Interest, plus interest
in an amount equal to the VRR Realized Loss Interest Distribution Amount for such Distribution Date.


 


On
each Distribution Date, the Certificate Administrator shall apply the then applicable Class V-1 Percentage of the VRR Available
Funds for such Distribution Date to make distributions to the Holders of the Class V-1 Certificates for the following purposes
and in the following order of priority:


 


(i)         First,
distributions of interest on the Class V-1 Certificates, up to an amount equal to the then applicable Class V-1 Percentage of
the VRR Interest Distribution Amount for such Distribution Date;


 


(ii)        Second,
distributions in reduction of the Certificate Balance of the Class V-1 Certificates, up to an amount equal to the then applicable
Class V-1 Percentage of the VRR Principal Distribution Amount for such Distribution Date, until the outstanding Certificate Balance
of the Class V-1 Certificates has been reduced to zero; and


 


(iii)       Third,
reimbursements (with interest) of prior write-offs of the Certificate Balance of the Class V-1 Certificates, up to an amount equal
to the unreimbursed VRR Realized Losses previously allocated to the Class V-1 Certificates, plus interest in an amount equal to
the then applicable Class V-1 Percentage of the VRR Realized Loss Interest Distribution Amount for such Distribution Date;


 


provided
that, with respect to any Distribution Date, to the extent that the then applicable Class V-1 Percentage of the VRR Available
Funds for such Distribution Date exceeds the distributions to the Holders of the Class V-1 Certificates on such Distribution Date
pursuant to the immediately preceding clauses (i) through (iii), the Certificate Administrator shall distribute such excess to
the Holders of the Class R Certificates in respect of the Upper-Tier Residual Interest.


 


On
each Distribution Date, the Certificate Administrator shall apply the then applicable Class V-2 Percentage of the VRR Available
Funds for such Distribution Date to make the distributions provided for in the next sentence, first, to the Holders of
the Class V-2A Certificates, second, to the Holders of the Class V-2B Certificates, third, to the Holders of the
Class V-2C Certificates, fourth, to the Holders of the Class V-2D Certificates, and last, to the Holders of the
Class V-2E Certificates; provided that, with respect to any Distribution Date, to the extent that the then applicable Class
V-2 Percentage of the VRR Available Funds for such Distribution Date exceeds the distributions to the Holders of all Classes of
the Class V-2 Certificates on such Distribution Date pursuant to the following sentence, the Certificate Administrator shall distribute
such excess to the Holders of the Class R Certificates in respect of the Upper-Tier Residual Interest; and provided, further,
that no distributions shall be made with


 



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respect to any Class of Class V-2 Certificates on any Distribution Date pursuant to the
next sentence unless and until the Holders of each and every other Class of Class V-2 Certificates with a higher payment priority
have received all distributions to which they are entitled pursuant to the next sentence. On each Distribution Date, subject to
the foregoing payment priorities and the remaining amount of the then applicable Class V-2 Percentage of the VRR Available Funds
for such Distribution Date, the Holders of each Class of Class V-2 Certificates shall be entitled to receive the following distributions
in the following order:


 


(i)         First,
distributions of interest on the subject Class of Class V-2 Certificates, up to an amount equal to the then applicable Class V-2
Percentage of the VRR Interest Distribution Amount for such Distribution Date (such VRR Interest Distribution Amount to be determined
for purposes of this clause (i), however, based solely on those distributions referenced in clause (B) of the definition
thereof that are in respect of the Related Regular Certificates and without regard to any other distributions referenced in clause
(B) of such definition that are in respect of any other Regular Certificates);


 


(ii)        Second,
distributions in reduction of the Certificate Balance of the subject Class of Class V-2 Certificates, up to an amount equal to
the then applicable Class V-2 Percentage of the VRR Principal Distribution Amount, until the outstanding Certificate Balance of
the subject Class of Class V-2 Certificates has been reduced to zero (such VRR Principal Distribution Amount to be determined
for purposes of this clause (ii), however, based solely on those distributions referenced in clause (B) of the definition
thereof that are in respect of the Related Regular Certificates and without regard to any other distributions referenced in clause
(B) of such definition that are in respect of any other Regular Certificates); and


 


(iii)       Third,
reimbursements (with interest) of prior write-offs of the Certificate Balance of the subject Class of Class V-2 Certificates,
up to an amount equal to the unreimbursed VRR Realized Losses previously allocated to the subject Class of Class V-2 Certificates,
plus interest in an amount equal to the VRR Realized Loss Interest Distribution Amount for such Distribution Date (such VRR Realized
Loss Interest Distribution Amount to be determined for purposes of this clause (iii), however, based solely on those distributions
referenced in clause (B) of the definition thereof that are in respect of the Related Regular Certificates and without
regard to any other distributions referenced in clause (B) of such definition that are in respect of any other Regular Certificates).


 


On
each Distribution Date, the Certificate Administrator shall apply the then applicable Class V-3 Percentage of the VRR Available
Funds for such Distribution Date to make the distributions provided for in the next sentence, first, to the Holders of
the Class V-3AC Certificates, second, to the Holders of the Class V-3D Certificates, and last, to the Holders of
the Class V-3E Certificates; provided that, with respect to any Distribution Date, to the extent that the then applicable
Class V-3 Percentage of the VRR Available Funds for such Distribution Date exceeds the distributions to the Holders of all Classes
of the Class V-3 Certificates on such Distribution Date pursuant to the following sentence, the Certificate Administrator shall
distribute such excess to the Holders of the Class R Certificates in respect of the Upper-Tier Residual Interest; and provided,
further, that no distributions shall be made with respect to any Class of


 



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Class V-3 Certificates on any Distribution Date
pursuant to the next sentence unless and until the Holders of each and every other Class of Class V-3 Certificates with a higher
payment priority have received all distributions to which they are entitled pursuant to the next sentence. On each Distribution
Date, subject to the foregoing payment priorities and the remaining amount of the then applicable Class V-3 Percentage of the
VRR Available Funds for such Distribution Date, the Holders of each Class of Class V-3 Certificates shall be entitled to receive
the following distributions in the following order:


 


(i)         First,
distributions of interest on the subject Class of Class V-3 Certificates, up to an amount equal to the then applicable Class V-3
Percentage of the VRR Interest Distribution Amount for such Distribution Date (such VRR Interest Distribution Amount to be determined
for purposes of this clause (i), however, based solely on those distributions referenced in clause (B) of the definition
thereof that are in respect of the Related Regular Certificates and without regard to any other distributions referenced in clause
(B) of such definition that are in respect of any other Regular Certificates);


 


(ii)       Second,
distributions in reduction of the Certificate Balance of the subject Class of Class V-3 Certificates, up to an amount equal to
the then applicable Class V-3 Percentage of the VRR Principal Distribution Amount, until the outstanding Certificate Balance of
the subject Class of Class V-3 Certificates has been reduced to zero (such VRR Principal Distribution Amount to be determined
for purposes of this clause (ii), however, based solely on those distributions referenced in clause (B) of the definition
thereof that are in respect of the Related Regular Certificates and without regard to any other distributions referenced in clause
(B) of such definition that are in respect of any other Regular Certificates); and


 


(iii)       Third,
reimbursements (with interest) of prior write-offs of the Certificate Balance of the subject Class of Class V-3
Certificates, up to an amount equal to the unreimbursed VRR Realized Losses previously allocated to the subject Class of
Class V-3 Certificates, plus interest in an amount equal to the VRR Realized Loss Interest Distribution Amount for such
Distribution Date (such VRR Realized Loss Interest Distribution Amount to be determined for purposes of this clause (iii),
however, based solely on those distributions referenced in clause (B) of the definition thereof that are in respect of
the Related Regular Certificates and without regard to any other distributions referenced in clause (B) of such definition
that are in respect of any other Regular Certificates).


 


For
avoidance of doubt, because the distributions with respect to the three Exchange Groups on any Distribution Date pursuant to the
preceding three paragraphs are based on proportionate shares of the Aggregate Available Funds and corresponding distributions
actually made on the Regular Certificates, and because each Holder of Class V-2 Certificates must at all times hold the same Percentage
Interest in each and every outstanding Class thereof, a Holder of Class V-2 Certificates shall receive the same aggregate distributions
on each Distribution Date (with such aggregate distributions to be allocable as between distributions of interest, distributions
in reduction of Certificate Balance and reimbursements (with interest) of prior write-offs of Certificate Balance in the same
proportions) as would be the case if such Holder instead held the corresponding Class V-1 Certificates that are exchangeable for
such Class V-2 Certificates


 



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pursuant to Section 5.13. Also, for avoidance of doubt, because the distributions with respect
to the three Exchange Groups on any Distribution Date pursuant to the preceding three paragraphs are based on proportionate shares
of the Aggregate Available Funds and corresponding distributions actually made on the Regular Certificates, and because each Holder
of Class V-3 Certificates must at all times hold the same Percentage Interest in each and every outstanding Class thereof, a Holder
of Class V-3 Certificates shall receive the same aggregate distributions on each Distribution Date (with such aggregate distributions
to be allocable as between distributions of interest, distributions in reduction of Certificate Balance and reimbursements (with
interest) of prior write-offs of Certificate Balance in the same proportions) as would be the case if such Holder instead held
the corresponding Class V-1 Certificates that are exchangeable for such Class V-3 Certificates pursuant to Section 5.13.


 


(d)       On
each Distribution Date, until the Notional Amounts of the Class X-A, Class X-B and Class X-D Certificates and the Certificate
Balances of the Class A-1, Class A-2, Class A-3, Class A-4, Class A-AB, Class A-S, Class B, Class C and Class D Certificates have
been reduced to zero, amounts on deposit in the Upper-Tier REMIC Distribution Account that represent the Non-Vertically Retained
Percentage of each Yield Maintenance Charge (such portion of any Yield Maintenance Charge, a “Non-Vertically Retained
Yield Maintenance Charge”) collected on the Mortgage Loans during the related Collection Period (or, in the case of
any Outside Serviced Mortgage Loan(s), that accompanied a Principal Prepayment included in the Aggregate Available Funds for such
Distribution Date) shall be distributed by the Certificate Administrator to the Holders of the respective Classes of Non-Vertically
Retained Regular Certificates (excluding the Class X-E, Class X-F, Class X-G, Class E, Class F and Class G Certificates) as follows:
(A) first such Non-Vertically Retained Yield Maintenance Charge shall be allocated between (i) the group (the “YM Group
A”) of the Class A-1, Class A-2, Class A-3, Class A-4, Class A-AB, Class X-A and Class A-S Certificates, (ii) the group
(the “YM Group B”) of the Class X-B and Class B Certificates, (iii) the group (the “YM Group C”)
of solely the Class C Certificates and (iv) the group (the “YM Group D” and collectively with the YM Group
A, the YM Group B and the YM Group C, the “YM Groups”) of the Class X-D and Class D Certificates, pro rata
based on the aggregate amount of principal distributed with respect to the Classes of Non-Vertically Retained Principal Balance
Certificates in each YM Group on such Distribution Date, and (B) then, the portion of such Non-Vertically Retained Yield Maintenance
Charge allocated to each YM Group shall be further allocated as among the Classes of Non-Vertically Retained Regular Certificates
in such YM Group, in the following manner: (1) each Class of Non-Vertically Retained Principal Balance Certificates in such YM
Group shall entitle the applicable Certificateholders to receive on the applicable Distribution Date that portion of such Non-Vertically
Retained Yield Maintenance Charge equal to the product of (x) except in the case of YM Group B, YM Group C and YM Group D (as
to each of which this clause (x) does not apply), a fraction, the numerator of which is the amount distributed as principal to
such Class of Non-Vertically Retained Principal Balance Certificates on such Distribution Date, and the denominator of which is
the total amount of principal distributed to all of the Non-Vertically Retained Principal Balance Certificates in such YM Group
on such Distribution Date, (y) the Base Interest Fraction for the related Principal Prepayment and such Class of Non-Vertically
Retained Principal Balance Certificates and (z) the portion of such Non-Vertically Retained Yield Maintenance Charge allocated
to such YM Group; and (2) the portion of such Non-Vertically Retained Yield Maintenance Charge allocated to such YM Group on any
Distribution Date and remaining after such distributions with respect to the Non-Vertically Retained Principal Balance Certificates
in such YM Group contemplated by the


 



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preceding clause (1) shall be distributed to the Class of Class X Certificates in such YM
Group (or, in the case of YM Group C, to the Class C Certificates). If there is more than one Class of Non-Vertically Retained
Principal Balance Certificates in any YM Group entitled to distributions of principal on any particular Distribution Date on which
Non-Vertically Retained Yield Maintenance Charges are distributable to such Classes, then the aggregate amount of such Non-Vertically
Retained Yield Maintenance Charges allocated to such YM Group shall be allocated among all such Classes of Non-Vertically Retained
Principal Balance Certificates up to, and on a pro rata basis in accordance with, their respective entitlements in those
Non-Vertically Retained Yield Maintenance Charges in accordance with the preceding sentence.


 


Notwithstanding
the foregoing provisions of this Section 4.01(d), on each Distribution Date after the Class X-A Notional Amount, the Class
X-B Notional Amount and the Class X-D Notional Amount and the Certificate Balances of the Class A-1, Class A-2, Class A-3, Class
A-4, Class A-AB, Class A-S, Class B, Class C and Class D Certificates have been reduced to zero, all amounts on deposit in the
Upper-Tier REMIC Distribution Account that represent Non-Vertically Retained Yield Maintenance Charges collected on the Mortgage
Loans during the related Collection Period (or, in the case of any Outside Serviced Mortgage Loan(s), that accompanied a Principal
Prepayment included in the Aggregate Available Funds for such Distribution Date) shall be distributed by the Certificate Administrator
to the Holders of the Class E, Class F and Class G Certificates (collectively, the “Subordinate YM Certificates”)
as follows: each such Class of Subordinate YM Certificates shall entitle the applicable Certificateholders to receive on the applicable
Distribution Date that portion of such Non-Vertically Retained Yield Maintenance Charge equal to the product of (x) a fraction,
the numerator of which is the amount distributed as principal to such Class of Subordinate YM Certificates on such Distribution
Date, and the denominator of which is the total amount of principal distributed to all of the Subordinate YM Certificates on such
Distribution Date, and (y) the total amount of Non-Vertically Retained Yield Maintenance Charges to be distributed on such Distribution
Date. If there is more than one Class of Subordinate YM Certificates entitled to distributions of principal on any particular
Distribution Date on which the Non-Vertically Retained Yield Maintenance Charges are distributable to such Classes, then the aggregate
amount of such Non-Vertically Retained Yield Maintenance Charges shall be allocated among all such Classes of Subordinate YM Certificates
up to, and on a pro rata basis in accordance with, their respective entitlements in those Non-Vertically Retained Yield
Maintenance Charges in accordance with the preceding sentence of this paragraph.


 


On
each Distribution Date, amounts on deposit in the Upper-Tier REMIC Distribution Account that represent the Vertically Retained
Percentage of each Yield Maintenance Charge (such portion of any Yield Maintenance Charge, a “Vertically Retained Yield
Maintenance Charge”) collected on the Mortgage Loans during the related Collection Period (or, in the case of any Outside
Serviced Mortgage Loan(s), that accompanied a Principal Prepayment included in the Aggregate Available Funds for such Distribution
Date) shall be distributed by the Certificate Administrator to the Holders of the Class V-1 Certificates, the respective Classes
of the Class V-2 Certificates and the respective Classes of Class V-3 Certificates, on a pro rata and pari passu
basis, as follows:


 






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(i)         to
the Holders of the Class V-1 Certificates, in an amount equal to the product of (A) the then applicable Class V-1 Percentage,
multiplied by (B) the amount of such Vertically Retained Yield Maintenance Charge;


 


(ii)        to
the Holders of each Class of Class V-2 Certificates, in an amount equal to the product of (A) the then applicable Class V-2 Percentage,
multiplied by (B) the VRR Allocation Percentage, multiplied by (C) the total distributions of the corresponding Non-Vertically
Retained Yield Maintenance Charge made on the Related Regular Certificates on such Distribution Date; and


 


(iii)       to
the Holders of each Class of Class V-3 Certificates, in an amount equal to the product of (A) the then applicable Class V-3 Percentage,
multiplied by (B) the VRR Allocation Percentage, multiplied by (C) the total distributions of the corresponding Non-Vertically
Retained Yield Maintenance Charge made on the Related Regular Certificates on such Distribution Date.


 


On
each Distribution Date, any portion of a Yield Maintenance Charge that is to be distributed to the Holders of the Class V-1 Certificates,
the Class V-2 Certificates and/or the Class V-3 Certificates shall, for federal income tax purposes, be deemed to have first been
transferred to the Grantor Trust in respect of the Class VRR Upper-Tier Regular Interest.


 


Any
portion of a Yield Maintenance Charge that is to be distributed to Holders of the Non-Vertically Retained Regular Certificates
on any Distribution Date shall be deemed to have first been distributed from the Lower-Tier REMIC to the Upper-Tier REMIC in respect
of the Lower-Tier Regular Interests (exclusive of the Class LVRR Lower-Tier Regular Interest) then receiving a principal distribution,
pro rata, based on the respective amounts of those principal distributions. Any portion of a Yield Maintenance Charge that
is to be deemed distributed to the Grantor Trust in respect of the Class VRR Upper-Tier Regular Interest on any Distribution Date
shall be deemed to have first been distributed from the Lower-Tier REMIC to the Upper-Tier REMIC in respect of the Class LVRR
Lower-Tier Regular Interest.


 


(e)        On
each Master Servicer Remittance Date, the Certificate Administrator shall determine if the Available Funds for such Distribution
Date (determined without regard to the inclusion of any Excess Liquidation Proceeds therein) would be sufficient to pay all interest
and principal due and owing to, and to reimburse (with interest thereon) all previously allocated Realized Losses reimbursable
to, the Holders of the Non-Vertically Retained Regular Certificates on such Distribution Date pursuant to Section 4.01(b).
If the Certificate Administrator determines that such Available Funds (as so determined) would not be sufficient to make such
payments and reimbursements, then the Certificate Administrator shall withdraw from the Excess Liquidation Proceeds Reserve Account
and deposit in the Lower-Tier REMIC Distribution Account on the applicable Master Servicer Remittance Date an amount (to be included
in the Aggregate Available Funds for the related Distribution Date for allocation between the Vertically Retained Certificates
and the Non-Vertically Retained Regular Certificates) equal to the lesser of (i) all amounts then on deposit in the Excess Liquidation
Proceeds Reserve Account and (ii) the sum of (A) the amount of the applicable insufficiency in such Available Funds and (B) the
VRR Allocation Percentage of the amount described in the immediately preceding sub-clause (A). The Certificate Administrator may
also withdraw funds from the Excess Liquidation Proceeds Reserve Account in order to make


 



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distributions to the Holders of the
Class R Certificates in accordance with the last sentence of Section 3.05(c) of this Agreement.


 


(f)       The
Certificate Balance of each Class of Non-Vertically Retained Principal Balance Certificates will be reduced without distribution
on any Distribution Date, as a write-off, to the extent of any Realized Loss allocated to such Class of Certificates, on such
Distribution Date. On each Distribution Date, any Realized Loss for such Distribution Date will be allocated to the following
Classes of Non-Vertically Retained Principal Balance Certificates in the following order, until the Certificate Balance of each
such Class of Certificates is reduced to zero: first, to the Class G Certificates; second, to the Class F Certificates;
third, to the Class E Certificates; fourth, to the Class D Certificates; fifth, to the Class C Certificates;
sixth, to the Class B Certificates; seventh, to the Class A-S Certificates; and, finally, pro rata to the (i) Class
A-1 Certificates, (ii) Class A-2 Certificates, (iii) Class A-3 Certificates, (iv) Class A-4 Certificates and (v) Class A-AB Certificates
based on their respective Certificate Balances.


 


On
each Distribution Date, any VRR Realized Loss for such Distribution Date shall be allocated to the Class VRR Upper-Tier Regular
Interest; and, in connection therewith, the Certificate Balance of the Class VRR Upper-Tier Regular Interest will be reduced without
distribution, as a write-off, to the extent of such VRR Realized Loss. If any VRR Realized Loss is so allocated to the Class VRR
Upper-Tier Regular Interest on any Distribution Date, then such VRR Realized Loss shall, in turn, be allocated among the three
Exchangeable Groups, in proportion to, and in reduction of, the respective Certificate Balances thereof. Any VRR Realized Losses
so allocated to the Class V-2 Certificates shall be allocated among the respective Classes thereof in the following order, until
the Certificate Balance of each such Class is reduced to zero: first, to the Class V-2E Certificates; second, to
the Class V-2D Certificates; third, to the Class V-2C Certificates; fourth, to the Class V-2B Certificates; and
last, to the Class V-2A Certificates. Any VRR Realized Losses so allocated to the Class V-3 Certificates shall be allocated
to the respective Classes thereof in the following order, until the Certificate Balance of each such Class is reduced to zero:
first, to the Class V-3E Certificates; second, to the Class V-3D Certificates; and last, to the Class V-3AC
Certificates.


 


On
each Distribution Date, following the deemed distributions of principal or in reimbursement (with interest) of previously allocated
Realized Losses or VRR Realized Losses, as applicable, deemed made in respect of the Lower-Tier Regular Interests pursuant to
Section 4.01(a)(ii), the Lower-Tier Principal Balance of each Lower-Tier Regular Interest (after taking account of such
deemed distributions) shall be deemed reduced as a result of Realized Losses or VRR Realized Losses, as applicable, to equal the
Certificate Balance of its Corresponding Certificates (or, in the case of the Class LVRR Lower-Tier Regular Interest, the Certificate
Balance of the Class VRR Upper-Tier Regular Interest) that will be outstanding immediately following such Distribution Date.


 


The
Notional Amount of the Class X-A Certificates and the Component Notional Amounts of the Class X-A Components will be reduced to
reflect reductions of the Certificate Balances of the Class A-1, Class A-2, Class A-3, Class A-4, Class A-AB and Class A-S Certificates
and of the Lower-Tier Principal Balances of the Class LA-1, Class LA-2, Class LA-3, Class LA-4, Class LA-AB and Class LA-S Lower-Tier
Regular Interests, in any event resulting from allocations of Realized Losses. The Notional Amount of the Class X-B Certificates
and the


 



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Component Notional Amount of the Class X-B Component will be reduced to reflect reductions of the Certificate Balance
of the Class B Certificates and of the Lower-Tier Principal Balance of the Class LB Lower-Tier Regular Interest, in any event
resulting from allocations of Realized Losses. The Notional Amount of the Class X-D Certificates and the Component Notional Amount
of the Class X-D Component will be reduced to reflect reductions of the Certificate Balance of the Class D Certificates and of
the Lower-Tier Principal Balance of the Lower-Tier Regular Interest designated as the Class LD Lower-Tier Regular Interest, in
any event resulting from allocations of Realized Losses. The Notional Amount of the Class X-E Certificates and the Component Notional
Amount of the Class X-E Component will be reduced to reflect reductions of the Certificate Balance of the Class E Certificates
and of the Lower-Tier Principal Balance of the Lower-Tier Regular Interest designated as the Class LE Lower-Tier Regular Interest,
in any event resulting from allocations of Realized Losses. The Notional Amount of the Class X-F Certificates and the Component
Notional Amount of the Class X-F Component will be reduced to reflect reductions of the Certificate Balance of the Class F Certificates
and of the Lower-Tier Principal Balance of the Lower-Tier Regular Interest designated as the Class LF Lower-Tier Regular Interest,
in any event resulting from allocations of Realized Losses. The Notional Amount of the Class X-G Certificates and the Component
Notional Amount of the Class X-G Component will be reduced to reflect reductions of the Certificate Balance of the Class G Certificates
and of the Lower-Tier Principal Balance of the Lower-Tier Regular Interest designated as the Class LG Lower-Tier Regular Interest,
in any event resulting from allocations of Realized Losses.


 


(g)       Distributions
in reimbursement of Realized Losses or VRR Realized Losses, as applicable, previously allocated to the respective Classes of the
Principal Balance Certificates and distributions in reimbursement of VRR Realized Losses previously allocated to the Class VRR
Upper-Tier Regular Interest shall be made in the amounts and manner specified in Section 4.01(b) or Section 4.01(c),
as applicable. If and to the extent that any Nonrecoverable Advances (plus interest thereon) that were reimbursed from principal
collections on the Mortgage Loans (including REO Mortgage Loans) and previously resulted in a reduction of the Aggregate Principal
Distribution Amount are subsequently recovered on the related Mortgage Loan or REO Property, then (on the Distribution Date related
to the Collection Period during which the recovery occurred): (i) the Non-Vertically Retained Percentage of the amount of such
recovery will be added to the Certificate Balance(s) of the Class or Classes of Non-Vertically Retained Principal Balance Certificates
that previously were allocated Realized Losses, in the same sequential order as distributions pursuant to Section 4.01(b)
of this Agreement, in each case up to the lesser of (A) the unallocated portion of the Non-Vertically Retained Percentage of the
amount of such recovery and (B) the amount of the unreimbursed Realized Losses previously allocated to the subject Class of Non-Vertically
Retained Principal Balance Certificates, and the Interest Shortfall with respect to each affected Class of Non-Vertically Retained
Regular Certificates for the next Distribution Date will be increased by the aggregate amount of interest that would have accrued
through the then current Distribution Date if the restored write-down for such reimbursed Class of Non-Vertically Retained Principal
Balance Certificates had never been written down; and (ii) the Vertically Retained Percentage of the amount of such recovery will
be added to the Certificate Balance of the Class VRR Upper-Tier Regular Interest up to the lesser of (A) the Vertically Retained
Percentage of the amount of such recovery and (B) the amount of the unreimbursed VRR Realized Losses previously allocated to the
Class VRR Upper-Tier Regular Interest, and the interest payable on the Class VRR Upper-Tier Regular Interest will be deemed increased
by the VRR Allocation Percentage of any contemporaneous increases in interest payable on the Non-


 



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Vertically Retained Regular Certificates
pursuant to clause (i) of this sentence. To the extent that the Certificate Balance of, and/or any interest payable on,
any Class of Regular Certificates or any Component thereof or the Class VRR Upper-Tier Regular Interest is so increased or deemed
increased, an identical increase shall be deemed made to the Lower-Tier Principal Balance of, and any interest payable on, the
Corresponding Lower-Tier Regular Interest. If the Certificate Balance of the Class VRR Upper-Tier Regular Interest is increased
as contemplated above in this paragraph, then: (i) the Certificate Balance of the Class V-1 Certificates shall be increased by
the Class V-1 Percentage of such increase in the Certificate Balance of the Class VRR Upper-Tier Regular Interest; (ii) the Certificate
Balances of the respective Classes of the Class V-2 Certificates shall be increased, in the aggregate, by the Class V-2 Percentage
of such increase in the Certificate Balance of the Class VRR Upper-Tier Regular Interest, with such aggregate increase to be allocated
to the individual Certificate Balances of the respective Classes of the Class V-2 Certificates, in the same sequential order as
distributions pursuant to Section 4.01(c) of this Agreement, in each case up to the amount of unreimbursed VRR Realized
Losses previously allocated to the subject Class of Class V-2 Certificates; and (iii) the Certificate Balances of the respective
Classes of the Class V-3 Certificates shall be increased, in the aggregate, by the Class V-3 Percentage of such increase in the
Certificate Balance of the Class VRR Upper-Tier Regular Interest, with such aggregate increase to be allocated to the individual
Certificate Balances of the respective Classes of the Class V-3 Certificates, in the same sequential order as distributions pursuant
to Section 4.01(c) of this Agreement, in each case up to the amount of unreimbursed VRR Realized Losses previously allocated
to the subject Class of Class V-3 Certificates. If the Certificate Balance of any Class of Principal Balance Certificates or the
Class VRR Upper-Tier Regular Interest (or the Lower-Tier Principal Balance of any Lower-Tier Regular Interest) is so increased,
the amount of unreimbursed Realized Losses or VRR Realized Losses, as applicable, of such Class of Principal Balance Certificates
or the Class VRR Upper-Tier Regular Interest (or such Lower-Tier Regular Interest), as the case may be, shall be decreased by
such amount, and any interest accrued on the amount of unreimbursed Realized Losses or VRR Realized Losses, as applicable, so
decreased shall be deemed not to exist.


 


(h)       All
amounts distributable, or reductions allocable on account of Realized Losses or VRR Realized Losses, 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 by the Certificate Administrator
on each Distribution Date other than the Termination Date to each Certificateholder of record at the close of business on the
related Record Date by wire transfer of immediately available funds to the account of such Certificateholder at a bank or other
entity located in the United States and having appropriate facilities to accept such funds, if such Certificateholder has provided
the Certificate Administrator with written wiring instructions no less than five (5) Business Days prior to the related Record
Date (which wiring instructions may be in the form of a standing order applicable to all subsequent distributions), or otherwise
by check mailed to such Certificateholder. The final distribution on each Certificate shall be made in like manner, but only upon
presentation 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 a notice to Certificateholders of the pendency of
the final distribution. The Certificate Administrator shall be responsible for making all distributions on the Certificates contemplated
hereunder.


 






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(i)       Except
as otherwise provided in Section 9.01 with respect to an Anticipated Termination Date, the Certificate Administrator shall,
no later than the fifteenth day of the month preceding the month in which the final distribution with respect to any Class of
Certificates is expected to be made (or, if the Certificate Administrator has not received notice of such Anticipated Termination
Date by such time, promptly following the Certificate Administrator’s receipt of such notice), mail to each Holder of such
Class of Certificates, on such date a notice to the effect that:


 


(i)       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


 


(ii)      if
such final distribution is made on such Distribution Date, no interest shall accrue on such Class of Certificates, or on the Corresponding
Lower-Tier Regular Interest, from and after such Distribution Date;


 


provided,
however, that the Class R Certificates shall remain outstanding until there is no other Class of Certificates outstanding.


 


Any
funds not distributed to any Holder or Holders of Certificates of such Class 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(i) shall not have been surrendered for cancellation within six (6) months after the time specified in such notice, the
Certificate Administrator shall mail a second notice to the remaining non-tendering Certificateholders 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 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. Subject
to applicable state law with respect to escheatment of 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 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 to the Class R Certificateholders. No
interest shall accrue or be payable to any Certificateholder on any amount held in trust hereunder or by the Certificate Administrator
as a result of such Certificateholder’s failure to surrender its Certificate(s) for final payment thereof in accordance
with this Section 4.01(i). Any funds not distributed on such Distribution Date shall be set aside and held uninvested in
trust for the benefit of Certificateholders not presenting and surrendering their Certificates in the aforesaid manner.


 


(j)       The
Non-Vertically Retained Percentage of the Excess Prepayment Interest Shortfall, if any, for each Distribution Date will be allocated
among the various Classes of Non-


 



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Vertically Retained Regular Certificates, pro rata, based upon the respective Interest
Accrual Amounts with respect to such Classes of Non-Vertically Retained Regular Certificates for such Distribution Date, and the
Vertically Retained Percentage of the Excess Prepayment Interest Shortfall, if any, for each Distribution Date will be deemed
allocated to the Class VRR Upper-Tier Regular Interest. The portion of any Excess Prepayment Interest Shortfall for any Distribution
Date so allocable to a Class of Class X Certificates shall, in turn, be allocated among the various Components of such Class of
Class X Certificates, pro rata, based upon the respective amounts of Accrued Component Interest with respect to such Components
for such Distribution Date. The portion of any Excess Prepayment Interest Shortfall for any Distribution Date so allocated to
any Class of Non-Vertically Retained Principal Balance Certificates, the Class VRR Upper-Tier Regular Interest or any Component
of a Class of Class X Certificates shall be deemed to have first been allocated to the Corresponding Lower-Tier Regular Interest
for such Class of Non-Vertically Retained Principal Balance Certificates, the Class VRR Upper-Tier Regular Interest or such Component,
as applicable.


 


(k)       On
each Distribution Date, the Certificate Administrator shall withdraw from the Excess Interest Distribution Account any amounts
on deposit therein that represent Excess Interest received during the related Collection Period (or, in the case of an ARD Mortgage
Loan that is an Outside Serviced Mortgage Loan, received as of the close of business on the Business Day immediately preceding
the related Master Servicer Remittance Date and not previously distributed) with respect to the ARD Mortgage Loans and shall distribute
such Excess Interest: (i) to the Holders of the Class S Certificates in an amount equal to the Non-Vertically Retained Percentage
of such Excess Interest; (ii) to the Holders of the Class V-1 Certificates in an amount equal to the product of (A) the Vertically
Retained Percentage, multiplied by (B) the then applicable Class V-1 Percentage, multiplied by (C) the amount of such Excess Interest;
(iii) to the Holders of the Class V-2 Certificates in an aggregate amount equal to the product of (A) the Vertically Retained
Percentage, multiplied by (B) the then applicable Class V-2 Percentage, multiplied by (C) the amount of such Excess Interest (with
such aggregate distribution to be distributed among the Holders of the respective Classes of the Class V-2 Certificates in proportion
to the respective Certificate Balances of such Classes); an (iv) to the Holders of the Class V-3 Certificates in an aggregate
amount equal to the product of (A) the Vertically Retained Percentage, multiplied by (B) the then applicable Class V-3 Percentage,
multiplied by (C) the amount of such Excess Interest (with such aggregate distribution to be distributed among the Holders of
the respective Classes of the Class V-3 Certificates in proportion to the respective Certificate Balances of such Classes).


 


(l)       The
various amounts distributable on any Class of Certificates on any Distribution Date pursuant to multiple subsections of, or multiple
clauses of any subsection of, this Section 4.01 shall be so distributed in a single, aggregate distribution to the Holders
of such Class of Certificates on such Distribution Date.


 


Section
4.02          Statements to Certificateholders; Certain Reports by the Master Servicer and the Special Servicer.


 


(a)           Based
on loan-level information received from the Master Servicer and any other applicable Persons, on each Distribution Date, the Certificate
Administrator shall provide or


 



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make available a report, including reports in substantially the form attached hereto as Exhibit
D (the “Distribution Date Statement”), setting forth, among other things, the following information:


 


(A)       the
amount of distributions, if any, made on such Distribution Date to the holders of each Class of Principal Balance Certificates
and applied to reduce the respective Certificate Balance thereof;


 


(B)       the
amount of distributions, if any, made on such Distribution Date to the Holders of each Class of Certificates allocable to (A)
an Interest Distribution Amount (or, if applicable, some or all of the VRR Interest Distribution Amount), (B) Yield Maintenance
Charges and (C) Excess Interest;


 


(C)       the
amount of any distributions made on such Distribution Date to the Holders of the Class R Certificates;


 


(D)       the
aggregate amount of outstanding P&I Advances with respect to each Mortgage Loan as of the related Determination Date, and
the total outstanding other or miscellaneous advances (excluding P&I Advances and tax and insurance advances) with respect
to each Mortgage Loan as of the related Determination Date;


 


(E)        the
aggregate amount of Servicing Fees retained by or paid to the Master Servicer and Special Servicing Compensation retained by or
paid to the Special Servicer in respect of the related Due Period, Collection Period or Interest Accrual Period, as applicable;


 


(F)        the
aggregate Stated Principal Balance of the Mortgage Loans immediately before and after such Distribution Date and the percentage
of the Cut-Off Date Balance of the Mortgage Loans which remains outstanding immediately after such Distribution Date;


 


(G)       the
number, aggregate principal balance, weighted average remaining term to maturity and weighted average Mortgage Rate of the outstanding
Mortgage Loans, at the close of business on the related Determination Date;


 


(H)       as
of the Determination Date, the number and aggregate unpaid principal balance of Mortgage Loans (A) delinquent one month, (B) delinquent
two months, (C) delinquent three months, (D) delinquent four months or more, (E) that are Specially Serviced Loans but are not
delinquent or (F) as to which foreclosure proceedings have been commenced;


 


(I)         the
aggregate Stated Principal Balance of Mortgage Loans as to which the related Mortgagor is subject or is expected to be subject
to a bankruptcy proceeding;


 


(J)        with
respect to any Mortgage Loan as to which the related Mortgaged Property became an REO Property (including with respect to the
Outside Serviced Mortgage Loans) during the related Collection Period, the Stated Principal Balance and unpaid principal balance
of such Mortgage Loan as of the date such Mortgaged


 



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Property became an REO Property and the most recently determined Appraised
Value and date upon which the Appraisal was performed;


 


(K)      as
to any Mortgage Loan repurchased, substituted for or otherwise liquidated or disposed of during the related Collection Period,
the Loan Number thereof and the amount of any Liquidation Proceeds and/or other amounts, if any, received thereon during the related
Collection Period and the portion thereof included in the Aggregate Available Funds for such Distribution Date;


 


(L)       with
respect to any REO Property (including with respect to the Outside Serviced Mortgage Loans) included in the Trust Fund as of the
close of business on the last day of the related Collection Period, the Loan Number of the related Mortgage Loan, the book value
of such REO Property and the amount of any income collected with respect to such REO Property (net of related expenses) and other
amounts, if any, received on such REO Property during the related Collection Period and the portion thereof included in the Aggregate
Available Funds for such Distribution Date and the most recently determined Appraised Value and date upon which the Appraisal
was performed;


 


(M)      with
respect to any REO Property (including with respect to the Outside Serviced Mortgage Loans) sold or otherwise disposed of during
the related Collection Period, the Loan Number of the related Mortgage Loan, and the amount of Liquidation Proceeds and other
amounts, if any, received in respect of such REO Property during the related Collection Period, the portion thereof included in
the Aggregate Available Funds for such Distribution Date and the balance of the Excess Liquidation Proceeds Reserve Account for
such Distribution Date;


 


(N)       the
Interest Distribution Amount in respect of each Class of Non-Vertically Retained Regular Certificates for such Distribution Date,
and the VRR Interest Distribution Amount for such Distribution Date;


 


(O)      any
unpaid Interest Distribution Amount in respect of each Class of Non-Vertically Retained Regular Certificates after giving effect
to the distributions made on such Distribution Date;


 


(P)       the
Pass-Through Rate for each Class of Non-Vertically Retained Regular Certificates for such Distribution Date;


 


(Q)       the
original Certificate Balance or Notional Amount as of the Closing Date and the Certificate Balance or Notional Amount, as the
case may be, of each Class of Certificates (other than the Class S and Class R Certificates) immediately before and immediately
after such Distribution Date, separately identifying any reduction in the Certificate Balance or Notional Amount, as the case
may be, of each such Class of Certificates due to Realized Losses or VRR Realized Losses, as applicable;


 


(R)       the
Certificate Factor for each Class of Principal Balance Certificates and Class X Certificates immediately following such Distribution
Date;


 






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(S)        the
Principal Distribution Amount and Aggregate Principal Distribution Amount for such Distribution Date;


 


(T)        the
aggregate amount of Principal Prepayments made during the related Collection Period, and the aggregate amount of any Prepayment
Interest Excesses received and Prepayment Interest Shortfalls incurred in connection therewith;


 


(U)       the
aggregate amount of losses on Mortgage Loans and Additional Trust Fund Expenses, if any, incurred with respect to the Trust Fund
during the related Collection Period, and any Realized Loss and VRR Realized Loss for such Distribution Date;


 


(V)       any
Appraisal Reduction Amounts and any Collateral Deficiency Amount on a loan-by-loan basis, and the total Appraisal Reduction Amounts,
Collateral Deficiency Amounts and Cumulative Appraisal Reduction Amount as of the related Determination Date;


 


(W)      identification
of any material modification, extension or waiver of a Mortgage Loan;


 


(X)       identification
of any material breach of the representations and warranties given with respect to a Mortgage Loan by the applicable Mortgage
Loan Seller;


 


(Y)       the
identity of the Operating Advisor;


 


(Z)        the
amount of the Operating Advisor Fee, the Trustee/Certificate Administrator Fee and the CREFC® Intellectual Property
Royalty License Fee paid with respect to such Distribution Date;


 


(AA)    an
itemized listing of any Disclosable Special Servicer Fees received by the Special Servicer or any of its Affiliates during the
related Collection Period;


 


(BB)     the identity of the Controlling Class;


 


(CC)     the identity of the Controlling Class Representative;


 


(DD)    such
additional information as contemplated by Exhibit D to this Agreement; and


 


(EE)     the
information required by Rule 15Ga-1(a), as promulgated under the Exchange Act, concerning all assets of the Trust Fund that were
subject of a demand to repurchase or replace for breach of the representations and warranties in any of the Mortgage Loan Purchase
Agreements.


 






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In
the case of information furnished pursuant to subclauses (A), (B), (C) and (Q) above, the amounts shall be expressed as a dollar
amount in the aggregate for all Certificates of each applicable Class and per single Certificate of a specified minimum denomination.
The form of any Distribution Date Statement may change over time.


 


On
each Distribution Date, the Certificate Administrator shall make available via the Certificate Administrator’s Website to
each Holder of a Class R 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 Certificates in respect
of the related Trust REMIC 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. Subject to any potential liability for willful misconduct, bad faith or negligence under Sections
6.01, 6.03, 8.01 or 8.05, applicable, none of the Master Servicer, the Special Servicer, the Trustee
or the Certificate Administrator shall be responsible for the accuracy or completeness of any information supplied to it by or
on behalf of a Mortgagor (or a third party on its behalf), any Mortgage Loan Seller (including the information in the Prospectus),
another party to this Agreement or a party to an Outside Servicing Agreement that is included in any reports, statements, materials
or information prepared or provided by it.


 


The
Certificate Administrator shall make available each month via the Certificate Administrator’s Website, to any Privileged
Person (or, in the case of item (vii) below, solely to Certificateholders and Certificate Owners, and provided that the
Prospectus, Distribution Date Statements, this Agreement, the Mortgage Loan Purchase Agreements and the Commission EDGAR filings
referred to below (collectively, the “Public Documents”) will be available to the general public, and provided
further that any Privileged Person that is a Borrower Party shall only be entitled to access the Public Documents, except
as otherwise provided herein with respect to the Special Servicer, any Controlling Class Certificateholder and the Controlling
Class Representative), the following items:


 


(i)           the following “deal documents”:


 


(A)       the
Prospectus;


 


(B)       this
Agreement, each Sub-Servicing Agreement delivered to the Certificate Administrator since the Closing Date (if any), the Mortgage
Loan Purchase Agreements and any amendments and exhibits hereto or thereto; and


 


(C)       CREFC®
Loan Setup File delivered to the Certificate Administrator by the Master Servicer;


 


(ii)          the
following “Commission EDGAR filings”:


 


(A)      any
reports on Forms 10-D, 10-K, 8-K and ABS-EE that have been filed by the Certificate Administrator with respect to the Trust through
the EDGAR system;


 






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(iii)         the
following documents, which shall initially be made available under a tab or heading designated “periodic reports”:


 


(A)       the
Distribution Date Statements;


 


(B)       the
supplemental reports and the CREFC® data files identified as such in the definition of “CREFC®
Investor Reporting Package (IRP)” (other than the CREFC® Loan Setup File), to the extent the Certificate
Administrator has received such report or file; and


 


(C)       all
Operating Advisor Annual Reports;


 


(iv)         the
following documents, which shall be made available under a tab or heading designated “additional documents”:


 


(A)      the
summary of any Final Asset Status Report delivered to the Certificate Administrator in electronic format pursuant to Section
3.21 of this Agreement;


 


(B)       any
inspection reports prepared by or on behalf of the Master Servicer or the Special Servicer, as applicable, and delivered to the
Certificate Administrator pursuant to Section 3.18 of this Agreement; and


 


(C)       any
other Third Party Reports (or updates thereto) delivered to the Certificate Administrator in electronic format;


 


(v)          the
following documents, which shall be made available under a tab or heading designated “special notices”:


 


(A)       notice
of any release based on an environmental release under this Agreement;


 


(B)       notice
of any waiver, modification or amendment of any term of any Mortgage Loan;


 


(C)       notice
of final payment on the Certificates;


 


(D)       all
notices of the occurrence of any Servicer Termination Events received by the Certificate Administrator or any notice to Certificateholders
of the termination of the Master Servicer or the Special Servicer;


 


(E)       notice
of termination or resignation of the Master Servicer or the Special Servicer;


 


(F)       notice
of resignation of the Trustee or the Certificate Administrator, and notice of the acceptance of appointment by the successor Trustee
or the successor Certificate Administrator, as applicable;


 






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(G)       any
notice of any request by requisite percentage of Certificateholders for a vote to terminate the Special Servicer pursuant to Section
6.08(a) of this Agreement, the Operating Advisor pursuant to Section 7.06(b) of this Agreement or the Asset Representations
Reviewer pursuant to Section 11.05(b) of this Agreement;


 


(H)       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;


 


(I)        notice
of resignation or termination of the Operating Advisor or the Asset Representations Reviewer and notice of the acceptance of appointment
by the successor Operating Advisor or the successor Asset Representations Reviewer, as applicable;


 


(J)        notice
of the Certificate Administrator’s determination that an Asset Review Trigger has occurred and a copy of any Final Asset
Review Report received by the Certificate Administrator;


 


(K)       any
notice of the termination of a sub-servicer with respect to Mortgage Loans representing 10% or more of the aggregate principal
balance of all the Mortgage Loans;


 


(L)       any
and all officer’s certificates and other evidence delivered to or by the Certificate Administrator to support its or the
Master Servicer’s, the Special Servicer’s, or the Trustee’s as the case may be, determination that any Advance
was (or, if made, would be) a Nonrecoverable Advance;


 


(M)      notice
of the termination of the Trust;


 


(N)      any
notice that a Control Termination Event has occurred or is terminated or that a Consultation Termination Event has occurred;


 


(O)      any
notice of the occurrence of an Operating Advisor Termination Event;


 


(P)       any
notice of the occurrence of an Asset Representations Reviewer Termination Event;


 


(Q)       any
assessments of compliance delivered to the Certificate Administrator;


 


(R)       any
attestation reports delivered to the Certificate Administrator;


 


(S)       any
“special notices” required by a Certificateholder to be posted on the Certificate Administrator’s website pursuant
to Section 5.07;


 


(T)       any
Proposed Course of Action Notice;


 






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(vi)          the
Investor Q&A Forum;


 


(vii)         solely
to Certificateholders and Certificate Owners that are Privileged Persons, the Investor Registry; and


 


(viii)        the
“Risk Retention” tab (which shall include, without limitation, any notice from the Depositor or the Retaining Sponsor
regarding non-compliance by PCC, SMC or BBPLC with, or any other matter related to, Regulation RR);


 


provided
that with respect to a Control Termination Event or a Consultation Termination Event deemed to exist due solely to the existence
of an Excluded Mortgage Loan, the Certificate Administrator will only be required to make available such notice of the occurrence
and continuance of a Control Termination Event or the notice of the occurrence and continuance of a Consultation Termination Event
to the extent the Certificate Administrator has been notified of such Excluded Mortgage Loan.


 


Notwithstanding
the foregoing, all Excluded Information shall be made available under one separate tab or heading designated “Excluded Information”
on the Certificate Administrator’s Website (and not any of the headings described in items (i) through (viii)
above) and made available to Privileged Persons other than any Excluded Controlling Class Holder (unless a loan-by-loan segregation
is later performed by the Certificate Administrator in which case such access shall only be prohibited with respect to the related
Excluded Controlling Class Mortgage Loan(s)). Notwithstanding the foregoing, nothing set forth in this Agreement shall prohibit
the Controlling Class Representative or any Controlling Class Certificateholder from receiving, requesting or reviewing any Excluded
Information relating to any Excluded Controlling Class Mortgage Loan with respect to which the Controlling Class Representative
or such Controlling Class Certificateholder is not a Borrower Party and, if such Excluded Information is not available to such
Controlling Class Representative or Controlling Class Certificateholder via the Certificate Administrator’s Website, such
Controlling Class Representative or Controlling Class Certificateholder that is not a Borrower Party with respect to the related
Excluded Controlling Class Mortgage Loan shall be entitled to obtain (upon reasonable request) such information in accordance
with Section 4.02(e) of this Agreement.


 


Notwithstanding
any of the foregoing to the contrary, if the Special Servicer is a Borrower Party with respect to any Mortgage Loan or Serviced
Loan Combination, the Special Servicer shall nevertheless have access to the Certificate Administrator’s Website; provided,
that the Special Servicer hereby agrees not to access, and is not permitted to access, Excluded Special Servicer Information with
respect to any Excluded Special Servicer Mortgage Loan (but shall be permitted to access any information with respect to any Mortgage
Loan other than any related Excluded Special Servicer Mortgage Loan) made available on the Certificate Administrator’s Website
or otherwise pursuant to this Agreement. If the Special Servicer is a Borrower Party with respect to any Excluded Special Servicer
Mortgage Loan, the Special Servicer (i) shall not, directly or indirectly provide any information related to any Excluded Special
Servicer Mortgage Loan (which shall include, without limitation, any Excluded Information related to such Excluded Special Servicer
Mortgage Loan) to (A) any related Borrower Party, (B) any employees or personnel of the Special Servicer or any of its Affiliates
involved in the management of any investment in any related Borrower Party or the related Mortgaged Property or (C) to the extent


 



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known to the Special Servicer, any non-Affiliate that holds a direct or indirect ownership interest in any related Borrower Party
or the related Mortgaged Property, and (ii) shall maintain sufficient internal controls and appropriate policies and procedures
in place in order to comply with the obligations described in clause (i) above. Notwithstanding any provision to the contrary
herein, the Certificate Administrator shall not have any obligation to restrict access by the Special Servicer or any Excluded
Mortgage Loan Special Servicer to any information on the Certificate Administrator’s website related to any Excluded Special
Servicer Mortgage Loan.


 


Any
Person that is a Borrower Party shall be entitled to access (a) the Public Documents, and (b) in the case of the Controlling Class
Representative or a Controlling Class Certificateholder, if any such Person is an Excluded Controlling Class Holder, upon delivery
to the Master Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator and the Trustee in physical
form of an Investor Certification substantially in the form of Exhibit M-1C and a notice in the form of Exhibit M-1F
hereto certifying to the effect that it is an Excluded Controlling Class Holder and upon delivery to the Certificate Administrator
in physical form of an investor certification substantially in the form of Exhibit M-1G, which shall include each of the
CitiDirect Login User ID associated with such Excluded Controlling Class Holder, all information (other than Excluded Information
related to the Excluded Controlling Class Mortgage Loan(s) (unless a loan-by-loan segregation is later performed by the Certificate
Administrator in which case such access shall only be prohibited with respect to the Excluded Controlling Class Mortgage Loan(s)
for which such Person is a Borrower Party)) available on the Certificate Administrator’s Website.


 


In
the case of the Controlling Class Representative or Controlling Class Certificateholder that is not an Excluded Controlling Class
Holder, upon delivery of an investor certification substantially in the form of Exhibit M-1B hereto certifying to the effect
that it is not an Excluded Controlling Class Holder, such Controlling Class Representative or a Controlling Class Certificateholder
shall be entitled to access all information on the Certificate Administrator’s Website. The Master Servicer, Special Servicer,
Operating Advisor, Certificate Administrator and Trustee may each rely on (i) an Investor Certification in the form of Exhibit
M-1B hereto from the Controlling Class Representative or a Controlling Class Certificateholder to the effect that such Person
is not an Excluded Controlling Class Holder with respect to any Excluded Controlling Class Mortgage Loan or (ii) an Investor Certification
in the form of Exhibit M-1C hereto from the Controlling Class Representative or a Controlling Class Certificateholder to
the effect that such Person is an Excluded Controlling Class Holder with respect to one or more Excluded Controlling Class Mortgage
Loan(s). In the event the Controlling Class Representative or a Controlling Class Certificateholder, as the case may be, becomes
an Excluded Controlling Class Holder, 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 M-1F to
the effect that such party is an Excluded Controlling Class Holder with respect to the Excluded Controlling Class Mortgage Loan(s)
listed in such notice and shall also provide the Certificate Administrator a notice substantially in the form of Exhibit M-1G
listing the CitiDirect Login User ID associated with such Excluded Controlling Class Holder and directing the Certificate
Administrator to restrict such Excluded Controlling Class Holder’s access to the Certificate Administrator’s Website
as and to the extent provided in this Agreement. Upon confirmation from the Certificate Administrator that such access has been
restricted, such Excluded Controlling Class Holder shall submit a new investor certification substantially in the form of Exhibit
M-1C (which


 



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certification shall include, among other things, an acknowledgement and agreement by such Excluded Controlling
Class Holder that it is prohibited from accessing and reviewing (and it agrees not to access and review) any Excluded Information
with respect to any Excluded Controlling Class Mortgage Loans for which it is a Borrower Party) to access the information on the
Certificate Administrator’s Website, except that such Excluded Controlling Class Holder shall not be entitled to access
any Excluded Information related to any Excluded Controlling Class Mortgage Loan(s) (unless a loan-by-loan segregation is later
performed by the Certificate Administrator in which case such access shall only be prohibited with respect to the Excluded Controlling
Class Mortgage Loan(s) for which such Person is a Borrower Party) made available on the Certificate Administrator’s Website.
Any Excluded Information relating to an Excluded Controlling Class Mortgage Loan that the Master Servicer, the Special Servicer
or the Operating Advisor identifies and delivers to the Certificate Administrator for posting to the Certificate Administrator’s
Website shall be delivered to the Certificate Administrator via email to loandata@citi.com in one or more separate files
labeled “Excluded Information” followed by the applicable loan name and loan number, and the Certificate Administrator
shall segregate on the Certificate Administrator’s Website such Excluded Information on a separate excluded loan tab on
the Certificate Administrator’s website (and, if possible at a later time, on a loan-by-loan basis). Notwithstanding anything
herein to the contrary, each of the Master Servicer, the Special Servicer, the Operating Advisor and the Certificate Administrator
shall be entitled to conclusively assume that the Controlling Class Representative and all Controlling Class Certificateholders
are not Excluded Controlling Class Holders except to the extent that the Master Servicer, the Special Servicer, the Operating
Advisor or the Certificate Administrator, as applicable, has received notice from the Controlling Class Representative or a Controlling
Class Certificateholder that it has become an Excluded Controlling Class Holder. None of the Master Servicer, the Special Servicer,
the Operating Advisor or the Certificate Administrator shall be liable for any communication to the Controlling Class Representative
or Controlling Class Certificateholder or disclosure of Excluded Information if the Master Servicer, the Special Servicer, the
Operating Advisor or the Certificate Administrator, as applicable, did not receive prior written notice that the related Mortgage
Loan is an Excluded Controlling Class Mortgage Loan (including, in the case of an Asset Status Report or Final Asset Status Report
delivered to the Certificate Administrator for posting to the Certificate Administrator’s Website and/or any failure to
label any such information provided to the Certificate Administrator).


 


Each
of the Master Servicer, the Special Servicer, the Operating Advisor and the Certificate Administrator shall be entitled to conclusively
rely on any certification delivered by the Controlling Class Representative or a Controlling Class Certificateholder, as applicable,
substantially in the form of Exhibit M-1B to the effect that such Person is no longer an Excluded Controlling Class Holder.
To the extent the Controlling Class Representative or a Controlling Class Certificateholder receives access pursuant to this Agreement
to any Excluded Information with respect to a related Excluded Controlling Class Mortgage Loan on the Certificate Administrator’s
Website or otherwise receives access to such Excluded Information, such Controlling Class Representative or Controlling Class
Certificateholder shall be deemed to have agreed that it (i) will not directly or indirectly provide any information related to
the Excluded Controlling Class Mortgage Loan to (A) any related Borrower Party, (B) any Excluded Controlling Class Holder, (C)
any employees or personnel of such Controlling Class Representative or Controlling Class Certificateholder, (D) any Affiliate
involved in the management of any investment in any related Borrower Party or the related Mortgaged Property or (E) to its actual


 



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knowledge, any non-Affiliate that holds a direct or indirect ownership interest in any related Borrower Party, and (ii) will maintain
sufficient internal controls and appropriate policies and procedures in place in order to comply with the obligations described
in clause (i) above.


 


To
the extent the Risk Retention Consultation Party or a Holder of any Vertically Retained Certificate receives access pursuant to
this Agreement to any information relating to an Excluded RRCP Mortgage Loan (or a Mortgage Loan with respect to which such Holder
is a Borrower Party) and/or the related Mortgaged Property (which shall include any Major Decision Reporting Package, Asset Status
Reports, Final Asset Status Reports (or summaries thereof), inspection reports related to Specially Serviced Loans conducted by
the Special Servicer or any Excluded Mortgage Loan Special Servicer and which may include any Operating Advisor reports delivered
to the Certificate Administrator regarding the Special Servicer’s net present value determination, Collateral Deficiency
Amount determination or any Appraisal Reduction Amount calculations, and any Officer’s Certificates delivered by the Trustee,
the Master Servicer or the Special Servicer, supporting any determination that any Advance was (or, if made, would be) a Nonrecoverable
Advance, but in each case other than information with respect to such Mortgage Loan that is aggregated with information of other
Mortgage Loans at a pool level), whether on the Certificate Administrator’s Website or otherwise, the Risk Retention Consultation
Party or such Holder of a Vertically Retained Certificate, as applicable, shall be deemed to have agreed that it (i) will not
provide any such information to (A) the related Borrower Party, (B) any employees or personnel of the Risk Retention Consultation
Party or such Holder of a Vertically Retained Certificate or any of its Affiliates involved in the management of any investment
in the related Borrower Party or the related Mortgaged Property or (C) to its actual knowledge, any non-Affiliate that holds a
direct or indirect ownership interest in the related Borrower Party, and (ii) will maintain sufficient internal controls and appropriate
policies and procedures in order to comply with the limitations described in clause (i) above. For the avoidance of doubt,
any file or report contained in the CREFC® Investor Reporting Package (CREFC® IRP) (other than the
CREFC® Special Servicer Loan File relating to any such Excluded Mortgage Loan) shall be considered information
that is aggregated with information of other Mortgage Loans at a pool level. Notwithstanding anything to the contrary in this
Agreement, the Risk Retention Consultation Party will be permitted to share with any Holder of a Vertically Retained Certificate
any Major Decision Reporting Package that the Risk Retention Consultation Party has received in connection with the exercise of
its consultation rights pursuant to Section 6.09(a).


 


The
Certificate Administrator makes no representations or warranties as to the accuracy or completeness of information provided pursuant
to this Section and assumes no responsibility therefor. In addition, the Certificate Administrator disclaims responsibility for
any information distributed by the Certificate Administrator for which it is not the original source. In connection with providing
access to the Certificate Administrator’s internet website, the Certificate Administrator may require registration and acceptance
of a disclaimer and may require a recipient of any of the information set forth above (other than the Public Documents) to execute
a confidentiality agreement (which may be in the form of a web page “click-through”). The Certificate Administrator
shall not be liable for the dissemination of information in accordance with this Agreement. Notwithstanding anything herein to
the contrary, the Certificate Administrator shall not be liable for any disclosure of Excluded Information relating to an Excluded
Controlling Class Mortgage Loan to the extent such information was included in the Asset Status Report or the Final Asset Status
Report delivered to the Certificate Administrator for


 



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posting to the Certificate Administrator’s Website and not properly
identified as relating to an Excluded Controlling Class Mortgage Loan.


 


The
Certificate Administrator shall have no liability for access by an Excluded Controlling Class Holder to the Certificate Administrator’s
website of any information with respect to which such Excluded Controlling Class Holder is prohibited from accessing pursuant
to this Agreement if such Excluded Controlling Class Holder provided an Investor Certification but did not indicate it was a Borrower
Party.


 


The
Certificate Administrator shall provide assistance in using the Certificate Administrator’s Website through the Certificate
Administrator’s customer service desk at telephone number 1-888-855-9695.


 


The
Certificate Administrator may provide such information through means other than (and in lieu of) the Certificate Administrator’s
Website; provided that (i) the Depositor shall have consented to such alternative means and (ii) Certificateholders and
each of the Serviced Companion Loan Holders shall have received notice of such alternative means (which notice may be given via
the Certificate Administrator’s Website).


 


Any
Person that is a Mortgagor, a Manager of a Mortgaged Property, an Affiliate of the foregoing, or an agent of any Mortgagor shall
be entitled to access only the Prospectus, Distribution Date Statements, this Agreement, the Mortgage Loan Purchase Agreements
and the Commission EDGAR filings on the Certificate Administrator’s Website which are being made available to the general
public. The provisions in this Section shall not limit the Master Servicer’s ability to make accessible certain information
regarding the Mortgage Loans at a website maintained by the Master Servicer.


 


Within
a reasonable period of time after the end of each calendar year, the Certificate Administrator shall furnish to each Person who
at any time during the calendar year was a Holder of a Certificate and requests in writing, a statement containing the information
as to the applicable Class set forth in clauses (A), (B) and (C) of the description of Distribution Date Statements above, aggregated
for such calendar year or applicable portion thereof during which such person was a Certificateholder, together with such other
information as the Certificate Administrator deems necessary or desirable, or that a Certificateholder or Certificate Owner reasonably
requests, to enable Certificateholders to prepare their tax returns for such calendar year. Such obligation of the Certificate
Administrator shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided
by the Certificate Administrator pursuant to any requirements of the Code as from time to time are in force.


 


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 Certificateholders
and Certificate Owners that are Privileged Persons may submit questions to (a) the Certificate Administrator relating to the Distribution
Date Statements, (b) the Master Servicer or the Special Servicer, as applicable, relating to the servicing reports prepared by
that party and being made available pursuant to this Section 4.02(a), the Mortgage Loans (excluding the Outside Serviced
Mortgage Loans) or the related Mortgaged Properties or (c) the Operating Advisor relating to the Operating Advisor Annual Reports
or other reports prepared by the Operating Advisor or actions by the Special Servicer referenced in such


 



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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 Operating Advisor, the Master Servicer or the Special Servicer,
as applicable, the Certificate Administrator shall forward the Inquiry to the appropriate Person and, in the case of an inquiry
relating to an Outside Serviced Mortgage Loan, to the applicable party under the related Outside Servicing Agreement, in each
case within a commercially reasonable period following receipt thereof.


 


Within
a commercially reasonable time following receipt of an Inquiry, 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 Operating Advisor, the Master Servicer or Special Servicer shall be by e-mail to the Certificate
Administrator. In the case of an Inquiry relating to an Outside Serviced Mortgage Loan, the Certificate Administrator shall make
reasonable efforts to obtain an answer from the related Outside Servicer or the related Outside Special Servicer, as applicable;
provided that the Certificate Administrator shall not be responsible for the content of such answer or any delay or failure
to obtain such answer. 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 Certificate Administrator’s Website.
If the Certificate Administrator, the Operating Advisor, the Master Servicer or the Special Servicer determines, in its respective
sole discretion, that (i) any Inquiry is beyond the scope of the topics described above, (ii) answering any Inquiry would not
be in the best interests of the Trust and/or the Certificateholders, (iii) answering any Inquiry would be in violation of applicable
law, this Agreement (including requirements in respect of non-disclosure of Privileged Information) or the applicable Loan Documents,
(iv) 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, (v) answering any
Inquiry would require the disclosure of Privileged Information (subject to the Privileged Information Exception) or (vi) answering
any Inquiry is otherwise, for any reason, not advisable, then it shall not be required to answer such Inquiry and, in the case
of the Operating Advisor, the Master Servicer or the Special Servicer, shall promptly notify the Certificate Administrator of
such determination. In addition, no party shall post or otherwise disclose any direct communications with the Directing Holder
or the Risk Retention Consultation Party (in its capacity as Risk Retention Consultation Party) as part of its response to any
Inquiries. 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 Certificate Administrator’s Website
any Inquiry or answer thereto that the Certificate Administrator determines, in its sole discretion, is administrative or ministerial
in nature. The Investor Q&A Forum will not reflect questions, answers and other communications which are not submitted via
the Certificate Administrator’s Website. Answers posted on the Investor Q&A Forum shall be attributable only to the
respondent, and shall not be deemed to be answers from any of the Depositor, the Underwriters, the Initial Purchasers or any of
their respective Affiliates. None of the Underwriters, Initial Purchasers, Depositor, any of their respective affiliates or any
other person will certify as to the accuracy of any of the information posted in the Investor Q&A Forum and no such person
will have any responsibility or liability for the content of any such information. No party to this Agreement shall disclose Privileged
Information in the Investor Q&A Forum.


 






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The
Certificate Administrator shall make available to any Certificateholder and any Certificate Owner that is a Privileged Person,
the Investor Registry. The “Investor Registry” shall be a voluntary service available on the Certificate Administrator’s
Website, where Certificateholders and Certificate Owners can register and thereafter obtain information with respect to any other
Certificateholder or Certificate 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 Certificate 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 Certificate Owners. Such Person shall then be asked to enter certain mandatory
fields such as the individual’s name, the company name and e-mail address, as well as certain optional fields such as address,
phone, and Class(es) of Certificates owned. If any Certificateholder or Certificate 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.


 


Notwithstanding
the foregoing, in no event shall any provision of this Agreement be construed to require the Master Servicer, the Special Servicer
or the Certificate Administrator to produce any ad hoc or non-standard written reports (in addition to the CREFC®
reports, inspection reports, reports required under each Co-Lender Agreement and other specific periodic reports otherwise required).
If the Master Servicer, the Special Servicer or the Certificate Administrator elects to provide any ad hoc or non-standard reports,
it may require the Person requesting such report to pay a reasonable fee to cover the costs of the preparation thereof.


 


Upon
filing with the IRS, the Certificate Administrator shall furnish to the Holders of the Class R Certificates the IRS Form 1066
for each Trust REMIC and shall furnish their respective Schedules Q thereto at the times required by the Code or the IRS, and
shall provide from time to time such information and computations with respect to the entries on such forms as any Holder of the
Class R Certificates may reasonably request.


 


The
specification of information to be furnished by the Certificate Administrator in this Section 4.02 (and any other terms
of this Agreement requiring or calling for delivery or reporting of information by the Certificate Administrator to Certificateholders
and Certificate Owners) shall not limit the Certificate Administrator in furnishing, and the Certificate Administrator is hereby
authorized to furnish, to any Privileged Person any other information (such other information, collectively, “Additional
Information”) with respect to the Mortgage Loans or Serviced Loan Combination, the Mortgaged Properties or the Trust
Fund as may be provided to it by the Depositor, the Master Servicer or the Special Servicer or gathered by it in any investigation
or other manner from time to time, provided that (A) while there exists any Servicer Termination Event, any such Additional
Information shall only be furnished with the consent or at the request of the Depositor (except pursuant to clause (E) below or
to the extent such information is requested by a Certifying Certificateholder), (B) the Certificate Administrator shall be entitled
to indicate the source of all information furnished by it, and the Certificate Administrator may affix thereto any disclaimer
it deems appropriate in its sole discretion (together with any warnings as to the


 



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confidential nature and/or the uses of such
information as it may, in its sole discretion, determine appropriate), (C) the Certificate Administrator may notify any Privileged
Person of the availability of any such information in any manner as it, in its sole discretion, may determine, (D) the Certificate
Administrator shall be entitled (but not obligated) to require payment from each recipient of a reasonable fee for, and its out-of-pocket
expenses incurred in connection with, the collection, assembly, reproduction or delivery of any such Additional Information, and
(E) the Certificate Administrator shall be entitled to distribute or make available such Additional Information in accordance
with such reasonable rules and procedures as it may deem necessary or appropriate (which may include the requirement that an agreement
that provides such information shall be used solely for purposes of evaluating the investment characteristics or valuation of
the Certificates be executed by the recipient, if and to the extent the Certificate Administrator deems the same to be necessary
or appropriate). Nothing herein shall be construed to impose upon the Certificate Administrator any obligation or duty to furnish
or distribute any Additional Information to any Person in any instance, and the Certificate Administrator shall neither have any
liability for furnishing nor for refraining from furnishing Additional Information in any instance. The Certificate Administrator
shall be entitled (but not required) to request and receive direction from the Depositor as to the manner of delivery of any such
Additional Information, if and to the extent the Certificate Administrator deems necessary or advisable, and to require that any
consent, direction or request given to it pursuant to this Section be made in writing.


 


The
Depositor hereby authorizes the Certificate Administrator to, and the Certificate Administrator shall, make available to Bloomberg,
L.P., Trepp, LLC, Intex Solutions, Inc., BlackRock Financial Management, Inc., CMBS.com, Inc., Moody’s Analytics, Markit
Group Limited or such other vendor chosen by the Depositor that submits to the Certificate Administrator a certification in the
form of Exhibit M-3 to this Agreement, all the Distribution Date Statements, CREFC® reports and supplemental
notices delivered or made available pursuant to this Section 4.02(a) to Privileged Persons.


 


(b)       No
later than the Business Day prior to each Distribution Date, subject to the third from last paragraph of this subsection (b),
the Master Servicer shall deliver or cause to be delivered to the Certificate Administrator, the Operating Advisor and the Special
Servicer in electronic form mutually acceptable to the Certificate Administrator, the Operating Advisor, the Special Servicer
and the Master Servicer the following reports or information (and any other files as may be, or have been, adopted and promulgated
by CREFC® as part of the CREFC® Investor Reporting Package (IRP) from time to time): (1) a CREFC®
REO Status Report, (2) a CREFC® Historical Loan Modification/Forbearance and Corrected Mortgage Loan Report,
(3) CREFC® Total Loan Report, (4) the CREFC® Servicer Watch List/Portfolio Review Guidelines, (5)
the CREFC® Financial File, (6) the CREFC® Property File, (7) except for the first two Distribution
Dates, the CREFC® Comparative Financial Status Report, (8) the CREFC® Loan Level Reserve/LOC Report,
(9) the CREFC® Advance Recovery Report and (10) the CREFC® Delinquent Loan Status Report.


 


With
respect to each Serviced Companion Loan that is held by an Other Securitization Trust, the Master Servicer shall deliver or cause
to be delivered to the related Other Servicer all reports required to be delivered by the Master Servicer to the Certificate Administrator
pursuant to this Section 4.02(b) (which shall include all loan-level reports constituting the CREFC® Investor
Reporting Package (IRP)), to the extent related to such Serviced Companion


 



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Loan, the related Mortgaged Property or the related
Mortgage Note, no later than the earlier of (x) the Master Servicer Remittance Date and (y) the Business Day immediately following
the “determination date” (or analogous concept) set forth in the related Other Pooling and Servicing Agreement.


 


No
later than the Business Day prior to each Distribution Date except for the first two Distribution Dates, the Master Servicer shall
deliver to the Certificate Administrator and the Operating Advisor (by electronic means) the CREFC® Comparative
Financial Status Report for each Mortgage Loan or related Mortgaged Property as of the Determination Date immediately preceding
the preparation of such report for each of the following three periods (but only to the extent the related Mortgagor is required
by the Mortgage to deliver and does deliver, or otherwise agrees to provide and does provide, such information): (a) the most
current available year-to-date; (b) each of the previous two full fiscal years stated separately (to the extent such information
is in the Master Servicer’s possession); and (c) the “base year” (representing the original analysis of information
used as of the Cut-Off Date).


 


The
Master Servicer shall provide to the Certificate Administrator and the Operating Advisor the CREFC® Loan Setup
File no later than 4:00 p.m. on the third Business Day before the first Distribution Date to the extent it has received from the
Mortgage Loan Sellers one or more spreadsheets (with the data fields filled) containing the data necessary for the completion
of the aggregate pool-wide CREFC® Loan Setup File.


 


No
later than 2:00 p.m., New York City time, on the second Business Day prior to each Distribution Date, the Master Servicer shall
deliver to the Certificate Administrator and the Operating Advisor (i) a CREFC® Loan Periodic Update File setting
forth certain information with respect to the Mortgage Loans and Mortgaged Properties and (ii) the CREFC® Appraisal Reduction
Template, to the extent received, or prepared pursuant to Section 3.10(a) of this Agreement, by the Master Servicer.


 


The
Master Servicer shall prepare the initial CREFC® Financial File and the initial CREFC® Loan Periodic
Update File based on the initial data with respect to each Mortgage Loan provided by the Mortgage Loan Sellers pursuant to the
respective Mortgage Loan Purchase Agreements and the Supplemental Servicer Schedule.


 


No
later than the Business Day prior to each Distribution Date, the Master Servicer shall deliver to the Certificate Administrator
(and the Certificate Administrator shall deliver a copy to the Depositor by email to the Depositor’s email addresses set
forth in Section 12.04) a single CREFC® Schedule AL File (with respect to each Mortgage Loan that was part
of the Mortgage Pool during any portion of the related reporting period covered by the Form 10-D required to be filed with respect
to the subject Distribution Date pursuant to Section 10.04) and any related Schedule AL Additional File, in each case,
in the required format per Regulation AB and in Excel format; provided, however, that the Master Servicer shall have no
obligation to prepare or deliver the CREFC® Schedule AL File or the Schedule AL Additional File unless and until
the Depositor has delivered the items required pursuant to Section 2.01(j); and provided, further, that,
if the Master Servicer has not received the items required pursuant to Section 2.01(j) from the Depositor prior to the
time it would need such items in order for the Master Servicer to prepare the CREFC® Schedule AL File with respect
to the first Distribution Date, the Master Servicer shall request such


 



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items from the Depositor, including by email to the email
addresses for the Depositor set forth in Section 12.04. If the CREFC® Schedule AL File is not provided by
the Master Servicer to the Certificate Administrator by 5:00 p.m. (New York city time) on the Business Day prior to any Distribution
Date, the Certificate Administrator shall notify the Depositor in writing and also request such CREFC® Schedule
AL File from the Master Servicer via email to ssreports@wellsfargo.com. Any questions that the Depositor may have relating to
any CREFC® Schedule AL File and Schedule AL Additional File prepared by the Master Servicer shall be directed to
ssreports@wellsfargo.com. The Master Servicer shall be entitled to conclusively rely, absent manifest error, without any due diligence,
investigation or verification, on: (1) the content, completeness and accuracy of the Initial Schedule AL File, the Initial Schedule
AL Additional File and Annex A to the Prospectus, in each case, as of the Closing Date; and (2) the compliance, as of the Closing
Date, of the Initial Schedule AL File and the Initial Schedule AL Additional File with any applicable requirements of Items 1111(h)
and 1125 of Regulation AB and Items 601(b)(102) and 601(b)(103) of Regulation S-K, in each case as in effect on the Closing Date
and only to the extent such requirements relate to filings required to be made in connection with the Preliminary Prospectus and
the Prospectus. Any Schedule AL Additional File that the Master Servicer determines, in accordance with the Servicing Standard,
to deliver in connection with any CREFC® Schedule AL File prepared by the Master Servicer pursuant to this paragraph
shall be delivered in the required format per Regulation AB and in Excel format to the Certificate Administrator concurrently
with the delivery of the related CREFC® Schedule AL File. With respect to each Outside Serviced Mortgage Loan,
the Master Servicer shall include information required by Items 1111(h) and 1125 of Regulation AB relating to such Outside Serviced
Mortgage Loan that it receives from the related Outside Servicer under the applicable Outside Servicing Agreement or obtains from
the related Mortgagor’s financial statements in the single CREFC® Schedule AL File and/or Schedule AL Additional
File, as applicable, that it delivers to the Certificate Administrator for the subject Distribution Date. The Master Servicer
shall not be required to combine multiple CREFC® Schedule AL Files or Schedule AL Additional Files unless multiple Sub-Servicers
prepare and submit such CREFC® Schedule AL Files or Schedule AL Additional Files to the Master Servicer.


 


In
addition, the Master Servicer (with respect to Performing Serviced Loans) or Special Servicer (with respect to Specially Serviced
Loans and REO Properties), as applicable, shall prepare the following with respect to each Mortgaged Property and REO Property,
in each case other than with respect to any Outside Serviced Mortgage Loan:


 


(i)        Within
30 days after receipt of a quarterly operating statement, if any, for each calendar quarter, commencing with respect to the calendar
quarter ending March 31, 2018, a CREFC® Operating Statement Analysis Report (but only to the extent the related
Mortgagor is required by the related Loan Documents to deliver and does deliver, or otherwise agrees to provide and does provide,
such information) for such Mortgaged Property or REO Property as of the end of such calendar quarter; provided, however,
that any analysis or report with respect to the first calendar quarter of each year shall not be required to the extent provided
in the then current applicable CREFC® guidelines (it being understood that as of the Closing Date, the applicable CREFC®
guidelines provide that such analysis or report with respect to the first calendar quarter (in each year) is not required for
a Mortgaged Property unless such Mortgaged Property is analyzed on a trailing 12-month basis, or if the related Serviced Mortgage
Loan is on the CREFC® Servicer Watch


 



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List). The Master Servicer (with respect to Performing Serviced Loans) or Special Servicer
(with respect to Specially Serviced Loans and REO Properties), as applicable, shall deliver to the Certificate Administrator,
the Operating Advisor and each related Serviced Companion Loan Holder (or the master servicer or special servicer for the related
Other Securitization Trust on its behalf) by electronic means the CREFC® Operating Statement Analysis Report upon
request; and


 


(ii)       Within
30 days after receipt by the Special Servicer (with respect to Specially Serviced Loans and REO Properties) or the Master Servicer
(with respect to Performing Serviced Loans) of any annual operating statement or rent rolls, commencing with respect to the calendar
year ending December 31, 2018, a CREFC® NOI Adjustment Worksheet (but only to the extent the related Mortgagor
is required by the related Loan Documents to deliver and does deliver, or otherwise agrees to provide and does provide, such information),
presenting the computation to “normalize” the full year net operating income and debt service coverage numbers used
by the Master Servicer in preparing the CREFC® Comparative Financial Status Report above. The Special Servicer
or the Master Servicer shall deliver to the Certificate Administrator, the Operating Advisor and each related Serviced Companion
Loan Holder (or the master servicer or special servicer for the related Other Securitization Trust on its behalf) by electronic
means the CREFC® NOI Adjustment Worksheet upon request.


 


Notwithstanding
anything to the contrary contained herein, with respect to any Serviced Loan related to any Significant Obligor, (a) the Master
Servicer (with respect to Performing Serviced Loans) or the Special Servicer (with respect to Specially Serviced Loans and REO
Properties) shall be required to complete (and, in the case of the Special Servicer, to deliver to the Master Servicer) any CREFC
files, reports and/or templates necessary in order to comply with (or, in the case of the Special Servicer, to facilitate compliance
with) the Master Servicer’s obligations under Section 10.11 of this Agreement and the Exchange Act filing obligations
of the Depositor and/or any Other Depositor, as applicable, with respect to such Significant Obligor.


 


The
Certificate Administrator shall deliver or shall cause to be delivered, upon request, to the Rule 17g-5 Information Provider (for
posting to the Rule 17g-5 Information Provider’s Website pursuant to Section 12.13 of this Agreement), to each Certificateholder,
to each party hereto, to any Underwriter and/or to any Initial Purchaser and to each Person that provides the Certificate Administrator
with an Investor Certification a copy of the CREFC® Operating Statement Analysis Report and CREFC®
NOI Adjustment Worksheet most recently performed by the Master Servicer with respect to any Mortgage Loan or Serviced Loan Combination
and delivered to the Certificate Administrator.


 


Upon
request (and in any event, not more frequently than once per month), the Master Servicer shall forward to the Certificate Administrator
(as to the Collection Account), the Operating Advisor, any related Serviced Companion Loan Holder or the master servicer or special
servicer for the related Other Securitization Trust on its behalf (as to the related Loan Combination Custodial Account) and,
for posting to the Rule 17g-5 Information Provider’s Website pursuant to Section 12.13 of this Agreement, the Rule
17g-5 Information Provider a statement, setting forth the status of the Collection Account and each Loan Combination Custodial
Account as of the close of business on such Master Servicer Remittance Date, stating that all remittances to the Certificate


 



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Administrator
required by this Agreement to be made by the Master Servicer have been made (or, in the case of any such required remittance that
has not been made by the Master Servicer, specifying the nature and status thereof) and showing, for the period from the preceding
Master Servicer Remittance Date (or, in the case of the first Master Servicer Remittance Date, from the Cut-Off Date) to such
Master Servicer Remittance Date, the aggregate of deposits into and withdrawals from the Collection Account and each Loan Combination
Custodial Account for each category of deposit specified in Section 3.05(a) of this Agreement and each category of withdrawal
specified in Section 3.06 of this Agreement. The Master Servicer shall also deliver to the Certificate Administrator and
(solely as to a Serviced Loan Combination) the related Serviced Companion Loan Holder, upon reasonable request of the Certificate
Administrator or any Serviced Companion Loan Holder, any and all additional information relating to the Mortgage Loans or Serviced
Loan Combinations in the possession of the Master Servicer (which information shall be based upon reports delivered to the Master
Servicer by the Special Servicer with respect to Specially Serviced Loans and REO Properties).


 


Further,
the Master Servicer shall cooperate with the Special Servicer and provide the Special Servicer with the information in the possession
of the Master Servicer reasonably requested by the Special Servicer, in writing, to the extent required to allow the Special Servicer
to perform its obligations under this Agreement with respect to those Mortgage Loans serviced by the Master Servicer.


 


The
obligation of the Master Servicer to deliver the reports required to be delivered by it pursuant to this subsection is subject
to the Master Servicer having received from the Special Servicer in a timely manner the related reports and information in the
possession of the Special Servicer necessary or required to enable the Master Servicer to prepare and deliver such reports. The
Master Servicer shall not be responsible for the accuracy or content of any report, document or information furnished by the Special
Servicer to the Master Servicer pursuant to this Agreement and accepted by the Master Servicer in good faith pursuant to this
Agreement.


 


The
obligation of the Special Servicer to deliver the reports required to be delivered by it pursuant to this subsection is subject
to the Special Servicer having received from the Master Servicer in a timely manner the related reports and information in the
possession of the Master Servicer necessary or required to enable the Special Servicer to prepare and deliver such reports. The
Special Servicer shall not be responsible for the accuracy or content of any report, document or information furnished by the
Master Servicer to the Special Servicer pursuant to this Agreement and accepted by the Special Servicer in good faith pursuant
to this Agreement.


 


With
respect to an Outside Serviced Mortgage Loan, the Master Servicer shall deliver information comparable to the above-described
information to the same Persons as described above in this Section 4.02(b) and according to the same time frames as described
above in this Section 4.02(b), with reasonable promptness following such Master Servicer’s receipt of such information
from the related Outside Servicer under the applicable Outside Servicing Agreement.


 


(c)       Not
later than 5:00 p.m. New York time on each Determination Date, the Special Servicer shall forward to the Master Servicer, for
each Specially Serviced Loan and REO Property (other than an REO Property related to an Outside Serviced Mortgage Loan), a CREFC®



 



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Special Servicer Loan File. The Special Servicer shall also deliver to the Certificate Administrator, upon the reasonable
written request of the Certificate Administrator, any and all additional information in the possession of the Special Servicer
relating to the Specially Serviced Loans and the REO Properties (other than an REO Property related to an Outside Serviced Mortgage
Loan).


 


The
Special Servicer shall cooperate with the Master Servicer and provide the Master Servicer with the information in the possession
of the Special Servicer reasonably requested by the Master Servicer, in writing, to the extent required to allow the Master Servicer
to perform its obligations under this Agreement with respect to the Specially Serviced Loans and REO Properties (other than an
REO Property related to an Outside Serviced Mortgage Loan).


 


The
Master Servicer may make available to Privileged Persons copies of any reports or files prepared by the Master Servicer pursuant
to this Agreement. The Master Servicer may make information concerning the Mortgage Loans or Serviced Loan Combination available
on any website that it has established.


 


With
respect to an Outside Serviced Mortgage Loan, the Master Servicer shall deliver information comparable to the above-described
information to the extent received from the related Outside Servicer or the related Outside Special Servicer, as applicable, to
the same Persons as described above in this Section 4.02(c) and according to the same time frames as described above in
this Section 4.02(c), with reasonable promptness following such Master Servicer’s receipt of such information from
the related Outside Servicer under the related Outside Servicing Agreement.


 


Upon
the reasonable request of (i) any Certificateholder or Certificate Owner that has delivered an appropriate Investor Certification
or (ii) any other Privileged Person so identified by a Certificate Owner or an Underwriter, the Master Servicer shall provide
(or forward electronically) at the expense of such Privileged Person, Certificateholder or Certificate Owner, as applicable, copies
of any appraisals, operating statements, rent rolls and financial statements obtained by the Master Servicer and, with respect
to the Mall of Louisiana Mortgage Loan and to the extent delivered to the Master Servicer by the related Outside Servicer as contemplated
by Section 18(b)(iv) of the Mall of Louisiana Co-Lender Agreement, copies of all quarterly and annual operating statements, financial
statements, budgets, rent rolls and sales reports of the related Mortgaged Property, the quarterly and annual financial statements
of the related borrower, and any other reports or documents required to be delivered under the terms of the related Loan Documents;
provided that in no event shall an Excluded Controlling Class Holder be entitled to Excluded Information with respect to an Excluded
Controlling Class Mortgage Loan with respect to which it is a Borrower Party; and provided, further, that no Certificateholders
or Certificate Owners shall be given access to or be provided copies of, any Mortgage Files or Diligence Files. In connection
with such request, the Master Servicer may require (1) 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 (a) such Person will keep such
information confidential and will use such information only for the purpose of analyzing asset performance and evaluating any
continuing rights the Certificateholder or Certificate Owner may have under this Agreement and (b) if the requesting party is
neither a Certificateholder nor a Certificate Owner, such Person is Privileged Person, and (2) payment of a sum sufficient to
cover the reasonable costs and expenses of providing copies of such reports or information (which amounts in any event are not


 



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reimbursable as Additional Trust Fund Expenses), except that, other than for extraordinary or duplicate requests, the Directing
Holder (but, in the case of the Controlling Class Representative, only if a Consultation Termination Event does not exist) will
be entitled to reports and information free of charge. For the avoidance of doubt, the Master Servicer shall not make any Asset
Status Reports or Final Asset Status Reports available to any Certificateholders or Certificate Owners on its website. None of
the parties to this Agreement shall provide any Asset Status Report or any Final Asset Status Report to the Certificate Administrator
(provided that the Special Servicer shall provide a summary of each Final Asset Status Report to the Certificate Administrator
pursuant to Section 3.21(b)).


 


(d)      The
Master Servicer shall withdraw from the Collection Account and pay the CREFC® Intellectual Property Royalty License
Fee to CREFC® in accordance with Section 3.06(a)(vi) on a monthly basis, from funds on deposit in the Collection
Account.


 


(e)       Upon
the reasonable request of the Controlling Class Representative or any Controlling Class Certificateholder that, in either case,
is an Excluded Controlling Class Holder with respect to any Excluded Controlling Class Mortgage Loan identified to the Master
Servicer’s (in the case of a Performing Serviced Loan) or the Special Servicer’s (in the case of a Specially Serviced
Loan) reasonable satisfaction (at the expense of the Controlling Class Representative or such Controlling Class Certificateholder)
and if such information is in the Master Servicer’s or Special Servicer’s possession, as applicable, the Master Servicer
or Special Servicer, shall provide or make available (or forward electronically) to the Controlling Class Representative or such
Controlling Class Certificateholder, as applicable, (at the expense of the Controlling Class Representative or such Controlling
Class Certificateholder, as applicable) any Excluded Information (available to Privileged Persons through the Certificate Administrator’s
Website but not accessible to the Controlling Class Representative or such Controlling Class Certificateholder, as applicable,
through the Certificate Administrator’s Website because the Controlling Class Representative or such Controlling Class Certificateholder,
as applicable, is an Excluded Controlling Class Holder with respect to another Excluded Controlling Class Mortgage Loan) relating
to any Excluded Controlling Class Mortgage Loan with respect to which the Controlling Class Representative or such Controlling
Class Certificateholder, as applicable, is not a Borrower Party; provided that, in connection therewith, the Master Servicer
or Special Servicer may require a written confirmation executed by the requesting Person substantially in such form as may be
reasonably acceptable to the Master Servicer or Special Servicer, generally to the effect that such Person is the Controlling
Class Representative or a Controlling Class Certificateholder, will keep such Excluded Information confidential and is not a Borrower
Party, upon which the Master Servicer or Special Servicer may conclusively rely. In addition, the Master Servicer and the Special
Servicer shall be entitled to conclusively rely on delivery from the Controlling Class Representative or a Controlling Class Certificateholder,
as applicable, of an Investor Certification substantially in the form of Exhibit M-1C that such Controlling Class Representative
or Controlling Class Certificateholder is not an Excluded Controlling Class Holder with respect to a particular Mortgage Loan.
For the avoidance of doubt, the Special Servicer referenced in this Section 4.02(e) shall include any applicable Excluded
Mortgage Loan Special Servicer with respect to the related Excluded Special Servicer Mortgage Loan(s).


 


Section
4.03          Compliance With Withholding Requirements.


 






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(a)       Notwithstanding
any other provision of this Agreement, the Paying Agent shall comply with all federal withholding requirements with respect to
payments to Certificateholders of interest or original issue discount that the Paying Agent reasonably believes are applicable
under the Code. The consent of Certificateholders shall not be required for any such withholding. In the event the Paying Agent
or its agent withholds any amount from interest or original issue discount payments or advances thereof to any Certificateholder
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.


 


(b)       Each
Certificate Owner and Certificateholder, by the purchase of a Certificate or its acceptance of a beneficial interest therein,
acknowledges that interest on the Certificates will be treated as United States source interest, and, as such, United States withholding
tax may apply. Each such Certificate Owner and Certificateholder further agrees, upon request, to provide any certifications that
may be required under applicable law, regulations or procedures to evidence its status for United States withholding tax purposes
and understands that if it ceases to satisfy the foregoing requirements or provide requested documentation, payments to it under
the Certificates may be subject to United States withholding tax (without any corresponding gross-up). Without limiting the foregoing,
if a payment made under this Agreement would be subject to United States federal withholding tax imposed by FATCA if the recipient
of such payment were to fail to comply with FATCA (including the requirements of Code Sections 1471(b) or 1472(b), as applicable),
such recipient shall deliver to the Paying Agent, with a copy to each of the Trustee and the Certificate Administrator, at the
time or times prescribed by the Code and at such time or times reasonably requested by the Paying Agent or the Trustee, such documentation
prescribed by the Code (including as prescribed by Code Section 1471(b)(3)(C)(i)) and such additional documentation reasonably
requested by the Paying Agent, the Trustee or the Certificate Administrator to comply with their respective obligations under
FATCA, to determine that such recipient has complied with such recipient’s obligations under FATCA, or to determine the
amount to deduct and withhold from such payment. For these purposes, “FATCA” means Section 1471 through 1474
of the Code and any regulations or official interpretations thereof (including any revenue ruling, revenue procedure, notice or
similar guidance issued by the U.S. Internal Revenue Service thereunder as a precondition to relief or exemption from taxes under
such Sections, regulations and interpretations), any agreements entered into pursuant to Code Section 1471(b)(1), and including
any amendments made to FATCA after the date of this Agreement.


 


Section
4.04          REMIC Compliance.


 


(a)       The
parties intend that each Trust REMIC shall constitute, and that the affairs of each Trust REMIC shall be conducted so as to qualify
it as, a “real estate mortgage investment conduit” as defined in, and in accordance with, the REMIC Provisions, 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) prepare, timely deliver to the Trustee for execution (and the Trustee
shall timely execute) and file, or cause to be prepared and filed, all required Tax Returns for each Trust REMIC, using a calendar
year as the taxable year for each Trust REMIC when and as required by the REMIC Provisions and other applicable federal, state
or local income tax laws; (ii) make an


 



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election, on behalf of each Trust REMIC, to be treated as a REMIC on IRS Form 1066 for
its first taxable year ending December 31, 2017, in accordance with the REMIC Provisions; (iii) prepare and forward, or cause
to be prepared and forwarded, to the Certificateholders (other than the Holders of the Class S Certificates) 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 of the Code; (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 each
Trust REMIC as a REMIC or is otherwise required by the Code, prepare, sign 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) obtain a taxpayer identification number for the Upper-Tier REMIC and Lower-Tier
REMIC on IRS Form SS-4, and, within thirty days of the Closing Date, furnish or cause to be furnished to the IRS, on IRS Form
8811 or as otherwise may be required by the Code, the name, title and address of the Person that the holders of the Certificates
may contact for tax information relating thereto (and the Certificate Administrator shall act as the representative of each Trust
REMIC for this purpose), together with such additional information as may be required by such IRS 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 or the Certificate Administrator and necessary
to make such filing); and (vi) maintain such records relating to each Trust 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 of each Trust REMIC pursuant
to Treasury Regulations Section 1.860F-4(d) and “partnership representative” of each Trust REMIC (within the meaning
of Code Section 6223, to the extent such provision is applicable to the Trust REMICs). If more than one Holder should hold an
equal Percentage Interest in the Class R Certificates larger than that held by any other Holder, the first such Holder to have
acquired such Class R Certificates shall be such tax matters person (or partnership representative if applicable). The Certificate
Administrator shall act as attorney-in-fact and agent for the tax matters person (or partnership representative if applicable)
of each Trust REMIC, and each Holder of a Percentage Interest in the Class R Certificates, by acceptance thereof, is deemed to
have consented to the Certificate Administrator’s appointment in such capacity 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 make any elections allowed under the
Code (i) to avoid the application of Section 6221 of the Code (or successor provision) to any Trust REMIC and (ii) to avoid payment
by any Trust REMIC under Section 6225 of the Code of any tax, penalty, interest or other amount imposed under the Code that would
otherwise be imposed on any holder of any residual interest of any Trust REMIC, past or present. Each Holder of a Percentage Interest
in the Class R Certificates, by acceptance thereof, is deemed to agree to any such elections and to the Certificate Administrator’s
acting as agent for any tax matters person or other representative of each Trust REMIC that can be designated under the Code.


 






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The
Certificate Administrator shall not intentionally take any action or intentionally omit to take any action within its control
and the scope of its duties if, in taking or omitting to take such action, the Certificate Administrator knows that such action
or omission (as the case may be) would cause the termination of the REMIC status of a Trust REMIC or the imposition of tax on
a Trust REMIC (other than a tax on income expressly permitted or contemplated to be received by the terms of this Agreement).


 


Notwithstanding
any provision of this paragraph or the three preceding paragraphs 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 or the Master Servicer which does not enable the Certificate
Administrator to comply with any of clauses (i) through (vi) of the third preceding paragraph or which results in any action contemplated
by clauses (i) through (iii) of the next succeeding sentence. In this regard the Certificate Administrator shall (i) not allow
the occurrence of any “prohibited transactions” within the meaning of Code Section 860F(a), 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 a Trust REMIC to tax (other than a tax at the highest
marginal corporate tax rate on net income from foreclosure property), or (c) cause either Trust REMIC to fail to qualify as a
REMIC for federal income tax purposes; (ii) not allow a Trust REMIC to receive income from the performance of services or from
assets not permitted under the REMIC Provisions to be held by such Trust 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);
and (iii) not permit the creation of any “interests,” within the meaning of the REMIC Provisions, in the Upper-Tier
REMIC other than the Regular Certificates, the Class VRR Upper-Tier Regular Interest and the Upper-Tier Residual Interest, or
in the Lower-Tier REMIC other than the Lower-Tier Regular Interests and the Lower-Tier Residual Interest. None of the Trustee,
the Master Servicer, the Special Servicer or the Depositor shall be responsible or liable for any failure by the Certificate Administrator
to comply with the provisions of this Section 4.04. The Depositor, 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 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 and the Class VRR Upper-Tier
Regular Interest: (i) each Mortgage 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 Mortgage Loans in the aggregate will prepay in accordance with
the Prepayment Assumption; (ii) none of the Master Servicer, the Special Servicer, the Depositor and the Class R Certificateholder
will exercise the right described in Section 9.01 of this Agreement to cause early termination of the Trust Fund; and (iii)
no Mortgage Loan is repurchased or substituted for by the applicable Mortgage Loan Seller pursuant to Article II of this
Agreement.


 






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Section
4.05          Imposition of Tax on the Trust REMICs. In the event that any tax, including interest, penalties or assessments, additional
amounts or additions to tax, is imposed on a Trust REMIC, such tax shall be charged against amounts otherwise distributable with
respect to the Regular Certificates, the Class VRR Upper-Tier Regular Interest and the Class R Certificates; provided that
any taxes imposed on any net income from foreclosure property pursuant to Code Section 860G(d) 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 the
REO Account and transfer to the Certificate Administrator for deposit into the Distribution Accounts amounts reasonably determined
by the Certificate Administrator to be necessary to pay such taxes, and the Certificate Administrator shall return to the Special
Servicer the excess determined by the Certificate Administrator from time to time of the amount in excess of the amount necessary
to pay such taxes); provided that any such tax imposed on net income from foreclosure property that exceeds the amount
in any such reserve shall be retained from Aggregate Available Funds as provided in Section 3.06(a)(vii) 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 the Distribution Account in determining the amount of Aggregate Available Funds sufficient
funds to pay or provide for the payment of, and to actually pay, such tax as is legally owed by a Trust REMIC (but such authorization
shall not prevent the Certificate Administrator from contesting, at the expense of the Trust Fund, 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 from any “prohibited transaction” under Code Section 860F(a) or (ii) the amount of any contribution
to a Trust REMIC after the Startup Day that is subject to tax under Code Section 860G(d) and use such income or amount, to the
extent necessary, to pay such tax (and return the balance thereof, if any, to the related Distribution Account). 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 Certificates in respect of the related residual interest and shall distribute such
retained amounts to the Holders of Regular Certificates, to the Holders of the Grantor Trust Certificates (exclusive of the Class
S Certificates) in respect of the Class VRR Upper-Tier Regular Interest or to the Certificate Administrator in respect of the
Lower-Tier Regular Interests until they are fully reimbursed and then to the Holders of the Class R Certificates in respect of
the related residual interest. None of the Master Servicer, the Special Servicer, the Certificate Administrator or the Trustee
shall be responsible for any taxes imposed on a Trust REMIC except to the extent such tax is attributable to a breach of a representation
or warranty 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 in
both cases, provided, further, that such breach, act or omission could result in liability under Section 6.03,
in the case of the Master Servicer or the Special Servicer, as applicable, or Section 4.04 or Section 8.01, in the
case of the Certificate Administrator or the Trustee. 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 Certificate Administrator’s, the Authenticating
Agent’s, the Certificate Registrar’s, the Paying Agent’s or the Trustee’s breaches, acts or omissions,
and the Trustee shall not be responsible for the breaches, acts or omissions of the Certificate Administrator, the Master Servicer,
the Special Servicer, the Authenticating Agent, the Certificate Registrar or the Paying Agent, and the Certificate


 



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Administrator
shall not be responsible for the breaches, acts or omissions of the Trustee, the Master Servicer, the Special Servicer and, in
each case if a different entity than the Certificate Administrator, the Authenticating Agent, the Certificate Registrar or the
Paying Agent.


 


Section
4.06          Remittances; P&I Advances.


 


(a)       On
the Master Servicer Remittance Date immediately preceding each Distribution Date, the Master Servicer shall:


 


(i)        remit
to the Certificate Administrator for deposit in the Lower-Tier REMIC Distribution Account an amount equal to the Yield Maintenance
Charges applicable to the Mortgage Loans (but not a Companion Loan) received by the Master Servicer during the Collection Period
relating to such Distribution Date (or, in the case of an Outside Serviced Mortgage Loan, received by the Master Servicer as of
the close of business on the Business Day immediately preceding the applicable Master Servicer Remittance Date and not previously
so remitted to the Certificate Administrator);


 


(ii)       remit
to the Certificate Administrator for deposit in the Lower-Tier REMIC Distribution Account an amount equal to the Aggregate Available
Funds applicable to the Mortgage Loans (other than the amounts referred to in clause (iv) below and clause (e) of the definition
of “Aggregate Available Funds”);


 


(iii)      remit
to CREFC® the CREFC® Intellectual Property Royalty License Fee;


 


(iv)     make
a P&I Advance by remittance to the Certificate Administrator for deposit into the Lower-Tier REMIC Distribution Account, in
an amount equal to the sum of the Applicable Monthly Payments for each Mortgage Loan (including any REO Mortgage Loan and any
Mortgage Loan related to a Loan Combination, but not a Companion Loan) to the extent such amounts were not received by the Master
Servicer on such Mortgage Loan as of the close of business on the Determination Date (without regard to any grace period) in the
same month as (or, in the case of an Outside Serviced Mortgage Loan, was not received by the Master Servicer on such Mortgage
Loan as of the close of business on the Business Day immediately preceding) such Master Servicer Remittance Date), except that
the portion of such P&I Advance equal to the CREFC® Intellectual Property Royalty License Fee for each such
Mortgage Loan shall not be remitted to the Certificate Administrator but shall instead be remitted to CREFC® and
the portion of such P&I Advance equal to the Asset Representations Reviewer Ongoing Fee, the Operating Advisor Fee or the
Trustee/Certificate Administrator Fee shall, to the extent the subject fee remains unpaid to the applicable party hereunder, shall
be deposited in the Collection Account for payment to such party;


 


(v)       remit
to the Certificate Administrator, as compensation for it and the Trustee, the Trustee/Certificate Administrator Fee for the related
Distribution Date;


 


(vi)     remit
to the Certificate Administrator for deposit in the Excess Liquidation Proceeds Reserve Account an amount equal to the Excess
Liquidation Proceeds received during the related Collection Period (or, in the case of an Outside Serviced Mortgage Loan, received
by the Master Servicer as of the close of business on the Business Day


 



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immediately preceding the applicable Master Servicer Remittance
Date and not previously so remitted to the Certificate Administrator), if any; and


 


(vii)    remit
to the Certificate Administrator for deposit in the Excess Interest Distribution Account all Excess Interest for the related Distribution
Date then on deposit in the Collection Account after giving effect to withdrawals of funds pursuant to Section 3.06(a)(ii)
through Section 3.06(a)(ix) of this Agreement.


 


Neither
the Master Servicer nor the Trustee shall be required or permitted to make an advance for Balloon Payments, Default Interest,
Excess Interest or Yield Maintenance Charges, or delinquent Monthly Payments on the Companion Loans. The amount required to be
advanced in respect of delinquent payments of interest on any Mortgage Loan as to which an Appraisal Reduction Amount exists will
equal the product of (i) the amount otherwise required to be advanced by the Master Servicer with respect to delinquent payments
of interest without giving effect to such Appraisal Reduction Amounts, and (ii) a fraction, the numerator of which is the Stated
Principal Balance of such Mortgage Loan as of the last day of the related Collection Period, reduced by such Appraisal Reduction
Amount, and the denominator of which is the Stated Principal Balance of such Mortgage Loan as of the last day of the related Collection
Period. Appraisal Reduction Amounts shall not affect the principal portion of any P&I Advances.


 


Any
amount advanced by the Master Servicer pursuant to Section 4.06(a)(iv) of this Agreement shall constitute a P&I Advance
for all purposes of this Agreement and the Master Servicer shall be entitled to reimbursement (with interest at the Advance Rate).
The Special Servicer shall have no obligation to make any P&I Advance.


 


The
Certificate Administrator shall notify the Master Servicer and the Trustee by telephone if as of 3:00 p.m., New York City time,
on the Master Servicer Remittance Date, the Certificate Administrator has not received the amount of a required P&I Advance
hereunder. If as of 11:00 a.m., New York City time, on any Distribution Date the Master Servicer shall not have made the P&I
Advance required to have been made on the related Master Servicer Remittance Date pursuant to Section 4.06(a)(iv) of this
Agreement, the Certificate Administrator shall notify the Trustee and the Trustee shall no later than 1:00 p.m., New York City
time, on such Business Day deposit into the Lower-Tier REMIC Distribution Account in immediately available funds an amount equal
to the P&I Advances otherwise required to have been made by the Master Servicer.


 


Neither
the Master Servicer nor the Trustee shall be obligated to make a P&I Advance as to any Monthly Payment on any date on which
a P&I Advance is otherwise required to be made by this Section 4.06 if the Master Servicer or the Trustee, as applicable,
or the Special Servicer determines that such Advance will be a Nonrecoverable Advance. The determination by any Person with an
obligation hereunder to make P&I Advances that it has made (or in the case of a determination by the Special Servicer, that
the Master Servicer or the Trustee has made) a Nonrecoverable Advance or the determination by the Special Servicer, the Master
Servicer or the Trustee that any proposed P&I Advance, if made, would constitute a Nonrecoverable Advance, shall be made by
such Person (i) in the case of the Master Servicer or the Special Servicer, in accordance with the Servicing Standard or (ii)
in the case of the Trustee, in its good faith business judgment, and shall be evidenced by an Officer’s Certificate as set
forth in Section 4.06(b). In connection with a determination by the Special Servicer, the Master Servicer or the Trustee
as to


 



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whether a P&I Advance previously made or to be made constitutes or would constitute a Nonrecoverable Advance:


 


(A)      any
such Person will be entitled to consider (among other things) the obligations of the Mortgagor under the terms of the related
Mortgage Loan or Serviced Loan Combination as it may have been modified, to consider (among other things) the related Mortgaged
Properties in their “as is” or then current conditions and occupancies, as modified by such party’s assumptions
regarding the possibility and effects of future adverse change with respect to such Mortgaged Properties, to estimate and consider
(among other things) future expenses and to estimate and consider (among other things) the timing of recoveries;


 


(B)       any
such Person may update or change its recoverability determinations at any time (but not reverse any other Person’s determination
that an Advance is a Nonrecoverable Advance) and may obtain at the expense of the Trust Fund any analysis, Appraisals or market
value estimates or other information for such purposes;


 


(C)       the
Special Servicer may, at its option, make a determination in accordance with the Servicing Standard that any proposed P&I
Advance, if made, would be a Nonrecoverable Advance or that any outstanding P&I Advance is a Nonrecoverable Advance and may
deliver to the Master Servicer, the Trustee and the Controlling Class Representative (prior to the occurrence and continuance
of a Consultation Termination Event) notice of such determination, which determination shall be conclusive and binding on the
Master Servicer and the Trustee;


 


(D)       although
the Special Servicer may determine whether a P&I Advance is a Nonrecoverable Advance, the Special Servicer will have no right
to (i) make an affirmative determination that any P&I Advance previously made or to be made (or contemplated to be made) by
the Master Servicer or the Trustee is, or would be, recoverable or (ii) reverse any determination that may have been made by the
Master Servicer or the Trustee or to prohibit the Master Servicer or the Trustee from making a determination that a P&I Advance
constitutes or would constitute a Nonrecoverable Advance; provided that this sentence will not be construed to limit the Special
Servicer’s right to make a determination that a P&I Advance to be made (or contemplated to be made) would be, or a previously
made Advance is, a Nonrecoverable Advance, as described in this Section 4.06;


 


(E)       any
non-recoverability determination by the Master Servicer or the Special Servicer pursuant to this Section 4.06 with respect
to the recoverability of P&I Advances shall be conclusive and binding on the Master Servicer (in the case of such a determination
by the Special Servicer) and the Trustee;


 


(F)       the
Master Servicer shall provide notice to the Trustee on or prior to the Master Servicer Remittance Date of any such non-recoverability
determination made by the Master Servicer on or prior to such date;


 






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(G)       the
Trustee shall be entitled to rely, conclusively, on any determination by the Master Servicer or Special Servicer that a P&I
Advance, if made, would be a Nonrecoverable Advance; provided, however, that if the Master Servicer has failed to
make a P&I Advance for reasons other than a determination by the Master Servicer or Special Servicer that such Advance would
be a Nonrecoverable Advance, the Trustee shall make such advance within the time periods required by this Section 4.06
unless the Trustee, in its good faith business judgment, or the Special Servicer, in accordance with the Servicing Standard, makes
a determination prior to the times specified in this Section 4.06 that such advance would be a Nonrecoverable Advance;


 


(H)       the
Special Servicer shall report, promptly upon making a determination contemplated in this paragraph, to the Master Servicer the
Special Servicer’s determination as to whether any P&I Advance made with respect to any previous Distribution Date or
required to be made with respect to a future Distribution Date with respect to any Specially Serviced Loan is a Nonrecoverable
P&I Advance, and the Master Servicer and the Trustee shall be entitled to conclusively rely on such determination; and


 


(I)        notwithstanding
the foregoing, the Trustee may conclusively rely upon any determination by the Master Servicer or the Special Servicer that any
P&I Advance would be recoverable (unless a non-recoverability determination has been made by the other servicer in accordance
with clause (E) above which is binding on the Trustee), and the Master Servicer may conclusively rely upon any determination
by the Special Servicer that any P&I Advance would be recoverable.


 


The
Master Servicer or the Trustee, as applicable, shall be entitled to the reimbursement of P&I Advances it makes (together with
interest thereon) to the extent permitted pursuant to Section 3.06(a)(ii) of this Agreement and each of the Master Servicer
and Special Servicer hereby covenants and agrees to promptly seek and effect the reimbursement of such Advances from the related
Mortgagors to the extent permitted by applicable law and the related Mortgage Loan.


 


Within
2 Business Days of making a P&I Advance on any Mortgage Loan that is part of a Loan Combination, the Master Servicer or the
Trustee, as applicable, shall provide written notice of the amount of such P&I Advance to (i) if such Mortgage Loan is part
of a Serviced Loan Combination, the related Other Servicer, Other Special Servicer and Other Trustee of each Other Securitization
Trust that holds a related Serviced Companion Loan or (ii) if such Mortgage Loan is part of an Outside Serviced Loan Combination,
the related Outside Servicer, Outside Special Servicer and Outside Trustee of the related Outside Securitization Trust.


 


With
respect to P&I Advances and each Outside Serviced Mortgage Loan, the Master Servicer and the Trustee shall be entitled to
rely on the “appraisal reduction amount” calculated by the related Outside Special Servicer or the related Outside
Servicer in accordance with the terms of the applicable Outside Servicing Agreement.


 


(b)      The
determination by the Master Servicer, the Trustee or the Special Servicer that a P&I Advance has become a Nonrecoverable P&I
Advance or that any proposed


 



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P&I Advance, if made pursuant to this Section 4.06 with respect to any Mortgage Loan (or
with respect to any successor REO Mortgage Loan with respect to any of the foregoing), would constitute a Nonrecoverable P&I
Advance, shall be evidenced by an Officer’s Certificate delivered on or prior to the next Master Servicer Remittance Date
to the Trustee (unless it is the Person making the determination), the Controlling Class Representative (prior to the occurrence
and continuance of a Consultation Termination Event), the holder of any related Pari Passu Companion Loan or its Companion Loan
Holder Representative (in the case of a Pari Passu Loan Combination), the Master Servicer (unless it is the Person making the
determination), the Special Servicer (unless it is the Person making the determination) and, if the Trustee is making the determination,
the Depositor, setting forth the basis for such determination, together with any other information that supports such determination
together with a copy of any Appraisal of the related Mortgaged Property or REO Property, as the case may be (which Appraisal shall
be an expense of the Trust, shall take into account any material change in circumstances of which such Person is aware or such
Person has received new information, either of which has a material effect on the value and shall have been conducted in accordance
with the standards of the Appraisal Institute within the twelve months preceding such determination of nonrecoverability), and
further accompanied by related Mortgagor operating statements and financial statements, budgets and rent rolls of the related
Mortgaged Property (to the extent available and/or in such Person’s possession) and any engineers’ reports, environmental
surveys or similar reports that such Person may have obtained and that support such determination. The Master Servicer and the
Special Servicer shall consider Unliquidated Advances with respect to prior P&I Advances for the purpose of nonrecoverability
determinations as if such amounts were unreimbursed P&I Advances.


 


(c)       With
respect to each Outside Serviced Mortgage Loan, if the Master Servicer, the Special Servicer or the Trustee, as applicable, has
determined that a proposed P&I Advance if made, or any outstanding P&I Advance previously made, with respect to such mortgage
loan would be, or is, as applicable, a Nonrecoverable Advance, the Master Servicer or the Trustee, as applicable, shall provide
the related Outside Servicer and Outside Special Servicer written notice of such determination (including, without limitation,
any such determination made by the Special Servicer, to the extent the Master Servicer or the Trustee has received an Officer’s
Certificate with respect to such determination in accordance with Section 4.06(b)) within two (2) Business Days after such
determination was made.


 


In
connection with each Outside Serviced Mortgage Loan, any determination by the Master Servicer, the Trustee or the Special Servicer
that any P&I Advance made or to be made with respect to such Outside Serviced Mortgage Loan (or any successor REO Mortgage
Loan with respect thereto) is or, if made, would be a Nonrecoverable P&I Advance may be made independently from any determinations
(or the absence of any determinations) made under the applicable Outside Servicing Agreement regarding nonrecoverability of debt
service advances on the related Outside Serviced Companion Loan.


 


(d)       If
the Trustee, the Master Servicer or the Special Servicer has received written notice from Moody’s, Fitch, DBRS or S&P
to the effect that continuation of the Master Servicer or the Special Servicer in such capacity would result in the downgrade,
qualification or withdrawal of any rating then assigned by Moody’s, Fitch, DBRS or S&P, as applicable, to any Class
of Certificates and citing servicing concerns with such Master Servicer or Special Servicer, as applicable, as the sole or material
factor in such rating action, and such notice is not rescinded


 



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within 60 days, then the Trustee, the Master Servicer or the Special
Servicer, as applicable, shall promptly notify the other such parties and the Certificate Administrator, and the Certificate Administrator
shall promptly notify the Serviced Companion Loan Holder and the applicable master servicer of any Serviced Companion Loan.


 


Section
4.07          Grantor Trust Reporting.


 


(a)       The
Certificate Administrator shall maintain adequate books and records to account for the separate entitlements of the Grantor Trust.


 


(b)      The
parties intend that the Grantor Trust shall be treated as a “grantor trust” under the Code, and the provisions thereof
shall be interpreted consistently with this intention. In furtherance of such intention, none of the Depositor, the Master Servicer,
the Special Servicer, the Trustee or the Certificate Administrator shall vary the assets of the Grantor Trust so as to take advantage
of market fluctuations or so as to improve the rate of return of the Grantor Trust Certificates, and shall otherwise comply with
Treasury Regulations Section 301.7701-4(c). The Certificate Administrator shall timely file or cause to be timely filed with the
IRS Form 1041, Form 1099 or such other form as may be applicable and shall furnish or cause to be furnished to the Holders of
the respective Classes of the Grantor Trust Certificates, their allocable share of income and expense with respect to the VRR
Specific Grantor Trust Assets, the Class S Specific Grantor Trust Assets and proceeds thereof as such amounts are received or
accrue, as applicable.


 


(c)       (i)
The Grantor Trust is a WHFIT that is a WHMT. The Certificate Administrator shall report as required under the WHFIT Regulations
to the extent such information as is reasonably necessary to enable the Certificate Administrator to do so is provided to the
Certificate Administrator on a timely basis. With respect to the Class S Certificates, the Certificate Administrator is hereby
directed to assume that Hare & Co. is the only “middleman” as defined by the WHFIT Regulations unless it has actual
knowledge to the contrary or the Depositor provides the Certificate Administrator with the identity of any other “middlemen”.
The Certificate Administrator will not be liable for any tax reporting penalties that may arise under the WHFIT Regulations in
the event that the IRS makes a determination that is contrary to the first sentence of this paragraph.


 


(ii)       The
Certificate Administrator, in its discretion, shall report required WHFIT information using either the cash or accrual method,
except to the extent the WHFIT Regulations specifically require a different method. The Certificate Administrator shall be under
no obligation to determine whether any Certificateholder uses the cash or accrual method. The Certificate Administrator shall
make available (via the Certificate Administrator’s Website) WHFIT information to Certificateholders annually. In addition,
the Certificate Administrator shall not be responsible or liable for providing subsequently amended, revised or updated information
to any Certificateholder, unless requested by the Certificateholder.


 


(iii)       The
Certificate Administrator shall not be liable for failure to meet the reporting requirements of the WHFIT Regulations nor for
any penalties thereunder if such failure is due to: (i) the lack of reasonably necessary information that is not in its possession
being provided to the Certificate Administrator or (ii) incomplete, inaccurate or untimely information being provided to the Certificate
Administrator. Each owner of a


 



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class of securities representing, in whole or in part, beneficial ownership of an interest in a
WHFIT, by acceptance of its interest in such class of securities, will be deemed to have agreed to provide the Certificate Administrator
with information regarding any sale of such securities, including the price, amount of proceeds and date of sale. Absent receipt
of information regarding any sale of Certificates, including the price, amount of proceeds and date of sale from the beneficial
owner thereof or the Depositor, the Certificate Administrator shall assume there is no secondary market trading of WHFIT interests.


 


(d)       To
the extent required by the WHFIT Regulations, the Certificate Administrator shall use reasonable efforts to publish on the Certificate
Administrator’s Website the CUSIP Numbers for the Certificates that represent ownership of a WHFIT. The CUSIP Number so
published will represent the Rule 144A CUSIP Numbers. The Certificate Administrator shall make reasonable good faith efforts to
keep the website accurate and updated to the extent CUSIP Numbers have been received. Absent the receipt of a CUSIP Number, the
Certificate Administrator will use a reasonable identifier number in lieu of a CUSIP Number. The Certificate Administrator shall
not be liable for investor reporting delays that result from the receipt of inaccurate or untimely CUSIP Number information.


 


Section
4.08          Calculations.


 


Provided
that the Certificate Administrator receives the necessary loan-level information from the Master Servicer and/or the Special Servicer,
the Certificate Administrator shall be responsible for performing all calculations necessary in connection with the actual and
deemed distributions to be made pursuant to Section 4.01, the preparation of the Distribution Date Statements pursuant
to Section 4.02(a) and the actual and deemed allocations of Realized Losses and VRR Realized Losses to be made pursuant
to Section 4.01. The Certificate Administrator shall calculate the Principal Distribution Amount, the VRR Principal Distribution
Amount, the Aggregate Principal Distribution Amount, the Interest Distribution Amounts, the VRR Interest Distribution Amount and
the VRR Realized Loss Interest Distribution Amount for each Distribution Date and shall allocate such amounts among Certificateholders
in accordance with this Agreement. Absent actual knowledge of an error therein, the Certificate Administrator shall have no obligation
to recompute, recalculate or otherwise verify any loan-level information provided to it by the Master Servicer. The calculations
by the Certificate Administrator contemplated by this Section 4.08 shall, in the absence of manifest error, be deemed to
be correct for all purposes hereunder.


 


Section
4.09          Secure Data Room. (a) Within 60 days of the
Closing Date, the Certificate Administrator shall create a Secure Data Room, and the Depositor shall, upon the earlier of (i)
receipt of all the Mortgage Loan Sellers’ Diligence File Certifications and (ii) the 120th day following the Closing
Date (but, in any event, no earlier than the date on which the Depositor has received a written notice from the Certificate
Administrator that the Secure Data Room has been created), deliver to the Certificate Administrator (but solely with respect
to any Diligence File(s) received by the Depositor as to which it has received the related Mortgage Loan Seller’s
Diligence File Certification) an electronic copy of the Diligence Files for the Mortgage Loans that have been uploaded by the
Mortgage Loan Sellers to the Designated Site. After the 120th day following the Closing Date, the Depositor may deliver any
Mortgage Loan Seller’s Diligence Files to the Certificate Administrator if it has not previously delivered such
Mortgage Loan Seller’s Diligence


 



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Files to the Certificate Administrator. Upon receipt thereof, the Certificate
Administrator shall promptly upload the contents of each Diligence File to the Secure Data Room. Access to the Secure Data
Room shall be granted by the Certificate Administrator to (i) the Asset Representations Reviewer and (ii) any other Person at
the direction of the Depositor, in each case, upon the occurrence of an Affirmative Asset Review Vote and receipt by the
Certificate Administrator of a certification substantially in the form of Exhibit KK hereto. In no case whatsoever
shall Certificateholders be permitted to access the Secure Data Room. For the avoidance of doubt, the
Certificate Administrator shall be under no obligation to post any documents to the Secure Data Room other than the contents
of the Diligence Files initially delivered to it by the Depositor with respect to each Mortgage Loan Seller.


 


(b)      The
Certificate Administrator shall not have any obligation or duty to verify, review, confirm or otherwise determine whether the
type, number or contents of any Diligence File delivered to the Certificate Administrator is accurate, complete, or relates to
the transaction or confirm that all documents and information constituting any Diligence File have actually been delivered to
the Certificate Administrator. In no case shall the Certificate Administrator be deemed to have obtained actual or constructive
knowledge of the contents of, or information contained in, any Diligence File by virtue of posting such Diligence File to the
Secure Data Room. In the event that any document is posted in error, the Certificate Administrator may remove such document from
the Secure Data Room. The Certificate Administrator shall not have any obligation to produce physical or electronic copies of
any document provided to it for posting to the Secure Data Room. The Certificate Administrator shall not be responsible or held
liable for any other Person’s use or dissemination of the documents contained on the Secure Data Room; provided that
such event or occurrence is not also a result of its own negligence, bad faith or willful misconduct. The Certificate Administrator
shall not be required to restrict access to the Secure Data Room on a loan-by-loan basis and any Person with access to the Secure
Data Room shall covenant to access only the documents necessary to perform its duties and responsibilities under this Agreement.


 


(c)       Upon
the resignation or removal of the Certificate Administrator pursuant to Section 8.07, the Certificate Administrator shall
transfer electronic copies of the Diligence Files to a successor certificate administrator designated in writing by the Depositor
or the Master Servicer, and all costs and expenses associated with the transfer of the Diligence Files shall be payable as part
of the costs and expenses associated with the transfer of its responsibilities upon the resignation or removal of the Certificate
Administrator pursuant to Section 8.07. Following the date on which any Mortgage Loan is paid in full, liquidated, repurchased
or otherwise removed from the Trust, the Special Servicer may (but shall not be obligated to) direct the Certificate Administrator
in writing to delete the Diligence File related to such Mortgage Loan from the Secure Data Room; provided that absent such
direction, the Certificate Administrator shall not be obligated to delete any Diligence File from the Secure Data Room. Following
the termination of the Trust pursuant to Section 9.01, the Certificate Administrator shall be permitted to delete all files
from the Secure Data Room. Upon deletion, in no event shall the Certificate Administrator be obligated to reproduce or retrieve
such deleted files.


 






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Article
V



THE CERTIFICATES


 


Section
5.01          The Certificates. (a) The Certificates consist of
the Class A-1 Certificates, the Class A-2 Certificates, the Class A-3 Certificates, the Class A-4 Certificates, the Class A-AB
Certificates, the Class X-A Certificates, the Class X-B Certificates, the Class X-D Certificates, the Class X-E Certificates,
the Class X-F Certificates, the Class X-G Certificates, the Class A-S Certificates, the Class B Certificates, the Class C Certificates,
the Class D Certificates, the Class E Certificates, the Class F Certificates, the Class G Certificates, the Class V-1 Certificates,
the Class V-2A Certificates, the Class V-2B Certificates, the Class V-2C Certificates, the Class V-2D Certificates, the Class
V-2E Certificates, the Class V-3AC Certificates, the Class V-3D Certificates, the Class V-3E Certificates, the Class R Certificates
and the Class S Certificates.


 


Each
Class of Certificates will be substantially in the forms annexed hereto as Exhibits A-1 through A-29, respectively,
with such appropriate insertions, omissions, substitutions and other variations as are required or permitted by this Agreement
or as may, in the reasonable judgment of the Certificate Registrar, be necessary, appropriate or convenient to comply, or facilitate
compliance, with applicable laws, and may have such letters, numbers or other marks of identification and such legends or endorsements
placed thereon as may be required by law, or as may, consistently herewith, be determined by the officers executing such Certificates,
as evidenced by their execution thereof. The Public Certificates (other than the Class X-A and Class X-B Certificates) shall be
issued in minimum denominations of $10,000 and integral multiples of $1 in excess thereof. The Private Certificates (other than
the Class X-D, Class X-E, Class X-F, Class X-G, Class S and Class R Certificates and the Vertically Retained Certificates) shall
be issued in minimum denominations of $100,000 and integral multiples of $1 in excess thereof. The Vertically Retained Certificates
shall be issued in minimum denominations of $100,000 and integral multiples of $0.01 in excess thereof. The Class X-A, Class X-B,
Class X-D, Class X-E, Class X-F and Class X-G Certificates shall be issued, maintained and transferred only in minimum denominations
of authorized initial notional amounts of not less than $1,000,000 and in integral multiples of $1 in excess thereof. If the initial
Certificate Balance or initial Notional Amount, as applicable, of any Class of Certificates (exclusive of the Class S and Class
R Certificates) does not equal an integral multiple of $1, then a single Certificate of such Class may be issued in a minimum
denomination of authorized initial principal balance or initial notional amount, as applicable, that includes the excess of (i)
the initial Certificate Balance or initial Notional Amount, as applicable, of such Class over (ii) the largest integral multiple
of $1 that does not exceed such amount. The Class R Certificates shall be issued, maintained and transferred in minimum percentage
interests of 10% of such Class R Certificates and in integral multiples of 1% in excess thereof. The Class S Certificates shall
be issued, maintained and transferred in minimum percentage interests of 10% of such Class S Certificates and in integral multiples
of 1% in excess thereof. The Vertically Retained Certificates will be issuable in one or more individual Certificates, in minimum
denominations of authorized Certificate Balance as described in the succeeding table and, subject to the third preceding sentence,
multiples of $l in excess thereof.


 






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	Class 
	 	Minimum

Denomination 
	 	Aggregate
Denomination of

all Certificates of Class 

	V-1	 	$100,000	 	$54,355,745(1)
	V-2A	 	$100,000	 	$43,892,263(2)
	V-2B	 	$100,000	 	$2,174,211(2)
	V-2C	 	$100,000	 	$2,242,158(2)
	V-2D	 	$100,000	 	$2,513,947(2)
	V-2E	 	$100,000	 	$3,533,166(2)
	V-3AC	 	$100,000	 	$48,308,632(2)
	V-3D	 	$100,000	 	$2,513,947(2)
	V-3E	 	$100,000	 	$3,533,166(2)


 


		(1)	The
                                         Aggregate Denomination of the Class V-1 Certificates shown in the table above represents
                                         the maximum Certificate Balance of such Class that could be issued on the Closing Date.



 


		(2)	The
                                         Aggregate Denomination of each Class of the Class V-2 and Class V-3 Certificates shown
                                         in the table above represents the maximum Certificate Balance of such Class that may
                                         be issued on the Closing Date in an exchange pursuant to Section 5.13.



 


(b)       One
authorized signatory shall sign the Certificates for the Certificate Administrator by manual or facsimile signature. If an authorized
signatory whose signature is on a Certificate no longer holds that office at the time the Certificate Administrator countersigns
the Certificate, the Certificate shall be valid nevertheless. A Certificate shall not be valid until an authorized signatory of
the Certificate Administrator (who may be the same officer who executed the Certificate) manually countersigns the Certificate.
The signature shall be conclusive evidence that the Certificate has been executed and countersigned under this Agreement.


 


Section
5.02          Form and Registration.


 


(a)       Each
Class of Public Certificates shall be represented by a single, global certificate in definitive, fully registered form without
interest coupons, substantially in the applicable form set forth as an exhibit hereto, which shall be deposited with the Certificate
Registrar or an agent of the Certificate Registrar, as custodian for the Depository, and registered in the name of the Depository
or a nominee of the Depository. The aggregate Certificate Balance of a Global Certificate may from time to time be increased or
decreased by adjustments made on the records of the Certificate Registrar, as custodian for the Depository, as hereinafter provided.


 


(b)      Unless
and until Definitive Certificates are issued in respect of a Class of Global Certificates, beneficial ownership interests in such
Certificates will be maintained and transferred on the book-entry records of the Depository and Depository Participants, and all
references to actions by Holders of such Class of Certificates will refer to action taken by the Depository upon instructions
received from the related registered Holders of Certificates through the Depository Participants in accordance with the Depository’s
procedures and, except as otherwise set forth herein, all references herein to payments, notices, reports and statements to Holders
of such Class of Certificates will refer to payments, notices, reports and statements to the Depository or its nominee as the
registered Holder thereof, for distribution to the related registered Holders of Certificates through the Depository Participants
in accordance with the Depository’s procedures.


 






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(c)           No
transfer of any Private Certificate shall be made unless that transfer is made pursuant to an effective registration statement
under the Securities Act, and effective registration or qualification under applicable state securities laws, or is made in a
transaction which does not require such registration or qualification. If a transfer is to be made in reliance upon an exemption
from the Securities Act, and under the applicable state securities laws, then:


 


(i)            The
Certificates of each Class of the Private Certificates (other than the Certificates constituting the VRR Interest, the Class S
Certificates and the Class R Certificates) sold in offshore transactions in reliance on Regulation S under the Act shall initially
be represented by a temporary global certificate in definitive, fully registered form without interest coupons, substantially
in the applicable form set forth as an exhibit hereto (each a “Temporary Regulation S Global Certificate”),
which shall be deposited on the Closing Date on behalf of the purchasers of the Private Certificates represented thereby with
the Certificate Registrar, at its principal trust office, as custodian, for the Depository, and registered in the name of the
Depository or the nominee of the Depository for the account of designated agents holding on behalf of Euroclear and/or Clearstream.
Prior to the expiration of the 40-day period commencing on the later of the commencement of the offering and the Closing Date
(the “Restricted Period”), beneficial interests in each Temporary Regulation S Global Certificate may be held
only through Euroclear or Clearstream. After the expiration of the Restricted Period, a beneficial interest in a Temporary Regulation
S Global Certificate may be exchanged for an interest in the related permanent global certificate of the same Class of Private
Certificates (a “Regulation S Global Certificate”) in the applicable form set forth as an exhibit hereto in
accordance with the procedures set forth in Section 5.03(f) of this Agreement. During the Restricted Period, distributions
due in respect of a beneficial interest in a Temporary Regulation S Global Certificate shall only be made upon delivery to the
Certificate Registrar by Euroclear or Clearstream, as applicable, of a Non-U.S. Beneficial Ownership Certification. After the
expiration of the Restricted Period, distributions due in respect of any beneficial interests in a Temporary Regulation S Global
Certificate shall not be made to the holders of such beneficial interests unless exchange for a beneficial interest in the Regulation
S Global Certificate of the same Class is improperly withheld or refused. The aggregate Certificate Balance of a Temporary Regulation
S Global Certificate or a Regulation S Global Certificate may from time to time be increased or decreased by adjustments made
on the records of the Certificate Registrar, as custodian for the Depository, as hereinafter provided.


 


On
the Closing Date, the Certificate Administrator shall execute, the Authenticating Agent shall authenticate, and the Certificate
Administrator shall deliver to the Certificate Registrar the Regulation S Global Certificates, which shall be held by the Certificate
Registrar for purposes of effecting the exchanges contemplated by the preceding paragraph. Citibank, N.A. is hereby initially
appointed the Authenticating Agent with the power to act, on the Trustee’s behalf, in the authentication and delivery of
the Certificates in connection with transfers and exchanges as herein provided. If Citibank, N.A. is removed as Certificate Administrator,
then Citibank, N.A. shall be terminated as Authenticating Agent. If the Authenticating Agent is terminated, the Certificate Administrator
(or, if the same entity is acting as both the Authenticating Agent and the Certificate Administrator and such entity is being
removed from both capacities, a


 



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successor Certificate Administrator) shall appoint a successor authenticating agent, which may
be the Certificate Administrator or an Affiliate thereof, in accordance with Section 5.09 of this Agreement.


 


(ii)       The
Certificates of each Class of Private Certificates (other than the Certificates constituting the VRR Interest, the Class S Certificates
and the Class R Certificates) offered and sold to Qualified Institutional Buyers in reliance on Rule 144A shall be represented
by a single, global certificate in definitive, fully registered form without interest coupons, substantially in the applicable
form set forth as an exhibit hereto (each, a “Rule 144A Global Certificate”), which shall be deposited with
the Certificate Registrar or an agent of the Certificate Registrar, as custodian for the Depository, and registered in the name
of the Depository or a nominee of the Depository. The aggregate Certificate Balance of a Rule 144A Global Certificate may from
time to time be increased or decreased by adjustments made on the records of the Certificate Registrar, as custodian for the Depository,
as hereinafter provided.


 


(iii)      The
Certificates of each Class of Private Certificates offered and sold in the United States to investors that are Institutional Accredited
Investors that are not Qualified Institutional Buyers, the Certificates constituting the VRR Interest, the Class S Certificates
and the Class R Certificates (collectively, the “Non-Book Entry Certificates”) shall be in the form of Definitive
Certificates, in each case substantially in the applicable form set forth as an exhibit hereto, and shall be registered in the
name of such investors or their nominees by the Certificate Registrar who shall deliver the certificates for such Non-Book Entry
Certificates to the respective beneficial owners or owners.


 


(d)       Owners
of beneficial interests in Global Certificates of any Class shall not be entitled to receive physical delivery of certificated
Certificates unless: (i) the Depository advises the Certificate Registrar in writing that the Depository is no longer willing
or able to discharge properly its responsibilities as depository with respect to the Global Certificates of such Class or ceases
to be a Clearing Agency, and the Certificate Administrator and the Depositor are unable to locate a qualified successor within
90 days of such notice; (ii) the Trustee has instituted or has been directed to institute any judicial proceeding to enforce the
rights of the Holders of such Class and the Trustee has been advised by counsel that in connection with such proceeding it is
necessary or appropriate for the Trustee to obtain possession of the Certificates of such Class; or (iii) in the case of a Private
Certificate, all of the applicable requirements of Section 5.03 of this Agreement are satisfied; provided, however,
that under no circumstances will certificated Private Certificates be issued to beneficial owners of a Temporary Regulation S
Global Certificate. Upon notice of the occurrence of any of the events described in clause (i) or (ii) above with respect to any
Certificates of a Class that are in the form of Global Certificates and upon surrender by the Depository of any Global Certificate
of such Class and receipt from the Depository of instructions for reregistration, the Certificate Registrar shall issue Certificates
of such Class in the form of Definitive Certificates (bearing, in the case of a Definitive Certificate issued for a Rule 144A
Global Certificate, the same legends regarding transfer restrictions borne by such Global Certificate), and thereafter the Certificate
Registrar shall recognize the holders of such Definitive Certificates as Certificateholders under this Agreement.


 






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(e)       If
any Certificate Owner wishes to transfer its interest in a Rule 144A Global Certificate to an Institutional Accredited Investor
that is not a Qualified Institutional Buyer, or wishes to transfer its interest in a Regulation S Global Certificate to a “U.S.
person” (as that term is defined in Rule 902(k) under the Securities Act) that is an Institutional Accredited Investor but
not a Qualified Institutional Buyer, then the transferee shall take delivery in the form of a Non-Book Entry Certificate, subject
to the restrictions on the transfer of such Non-Book Entry Certificate in Section 5.03(h) of this Agreement. No such transfer
shall be made and the Certificate Registrar shall not register any such transfer unless such transfer complies with the provisions
of Section 5.03(h) of this Agreement applicable to transfers of Non-Book Entry Certificates. Upon acceptance for exchange
or transfer of a beneficial interest in a Global Certificate for a Non-Book Entry 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 denomination of such Global Certificate equal to the denomination of such Non-Book Entry Certificate issued
in exchange therefor or upon transfer thereof.


 


(f)       During
the VRR Interest Transfer Restriction Period, any Certificate constituting a portion of the VRR Interest shall only be held as
a Definitive Certificate in the Retained Interest Safekeeping Account by the Certificate Administrator (and each Retaining Party’s
respective interest shall be tracked in the form of an entry in the Certificate Administrator’s trust accounting system
under the Retained Interest Safekeeping Account), for the benefit of the Holder of the related Certificate. The Certificate Administrator
shall hold each Certificate constituting the VRR Interest in safekeeping and shall release the same only upon receipt of a written
direction signed by each of the Depositor, the Retaining Sponsor and the Holder of such Certificate (not to be unreasonably delayed,
conditioned or withheld except based on restrictions under Regulation RR), 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 “Retained Interest Safekeeping Account” and
into which each Certificate constituting the VRR Interest 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 Retained
Interest Safekeeping Account for each Retaining Party. Each Certificate constituting the VRR Interest to be delivered in physical
form to the Certificate Administrator shall be delivered as set forth herein. Upon receipt by the Certificate Administrator of
any Certificate constituting a portion of the VRR Interest in connection with the initial issuance thereof and, for so long as
the Certificates constituting the VRR Interest are held in the Retained Interest Safekeeping Account by the Certificate Administrator
pursuant to this Agreement, upon any transfer or exchange pursuant to this Article V of any Certificate constituting a
portion of the VRR Interest, the Certificate Administrator shall deliver to the related Retaining Party a receipt in the form
set forth in Exhibit MM. No amounts distributable with respect to any Certificate constituting a portion of the VRR Interest
shall be remitted to the Retained Interest Safekeeping Account, but instead shall be remitted directly to the applicable Retaining
Party in accordance with written instructions provided separately on the Closing Date (and any updates to such written instructions
provided from time to time) by such Retaining Party to the Certificate Administrator. Under no circumstances by virtue of safekeeping
any Certificate constituting a portion of the VRR Interest shall the Certificate Administrator be obligated to bring legal action
or institute proceedings against any Person on behalf of the Retaining Parties. During the VRR Interest


 



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Transfer Restriction Period
and for such longer time as the related Retaining Party may request, the Certificate Administrator shall hold each individual
Certificate constituting the VRR Interest at the below location, or any other location; provided the Certificate Administrator
has given notice to each of the Retaining Parties of such new location:


 


Citibank,
N.A. 


Vault
Operations Level B 


399
Park Avenue 


New
York, NY 10022


 


The
Certificate Administrator shall make available to each Retaining Party its respective account information as mutually agreed upon
by the Certificate Administrator and each respective Retaining Party, and in accordance with the Certificate Administrator’s
policies and procedures. Any transfer of a Certificate evidencing the VRR Interest shall be subject to this Article V.
During the VRR Interest Transfer Restriction Period, unless the Retaining Sponsor and the Depositor otherwise consent in writing,
the Certificate Administrator shall not permit any Person to copy (other than for internal purposes), and shall not itself provide
to any Person copies of, the executed Certificates held by it in the Retained Interest Safekeeping Account.


 


(g)       To
the extent that the aggregate value and/or Certificate Balance of the VRR Interest is in excess of the amount or percentage of
risk retention required pursuant to Regulation RR, such excess portion of the VRR Interest shall nevertheless be deemed to be
subject to the requirements of Regulation RR and any Certificate evidencing such excess portion of the VRR Interest shall be subject
to all of the provisions in this Agreement applicable to the VRR Interest including, without limitation, the provisions of this
Article V.


 


Section
5.03          Registration of Transfer and Exchange of Certificates.


 


(a)       The
Certificate Administrator shall keep or cause to be kept at its principal offices books (the “Certificate Register”)
in which, subject to such reasonable regulations as it may prescribe, the Certificate Administrator shall provide for the registration
of Certificates and of transfers and exchanges of Certificates as herein provided (the Certificate Administrator, in such capacity,
being the “Certificate Registrar”). In such capacities, the Certificate Administrator shall be responsible
for, among other things, (i) maintaining the Certificate Register and a record of the aggregate holdings of Certificates of each
Class of Private Certificates represented by a Temporary Regulation S Global Certificate, a Regulation S Global Certificate and
a Rule 144A Global Certificate and accepting Certificates for exchange and registration of transfer and (ii) transmitting to the
Depositor, the Master Servicer and the Special Servicer any notices from the Certificateholders. In its capacity as Certificate
Registrar, the Certificate Administrator shall be responsible for, among other things, holding each Certificate constituting the
VRR Interest as Definitive Certificates on behalf of each Holder of such Certificates in accordance with Section 5.02(f).


 


(b)       Subject
to the restrictions on transfer set forth in this Article V, upon surrender for registration of transfer of any Certificate,
the Certificate Administrator shall execute, authenticate and deliver, in the name of the designated transferee or transferees,
one or more new Certificates in authorized denominations, in like aggregate interest and of the same Class.


 






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(c)       Rule
144A Global Certificate to Temporary Regulation S Global Certificate. If a holder of a beneficial interest in the Rule 144A
Global Certificate deposited with the Certificate Registrar as custodian for the Depository wishes at any time during the Restricted
Period to exchange its interest in such Rule 144A Global Certificate for an interest in the Temporary Regulation S Global Certificate
of the same Class, or to transfer its interest in such Rule 144A Global Certificate to an institution that is required to take
delivery thereof in the form of an interest in the Temporary Regulation S Global Certificate of the same Class, such holder may,
subject to the rules and procedures of the Depository, exchange or cause the exchange of such interest for an equivalent beneficial
interest in such Temporary Regulation S Global Certificate. Upon receipt by the Certificate Registrar, as registrar, at its office
designated in Section 5.11 of this Agreement, of (1) instructions given in accordance with the Depository’s procedures
from a Depository Participant directing the Certificate Registrar to credit, or cause to be credited, a beneficial interest in
the Temporary Regulation S Global Certificate in an amount equal to the beneficial interest in the Rule 144A Global Certificate
to be exchanged, (2) a written order given in accordance with the Depository’s procedures containing information regarding
the Euroclear or Clearstream account to be credited with such increase and the name of such account and (3) a certificate in the
form of Exhibit E to this Agreement given by the holder of such beneficial interest stating that the transfer of such interest
has been made in compliance with the transfer restrictions applicable to the Global Certificates and pursuant to and in accordance
with Regulation S, then the Certificate Registrar shall instruct the Depository to reduce, or cause to be reduced, the Certificate
Balance of the Rule 144A Global Certificate and to increase, or cause to be increased, the Certificate Balance of the Temporary
Regulation S Global Certificate by the aggregate Certificate Balance of the beneficial interest in the Rule 144A Global Certificate
to be exchanged, to credit or cause to be credited to the account of the Person specified in such instructions (who shall be the
agent member of Euroclear or Clearstream, or both) a beneficial interest in the Temporary Regulation S Global Certificate equal
to the reduction in the Certificate Balance of the Rule 144A Global Certificate, and to debit, or cause to be debited, from the
account of the Person making such exchange or transfer the beneficial interest in the Rule 144A Global Certificate that is being
exchanged or transferred.


 


(d)       Rule
144A Global Certificate to Regulation S Global Certificate. If a holder of a beneficial interest in the Rule 144A Global Certificate
deposited with the Certificate Registrar as custodian for the Depository wishes at any time following the Restricted Period to
exchange its interest in such Rule 144A Global Certificate for an interest in the Regulation S Global Certificate of the same
Class, or to transfer its interest in such Rule 144A Global Certificate to an institution that is required to take delivery thereof
in the form of an interest in a Regulation S Global Certificate, such holder may, subject to the rules and procedures of the Depository,
exchange, or cause the exchange of, such interest for an equivalent beneficial interest in such Regulation S Global Certificate.
Upon receipt by the Certificate Registrar, as registrar, at its office designated in Section 5.11 of this Agreement, of
(1) instructions given in accordance with the Depository’s procedures from a Depository Participant directing the Certificate
Registrar to credit or cause to be credited a beneficial interest in the Regulation S Global Certificate in an amount equal to
the beneficial interest in the Rule 144A Global Certificate to be exchanged, (2) a written order given in accordance with the
Depository’s procedures containing information regarding the participant account of the Depository to be credited with such
increase and (3) a certificate in the form of Exhibit F to this Agreement given by the holder of such beneficial interest,
then the Certificate Registrar shall instruct the Depository to reduce, or cause to be reduced, the Certificate Balance of 


 



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the
Rule 144A Global Certificate and to increase, or cause to be increased, the Certificate Balance of the Regulation S Global Certificate
by the aggregate Certificate Balance of the beneficial interest in the Rule 144A Global Certificate to be exchanged, 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 equal to the reduction in the Certificate Balance of the Rule 144A Global Certificate, and to debit, or cause
to be debited, from the account of the Person making such exchange or transfer the beneficial interest in the Rule 144A Global
Certificate that is being exchanged or transferred.


 


(e)       Temporary
Regulation S Global Certificate or Regulation S Global Certificate to Rule 144A Global Certificate. If a holder of a beneficial
interest in a Temporary Regulation S Global Certificate or Regulation S Global Certificate deposited with the Certificate Registrar
as custodian for the Depository wishes at any time to exchange its interest in such Temporary Regulation S Global Certificate
or Regulation S Global Certificate for an interest in the Rule 144A Global Certificate of the same Class, or to transfer its interest
in such Temporary Regulation S Global Certificate or Regulation S Global Certificate to a Person who is required to take delivery
thereof in the form of an interest in the Rule 144A Global Certificate, such holder may, subject to the rules and procedures of
Euroclear or Clearstream, as the case may be, and the Depository, exchange or cause the exchange of such interest for an equivalent
beneficial interest in the Rule 144A Global Certificate of the same Class. Upon receipt by the Certificate Registrar, as registrar,
at its office designated in Section 5.11 of this Agreement, of (1) instructions from Euroclear or Clearstream, if applicable,
and the Depository, directing the Certificate Registrar, as registrar, to credit or cause to be credited a beneficial interest
in the Rule 144A Global Certificate equal to the beneficial interest in the Temporary Regulation S Global Certificate or Regulation
S Global Certificate to be exchanged, such instructions to contain information regarding the participant account with the Depository
to be credited with such increase, (2) with respect to a transfer of an interest in the Regulation S Global Certificate, information
regarding the participant account of the Depository to be debited with such decrease and (3) with respect to a transfer of an
interest in the Temporary Regulation S Global Certificate (but not the Regulation S Global Certificate) for an interest in the
Rule 144A Global Certificate at any time during the Restricted Period, a certificate in the form of Exhibit G to this Agreement
given by the holder of such beneficial interest and stating that the Person transferring such interest in the Temporary Regulation
S Global Certificate reasonably believes that the Person acquiring such interest in the Rule 144A Global Certificate is a Qualified
Institutional Buyer and is obtaining such beneficial interest in a transaction meeting the requirements of Rule 144A, then the
Certificate Registrar shall instruct the Depository to reduce, or cause to be reduced, the Certificate Balance of the Temporary
Regulation S Global Certificate or Regulation S Global Certificate and to increase, or cause to be increased, the Certificate
Balance of the Rule 144A Global Certificate by the aggregate Certificate Balance of the beneficial interest in the Temporary Regulation
S Global Certificate or Regulation S Global Certificate to be exchanged, and the Certificate Registrar shall instruct the Depository,
concurrently with such reduction, to credit, or cause to be credited, to the account of the Person specified in such instructions,
a beneficial interest in the Rule 144A Global Certificate equal to the reduction in the Certificate Balance of the Temporary Regulation
S Global Certificate or Regulation S Global Certificate and to debit, or cause to be debited, from the account of the Person making
such transfer the beneficial interest in the Temporary Regulation S Global Certificate or Regulation S Global Certificate that
is being transferred.


 






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(f)        Temporary
Regulation S Global Certificate to Regulation S Global Certificate. Interests in a Temporary Regulation S Global Certificate
as to which the Certificate Registrar has received from Euroclear or Clearstream, as the case may be, a certificate (a “Non-U.S.
Beneficial Ownership Certification”) to the effect that Euroclear or Clearstream, as applicable, has received a certificate
substantially in the form of Exhibit H to this Agreement from the holder of a beneficial interest in such Temporary Regulation
S Global Certificate, shall be exchanged after the Restricted Period, for interests in the Regulation S Global Certificate of
the same Class of Private Certificates. The Certificate Registrar shall effect such exchange by delivering to the Depository for
credit to the respective accounts of such holders, a duly executed and authenticated Regulation S Global Certificate, representing
the aggregate Certificate Balance of interests in the Temporary Regulation S Global Certificate initially exchanged for interests
in the Regulation S Global Certificate. The delivery to the Certificate Registrar by Euroclear or Clearstream of the certificate
or certificates referred to above may be relied upon by the Depositor and the Certificate Registrar as conclusive evidence that
the certificate or certificates referred to therein has or have been delivered to Euroclear or Clearstream pursuant to the terms
of this Agreement and the Temporary Regulation S Global Certificate. Upon any exchange of interests in the Temporary Regulation
S Global Certificate for interests in the Regulation S Global Certificate, the Certificate Registrar shall endorse the Temporary
Regulation S Global Certificate to reflect the reduction in the Certificate Balance represented thereby by the amount so exchanged
and shall endorse the Regulation S Global Certificate to reflect the corresponding increase in the amount represented thereby.
Until so exchanged in full and except as provided therein, the Temporary Regulation S Global Certificate, and the Certificates
evidenced thereby, shall in all respects be entitled to the same benefits under this Agreement as the Regulation S Global Certificate
and Rule 144A Global Certificate authenticated and delivered hereunder.


 


(g)      Non-Book
Entry Certificate to Global Certificate. If a holder of a Non-Book Entry Certificate that is a Private Certificate (other
than any Vertically Retained Certificate during the VRR Interest Transfer Restriction Period, a Class S Certificate or a Class
R Certificate) wishes at any time to exchange its interest in such Non-Book Entry Certificate for an interest in a Global Certificate
of the same Class, or to transfer all or part of such Non-Book Entry Certificate to an institution that is entitled to take delivery
thereof in the form of an interest in a Global Certificate, such holder may, subject to the rules and procedures of Euroclear
or Clearstream, if applicable, and the Depository, cause the exchange of all or part of such Non-Book Entry Certificate for an
equivalent beneficial interest in the appropriate Global Certificate of the same Class. Upon receipt by the Certificate Registrar,
as registrar, at its office designated in Section 5.11 of this Agreement, of (1) such Non-Book Entry Certificate, duly
endorsed as provided herein, (2) instructions from such holder directing the Certificate Registrar, as registrar, to credit, or
cause to be credited, a beneficial interest in the applicable Global Certificate equal to the portion of the Certificate Balance
of the Non-Book Entry Certificate to be exchanged, such instructions to contain information regarding the participant account
with the Depository to be credited with such increase and (3) a certificate in the form of Exhibit I to this Agreement
(in the event that the applicable Global Certificate is the Temporary Regulation S Global Certificate), in the form of Exhibit
J to this Agreement (in the event that the applicable Global Certificate is the Regulation S Global Certificate) or in the
form of Exhibit K to this Agreement (in the event that the applicable Global Certificate is the Rule 144A Global Certificate),
then the Certificate Registrar, as registrar, shall cancel, or cause to be canceled, all or part of such Non-Book Entry Certificate,
and shall, if applicable, direct the Certificate Administrator to execute, authenticate and deliver to the transferor


 



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a new Non-Book
Entry Certificate equal to the aggregate Certificate Balance of the portion retained by such transferor and shall instruct the
Depository to increase, or cause to be increased, such Global Certificate by the aggregate Certificate Balance of the portion
of the Non-Book Entry Certificate to be exchanged and to credit, or cause to be credited, to the account of the institution specified
in such instructions a beneficial interest in the applicable Global Certificate equal to the Certificate Balance of the portion
of the Non-Book Entry Certificate so canceled.


 


(h)      Exchanges
of Non-Book Entry Certificates. If a holder of a Rule 144A Global Certificate, Regulation S Global Certificate or Non-Book
Entry Certificate (other than a Public Certificate) wishes at any time to transfer its interest in such Rule 144A Global Certificate,
Regulation S Global Certificate or Non-Book Entry Certificate to a Person who is required to take delivery thereof in the form
of a Non-Book Entry Certificate, then (except in connection with the transfer or deemed transfer thereof by the Depositor, an
Initial Purchaser or, if occurring on the Closing Date, the Retaining Sponsor) the Certificate Registrar shall refuse to register
such transfer unless it receives (and upon receipt, may conclusively rely upon): (i) a certificate from the proposed transferor
substantially in the form attached as Exhibit L-2B to this Agreement, (ii) an investment representation letter from the
proposed transferee substantially in the form attached as Exhibit L-4 to this Agreement; and (iii) if required by the Certificate
Registrar, an opinion of counsel satisfactory to the Certificate Registrar to the effect that such transfer shall be made without
registration under the Securities Act, together with the written certification(s) as to the facts surrounding such transfer from
the Certificateholder desiring to effect such transfer and/or the proposed transferee on which such opinion of counsel is based
(such opinion of counsel shall not be an expense of the Trust or of the Depositor, the Master Servicer, the Special Servicer,
the Operating Advisor, the Certificate Administrator, the Trustee or the Certificate Registrar in their respective capacities
as such).


 


(i)        Transfers
of Vertically Retained Certificates. At all times during the VRR Interest Transfer Restriction Period, if a transfer of any
Vertically Retained Certificate is to be made (other than in connection with (1) the transfer to CGMRC on the Closing Date, pursuant
to the CGMRC Mortgage Loan Purchase Agreement, of the Certificates constituting the VRR1 Interest, (2) the transfer to BBPLC on
the Closing Date, pursuant to the BBPLC Mortgage Loan Purchase Agreement, of the Certificates constituting the VRR2 Interest,
(3) the transfer to PCC on the Closing Date, pursuant to the PCC Mortgage Loan Purchase Agreement, of the Certificates constituting
the VRR3 Interest, (4) the transfer to LNR on the Closing Date, pursuant to the SMF Mortgage Loan Purchase Agreement, of the Certificates
constituting the VRR4 Interest, (5) the exchange on the Closing Date by PCC of the Certificates constituting the VRR3 Interest
for Class V-3 Certificates pursuant to Section 5.13 of this Agreement, and (6) the exchange on the Closing Date by LNR
of the Certificates constituting the VRR4 Interest for Class V-2 Certificates pursuant to Section 5.13 of this Agreement
), 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 L-5, which such certification must be countersigned by the applicable Retaining Party, the Retaining Sponsor
(if different than the Retaining Party) and the Depositor with a  medallion stamp guarantee of such Retaining Party, and (ii) a
certification from the Certificateholder desiring to effect such transfer substantially in the form attached hereto as Exhibit
L-6, which such certification must be countersigned by the applicable Retaining Party (if different than the transferor),
the Retaining Sponsor (if different than the Retaining Party) and the Depositor with a 


 



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medallion stamp guarantee of such Retaining Party.
Upon receipt of the foregoing certifications, the Certificate Registrar shall, subject to Section 5.02(f), Section 5.03(a),
Section 5.03(h), the following provisions of this Section 5.03(i), and Section 5.03(n), reflect such Vertically
Retained Certificate in the name of the prospective Transferee. In no event shall a Vertically Retained Certificate be held as
a Global Certificate during the VRR Interest Transfer Restriction Period. In no event shall Certificates representing a Percentage
Interest in any Class of Class V-2 Certificates be transferred to any Person (and the Certificate Registrar shall refuse to register
any such transfer) unless Certificates representing the exact same Percentage Interest in each and every other outstanding Class
of Class V-2 Certificates are simultaneously transferred to the same Person. Any Holder of Class V-2 Certificates shall at all
times hold the same Percentage Interest in each and every outstanding Class thereof. In no event shall Certificates representing
a Percentage Interest in any Class of Class V-3 Certificates be transferred to any Person (and the Certificate Registrar shall
refuse to register any such transfer) unless Certificates representing the exact same Percentage Interest in each and every other
outstanding Class of Class V-3 Certificates are simultaneously transferred to the same Person. Any Holder of Class V-3 Certificates
shall at all times hold the same Percentage Interest in each and every outstanding Class thereof. In connection with each transfer
of a Certificate constituting a portion of the VRR Interest after the Closing Date, the transferor of such Certificate shall pay
to the Certificate Administrator a transfer fee of $5,000 (together with any other expenses related to such transfer (including
fees charged by the Depository, if applicable)) and such fee and expenses must be received by the Certificate Administrator prior
to the transfer date or the Certificate Administrator shall not be required to complete the requested transfer.


 


(j)        Other
Exchanges. In the event that a Global Certificate is exchanged for a Definitive Certificate (other than as otherwise set forth
in Section 5.02(d) of this Agreement), such Certificates may be exchanged only in accordance with such procedures as are
substantially consistent with the provisions of clauses (c) through (f), (h) and (i) above (including the certification requirements
intended to ensure that such transfers comply with Rule 144A or Regulation S under the Act, at the case may be) and such other
procedures as may from time to time be adopted by the Certificate Registrar.


 


(k)       Restricted
Period. Prior to the termination of the Restricted Period with respect to the issuance of the Certificates, transfers of interests
in the Temporary Regulation S Global Certificate to U.S. persons (as defined in Regulation S) shall be limited to transfers made
pursuant to the provisions of clause (e) above.


 


(l)        If
Private Certificates are issued upon the transfer, exchange or replacement of Certificates bearing a restrictive legend relating
to compliance with the Act, or if a request is made to remove such legend on Certificates, the Private Certificates so issued
shall bear the restrictive legend, or such 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 that neither such legend nor the restrictions on
transfer set forth therein are required to ensure that transfers thereof comply with the provisions of Rule 144A, Rule 144 or
Regulation S under the Act, Regulation RR or, with respect to Non-Book Entry Certificates, that such Certificates are not “restricted”
within the meaning of Rule 144 under the Act. Upon provision of such satisfactory evidence, the Certificate Registrar shall authenticate
and deliver Certificates that do not bear such legend.


 






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(m)          All
Certificates surrendered for registration of transfer and exchange shall be canceled and subsequently destroyed by the Certificate
Registrar in accordance with the Certificate Registrar’s customary procedures.


 


(n)           No
Vertically Retained Certificate (unless it is being transferred through Citigroup Global Markets Inc. or Barclays Capital Inc.),
Class S Certificate or Class R Certificate may be purchased by or transferred to any prospective purchaser or transferee that
is or will be (i) an employee benefit plan or other plan subject to the fiduciary responsibility or prohibited transaction provisions
of ERISA or Code Section 4975 (each, a “Plan”), or (ii) any entity or collective investment fund the assets
of which are considered Plan assets under U.S. Department of Labor Reg. Section 2510.3-101, as modified by Section 3(42) of ERISA,
or Similar Law (as defined below), an insurance company that is using the assets of separate accounts or general accounts which
include Plan assets (or which are deemed to include assets of Plans) or other Person acting on behalf of any such Plan or using
the assets of a Plan (each, a “Plan Investor”) to purchase such Certificate. In addition, no ERISA Restricted
Certificate or interest therein may be purchased by or transferred to any prospective purchaser or transferee that is or will
be a Plan or Plan Investor, unless (i) such purchaser or transferee is an insurance company, (ii) the source of funds used to
acquire or hold such ERISA Restricted Certificate or interest therein is an “insurance company general account,” as
such term is defined in PTCE 95-60, and (iii) the conditions in Sections I and III of PTCE 95-60 have been satisfied. Furthermore,
no ERISA Restricted Certificate, Vertically Retained Certificate (regardless of whether it is an ERISA Restricted Certificate),
Class S Certificate or Class R Certificate or interest therein may be purchased by or transferred to any prospective purchaser
or transferee that is or will be a governmental plan (as defined in Section 3(32) of ERISA) or other plan that is subject to any
federal, state or local law that is, to a material extent, similar to the fiduciary responsibility or prohibited transaction provisions
of ERISA or Code Section 4975 (“Similar Law”), or to any Person acting on behalf of any such plan or using
the assets of such plan to acquire such Certificate or interest therein unless, in the case of an ERISA Restricted Certificate
or a Vertically Retained Certificate, its acquisition, holding and disposition of such Certificate or an interest therein would
not constitute or otherwise result in a non-exempt violation of Similar Law. Except in connection with the transfer or deemed
transfer thereof by the Depositor, an Initial Purchaser or, if occurring on the Closing Date, the Retaining Sponsor, each prospective
transferee of an ERISA Restricted Certificate, a Vertically Retained Certificate (regardless of whether it is an ERISA Restricted
Certificate), a Class S Certificate or a Class R Certificate in the form of a Non-Book Entry Certificate shall deliver to the
transferor, the Depositor, the Certificate Registrar, the Certificate Administrator and the Trustee representation letters, substantially
in the form of Exhibit L-3 and Exhibit L-4 to this Agreement. Each beneficial owner of a Certificate (other than
a Class S or Class R 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 either (i) it is not a Plan or Plan Investor, (ii) except in the case of
an ERISA Restricted Certificate or a Vertically Retained Certificate, it has acquired and is holding the Certificates in reliance
on the Underwriter Exemption, and that it understands that there are certain conditions to the availability of the Underwriter
Exemption, including that the Certificates must be rated, at the time of purchase, not lower than “BBB-” (or its equivalent)
by a rating agency that meets the requirements of the Underwriter Exemption and that such Certificate is so rated and that it
is an Institutional Accredited Investor or (iii) except in the case of a Vertically Retained Certificate (unless it is being transferred
through Citigroup Global Markets Inc. or Barclays Capital Inc.), (1) it is an insurance company, (2) the source of funds used
to acquire or hold the Certificate or interest


 



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therein is an “insurance company general account,” as such term is
defined in PTCE 95-60, and (3) the conditions in Sections I and III of PTCE 95-60 have been satisfied. Each beneficial owner of
a Certificate or an interest therein which is a governmental plan or other plan subject to Similar Law shall be deemed to have
represented, by virtue of its acquisition or holding of such Certificate or interest therein that the acquisition, holding and
disposition of such Certificate or an interest therein by the purchaser will not constitute or otherwise result in a non-exempt
violation of Similar Law. Any attempted or purported transfer in violation of these transfer restrictions shall be null and void
ab initio and shall vest no rights in any purported transferee and shall not relieve the transferor of any obligations with respect
to the applicable Certificates.


 


(o)       Each
beneficial owner of any Certificate or any interest therein that is a Plan, including any fiduciary purchasing any such Certificate
on behalf of a Plan (“Plan Fiduciary”) will be deemed to have represented, by virtue of its acquisition or
holding of such Certificate that:


 


(i)        none
of the Depositor, the Trustee, the Certificate Administrator, any Underwriter, any Initial Purchaser, the Master Servicer, the
Special Servicer, the Operating Advisor, the Asset Representations Reviewer, or any of their respective affiliated entities (the
“Transaction Parties”), has provided or will provide advice with respect to the acquisition of such Certificate
by the Plan, other than to the Plan Fiduciary which is independent of the Transaction Parties, and the Plan Fiduciary either:
(a) is a bank as defined in Section 202 of the Investment Advisers Act of 1940 (the “Advisers Act”), or similar
institution that is regulated and supervised and subject to periodic examination by a State or Federal agency; (b) is an insurance
carrier which is qualified under the laws of more than one state to perform the services of managing, acquiring or disposing of
assets of a Plan; (c) is an investment adviser registered under the Advisers Act, or, if not registered an as investment adviser
under the Advisers Act by reason of paragraph (1) of Section 203A of the Advisers Act, is registered as an investment adviser
under the laws of the state in which it maintains its principal office and place of business; (d) is a broker-dealer registered
under the Exchange Act; or (e) has total assets of at least U.S. $50,000,000 under its management or control (provided that this
clause (e) shall not be satisfied if the Plan Fiduciary is either (i) the owner or a relative of the owner of an investing individual
retirement account or (ii) a participant or beneficiary of the Plan investing in such Certificate in such capacity);


 


(ii)       the
Plan Fiduciary is capable of evaluating investment risks independently, both in general and with respect to particular transactions
and investment strategies, including the acquisition by the Plan of such Certificate;


 


(iii)      the
Plan Fiduciary is a “fiduciary” with respect to the Plan within the meaning of Section 3(21) of ERISA, Section 4975
of the Code, or both, and is responsible for exercising independent judgment in evaluating the Plan’s acquisition of such
Certificate;


 


(iv)     none
of the Transaction Parties has exercised any authority to cause the Plan to invest in such Certificate or to negotiate the terms
of the Plan’s investment in such Certificate or receives a fee or other compensation from the Plan or Plan Fiduciary for
the


 



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provision of investment advice in connection with the acquisition by the Plan of such Certificate; and


 


(v)      the
Plan Fiduciary has been informed by the Transaction Parties: (a) that none of the Transaction Parties is undertaking to provide
impartial investment advice or to give advice in a fiduciary capacity, and that no such entity has given investment advice or
otherwise made a recommendation, in connection with the Plan’s acquisition of such Certificate; and (b) of the existence
and nature of the Transaction Parties financial interests in the Plan’s acquisition of such Certificate, as described in
the Prospectus.


 


The
above representations in this Section 5.03(o) are intended to comply with the U.S. Department of Labor’s Reg. Sections
29 C.F.R. 2510.3-21(a) and (c)(1) as promulgated on April 8, 2016 (81 Fed. Reg. 20,997). If these regulations are revoked, repealed
or no longer effective, these representations shall be deemed to be no longer in effect. None of the Transaction Parties is undertaking
to provide impartial investment advice, or to give advice in a fiduciary capacity, in connection with the acquisition of any Certificate
by any Plan.


 


(p)       Each
Person who has or acquires any Residual Ownership Interest shall be deemed by the acceptance or acquisition of such Residual Ownership
Interest to have agreed to be bound by the following provisions and the rights of each Person acquiring any Residual Ownership
Interest are expressly subject to the following provisions:


 


(i)        Each
Person acquiring or holding any Residual Ownership Interest shall be a Permitted Transferee and shall not acquire or hold such
Residual 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 Residual Ownership Interest) as a Permitted Transferee. Any acquisition described in
the first sentence of this Section 5.03(p) 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 ab initio and of no effect, and the immediately preceding
owner who was a Permitted Transferee shall be restored to registered and beneficial ownership of the Residual Ownership Interest
as soon and as fully as possible.


 


(ii)       No
Residual 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, 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 Residual Ownership Interest, other than in connection with the initial Transfer thereof to the Initial Purchasers, the
Certificate Registrar shall, as a condition to such consent, (x) require the proposed transferee to deliver, and the proposed
transferee shall deliver to the Certificate Registrar and to the proposed transferor, an affidavit in substantially the form attached
as Exhibit L-1 to this Agreement (a “Transferee Affidavit”) of the proposed transferee (A) that such
proposed transferee is a Permitted Transferee and (B) stating that (1) the proposed transferee historically has paid its debts
as they have come due and intends to do so in the future, (2) the proposed transferee understands that, as the holder of a Residual
Ownership


 






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Interest, it may incur tax liabilities in excess of cash flows generated by the residual interest, (3) the proposed
transferee intends to pay taxes associated with holding the Residual Ownership Interest as they become due, (4) the proposed transferee
will not cause income with respect to the Residual Ownership Interest to be attributable to a foreign permanent establishment
or fixed base, within the meaning of an applicable income tax treaty, of such proposed transferee or any other U.S. Tax Person,
(5) the proposed transferee will not transfer the Residual Ownership Interest to any Person that does not 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, and (6) the proposed
transferee expressly agrees to be bound by and to comply with the provisions of this Section 5.03(p) and (y) other than
in connection with the initial issuance of a Class R Certificate or the Transfer of any Class R Certificate by any Initial Purchaser
in connection with the initial offering of the Certificates, require a statement from the proposed transferor substantially in
the form attached as Exhibit L-2A to this Agreement (the “Transferor Letter”), 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 preceding clauses (x)(B)(1) or (3) are false.


 


(iii)        Notwithstanding
the delivery of a Transferee Affidavit by a proposed transferee under clause (p)(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, the Certificate Registrar shall not be required to conduct any independent investigation to determine whether
a proposed transferee is a Permitted Transferee. Upon notice to the Certificate Registrar that there has occurred a Transfer 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 Residual Ownership Interest or such agent, the Certificate Registrar and the Certificate Administrator agree to furnish to
the IRS and the transferor of such Residual Ownership Interest or such agent such information necessary to the application of
Code Section 860E(e) 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 Certificate (or portion thereof) for periods after such Transfer. At the election
of the Certificate Registrar, the Certificate Registrar may charge a reasonable fee for computing and furnishing such information
to the transferor or to such agent referred to above; provided, however, such Persons shall in no event be excused
from furnishing such information.


 


(iv)       The
Class R Certificates may only be represented by Definitive Certificates and may only be transferred to and owned by Qualified
Institutional Buyers.


 


(v)        The
Class S Certificates may only be represented by Definitive Certificates and may only be transferred to and owned by Qualified
Institutional Buyers or Institutional Accredited Investors.


 






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(q)        Any
attempted or purported transfer in violation of the transfer restrictions set forth in this Article V shall be null and
void ab initio and shall vest no rights in any purported transferee and shall not relieve the transferor of any obligations with
respect to the applicable Certificates.


 


Section
5.04     Mutilated, Destroyed, Lost or Stolen Certificates. If (a) 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 (b) there is delivered to the Certificate Registrar, the Trustee and the
Certificate Administrator such security or indemnity as may be required by it to save it harmless, then, in the absence of
actual notice that such Certificate has been acquired by a bona fide purchaser, the Certificate Registrar shall direct the
Certificate Administrator to execute, authenticate and deliver, in exchange for or in lieu of any such mutilated, destroyed,
lost or stolen Certificate, a new Certificate of like tenor and interest in the Trust Fund. In connection with the issuance
of any new Certificate under this Section 5.04, the Certificate Registrar and the Certificate Administrator may
require the payment of a sum sufficient to cover any expenses (including the fees and expenses of the Certificate Registrar)
connected therewith. Any replacement Certificate issued pursuant to this Section 5.04 shall constitute complete and
indefeasible evidence of ownership in the Trust Fund, as if originally issued, whether or not the lost, stolen or destroyed
Certificate shall be found at any time.


 


Section
5.05     Persons Deemed Owners. The Master Servicer, the Special Servicer, the Operating
Advisor, the Trustee, the Certificate Administrator and the Certificate Registrar, and any agent of any of them, may treat
the Person in whose name any Certificate is registered as the owner of such Certificate for the purpose of receiving
distributions as provided in this Agreement and for all other purposes whatsoever, and neither the Master Servicer, the
Special Servicer, the Operating Advisor, the Trustee, the Certificate Administrator, the Certificate Registrar, nor any agent
of any of them shall be affected by any notice to the contrary; provided, however, that to the extent that a
party to this Agreement responsible for distributing any report, statement or other information required to be distributed to
Certificateholders has been provided an Investor Certification, such party to this Agreement shall distribute such report,
statement or other information to such Certificate Owner (or prospective transferee) under the same circumstances, and
subject to the same conditions, as such report, statement or other information would be provided to a
Certificateholder.


 


Section
5.06     Appointment of Paying Agent.  The Certificate Administrator may appoint (and,
if it does not so appoint, shall act as) 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 or the Master Servicer, to execute and deliver to the Master Servicer and the Certificate
Administrator an instrument that is consistent in all material respects with this Agreement and in which such Paying Agent
shall agree with the Master Servicer and the Certificate Administrator 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. The Paying Agent shall at all times be an entity having a long-term unsecured debt rating of at
least “A” by DBRS, “BBB+” by Fitch and “Baa1” by Moody’s, or shall be otherwise
acceptable to each Rating Agency.


 






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Section
5.07     Access to Certificateholders’ Names and Addresses; Special Notices.


 


(a)         The
Certificate Registrar shall maintain in as current form as is reasonably practicable the most recent list available to it of the
names and addresses of the Certificateholders. If any Certificateholder or Certificate Owner (a “Certifying Certificateholder”)
that has delivered an executed certification as contemplated by Section 5.07(c) reflecting the appropriate information
to the Certificate Administrator at 388 Greenwich Street, New York, New York 10013 Attention: Global Transaction Services –
CGCMT 2017-P8 (i) requests in writing from the Certificate Registrar a list of the names and addresses of Certificateholders,
(ii) states that such Certifying Certificateholder desires to communicate with other Certificateholders and Certificate Owners
with respect to its rights under this Agreement or under the Certificates and (iii) provides a copy of the communication which
Certifying Certificateholder proposes to transmit, then the Certificate Registrar shall, within ten (10) Business Days after the
receipt of such request (a “Communication Request”), furnish such Certifying Certificateholder (at such Certifying
Certificateholder’s sole cost and expense) a list of the names and addresses of the Certificateholders as of the most recent
Record Date as they appear in the Certificate Register. Every Certificateholder, by receiving and holding a Certificate, agrees
that the Certificate Registrar shall not be held accountable by reason of the disclosure of any such information as to the list
of the Certificateholders hereunder, regardless of the source from which information was derived. The Master Servicer, the Special
Servicer, the Trustee, the Certificate Administrator, the Operating Advisor and the Depositor shall be entitled to a list of the
names and addresses of Certificateholders from time to time upon request therefor.


 


(b)        The
Certificate Administrator shall include in any Form 10-D any written request received in accordance with Section 5.07(a)
prior to the Distribution Date to which the Form 10-D relates (and on or after the Distribution Date preceding such Distribution
Date) from a Certificateholder or Certificate Owner to communicate with other Certificateholders or Certificate Owners related
to Certificateholders or Certificate Owners exercising their rights under the terms of this Agreement. Any Form 10-D containing
such disclosure (a “Special Notice”) regarding the request to communicate shall include the following and no
more than the following (a) the name of the Certificateholder or Certificate Owner making the request, (b) the date the request
was received, (c) a statement to the effect that the Certificate Administrator has received such request, stating that such Certificateholder
or Certificate Owner is interested in communicating with other Certificateholders or Certificate Owners with regard to the possible
exercise of rights under this Agreement, and (d) a description of the method other Certificateholders or Certificate Owners may
use to contact the requesting Certificateholder or Certificate Owner.


 


(c)         In
verifying the identity of any Certificateholder or Certificate Owner in connection with any request to communicate, (i) if the
Certificateholder or Certificate Owner is the holder of record with respect to any Certificate, the Certificate Administrator
shall not require any further verification or (ii) if the Certificateholder or Certificate Owner is not the holder of record with
respect to any Certificate, the Certificate Administrator shall require no more than (x) a written certification from such Certificateholder
or Certificate Owner that it is the beneficial owner of a Certificate and (y) one of the following documents confirming ownership
of such Certificate: a trade confirmation, an account statement, a letter from a broker-dealer or another document acceptable
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documents. The Certificate Administrator shall not have
any obligation to verify the information provided by any Certificateholder or Certificate Owner in any request to communicate
and may rely on such information conclusively. Any Certificateholder or Certificate Owner will be responsible for its own expenses
in making any Communication Request, but will not be required to bear any expenses of the Certificate Administrator. Any expenses
the Certificate Administrator incurs in connection with any request to communicate will be paid by the Trust.


 


Section
5.08     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, when required,
to the Depositor, the Master Servicer or the Special 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 Trustee, the Certificate Administrator,
the Depositor, the Special Servicer 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 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 Trustee, the Certificate Administrator, the Depositor, the Special Servicer or the
Master Servicer in reliance thereon, whether or not notation of such action is made upon such Certificate.


 


(d)         The
Certificate Administrator or Certificate Registrar may require such additional proof of any matter referred to in this Section
5.08 as it shall deem necessary.


 


Section
5.09    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 an
entity 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 supervision or examination by federal or state authorities. The
Certificate Administrator shall serve as the initial Authenticating Agent and the Certificate Administrator hereby accepts such
appointment.


 


Any
entity into which the Authenticating Agent may be merged or converted or with which it may be consolidated, or any entity resulting
from any merger, conversion or consolidation to which the Authenticating Agent shall be party, or any entity succeeding to the
corporate agency business of the Authenticating Agent, shall be the Authenticating Agent without


 



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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 and the Depositor. The Certificate Administrator may at any time terminate the agency of the Authenticating Agent
by giving written notice of termination to the Authenticating Agent and the Depositor. 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 5.09, the Certificate Administrator promptly shall 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 5.09.


 


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.
The appointment of an Authenticating Agent shall not relieve the Certificate Administrator from any of its obligations hereunder,
and the Certificate Administrator shall remain responsible for all acts and omissions of the Authenticating Agent.


 


Section
5.10     Appointment of Custodian. The Certificate Administrator shall be, and shall perform all
the duties of, the Custodian hereunder or may appoint one or more Custodians to hold all or a portion of the Mortgage Files as
agent for the Certificate Administrator, by entering into a Custodial Agreement (in the event the Certificate Administrator is
not the Custodian) that is consistent in all material respects with this Agreement. The Certificate Administrator shall give prompt
written notice to the Depositor of any appointment of a Custodian. The Certificate Administrator agrees to comply with the terms
of each Custodial Agreement, to enforce the terms and provisions thereof against the Custodian for the benefit of the Certificateholders
and Serviced Companion Loan Holders and to cause any Custodian appointed by the Certificate Administrator to comply with any provision
of this Agreement that purports to require such Custodian to act or refrain from acting. Each Custodian shall be a depository
institution subject to supervision by federal or state authority, shall have a combined capital and surplus of at least $15,000,000,
shall have a long-term debt rating of at least “A (low)” from DBRS (or, if not rated by DBRS, an equivalent rating
by 2 other NRSROs (which may include S&P, Fitch and Moody’s)), “BBB” from S&P, “BBB” by
Fitch and “Baa2” from Moody’s, and shall be qualified to do business in the jurisdiction in which it holds any
Mortgage File. Each Custodial Agreement may be amended only as provided in Section 12.07 of this Agreement. Any compensation
paid to the Custodian shall be an unreimbursable expense of the Certificate Administrator. The Certificate Administrator shall
serve as the initial Custodian and shall be deemed appointed as Custodian at all times that no other party is so appointed in
accordance with this Section 5.10. The Custodian, if the Custodian is not the Certificate Administrator, shall maintain
a fidelity bond in the form and amount that are customary for securitizations similar to the securitization evidenced by this
Agreement, with the Certificate Administrator named as loss


 



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payee. The Custodian
shall be deemed to have complied with this provision if one of its respective 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, with the Certificate Administrator named as loss payee. All fidelity
bonds and policies of errors and omissions insurance obtained under this Section 5.10 shall be issued by a Qualified Insurer,
or by any other insurer with respect to which the Rating Agencies have provided to the Trustee a Rating Agency Confirmation. The
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 Mortgage Files directly by the Certificate Administrator. Upon termination or resignation
of any Custodian appointed by it, the Certificate Administrator may appoint another Custodian meeting the foregoing requirements.
The appointment of a Custodian shall not relieve the Certificate Administrator from any of its obligations hereunder, and the
Certificate Administrator shall remain responsible for all acts and omissions of the Custodian. In the event the Certificate Administrator
is the Custodian, the Custodian may self-insure.


 


Section
5.11     Maintenance of Office or Agency. The Certificate Registrar shall maintain or cause
to be maintained an office or offices or agency or agencies where Certificates may be surrendered for registration of
transfer or exchange and where notices and demands to or upon the Certificate Registrar in respect of the Certificates and
this Agreement may be served. The Certificate Registrar initially designates its office at 480 Washington Boulevard, 30th
Floor, Jersey City, New Jersey 07310, Attention - Securities Window, as its office for such purposes. The Certificate
Registrar shall give prompt written notice to the Certificateholders of any change in the location of the Certificate
Register or any such office or agency.


 


Section
5.12     Voting Procedures. With respect to any matters submitted to Certificateholders for a
vote, the Certificate Administrator shall administer such vote through the Depository with respect to Global Certificates and
directly with registered Holders by mail with respect to Definitive Certificates. In each case, such vote shall be
administered in accordance with the following procedures, unless different procedures are otherwise described herein with
respect to a specific vote:


 


(a)         Any
matter submitted to Certificateholders for a vote shall be announced in a notice prepared by the Certificate Administrator. Such
notice shall include the record date determined by the Certificate Administrator for purposes of the vote and a voting deadline
which, unless otherwise specifically contemplated herein for any particular matter, shall be no less than thirty (30) days and
no later than sixty (60) days after the date such notice is distributed. The notice and related ballot shall be sent to Holders
of Global Certificates through the Depository and by mail to the registered Holders of Definitive Certificates. In addition, the
notice and related ballot shall be posted to the Certificate Administrator’s Website. Notices delivered in this manner shall
be considered delivered to all Holders regardless of whether any Holder actually receives the notice and ballot.


 


(b)         In
connection with any vote administered pursuant to this Agreement, voting Holders shall be required to certify their holdings in
the manner set forth on the ballot,


 



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unless a specific manner is otherwise provided herein. Holders may only vote in accordance
with their Voting Rights. Voting Rights with respect to any outstanding Class of Certificates shall be calculated by the Certificate
Administrator in accordance with the definition of Voting Rights as of the record date for the vote. Only Classes with an outstanding
Certificate Balance or Notional Amount, as applicable, greater than zero as of the record date of the vote shall be permitted
to vote. Once a Holder has cast its vote, the vote may be changed or retracted on or before the vote deadline. Any changes or
retractions shall be communicated by the Certificateholder to the Certificate Administrator in writing on a ballot. After the
vote deadline has passed, votes may not be changed or retracted by any Holder unless the Holder wishing to change or retract its
vote holds a sufficient portion of the Voting Rights such that the Holder, by its vote alone, could approve or deny the proposition
subject to a vote without taking into consideration the votes cast by any other Holder. Transferees or purchasers of any Class
of Certificates are subject to and shall be bound by all votes of Holders initiated or conducted prior to its acquisition of such
Certificate.


 


(c)         The
Certificate Administrator may take up to fifteen (15) Business Days to tabulate the results of any vote. The Certificate Administrator
shall use its reasonable efforts to resolve any illegible or incomplete ballots received prior to the voting deadline. Illegible
or incomplete ballots that are received on the voting deadline or that cannot be resolved by the voting deadline shall not be
counted. Promptly after the votes are tabulated, the Certificate Administrator shall prepare a notice announcing the results of
the vote. Such notice shall include the percentage of Voting Rights in favor of the proposition, the percentage against the proposition
and the percentage abstaining. In addition, the notice will announce whether the proposition has been adopted by Certificateholders.
The notice shall be distributed in accordance with the methods described in Section 5.12(a) above. The Certificate Administrator
shall also include such notice on the Form 10-D prepared in connection with the distribution period that corresponds with the
date such notice is distributed. All vote tabulations shall be final and the Certificate Administrator shall not, absent manifest
error, re-tabulate the votes or conduct a new vote for the same proposition.


 


(d)        Unless
otherwise specifically provided herein, any and all reasonable expenses incurred by the Certificate Administrator in connection
with administering any vote shall be borne by the Trust. The Certificate Administrator is under no obligation to advise Holders
about the matter being voted on or answer questions other than process-related questions regarding the administration of the vote.


 


(e)         If
any party to this Agreement believes a vote of Certificateholders is needed for some matter related to the administration of the
Trust that is not specifically contemplated herein, such party may request the Certificate Administrator to conduct a vote and
the Certificate Administrator will conduct the requested vote in accordance with these procedures. Unless specifically provided
herein, all such votes require a majority of Certificateholders to carry a proposition.


 


Section
5.13     Exchanges of Exchangeable Groups of Certificates.


 


(a)         The
Grantor Trust shall be maintained by the Certificate Administrator, on behalf of the Trustee, in part for the benefit of the Holders
of the Class V-1 Certificates, the respective Classes of the Class V-2 Certificates and the respective Classes of the Class V-3


 



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Certificates. At all times, the Class V-1 Certificates shall represent beneficial ownership interests in the Class V-1 Percentage
of the VRR Specific Grantor Trust Assets. At all times, the Class V-2 Certificates shall collectively represent beneficial ownership
interests in the Class V-2 Percentage of the VRR Specific Grantor Trust Assets. At all times, the Class V-3 Certificates shall
collectively represent beneficial ownership interests in the Class V-3 Percentage of the VRR Specific Grantor Trust Assets.


 


(b)          On
the Closing Date, the Grantor Trust shall initially issue the Class V-1 Certificates on the Closing Date with the respective aggregate
initial Certificate Balance set forth for such Class in the Preliminary Statement.


 


On
the Closing Date, the $12,157,776 of the Class V-1 Certificates that is being acquired by PCC will be exchanged pursuant to this
Section 5.13 for Class V-3 Certificates in the principal amounts set forth below:


 


	Class
	 	Principal
                                         Amount 



	Class
    V-3AC	 	$10,805,216	 
	Class
    V-3D	 	$562,295	 
	Class
    V-3E	 	$790,265	 


 


On
the Closing Date, the $11,426,927 of the Class V-1 Certificates that is being acquired by LNR will be exchanged pursuant to this
Section 5.13 for Class V-2 Certificates in the principal amounts set forth below:


 


	Class
	 	Principal
                                         Amount



	Class
    V-2A	 	$9,227,244	 
	Class
    V-2B	 	$457,073	 
	Class
    V-2C	 	$471,357	 
	Class
    V-2D	 	$528,494	 
	Class
    V-2E	 	$742,759	 


 


(c)         Following
the Closing Date and subject to the conditions set forth in Section 5.13(d), any Holder of Class V-1 Certificates may exchange
some or all of those Certificates for Class V-2 Certificates with the same aggregate principal balance as the surrendered Certificates
(such aggregate principal balance to be allocated among the respective Classes of such Class V-2 Certificates as provided in Section
5.13(f)) and representing the same Percentage Interest in each and every outstanding Class of the Class V-2 Certificates,
and any Holder of Class V-2 Certificates may exchange some or all of those Certificates representing the same Percentage Interest
in each Class of the Class V-2 Certificates for Class V-1 Certificates with the same aggregate principal balance as the surrendered
Certificates. Following the Closing Date and subject to the conditions set forth in Section 5.13(d), any Holder of Class
V-1 Certificates may exchange some or all of those Certificates for Class V-3 Certificates with the same aggregate principal balance
as the surrendered Certificates (such aggregate principal balance to be allocated among the respective Classes of such Class V-3
Certificates as provided in Section 5.13(f)) and representing the same 


 



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Percentage Interest in each and every outstanding
Class of the Class V-3 Certificates, and any Holder of Class V-3 Certificates may exchange some or all of those Certificates representing
the same Percentage Interest in each Class of the Class V-3 Certificates for Class V-1 Certificates with the same aggregate principal
balance as the surrendered Certificates.


 


(d)        An
exchange of Exchangeable Certificates in accordance with this Section 5.13 may only occur if the respective Certificates
being surrendered and the respective Certificates being received in such exchange have denominations no smaller than the minimum
denominations set forth in Section 5.01. There shall be no limitation on the number of exchanges of Exchangeable Certificates
authorized pursuant to this Section 5.13. In addition, the Depositor shall have the right to make or cause exchanges on
the Closing Date and shall deliver instructions substantially in the form of Exhibit NN to the Certificate Administrator
along with the original Certificate exchanged (unless such exchanged Certificate was deemed issued).


 


Notwithstanding
the foregoing, however, during the VRR Interest Transfer Restriction Period, the Retaining Sponsor and the Depositor jointly may
(to the extent that they believe it to be necessary or reasonably appropriate to ensure compliance with Regulation RR, including,
without limitation, based upon such future clarification and interpretation as may in the future be provided by the staff of any
Regulatory Agency), and each Holder of any Class V-1 Certificate, any Class V-2 Certificate or any Class V-3 Certificate, by acceptance
of its Certificates, is deemed to have agreed that the Sponsor and the Depositor jointly may: (i) suspend or terminate the exchangeability
feature of the Exchangeable Certificates by written instrument, signed by both the Retaining Sponsor and the Depositor and sent
to the Certificate Administrator, with copies thereof to be sent by the Certificate Administrator to the other Holders of the
Exchangeable Certificates, in which case no exchange may be effected in accordance with this Section 5.13 during the period
of the suspension or following the effective date of the termination; and (ii) mandate that all Holders of the Class V-2 and Class
V-3 Certificates surrender their Certificates in exchange for Class V-1 Certificates, by a written instrument, signed by both
the Retaining Sponsor and the Depositor and sent to the Certificate Administrator, with copies thereof to be sent by the Certificate
Administrator to the Holders (or, if applicable, the other Holders) of the Class V-2 and Class V-3 Certificates, in which case,
with respect to any Holder’s Class V-2 and/or Class V-3 Certificates that are held in the Retained Interest Safekeeping
Account, the Certificate Administrator shall (within 10 Business Days of its receipt of the written instrument described above
in the clause (ii)) cancel such Class V-2 and/or Class V-3 Certificates and execute and authenticate in the name of, and
deposit in the Retained Interest Safekeeping Account for the benefit of, such Holder Class V-1 Certificates with the same aggregate
principal balance as the cancelled Certificates, and with respect to any Holder’s Class V-2 and/or Class V-3 Certificates
that have been released from the Retained Interest Safekeeping Account, such Holder shall (within 10 Business Days of its receipt
of a copy of the written instrument described above in this clause (ii)) surrender such Class V-2 and/or Class V-3 Certificates
in exchange for Class V-1 Certificates and having the same aggregate principal balance as the surrendered Certificates in accordance
with this Section 5.13 (provided that if any Holder fails to so surrender its Class V-2 and/or Class V-3 Certificates within
such 10 Business Day period, then the Certificate Administrator shall suspend all future distributions thereon until the exchange
occurs, such unmade distributions to be held by the Certificate Administrator without interest in the same manner as the distribution
on any Certificate that is not surrendered on the final Distribution Date and to be released only in connection with the required
exchange).


 






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(e)         For
all exchanges other than any exchange effectuated by the Depositor on the Closing Date, the Closing Date exchanges described in
Section 5.13(b) or any exchange of Class V-2 and/or Class V-3 Certificates held in the Retained Interest Safekeeping Account as
mandated by the Depositor and the Retaining Sponsor (in any event pursuant to Section 5.13(d)) in order to effect an exchange
of an Exchangeable Group of Certificates, the Certificateholder desiring to effect the exchange shall notify the Certificate Administrator
in writing or by e-mail at ctssfexchanges@citi.com (with a subject line referencing “CGCMT 2017-P8” and setting
forth the proposed Exchange Date) no later than three (3) Business Days before the proposed date of the exchange (the “Exchange
Date”). The Exchange Date may be any Business Day other than the first or last Business Day of the month. An exchange
notice must (i) be set forth on the applicable Certificateholder’s letterhead, (ii) carry a medallion stamp guarantee and
(iii) set forth the following information: the CUSIP Number (if any) of each Certificate to be exchanged and each Certificate
to be received; the original and outstanding principal balance of the Certificates to be exchanged and the original and outstanding
principal balance of the Certificates to be received; the Certificateholder’s Depository participant number, if applicable;
and the proposed Exchange Date. A notice shall become irrevocable on the second (2nd) Business Day before the proposed Exchange
Date. For so long as the Exchangeable Certificates being surrendered are held in the Retained Interest Safekeeping Account, the
exchange shall be effected by the Certificate Administrator cancelling the Certificates being surrendered and executing and authenticating
in the name of, and depositing in the Retained Interest Safekeeping Account for the benefit of, the applicable Certificateholder
the Exchangeable Certificates to be received thereby. For so long as the Exchangeable Certificates are held as Definitive Certificates
outside the Retained Interest Safekeeping Account, the exchange shall be effected by the Certificate Administrator executing and
authenticating in the name of, and delivering to, the applicable Certificateholder the Exchangeable Certificates to be received
thereby, but only upon receipt by the Certificate Administrator of the Exchangeable Certificates to be surrendered (which Certificates
the Certificate Administrator shall promptly cancel). Following the end of the VRR Interest Transfer Restriction Period, if applicable,
the Certificateholder and the Certificate Registrar shall utilize the “deposit and withdrawal system” at the Depository
to effect the exchange of the applicable Certificates that are Global Certificates. If following the end of the VRR Interest Transfer
Restriction Period the Exchangeable Certificates are being held in book-entry format, then the Global Certificates for one Exchangeable
Group shall be exchangeable on the books of the Depository for the corresponding Global Certificates of the other Exchangeable
Group, by notice to the Certificate Administrator substantially in the form of Exhibit NN.


 


(f)          In
connection with any exchange of an Exchangeable Group of Certificates, (i) the Certificate Registrar shall reduce the outstanding
aggregate Certificate Balance of the Class or Classes comprising the Exchangeable Group of Certificates surrendered by the applicable
Holder on the Certificate Register and shall increase the outstanding aggregate Certificate Balance of the related Class or Classes
of the Exchangeable Group of Certificates received by such Holder in such exchange on the Certificate Register, and (ii) in the
case of any related Global Certificate, if applicable following the end of the VRR Interest Transfer Restriction Period, the Certificate
Registrar or the Certificate Administrator, as applicable, shall approve the instructions at the Depository and make appropriate
notations on the Global Certificate for each related Class of Certificates to reflect such reductions and increases. The Exchangeable
Certificates received in any exchange pursuant to this Section 5.13 shall have the same aggregate principal balance and
be deemed to have the same VRR Realized Losses previously allocated thereto as did the


 



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Exchangeable Certificates being surrendered,
taking into account distributions of principal and allocations of VRR Realized Losses in the month of the exchange. If Class V-2
Certificates or Class V-3 Certificates are being received, the aggregate principal balance of such Certificates shall be allocated
among the respective Classes thereof in proportion to the then respective Maximum Certificate Balances of such Classes, and the
VRR Realized Losses deemed previously allocated to such Certificates shall be allocated among the respective Classes thereof in
a manner reflective of what would have been the case if such Certificates had been issued on, and had continued to be outstanding
since, the Closing Date. The “initial denomination” of any Certificate received in connection with an exchange shall
reflect the denomination that would have been applicable if such Certificate had been issued on the Closing Date.


 


(g)         The
Certificate Administrator shall make the first distribution on a Certificate received by a Certificateholder in any exchange on
the Distribution Date in the month following the month of exchange to the Certificateholder of record as of the applicable Record
Date for such Certificate and Distribution Date. If an Exchange Date occurs in any month before the Distribution Date in such
month, then any distributions to be made on such Distribution Date on any Certificates surrendered in the exchange shall be so
made to the Certificateholder of record as of the applicable Record Date for such Certificates and such Distribution Date. Neither
the Certificate Administrator nor the Depositor shall have any obligation to ensure the availability of the applicable Certificates
in the market to accomplish any exchange.


 


(h)         The
parties hereto agree that the respective Classes of the Class V-2 Certificates and the respective Classes of the Class V-3 Certificates
are effectively sub-classes of the portion of the Class V-1 Certificates exchanged for Class V-2 Certificates or Class V-3 Certificates,
as applicable. For avoidance of doubt, no exchange of any Class V-1 Certificates for Class V-2 or Class V-3 Certificates is intended
to afford the Holder greater or different rights than it had prior to the exchange.


 


Article
VI



THE DEPOSITOR, THE MASTER SERVICER, THE SPECIAL SERVICER, the Operating Advisor, THE Asset Representations Reviewer and the Controlling
Class Representative


 


Section
6.01     Liability of the Depositor, the Master Servicer, the Special Servicer, the Asset Representations
Reviewer and the Operating Advisor. The Depositor, the Master Servicer, the Special Servicer, the Operating Advisor and the
Asset Representations Reviewer each shall be liable in accordance herewith only to the extent of the obligations specifically
imposed by this Agreement. Each of the Master Servicer, the Special Servicer, the Operating Advisor and the Asset Representations
Reviewer shall indemnify the Depositor (and any employee, director or officer of the Depositor), the Trust Fund and the Serviced
Companion Loan Holders and hold the Depositor (and any employee, director or officer of the Depositor), the Trust Fund and the
Serviced Companion Loan Holders harmless against any loss, liability or reasonable expense (including, without limitation, reasonable
attorneys’ fees and expenses) incurred by such parties (i) as a result of any willful misconduct, bad faith, fraud or negligence
in the performance of duties of the Master Servicer, the Special Servicer, the Operating Advisor or the Asset Representations
Reviewer, as the case may be, or by reason of negligent disregard of


 



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such Person’s obligations or duties hereunder, or (ii)
as a result of the breach by the Master Servicer, the Special Servicer, the Operating Advisor or the Asset Representations Reviewer,
as the case may be, of any of its representations or warranties contained herein. The Depositor shall indemnify the Trust Fund
and the Master Servicer, the Special Servicer, the Trustee, the Certificate Administrator, the Operating Advisor and the Asset
Representations Reviewer, and any member, manager, employee, director or officer of the Master Servicer, the Special Servicer,
the Trustee, the Certificate Administrator, the Operating Advisor or the Asset Representations Reviewer and hold the Trust Fund
and the Master Servicer, the Special Servicer, the Trustee, the Certificate Administrator, the Operating Advisor and the Asset
Representations Reviewer and any member, manager, employee, director or officer of either the Master Servicer, the Special Servicer,
the Trustee, the Operating Advisor or the Asset Representations Reviewer harmless against any loss, liability or reasonable expense
(including, without limitation, reasonable attorneys’ fees and expenses) incurred by such parties (i) in connection with
any willful misconduct, bad faith, fraud and/or negligence in the performance of duties of the Depositor or by reason of negligent
disregard of the Depositor obligations or duties hereunder, or (ii) as a result of the breach by the Depositor of any of its representations
or warranties contained herein.


 


Section
6.02     Merger or Consolidation of the Master Servicer, the Special Servicer, the Operating Advisor and the Asset
Representations Reviewer. Subject to the following paragraph, each of the Master Servicer, the Special Servicer, the
Operating Advisor and the Asset Representations Reviewer shall keep in full effect its existence, rights and good standing as
a national banking association, a corporation or a limited liability company, as applicable, under the laws of the state of
its organization and shall not jeopardize its ability to do business in each jurisdiction in which the Mortgaged Properties
are located, to the extent necessary to perform its obligations under this Agreement, or to protect the validity and
enforceability of this Agreement, the Certificates or any of the Mortgage Loans and to perform its respective duties under
this Agreement.


 


Each
of the Master Servicer, the Special Servicer, the Operating Advisor and the Asset Representations Reviewer may be merged or consolidated
with or into any Person, or transfer all or substantially all of its assets (which may be limited to all or substantially all
of its assets related to commercial mortgage loan servicing or, in the case of the Operating Advisor, may be limited to all or
substantially all of its assets related to acting as a trust advisor or operating advisor for commercial mortgage securitizations)
to any Person, in which case any Person resulting from any merger or consolidation to which it shall be a party, or any Person
succeeding to its business, shall be the successor of the Master Servicer, the Special Servicer, the Operating Advisor or the
Asset Representations Reviewer, 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 Asset Representations Reviewer, as applicable, hereunder, if each
of the Rating Agencies has provided a Rating Agency Confirmation; provided that if the Master Servicer, the Special Servicer,
the Operating Advisor or the Asset Representations Reviewer enters into a merger and the Master Servicer, the Special Servicer,
the Operating Advisor or the Asset Representations Reviewer, as applicable, is the surviving entity under applicable law, then
the Master Servicer, the Special Servicer, the Operating Advisor or the Asset Representations Reviewer, as applicable, shall not,
as a result of the merger, be required to provide a Rating Agency Confirmation.


 






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Section
6.03     Limitation on Liability of the Depositor, the Master Servicer, the Special Servicer, the
Operating Advisor, the Asset Representations Reviewer and Others.  None of the Depositor, the Master Servicer, the Special
Servicer, the Operating Advisor, the Asset Representations Reviewer or any of the directors, members, managers, officers, employees
or agents of the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor or the Asset Representations Reviewer
shall be under any liability to the Trust Fund, the Certificateholders, the Companion Loan Holders or any other Person 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.
However, none of the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations
Reviewer or any such Person shall be protected against any liability which would otherwise be imposed by reason of (i) any breach
of warranty or representation by such respective party in this Agreement or (ii) any willful misconduct, bad faith, fraud or negligence
on the part of such respective party in the performance of its obligations and duties hereunder or by reason of negligent disregard
on the part of such respective party of its obligations or duties hereunder. The Depositor, the Master Servicer, the Special Servicer,
the Operating Advisor, the Asset Representations Reviewer and any director, member, manager, officer, employee or agent of the
Depositor, the Master Servicer, the Special Servicer, the Operating Advisor or the Asset Representations Reviewer 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. The Depositor, the Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations
Reviewer and any director, member, manager, officer, employee or agent of the Depositor, the Master Servicer, the Special Servicer,
the Operating Advisor or the Asset Representations Reviewer shall be indemnified and held harmless by the Trust Fund (which indemnification
amounts shall be payable out of the Collection Account or the applicable Loan Combination Custodial Account if and to the extent
with respect to a Serviced Loan Combination and then out of the Collection Account, provided that, to the extent that the
amount relates to a Serviced Loan Combination, is required under the related Co-Lender Agreement to be borne by the holder of
a related Serviced Companion Loan and is paid from the Collection Account because funds on deposit in the applicable Loan Combination
Custodial Account are insufficient to pay such indemnification, then the Master Servicer shall from time to time thereafter use
amounts otherwise payable to the holder of such Serviced Companion Loan to deposit into the Collection Account the amount so paid
from the Collection Account) against any loss, liability, penalty, fine, forfeiture, claim, judgment or expense (including reasonable
legal fees and expenses) incurred in connection with, or relating to, this Agreement or the Certificates, other than any loss,
liability, penalty, fine, forfeiture, claim, judgment or expense (including reasonable legal fees and expenses) (i) incurred by
reason of willful misconduct, bad faith, fraud or negligence in the performance of its obligations or duties hereunder or by reason
of negligent disregard of its obligations or duties hereunder, in each case by the Person being indemnified, (ii) with respect
to any such party, resulting from the breach by such party of any of its representations or warranties contained herein, (iii)
specifically required to be borne by the party seeking indemnification without right of reimbursement pursuant to the terms hereof
or (iv) which constitutes an Advance that is otherwise reimbursable hereunder. None of the Depositor, the Master Servicer, the
Special Servicer, the Operating Advisor or the Asset Representations Reviewer shall be under any obligation to appear in, prosecute
or defend any legal action unless such action is related to its respective duties under this Agreement and in its opinion does
not expose it to any expense or liability for which reimbursement is not reasonably assured, and neither the Operating Advisor
nor the Asset Representations Reviewer may prosecute on behalf of the Trust or in the interests of the


 



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 Certificateholders any legal action related to its duties under this Agreement under any
circumstances; provided, however, that each of the Depositor, the Master Servicer and the Special Servicer may in
its discretion undertake any such action related to its obligations hereunder which it may deem necessary or desirable with respect
to this Agreement and the rights and duties of the parties hereto and the interests of the Certificateholders hereunder. In such
event, the reasonable legal expenses and costs of such action and any liability resulting therefrom shall be expenses, costs and
liabilities of the Trust Fund (payable out of the Collection Account or the applicable Loan Combination Custodial Account if and
to the extent with respect to a Serviced Loan Combination and then out of the Collection Account, provided that to the extent
that the amount relates to a Serviced Loan Combination, is required under the related Co-Lender Agreement to be borne by the holder
of a related Serviced Companion Loan and is paid from the Collection Account because funds on deposit in the applicable Loan Combination
Custodial Account are insufficient to pay such indemnification, then the Master Servicer shall from time to time thereafter use
amounts otherwise payable to the holder of such Serviced Companion Loan to deposit into the Collection Account the amount so paid
from the Collection Account), and the Depositor, the Master Servicer and the Special Servicer shall be entitled to be reimbursed
therefor from the Collection Account or the applicable Loan Combination Custodial Account, as applicable, as provided in Section
3.06 and Section 3.06A of this Agreement.


 


Each
of the related Outside Servicer, the related Outside Special Servicer or the related Outside Trustee, as applicable, shall be
entitled to reimbursement out of general collections in the Collection Account for the Trust’s pro rata share of
any fees, costs or expenses incurred in connection with the servicing and administration of an Outside Serviced Loan Combination
as to which the securitization trust created under the applicable Outside Servicing Agreement or any of the parties thereto are
entitled to be reimbursed pursuant to the terms of the applicable Outside Servicing Agreement and the related Co-Lender Agreement
(to the extent amounts on deposit in the related “Serviced Whole Loan Custodial Account” or “Loan Combination
Custodial Account” (as each such term or any analogous term is defined in the applicable Outside Servicing Agreement) are
insufficient for reimbursement of such amounts).


 


Section
6.04     Limitation on Resignation of the Master Servicer, the Special Servicer or the Operating Advisor.


 


(a)         Each
of the Master Servicer and the Special Servicer may resign, assign its respective rights and delegate its respective duties and
obligations under this Agreement by giving written notice thereof to the other such party, the Trustee, the Certificate Administrator
(who shall post such notice to the Certificate Administrator’s Website for review by Privileged Persons in accordance with
Section 4.02(a)), the Depositor, the Operating Advisor, the Asset Representations Reviewer, the Serviced Companion Loan
Holders and, for posting to the Rule 17g-5 Information Provider’s Website pursuant to Section 12.13 of this Agreement,
the Rule 17g-5 Information Provider; provided that, with respect to any of the Master Servicer or the Special Servicer:
(i) the successor accepting such assignment and delegation (A) shall be an established mortgage finance entity, bank or other
entity regularly engaged in the servicing of commercial mortgage loans, organized and doing business under the laws of any state
of the United States, the District of Columbia or the United States, authorized under such laws to perform the duties of a servicer
of mortgage loans or a Person resulting from a merger, consolidation or succession that is permitted under Section 6.02
of this Agreement and, in the case of a Serviced Loan Combination, under the 


 



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related Co-Lender Agreement and (B) shall execute
and deliver to the Trustee and the Certificate Administrator an agreement which 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 the case may be, under this Agreement from and after the date of such agreement; (ii) each Rating Agency
has delivered to the Trustee a Rating Agency Confirmation; (iii) 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; (iv) the rate at which the Servicing Fee or Special Servicing Compensation, as applicable (or any component
thereof) is calculated shall not exceed the rate then in effect; (v) for so long as no Control Termination Event has occurred
and is continuing, the successor Special Servicer is acceptable to the Controlling Class Representative (and, if a Serviced Outside
Controlled Loan Combination is affected, the successor Special Servicer is acceptable to the related Outside Controlling Note
Holder); (vi) the resigning Master Servicer or Special Servicer, as applicable, shall be responsible for the reasonable costs
and expenses of each other party hereto, the Trust and the Rating Agencies in connection with such transfer; and (vii) none of
the Operating Advisor, the Asset Representations Reviewer nor any of their Affiliates shall in any event be appointed as successor
Master Servicer or Special Servicer. 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 otherwise provided in this Section 6.04 and Section 6.08(j), the Master Servicer and the Special Servicer shall
not resign from their respective obligations and duties hereby imposed on them except upon determination that such duties hereunder
are no longer permissible under applicable law; provided that, on and after the time the Trustee receives notice of resignation
by the Master Servicer or the Special Servicer upon determination that such duties hereunder are no longer permissible under applicable
law, the Trustee (solely with respect to the Master Servicer or the Special Servicer) shall, subject to the terms and provisions
of Section 7.02 of this Agreement as if the resigning party was a Terminated Party, be its successor in all respects in
its capacity as Master Servicer or Special Servicer, as applicable, as though the Master Servicer or the Special Servicer, as
the case may be, had received a notice of termination. Any such determination 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 and the Certificate Administrator.


 


Except
as provided in the immediately preceding paragraph, no resignation or removal of the Master Servicer, the Special Servicer as
contemplated herein shall become effective until the Trustee (solely with respect to the Master Servicer or the Special Servicer)
or a successor Master Servicer, Special Servicer shall have assumed the Master Servicer’s or the Special Servicer’s,
as applicable, responsibilities, duties, liabilities and obligations hereunder. Notwithstanding anything to the contrary herein,
none of the Operating Advisor, the Asset Representations Reviewer nor any of their Affiliates may be appointed as successor Master
Servicer or Special Servicer. 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 payable out of the Trust; provided that, for so
long as no Consultation Termination Event has occurred and is continuing, the Trustee shall consult with the


 



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Controlling Class
Representative prior to the appointment of a successor Master Servicer, Special Servicer or Operating Advisor at a servicing or
operating advisor compensation in excess of that permitted to the terminated Master Servicer, Special Servicer or Operating Advisor,
as applicable.


 


If
the Trustee or an Affiliate acts pursuant to this Section 6.04 as successor to the resigning Master Servicer, it may reduce
the Excess Servicing Fee Rate to the extent that the Trustee’s 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 Master Servicer other than itself or an Affiliate pursuant to this Section 6.04, it may reduce the 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 6.04.


 


(c)         The
Operating Advisor may resign from its obligations and duties under this Agreement (a) upon thirty (30) days’ prior written
notice to the Depositor, the Master Servicer, the Special Servicer, the Trustee, the Certificate Administrator, the Asset Representations
Reviewer, the Controlling Class Representative and the Risk Retention Consultation Party 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 Rating Agency Confirmation from each Rating Agency. Except as provided in Section 6.04(d), no such resignation
by the Operating Advisor shall become effective until a replacement Operating Advisor shall have assumed the resigning Operating
Advisor’s responsibilities and obligations under this Agreement. The successor entity assuming the obligations of the Operating
Advisor under this Agreement shall be entitled to the compensation to which the Operating Advisor would have been entitled hereunder
after the date of assumption of such obligations. If no successor Operating Advisor can be obtained to perform such obligations
for such compensation, additional amounts payable to such successor Operating Advisor shall be payable out of the Trust; provided that, for so long as no Consultation Termination Event has occurred and is continuing, the Trustee shall consult with the
Controlling Class Representative prior to the appointment of a successor Operating Advisor at an operating advisor compensation
in excess of that permitted to the terminated Operating Advisor. If no successor Operating Advisor has been appointed and accepted
such appointment within 60 days after the resigning Operating Advisor’s giving of notice of resignation, the resigning Operating
Advisor may petition any court of competent jurisdiction for appointment of a successor. The resigning Operating Advisor shall
pay all costs and expenses associated with its resignation and the transfer of its duties (including costs and expenses incurred
by each other party hereto, the Trust and the Rating Agencies) pursuant to this Section 6.04.


 


(d)        In
addition, in the event there are no Classes of Certificates outstanding other than the Control Eligible Certificates, the Vertically
Retained Certificates, the Class S Certificates and the Class R Certificates, then all of the rights and obligations of the Operating
Advisor under this Agreement shall terminate without payment of any penalty or termination fee (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). If the Operating
Advisor is terminated pursuant to the foregoing sentence, then no replacement Operating Advisor shall be appointed.


 






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Section
6.05     Rights of the Depositor, the Trustee and the Certificate Administrator in Respect of the Master Servicer and
Special Servicer. The Master Servicer and the Special Servicer shall afford the Depositor, the Trustee, the Certificate
Administrator and, subject to Section 12.13 of this Agreement, each Rating Agency, 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, if reasonably related to the performance of the obligations of such Person
under this Agreement. Upon request, if reasonably related to the performance of the obligations of such Person under this
Agreement, the Master Servicer and the Special Servicer shall furnish to the Depositor, each of the Underwriters, the Initial
Purchasers, the Master Servicer, the Special Servicer, the Trustee and the Certificate Administrator its most recent publicly
available annual financial statements or those of its public parent. The Depositor is not obligated to monitor or supervise
the performance of the Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the
Certificate Administrator or the Trustee under this Agreement. 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 its rights 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 of
this Agreement to the extent not recoverable from the Master Servicer or the Special Servicer, as applicable. None of the
Depositor, the Trustee, the Certificate Administrator, the Master Servicer (with respect to the Special Servicer) or the
Special Servicer (with respect to 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 Person 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 have any responsibility or liability for any action or failure to act by the Depositor, the
Trustee or the Certificate Administrator and neither such Person is obligated to monitor or supervise the performance of
the Depositor, the Trustee or the Certificate Administrator under this Agreement or otherwise.


 


Each
of the Trustee, the Certificate Administrator, the Depositor, the Master Servicer, and the Special Servicer shall furnish such
reports, certifications and information as are reasonably requested by the Trustee, the Certificate Administrator, the Depositor,
the Master Servicer or the Special Servicer, as applicable, in order to enable such requesting party to perform its duties hereunder,
provided that for the avoidance of doubt, this shall not require any Person to prepare any reports, Certificates and information
not required to be prepared hereunder.


 


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    Master Servicer, Special Servicer as Owner 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, Certificate 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, except as otherwise expressly provided herein. If, at


 



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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
Certificate 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 seek the approval of the
Certificateholders and any affected Serviced Companion Loan Holder to such action by delivering to the Trustee and 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
that the Master Servicer or the Special Servicer proposes to take. 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 greater than 50% of the Voting Rights of all
Certificateholders (calculated without regard to the Certificates beneficially owned by the Master Servicer or its Affiliates
or the Special Servicer or its Affiliates) and any affected Serviced Companion Loan Holder 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 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     Rating Agency Fees. The Depositor shall pay (or cause to be paid) the annual fees of each Rating Agency
including, but not limited to, surveillance fees.


 


Section
6.08     Termination of the Special Servicer.


 


(a)        At
any time prior to the occurrence and continuance of a Control Termination Event (or if a Control Termination Event has occurred
but is no longer continuing), the Controlling Class Representative shall be entitled to terminate the rights (subject to Section
3.12, Section 6.03, Section 6.08(b) and Section 6.08(g) of this Agreement) and obligations of the Special
Servicer under this Agreement with respect to the Serviced Loans (exclusive of any Serviced Outside Controlled Loan Combination
and any Excluded Mortgage Loan), with or without cause, upon ten (10) Business Days’ notice to the Special Servicer, the
Master Servicer, the Certificate Administrator and the Trustee and, in the case of a termination of the Special Servicer with
respect to a Serviced Loan Combination, the related Companion Loan Holder(s).


 


With
respect to any Serviced Outside Controlled Loan Combination, the related Outside Controlling Note Holder shall be entitled, to
the extent provided in the related Co-Lender Agreement, at any time to terminate the rights (subject to Section 3.12, Section
6.03, Section 6.08(b) and Section 6.08(g) of this Agreement) and obligations of the Special Servicer 


 



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under this
Agreement solely with respect to such Serviced Outside Controlled Loan Combination, with or without cause, upon ten (10) Business
Days’ notice to the Special Servicer, the Master Servicer, the Certificate Administrator and the Trustee and any other related
Companion Loan Holder(s).


 


Upon
a termination (pursuant to the first or the second paragraph of this Section 6.08(a)) or a resignation (pursuant to Section
6.04(b) of this Agreement) of the Special Servicer with respect to the applicable Serviced Loan(s), the Controlling Class
Representative (with respect to the Serviced Loans other than any Serviced Outside Controlled Loan Combination) or the related
Outside Controlling Note Holder (with respect to a Serviced Outside Controlled Loan Combination), as applicable, shall appoint
a successor Special Servicer with respect to the Serviced Loans (exclusive of any Serviced Outside Controlled Loan Combination)
or the related Serviced Outside Controlled Loan Combination, as the case may be; provided, however, that (i) such successor shall
meet the requirements set forth in Section 7.02 of this Agreement, (ii) the Controlling Class Representative (with respect
to the Serviced Loans other than any Serviced Outside Controlled Loan Combination) or the related Outside Controlling Note Holder
(with respect to a Serviced Outside Controlled Loan Combination), as applicable, shall (at no expense to the Trust) obtain and
deliver to the Certificate Administrator and the Trustee a Rating Agency Confirmation with respect to such proposed successor
acting as a Special Servicer and (iii) in the case of the appointment of a successor Special Servicer with respect to a Serviced
Loan Combination, the Controlling Class Representative (with respect to the Serviced Loans other than any Serviced Outside Controlled
Loan Combination) or the related Outside Controlling Note Holder (with respect to a Serviced Outside Controlled Loan Combination),
as applicable, shall (at no expense to the Trust or any related Other Securitization Trust) obtain and deliver to the certificate
administrator (if any) and the trustee for each related Other Securitization Trust (with a copy to the Certificate Administrator
and the Trustee) a Companion Loan Rating Agency Confirmation with respect to such proposed successor acting as a Special Servicer
for each related Serviced Companion Loan.


 


Following
the occurrence and during the continuance of a Control Termination Event, upon (i) the written direction of Holders of Certificates
evidencing not less than 25% of the Voting Rights of the Certificates (other than the Class S and Class R Certificates) requesting
a vote to terminate and replace the Special Servicer (with respect to all of the Serviced Loans other than any Serviced Outside
Controlled Loan Combination) with a proposed successor Special Servicer, (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
and (iii) delivery by such Holders to the Certificate Administrator and the Trustee of a Rating Agency Confirmation with respect
to the termination of the existing Special Servicer and the replacement thereof with the proposed successor (with the reasonable
fees and out-of-pocket costs and expenses associated with obtaining such Rating Agency Confirmation to be an expense of such Holders),
the Certificate Administrator shall promptly provide written notice of the requested vote to all Certificateholders by posting
such notice on its internet website and by mailing at their addresses appearing in the Certificate Register. Upon the affirmative
vote of (a) the Holders of Certificates (other than the Class S and Class R Certificates) evidencing at least 66 2/3% of the Voting
Rights allocable to the Certificates of those Holders that voted on such matter (provided that Holders representing the
applicable Certificateholder Quorum vote on the matter) or (b) the Holders of Non-Reduced Certificates evidencing more than 50%
of the Voting Rights allocable to each Class


 



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of Non-Reduced Certificates, the Trustee shall terminate all of the rights (subject
to Section 3.12, Section 6.03 and Section 6.08(g) of this Agreement) and obligations of the Special Servicer
under this Agreement with respect to the Serviced Loans (other than any Serviced Outside Controlled Loan Combination), and the
proposed successor Special Servicer shall succeed to the duties of the Special Servicer with respect to the Serviced Loans (other
than any Serviced Outside Controlled Loan Combination) all as if a removal and replacement were occurring pursuant to Section
7.01 and Section 7.02 of this Agreement; provided that if such affirmative vote is not achieved within 180 days
of the initial request for a vote to terminate and replace the Special Servicer, then such vote 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. 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
Certificate Administrator shall include on each Distribution Date Statement a statement that each Certificateholder and Certificate
Owner may access notices on the Certificate Administrator’s Website and each Certificateholder and Certificate Owner may
register to receive e-mail 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.


 


(b)        At
any time after a Consultation Termination Event has occurred and is continuing, with respect to the Serviced Loans (excluding
any Serviced Outside Controlled Loan Combination), if the Operating Advisor determines, in its sole discretion exercised in good
faith, that (1) the Special Servicer has failed to comply with the Servicing Standard and (2) a replacement of the Special Servicer
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 in the form of Exhibit T
attached hereto (which form may be modified or supplemented from time to time to cure any ambiguity or error or to incorporate
any additional information, subject to compliance of such form with the terms and provisions of this Agreement, provided
that in no event shall the information or any other content included in such written recommendation contravene any provision of
this Agreement) detailing the reasons supporting its position (along with relevant information justifying its recommendation),
recommending a replacement special servicer with respect to the Serviced Loans (excluding any Serviced Outside Controlled Loan
Combination), meeting the applicable requirements of this Agreement, which recommended special servicer has agreed to succeed
the then-current Special Servicer if appointed in accordance herewith, and requesting a vote on whether the existing Special Servicer
should be replaced. In any such event, the Certificate Administrator shall promptly post a copy of such recommendation on the
Certificate Administrator’s Website and by mail send notice of such recommendation to all Certificateholders, asking them
to vote whether they wish to remove the Special Servicer with respect to the Serviced Loan(s). Upon (i) the affirmative vote of
the Holders of Certificates evidencing at least a majority of the aggregate outstanding principal balance of the Certificates
of those Holders that voted on the matter (provided that Holders representing the applicable Certificateholder Quorum vote
on the matter within 180 days of the initial request for a vote (which, for the avoidance of doubt, is


 



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the
date on the which the aforementioned notice was mailed to the Certificateholders)) and (ii) receipt of Rating Agency Confirmation
from each Rating Agency by the Certificate Administrator following satisfaction of the foregoing clause (i), the Trustee shall
(x) terminate all of the rights (subject to Section 3.12, Section 6.03 and Section 6.08(g) of this Agreement)
and obligations of the Special Servicer under this Agreement with respect to the Serviced Loans (excluding any Serviced Outside
Controlled Loan Combination), (y) appoint the recommended successor Special Servicer and (z) promptly notify such outgoing Special
Servicer of the effective date of such termination. The reasonable fees and out-of-pocket costs and expenses associated with obtaining
such Rating Agency Confirmation and administering such vote shall be an Additional Trust Fund Expense. If such affirmative vote
of the Holders of the required Certificates contemplated by clause (i) of the second preceding sentence is not achieved within
180 days of the initial request for such vote (which, for the avoidance of doubt, is the date on the which the aforementioned
notice was mailed to the Certificateholders), then the Trustee shall have no obligation to remove the Special Servicer and such
recommendation shall lapse and have no force or effect. 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 with respect to
the Serviced Loans (excluding any Serviced Outside Controlled Loan Combination), and to act as the Special Servicer’s successor
hereunder as to such Serviced Loans. No penalty or fee shall be payable to the terminated Special Servicer with respect to any
termination pursuant to this Section 6.08(b). If any Special Servicer is terminated pursuant to this Section 6.08(b), then
(notwithstanding anything herein to the contrary) the terminated party may not subsequently be re-appointed as the Special Servicer
hereunder pursuant to any other subsection of this Section 6.08, any other section of this Agreement or any Co-Lender Agreement.


 


(c)        In
no event may a successor Special Servicer be a current or former Operating Advisor or Asset Representations Reviewer or any Affiliate
of such current or former Operating Advisor or Asset Representations Reviewer. Further, such successor must be a Person that (i)
satisfies all of the eligibility requirements applicable to special servicers contained in this Agreement and, in the case of
a Serviced Loan Combination, in the related Co-Lender Agreement, (ii) is not obligated or allowed 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, (iii) is not entitled to waive any compensation from the Operating Advisor and (iv) 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.


 


(d)        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, the initial Special Servicer specified in Section 3.21(a) of this Agreement shall not be liable for any actions or any inaction of such successor Special Servicer. Any termination
fee payable to the terminated Special Servicer and any costs incurred by the Trust or the terminated Special Servicer in connection
with the replacement of a Special Servicer shall be paid by the Controlling Class Representative, the Certificateholders or the
Serviced Companion Loan Holder so terminating the Special Servicer and shall not in any event be an expense of the Trust Fund.


 






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(e)         No
termination of the Special Servicer and appointment of a successor Special Servicer shall be effective until (i) the successor
Special Servicer shall have executed and delivered to the Trustee and the Certificate Administrator an agreement which 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 Special Servicer under this Agreement from and after the date of such agreement, (ii) the Depositor and, if
applicable, each related Other Depositor shall have received the written notice and information with respect to the successor
Special Servicer as set forth in Section 10.02(a) and (iii) subject to Section 12.13 of this Agreement, each Rating
Agency has delivered to the Trustee and the Certificate Administrator a Rating Agency Confirmation and, if required pursuant to
Section 6.08(a), each Companion Loan Rating Agency has delivered to the Trustee and the Certificate Administrator and their
respective counterparts with respect to the Other Securitization Trust a Companion Loan Rating Agency Confirmation, in each case
with respect to such termination and appointment of a successor.


 


(f)         Any
successor Special Servicer shall be deemed to make the representations and warranties provided for in Section 2.06(a) of
this Agreement mutatis mutandis as of the date of its succession.


 


(g)        In
the event that the Special Servicer is terminated pursuant to this Section 6.08, the Trustee shall, by notice in writing
to the Special Servicer, terminate all of its rights and obligations under this Agreement and in and to the applicable Mortgage
Loan(s) and/or Serviced Loan Combinations and the proceeds thereof, other than any rights the Special Servicer may have hereunder
as a Certificateholder and any rights or obligations that accrued prior to the date of such termination (including, without limitation,
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 and the right to receive ongoing Workout
Fees in accordance with the terms hereof).


 


(h)        If
(1) a replacement special servicer is appointed with respect to a Serviced Loan Combination or any related REO Property in accordance
with Article VII or this Section 6.08 or (2) an Excluded Mortgage Loan Special Servicer is appointed with respect
to an Excluded Special Servicer Mortgage Loan, such that there are multiple parties acting as Special Servicer hereunder, then,
unless the context clearly requires otherwise: (i) when used in the context of imposing duties and obligations on the Special
Servicer hereunder or the performance of such duties and obligations, the term “Special Servicer” shall mean (A) the
applicable Loan Combination Special Servicer, insofar as such duties and obligations relate to the subject Serviced Loan Combination
or any related REO Property, (B) the applicable Excluded Mortgage Loan Special Servicer, insofar as such duties and obligations
relate to the subject Excluded Special Servicer Mortgage Loan or any related REO Property and (C) the General Special Servicer,
in all other cases (provided that, in Section 3.15 and Article VII of this Agreement, the term “Special Servicer”
shall mean each of the Loan Combination Special Servicers, the Excluded Mortgage Loan Special Servicers (if any) and the General
Special Servicer); (ii) when used in the context of identifying the recipient of any information, funds, documents, instruments
and/or other items, the term “Special Servicer” shall mean (A) the applicable Loan Combination Special Servicer, insofar
as such information, funds, documents, instruments and/or other items relate to the subject Serviced Loan Combination or any related
REO Property, (B) the applicable Excluded Mortgage


 



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 Loan Special Servicer, insofar as such information, funds, documents, instruments
and/or other items relate to the subject Excluded Special Servicer Mortgage Loan or any related REO Property and (C) the General
Special Servicer, in all other cases; (iii) when used in the context of granting the Special Servicer the right to purchase all
of the Mortgage Loans and all other property held by the Trust Fund pursuant to Section 9.01 of this Agreement, the term
“Special Servicer” shall mean the General Special Servicer only; (iv) when used in the context of the Special Servicer
being replaced pursuant to this Section 6.08 by the Controlling Class Representative or the applicable Certificateholders,
the term “Special Servicer” shall mean the General Special Servicer, the applicable Loan Combination Special Servicer
or the applicable Excluded Mortgage Loan Special Servicer, if applicable; (v) when used in the context of granting the Special
Servicer any protections, limitations on liability, immunities and/or indemnities hereunder, the term “Special Servicer”
shall mean each of the Loan Combination Special Servicers, the Excluded Mortgage Loan Special Servicers (if any) and the General
Special Servicer; and (vi) when used in the context of requiring indemnification from, imposing liability on, or exercising any
remedies against, the Special Servicer for any breach of a representation, warranty or covenant hereunder or for any negligence,
bad faith or willful misconduct in the performance of duties and obligations hereunder or any negligent disregard of such duties
and obligations or otherwise holding the Special Servicer responsible for any of the foregoing, the term “Special Servicer”
shall mean the applicable Loan Combination Special Servicer, the applicable Excluded Mortgage Loan Special Servicer or the General
Special Servicer, as applicable.


 


(i)          References
in this Agreement to “General Special Servicer” mean the Person performing the duties and obligations of special
servicer with respect to the Mortgage Pool (exclusive of (A) any Serviced Loan Combination or related REO Property as to which
a different Loan Combination Special Servicer has been appointed with respect thereto and (B) any Excluded Special Servicer Mortgage
Loan or any related REO Property as to which an Excluded Mortgage Loan Special Servicer has been appointed with respect thereto).


 


(j)          Notwithstanding
anything to the contrary contained in this Section 6.08, if the Special Servicer obtains knowledge that it is, or has become,
a Borrower Party with respect to any Mortgage Loan or Loan Combination, then the Special Servicer shall resign in such capacity
with respect to such Excluded Special Servicer Mortgage Loan. Prior to the occurrence and continuance of a Control Termination
Event, if the Excluded Special Servicer Mortgage Loan is not also an Excluded Mortgage Loan, the Controlling Class Representative
shall appoint (and replace with or without cause) the Excluded Mortgage Loan Special Servicer, as successor to the resigning Special
Servicer, for the related Excluded Special Servicer Mortgage Loan in accordance with this Agreement. If such Excluded Special
Servicer Mortgage Loan is also an Excluded Mortgage Loan, the largest Controlling Class Certificateholder (by Certificate Balance)
that is not an Excluded Controlling Class Holder shall appoint (and replace with or without cause) the Excluded Mortgage Loan
Special Servicer for the related Excluded Special Servicer Mortgage Loan in accordance with this Agreement. If a Control Termination
Event has occurred and is continuing, neither the Controlling Class Representative nor any other Controlling Class Certificateholder
shall be entitled to remove or replace the Special Servicer with respect to any Excluded Special Servicer Mortgage Loan. If a
Control Termination Event has occurred and is continuing but prior to the occurrence and continuance of a Consultation Termination
Event, the largest Controlling Class Certificateholder that is not an Excluded Controlling Class Holder shall have the right to
appoint the Excluded Mortgage Loan Special Servicer.


 






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If
a Consultation Termination Event has occurred and is continuing, or if neither the Controlling Class Representative nor any Controlling
Class Certificateholder is entitled to appoint the Excluded Mortgage Loan Special Servicer for the related Excluded Special Servicer
Mortgage Loan pursuant to the first paragraph of this Section 6.08(j) (or if, despite being so entitled to appoint the
Excluded Mortgage Loan Special Servicer for the related Excluded Special Servicer Mortgage Loan pursuant to the first paragraph
of this Section 6.08(j), neither the Controlling Class Representative nor any Controlling Class Certificateholder has appointed
a Excluded Mortgage Loan Special Servicer for the related Excluded Special Servicer Mortgage within 30 days), then the Certificate
Administrator shall provide written notice to the resigning Special Servicer that such Excluded Mortgage Loan Special Servicer
has not been appointed and such resigning Special Servicer shall use reasonable efforts to appoint such Excluded Mortgage Loan
Special Servicer. In the event that the resigning Special Servicer is required to appoint an Excluded Mortgage Loan Special Servicer,
the resigning Special Servicer shall not have any liability for the actions of the newly appointed Excluded Mortgage Loan Special
Servicer, and absent willful misconduct, bad faith, fraud or negligence on the part of such resigning Special Servicer, the resigning
Special Servicer and its directors, members, managers, officers, employees and agents shall be entitled to be indemnified by the
Trust Fund against any and all losses or liability incurred in connection with any legal action resulting from the actions of
the Excluded Mortgage Loan Special Servicer. It shall be a condition to the appointment of any such Excluded Special Servicer
that (i) such Excluded Special Servicer has delivered a Rating Agency Confirmation with respect such appointment to the Certificate
Administrator and the Trustee and, if the related Excluded Special Servicer Mortgage Loan is part of a Serviced Loan Combination,
a Companion Loan Rating Agency Confirmation with respect to such appointment to the certificate administrator (if any) and the
trustee for each related Other Securitization Trust (with a copy to the Certificate Administrator and the Trustee), (ii) such
Excluded Special Servicer satisfies all of the eligibility requirements applicable to the Special Servicer set forth in this Agreement
and (iii) such Excluded Special Servicer delivers to the Depositor (and the Certificate Administrator) and any applicable Other
Depositor (and any applicable Other Exchange Act Reporting Party), the information, if any, required under Item 6.02 of Form 8-K
pursuant to the Exchange Act regarding itself in its role as Excluded Special Servicer.


 


If
at any time the Person that had acted as the Special Servicer for any Mortgage Loan or Loan Combination prior to such Mortgage
Loan or Loan Combination, as the case may be, becoming an Excluded Special Servicer Mortgage Loan is no longer a Borrower Party
(including, without limitation, as a result of the related Mortgaged Property becoming REO Property or an assumption of the Excluded
Special Servicer Mortgage Loan) with respect to such Mortgage Loan or Loan Combination, as the case may be, (1) the related Excluded
Mortgage Loan Special Servicer shall resign, (2) such Mortgage Loan or Loan Combination, as the case may be, shall no longer be
an Excluded Special Servicer Mortgage Loan, (3) such original Special Servicer shall become the Special Servicer again for such
Mortgage Loan or Loan Combination, as the case may be, and (4) such original Special Servicer shall be entitled to all Special
Servicing Compensation and Additional Special Servicing Compensation with respect to such Mortgage Loan or Loan Combination, as
the case may be, earned during such time on and after such Mortgage Loan or Loan Combination, as the case may be, is no longer
an Excluded Special Servicer Mortgage Loan.


 






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The
Excluded Mortgage Loan Special Servicer shall perform all of the obligations of the Special Servicer for the related Excluded
Special Servicer Mortgage Loan and will be entitled to all Special Servicing Compensation and Additional Special Servicing Compensation
with respect to such Excluded Special Servicer Mortgage Loan earned after its appointment as the Excluded Mortgage Loan Special
Servicer and during such time as the related Mortgage Loan is an Excluded Special Servicer Mortgage Loan (provided that
the Special Servicer shall remain entitled to all Special Servicing Compensation and Additional Special Servicing Compensation
with respect to the Mortgage Loans and Serviced Loan Combinations that are not Excluded Special Servicer Mortgage Loans during
such time).


 


(k)         If
a Servicing Officer of the Master Servicer, a related Excluded Mortgage Loan Special Servicer, or the Special Servicer, as applicable,
has actual knowledge that a Mortgage Loan is no longer an Excluded Mortgage Loan, an Excluded Controlling Class Mortgage Loan
or an Excluded Special Servicer Mortgage Loan, as applicable, the Master Servicer, the related Excluded Mortgage Loan Special
Servicer or Special Servicer, as applicable, shall provide prompt written notice thereof to each of the other parties to this
Agreement.


 


Section
6.09     The Directing Holder, the Controlling Class Representative and the Risk Retention Consultation Party.


 


(a)         The
related Directing Holder (unless, if the Controlling Class Representative is the related Directing Holder, a Control Termination
Event has occurred and is continuing or the subject Mortgage Loan is an Excluded Mortgage Loan) shall be entitled: (1) with respect
to the applicable Serviced Loan(s) that are Specially Serviced Loan(s), to advise the Special Servicer as to all Major Decisions;
(2) with respect to the applicable Serviced Loan(s) that are Performing Serviced Loan(s), to advise the Special Servicer as to
all Major Decisions; and (3) in the case of the Controlling Class Representative, with respect to any Outside Serviced Mortgage
Loan, to exercise consultation and, to the extent provided in Section 3.01(i), consent rights (if any) and attend annual
meetings with the related Outside Servicer and the related Outside Special Servicer, in each case, to the extent the holder of
such Outside Serviced Mortgage Loan is entitled to such rights pursuant to the related Co-Lender Agreement.


 


In
addition, except as set forth in, and in any event subject to, Section 6.09(b) and the subsequent paragraphs of this Section
6.09(a), (1) the Master Servicer shall not be permitted to take any of the actions constituting a Major Decision unless the
Master Servicer and the Special Servicer mutually agree that the Master Servicer shall take such action or unless the Mortgage
Loan is a PrinREI-Subserviced Loan, in each case subject to the consent of the Special Servicer, who shall have 15 Business Days
(or 60 days with respect to the determination of an Acceptable Insurance Default) (from the date that the Special Servicer receives
the information from the Master Servicer) to analyze and make a recommendation regarding such Major Decision (provided
that if the Special Servicer does not consent, or notify the Master Servicer that it will not consent, to such Major Decision
within the required 15 Business Days or 60 days, as applicable, the Special Servicer shall be deemed to have consented to such
Major Decision), and (2) the Special Servicer shall not be permitted (if the Controlling Class Representative is the related
Directing Holder, for so long as no Control Termination Event exists) to take, or to consent to the Master Servicer’s taking,
any of the actions constituting a Major Decision as to which the related Directing Holder has objected in writing within ten (10)
Business Days (or in the case of a determination of an


 



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 Acceptable Insurance Default, twenty (20) days (or, in the case of a Serviced
Outside Controlled Loan Combination, such other period contemplated by the related Co-Lender Agreement)) after receipt of the
related Major Decision Reporting Package from the Special Servicer (provided that (i) if such written objection has not
been received by the Special Servicer within such ten (10) Business Day period or twenty (20) day period (or, in the case of a
Serviced Outside Controlled Loan Combination, such other period contemplated by the related Co-Lender Agreement), as applicable,
then the related Directing Holder will be deemed to have approved such action and (ii) the consent of the Controlling Class Representative
shall not be required in connection with a Major Decision with respect to an Excluded Mortgage Loan).


 


Furthermore,
each of (x) the Controlling Class Representative (with respect to each Serviced Loan other than (i) a Serviced Outside Controlled
Loan Combination and (ii) an Excluded Mortgage Loan), provided that a Control Termination Event does not exist, and (y) the related
Outside Controlling Note Holder (with respect to a Serviced Outside Controlled Loan Combination) may direct the Special Servicer
to take, or to refrain from taking, such other actions with respect to the applicable Serviced Loan(s) as such party may reasonably
deem advisable or as to which provision is otherwise made herein.


 


Notwithstanding
the foregoing, if the Controlling Class Representative is the related Directing Holder, the Special Servicer is not required to
obtain the consent of the Controlling Class Representative prior to taking, or consenting to the Master Servicer’s taking
of, any Major Decision following the occurrence and during the continuance of a Control Termination Event; provided that,
the Special Servicer shall consult (on a non-binding basis) with (i) the Controlling Class Representative (after the occurrence
and during the continuance of a Control Termination Event and only until the occurrence and continuance of a Consultation Termination
Event, but other than with respect to any Excluded Mortgage Loan), (ii) the Operating Advisor (after the occurrence and during
the continuance of a Control Termination Event) and (iii) the Risk Retention Consultation Party under the circumstances set forth
in the third following paragraph, in connection with any Major Decision and consider alternative actions recommended by the Controlling
Class Representative, the Operating Advisor and the Risk Retention Consultation Party, but, in the case of the Controlling Class
Representative, only to the extent such consultation with, or consent of, the Controlling Class Representative would have been
required prior to the occurrence and continuance of such Control Termination Event; and provided, further, that
the Controlling Class Representative (with respect to any Serviced Outside Controlled Loan Combination that does not include an
Excluded Mortgage Loan and for so long as no Consultation Termination Event exists) may consult regarding a Serviced Outside Controlled
Loan Combination only if and to the extent that the holder of the related Split Mortgage Loan is granted consultation rights under
the related Co-Lender Agreement. For the avoidance of doubt, with respect to any Serviced Outside Controlled Loan Combination
(which, for the avoidance of doubt, shall include, without limitation, any Servicing Shift Loan Combination prior to the related
Servicing Shift Date), the Special Servicer shall be responsible for obtaining any consent or deemed consent of the related Outside
Controlling Note Holder for “Major Decisions” (as such term or any analogous term is defined in the related Co-Lender
Agreement) to the extent such consent is required under this Agreement or under the terms of the related Co-Lender Agreement.
Notwithstanding the foregoing, the Controlling Class Representative shall have no consent or consultation rights with respect
to Major Decisions with respect to any Excluded Mortgage Loan, and the Risk Retention


 



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Consulting Party shall have no consultation
rights with respect to any Excluded RRCP Mortgage Loan.


 


With
respect to a Servicing Shift Loan Combination that is a Serviced Outside Controlled Loan Combination, prior to the related Servicing
Shift Date, no request for approval of the Controlling Class Representative shall be made on any matter related to such Servicing
Shift Loan Combination, except that the Controlling Class Representative (prior to the occurrence and continuance of a Consultation
Termination Event and only if the related Servicing Shift Mortgage Loan is not an Excluded Mortgage Loan) may exercise the consultation
rights, if any, of the holder of the related Servicing Shift Mortgage Loan with respect to Major Decisions and any proposed sale
of such Servicing Shift Mortgage Loan set forth in the applicable Co-Lender Agreement. In addition, after the occurrence and during
the continuance of a Control Termination Event, the Operating Advisor will be entitled, while a Servicing Shift Mortgage Loan
is serviced hereunder, to consult on a non-binding basis with the Special Servicer and propose alternative courses of action and
provide other feedback in respect of any Major Decisions and any proposed sale of such Servicing Shift Mortgage Loan.


 


With
respect to each Major Decision as to which the Directing Holder has consent or consultation rights pursuant to this Section
6.09, the Special Servicer shall provide the related Major Decision Reporting Package to the Directing Holder, simultaneously
with the Special Servicer’s request for the Directing Holder’s consent or input regarding the related Major Decision.
With respect to each Serviced Loan, following the occurrence and continuance of a Control Termination Event, the Special Servicer
shall provide each Major Decision Reporting Package to the Operating Advisor: (i) prior to the occurrence and continuance of a
Consultation Termination Event, simultaneously upon providing such Major Decision Reporting Package to the Directing Holder; and
(ii) following the occurrence and continuance of a Consultation Termination Event, simultaneously with the Special Servicer’s
written request for the Operating Advisor’s input regarding the related Major Decision. With respect to any particular Major
Decision and related Major Decision Reporting Package provided to the Operating Advisor pursuant to this Section 6.09(a),
the Special Servicer shall make available to the Operating Advisor Servicing Officers with relevant knowledge regarding the applicable
Mortgage Loan and such Major Decision in order to address reasonable questions that the Operating Advisor may have relating to,
among other things, such Major Decision and potential conflicts of interest and compensation with respect to such Major Decision.


 


In
addition, (i) for so long as no Consultation Termination Event is continuing, with respect to any Specially Serviced Loan (other
than any Outside Serviced Mortgage Loan or any Excluded RRCP Mortgage Loan with respect to the applicable Risk Retention Consultation
Party), and (ii) during the continuance of a Consultation Termination Event, with respect to any Mortgage Loan (other than any
Outside Serviced Mortgage Loan or any Excluded RRCP Mortgage Loan), in each case upon request of the Risk Retention Consultation
Party, each of the Master Servicer and the Special Servicer shall consult with the Risk Retention Consultation Party on a non-binding
basis in connection with any Major Decision that it is processing (and such other matters that are subject to the non-binding
consultation rights of the Risk Retention Consultation Party pursuant to this Agreement) and to consider alternative actions recommended
by the Risk Retention Consultation Party in respect of such Major Decision (or any other matter requiring consultation with the
Risk Retention Consultation Party); provided that in the event the Master 


 



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Servicer or Special Servicer, as applicable,
receives no response from the Risk Retention Consultation Party within 10 days following the Master Servicer’s or the Special
Servicer’s, as applicable, delivery of the related Major Decision Reporting Package, the Master Servicer or the Special
Servicer, as applicable, shall not be obligated to consult with the Risk Retention Consultation Party on the specific matter (provided,
however, that the failure of the Risk Retention Consultation Party to respond will not relieve the Master Servicer or the
Special Servicer, as applicable, from using reasonable efforts to consult with the Risk Retention Consultation Party on any future
matters with respect to the applicable Serviced Mortgage Loan or Serviced Loan Combination or any other Serviced Mortgage Loan).
For the avoidance of doubt, (x) the Risk Retention Consulting Party shall have no consultation rights with respect to any Excluded
RRCP Mortgage Loan and (y) any consultation with the Risk Retention Consultation Party under this Agreement shall occur only upon
request of the Risk Retention Consultation Party, and any such consultation shall be on a strictly non-binding basis and shall
be subject to all limitations with respect to the procedures and timing for such consultation set forth in this Section 6.09.


 


Notwithstanding
anything in this Agreement to the contrary, in the event that the Special Servicer or Master Servicer (in the event 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, or consultation with, the related Directing Holder or consultation
with the Risk Retention Consultation Party, is necessary to protect the interests of the Certificateholders and, with respect
to any Serviced Loan Combination, the related Serviced Companion Loan Holder(s) (as a collective whole as if such Certificateholders
and, with respect to any Serviced Loan Combination, the related Serviced Companion Loan Holder(s) constituted a single lender
(and, with respect to a Serviced AB Loan Combination, taking into account the subordinate nature of the related Subordinate Companion
Loan(s))), 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) or the Risk Retention Consultation Party’s, as applicable,
response.


 


Also
notwithstanding anything in this Agreement to the contrary, no direction, objection, advice or consultation on the part of a Directing
Holder, and no advice from the Risk Retention Consultation Party, contemplated by this Agreement, may require or cause the Master
Servicer or the Special Servicer to violate the terms of any Mortgage Loan or Serviced Loan Combination, any provision of any
related Loan Documents, any related Co-Lender Agreement, any intercreditor agreement, applicable law, this Agreement or the REMIC
Provisions, including without limitation each of the Master Servicer’s and the Special Servicer’s obligation to act
in accordance with the Servicing Standard, or expose any Certificateholder, the Trust Fund, any Mortgage Loan Seller (other than
with respect to enforcing the rights and remedies against such Mortgage Loan Seller pursuant to this Agreement or the related
Mortgage Loan Purchase Agreement with respect to any Material Defect) or any party to this Agreement or their respective Affiliates,
officers, directors, employees or agents to any claim, suit or liability, or cause either Trust REMIC to fail to qualify as a
REMIC or the Grantor Trust to fail to qualify as a grantor trust for federal income tax purposes, or result in the imposition
of a “prohibited transaction” or “prohibited contribution” tax under the REMIC Provisions, or materially
expand the scope of the Master Servicer’s or the Special Servicer’s responsibilities under this Agreement or any Co-Lender
Agreement or cause the Master Servicer or the Special Servicer to act, or fail to act, in a manner


 



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that is not in the best interests
of the Certificateholders and/or the Serviced Companion Loan Holders.


 


In
the event the Special Servicer or Master Servicer, as applicable, determines that a refusal to consent by a Directing Holder or
any advice from a Directing Holder or the Risk Retention Consultation Party would otherwise cause the Special Servicer or Master
Servicer, as applicable, to violate the terms of any Loan Documents, any related Co-Lender Agreement or mezzanine intercreditor
agreement, applicable law, the REMIC Provisions or this Agreement, including without limitation, the Servicing Standard, the Special
Servicer or Master Servicer, as applicable, shall disregard such refusal to consent or advise and notify in writing such Directing
Holder, the Risk Retention Consultation Party, the Trustee and, for posting to the Rule 17g-5 Information Provider’s Website
pursuant to Section 12.13 of this Agreement, the Rule 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 a Directing Holder or the recommendation of the Risk Retention Consultation
Party that does not violate any law or the Servicing Standard or any other provisions of this Agreement, will not result in any
liability on the part of the Master Servicer or the Special Servicer.


 


For
so long as no Control Termination Event has occurred and is continuing, the Controlling Class Representative shall be entitled,
with respect to each Outside Serviced Mortgage Loan other than any Excluded Mortgage Loan, to exercise the consent or approval
rights set forth in Section 3.01(i) of this Agreement; and for so long as no Consultation Termination Event has occurred
and is continuing, the Controlling Class Representative shall be entitled, with respect to each Outside Serviced Mortgage Loan
other than any Excluded Mortgage Loan, to exercise any consultation rights permitted under the related Co-Lender Agreement in
respect of “Major Decisions” (or any analogous concept) and the implementation of “Asset Status Reports”
(or any analogous concept) under, and within the meaning of, the applicable Outside Servicing Agreement and attend an annual meeting
with the related Outside Servicer and the related Outside Special Servicer, in each case, to the extent the holder of such Outside
Serviced Mortgage Loan is entitled to such rights pursuant to the related Co-Lender Agreement.


 


The
Directing Holder will have no liability to the Trust Fund or Certificateholders for any action taken, or for refraining from the
taking of any action, pursuant to this Agreement, or for error in judgment; provided, however, that the Controlling
Class Representative will not be protected against any liability to any Controlling Class Certificateholder that would otherwise
be imposed by reason of willful misfeasance, bad faith or negligence in the performance of duties or by reason of negligent disregard
of obligations or duties.


 


The
Risk Retention Consultation Party shall have no liability to the Trust Fund, any party to this Agreement or any Certificateholders
for any action taken, or for refraining from the taking of any action, pursuant to this Agreement, or for errors in judgment.


 


By
its acceptance of a Certificate, each Certificateholder acknowledges and agrees, by its acceptance of its Certificates, that:
(i) a Directing Holder may have special relationships and interests that conflict with those of Holders of one or more Classes
of Certificates; (ii) a Directing Holder may act solely in its own interests (or, in the case of the Controlling Class


 



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 Representative,
in the interests of the Holders of the Controlling Class); (iii) a Directing Holder does not have any liability or duties to the
Holders of any Class of Certificates (other than, in the case of the Controlling Class Representative, the Controlling Class);
(iv) a Directing Holder may take actions that favor its own interests (or in the case of the Controlling Class Representative,
the interests of the Holders of the Controlling Class) over the interests of the Holders of one or more other Classes of Certificates;
and (v) a Directing Holder shall have no liability whatsoever (other than, in the case of the Controlling Class Representative,
to a Controlling Class Certificateholder) for having so acted as set forth in clauses (i)-(iv) of this paragraph, and that no
Certificateholder may take any action whatsoever against any Directing Holder or any affiliate, director, officer, employee, shareholder,
member, partner, agent or principal thereof for having so acted; provided, however, that the rights of a Directing
Holder are subject to any related mezzanine intercreditor agreement.


 


(b)        Notwithstanding
anything to the contrary contained herein:


 


(i)         after
the occurrence and during the continuance of a Control Termination Event, the Controlling Class Representative shall have no right
to consent to any action taken or not taken by any party to this Agreement;


 


(ii)        after
the occurrence and during the continuance of a Control Termination Event, but prior to the occurrence and continuance of a Consultation
Termination Event, the Controlling Class Representative shall remain entitled to receive any notices, reports or information to
which it is entitled pursuant to this Agreement with respect to the applicable Serviced Loan(s) (other than any Excluded Mortgage
Loan), and the Master Servicer, Special Servicer and any other applicable party shall consult with the Controlling Class Representative
in connection with any action to be taken or refrained from taking with respect to the applicable Serviced Loan(s) (other than
any Excluded Mortgage Loan), but only to the extent consultation with, or consent of, the Controlling Class Representative would
have been required under such circumstances prior to the occurrence and continuance of such Control Termination Event; provided,
however, that the Controlling Class Representative shall not be permitted to consult with respect to any Serviced AB Loan
Combination while any related Subordinate Companion Loan Holder is the related Outside Controlling Note Holder;


 


(iii)       after
the occurrence and during the continuance of a Consultation Termination Event, the Controlling Class Representative shall have
no consultation or consent rights hereunder and 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 a Directing Holder; provided that each
Controlling Class Certificateholder shall maintain the right to exercise Voting Rights for the same purposes as any other Certificateholder
under this Agreement (other than with respect to Excluded Controlling Class Mortgage Loans); and


 


(iv)       no
Person may exercise any of the rights and powers of the Controlling Class Representative with respect to an Excluded Mortgage
Loan.


 


(c)        Notwithstanding
anything to the contrary herein, neither the Master Servicer nor the Special Servicer shall take or refrain from taking any action
pursuant to


 



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instructions, directions, objections, advice or consultation from a Directing Holder, the Risk Retention Consultation
Party, the Operating Advisor or a Serviced Companion Loan Holder (or its Companion Loan Holder Representative) that would cause
any one of them to violate applicable law, the terms of any Mortgage Loan or Serviced Loan Combination, the related Loan Documents,
this Agreement, including the Servicing Standard, the related Co-Lender Agreement, any related intercreditor agreement, or the
REMIC Provisions or that would (i) expose any Certificateholder, the Trust Fund, any Mortgage Loan Seller (other than with respect
to enforcing the rights and remedies against such Mortgage Loan Seller pursuant to this Agreement or the related Mortgage Loan
Purchase Agreement with respect to any Material Defect) or any party to this Agreement or their respective Affiliates, officers,
directors, employees or agents to any claim, suit or liability, (ii) materially expand the scope of the Master Servicer’s
or the Special Servicer’s responsibilities under this Agreement or any Co-Lender Agreement, (iii) cause either Trust REMIC
to fail to qualify as a REMIC or the Grantor Trust to fail to qualify as a grantor trust for federal income tax purposes, or result
in the imposition of a “prohibited transaction” or “prohibited contribution” tax under the REMIC Provisions,
or (iv) cause the Master Servicer or the Special Servicer to act, or fail to act, in a manner that in the reasonable judgment
of the Master Servicer or the Special Servicer, as the case may be, is not in the best interests of the Certificateholders and/or
the Serviced Companion Loan Holders.


 


(d)        Each
Certificateholder and Certificate Owner of a Control Eligible Certificate is hereby deemed to have agreed by virtue of its purchase
of such Certificate (or beneficial ownership interest in such Certificate) to provide its name and address to the Certificate
Administrator and to notify the Certificate Administrator, in writing, of the transfer of any Control Eligible Certificate (or
the beneficial ownership of any Control Eligible Certificate), the selection of a Controlling Class Representative or the resignation
or removal of the Controlling Class Representative. Any such Certificateholder (or Certificate Owner) or its designee at any time
appointed Controlling Class Representative is hereby deemed to have agreed by virtue of its purchase of a Control Eligible Certificate
(or the beneficial ownership interest in a Control Eligible Certificate) to notify the Certificate Administrator in writing when
such Certificateholder (or Certificate Owner) or designee is appointed Controlling Class Representative and when it is removed
or resigns. Upon receipt of any of the notices referred to in the preceding two sentences of this Section 6.09(d), the
Certificate Administrator shall promptly notify, in writing, the Special Servicer, the Master Servicer, the Operating Advisor,
the Asset Representations Reviewer and the Trustee of the identity of the Controlling Class Representative, any resignation or
removal of the Controlling Class Representative and/or any new Holder or Certificate Owner of a Control Eligible Certificate.
In addition, upon the request of the Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer
or the Trustee, as applicable, the Certificate Administrator shall provide (on a reasonably prompt basis) the identity of the
then-current Controlling Class and a list of the Certificateholders (or Certificate Owners, if applicable, at the expense of the
Trust if such expense arises in connection with an event as to which the Controlling Class Representative or the Controlling Class
has consent or consultation rights pursuant to this Agreement or in connection with a request made by the Operating Advisor in
connection with its obligation under Section 3.29(d)(ii) of this Agreement to deliver a copy of the Operating Advisor Annual
Report to the Controlling Class Representative, and otherwise at the expense of the requesting party) of the Controlling Class
to such requesting party, and each of the Master Servicer, Special Servicer, Operating Advisor, the Asset Representations Reviewer
and the Trustee shall be entitled to rely on the information so provided by the Certificate Administrator.


 






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In
the event of a change in the Controlling Class, the Certificate Administrator shall promptly contact the current Holder(s) (or,
in the case of book-entry Certificates, Certificate Owners) of the Controlling Class (or any designee(s) thereof) or, if known
to the Certificate Administrator, one of its affiliates or, if applicable, any successor Controlling Class Representative or Controlling
Class Certificateholder(s), and determine whether any such entity is the Holder (or Certificate Owner) of at least a majority
of the Controlling Class (in effect after such change in Controlling Class) by Certificate Balance. If at any time the current
Holder of the Controlling Class (or its designee) or, if known to the Certificate Administrator, one of its Affiliates, or any
successor Controlling Class Representative or Controlling Class Certificateholder(s) is no longer the Holder (or Certificate Owner)
of at least a majority of the Controlling Class by Certificate Balance and the Certificate Administrator has neither (i) received
notice of the then-current Controlling Class Certificateholders of at least a majority of the Controlling Class by Certificate
Balance nor (ii) received notice of a replacement Controlling Class Representative pursuant to this Agreement, then a Control
Termination Event and a Consultation Termination Event shall be deemed to have occurred and shall be deemed to continue until
such time as the Certificate Administrator receives any such notice in clauses (i) or (ii).


 


Upon
receipt of notice of a change in Controlling Class Representative or the Risk Retention Consultation Party, the Certificate Administrator
shall promptly forward notice thereof to each other party to this Agreement.


 


On
the Closing Date, the initial Controlling Class Representative shall deliver (which delivery may be by electronic mail) a certification
substantially in the form of Exhibit M-1H to this Agreement to the Certificate Administrator (who shall promptly forward
such certification to the Master Servicer, the Special Servicer, the Trustee and the Operating Advisor). Upon the resignation
or removal of the existing Controlling Class Representative, any successor Controlling Class Representative shall also deliver
a certification substantially in the form of Exhibit M-1H to this Agreement to the Certificate Administrator (who shall
promptly forward such certification to the Master Servicer, the Special Servicer, the Trustee and the Operating Advisor) prior
to being recognized as the new Controlling Class Representative.


 


(e)         Once
a Controlling Class Representative has been selected, each of the Master Servicer, the Special Servicer, the Operating Advisor,
the Depositor, the Certificate Administrator, the Asset Representations Reviewer, the Trustee and each other Certificateholder
(or Certificate Owner, if applicable) shall be entitled to rely on such selection unless a majority of the Certificateholders
of the Controlling Class, by Certificate Balance, or such Controlling Class Representative shall have notified the Certificate
Administrator, the Master Servicer and each other Certificateholder of the Controlling Class, in writing, of the resignation of
such Controlling Class Representative or the selection of a new Controlling Class Representative. Upon receipt of written notice
of, or other knowledge of, the resignation of a Controlling Class Representative, the Certificate Administrator shall request
the Certificateholders of the Controlling Class to select a new Controlling Class Representative.


 


(f)         If
at any time a book-entry certificate belongs to the Controlling Class, the Certificate Administrator shall notify the related
Certificate Owner or Certificate Owners (through the Depository, unless the Certificate Administrator shall have been previously
provided with the


 



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name and address of such Certificate Owner or Certificate Owners) of such event and shall request that it be
informed of any change in the identity of the related Certificate Owner from time to time.


 


(g)        Until
it receives notice to the contrary, each of the Master Servicer, the Special Servicer, the Operating Advisor, the Depositor and
the Trustee and the Certificate Administrator shall be entitled to rely on the most recent notification with respect to the identity
of the Certificateholders of the Controlling Class and the Controlling Class Representative.


 


(h)        Notwithstanding
anything to the contrary contained herein, at any time when the Class E Certificates are the Controlling Class, the Holder of
more than 50% of the Controlling Class (by Certificate Balance) may waive its right to act as or appoint a Controlling Class Representative
and to exercise any of the rights of the Controlling Class Representative or cause the exercise of any of the rights of the Controlling
Class Representative set forth in this Agreement, by irrevocable written notice delivered to the Depositor, Certificate Administrator,
Trustee, Master Servicer, Special Servicer and Operating Advisor (any such Holder or group of affiliated Holders that makes such
an election, the “Opting-Out Party”). Whenever such waiver by an Opting-Out Party is in effect, (1) a Control
Termination Event and a Consultation Termination Event shall be deemed to have occurred and be continuing; and (2) the rights
of the holder of more than 50% of the Class E Certificates (by Certificate Balance), if the Class E Certificates are the Controlling
Class, to act as or appoint a Controlling Class Representative and the rights of a Controlling Class Representative will not be
operative (notwithstanding whether a Control Termination Event or a Consultation Termination Event is or would otherwise then
be in effect). Any such waiver shall remain effective with respect to such Holder and such Class until such time as either (x)
the Class E Certificates are no longer the Controlling Class or (y) the Opting-Out Party has (i) sold a majority of the Class
E Certificates (by Certificate Balance) to an unaffiliated third party and (ii) certified to the Depositor, Certificate Administrator,
Trustee, Master Servicer, Special Servicer and Operating Advisor that (a) the Opting-Out Party retains no direct or indirect Voting
Rights with respect to the Class E Certificates that it transferred, (b) there is no voting agreement between the Opting-Out Party
and the transferee and (c) the Opting-Out Party retains no direct or indirect economic interest in the Class E Certificates that
it transferred (such sale and certification, a “Class E Transfer”). Following any such Class E Transfer, and
if the Class E Certificates are still the Controlling Class, the successor holder of more than 50% of the Controlling Class (by
Certificate Balance) shall again have the right to act as or appoint a Controlling Class Representative as set forth herein without
regard to any prior waiver by the predecessor Certificateholder. Such successor Certificateholder shall also have the right as
provided in this Section 6.09(h) to irrevocably waive its right to act as or appoint a Controlling Class Representative
or, subject to any such limitations set forth in this Agreement (including by reason of a Control Termination Event or a Consultation
Termination Event otherwise existing), to exercise any of the rights of the Controlling Class Representative or to cause the exercise
of any of the rights of the Controlling Class Representative as set forth in this Agreement. No successor Certificateholder described
above in this paragraph shall have any consent rights with respect to any Serviced Mortgage Loan that became a Specially Serviced
Loan prior to the Class E Transfer and had not also become a Corrected Loan prior to such Class E Transfer until such Serviced
Mortgage Loan becomes a Corrected Loan.


 


(i)          CREFI
shall be the initial Risk Retention Consultation Party and shall remain so until a successor is appointed pursuant to the terms
of this Agreement. Upon the


 



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resignation or removal of the existing Risk Retention Consultation Party, any successor Risk Retention
Consultation Party shall deliver to the parties to this Agreement a certification substantially in the form of Exhibit M-1I to this Agreement prior to being recognized as the new Risk Retention Consultation Party. The parties hereto shall be entitled
to assume that the Risk Retention Consultation Party has not changed absent such notice.


 


(j)          Once
the Risk Retention Consultation Party has been selected, each of the Master Servicer, the Special Servicer, the Depositor, the
Trustee, the Certificate Administrator, the Operating Advisor and each other Certificateholder (or Certificate Owner, if applicable)
shall be entitled to rely on such selection unless CREFI or the Risk Retention Consultation Party itself shall have notified the
Master Servicer, the Special Servicer, the Trustee, the Certificate Administrator, the Operating Advisor and each other Holder
of Vertically Retained Certificates, in writing, of the selection of a new Risk Retention Consultation Party.


 


(k)         Each
Certificateholder acknowledges and agrees, by its acceptance of its Certificates, that: (i) the Risk Retention Consultation Party
may have special relationships and interests that conflict with those of Holders of one or more Classes of Certificates; (ii)
the Risk Retention Consultation Party may act solely in its own interests or in the interests of the Holders of one or more Classes
of Vertically Retained Certificates; (iii) the Risk Retention Consultation Party does not have any liability or duties to the
Holders of any Class of Certificates; (iv) the Risk Retention Consultation Party may take actions that favor its own interests
or the interests of the Holders of one or more Classes, including one or more Classes of Vertically Retained Certificates, over
the interests of the Holders of one or more other Classes of Certificates; and (v) the Risk Retention Consultation Party shall
have no liability whatsoever for having so acted as set forth in clauses (i) through (iv) above, and no Certificateholder may
take any action whatsoever against the Risk Retention Consultation Party or any director, officer, employee, agent or principal
of the Risk Retention Consultation Party for having so acted.


 


Article
VII



DEFAULT


 


Section
7.01     Servicer Termination Events.


 


(a)         “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 or payment required to be made by the Master Servicer to the Collection
Account or Loan Combination Custodial Account or to any Serviced Companion Loan Holder on the day and by the time such deposit
or remittance is required to be made under the terms of this Agreement, which failure is not remedied within one (1) Business
Day or (B) any failure by the Master Servicer to deposit into, or remit to the Certificate Administrator for deposit into, the
Distribution Account or the Excess Interest Distribution Account any amount required to be so deposited or remitted, which failure
is not remedied by 11:00 a.m. (New York City time) on the relevant Distribution Date; or


 






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(ii)         any
failure by the Special Servicer to deposit into any REO Account, within two (2) Business Days after such deposit is required to
be made or to remit to the Master Servicer for deposit into the Collection Account or the Loan Combination Custodial Account,
as applicable, any amount required to be so deposited or remitted by the Special Servicer pursuant to, and within one (1) Business
Day after the time specified by, the terms of this Agreement; or


 


(iii)        any
failure on the part of the Master Servicer or the Special Servicer, as applicable, duly to observe or perform in any material
respect any of its other covenants or obligations contained in this Agreement which continues unremedied for a period of 30 days
(10 days in the case of the Master Servicer’s failure to make a Property Advance or 20 days in the case of a failure to
pay the premium for any insurance policy required to be maintained under this Agreement or such shorter period (not less than
two (2) Business Days) as may be required to avoid the commencement of foreclosure proceedings for unpaid real estate taxes or
the lapse of insurance, as applicable) after the date on which written notice of such failure, requiring the same to be remedied,
shall have been given to the Master Servicer or the Special Servicer, as the case may be, by any other party hereto, or to the
Master Servicer or the Special Servicer, as the case may be, with a copy to each other party to this Agreement, by the Holders
of Certificates of any Class evidencing, as to such Class, not less than 25% of the Voting Rights allocable thereto, or, if affected
thereby, by a Serviced Companion Loan Holder; provided, however, if any such failure with a 30-day cure period is
capable of being cured and the Master Servicer or Special Servicer, as applicable, is diligently pursuing such cure, such 30-day
period will be extended an additional 60 days (provided that the Master Servicer, or Special Servicer, as applicable, has
commenced to cure such failure within the initial 30-day period and has certified that it has diligently pursued, and is continuing
to pursue, a full cure); or


 


(iv)       any
breach on the part of the Master Servicer or the Special Servicer of any representation or warranty contained in this Agreement,
which materially and adversely affects the interests of any Class of Certificateholders or any Serviced 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, has been given to the Master Servicer or the Special Servicer, as the case may be, by the Depositor, the Certificate
Administrator or the Trustee, or to the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator and
the Trustee by the Holders of Certificates entitled to not less than 25% of the Voting Rights or, if affected thereby, by a Serviced
Companion Loan Holder; provided, however, if such breach is capable of being cured and the Master Servicer or the
Special Servicer, as applicable, is diligently pursuing such cure, such 30-day period will be extended an additional 60 days (provided that the Master Servicer, or Special Servicer, as applicable, has commenced to cure such failure within the initial 30-day
period and has certified that it has diligently pursued, and is continuing to pursue, a full cure); or


 






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(v)        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 or the Special
Servicer, as applicable, and such decree or order shall have remained in force undischarged, undismissed or unstayed for a period
of 60 days; or


 


(vi)       the
Master Servicer or the Special Servicer, as applicable, 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 the Special Servicer or of or relating to all or substantially all of its
property; or


 


(vii)      the
Master Servicer or the Special Servicer, as applicable, 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; or


 


(viii)     either
of Moody’s or DBRS (or, in the case of Serviced Companion Loan Securities, any Companion Loan Rating Agency) has (A) qualified,
downgraded or withdrawn its rating or ratings of one or more Classes of Certificates or one or more classes of Serviced Companion
Loan Securities, or (B) placed one or more Classes of Certificates or one or more classes of Serviced Companion Loan Securities
on “watch status” in contemplation of rating downgrade or withdrawal and, in the case of either of clauses (A) or
(B), publicly citing servicing concerns with the Master Servicer or the Special Servicer, as applicable, as the sole or material
factor in such rating action (and such qualification, downgrade, withdrawal or “watch status” placement has not been
withdrawn by such Rating Agency (or, in the case of Serviced Companion Loan Securities, any Companion Loan Rating Agency), within
60 days of such event);


 


(ix)        with
respect to the Master Servicer, the Master Servicer ceases to have a commercial master servicer rating of at least “CMS3”
from Fitch and that rating is not reinstated within 60 days or, with respect to the Special Servicer, the Special Servicer ceases
to have a commercial special servicer rating of at least “CSS3” from Fitch and that rating is not reinstated within
60 days, as the case may be;


 


(x)         the
Master Servicer or the Special Servicer, as applicable, is removed from S&P’s Select Servicer List as a U.S. Commercial
Mortgage Master Servicer or a U.S. Commercial Mortgage Special Servicer, as applicable, and is not restored to such status on
such list within 60 days; or


 


(xi)        the
Master Servicer or the Special Servicer, as applicable, or any primary servicer or Sub-Servicer appointed by the Master Servicer
or the Special Servicer, as applicable, after the Closing Date (but excluding any Sub-Servicer set forth on Exhibit S),
shall (A) for so long as the Trust is subject to the reporting requirements of Regulation AB


 



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or the Exchange Act, fail to deliver
the items required to be delivered by this Agreement after any applicable notice and cure period to enable the Certificate Administrator
or Depositor to comply with the reporting obligations of the Trust under the Exchange Act or (B) for so long as any Other Securitization
Trust is subject to the reporting requirements of Regulation AB or the Exchange Act, fail to deliver any Exchange Act reporting
items required to be delivered by such servicer to the related Other Depositor or related Other Exchange Act Reporting Party pursuant
to Article X of this Agreement, in the case of each of clauses (A) and (B), within (a) with respect to the delivery of any item
relating to a Reportable Event, two (2) Business Days of such failure to comply with Article X or (b) with respect to the
delivery of any other item, five (5) Business Days of such failure to comply with Article X (any primary servicer or Sub-Servicer
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 Servicer Termination Event shall not have been remedied, either (i) the Trustee
may or (ii) upon the written direction to the Trustee from (x) the Holders of at least 25% of the aggregate Voting Rights of all
Certificates, or (y) an affected Serviced Companion Loan Holder (but, subject to the next sentence, solely in the case of the
related Serviced Loan Combination and a Servicer Termination Event with respect to the Special Servicer), then the Trustee shall,
terminate the Master Servicer or the Special Servicer, as applicable. Notwithstanding anything to the contrary, it shall not be
a Servicer Termination Event with respect to the pool of Mortgage Loans under clauses (i), (ii), (iii), (iv), (viii), (ix) or
(x) above if the failure, default or event only has an adverse effect on a Serviced Companion Loan, a Serviced Companion Loan
Holder or a rating on any Serviced Companion Loan Securities, but shall be a Servicer Termination Event with respect to the related
Serviced Companion Loan and any related Serviced Companion Loan Holder shall: (i) in the case of any such failure, default or
event on the part of the Master Servicer, have the remedies set forth in Section 7.01(d) with respect to the Servicer Termination
Event with respect to the related Serviced Companion Loan; and (ii) with respect to any such failure, default or event on the
part of the Special Servicer, be able to require termination of the Special Servicer with respect to, but only with respect to,
the related Serviced Loan Combination.


 


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, the Master Servicer shall also be terminated as Special Servicer.


 


(b)        If
the Master Servicer receives notice of termination under Section 7.01(c) solely due to a Servicer Termination Event under
Section 7.01(a)(viii), Section 7.01(a)(ix) or Section 7.01(a)(x) and if the Master Servicer to be terminated
pursuant to Section 7.01(c) 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 service as Master Servicer
hereunder until a successor Master Servicer is selected in accordance with this Section 7.01(b). Upon receipt of the “request
for proposal” materials, Trustee shall promptly thereafter (using such “request for proposal” materials provided
by the Master Servicer pursuant to Section 7.01(c)) solicit good faith bids for the rights to service the Mortgage Loans
and the Serviced Loan Combinations under this Agreement from at least three (3) Persons qualified to act as a successor Master
Servicer hereunder in accordance with Section 6.04 (any such Person so qualified, a “Qualified Bidder”)
or, if three (3) Qualified Bidders cannot be located, then from as


 



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many persons as the Trustee can determine are Qualified Bidders;
provided that, 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 Mortgage Loans 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 Trustee shall select the Qualified
Bidder with the highest cash bid (the “Successful Bidder”) to act as successor Master Servicer hereunder; provided,
however, that if the Trustee does not receive a Rating Agency Confirmation from each Rating Agency 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 confirmation is obtained. The Trustee shall request 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.


 


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 to the Master Servicer to be terminated pursuant
to Section 7.01(c) of this Agreement, 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).


 


The
Master Servicer to be terminated pursuant to Section 7.01(c) of this Agreement shall be responsible for all out-of-pocket
expenses incurred in connection with the attempt to sell its rights to service the Mortgage Loans and the Serviced Loan Combinations,
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(c) 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(b). The Trustee
thereafter may act or may select a successor to act as Master Servicer hereunder in accordance with Section 7.02.


 


(c)         In
the event that the Master Servicer or the Special Servicer is terminated pursuant to this Section 7.01, the Trustee 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 Mortgage Loans and Serviced Loan Combination
and the proceeds thereof, other than any rights the Master Servicer or Special Servicer 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 and subsection (b) above notwithstanding any such termination). On or after the receipt by the
Terminated Party of such


 



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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)
or the Mortgage Loans and Serviced Loan Combination or otherwise, shall pass to and be vested in the Trustee pursuant to and under
this Section and, without limitation, the Trustee 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 Mortgage Loans and Serviced Loan Combination and related documents,
or otherwise. The Master Servicer and the Special Servicer each agrees that, 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 Trustee (or the successor Master Servicer selected by the Trustee pursuant to Section 7.01(b) of this Agreement or
the successor Master Servicer or Special Servicer, as applicable, otherwise appointed pursuant to Section 7.02 of this
Agreement) with all documents and records requested by the Trustee (or the successor Master Servicer selected by the Trustee pursuant
to Section 7.01(b) of this Agreement or the successor Master Servicer or Special Servicer, as applicable, otherwise appointed
pursuant to Section 7.02 of this Agreement) to enable the Trustee or other successor to its responsibilities hereunder
to assume its functions hereunder, and to cooperate with the Trustee and the successor to its responsibilities hereunder in effecting
the termination and transfer of its responsibilities and rights hereunder, including, without limitation, the transfer to the
successor Master Servicer or successor Special Servicer or the Trustee, 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 Loan Combination Custodial Account, any REO Account or Lock-Box Account shall thereafter be received with respect to the Mortgage
Loans and Serviced Loan Combination, and shall promptly provide the Trustee or such successor Master Servicer or Special Servicer
(which may include the Trustee), as applicable, all documents and records reasonably requested by it, such documents and records
to be provided in such form as the Trustee or such successor Master Servicer or Special Servicer shall reasonably request (including
electromagnetic form), to enable it to assume the Master Servicer’s or Special Servicer’s function hereunder. All
reasonable costs and expenses actually incurred by the Trustee, the Certificate Administrator or the successor Master Servicer
or successor Special Servicer in connection with transferring Mortgage Files, Servicing Files and related information, records
and reports to the successor Master Servicer or Special Servicer and amending this Agreement to reflect (as well as providing
appropriate notices to Mortgagors, ground lessors, insurers and other applicable third parties regarding) such succession as successor
Master Servicer or successor Special Servicer pursuant to this Section 7.01 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 Trustee, the Certificate Administrator 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.


 


(d)        Notwithstanding
Sections 7.01(a) and Section 7.01(c), if (1) any Servicer Termination Event on the part of the Master Servicer affects
a Serviced Companion Loan, the related Serviced Companion Loan Holder or the rating on a class of the related Serviced


 



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Companion
Loan Securities and the Master Servicer is not otherwise terminated in accordance with Section 7.01(c), or (2) a Servicer
Termination Event on the part of the Master Servicer occurs that affects only a Serviced Companion Loan, the related Serviced
Companion Loan Holder or the rating on a class of the related Serviced Companion Loan Securities, the Master Servicer may not
be terminated in accordance with Section 7.01(c), but, at the written direction of the related Serviced Companion Loan
Holder, the Master Servicer shall appoint, within 30 days of such direction, a sub-servicer (or, if the related Serviced Loan
Combination is currently being sub-serviced, to replace, within 30 days of such direction, the then current sub-servicer with
a new sub-servicer). In connection with the Master Servicer’s appointment of any sub-servicer at the direction of a Serviced
Companion Loan Holder in accordance with this Section 7.01(d), the Master Servicer shall obtain a Rating Agency Confirmation
from each Rating Agency. The related sub-servicing agreement shall provide that any sub-servicer appointed by the Master Servicer
at the direction of a Serviced Companion Loan Holder in accordance with this Section 7.01(d) shall be responsible for all
duties, and shall be entitled to all compensation, of the Master Servicer under this Agreement with respect to the related Serviced
Loan Combination, except that the Master Servicer shall be entitled to retain a portion of the Servicing Fee for the Mortgage
Loan that is part of the related Serviced Loan Combination equal to any related Excess Servicing Fee with respect to such Mortgage
Loan (and any related REO Mortgage Loan). Such sub-servicing agreement (a) may be terminated without cause and without payment
of any fee and (b) shall also provide that such sub-servicer shall agree to become the master servicer under a separate servicing
agreement for the applicable Serviced Loan Combination in the event that such Serviced Loan Combination is no longer to be serviced
and administered hereunder, which separate servicing agreement shall contain servicing and administration, limitation of liability,
indemnification and servicing compensation provisions substantially similar to the corresponding provisions of this Agreement,
except for the fact that the applicable Serviced Loan Combination and the related Mortgaged Properties shall be the sole assets
serviced and administered thereunder and the sole source of funds thereunder. If any sub-servicer appointed by the Master Servicer
at the direction of a Serviced Companion Loan Holder in accordance with this Section 7.01(d) shall at any time resign or
be terminated, the Master Servicer shall be required to promptly appoint a substitute sub-servicer and obtain a Rating Agency
Confirmation. In the event a successor Master Servicer is acting hereunder and that successor Master Servicer desires to terminate
the sub-servicer appointed under this Section 7.01(d), the terminated Master Servicer that was responsible for the Servicer
Termination Event that led to the appointment of such sub-servicer shall be responsible for all costs incurred in connection with
such termination, including the payment of any termination fee.


 


(e)          If
the Trustee, the Certificate Administrator, the Master Servicer or the Special Servicer has received written notice (which, for
the purposes of this clause (e), shall include any publications by Moody’s, Fitch, DBRS or S&P of which the Trustee,
the Certificate Administrator or any Servicing Officer of the Master Servicer, as the case may be, has actual knowledge) from
Moody’s, Fitch, DBRS or S&P that the Master Servicer or the Special Servicer no longer is an approved master servicer
or approved special servicer, as applicable, then such party shall promptly notify the others, and the Certificate Administrator
shall notify the related Serviced Companion Loan Holder, to the extent known to the Certificate Administrator, of the same.


 


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


 



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Section 7.01, the Trustee shall, subject to the following provisions of
this Section 7.02, be its successor in all respects in its capacity as Master Servicer or 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 Trustee
shall have no responsibilities, duties, liabilities or obligations with respect to any act or omission of the Master Servicer
or Special Servicer and (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 moneys shall not be
considered a default by such successor hereunder. The Trustee, as successor Master Servicer or successor Special Servicer,
shall be indemnified to the full extent provided 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 Master Servicer or Special Servicer. The Trustee shall not be liable for
any of the representations, liabilities or 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 of this
Agreement nor shall the Trustee be required to purchase any Mortgage Loan or Serviced Loan Combination hereunder. As
compensation therefor, the Trustee as successor Master Servicer or successor Special Servicer shall be entitled to the
Servicing Fee or Special Servicing Compensation, as applicable, and all funds relating to the Mortgage Loans and Serviced
Companion Loans that accrue after the date of the Trustee’s succession to which the Master Servicer or Special Servicer
would have been entitled if the Master Servicer or Special Servicer, as applicable, had continued to act hereunder. In the
event any Advances made by the Master Servicer and 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 and subject to Section 6.08, the Trustee may, if it shall be
unwilling to so act, or shall, if it is unable to so act, or if the Holders of Certificates entitled to at least 25% of the
aggregate Voting Rights so request in writing to the Trustee, or if the Rating Agencies do not provide Rating Agency
Confirmations with respect to the Trustee so acting, promptly appoint, or petition a court of competent jurisdiction to
appoint, any established mortgage loan servicing institution for which a Rating Agency Confirmation from each Rating Agency
has been obtained (at the expense of the terminated Master Servicer or Special Servicer, as applicable, or, if the expense is
not so recovered, at the expense of the Trust Fund), as the successor to the Master Servicer or the 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 related Outside Controlling Note Holder shall have the
right to approve a successor Special Servicer with respect to any Serviced Outside Controlled Loan Combination, and prior to
the occurrence and continuance of a Control Termination Event, the Controlling Class Representative shall have the right to
approve a successor Special Servicer with respect to the other Serviced Loans. No appointment of a successor to the
Master Servicer or Special Servicer hereunder shall be effective until (i) the assumption by such successor of all the Master
Servicer’s or Special Servicer’s responsibilities, duties and liabilities hereunder and (ii) in the case of the
appointment of a


 



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successor Special Servicer, the Depositor and, if applicable, each related Other Depositor shall have
received the written notice and information with respect to such successor Special Servicer as set forth in Section
10.02(a). 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 herein above provided. Pending the appointment of a successor to the Special Servicer, unless the Master
Servicer is also the Special Servicer, the Master Servicer shall act in such capacity. 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 Mortgage Loans and Serviced Companion Loans as it and such successor shall agree; provided, however,
that no such compensation shall be in excess of that permitted 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 shall be paid to such successor and such amounts in excess of that permitted the Terminated Party shall be
treated as Realized Losses and VRR Realized Losses; and provided, further that, for so long as no Consultation
Termination Event has occurred and is continuing, the Trustee shall consult with the Controlling Class Representative (and,
if a Serviced Outside Controlled Loan Combination is affected, the Trustee shall consult with the related Outside Controlling
Note Holder) prior to the appointment of a successor to the Terminated Party at such amounts in excess of that permitted the
Terminated Party. 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 terminated Master Servicer, it may reduce
the Excess Servicing Fee Rate to the extent that the Trustee’s 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
terminated Master Servicer other than itself or an Affiliate pursuant to this Section 7.02, it may reduce the 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.


 


(a)          Upon
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, to the Serviced Companion Loan Holders, and electronically, for posting to the Rule 17g-5 Information
Provider’s Website pursuant to Section 12.13 of this Agreement, to the Rule 17g-5 Information Provider.


 


(b)          Within
30 days after the occurrence of any Servicer Termination Event or Operating Advisor Termination Event of which a Responsible Officer
of the Certificate Administrator has actual knowledge, the Certificate Administrator shall transmit by mail to all Holders of
Certificates and any affected Serviced Companion Loan Holder (to the extent the Certificate Administrator has received the notice
information for such Serviced Companion Loan Holder after a request therefor) and electronically, for posting to the Rule 17g-5
Information Provider’s Website pursuant to Section 12.13 of this Agreement, to the Rule 17g-5 Information 


 



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Provider
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 such Servicer
Termination Event shall not have been remedied, the Trustee, in addition to the rights specified in Section 7.01,
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 Serviced Companion Loan Holders (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 defaulting Master Servicer or Special Servicer, as applicable. If the Master Servicer or Special Servicer, as
applicable, fails to remedy, after the presentation of reasonable documentation, the Trustee shall be entitled to be
reimbursed for such expenses, costs and liability from the Collection Account or the Loan Combination Custodial Account, as
applicable, as provided in Section 3.06 and Section 3.06A of this Agreement; provided that the Master
Servicer or the Special Servicer, as applicable, shall not be relieved of such liability for such expenses, costs and
liabilities. 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
Servicer Termination Event of the Master Servicer or the Special Servicer.


 


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 (and, if such Servicer Termination Event is on the part of a Special Servicer, with respect to the related
Serviced Loan Combination only, by each affected Serviced Companion Loan Holder) may, on behalf of all Holders of
Certificates, waive any Servicer Termination Event on the part of the Master Servicer, Special Servicer or any Operating
Advisor Termination Event on the part of the Operating Advisor in the performance of its obligations hereunder and its
consequences, except a Servicer Termination Event in connection with making any required deposits (including, with respect to
the Master Servicer, P&I Advances) to or payments from the Collection Account, a Loan Combination Custodial Account or
the Lower-Tier REMIC Distribution Account or in remitting payments as received, in each case in accordance with this
Agreement. Upon any such waiver of a past default, such default 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 default or impair any right consequent thereon. Any costs
and expenses incurred by the Certificate Administrator in connection with such default and prior to such waiver shall
be reimbursed by the Master Servicer, the Special Servicer or the Operating Advisor, as applicable, promptly upon demand
therefor and if not reimbursed to the Certificate Administrator within 90 days of such demand, from the Trust Fund; provided
that the Trust Fund shall be reimbursed by the Master Servicer, the Special Servicer or the Operating Advisor, as applicable,
to the extent such amounts are reimbursed to the Certificate Administrator from the Trust Fund. Notwithstanding the
foregoing, (a) a Servicer


 



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 Termination Event under any of Section 7.01(a)(i) and Section 7.01(a)(ii) of this
Agreement may be waived only by all of the Certificateholders of the affected Classes, and (b) a Servicer Termination Event
under Section 7.01(a)(xi) of this Agreement may be waived only with the consent of the Depositor, together with (in
the case of each of clauses (a) and (b) of this sentence) the consent of each Serviced Companion Loan Holder, if any, that is
affected by such Servicer Termination Event.


 


The
foregoing paragraph notwithstanding, if the Holders representing at least the requisite percentage of the Voting Rights allocated
to each affected Class of Certificates desire to waive a Servicer Termination Event by the Master Servicer, but a Serviced Companion
Loan Holder related to a Serviced Loan Combination (if adversely affected thereby) does not wish to waive that Servicer Termination
Event, then those Certificateholders may still waive that Servicer Termination Event, and the applicable Serviced Companion Loan
Holder will be entitled to require that the Master Servicer appoint, within 60 days of the applicable Serviced Companion Loan
Holder’s request, a sub-servicer (or, if the applicable Serviced Loan Combination is currently being subserviced, to replace,
within 60 days of the applicable Serviced Companion Loan Holder’s request, the then current sub-servicer with a new sub-servicer)
with respect to the applicable Serviced Loan Combination. In connection with the Master Servicer’s appointment of a sub-servicer
at the request of a Serviced Companion Loan Holder in accordance with this Section 7.05, the Master Servicer shall obtain
a Rating Agency Confirmation from each Rating Agency at the expense of the Serviced Companion Loan Holder. The related sub-servicing
agreement shall provide that any sub-servicer appointed by the Master Servicer at the request of a Serviced Companion Loan Holder
in accordance with this Section 7.05 shall be responsible for all duties, and shall be entitled to all compensation , of
the Master Servicer under this Agreement with respect to the applicable Serviced Loan Combination, except that the Master Servicer
shall be entitled to retain a portion of the Servicing Fee for the related Mortgage Loan equal to any related Excess Servicing
Fee. Such Sub-Servicing Agreement (a) may be terminated without cause and without the payment of any fee and (b) shall also provide
that such sub-servicer shall become the master servicer under a separate servicing agreement for the applicable Serviced Loan
Combination in the event that the Serviced Loan Combination is no longer to be serviced and administered hereunder, which separate
servicing agreement shall contain servicing and administration, limitation of liability, indemnification and servicing compensation
provisions substantially similar to the corresponding provisions of this Agreement, except for the fact that the applicable Serviced
Loan Combination and the related Mortgaged Properties shall be the sole assets serviced and administered thereunder and the sole
source of funds thereunder. Such sub-servicer (a) may be terminated without cause and without the payment of any fee and (b) shall
meet the requirements of Section 3.01 of this Agreement. If any sub-servicer appointed by the Master Servicer at the request
of a Serviced Companion Loan Holder in accordance with this Section 7.05 shall at any time resign or be terminated, the
Master Servicer shall be required to promptly appoint a substitute sub-servicer with respect to which a Rating Agency Confirmation
has been obtained at the expense of the applicable resigning or terminated sub-servicer (and any applicable Sub-Servicing Agreement
shall so provide), and if the resigning or terminated sub-servicer fails to cover such expense, the Master Servicer shall do so.
In the event a successor Master Servicer is acting hereunder and that successor Master Servicer desires to terminate the sub-servicer
appointed under this Section 7.05, the terminated Master Servicer that was responsible for the Servicer Termination Event
that led to the appointment of such sub-servicer shall be responsible for all costs incurred in connection with such termination,
including the payment of any termination fee.


 






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Section
7.06     Termination of the Operating Advisor.


 


(a)         An
“Operating Advisor Termination Event” means any one of the following events whether it 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:


 


(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 to the
Operating Advisor and the Trustee by the Holders of Certificates having greater than 25% of the aggregate Voting Rights of all
then outstanding Certificates; provided, however, 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 with 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 its obligations set forth in this Agreement in accordance with the Operating Advisor
Standard which failure shall continue unremedied for a period of 30 days after the date on which written notice of such failure
is given to the Operating Advisor by any party to this Agreement;


 


(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
suspend payment of its obligations.


 






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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 its internet website,
unless the Certificate Administrator has received notice that it has been remedied. If an Operating Advisor Termination Event
shall occur then, and in each and every such case, so long as such Operating Advisor Termination Event shall not have been remedied,
either the Trustee (i) may or (ii) upon the written direction of holders of Certificates evidencing not less than 25% of the Voting
Rights of each Class of Non-Reduced 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 Advisor. 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 becomes aware.


 


(b)         Upon
(i) the written direction of Holders of Certificates evidencing not less than 15% of the Voting Rights of the Non-Reduced Certificates
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 of the requested vote to the Operating Advisor and to all Certificateholders by (i) posting such notice
on its internet website, and (ii) mailing such notice to all Certificateholders at their addresses appearing in the Certificate
Register and to the Operating Advisor. Upon the affirmative vote of the Holders of Certificates evidencing more than 50% of the
Voting Rights allocable to the Non-Reduced Certificates of those Holders that exercise their right to vote (provided that
Holders entitled to exercise at least 50% of the Voting Rights allocable to the Non-Reduced Certificates exercise their right
to vote within 180 days of the initial request for a vote (which, for the avoidance of doubt, is the date on which the aforementioned
notice was mailed to the Certificateholders)), the Trustee shall terminate all of the rights and obligations of the Operating
Advisor under this Agreement by notice in writing to the Operating Advisor. The provisions set forth in the foregoing sentences
of this Section 7.06(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. 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 Certificate
Owner may access notices on the Certificate Administrator’s Website and each Certificateholder and Certificate Owner may
register to receive e-mail 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.


 


(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


 






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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 of this Agreement (excluding resignation under the circumstances
contemplated in Section 6.04(d) where no successor Operating Advisor is required to be appointed) or (2) the Trustee delivers
such written notice of termination to the Operating Advisor, the Trustee shall appoint a successor Operating Advisor that is an
Eligible Operating Advisor. The Trustee shall provide written notice of the appointment of a successor Operating Advisor to the
Master Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator, the Depositor, the Risk Retention
Consultation Party, any related Outside Controlling Note Holder and, if a Consultation Termination Event does not exist, the Controlling
Class Representative within one Business Day of such appointment, and the Certificate Administrator shall provide written notice
of such appointment to each Certificateholder within one Business Day of the receipt of such notice of appointment from the Trustee.
Except as contemplated by Section 7.06(b) of this Agreement, the appointment of a successor Operating Advisor shall not
be subject to the vote, consent or approval of the holder of any Class of Certificates.


 


The
Operating Advisor shall not at any time be the Depositor, the Master Servicer, the Special Servicer, a Sponsor 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 appoint a successor Operating Advisor subject to and in accordance with this Section 7.06(c), which
successor Operating Advisor may be an Affiliate of the Trustee. Notwithstanding the foregoing, if the Trustee is unable to find
a successor Operating Advisor within 30 days of the termination of the Operating Advisor, the Depositor shall be permitted to
find a replacement. Unless and until a replacement Operating Advisor is appointed, no party shall act as the Operating Advisor
and the provisions in this Agreement relating to consultation with respect to the Operating Advisor shall not be applicable until
a replacement Operating Advisor is appointed hereunder.


 


(d)         Upon
any resignation or termination of the Operating Advisor and, if applicable, appointment of a successor to the Operating Advisor,
the Trustee shall, as soon as possible, give written notice thereof to the Special Servicer, the Master Servicer, the Certificate
Administrator (who shall, as soon as possible, give written notice thereof to the Certificateholders), the Depositor, any related
Outside Controlling Note Holder, the Controlling Class Representative (if a Consultation Termination Event does not exist) and,
for posting to the Rule 17g-5 Information Provider’s Website pursuant to Section 12.13 of this Agreement, the Rule
17g-5 Information Provider. In the event that the Operating Advisor resigns or 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 resignation
or termination (including the right to receive all amounts accrued and owing to it under this Agreement) and other than any rights
to indemnification arising out of events occurring prior to such resignation or termination.


 






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Article
VIII



CONCERNING THE TRUSTEE and The Certificate Administrator


 


Section
8.01     Duties of the Trustee and the Certificate Administrator.


 


(a)         The
Trustee, prior to the occurrence of a Servicer Termination Event of which a Responsible Officer of the Trustee has actual knowledge
and after the curing or waiver of all Servicer Termination Events which may have occurred, 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 Section 7.04 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 its exercise, as a prudent
person would exercise or use under the circumstances in the conduct of such person’s own affairs. The Certificate Administrator
undertakes to perform at all times such duties and only such duties as are specifically set forth in this Agreement and no permissive
right of the Certificate Administrator shall be construed as a duty.


 


(b)         Each
of 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 applicable, which are specifically
required to be furnished pursuant to any provision of this Agreement (other than the Mortgage Files, the review of which is specifically
governed by the terms of Article II, the Diligence Files, any CREFC® reports and any information delivered for posting
to the Certificate Administrator’s Website or the Rule 17g-5 Information Provider’s Website), shall examine them to
determine whether they conform on their face to the requirements of this Agreement to the extent specifically set forth herein;
provided, however, that neither the Trustee nor the Certificate Administrator shall 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 accepted in good faith. 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 a corrected instrument, and if
the instrument is not corrected to the Trustee’s or the Certificate Administrator’s, as applicable, reasonable satisfaction,
the Certificate Administrator (if the Certificate Administrator requested the corrected instrument or upon direction from the
Trustee if the Trustee requested the corrected instrument) will provide notice thereof to the Certificateholders.


 


(c)         Neither
the Trustee, the Certificate Administrator nor any of their respective officers, directors, employees, agents or “control”
persons within the meaning of the 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
or the Certificate Administrator, as applicable, or any such person, from liability for its


 



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own negligent action, its own negligent
failure to act or its own willful misconduct or its own bad faith; and provided, further, that:


 


(i)          Prior
to the occurrence of a Servicer Termination Event or Operating Advisor Termination Event of which a Responsible Officer of the
Trustee has actual knowledge, and after the curing or waiver of all such Servicer Termination Events which may have occurred,
the duties and obligations of the Trustee 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 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, the Trustee
or the Certificate Administrator, as applicable, 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 applicable, that conform on their face to the requirements
of this Agreement 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 or Responsible Officers, unless it shall be proved that the Trustee or the Certificate Administrator, as applicable, 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 for such action) 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 applicable, or exercising any trust or power conferred upon the Trustee or
the Certificate Administrator, as applicable, under this Agreement;


 


(iv)        Neither
the Trustee, the Certificate Administrator nor any of their respective 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 the same Person
as, or an Affiliate of, the Trustee or the Certificate Administrator, as applicable, and that is selected other than by the Trustee
or the Certificate Administrator, as applicable, performed or omitted in compliance with any custodial or other agreement, or
any act or omission of the Master Servicer, Special Servicer, the Depositor, the Operating Advisor, any Serviced Companion Loan
Holder, the Directing Holder or the Controlling Class Representative or any other third 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
unless such action is incidental


 



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to its respective duties as Trustee or Certificate Administrator, as applicable, in accordance
with this Agreement (and, if it does, all reasonable legal expenses and costs of such action shall be expenses and costs of the
Trust Fund) and in its opinion does not expose it to any expense or liability for which reimbursement is not reasonably assured,
and the Trustee or the Certificate Administrator, as applicable, shall be entitled to be reimbursed therefor from the Collection
Account, unless such legal action arises (i) as a result of any willful misconduct, bad faith, fraud or negligence in the performance
of duties of the Trustee or the Certificate Administrator, as the case may be, or by reason of negligent disregard of the Trustee’s
or the Certificate Administrator’s, as the case may be, obligations or duties hereunder, or (ii) as a result of the breach
by the Trustee or the Certificate Administrator, as the case may be, of any of its representations or warranties contained herein;
provided, however, that the Trustee or the Certificate Administrator may in its discretion undertake any such action
related to its obligations hereunder which it may deem necessary or desirable with respect to this Agreement and the rights and
duties of the parties hereto and the interests of the Certificateholders hereunder;


 


(vi)        Neither
the Trustee nor the Certificate Administrator shall be charged with knowledge of any act, failure to act or breach of any Person
unless a Responsible Officer of the Trustee or the Certificate Administrator, as applicable, obtains actual knowledge of such
act, failure to act or breach or receives written notice of such act, failure to act or breach from any other party to this Agreement,
any Certificateholder or Certificate Owner, a Serviced Companion Loan Holder, the Directing Holder or the Controlling Class Representative;
and


 


(vii)       Except
in the event of the Trustee’s or Certificate Administrator’s, as applicable, willful misconduct, bad faith or fraud,
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.


 


None
of the provisions contained in this Agreement shall require the Trustee or the Certificate Administrator, in its capacity as Trustee
or the Certificate Administrator, as applicable, 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 applicable, the repayment of such funds or adequate indemnity against such risk or liability
is not reasonably assured to it. None of the provisions contained in this Agreement shall in any event require the Trustee to
perform, or be responsible for the manner of performance of, any of the obligations of the Master Servicer (other than the obligations
to make Advances under Sections 3.20 and 4.06 of this Agreement), the Special Servicer, the Certificate Administrator,
the Operating Advisor or the Asset Representations Reviewer under this Agreement, except 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. None of the provisions contained in this Agreement shall in any event
require the Certificate Administrator to perform, or be responsible for the manner of performance of, any of the obligations of
the Master Servicer, the Special Servicer, the Trustee, the Operating Advisor or the Asset Representations Reviewer under this
Agreement. Neither the


 



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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 (other than any funds invested with it in its commercial
capacity or at its discretion).


 


(d)          The
Operating Advisor, the Master Servicer, the Special Servicer or the Trustee may at any time request from the Certificate Administrator
written confirmation of whether any Control Termination Event or Consultation Termination Event occurred during the previous calendar
year and the Certificate Administrator shall deliver such confirmation, based on information in its possession, to the requesting
party within ten (10) Business Days of such request. Further, the Certificate Administrator shall post a “special notice”
on the Certificate Administrator’s Website within ten (10) days of its determination (or its receipt of notice) of the commencement
or cessation of any Control Termination Event or Consultation Termination Event.


 


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)           Each
of the Trustee and the Certificate Administrator may request and/or 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 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 such the written advice of such counsel or Opinion of Counsel;


 


(iii)         (A) Neither
the Trustee nor the Certificate Administrator shall be under any obligation to 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 applicable, security
or indemnity reasonably satisfactory to the Trustee or the Certificate Administrator, as applicable, against the costs, expenses
and liabilities which may be incurred therein or thereby; and


 


  (B)       the
right of the Trustee or the Certificate Administrator, as applicable, to perform any discretionary act enumerated in this Agreement
shall not be construed as a duty, and neither the Trustee nor the Certificate Administrator shall be answerable for other than
its negligence or willful misconduct in the performance of any such act;


 



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provided that subject to the foregoing clause (A), nothing contained herein shall relieve the Trustee 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
has actual knowledge, to exercise such of the rights and powers vested in it by this Agreement, and 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;


 


(iv)         Neither
the Trustee, the Certificate Administrator nor any of their respective directors, officers, employees, Affiliates, agents or “control”
persons within the meaning of the 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 applicable, to be authorized or within the discretion
or rights or powers conferred upon it by this Agreement;


 


(v)          Neither
the Trustee nor the Certificate Administrator shall be bound to make any investigation into the facts or matters stated in any
resolution, certificate, statement, instrument, opinion, report, notice, request, consent, order, approval, bond or other paper
or document, unless requested in writing to do so by Holders of Certificates entitled to at least 25% (or such other percentage
as is specified herein) of the Percentage Interests of any affected Class; provided, however, that if the payment
within a reasonable time to the Trustee or the Certificate Administrator, as applicable, of the costs, expenses or liabilities
likely to be incurred by it in the making of such investigation is, in the opinion of the Trustee or the Certificate Administrator,
as applicable, not reasonably assured to the Trustee or the Certificate Administrator, as applicable, by the security afforded
to it by the terms of this Agreement, the Trustee or the Certificate Administrator, as applicable, may require reasonable indemnity
against such 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 if such investigation results from such Servicer Termination Event or Operating
Advisor Termination Event, and otherwise by the Certificateholders requesting the investigation;


 


(vi)         Each
of the Trustee and the Certificate Administrator may execute any of the trusts or powers hereunder or perform any duties hereunder
either directly or by or through agents or attorneys but shall not be relieved of its obligations hereunder; and


 


(vii)        For
purposes of this Agreement, the Trustee or the Certificate Administrator, as applicable, shall have notice of an event only when
a Responsible Officer of the Trustee or the Certificate Administrator, as applicable, has received written notice or obtains actual
knowledge of such event.


 


(b)          Following
the Startup Day, neither the Trustee nor the Certificate Administrator shall, 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, as applicable,
shall have received an Opinion of Counsel (the costs of obtaining such opinion to be


 



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borne by the Person requesting such contribution)
to the effect that the inclusion of such assets in the Trust Fund will not cause either Trust REMIC to fail to qualify as a REMIC
or cause the Grantor Trust to fail to qualify as a grantor trust, at any time that any Certificates are outstanding or subject
a Trust 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 or the Certificate Administrator,
as applicable, 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 shall be brought in its
name for the benefit of all the Holders of such Certificates, subject to the provisions of this Agreement.


 


Neither
the Trustee nor the Certificate Administrator shall have any duty to conduct any affirmative investigation as to the occurrence
of any condition requiring the repurchase of any Mortgage Loan by the Depositor pursuant to this Agreement or the eligibility
of any Mortgage Loan for purposes of this Agreement.


 


(d)          Neither
the Trustee nor the Certificate Administrator shall be responsible for delays or failures in performance resulting from acts beyond
its control (such acts to include but are not limited to acts of God, strikes, lockouts, riots and acts of war).


 


(e)          Each
of the Rule 17g-5 Information Provider, Authenticating Agent, Paying Agent and Certificate Registrar shall be entitled to the
same rights, indemnities, immunities, benefits (other than compensation), privileges and protections afforded to the Certificate
Administrator hereunder in the same manner as if such party were the named Certificate Administrator herein mutatis mutandis.


 


(f)           The
Custodian shall be entitled to the same rights, indemnities, immunities, benefits (other than compensation), privileges and protections
afforded to the Certificate Administrator hereunder in the same manner as if such party were the named Certificate Administrator
herein mutatis mutandis.


 


(g)          Notwithstanding
anything to the contrary herein, any and all e-mail communications (both text and attachments) by or from the Trustee or the Certificate
Administrator that the Trustee or the Certificate Administrator, as applicable, deems to contain confidential, proprietary, and/or
sensitive information may be encrypted. The recipient (the “E-mail Recipient”) of the encrypted e-mail communication
will be required to complete a registration process. Instructions on how to register and/or retrieve an encrypted message will
be included in the first secure e-mail sent by the Trustee or the Certificate Administrator, as applicable, to the E-mail Recipient.


 


(h)          No
provision of this Agreement or any Loan Document shall be deemed to impose any duty or obligation on the Trustee or the Certificate
Administrator to take or omit to take any action, or suffer any action to be taken or omitted, in the performance of its duties
or obligations under the Loan Documents, or to exercise any right or power thereunder, to the extent that taking or omitting to
take such action or suffering such action to be taken or omitted would violate applicable law binding upon it (which determination
may be based on Opinion of Counsel).


 



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(i)           In
order to comply with the 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 (for purposes of this clause (i), “Applicable Law”), each of the Trustee and the Certificate
Administrator is required to obtain, verify, record and update certain information relating to individuals and entities that maintain
a business relationship with the Trustee or the Certificate Administrator, as applicable. Accordingly, each of the parties hereto
agrees to provide to the Trustee or the Certificate Administrator, as applicable, upon its request from time to time, such identifying
information and documentation as may be available for such party in order to enable the Trustee or the Certificate Administrator,
as applicable, to comply with Applicable Law.


 


Section
8.03     Neither the Trustee Nor the Certificate Administrator Is Liable for Certificates or Mortgage
Loans. The recitals contained herein and in the Certificates (other than the signature and authentication of the
Certificate Administrator on the Certificates) shall not be taken as the statements of the Trustee, the Certificate
Administrator, the Master Servicer, the Special Servicer or the Operating Advisor, and the Trustee, the Certificate
Administrator, the Master Servicer, the Special Servicer and the Operating Advisor assume no responsibility for their
correctness. The Trustee, the Certificate Administrator, the Master Servicer, the Special Servicer and the Operating Advisor
make no representations or warranties as to the validity or sufficiency of this Agreement, of the Certificates or any
prospectus used to offer the Certificates for sale or the validity, enforceability or sufficiency of any Mortgage 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 any Mortgage, any Mortgage 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: the existence, condition and ownership of any Mortgaged Property; 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, in the Trustee’s capacity as Master Servicer or Special Servicer) or the
enforceability thereof; the existence of any Mortgage Loan or the contents of the related 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 to Section 7.02 of this Agreement, in the Trustee’s capacity as Master Servicer or Special Servicer);
the validity of the assignment of any Mortgage Loan to the Trust Fund or of any intervening assignment; the completeness of
any Mortgage File (except for its review thereof pursuant to Section 2.02); the performance or enforcement of any
Mortgage 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, in the Trustee’s capacity as Master Servicer or Special Servicer); 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 notice or other discovery of any non-compliance therewith or any breach thereof; any investment of moneys by or at
the direction of the Master Servicer or any loss resulting therefrom (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, in the Trustee’s
capacity as Master Servicer or Special Servicer), it being understood that the Trustee shall remain responsible for any Trust
Fund property that it may hold in its


 



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individual capacity; the acts or omissions
of any of the Depositor, the Master Servicer, the Special Servicer or the Operating Advisor (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, in the Trustee’s
capacity as Master Servicer or Special Servicer) or any Sub-Servicer or any Mortgagor; any action of the Master Servicer, the
Special Servicer or the Operating Advisor (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, in the Trustee’s capacity as Master Servicer or Special Servicer)
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; the failure of the Master Servicer or the Special Servicer or any Sub-Servicer to act or perform any duties required
of it on behalf of the Trust Fund or the Trustee as applicable hereunder; or any action by or omission of the Trustee 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, in the Trustee’s capacity as Master
Servicer or Special Servicer) 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, as applicable, of its obligation
to perform its duties as specifically set forth in this Agreement. Neither the Trustee nor the Certificate Administrator shall
be accountable for the use or application by the Depositor of any of the Certificates or of the proceeds of the sale of such Certificates,
or for the use or application of any funds paid to the Depositor, the Master Servicer or the Special Servicer in respect of the
Mortgage Loans or deposited in or withdrawn from the Collection Account, the Lower-Tier REMIC Distribution Account, the Upper-Tier
REMIC Distribution Account, the Lock Box Account, the Escrow Accounts, the Interest Reserve Account, the Excess Liquidation Proceeds
Reserve Account, the Excess Interest Distribution Account or any other account maintained by or on behalf of 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 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 in the case of the Trustee, 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 applicable, shall assume that such payment is so permitted unless a Responsible Officer of the Trustee or the Certificate Administrator,
as applicable, 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.


 


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, each, in its individual capacity or any other
capacity, may become the owner or pledgee of Certificates, and may deal with the Depositor and the Master Servicer in banking
transactions, with the same rights it would have if it were not Trustee, the Certificate Administrator or such agent, as the
case may be.


 



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Section
8.05     Payment of Trustee/Certificate Administrator Fees and Expenses; Indemnification.


 


(a)          As
compensation for the performance of its duties hereunder, the Trustee shall be paid its portion of the Trustee/Certificate Administrator
Fee, which shall cover recurring and otherwise reasonably anticipated expenses of the Trustee. As compensation for the performance
of its duties hereunder, the Certificate Administrator shall be paid its portion of the Trustee/Certificate Administrator Fee,
which shall cover recurring and otherwise reasonably anticipated expenses of the Certificate Administrator. The Certificate Administrator
shall pay the Trustee the Trustee’s portion of the Trustee/Certificate Administrator Fee. The Trustee/Certificate Administrator
Fee shall be paid monthly on a Mortgage Loan-by-Mortgage Loan basis. The Trustee/Certificate Administrator Fee (which in each
case shall not be limited by any provision of law in regard to the compensation of a trustee of an express trust) shall constitute
the Trustee’s and the Certificate Administrator’s sole form of compensation for all services rendered by each of them
in the execution of the trusts hereby created and in the exercise and performance of any of the powers and duties of the Trustee
or the Certificate Administrator, as applicable, hereunder. No Trustee/Certificate Administrator Fee shall be payable with respect
to any Companion Loan. In the event that the Trustee assumes the servicing responsibilities of the Master Servicer or the Special
Servicer hereunder pursuant to or otherwise arising from the resignation or removal of the Master Servicer or the Special Servicer,
the Trustee shall be entitled to the compensation to which the Master Servicer or the Special Servicer, as the case may be, would
have been entitled.


 


(b)          Each
of the Trustee and the Certificate Administrator shall be paid or reimbursed by the Trust Fund upon its request for all reasonable
expenses, disbursements and, except for Advances otherwise reimbursable hereunder, advances incurred or made by the Trustee or
the Certificate Administrator, as applicable, 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)
to the extent such payments are “unanticipated expenses” as described in clause (d) below, except any such expense,
disbursement or advance as may arise from its negligence, bad faith or willful misconduct; provided, however, that,
subject to Section 8.01 and Section 8.02 of this Agreement, neither the Trustee nor the Certificate Administrator
shall refuse to perform any of its duties hereunder solely as a result of the failure to be paid the Trustee/Certificate Administrator
Fee or the Trustee’s expenses or the Certificate Administrator’s expenses, as applicable.


 


The
Master Servicer and the Special Servicer covenant and agree to pay or reimburse the Trustee for the reasonable out-of-pocket expenses
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 the resignation or removal of the Master Servicer
or the Special Servicer, 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 expenses as may arise from
the negligence or bad faith of the Trustee.


 


(c)          Each
of the Paying Agent, the Authenticating Agent, the Certificate Administrator, the Certificate Registrar, the Custodian, the Trustee,
the Depositor, the Master Servicer and the Special Servicer (each, an “Indemnifying Party”) shall indemnify
the Trustee, the


 



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Paying Agent, the Authenticating Agent, the Certificate Administrator, the Certificate Registrar, the Custodian
and their respective Affiliates and each of the directors, officers, employees and agents of the Paying Agent, the Authenticating
Agent, the Trustee, the Certificate Administrator, the Certificate Registrar, the Custodian and their respective Affiliates (each,
an “Indemnified Party”) for, and hold each of them harmless against, any and all claims, losses, damages, penalties,
fines, forfeitures, reasonable and necessary 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 and/or negligence in the performance of each of its respective obligations or duties hereunder
or by reason of negligent disregard of its respective obligations and duties hereunder. Each of the Paying Agent, the Authenticating
Agent, the Trustee, the Certificate Registrar, the Custodian and the Certificate Administrator shall indemnify each of the Master
Servicer and the Special Servicer and its Affiliates and each of the directors, officers, employees and agents of each of the
Master Servicer and the Special Servicer and its Affiliates (each, a “Servicer Indemnified Party”) for, and
hold each of them harmless against, any and all claims, losses, damages, penalties, fines, forfeitures, reasonable and necessary
legal fees and related costs, judgments, and any other costs, fees and expenses that the Servicer Indemnified Party may sustain
in connection with this Agreement (including, without limitation, reasonable fees and disbursements of counsel incurred by the
Servicer Indemnified Party in any action or proceeding between the Trustee, the Paying Agent, the Authenticating Agent, the Certificate
Registrar, the Custodian or the Certificate Administrator, as applicable, and the Servicer Indemnified Party or between the Servicer
Indemnified Party and any third party or otherwise) related to the Trustee’s, the Authenticating Agent’s, the Paying
Agent’s, the Certificate Registrar’s, the Custodian’s or the Certificate Administrator’s respective willful
misconduct, bad faith, fraud and/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. Each of the Authenticating Agent, the Paying Agent, the Certificate
Registrar, the Custodian, the Certificate Administrator and the Trustee shall indemnify the Depositor, each Sponsor, any employee,
director or officer of the Depositor or any Sponsor, and the Trust Fund for, and hold each of them harmless against, any loss,
liability or reasonable expense (including, without limitation, reasonable attorneys’ fees and expenses) incurred by such
parties (i) as a result of any willful misconduct, bad faith, fraud or negligence in the performance of the obligations or duties
of the Authenticating Agent, the Paying Agent, the Certificate Registrar, the Custodian, the Certificate Administrator or the
Trustee, as the case may be, or by reason of negligent disregard of the Authenticating Agent, the Paying Agent’s, the Certificate
Registrar’s, the Custodian’s, the Certificate Administrator’s or the Trustee’s, as the case may be, obligations
or duties hereunder, or (ii) as a result of the breach by the Authenticating Agent, the Paying Agent, the Certificate Registrar,
the Custodian, the Certificate Administrator or the Trustee, as the case may be, of any of its representations or warranties contained
herein, or (iii) as a result of or relating to a violation of the Exchange Act or Regulation RR if such violation, in whole or
in part, results from or arises out of a breach by the Authenticating Agent, the Paying Agent, the Certificate Registrar or the
Certificate Administrator, as the case may be, of any of its obligations under Section 5.02(f) and Section 5.03(i)
of this Agreement.


 



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(d)         The
Trust Fund shall indemnify each Indemnified Party from, and hold it harmless against, any and all claims, losses, damages, penalties,
fines, forfeitures, reasonable and necessary 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 and of all persons not regularly in its employ incurred by the Indemnified Party in any action or proceeding between
the Trust Fund and the Indemnified Party or between the Indemnified Party and any third party or otherwise) arising in respect
of this Agreement or the Certificates, in each case to the extent and only to the extent, such payments are expressly reimbursable
under this Agreement, or are unanticipated expenses (as defined below), other than (i) those resulting from the negligence, fraud,
bad faith or willful misconduct, or negligent disregard of obligations and duties hereunder, of the Indemnified Party and (ii)
except to the extent such amounts are not paid pursuant to this Section 8.05, those as to which such Indemnified Party
is entitled to indemnification pursuant to Section 8.05(c). The term “unanticipated expenses” shall include
any fees, expenses and disbursements of the Trustee or the Certificate Administrator or any separate trustee or co-trustee or
certificate administrator appointed hereunder, only to the extent such fees, expenses and disbursements were not reasonably anticipated
as of the Closing Date, and the losses, liabilities, damages, claims or incremental expenses (including reasonable attorneys’
fees) incurred or, except in the case of an Advance otherwise reimbursable hereunder, advanced by an Indemnified Party in connection
with (i) a default under any Mortgage Loan and (ii) any litigation arising out of this Agreement, 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 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
or removal of the Trustee or the Certificate Administrator, as applicable, as regards rights accrued prior to such resignation
or removal and (with respect to any acts or omissions during their respective tenures) the resignation, removal or termination
of the Master Servicer, the Special Servicer, the Paying Agent, the Authenticating Agent, 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.


 


Section
8.06    Eligibility Requirements for the Trustee and the Certificate Administrator. Each of the Trustee
and the Certificate Administrator hereunder shall at all times be a corporation or association organized and doing business under
the laws of any state or the United States of America, authorized under such laws to exercise corporate trust powers and to accept
the trust conferred under this Agreement, having a combined capital and surplus of at least $100,000,000, and subject to supervision
or examination by federal or state authority, and the Trustee shall not be an Affiliate of any other member of the Restricted
Group (other than an Underwriter and, during any period when the Trustee has assumed the duties of the Master Servicer pursuant
to Section 7.02 , the Master Servicer). The Trustee is required to maintain (A) a rating on its unsecured long term-debt
of at least “A2” by Moody’s, (B) a rating on its unsecured long term-debt of at least “A-” by Fitch
or a rating on its short-term debt of at least “F1” by Fitch, (C) a rating on its unsecured long term-debt of at least
“A” by DBRS (or, if not


 



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rated by DBRS, an equivalent rating by two (2) other NRSROs (which may include S&P, Fitch
and Moody’s) and (D) a rating on its unsecured long term-debt of at least “BBB+” by S&P ; provided,
however, that Wilmington Trust, National Association as the initial trustee will be deemed to have met the eligibility requirements
in (A) through (D) above for so long as (a) it has a rating on its long-term unsecured debt of at least “Baa3” by
Moody’s or a rating on its short-term unsecured debt of at least “P-2” by Moody’s, (b) it has a rating
on its unsecured long-term debt of at least “BBB” by Fitch or a rating on its short-term debt rating of at least “F2”
by Fitch, (c) it has a rating on its unsecured long-term debt of at least “A(low)” by DBRS and a rating on its short-term
debt of at least “R-1(low) by DBRS (or, if not rated by DBRS, an equivalent rating by two (2) other NRSROs (which may include
S&P, Fitch and Moody’s)), (d) it has a rating on its unsecured long-term debt of at least “BBB” from S&P
and a short term debt rating of at least “A-2” from S&P and (e) the Master Servicer has (i) a rating on its unsecured
long-term debt of at least “A2” by Moody’s or a rating on its short-term unsecured debt of at least “P-1”
by Moody’s, (ii) a rating on its unsecured long-term debt of a least “A” by Fitch or a rating on its short-term
debt of at least “F1” by Fitch, (iii) a rating on its unsecured long-term debt of at least “A” by DBRS
(or, if not rated by DBRS, an equivalent rating of two (2) other NRSROs (which may include S&P, Fitch and Moody’s) and
(iv) a rating on its unsecured long-term debt of at least “A” by S&P and a rating on its short-term debt of at
least “A-1” from S&P (or, in the case of any Rating Agency’s rating requirement set forth above in this
sentence, such other rating with respect to which the applicable Rating Agency has provided a Rating Agency Confirmation). In
addition, the Trustee shall satisfy the requirements for a trustee contemplated by clause (a)(4)(i) of Rule 3a-7 under the Investment
Company Act. The Certificate Administrator is required to maintain a rating on its unsecured long term debt of at least (A) “Baa2”
by Moody’s, (B) “BBB+” by Fitch, (C) if rated by DBRS, at least “BBB” by DBRS (or, if not rated
by DBRS, an equivalent rating by two (2) other NRSROs (which may include S&P, Fitch and Moody’s) and (D) “BBB+”
by S&P (or “BBB” by S&P if the Certificate Administrator’s unsecured short term debt is rated at least
“A-2” by S&P) (or, in the case of any Rating Agency’s rating requirement set forth above in this sentence,
such other rating with respect to which the applicable Rating Agency has provided a Rating Agency Confirmation). 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. In the event that the
place of business from which the Trustee or the Certificate Administrator, as applicable, administers the Trust Fund is a state
or local jurisdiction that imposes a tax on the Trust Fund or the net income of a Trust REMIC (other than a tax corresponding
to a tax imposed under the REMIC Provisions) the Trustee or the Certificate Administrator, as applicable, shall elect either to
(i) resign immediately in the manner and with the effect specified in Section 8.07, (ii) pay such tax from its own funds
and continue as Trustee or Certificate Administrator, as applicable, or (iii) administer the Trust Fund from a state and local
jurisdiction that does not impose such a tax. In case 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 applicable, shall
resign immediately in the manner and with the effect specified in Section 8.07.


 


Section
8.07    Resignation and Removal of the Trustee or the Certificate Administrator. Each of 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 other such


 



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party, the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor, the Asset
Representations Reviewer, the Certificateholders, the Serviced Companion Loan Holders and, for posting to the Rule 17g-5
Information Provider’s Website pursuant to Section 12.13 of this Agreement, the Rule 17g-5 Information Provider.
Upon such notice of resignation, the Master Servicer shall promptly appoint a successor Trustee or the Certificate
Administrator, as applicable, with respect to which the Rating Agencies have provided a Rating Agency Confirmation to the
resigning Trustee or Certificate Administrator, as applicable, and the successor Trustee or Certificate Administrator, as
applicable. If no successor Trustee or Certificate Administrator, as applicable, shall have been so appointed and have
accepted appointment within 90 days after the giving of such notice of resignation, the resigning Trustee or Certificate
Administrator, as applicable, may petition any court of competent jurisdiction for the appointment of a successor Trustee or
Certificate Administrator, as applicable, and such petition will be an expense of the Trust Fund. Except as set forth in the
immediately preceding sentence, 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 (including, but not limited to, the costs of assigning Mortgage Loans by reason of change in Trustee).


 


If
at any time either the Trustee or the Certificate Administrator shall cease to be eligible in accordance with the provisions of
Section 8.06 and shall fail to resign after written request therefor by the Depositor or Master Servicer, or if at any
time either 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 applicable, or of its property shall be appointed, or any public
officer shall take charge or control of the Trustee or the Certificate Administrator, as applicable, or of its property or affairs
for the purpose of rehabilitation, conservation or liquidation, then the Depositor may remove the Trustee or the Certificate Administrator,
as applicable, and promptly appoint a successor Trustee or the Certificate Administrator, as applicable, by written instrument,
which shall be delivered to the Trustee or the Certificate Administrator, as applicable, so removed and to the successor Trustee
or Certificate Administrator, as applicable. The Holders of Certificates entitled to more than 50% of the Voting Rights of all
of the Certificates may at any time, with prior written notice, remove the Trustee or the Certificate Administrator and appoint
a successor Trustee or the Certificate Administrator, as applicable, by written instrument or instruments, in five originals,
signed by such Holders or their attorneys-in-fact duly authorized, one complete set of which instruments shall be delivered to
the Depositor, one complete set to the Master Servicer, one complete set to the Trustee (in connection with the removal of the
Certificate Administrator), one complete set to the Certificate Administrator (in connection with the removal of the Trustee),
one complete set to the Trustee or Certificate Administrator, as applicable, so removed and one complete set to the successor
Trustee or Certificate Administrator, as applicable, so appointed, and a copy thereof shall be delivered to the Serviced Companion
Loan Holders.


 


In
the event that the Trustee or the Certificate Administrator is terminated or removed pursuant to this Section 8.07, all
of its rights and obligations under this Agreement and in and to the Mortgage Loans or Serviced Loan Combination 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 and other amounts (including Advances and any accrued interest thereon) accrued or owing to it under this Agreement,
with respect to periods prior to the date of such termination or removal, and no termination without cause shall be effective
until the payment


 



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of such amounts to the Trustee or the Certificate Administrator, as applicable). The Trustee or the Certificate
Administrator, as applicable, will bear all reasonable out-of-pocket costs and expenses of each other party hereto and each Rating
Agency in connection with its termination or removal; provided that if the Trustee or the Certificate Administrator, as
applicable, is terminated without cause by the Holders of Certificates evidencing more than 50% of the Voting Rights of all Certificates
as provided in the immediately preceding paragraph, then such Holders will be required to pay all the reasonable costs and expenses
of the Trustee or the Certificate Administrator, as applicable, necessary to effect the transfer of the rights and obligations
(including, if applicable, custody of any Mortgage Files in its possession) of the Trustee or Certificate Administrator, as applicable,
to a successor trustee or certificate administrator.


 


Any
resignation or removal of the Trustee or the Certificate Administrator and appointment of a successor Trustee or Certificate Administrator,
as applicable, pursuant to any of the provisions of this Section 8.07 shall not become effective until (i) acceptance of
appointment by the successor Trustee or successor Certificate Administrator, as applicable, as provided in Section 8.08
and (ii) the filing by or on behalf of the Trust of a Form 8-K with respect to such resignation, removal and/or appointment as
contemplated by the fifth paragraph of Section 10.07.


 


Upon
the resignation or upon the termination of the Trustee, the outgoing Trustee shall (subject to the terms of the third paragraph
of this Section 8.07), at its own expense, ensure that prior to its transfer of duties to any successor (to the extent
such Loan Document was assigned or endorsed to the Trustee), (A) the original executed Note for each Mortgage Loan, is endorsed
(without recourse, representation or warranty, express or implied) to the order of the successor, as trustee for the registered
holders of Citigroup Commercial Mortgage Trust 2017-P8, Commercial Mortgage Pass Through Certificates, Series 2017-P8” or
in blank, and (B) in the case of the other Loan Documents, are assigned (and, other than in connection with the removal of the
Trustee without cause, recorded as appropriate) to such successor, and such successor shall review the documents delivered to
it or the Custodian with respect to each Mortgage Loan, and certify in writing that, as to each Mortgage Loan then subject to
this Agreement, such endorsement and assignment has been made. The outgoing Trustee shall provide copies of the documentation
provided for in items (A) and (B) above to the Master Servicer, in each case to the extent such copies are not already in the
Master Servicer’s possession. If the Trustee is removed without cause, the Loan Documents identified in clause (B) of the
preceding sentence shall, if appropriate, be recorded by the successor trustee if so required by the Master Servicer or the Special
Servicer and at the expense of the Trust (for so long as no Control Termination Event is continuing, with the consent of the Controlling
Class Representative, and during the continuance of a Control Termination Event but prior to the occurrence and continuance of
a Consultation Termination Event, after consultation with the Controlling Class Representative).


 


Section
8.08     Successor Trustee or Successor Certificate Administrator.


 


(a)          Any
successor Trustee or Certificate Administrator appointed as provided in Section 8.07 of this Agreement shall execute, acknowledge
and deliver to the Depositor, the Master Servicer, the Special Servicer and to the predecessor Trustee or Certificate Administrator,
as applicable, 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 Trustee or Certificate
Administrator, as


 



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applicable, 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 a Rating Agency Confirmation shall be obtained from each Rating Agency with respect
to the appointment of such successor Trustee or Certificate Administrator. In connection with the appointment of a successor Certificate
Administrator, the predecessor Certificate Administrator (or a Custodian on its behalf) shall deliver to the successor Certificate
Administrator all Mortgage Files and related documents and statements held by it hereunder. The Depositor, the Master Servicer,
the Special Servicer, the Operating Advisor 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 Trustee or Certificate Administrator, as applicable, all such rights, powers, duties and obligations. No successor
Trustee or Certificate Administrator shall accept appointment as provided in this Section 8.08 unless at the time of such
acceptance such successor Trustee or Certificate Administrator, as applicable, shall be eligible under the provisions of Section
8.06. In no event may the Operating Advisor, the Asset Representations Reviewer or any of their Affiliates be appointed as
successor Trustee or successor Certificate Administrator.


 


Upon
acceptance of appointment by a successor Trustee or Certificate Administrator, as applicable, as provided in this Section 8.08,
the Depositor shall mail notice of the succession of such Trustee or Certificate Administrator, as applicable, hereunder to all
Holders of Certificates at their addresses as shown in the Certificate Register and to the Companion Loan Holders. If the Depositor
fails to mail such notice within 10 days after acceptance of appointment by the successor Trustee or Certificate Administrator,
the successor Trustee or Certificate Administrator, as applicable, shall cause such notice to be mailed at the expense of the
Depositor.


 


(b)         Any
successor Trustee or Certificate Administrator appointed pursuant to this Agreement shall satisfy the eligibility requirements
set forth in Section 8.06 hereof.


 


Section
8.09     Merger or Consolidation of the Trustee or the Certificate Administrator. Any entity
into which the Trustee or the Certificate Administrator may be merged or converted, or with which the Trustee or the
Certificate Administrator, as applicable, may be consolidated, or any entity resulting from any merger, conversion or
consolidation to which the Trustee or the Certificate Administrator, as applicable, shall be a party, or any entity
succeeding to the corporate trust business of the Trustee or the Certificate Administrator, as applicable, shall be the
successor of the Trustee or the Certificate Administrator, as applicable, hereunder, provided such entity shall be eligible
under the provisions of Section 8.06 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.


 


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, the assets thereof or
any 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 to act (at the expense of (i) the Trustee, if
the need to appoint such co-trustee(s) arises from any change in or matter relating to the identity, organization, status,
power, conflicts, internal policy or other development


 



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or matter with respect to the Trustee, and/or (ii) the Trust Fund, if
the need to appoint such co-trustee(s) arises from a change in applicable law or the identity, status or power of the Trust
Fund; provided, however, that in the event the need to appoint such co-trustee(s) arises from a combination of
the events described in clause (i) and clause (ii), the expense shall be split evenly between the Trustee and
the Trust Fund; and provided, further, that in the event the need to appoint such co-trustee(s) arises from none of
the events described in clause (i) and clause (ii), such appointment shall be at the expense of the Trust Fund) 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 be in existence or 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. 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. 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 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.


 


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


 



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of, or affording protection to, such separate
trustee or co-trustee that imposes a standard of conduct less stringent than that imposed on 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.


 


Section
8.11    Access to Certain Information.


 


(a)          The
Trustee, the Certificate Administrator and the Custodian shall afford to any Privileged Person (including the Operating Advisor
and the related Directing Holder) access to any documentation (other than any Privileged Information) regarding the Mortgage Loans
or the other assets of the Trust Fund that are in its possession or within its control. Such access shall be afforded without
charge but only upon reasonable prior written request and during normal business hours at the offices of the Trustee, the Certificate
Administrator or the Custodian, as applicable.


 


(b)          The
Certificate Administrator shall maintain at its offices (or, in the case of the Mortgage Files, the Certificate Administrator
shall maintain or cause to be maintained at its offices or the offices of a Custodian appointed by it) (and, upon reasonable prior
written request and during normal business hours, shall make available or cause to be made available) for review by any Privileged
Person originals and/or copies of the following items (to the extent such items were prepared by or delivered to the Certificate
Administrator (or a Custodian appointed by it, as applicable)):


 


(i)           the
Prospectus;


 


(ii)          this
Agreement, each Sub-Servicing Agreement delivered to the Certificate Administrator since the Closing Date (if any), the Mortgage
Loan Purchase Agreements and any amendments and exhibits hereto or thereto;


 


(iii)         all
Certificate Administrator reports made available to holders of each relevant Class of Certificates since the Closing Date;


 


(iv)         all
Distribution Date Statements and all CREFC® reports actually delivered or otherwise made available to Certificateholders
pursuant to Section 4.02 of this Agreement since the Closing Date;


 


(v)          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 10.10 of this Agreement;


 



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(vi)         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 10.10 of this Agreement;


 


(vii)        the
most recent inspection report prepared by or on behalf of the Master Servicer or the Special Servicer, as applicable, and delivered
to the Certificate Administrator in respect of each Mortgaged Property pursuant to Section 3.18 of this Agreement;


 


(viii)       any
and all notices and reports delivered to the Certificate Administrator with respect to any Mortgaged Property as to which the
environmental testing contemplated by Section 3.10(e) of this Agreement revealed that neither of the conditions set forth
in clauses (i) and (ii) thereof was satisfied;


 


(ix)         the
Mortgage Files, including any and all modifications, waivers and amendments of the terms of the Mortgage Loans (or the Serviced
Loan Combinations) entered into or consented to by the Master Servicer, the Special Servicer, any Outside Servicer or any Outside
Special Servicer and delivered to the Certificate Administrator (or a Custodian on its behalf) pursuant to Section 3.24
of this Agreement;


 


(x)          the
summary of each Final Asset Status Report delivered to the Certificate Administrator pursuant to Section 3.21(b) of this
Agreement and the annual, quarterly and monthly operating statements, if any, collected by or on behalf of the Master Servicer
or the Special Servicer, as applicable, and delivered to the Certificate Administrator for each Mortgaged Property, together with
the other information specified in Section 4.02(b) of this Agreement;


 


(xi)         any
and all Officer’s Certificates and other evidence delivered to or by the Certificate Administrator to support its or the
Master Servicer’s, as the case may be, determination that any Advance was (or, if made, would be) a Nonrecoverable Advance;


 


(xii)         notice
of termination or resignation of the Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer,
the Certificate Administrator, the Trustee, any Outside Servicer, any Outside Special Servicer or any Outside Trustee (and appointments
of successors thereto);


 


(xiii)       all
Special Notices;


 


(xiv)       any
Third Party Reports (or updates of Third Party Reports) delivered to the Certificate Administrator in electronic format; and


 


(xv)        any
other information that may be necessary to satisfy the requirements of subsection (d)(4)(i) of Rule 144A.


 


The
Certificate Administrator shall provide, or cause to be provided, copies of any and all of the foregoing items upon reasonable
written request of any of the parties set forth in the previous sentence.


 



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The
Certificate Administrator shall not be liable for providing or disseminating information in accordance with the terms of this
Agreement.


 


Article
IX



TERMINATION; OPTIONAL MORTGAGE LOAN PURCHASE


 


Section
9.01     Termination; Optional Mortgage Loan Purchase.


 


(a)          The
respective obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Operating Advisor,
the Asset Representations Reviewer, the Certificate Administrator and the Trustee created hereby with respect to the Certificates,
the Mortgage Loans and the Serviced Companion Loans (other than the obligation to make certain payments and to send certain notices
to Certificateholders as hereinafter set forth and to make any required remittances to the Serviced Companion Loan Holders in
the month in which the final Distribution Date occurs and certain tax-related obligations) shall terminate immediately following
the earlier to occur of (i) the purchase by Holders of the Controlling Class, the Special Servicer, the Master Servicer or Holders
of the Class R Certificates of all the Mortgage Loans and REO Properties (or interests therein) then included in the Trust Fund
pursuant to subsection (c), (ii) the exchange by the Remaining Certificateholder of its Certificates for all the Mortgage Loans
and REO Properties (or interests therein) then included in the Trust Fund pursuant to subsection (h) and (iii) the final payment
or other liquidation (or any advance with respect thereto) of the last Mortgage Loan or REO Property (or interest therein) contained
in 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. All such payments as contemplated by the preceding paragraph shall be
deposited into the Collection Account by the Master Servicer or Special Servicer, as applicable, promptly following receipt thereof.


 


(b)         In
connection with a termination contemplated by Section 9.01(a) of this Agreement, the Trust REMICs outstanding shall be
terminated and the assets of the Lower-Tier REMIC shall be sold or otherwise disposed of in connection therewith, pursuant to
a “plan of complete liquidation” within the meaning of Code Section 860F(a)(4)(A) providing for the actions contemplated
by the provisions hereof pursuant to which the applicable Notice of Termination is given and requiring that the assets of the
Lower-Tier REMIC shall be sold for cash and that each such Trust 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) 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 in the final federal income
tax returns of each Trust REMIC. Notwithstanding the termination of the Trust REMICs, or the Trust Fund, the Certificate Administrator
shall be responsible for filing the final Tax Returns for the Trust REMICs and for the Grantor Trust for the period ending with
such termination, and shall maintain books and records with respect to the Trust REMICs and the Grantor Trust for the period for
which it maintains its own tax returns or other reasonable period.


 



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(c)          The
Holders of the Controlling Class representing greater than 50% of the Certificate Balance of the Controlling Class may (or, if
such Holders do not, the Special Servicer, or if neither such Holders nor the Special Servicer do, the Master Servicer or, if
none of such Holders, the Special Servicer or the Master Servicer does, any Holders of Class R Certificates representing greater
than a 50% Percentage Interest in such Class, may also) effect an early termination of the Trust Fund, upon not less than 30 days’
prior notice given to the parties (or, if applicable, the other parties) to this Agreement (whereupon the Master Servicer shall
notify the Serviced Companion Loan Holders) any time on or after the Early Termination Notice Date specifying the Anticipated
Termination Date, by purchasing on such date all, but not less than all, of the Mortgage Loans (and in the case of the Serviced
Loan Combinations, subject to certain rights of the related Serviced Companion Loan Holder provided for in the related Co-Lender
Agreement) then included in the Trust Fund, and all property acquired by or on behalf of the Trust Fund (including the Trust Fund’s
interest in any REO Property acquired with respect to any Outside Serviced Mortgage Loan) in respect of any Mortgage Loan then
included in the Trust Fund, at a purchase price, payable in cash, equal to (i) the sum of (A) the Termination Purchase Amount
and (B) the reasonable out-of-pocket expenses of the Master Servicer (unless the Master Servicer is the purchaser of such Mortgage
Loans), the Special Servicer (unless the Special Servicer is the purchaser of such Mortgage Loans), the Trustee and the Certificate
Administrator, as applicable, with respect to such termination, minus (ii) solely in the case where the Master Servicer or the
Special Servicer is effecting such purchase, the aggregate amount of unreimbursed Advances, if any, made by the Master Servicer
or Special Servicer, as applicable, together with any interest accrued and payable to the Master Servicer or the Special Servicer,
as applicable, in respect of such Advances and any unpaid Servicing Fees or Special Servicing Fees, as applicable, remaining outstanding
(which items will be deemed to have been paid or reimbursed to the Master Servicer or the Special Servicer, as applicable, in
connection with such purchase).


 


Any
Person(s) effecting an early termination of the Trust Fund as provided in the prior paragraph shall first notify the Controlling
Class Representative and each Certifying Certificateholder, or, in the case of a termination by the Holder of a Class R Certificate,
notify the Certificate Administrator (who shall notify the Controlling Class Representative and each Certifying Certificateholder)
of its intention to do so in writing at least 30 days prior to the Anticipated Termination Date. 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 Mortgage Loans 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 Certificate Administrator shall be entitled to rely conclusively on any determination made by an Appraiser pursuant to this
subsection (c).


 


(d)          If
the Trust Fund has not been previously terminated pursuant to subsection (c) or subsection (h) 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 Mortgage Loans previously provided to it, that the final distribution
will be made (i) to the Holders of outstanding Regular Certificates, to the Holders of the Vertically Retained Certificates in
respect of the Class VRR Upper-Tier Regular Interest and to the Certificate Administrator in respect of the Lower-Tier Regular
Interests, notwithstanding that such distribution may be insufficient to distribute in full an amount equal to the remaining Certificate
Balance or Lower-Tier Principal Balance, as applicable, of each such Class of Certificates and Lower-Tier Regular Interest, together
with amounts required to be


 



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distributed on such Distribution Date pursuant to Section 4.01 of this Agreement (or, if the
Regular Certificates and the Class VRR Upper-Tier Regular Interest are no longer outstanding, to the Holders of the Class R Certificates)
and (ii) to the Holders of the Grantor Trust Certificates, of any amount remaining in the Collection Account, the Lower-Tier REMIC
Distribution Account, the Upper-Tier REMIC Distribution Account, the Excess Interest Distribution Account and/or the Excess Liquidation
Proceeds Reserve Account, as applicable, in any case, following the later to occur of (a) the receipt or collection of the last
payment due on any Mortgage Loan included in the Trust Fund or (b) the liquidation or disposition pursuant to Section 3.17 of this Agreement of the last asset held by the Trust Fund.


 


(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 at their addresses shown in the Certificate Register (with a copy to the Master Servicer, the Special
Servicer and, for posting to the Rule 17g-5 Information Provider’s Website pursuant to Section 12.13 of this Agreement,
the Rule 17g-5 Information Provider) as soon as practicable after the Certificate Administrator shall have received, given or
been deemed to have received a Notice of Termination but in any event not more than thirty days, and not less than ten days, prior
to the Anticipated Termination Date. The notice mailed by the Certificate Administrator to affected Certificateholders shall:


 


(i)           specify
the Anticipated 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 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. Subject to applicable state law with respect to escheatment of funds, if within two years after
the second notice any Certificates shall not have been surrendered for cancellation, the
Paying Agent shall pay to the


 



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 Class R Certificateholders all amounts distributable to the Holders thereof. 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)         For
purposes of this Section 9.01, the Remaining Certificateholder shall have the first option to terminate the Trust Fund
pursuant to subsection (h), and then the Holders of the Controlling Class representing more than 50% of the Certificate Balance
of the Controlling Class, and then the Special Servicer, and then the Master Servicer, and then the Holders of Class R Certificates
representing more than 50% of the Percentage Interests in such Class, in each of the last four cases, pursuant to subsection (c).


 


(h)         Following
the date on which the Class X-A Notional Amount, the Class X-B Notional Amount, the Class X-D Notional Amount and the aggregate
Certificate Balance of the Class A-1, Class A-2, Class A-3, Class A-4, Class A-AB, Class A-S, Class B, Class C and Class D Certificates
are reduced to zero, the Remaining Certificateholder shall have the right to exchange all of its Certificates (but excluding the
Class S and Class R Certificates) for all of the Mortgage Loans and each REO Property (and including the Trust Fund’s interest
in any REO Property acquired with respect to the Outside Serviced Mortgage Loans) remaining in the Trust Fund 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 Remaining Certificateholder shall pay the Master Servicer 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 Remaining Certificateholder elects to
exchange all of the Certificates (other than the Class S and Class R Certificates) for all of the Mortgage Loans and each REO
Property (and including the Trust Fund’s interest in any REO Property acquired with respect to the Outside Serviced Mortgage
Loans) remaining in the Trust Fund in accordance with the preceding sentence, such Remaining Certificateholder, not later than
the Termination Date, 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 Operating Advisor, the Certificate Administrator and
the Trustee hereunder through the date of the liquidation of the Trust Fund that may be withdrawn from the Collection Account
or a Distribution Account, but only to the extent that such amounts are not already on deposit in the Collection Account. Upon
confirmation that such final deposits have been made and following the surrender of all remaining Certificates (other than the
Class S and Class R Certificates) by the Remaining Certificateholder on the Termination Date, the Custodian shall, upon receipt
of a Request for Release from the Master Servicer, release or cause to be released to the Remaining Certificateholder or any designee
thereof, the Mortgage Files for the remaining Mortgage Loans and shall execute all assignments, endorsements and other instruments
furnished to it by the Remaining Certificateholder as shall be necessary to effectuate transfer of the Mortgage Loans and REO
Properties (and including the Trust Fund’s interest in any REO Property acquired with respect to the Outside Serviced Mortgage
Loans) remaining in the Trust Fund, and the Trust Fund shall be liquidated in accordance with this Section 9.01. Thereafter,
the Trust Fund and the respective obligations and responsibilities under this Agreement of the Depositor, the Master Servicer,
the Special Servicer, the Operating Advisor, the Certificate Administrator and the Trustee (other than the making of certain payments
to Certificateholders and Serviced Companion Loan Holders, sending of certain notices, the maintenance of books and records and
the preparation and filing of final tax returns), shall terminate. Such transfers shall be


 



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subject to any rights of any Sub-Servicers
to service (or to perform select servicing functions with respect to) the Mortgage Loans. For federal income tax purposes, the
Remaining Certificateholder shall be deemed to have purchased the assets of the Lower-Tier REMIC for an amount equal to the remaining
Certificate Balance of its remaining Certificates (other than the Class S and Class R Certificates), plus accrued and unpaid interest
with respect thereto, and the Certificate Administrator shall credit such amounts against amounts distributed in respect of the
Lower-Tier Regular Interests and such Certificates. The remaining Mortgage Loans and REO Properties (or the Trust’s interests
therein) are deemed distributed to the Remaining Certificateholder in liquidation of the Trust Fund pursuant to this Section
9.01.


 


Article
X



EXCHANGE ACT REPORTING AND REGULATION AB COMPLIANCE


 


Section
10.01   Intent of the Parties; Reasonableness. The parties hereto acknowledge and agree that the purpose of Article
X of this Agreement is to facilitate compliance by the Depositor and any Other Depositor with the provisions of Regulation
AB and the related rules and regulations of the Commission. 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 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 Citigroup Commercial
Mortgage Trust 2017-P8, Commercial Mortgage Pass-Through Certificates, Series 2017-P8, and any Serviced 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 the Depositor or any Other
Depositor, as applicable, to comply with the provisions of Regulation AB, together with such disclosures relating to the Master
Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Custodian, the Certificate Administrator
and the Trustee, as applicable, and any Sub-Servicer, or the servicing of the Mortgage Loans, reasonably believed by the Depositor
or any Other Depositor, as applicable, to be necessary in order to effect such compliance.


 


Section
10.02   Succession; Sub-Servicers; Subcontractors.


 


(a)          For
so long as the Trust or any Other Securitization Trust is subject to the reporting requirements of the Exchange Act (in addition
to any requirements contained in Section 10.07 of this Agreement), in connection with the succession to the Master Servicer,
the Special Servicer or any Sub-Servicer as servicer or sub-servicer (to the extent such Sub-Servicer is a “servicer”
as contemplated by Item 1108(a)(2) of Regulation AB) or succession to the


 



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Certificate Administrator under this Agreement by any
Person (i) into which the Master Servicer, the Special Servicer, such Sub-Servicer or Certificate Administrator may be merged
or consolidated, or (ii) which may be appointed as a successor to the Master Servicer, the Special Servicer, any such Sub-Servicer
or Certificate Administrator, the Certificate Administrator (or, in the case of a successor to the Certificate Administrator,
the Trustee) shall provide to the Depositor, as well as any Other Depositor as to which the applicable 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, otherwise no later than one
(1) Business Day after such effective date, (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 the Depositor and each such Other Depositor,
all information relating to such successor (which such successor Master Servicer, Special Servicer, Sub-Servicer or Certificate
Administrator shall be required to provide) reasonably requested by the Depositor or 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). The Certificate Administrator (or the Trustee, if applicable) shall provide
similar notice to the Depositor and each such Other Depositor in connection with any resignation or termination of the Master
Servicer, the Special Servicer, any Sub-Servicer or the Certificate Administrator. In addition, with respect to each Serviced
Companion Loan, the Certificate Administrator shall comply with the Trust’s obligations under each Co-Lender Agreement (including
with respect to the provision of any required notices) in connection with any resignation, termination, replacement or appointment
of the Master Servicer, the Special Servicer, any Sub-Servicer or the Certificate Administrator or any successor thereto.


 


(b)        
 For so long as the Trust or any Other Securitization Trust is subject to the reporting requirements of the Exchange
Act, if the Master Servicer, the Special Servicer, any Sub-Servicer, the Custodian, the Trustee and the Certificate
Administrator (each of the Master Servicer, the Special Servicer, the Custodian, the Trustee and the Certificate
Administrator and each Sub-Servicer, for purposes of this Section 10.02(b), Section 10.02(c), Section
10.02(d) and Section 10.17, a “Servicer”) utilizes one or more Subcontractors to perform
certain of its obligations hereunder, such Servicer shall promptly upon request provide to the Depositor, as well as any
Other Depositor as to which the applicable Serviced Companion Loan is affected, a written description (in form and substance
satisfactory to the Depositor and each such Other Depositor) of the role and function of each Subcontractor that is a
Servicing Function Participant utilized by such Servicer 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 Servicer shall cause any Subcontractor determined to be a Servicing Function Participant
used by such Servicer for the benefit of the Depositor to comply with the provisions of Section 10.09 and Section
10.10 of this Agreement to the same extent as if such Subcontractor were such Servicer. Such Servicer shall obtain from
each such Subcontractor (or, in the case of each Sub-Servicer set forth on Exhibit S, shall use commercially
reasonable efforts to cause 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 10.09 and Section
10.10 of this Agreement, in each case, as and when required to be delivered.


 



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(c)          For
so long as the Trust or any Other Securitization Trust is subject to the reporting requirements of the Exchange Act, notwithstanding
the foregoing, if a Servicer engages a Subcontractor in connection with the performance of any of its duties under this Agreement,
such Servicer 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 Servicer 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) of Regulation AB, then the engagement
of such Subcontractor 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 applicable Companion Loan is affected, of any such Subcontractor and sub-servicing
agreement and, if such Subcontractor is engaged by the Master Servicer or the Special Servicer, such Subcontractor shall be deemed
to be a Sub-Servicer for purposes of this Agreement. Written notice of the engagement of such Subcontractor and the related Sub-Servicing
Agreement (other than such agreements set forth on Exhibit S hereto) (with respect to the Master Servicer or the Special
Servicer) or sub-servicing agreement (with respect to any other Servicer) shall be delivered to the Depositor, the Certificate
Administrator and each such Other Depositor at least five (5) Business Days prior to the effective date of such engagement. Such
notice shall contain all information reasonably necessary, and in such form as may be necessary, to enable the Certificate Administrator,
as well as any Other Exchange Act Reporting Party as to which the applicable Serviced Companion Loan is affected, to accurately
and timely report the event under Item 6.02 of Form 8-K pursuant to Section 10.07 of this Agreement (if such reports under
the Exchange Act are required to be filed under the Exchange Act).


 


(d)         For
so long as the Trust or any Other Securitization Trust is subject to the reporting requirements of the Exchange Act, notwithstanding
the foregoing and subject to Section 3.01(c) of this Agreement, if the Master Servicer or the Special Servicer engages
a Sub-Servicer or if any other Servicer engages a sub-servicer, in each case, in connection with the performance of any of the
duties of the Master Servicer, the Special Servicer or such other Servicer, as applicable, under this Agreement and the related
Sub-Servicing Agreement (with respect to the Master Servicer or the Special Servicer) or sub-servicing agreement (with respect
to any other Servicer) is either (i) assigned (other than, in the case of a Sub-Servicer engaged by the Master Servicer, an assignment
to the Master Servicer) or (ii) amended or modified and the Master Servicer, the Special Servicer or such other Servicer, as applicable,
determines that, as a result of such amendment or modification, the Sub-Servicer or sub-servicer, as applicable, would become
a “servicer” within the meaning of Item 1101 of Regulation AB that (1) meets the criteria in Item 1108(a)(2)(i), (ii)
or (iii) of Regulation AB or (2) meets the criteria in Item 1108(a)(2)(iii) of Regulation AB and services 20% or more of the pool
assets, then the Master Servicer, the Special Servicer or such other Servicer, as applicable, shall provide written notice of
such amendment, modification or assignment to the Depositor and the Certificate Administrator, as well as any Other Depositor
as to which the applicable Companion Loan is affected at least five (5) Business Days prior to the effective date of such amendment,
modification or assignment (or if such prior notice would be violative of applicable law or any applicable confidentiality agreement,
no later than the time required under Section 10.07 of this Agreement). Such notice shall contain all information reasonably
necessary, and in such form as may be necessary, to enable the Certificate Administrator, as well as any Other Exchange Act Reporting
Party as to which the applicable Serviced Companion Loan is affected, to accurately and timely report the event under Item 6.02 


 



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of Form
8-K pursuant to Section 10.07 of this Agreement (if such reports under the Exchange Act are required to be filed under
the Exchange Act).


 


(e)          For
so long as the Trust or 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 10.07 of this
Agreement) and shall furnish pursuant to Section 10.07 of this Agreement to the Depositor and each Other Depositor in writing
and in form and substance reasonably satisfactory to the Depositor and each Other Depositor, all information reasonably necessary
for the Certificate Administrator, the Trustee and each Other Exchange Act Reporting Party to accurately and timely report the
event under Item 6.02 of Form 8-K pursuant to Section 10.07 of this Agreement or otherwise (if such reports under the Exchange
Act are required to be filed under the Exchange Act).


 


Section
10.03 Filing Obligations.


 


(a)          The
Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Custodian, the Certificate
Administrator and the Trustee shall (and shall cause (or, in the case of a Mortgage Loan Seller Sub-Servicer, shall use commercially
reasonable efforts to cause) each Additional Servicer and Servicing Function Participant utilized thereby to) reasonably cooperate
with the Depositor and each Other Depositor in connection with the satisfaction of the Trust’s and each Other Securitization
Trust’s reporting requirements under the Exchange Act. Pursuant to Section 10.04, Section 10.05 and Section
10.07, the Certificate Administrator shall prepare for execution by the Depositor any Forms 10-D, ABS-EE, 10-K and 8-K required
by the Exchange Act with respect to the Trust, in order to permit the timely filing thereof, and the Certificate Administrator
shall file (via the Commission’s Electronic Data Gathering and Retrieval System) such Forms executed by the Depositor.


 


(b)          In
the event that the Certificate Administrator is unable to timely file with the Commission or deliver to any Other Depositor or
Other Exchange Act Reporting Party as to which the applicable Companion Loan is affected, all or any required portion of any Form
8-K, 10-D, ABS-EE or 10-K required to be filed by this Agreement because required disclosure information was either not delivered
to it or delivered to it after the delivery deadlines set forth in this Agreement, the Certificate Administrator shall promptly
as soon as practicable, but in no event later than twenty-four (24) hours after determination (but if the next calendar day is
not a Business Day, then in no event later than 10:00 a.m., New York time, on the next Business Day), notify the Depositor, such
Other Depositor or Other Exchange Act Reporting Party thereof. In the case of Forms 10-D, ABS-EE and 10-K, the Depositor and the
Certificate Administrator will thereupon cooperate to prepare and file a Form 12b-25 and a Form 10-D/A, Form ABS-EE/A or Form
10-K/A, as applicable, pursuant to Rule 12b-25 of the Exchange Act. In the case of Form 8-K, the Certificate Administrator will,
upon receipt of all required Form 8-K Disclosure Information, include such disclosure information on the next succeeding Form
10-D to be filed for


 



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the Trust. In the event that any previously filed Form 8-K or Form 10-K needs to be amended, the Certificate
Administrator will notify the Depositor thereof, and such other parties as needed and the parties hereto will cooperate with the
Certificate Administrator to prepare any necessary Form 8-K/A or Form 10-K/A. In the event that any previously filed Form 10-D
or Form ABS-EE needs to be amended, the Certificate Administrator shall notify the Depositor thereof, and such other parties as
needed, and the parties hereto shall cooperate to prepare any necessary Form 10-D/A or Form ABS-EE/A. Any Form 12b-25 or any amendment
to Form 8-K, Form 10-D, Form ABS-EE/A or Form 10-K shall be signed by an officer of the Depositor. The parties to this Agreement
acknowledge that the performance by the Certificate Administrator of its duties under this Section 10.03 related to the timely
preparation and filing of Form 12b-25 or any amendment to Form 8-K, Form 10-D, Form ABS-EE or Form 10-K is contingent upon such
parties observing all applicable deadlines in the performance of their duties under this Article X. The Certificate Administrator
shall have no liability for any loss, expense, damage, or claim arising out of or with respect to any failure to properly prepare,
arrange for execution and/or timely file any such Form 12b-25 or any amendments to Form 8-K, Form 10-D, Form ABS-EE or Form 10-K,
where such failure results from the Certificate Administrator’s inability or failure to receive, on a timely basis, any
information from any other party hereto needed to prepare, arrange for execution or file such Form 12b-25 or any amendments to
Forms 8-K, Form 10-D, Form ABS-EE or Form 10-K, not resulting from its own negligence, bad faith or willful misconduct.


 


Section
10.04     Form 10-D and Form ABS-EE Filings.


 


(a)          Within
15 calendar days after each Distribution Date (subject to permitted extensions under the Exchange Act), the Certificate Administrator
shall prepare and file on behalf of the Trust any Form 10-D and Form ABS-EE then required by the Exchange Act, in form and substance
as then required by the Exchange Act; provided that, in connection with the filing of the Prospectus and the preliminary
prospectus with respect to the Public Certificates, the Depositor shall file any related Form ABS-EE required to be filed with
the Commission and incorporated by reference into each such document. The Certificate Administrator shall file each Form 10-D
with a copy of the related Distribution Date Statement attached thereto; provided that the Certificate Administrator shall redact
from such Distribution Date Statement any information relating to the ratings of the Certificates and the identity of the Rating
Agencies. Any disclosure in addition to the Distribution Date Statement that is required to be included on Form 10-D and/or Form
ABS-EE (“Additional Form 10-D Disclosure”) shall, pursuant to the following paragraph, be (i) reported by the
parties set forth on Exhibit U to this Agreement to the Depositor, the Certificate Administrator and each Other Depositor
and Other Exchange Act Reporting Party to which such Additional Form 10-D Disclosure is relevant for Exchange Act reporting purposes
and (ii) approved by the Depositor and each such Other Depositor, and the Certificate Administrator will have no duty or liability
for any failure hereunder to determine or prepare any Additional Form 10-D Disclosure absent such reporting, direction and approval.


 


For
so long as the Trust or any Other Securitization Trust is subject to the reporting requirements of the Exchange Act, within one
(1) Business Day after the related Distribution Date (using commercially reasonable efforts), but in no event later than noon
(New York City time) on the third Business Day after the related Distribution Date, (i) certain parties to this Agreement, as
set forth on Exhibit U to this Agreement, shall be required to provide to the Certificate Administrator, the Depositor,
and each Other Exchange Act Reporting Party and Other Depositor


 



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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 such format) or (in the case of asset-level information required by Item 1A on
Form 10-D) XML Format or in such other format as otherwise agreed upon by the Certificate Administrator, the Depositor and 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, (ii) the parties listed on Exhibit U to this Agreement shall include with such Additional
Form 10-D Disclosure applicable to such party and shall cause each Sub-Servicer (or, in the case of each Sub-Servicer set forth
on Exhibit S, 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 W-1 to this Agreement (except with respect to the reporting of balances of the Collection Account,
each Loan Combination Custodial Account and each REO Account which shall be delivered in the form of Exhibit W-2 hereto,
and the Special Servicer shall provide in the form of Exhibit W-2 any information relating to any REO Account to be reported
under “Item 9: Other Information” on Exhibit U to the Master Servicer within four (4) calendar days after the
related Distribution Date) and (iii) the Depositor shall approve, as to form and substance, or disapprove, as the case may be,
the inclusion of the Additional Form 10-D Disclosure on Form 10-D or (in the case of asset-level information required by Item
1A on Form 10-D) Form ABS-EE with respect to the Trust; provided that any Depositor’s approval pursuant to this clause
(iii) shall not relieve any parties listed on Exhibit U of its obligations to provide Additional Form 10-D Disclosure
that is true and accurate in all material respects and in compliance with all applicable requirements of the Securities Act and
the Exchange Act, and the rules and regulations promulgated thereunder. The Certificate Administrator has no duty under this Agreement
to monitor or enforce the performance by the parties listed on Exhibit U to this Agreement of their duties under this paragraph
or proactively solicit or procure from such parties any Additional Form 10-D Disclosure information. The Depositor will be responsible
for any reasonable fees assessed or expenses incurred by the Certificate Administrator in connection with including any Additional
Form 10-D Disclosure on Form 10-D or (in the case of asset-level information required by Item 1A on Form 10-D) Form ABS-EE with
respect to the Trust pursuant to this paragraph.


 


(b)         Any
Form 10-D filed by the Certificate Administrator with respect to the Trust shall (i) include the information required by Rule
15Ga-1(a) of the Exchange Act concerning all assets of the Trust that were subject of a demand for the repurchase of, or the substitution
of a Qualified Substitute Mortgage Loan for, a Mortgage Loan contemplated by Section 2.03(a) of this Agreement, (ii) include
a reference to the most recent Form ABS-15G filed by the Depositor and the Commission’s assigned “Central Index Key”
for the Depositor, which information the Depositor shall deliver to the Certificate Administrator, (iii) include a reference to
the most recent Form ABS-15G filed by each Mortgage Loan Seller and the Commission’s assigned “Central Index Key”
for each such filer, which information each Mortgage Loan Seller is required to deliver to the Certificate Administrator pursuant
to Section 6(i) of the applicable Mortgage Loan Purchase Agreement, (iv) incorporate by reference the Form ABS-EE filing for the
related reporting period (which Form ABS-EE disclosures shall be filed at the time of each filing of the applicable report on
Form 10-D with respect to each Mortgage Loan that was part of the Mortgage Pool during any


 



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portion of the related reporting period),
(v) to the extent such information is provided to the Certificate Administrator by the Master Servicer in the form of Exhibit
W-2 hereto for inclusion therein within the time period described in this Section 10.04, the balances of the Collection
Account, each Loan Combination Custodial Account and each REO Account (to the extent the related information has been received
from the Special Servicer within the time period specified in this Section 10.04), in each case as of the related Distribution
Date and as of the immediately preceding Distribution Date and (vi) the balance of the Distribution Account, the Interest Reserve
Account, the Excess Interest Distribution Account and the Excess Liquidation Proceeds Reserve Account, in each case as of the
related Distribution Date and as of the immediately preceding Distribution Date.


 


(c)          With
respect to any Mortgage Loan that permits Additional Debt or mezzanine debt in the future, the Certificate Administrator shall
include as part of any applicable Form 10-D filed by it (to the extent it receives such information from the Master Servicer (with
respect to Non-Specially Serviced Loans as to which the Master Servicer has knowledge or notice of any applicable Additional Debt
or mezzanine debt) or the Special Servicer (with respect to Specially Serviced Mortgage Loans as to which the Special Servicer
has knowledge or notice of any applicable Additional Debt or mezzanine debt)) the identity of such Mortgage Loan and, to the extent
such information is received by the Certificate Administrator from the Master Servicer (with respect to Non-Specially Serviced
Loans as to which the Master Servicer has knowledge or notice of any applicable Additional Debt or mezzanine debt) or the Special
Servicer (with respect to Specially Serviced Mortgage Loans as to which the Special Servicer has knowledge or notice of any applicable
Additional Debt or mezzanine debt), substantially in the form of Exhibit W-3 (A) the amount of any such Additional Debt
or mezzanine debt, as applicable, that is incurred during the related Collection Period, (B) the total debt service coverage ratio
calculated on the basis of such Mortgage Loan and such Additional Debt or mezzanine debt, as applicable, and (C) the aggregate
LTV Ratio calculated on the basis of such Mortgage Loan and such Additional Debt or mezzanine debt, as applicable.


 


(d)          The
Depositor hereby directs the Certificate Administrator to include the following individual’s name and phone number on the
cover of Forms 10-D and ABS-EE for each reporting period: Name: Richard Simpson, Telephone: (212) 816-5343. The Certificate Administrator
may rely without further investigation that this information remains correct unless and until the Depositor provides the Certificate
Administrator with a new individual’s name and phone number in writing.


 


(e)          Upon
receipt of the Asset Review Report Summary from the Asset Representations Reviewer required to be delivered pursuant to Section
11.01(b), the Certificate Administrator shall (i) include such Asset Review Report Summary in Item 1B on the Form 10-D relating
to the Collection Period in which such Asset Review Report Summary was delivered, and (ii) post such Asset Review Report Summary
to the Certificate Administrator’s Website not later than two (2) Business Days after receipt of such Asset Review Report
Summary from the Asset Representations Reviewer.


 


(f)           To
the extent the Certificate Administrator receives a request from any Certificateholder or Certificate Owner to communicate with
other Certificateholders or Certificate Owners pursuant to Section 5.07, the Certificate Administrator shall include on
the Form 10-D


 



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relating to the reporting period in which such request was received disclosure regarding the request to communicate,
and such disclosure is required to include the following and no more than the following: (a) the name of the Certificateholder
or Certificate Owner making the request, (b) the date the request was received, (c) a statement to the effect that the Certificate
Administrator has received such request, stating that such Certificateholder or Certificate Owner is interested in communicating
with other Certificateholders or Certificate Owners with regard to the possible exercise of rights under this Agreement, and (d)
a description of the method other Certificateholders or Certificate Owners may use to contact the requesting Certificateholder
or Certificate Owner.


 


(g)          At
the time required under Section 10.04(a), the Certificate Administrator shall file each Form ABS-EE with a copy of the
related CREFC® Schedule AL File received by the Certificate Administrator pursuant to Section 4.02(b) as
Exhibit 102 thereto. To the extent the Certificate Administrator receives any Schedule AL Additional File with respect to such
Form ABS-EE pursuant to Section 4.02(b), the Certificate Administrator shall file such Schedule AL Additional File as Exhibit
103 to such Form ABS-EE. The Certificate Administrator shall not be required to combine multiple CREFC® Schedule
AL Files or Schedule AL Additional Files. The Certificate Administrator shall not be required to review, redact, reconcile, edit
or verify the content, completeness or accuracy of the information contained in any CREFC® Schedule AL File or
Schedule AL Additional File. The Certificate Administrator shall not be deemed to have actual knowledge of the contents of any
CREFC® Schedule AL File or Schedule AL Additional File solely by its receipt thereof.


 


(h)          After
preparing the Forms 10-D and ABS-EE with respect to the Trust, the Certificate Administrator shall forward electronically copies
of such Forms 10-D and ABS-EE (together with the related CREFC® Schedule AL File and any Schedule AL Additional
File received by the Certificate Administrator) to the Depositor for review no later than seven (7) calendar days after the related
Distribution Date or, if the 7th calendar day after the related Distribution Date is not a Business Day, the immediately
preceding Business Day. The Master Servicer shall reasonably cooperate with the Depositor to answer any questions that the Depositor
may pose to the Master Servicer regarding the data or information contained in, or omitted from, any CREFC® Schedule
AL File or Schedule AL Additional File (other than questions regarding (1) the accuracy as of the Closing Date of data that had
been included in the Initial Schedule AL File or the Initial Schedule AL Additional File or (2) changes made to such CREFC®
Schedule AL File or Schedule AL Additional File by the Certificate Administrator following receipt from the Master Servicer).
The Certificate Administrator, the Master Servicer and the Depositor shall each, to the extent related to such party’s obligations
hereunder, reasonably cooperate to remedy any filing errors regarding any CREFC® Schedule AL File or any Schedule
AL Additional File as soon as possible. Within four (4) Business Days after receipt of copies of such Forms 10-D and ABS-EE from
the Certificate Administrator, but no later than two (2) Business Days prior to the 15th calendar day after the related
Distribution Date, the Depositor shall notify the Certificate Administrator in writing (which may be furnished electronically)
of any changes to or approval of such Form 10-D and Form ABS-EE, respectively, and an officer of the Depositor shall sign the
Form 10-D and Form ABS-EE with respect to the Trust and return an electronic or fax copy of each of the signed Form 10-D and Form
ABS-EE (with an original executed hard copy to follow by overnight mail) to the Certificate Administrator. Upon receipt of such
signed Form 10-D and Form ABS-EE (in electronic form or by fax copy), the Certificate Administrator shall deem such


 



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reports to
be approved by the Depositor and shall proceed with filing such reports with the Commission. If a Form 10-D or Form ABS-EE with
respect to the Trust cannot be filed on time or if a previously filed Form 10-D or Form ABS-EE with respect to the Trust needs
to be amended, the Certificate Administrator will follow the procedures set forth in Section 10.03(b) of this Agreement. Promptly
after filing with the Commission, the Certificate Administrator will make available on its internet website a final executed copy
of each Form 10-D and Form ABS-EE with respect to the Trust prepared and filed by the Certificate Administrator. The signing party
at the Depositor can be contacted at Citigroup Commercial Mortgage Securities Inc., 390 Greenwich Street, 5th Floor,
New York, New York 10013, Attention: Paul Vanderslice, telecopy number: (212) 723-8599, e-mail: paul.t.vanderslice@citi.com,
with a copy to Citigroup Commercial Mortgage Securities Inc., 390 Greenwich Street, New York, New York 10013, Attention: Richard
Simpson, telecopy number: (646) 328-2943, e-mail: richard.simpson@citi.com, and with a copy to Citigroup Commercial Mortgage
Securities Inc., 388 Greenwich Street, 17th Floor, New York, New York 10013, Attention: Ryan M. O’Connor, telecopy number:
(646) 862-8988, e-mail: ryan.m.oconnor@citi.com, or such other address as the Depositor may direct. The parties to this
Agreement acknowledge that the performance by the Certificate Administrator of its duties under this Section 10.04 related to
the timely preparation and filing of Form 10-D and Form ASB-EE with respect to the Trust is contingent upon such parties observing
all applicable deadlines in the performance of their duties under this Section 10.04. The Certificate Administrator shall have
no liability for any loss, expense, damage, or claim arising out of or with respect to any failure to properly prepare, arrange
for execution and/or timely file any Form 10-D or Form ABS-EE with respect to the Trust, where such failure results because required
disclosure information was either not delivered to the Certificate Administrator or delivered to the Certificate Administrator
after the delivery deadlines set forth in this Agreement, not resulting from its own negligence, bad faith or willful misconduct.


 


(i)           Form
10-D requires the registrant to indicate (by checking “yes” or “no”) that it “(1) has filed all
reports required to be filed by Section 13 or 15(d) of the Exchange Act during the preceding 12 months (or for such shorter period
that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.”
The Depositor hereby instructs the Certificate Administrator, with respect to each Form 10-D with respect to the Trust, to check
“yes” for each item unless the Certificate Administrator has received prior written notice (which may be furnished
electronically) from the Depositor that the answer should be “no” for an item which notice shall be delivered to the
Certificate Administrator no later than the day on which the Depositor provided its signature for such filing pursuant to Section
10.04(h) of this Agreement.


 


Section
10.05  Form 10-K Filings. (a) Within 90 days after the end of each fiscal year of the Trust (it being understood
that the fiscal year of the Trust ends on December 31 of each year) or such earlier date as may be required by the Exchange
Act (the “10-K Filing Deadline”), commencing within 90 days after December 31, 2017, the Certificate
Administrator shall prepare and file on behalf of the Trust any Form 10-K then required by the Exchange Act, in form and
substance as then required by the Exchange Act. Each such Form 10-K with respect to the Trust shall include the following
items, in each case to the extent they have been delivered to the Certificate Administrator (in the form required by this
Agreement) within the applicable time frames set forth in this Agreement:


 



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(i)          an
annual compliance statement for each Certifying Servicer and each Additional Servicer engaged by each Certifying Servicer, as
described under Section 10.08; provided that the related signature pages may be delivered separately from such compliance
statement;


 


(ii)          (A)
the annual reports on assessment of compliance with Servicing Criteria for each Reporting Servicer, as described under Section
10.09; and


 


(B)       if
any such report on assessment of compliance with Servicing Criteria described under Section 10.09 identifies any material
instance of noncompliance, disclosure identifying such instance of noncompliance (including whether such instance of noncompliance
involved the servicing of the assets backing the Certificates issued pursuant to this Agreement and any steps taken to remedy
such instance of noncompliance), or if such report on assessment of compliance with Servicing Criteria described under Section
10.09 is not included as an exhibit to such Form 10-K, disclosure that such report is not included and an explanation why
such report is not included;


 


(iii)         (A)
the registered public accounting firm attestation report for each Reporting Servicer, as described under Section 10.10;
and


 


(B)       if
any registered public accounting firm attestation report described under Section 10.10 identifies any material instance
of noncompliance, disclosure identifying such instance of noncompliance, or if any such registered public accounting firm attestation
report is not included as an exhibit to such Form 10-K, disclosure that such report is not included and an explanation why such
report is not included; and


 


(iv)       a
certification in the form attached to this Agreement as Exhibit X, with such changes as may be necessary or appropriate
as a result of changes promulgated by the Commission (the “Sarbanes-Oxley Certification”), which shall, except
as described below, be signed by the senior officer of the Depositor in charge of securitization; provided that the related signature
pages may be delivered separately.


 


Any
disclosure or information in addition to (i) through (iv) above that is required to be included on Form 10-K (“Additional
Form 10-K Disclosure”) shall, pursuant to the second following paragraph, be (i) reported by the parties set forth on
Exhibit V to this Agreement to the Depositor, the Certificate Administrator and any Other Depositor and Other Exchange
Act Reporting Party to which such Additional Form 10-K Disclosure is relevant for Exchange Act reporting purposes and (ii) approved
by the Depositor and such Other Depositor, and the Certificate Administrator will have no duty or liability for any failure hereunder
to determine or prepare any Additional Form 10-K Disclosure, absent such reporting, direction and approval.


 


Not
later than the end of each fiscal year for which the Trust is required to file a Form 10-K, the Master Servicer, the Special Servicer,
the Certificate Administrator, the Custodian, the Operating Advisor and the Trustee shall provide the other parties to this Agreement
and the Mortgage Loan Sellers with written notice of the name and address of each Servicing Function Participant retained by such
party, if any, during such fiscal year. Not later than the end of each


 



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fiscal year for which the Trust is required to file a Form
10-K, the Certificate Administrator shall, upon request (which can be in the form of electronic mail and which may be continually
effective), provide to each Mortgage Loan Seller written notice of any change in the identity of any party to this Agreement,
including the name and address of any new party to this Agreement.


 


For
so long as the Trust or any Other Securitization Trust is subject to the reporting requirements of the Exchange Act, no later
than March 1, commencing in March 2018, (i) the parties listed on Exhibit V to this Agreement shall be required to provide
(and (i) with respect to any Servicing Function Participant of such party that is a Mortgage Loan Seller Sub-Servicer, 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 the Certificate Administrator, the Depositor and each Other Exchange Act Reporting Party and 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 the Certificate Administrator, the Depositor, 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 V to this Agreement applicable to such party, (ii) the parties listed on Exhibit
V 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 S, 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 W to this Agreement, and (iii) the Depositor
will approve, as to form and substance, or disapprove, as the case may be, the inclusion of the Additional Form 10-K Disclosure
on Form 10-K with respect to the Trust; provided that any Depositor’s approval pursuant to this clause (iii) shall
not relieve any parties listed on Exhibit V of its obligations to provide Additional Form 10- K Disclosure that is true
and accurate in all material respects and in compliance with all applicable requirements of the Securities Act and the Exchange
Act, and the rules and regulations promulgated thereunder. The Certificate Administrator has no duty under this Agreement to monitor
or enforce the performance by the parties listed on Exhibit V to this Agreement of their duties under this paragraph or
proactively solicit or procure from such parties any Additional Form 10-K Disclosure information. The Depositor will be responsible
for any reasonable fees assessed and expenses incurred by the Certificate Administrator in connection with including any Additional
Form 10-K Disclosure on Form 10-K with respect to the Trust pursuant to this paragraph.


 


After
preparing a Form 10-K with respect to the Trust, the Certificate Administrator shall forward electronically a preliminary copy
of such Form 10-K to the Depositor for review no later than March 15 in the year immediately following the year as to which such
Form 10-K relates, or, if March 15 is not a Business Day, on the immediately following Business Day. Within three (3) Business
Days after receipt of such copy, the Depositor shall notify the Certificate Administrator in writing (which may be furnished electronically)
of any changes or approval to


 



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such preliminary Form 10-K. The Certificate Administrator shall provide a complete Form 10-K with
respect to the Trust to the Depositor for review no later than March 21 in the year immediately following the year as to which
such Form 10-K relates, or if March 21 is not a Business Day, on the immediately following Business Day. Within three (3) Business
Days after receipt of such complete Form 10-K, the Depositor shall notify the Certificate Administrator in writing (which may
be furnished electronically) of any changes or approval to such complete Form 10-K. No later than 5:00 p.m. (New York City time)
on the third Business Day prior to the 10-K Filing Deadline, a senior officer of the Depositor shall sign the Form 10-K with respect
to the Trust and return an electronic or fax copy of such signed Form 10-K (with an original executed hard copy to follow by overnight
mail) to the Certificate Administrator. Upon receipt of such signed Form 10-K (in electronic form or by fax copy), the Certificate
Administrator shall deem such report to be approved by the Depositor and shall proceed with filing such report with the Commission.
If a Form 10-K with respect to the Trust cannot be filed on time or if a previously filed Form 10-K with respect to the Trust
needs to be amended, the Certificate Administrator will follow the procedures set forth in Section 10.03(b). Promptly after
filing with the Commission, the Certificate Administrator will make available on the Certificate Administrator’s Website
a final executed copy of each Form 10-K prepared and filed by the Certificate Administrator. The signing party at the Depositor
can be contacted at Citigroup Commercial Mortgage Securities Inc., 390 Greenwich Street, 5th Floor, New York, New York 10013,
Attention: Paul Vanderslice, telecopy number: (212) 723-8599, e-mail: paul.t.vanderslice@citi.com, with a copy to Citigroup
Commercial Mortgage Securities Inc., 390 Greenwich Street, New York, New York 10013, Attention: Richard Simpson, telecopy number:
(646) 328-2943, e-mail: richard.simpson@citi.com, and with a copy to Citigroup Commercial Mortgage Securities Inc., 388
Greenwich Street, 17th Floor, New York, New York 10013, Attention: Ryan M. O’Connor, telecopy number: (646) 862-8988, e-mail:
ryan.m.oconnor@citi.com, or such other address as the Depositor may direct. The parties to this Agreement acknowledge that
the performance by the Certificate Administrator of its duties under this Section 10.05 related to the timely preparation
and filing of Form 10-K with respect to the Trust is contingent upon the parties to this Agreement (and any Additional Servicer
or Servicing Function Participant engaged or utilized, as applicable, by any such parties) observing all applicable deadlines
in the performance of their duties under this Section 10.05. The Certificate Administrator shall have no liability for
any loss, expense, damage, claim arising out of or with respect to any failure to properly prepare, arrange for execution and/or
timely file any Form 10-K with respect to the Trust, where such failure results because required disclosure information was either
not delivered to the Certificate Administrator or delivered to the Certificate Administrator after the delivery deadlines set
forth in this Agreement, not resulting from its own negligence, bad faith or willful misconduct.


 


(b)       Form
10-K requires the registrant to indicate (by checking “yes” or “no”) that it “(1) has filed all
reports required to be filed by Section 13 or 15(d) of the Exchange Act during the preceding 12 months (or for such shorter period
that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.”
The Depositor hereby instructs the Certificate Administrator, with respect to each Form 10-K with respect to the Trust, to check
“yes” for each item unless the Certificate Administrator has received prior written notice (which may be furnished
electronically) from the Depositor that the answer should be “no” for an item which notice shall be delivered to the
Certificate Administrator no later than the day on which the Depositor provided its signature for such filing pursuant to Section
10.05(a) of this Agreement.


 



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Section
10.06   Sarbanes-Oxley Certification. Each Form 10-K with respect to the Trust shall include a
Sarbanes-Oxley Certification in the form attached to this Agreement as Exhibit X required to be included therewith
pursuant to the Sarbanes-Oxley Act. The Certificate Administrator, the Master Servicer, the Special Servicer, the Operating
Advisor, the Asset Representations Reviewer (in the case of the Asset Representations Reviewer, solely with respect to
reporting periods in which the Asset Representations Reviewer is required to deliver an Asset Review Report Summary), the
Custodian and the Trustee shall provide (and (i) with respect to any Servicing Function Participant of such party that is a
Mortgage Loan Seller Sub-Servicer, 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 the Person who signs the Sarbanes-Oxley
Certification for the Trust or any Other Securitization Trust (the “Certifying Person”) no later than
March 1 in the year immediately following the year as to which such Form 10-K relates or, if March 1 is not a Business Day,
on the immediately following Business Day, a certification in the form attached to this Agreement as Exhibit
Y-1, Exhibit Y-2, Exhibit Y-3, Exhibit Y-4, Exhibit Y-5, Exhibit Y-6, Exhibit
Y-7 and Exhibit Y-8, as applicable, 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. With respect to each Outside Serviced Mortgage Loan serviced
under an Outside Servicing Agreement, the Certificate Administrator shall use commercially reasonable efforts to procure, and
upon receipt deliver to the Certifying Person, a Sarbanes-Oxley back-up certification similar in form and substance to the
certifications referenced in the preceding sentence, from the related Outside Servicer, the related Outside Special Servicer,
the related Outside Paying Agent and the related Outside Trustee. 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
10.06 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.


 


Section
10.07   Form 8-K Filings. Within four (4) Business Days after the occurrence of an event requiring disclosure on Form
8-K (each such event, a “Reportable Event”), or if requested by the Depositor, the Certificate
Administrator shall prepare and file on behalf of the Trust any Form 8-K, as required by the Exchange Act, provided
that the Depositor shall file the initial Form 8-K with respect to the Trust in connection with the issuance of the
Certificates. Any disclosure or information related to a Reportable Event or that is otherwise required to be included on
Form 8-K (“Form 8-K Disclosure Information”) that is approved by the Depositor shall, pursuant to the
following paragraph, be reported by the applicable parties set forth on Exhibit Z to this Agreement to the Depositor,
the Certificate Administrator and each Other Depositor and Other Exchange Act Reporting Party to which such Form 8-K
Disclosure Information is relevant for Exchange Act reporting purposes, and the Certificate Administrator will have no duty
or liability for any failure hereunder to determine or prepare any Form 8-K Disclosure Information or any Form 8-K with
respect to the Trust, absent such reporting, direction and approval.


 


For
so long as the Trust or any Other Securitization Trust is subject to the reporting requirements of the Exchange Act, to the extent
a Servicing Officer or Responsible Officer thereof


 



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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 (1) Business Day after the occurrence of a Reportable Event
(using commercially reasonable efforts), but in no event later than 1:00 p.m. (New York City time) on the second Business Day
after the occurrence of a Reportable Event, (i) the parties set forth on Exhibit Z to this Agreement shall be required
to provide (and (i) with respect to any Servicing Function Participant of such party that is a Mortgage Loan Seller Sub-Servicer,
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 the Depositor, the Certificate Administrator and each Other Depositor and 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 the Depositor,
the Certificate Administrator, each such Other Depositor, each such Other Exchange Act Reporting Party and such providing parties
any Form 8-K Disclosure Information described on Exhibit Z to this Agreement as applicable to such party, if applicable
(ii) the parties listed on Exhibit Z 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 S, 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 W-1,
and (iii) the Depositor will approve, as to form and substance, or disapprove, as the case may be, the inclusion of the Form 8-K
Disclosure Information on Form 8-K with respect to the Trust; provided that any Depositor’s approval pursuant to
this clause (iii) shall not relieve any parties listed on Exhibit Z of its obligations to provide Form 8 K Disclosure
Information that is true and accurate in all material respects and in compliance with all applicable requirements of the Securities
Act and the Exchange Act and the rules and regulations promulgated thereunder. The Certificate Administrator has no duty under
this Agreement to monitor or enforce the performance by the parties listed on Exhibit Z of their duties under this paragraph
or proactively solicit or procure from such parties any Form 8-K Disclosure Information. The Depositor will be responsible for
any reasonable fees assessed or expenses incurred by the Certificate Administrator in connection with including any Form 8-K Disclosure
Information on Form 8-K with respect to the Trust pursuant to this paragraph.


 


With
respect to any Loan Combination, (i) upon receipt of any notice of execution or amendment of an Outside Servicing Agreement or
an Outside Co-Lender Agreement with respect to an Outside Serviced Mortgage Loan or notice of any Reportable Event with respect
to any Outside Service Provider of an Outside Serviced Mortgage Loan, the Trustee or the Certificate Administrator, as the case
may be, shall promptly notify the Depositor of such notice and cooperate with the Depositor to prepare and file on behalf of the
Trust any Form 8-K, as required by the Exchange Act and (ii) upon the execution of any amendment to a related Co-Lender Agreement,
the Master Servicer, the Special Servicer or the Trustee, as the case may be, executing such amendment on behalf of the Trust
shall promptly notify the Depositor and the Certificate Administrator of such execution and cooperate with the Depositor and the
Certificate Administrator to prepare and file on behalf of the Trust any Form 8-K, as required by the Exchange Act.


 



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After
preparing any Form 8-K with respect to the Trust, the Certificate Administrator shall forward electronically a copy of the Form
8-K to the Depositor for review no later than 1:00 p.m. (New York City time) on the third Business Day after the related Reportable
Event (but in no event earlier than 24 hours after having received approved Form 8-K Disclosure Information pursuant to the immediately
preceding paragraph). Promptly, but no later than the close of business on the third Business Day after the related Reportable
Event, the Depositor shall notify the Certificate Administrator in writing (which may be furnished electronically) of any changes
to or approval of such Form 8-K. No later than noon on the fourth Business Day after the related Reportable Event, a duly authorized
representative of the Depositor shall sign the Form 8-K with respect to the Trust and return an electronic or fax copy of such
signed Form 8-K (with an original executed hard copy to follow by overnight mail) to the Certificate Administrator. If a Form
8-K with respect to the Trust cannot be filed on time or if a previously filed Form 8-K with respect to the Trust needs to be
amended, the Certificate Administrator will follow the procedures set forth in Section 10.03(b) of this Agreement. Promptly
after filing with the Commission, the Certificate Administrator will, make available on its internet website a final executed
copy of each Form 8-K with respect to the Trust, to the extent such Form 8-K has been prepared and filed by the Certificate Administrator.
The signing party at the Depositor can be contacted at Citigroup Commercial Mortgage Securities Inc., 390 Greenwich Street, 5th
Floor, New York, New York 10013, Attention: Paul Vanderslice, telecopy number: (212) 723-8599, e-mail: paul.t.vanderslice@citi.com,
with a copy to Citigroup Commercial Mortgage Securities Inc., 390 Greenwich Street, New York, New York 10013, Attention: Richard
Simpson, telecopy number: (646) 328-2943, e-mail: richard.simpson@citi.com, and with a copy to Citigroup Commercial Mortgage
Securities Inc., 388 Greenwich Street, 17th Floor, New York, New York 10013, Attention: Ryan M. O’Connor, telecopy number:
(646) 862-8988, e-mail: ryan.m.oconnor@citi.com, or such other address as the Depositor may direct. The parties to this
Agreement acknowledge that the performance by the Certificate Administrator of its duties under this Section 10.07 related
to the timely preparation and filing of Form 8-K with respect to the Trust is contingent upon such parties observing all applicable
deadlines in the performance of their duties under this Section 10.07. The Certificate Administrator shall have no liability
for any loss, expense, damage, claim arising out of or with respect to any failure to properly prepare and/or timely file any
Form 8-K with respect to the Trust, where such failure results from the Certificate Administrator’s inability or failure
to receive, on a timely basis, any information from the parties to this Agreement needed to prepare, arrange for execution or
file such Form 8-K, not resulting from its own negligence, bad faith or willful misconduct.


 


In
the case of a Form 8-K that is filed by or on behalf of the Trust or any Other Securitization Trust as a result of the termination,
removal, resignation or any other replacement of the Master Servicer, the Special Servicer, the Trustee, the Certificate Administrator
or any Sub-Servicer or Subcontractor of any of the foregoing parties (to the extent such Sub-Servicer or Subcontractor is a “servicer”
as contemplated by Item 1108(a)(2) of Regulation AB) under this Agreement, the proposed successor Master Servicer, Special Servicer,
Trustee, Certificate Administrator, Sub-Servicer or Subcontractor, as applicable, shall, as a condition to such succession and
at the reasonable expense of the same party or parties required to pay the costs and expenses relating to such termination, removal,
resignation or other replacement pursuant to this Agreement, provide to the Certificate Administrator and the Depositor on or
before the date of such proposed succession the following: (i) any information (including, but not limited to, disclosure information)
required for the Trust to comply in a timely manner with applicable filing


 



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requirements under Items 1.01 and 6.02 of Form 8-K
and (ii) such opinion(s) of counsel, certifications and/or indemnification agreement(s) with respect to such information that
are substantially similar to those delivered by the initial Master Servicer, the initial Special Servicer, the initial Trustee,
the initial Certificate Administrator or the initial Sub-Servicer, as the case may be, or their respective counsel, in connection
with the information concerning such party in the Prospectus and/or any other disclosure materials relating to this Trust.


 


Section
10.08  Annual Compliance Statements. The Master Servicer, the Special Servicer, the Certificate Administrator, the
Custodian and, if it has made an Advance during the applicable calendar year, the Trustee shall furnish (and each of the
Master Servicer, the Special Servicer, the Custodian and the Certificate Administrator (i) with respect to any Additional
Servicer of such party that is a Mortgage Loan Seller Sub-Servicer, shall use commercially reasonable efforts to cause such
Additional Servicer to furnish, and (ii) with respect to any other Additional Servicer of such party (other than any party to
this Agreement), shall cause such Additional Servicer to furnish) (each such Additional Servicer and each of the Master
Servicer, the Special Servicer, the Custodian, the Certificate Administrator and the Trustee (if applicable), a
“Certifying Servicer”) to the Certificate Administrator, the Serviced Companion Loan Holders (or, in the
case of a Serviced Companion Loan that is part of an Other Securitization Trust, the applicable Other Depositor and Other
Exchange Act Reporting Party), the Operating Advisor (only in the case of an Officer’s Certificate furnished by the
Special Servicer) and the Depositor on or before March 1 of each year, commencing in March 2018, an Officer’s
Certificate (together with a copy thereof in EDGAR-Compatible Format, or in such other format as otherwise agreed upon by the
Depositor, the Certificate Administrator, the applicable Other Depositor, the applicable Other Exchange Act Reporting Party
and the applicable Certifying Servicer) stating, as to the signer thereof, that (A) a review of such
Certifying Servicer’s activities during the preceding calendar year or portion thereof and of such Certifying
Servicer’s performance under this Agreement, or the applicable Sub-Servicing Agreement or primary servicing agreement
in the case of an Additional Servicer, has been made under such officer’s supervision and (B) to the best of such
officer’s knowledge, based on such review, such Certifying Servicer has fulfilled all its obligations under this
Agreement, or the applicable Sub-Servicing Agreement or primary servicing agreement in the case of an Additional Servicer, 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. The Master
Servicer and the Special Servicer shall, and the Master Servicer and the Special Servicer shall cause (or, in the case of an
Additional Servicer that is a Mortgage Loan Seller Sub-Servicer, shall use its commercially reasonable efforts to cause) each
Additional Servicer hired by it to, forward a copy of each such statement to, prior to the occurrence and continuance of a
Consultation Termination Event, the Controlling Class Representative and, for posting to the Rule 17g-5 Information
Provider’s Website pursuant to Section 12.13, the Rule 17g-5 Information Provider. Promptly after receipt of
each such Officer’s Certificate, the Depositor (and, in the case of a Serviced Companion Loan that is part of an Other
Securitization Trust, the applicable 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 Additional Servicer with which the Master Servicer or the
Special Servicer, as applicable, has entered into a servicing relationship with respect to the Mortgage Loans or the
Companion Loans in the fulfillment of any Certifying Servicer’s obligations hereunder or under the applicable
sub-servicing or primary servicing


 



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agreement. The obligations of each Certifying Servicer under this Section apply to each
Certifying Servicer that serviced a Mortgage Loan or 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.


 


With
respect to each Outside Serviced Mortgage Loan serviced under the applicable Outside Servicing Agreement, the Certificate Administrator
shall request, and upon receipt deliver to the Depositor, from a “Servicing Officer” or “Responsible Officer”
(as such terms are defined in the applicable Outside Servicing Agreement), as applicable, of the related Outside Servicer, Outside
Special Servicer, Outside Custodian, Outside Trustee and Outside Paying Agent or Outside Certificate Administrator an Officer’s
Certificate in form and substance similar to the Officer’s Certificate described in this Section or such other form as is
set forth in the Outside Servicing Agreement.


 


Section
10.09   Annual Reports on Assessment of Compliance With Servicing Criteria.


 


(a)          On
or before March 1 of each year commencing in March 2018, the Master Servicer, the Special Servicer, the Certificate Administrator,
the Custodian, the Operating Advisor and, if it has made (or is required to make) an Advance during the applicable calendar year,
the Trustee, each at its own expense, shall furnish (and each of the preceding parties, as applicable, (i) with respect to any
Servicing Function Participant of such party that is a Mortgage Loan Seller Sub-Servicer, 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 Master
Servicer, the Special Servicer, the Certificate Administrator, the Custodian, the Operating Advisor, any Servicing Function Participant
and, if it has made (or is required to make) an Advance during the applicable calendar year, the Trustee, as the case may be,
a “Reporting Servicer”) to the Certificate Administrator, the Trustee, the Serviced Companion Loan Holders
(or, in the case of a Serviced Companion Loan that is part of an Other Securitization Trust, the applicable Other Depositor and
Other Exchange Act Reporting Party), the Operating Advisor (only in the case of a report furnished by the Special Servicer) and
the Depositor, a report on an assessment of compliance with the Relevant Servicing Criteria (together with a copy thereof in EDGAR-Compatible
Format, or in such other format as otherwise agreed upon by the Depositor, the Certificate Administrator, the applicable Other
Depositor, the applicable Other Exchange Act Reporting Party and the applicable Certifying Servicer) that complies in all material
respects with the requirements of Item 1122 of Regulation AB and contains (A) a statement by such Reporting Servicer of its responsibility
for assessing compliance with the Relevant Servicing Criteria, (B) a statement that such Reporting Servicer used the Servicing
Criteria to assess compliance with the Relevant Servicing Criteria, (C) such Reporting Servicer’s assessment of compliance
with the Relevant 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 Relevant Servicing Criteria, a discussion of each such failure and the nature and status thereof
and (D) a statement that a registered public accounting firm has issued an attestation report on such Reporting Servicer’s
assessment of compliance with the Relevant Servicing Criteria as of and for such period. Copies of all compliance reports delivered
pursuant to this Section 10.09 shall be provided to any Certificateholder, upon the written request thereof, by the Certificate
Administrator.


 



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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 Relevant Servicing Criteria specified on a certification substantially in
the form of Exhibit O to this Agreement delivered to the Depositor on the Closing Date. Promptly after receipt of each
such report, (i) 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, and (ii) the
Certificate Administrator shall confirm that the assessments, taken individually address the Relevant Servicing Criteria for each
party as set forth on Exhibit O to this Agreement and notify the Depositor of any exceptions. For the avoidance of doubt,
the Trustee shall have no obligation or duty to determine whether any such report (other than any such report furnished by the
Trustee or any Servicing Function Participant of the Trustee) is in form and substance in compliance with the requirements of
Regulation AB.


 


(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 Exhibit O to this Agreement sets forth the Relevant Servicing
Criteria for such party.


 


(c)          No
later than the end of each fiscal year for the Trust, the Master Servicer, the Special Servicer, the Certificate Administrator,
the Custodian, the Operating Advisor and, if it has made (or is required to make) an Advance during such fiscal year, the Trustee
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, and the Certificate Administrator shall notify the Depositor
and each Other Depositor as to the name of each Servicing Function Participant utilized by it, during such fiscal year, 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, the Certificate Administrator, the Custodian,
the Trustee (if applicable), the Operating Advisor and any Servicing Function Participant submit their assessments pursuant to
Section 10.09(a) of this Agreement, such parties will also at such time include the assessment (and related attestation
pursuant to Section 10.10 of this Agreement) 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, the Certificate Administrator, the Custodian, the Trustee (if it has made,
or is required to make, an Advance during the applicable period) or the Operating Advisor 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 Mortgage Loan Seller Sub-Servicer, shall use commercially reasonable efforts to cause) any Servicing Function Participant
of such party to provide (and the Master Servicer, the Special Servicer and the Certificate Administrator shall, with respect
to any Servicing Function Participant that resigns or is terminated under any applicable servicing agreement, cause such Servicing
Function Participant (or, in the case of each Servicing Function Participant that is a Mortgage Loan Seller Sub-Servicer, shall
use commercially reasonable efforts to cause such Servicing Function Participant) to provide) an annual assessment of compliance
pursuant to this Section 10.09, coupled with an attestation as required in Section 10.10 of this Agreement with
respect to the period of time that the Master Servicer, the Special Servicer, the Certificate Administrator, the Custodian, the
Trustee (if it has made, or is required to make, an Advance during


 



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such period of time) or the Operating Advisor was subject to
this Agreement or the period of time that the applicable Servicing Function Participant was subject to such other servicing agreement.


 


With
respect to each Outside Serviced Mortgage Loan serviced under the applicable Outside Servicing Agreement, the Certificate Administrator
shall use commercially reasonable efforts to obtain, and upon receipt deliver to the Depositor, an annual report on assessment
of compliance as described in this Section and an attestation as described in Section 10.10 from the related Outside Servicer,
Outside Special Servicer, Outside Custodian, Outside Trustee and Outside Paying Agent or Outside Certificate Administrator and
in form and substance similar to the annual report on assessment of compliance described in this Section 10.09 and the attestation
described in Section 10.10.


 


Section
10.10  Annual Independent Public Accountants’ Servicing Report. On or before March 1 of each year, commencing
in March 2018, the Master Servicer, the Special Servicer, the Certificate Administrator, the Custodian, the Operating Advisor
and, if it has made (or is required to make) an Advance during the applicable calendar year, the Trustee, each at its own
expense, shall cause (and each of the preceding parties, as applicable, (i) with respect to any Servicing Function
Participant of such party that is a Mortgage Loan Seller Sub-Servicer, 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 Certificate
Administrator, the Custodian, the Trustee, the Operating Advisor 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 (together
with a copy thereof in EDGAR-Compatible Format, or in such other format as otherwise agreed upon by the Depositor, the
Certificate Administrator, the applicable Other Depositor, the applicable Other Exchange Act Reporting Party and the
applicable party required to furnish, or cause to be furnished, such report under this Section 10.10) to the
Certificate Administrator, the Serviced Companion Loan Holders (or, in the case of a Serviced Companion Loan that is part of
an Other Securitization Trust, the applicable Other Depositor and Other Exchange Act Reporting Party), the Operating Advisor
(only in the case of a report furnished on behalf of the Special Servicer) and the Depositor, and, prior to the occurrence
and continuance of a Consultation Termination Event, the Controlling Class Representative and, for posting to the Rule 17g-5
Information Provider’s Website pursuant to Section 12.13 of this Agreement, the Rule 17g-5 Information Provider,
to the effect that (i) it has obtained a representation regarding certain matters from the management of such
Reporting Servicer, which includes an assertion that such Reporting Servicer has complied with the Relevant 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 compliance with the Relevant Servicing Criteria was fairly stated in all material respects,
or it is not expressing an overall opinion regarding such Reporting Servicer’s assessment of compliance with the
Relevant 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 such related accountant’s attestation
report shall be made in accordance with Rules 1-02(a)(3) and 2-02(g) of Regulation S-X under the Act and the Exchange Act.
Such report must be available for general use and not contain restricted use language. Copies of such statement will


 



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be
provided to any Certificateholder, upon the written request thereof, by the Certificate Administrator.


 


Promptly
after receipt of such report from the Master Servicer, the Special Servicer, the Certificate Administrator, the Custodian, the
Trustee (if applicable), the Operating Advisor or any Servicing Function Participant, (i) the Depositor and each Other Depositor
may review the report and, if applicable, consult with the Master Servicer, the Special Servicer, the Certificate Administrator,
the Custodian, the Trustee (if applicable) or the Operating Advisor as to the nature of any defaults by the Master Servicer, the
Special Servicer, the Certificate Administrator, the Custodian, the Trustee (if applicable), the Operating Advisor or any Servicing
Function Participant with which it has entered into a servicing relationship with respect to the Mortgage Loans or the Companion
Loans, as the case may be, in the fulfillment of any of the Master Servicer’s, the Special Servicer’s, the Certificate
Administrator’s, the Custodian’s, the Trustee’s (if applicable), the Operating Advisor’s or the applicable
Servicing Function Participants’ obligations hereunder or under the applicable sub servicing or primary servicing agreement,
and (ii) the Certificate Administrator shall confirm that each accountants’ attestation report submitted pursuant to this
Section relates to an assessment of compliance meeting the requirements of Section 10.09 of this Agreement and notify the
Depositor of any exceptions.


 


Section
10.11   Significant Obligors


 


(a)          [Reserved].


 


(b)         With
respect to any Significant Obligor with respect to an Other Securitization Trust as to which the applicable Other Depositor has
notified the Master Servicer that such Significant Obligor with respect to such Other Securitization Trust exists, to the extent
that 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
notice from the Other Depositor that such Significant Obligor with respect to such Other Securitization Trust exists, or the updated
financial statements of such Significant Obligor for any calendar year, beginning for the calendar year following such notice
from the Other Depositor, as applicable, the Master Servicer shall deliver to the Other Depositor and the Other Exchange Act Reporting
Party of such Other Securitization Trust, on or prior to the day that occurs two (2) Business Days prior to the related Significant
Obligor NOI Quarterly Filing Deadline or four (4) Business Days prior to the related Significant Obligor NOI Yearly Filing Deadline,
as applicable, (A) if such financial statement receipt occurs twelve (12) or more Business Days prior to the related Significant
Obligor NOI Quarterly Filing Deadline or fourteen (14) 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 CREFC®
guidelines and (B) if such financial statement receipt occurs less than twelve (12) Business Days prior to the related Significant
Obligor NOI Quarterly Filing Deadline or less than fourteen (14) 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 reported by the related Mortgagor in such financial statements.


 



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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 any Significant Obligor with respect to an Other Securitization Trust by the date on which
such financial information is required to be delivered under the related Loan Documents, the Master Servicer (i) shall use efforts
consistent with the Servicing Standard (taking into account, in addition, the ongoing reporting obligations of the related Other
Depositor under the Exchange Act) to obtain the periodic financial statements of the related Mortgagor under the related Loan
Documents, (ii) 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 related Mortgagor to obtain the required
financial information, and (iii) if unsuccessful, shall, no later than five (5) Business Days prior to the related Significant
Obligor NOI Quarterly Filing Deadline or the related Significant Obligor NOI Yearly Filing Deadline, as applicable, 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.


 


For
the avoidance of doubt, the Special Servicer shall be responsible for collecting the financial statements and calculating net
operating income with respect to Specially Serviced Mortgage Loans and REO Properties as provided in Section 3.03(a) and
Section 4.02(b).


 


Section
10.12      Indemnification. Each of the Master Servicer, the Special Servicer, the Operating
Advisor, the Asset Representations Reviewer, the Certificate Administrator, the Custodian and the Trustee (each an
“Indemnifying Party”) shall indemnify and hold harmless each Certification Party, the Depositor, each
Other Depositor, any employee, director or officer of the Depositor or any Other Depositor, and each other person, if any,
who controls the Depositor or any Other Depositor within the meaning of either Section 15 of the Securities Act or Section 20
of the Exchange Act from and against any claims, losses, damages, penalties, fines, forfeitures, legal fees and expenses and
related costs, judgments and other costs and expenses (including without limitation the costs of investigation, legal defense
and any amounts paid in settlement of any claim or litigation) incurred by such indemnified party arising out of: (i) the
failure of any Indemnifying Party to perform its obligations under this Article X; (ii) the failure of any Servicing
Function Participant or Additional Servicer retained by it (other than a Mortgage Loan Seller Sub-Servicer) to perform its
obligations under this Article X; (iii) any untrue statement of a material fact contained in any information (x)
regarding the Indemnifying Party or any Servicing Function Participant, Additional Servicer or Subcontractor engaged by it
(other than any Mortgage 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 Indemnifying Party in connection with the performance of such Indemnifying Party’s obligations described
in this Article X, or the 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 such Indemnifying Party
shall be entitled to participate at its own expense in any action arising out of the foregoing and the Depositor shall
consult with such Indemnifying Party with respect to any litigation or audit strategy, as applicable, in connection with the
foregoing and any potential settlement terms related thereto (provided that any such consultation shall be non-binding); (iv)
negligence, bad faith or willful misconduct on the part of the Master Servicer, the Special Servicer, the Operating
Advisor, the Asset Representations Reviewer, the Certificate


 






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Administrator,
the Custodian or the Trustee, as applicable, in the performance of such obligations; or (v) any Deficient Exchange Act Deliverable
with respect to such Indemnifying Party.


 


In
addition, each of the Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Certificate
Administrator, the Custodian and the Trustee shall cooperate (and (i) with respect to each Servicing Function Participant and
Additional Servicer of such party that is a Mortgage Loan Seller Sub-Servicer, shall use commercially reasonable efforts to cause
such Servicing Function Participant or Additional Servicer to cooperate, and (ii) with respect to any other Servicing Function
Participant or Additional Servicer of such party, shall cause such Servicing Function Participant or Additional Servicer to cooperate)
with the Depositor or any Other Depositor, as applicable, as necessary for the Depositor or any Other Depositor, as applicable,
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 (x) information delivered
by the Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Certificate Administrator,
the Custodian, the Trustee, a Servicing Function Participant or an Additional Servicer, as applicable (“Affected Reporting
Party”), (y) information regarding such Affected Reporting Party, and/or (z) information 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 any Other Depositor under the Reporting Requirements and which
comments are received subsequent to the Depositor’s or any Other Depositor’s filing of such report, the Depositor
or any 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 any Other Depositor’s response to the Commission, unless such Affected Reporting
Party elects, with the consent of the Depositor or any 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 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 any Other Depositor informed of its progress with the Commission and copy the Depositor or any Other
Depositor on all correspondence with the Commission and provide the Depositor or any 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 any Other Depositor shall cooperate with such 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 any Other Depositor) and the applicable Affected Reporting Party shall cooperate and coordinate with one another with respect
to any


 






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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 any Other Depositor (including reasonable legal fees and expenses of outside counsel
to the Depositor or any 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 any Other Depositor’s expense as set forth above) and any amendments to any reports
filed with the Commission related to the foregoing shall be promptly paid by the applicable Affected Reporting Party upon receipt
of an itemized invoice from the Depositor or any Other Depositor, as the case may be. Each of the Master Servicer, the Special
Servicer, the Operating Advisor, the Certificate Administrator, the Custodian 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 (or by inclusion of a reference to, and an obligation to comply with, this paragraph) in the related sub-servicing
or similar agreement.


 


The
Master Servicer, the Special Servicer, the Operating Advisor, the Custodian, the Trustee and the Certificate Administrator shall
cause each Servicing Function Participant of such party that is not a Mortgage Loan Seller Sub-Servicer (and with respect to any
Servicing Function Participant of such party that is a Mortgage Loan Seller Sub-Servicer, shall use commercially reasonable efforts
to cause such Servicing Function Participant) to indemnify and hold harmless each Certification Party, the Depositor, each Other
Depositor, any employee, director or officer of the Depositor or any Other Depositor, and each other person, if any, who controls
the Depositor or any Other Depositor within the meaning of either Section 15 of the Securities Act or Section 20 of the Exchange
Act from and against any and all claims, losses, damages, penalties, fines, forfeitures, legal fees and expenses and related costs,
judgments and any other costs, fees and expenses (including without limitation the costs of investigation, legal defense and any
amounts paid in settlement of any claim or litigation) incurred by such indemnified party arising out of (i) a breach of its obligations
to provide any of the annual compliance statements or annual servicing criteria compliance reports or attestation reports pursuant
to the applicable sub-servicing or primary servicing agreement, (ii) negligence, bad faith or willful misconduct on its part in
the performance of such obligations, (iii) other than in the case of the Operating Advisor, any failure by such Servicer (as defined
in Section 10.02(b)) to identify a Servicing Function Participant pursuant to Section 10.02(c), or (iv) any Deficient
Exchange Act Deliverable with respect to such Servicing Function Participant.


 


If
the indemnification provided for in, or contemplated by, any of the preceding paragraphs of this Section 10.12 is unavailable
or insufficient to hold harmless any Certification Party, the Depositor, any Other Depositor, any employee, director or officer
of the Depositor or any Other Depositor, or any other person who controls the Depositor or any Other Depositor within the meaning
of either Section 15 of the Securities Act or Section 20 of the Exchange Act, then the Master Servicer, the Special Servicer,
the Operating Advisor, the Asset Representations Reviewer, the Certificate Administrator, the Trustee, the Additional Servicer
or other Servicing Function Participant (the “Performing Party”) shall contribute to the amount paid or payable
to the indemnified party as a result of the losses, claims, damages or liabilities of the indemnified party in such proportion
as is appropriate to reflect the relative fault of the indemnified party on the one hand and the Performing Party on the other
in connection with a breach of the Performing Party’s obligations pursuant to this Article X (or breach of its obligations
under the applicable sub-servicing or primary servicing agreement to provide any of the annual compliance statements


 






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or
annual servicing criteria compliance reports or attestation reports) or the Performing Party’s negligence, bad faith or
willful misconduct in connection therewith. The Master Servicer, the Special Servicer, the Operating Advisor, the Trustee and
the Certificate Administrator shall cause each Servicing Function Participant of such party that is not a Mortgage Loan Seller
Sub-Servicer (and with respect to any Servicing Function Participant of such party that is a Mortgage Loan Seller Sub-Servicer,
shall use commercially reasonable efforts to cause such Servicing Function Participant) to agree to the foregoing indemnification
and contribution obligations. This Section 10.12 shall survive the termination of this Agreement or the earlier resignation
or removal of the Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Trustee
or the Certificate Administrator.


 


Section
10.13     Amendments. This Article X may be amended by the parties hereto pursuant to Section 12.07
of this Agreement for purposes of complying with Regulation AB, the Act or the Exchange Act and/or to conform to standards developed
within the commercial mortgage-backed securities market and the Sarbanes-Oxley Act or for purposes of designating the Certifying
Person without any Opinions of Counsel, Officer’s Certificates, Rating Agency Confirmations or the consent of any Certificateholder,
notwithstanding anything to the contrary contained in this Agreement.


 


Section
10.14     Regulation AB Notices. With respect to any notice required to be delivered by the Certificate
Administrator to the Depositor pursuant to this Article X, the Certificate Administrator may deliver such notice, notwithstanding
any contrary provision in this Agreement, via facsimile and electronic mail to Citigroup Commercial Mortgage Securities Inc.,
390 Greenwich Street, 5th Floor, New York, New York 10013, Attention: Paul Vanderslice, telecopy number: (212) 723-8599,
e-mail: paul.t.vanderslice@citi.com, with a copy to Citigroup Commercial Mortgage Securities Inc., 390 Greenwich Street,
New York, New York 10013, Attention: Richard Simpson, telecopy number: (646) 328-2943 e-mail: richard.simpson@citi.com,
and with a copy to Citigroup Commercial Mortgage Securities Inc., 388 Greenwich Street, 17th Floor, New York, New York 10013,
Attention: Ryan M. O’Connor, telecopy number: (646) 862-8988, e-mail: ryan.m.oconnor@citi.com, or to such other address(es),
facsimile numbers and/or electronic mail addresses as may be designated by the Depositor.


 


Section
10.15     Termination of the Certificate Administrator. Notwithstanding anything to the contrary contained
in this Agreement, the Depositor may terminate the Certificate Administrator upon five (5) Business Days’ notice if the
Certificate Administrator fails to comply with any of its obligations under this Article X; provided that (a) such
termination shall not be effective until a successor Certificate Administrator shall have accepted the appointment, (b) the Certificate
Administrator may not be terminated if (i) it cannot perform its obligations due to its failure to properly prepare or file on
a timely basis, on behalf of the Trust, any Form 8-K, Form 10-K, Form 10-D or Form ABS-EE or any amendments to such forms or any
Form 12b-25 where such failure results from the Certificate Administrator’s inability or failure to receive, within the
exact time frames set forth in this Agreement any information, approval, direction or signature from any other party hereto needed
to prepare, arrange for execution or file any such Form 8-K, Form 10-K, Form 10-D or Form ABS-EE or any amendments to such forms
or any Form 12b-25 not resulting from its own negligence, bad faith or willful misconduct, or (ii) following the Certificate Administrator’s
failure to comply with any of such obligations under this Article X on


 






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or
prior to the dates by which such obligations are to be performed pursuant to, and as set forth in, such Sections, the Certificate
Administrator subsequently complies with such obligations before the Depositor gives written notice to it that it is terminated
in accordance with this Section 10.15, and (c) if the Certificate Administrator’s failure to comply does not cause it to
fail in its obligations to timely file, on behalf of the Trust, the related Form 8-K, Form 10-D, Form ABS-EE or Form 10-K, as
the case may be, by the related deadline for filing such Form 8-K, Form 10-D, Form ABS-EE or Form 10-K, then the Depositor shall
cease to have the right to terminate the Certificate Administrator under this Section 10.15 on the date on which such Form 8-K,
Form 10-D, Form ABS-EE or Form 10-K is so filed.


 


Section
10.16      Termination of the Master Servicer or the Special Servicer. Notwithstanding anything
to the contrary contained in this Agreement, the Depositor may terminate the Master Servicer or the Special Servicer upon five
(5) Business Days’ notice if the Master Servicer or the Special Servicer, as applicable, fails to comply with any of its
respective obligations under this Article X and such failure is not remedied within (A) one (1) Business Day in the case
of a failure to comply with any obligation under Sections 10.02, 10.04, 10.07 and 10.11 or to otherwise
deliver any item relating to a Reportable Event under this Article X, or (B) five (5) Business Days in the case of a failure to
comply with any obligation under this Article X that is not described in clause (A) above; provided that such termination
shall not be effective until a successor master servicer or special servicer, as applicable, shall have accepted the appointment.


 


Section
10.17      Termination of Sub-Servicing Agreements. For so long as the Trust or any Other Securitization
Trust is subject to the reporting requirements of the Exchange Act, each of the Master Servicer, the Special Servicer, the Custodian,
the Certificate Administrator and the Trustee, as applicable, shall (i) cause each Sub-Servicing Agreement (with respect to the
Master Servicer or the Special Servicer) or sub-servicing agreement (with respect to any other Servicer) to which it is a party
to entitle the 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 or sub-servicer, as applicable, to deliver any Exchange Act reporting
items that such Sub-Servicer or sub-servicer, as applicable, is required to deliver under Regulation AB or as otherwise contemplated
by this Article X and (ii) promptly notify the Depositor following any failure of the applicable Sub-Servicer or sub-servicer,
as applicable, to deliver any Exchange Act reporting items that such Sub-Servicer or sub-servicer, as applicable, is required
to deliver under Regulation AB or as otherwise contemplated by this Article X. The 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
to terminate a Sub-Servicing Agreement (with respect to the Master Servicer or the Special Servicer) or sub-servicing agreement
(with respect to any other Servicer) as aforesaid shall not limit any right Master Servicer, the Special Servicer, the Custodian,
the Certificate Administrator or the Trustee, as applicable, may have to terminate such Sub-Servicing Agreement or sub-servicing
agreement, as applicable.


 


Section
10.18      Notification Requirements and Deliveries in Connection With Securitization of a Serviced Companion Loan.


 


(a)       Any
other provision of this Article X to the contrary notwithstanding, including, without limitation, any deadlines for delivery
set forth in this Article X, in connection with the requirements contained in this Article X that provide for the
delivery of information and


 






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other
items to, and the cooperation with, the Other Depositor and Other Exchange Act Reporting Party of any Other Securitization Trust
that includes a Serviced 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 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 (or, in each case, such
shorter period as required for such Other Depositor or Other Exchange Act Reporting Party to comply with related filing obligations,
provided that (i) such Other Depositor or Other Exchange Act Reporting Party, as applicable, has provided written notice as soon
as reasonably practicable and, concurrently with such written notice, obtained verbal confirmation of receipt of such written
notice, in each case, in accordance with Section 12.04 of this Agreement and (ii) such period shall not be less than 3 Business
Days) (which shall only be required to be delivered once), (i) setting forth the contact information for such Person(s) and, except
as regards the deliveries and cooperation contemplated by Section 10.08, Section 10.09 and Section 10.10
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 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; provided further, that this notice
requirement does not apply to any Serviced Companion Loan that is included in any Other Securitization as of the Closing Date.
Any reasonable cost and expense of the Master Servicer, Special Servicer, Operating Advisor, the Asset Representations Reviewer,
Custodian, Trustee and Certificate Administrator 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
X 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 X in connection therewith and (i) upon
such confirmation, the parties shall comply with the deadlines for delivery set forth in this Article X 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 10.08, Section 10.09 and Section 10.10 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 and the Trustee shall, upon reasonable prior written
request given in accordance with the terms of Section 10.18(a) above, and subject to a right of the Master Servicer, Special
Servicer, the Certificate Administrator or Trustee, as the case may be, to review and approve such disclosure materials, permit
a holder of a related Serviced Companion Loan to use such party’s


 






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description
contained in the Prospectus (updated as appropriate by the Master Servicer, the Special Servicer, Certificate Administrator or
Trustee, as applicable, at the reasonable cost of the holder of such Serviced Companion Loan) for inclusion in the disclosure
materials relating to any securitization of a Serviced Companion Loan.


 


(c)       The
Master Servicer, the Special Servicer, the Certificate Administrator and the Trustee, upon reasonable prior written request given
in accordance with the terms of Section 10.18(a) above, shall each timely provide (to the extent the reasonable cost thereof
is paid or caused to be paid by the holder of the related Serviced Companion Loan) to the Other Depositor and any underwriters
with respect to any securitization transaction that includes a Serviced Companion Loan such opinion(s) of counsel, certifications
and/or indemnification agreement(s) with respect to the updated description referred to in Section 10.18(b) with respect
to such party, substantially identical to those, if any, delivered by the Master Servicer, the Special Servicer, the Trustee or
the Certificate Administrator, as the case may be, or their respective counsel, in connection with the information concerning
such party in the Prospectus and/or any other disclosure materials relating to this Trust (updated as deemed appropriate by the
Master Servicer, the Special Servicer, the Trustee or the Certificate Administrator, or their respective legal counsel, as the
case may be). None of the Master Servicer, the Special Servicer, the Trustee or the Certificate Administrator shall be obligated
to deliver any such item with respect to the securitization of a Serviced Companion Loan if it did not deliver a corresponding
item with respect to this Trust.


 


(d)       Each
of the Master Servicer, the Special Servicer, the Trustee and the Certificate Administrator, upon reasonable prior written request
given in accordance with the terms of Section 10.18(a) above, shall provide (to the extent the reasonable cost thereof
is paid or caused to be paid by the applicable party set forth below in this Section 10.18(d)) to the Other Depositor and
the trustee under the Other Pooling and Servicing Agreement related to any Other Securitization Trust the following: (i) any information
(including, but not limited to, disclosure information) required for such Other Securitization Trust to comply in a timely manner
with applicable filing requirements under Items 1.01 and 6.02 of Form 8-K and (ii) such opinion(s) of counsel, certifications
and/or indemnification agreement(s) with respect to such information that are substantially similar to those delivered by the
Master Servicer, the Special Servicer, the Trustee or the Certificate Administrator, as the case may be, or their respective counsel,
in connection with the information concerning such party in the Prospectus and/or any other disclosure materials relating to this
Trust.


 


In
the case of a Form 8-K that is filed by or on behalf of an Other Securitization Trust in connection with the closing of this Series
2017-P8 securitization transaction, the reasonable cost of the information, opinion(s) of counsel, certifications and indemnification
agreement(s) provided by or on behalf of the Master Servicer, the Special Servicer, the Certificate Administrator or the Trustee,
as the case may be, pursuant to this Section 10.18(d) shall be paid or caused to be paid by the applicable Serviced Companion
Loan Holder that transferred the related Serviced Companion Loan to the related Other Depositor for inclusion in such Other Securitization
Trust.


 


In
the case of a Form 8-K that is filed by or on behalf of an Other Securitization Trust as a result of the termination, removal,
resignation or any other replacement of the Master


 






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Servicer,
the Special Servicer, the Trustee or the Certificate Administrator under this Agreement, the reasonable cost of the information,
opinion(s) of counsel, certifications and indemnification agreement(s) provided by or on behalf of the Master Servicer, the Special
Servicer, the Certificate Administrator or the Trustee, as the case may be, pursuant to this Section 10.18(d) shall be
paid or caused to be paid by the same party or parties required to pay the costs and expenses relating to such termination, removal,
resignation or other replacement pursuant to this Agreement.


 


Section
10.19    Termination of Exchange Act Filings With Respect to the Trust. On or prior to January 30th of
the first year in which the Depositor shall provide notice to the Certificate Administrator of its ability under applicable law,
to suspend its Exchange Act filings with respect to the Trust, the Certificate Administrator shall prepare and file a Form 15
Suspension Notification relating to the suspension of reporting in respect of the Trust under the Exchange Act or any other form
necessary to be filed with the Commission to suspend such reporting obligations. With respect to any reporting period occurring
after the filing of such form, the obligations of the parties to this Agreement under Section 10.04, Section 10.05,
Section 10.06 and Section 10.07, solely insofar as they relate to the Trust, shall be suspended. The Certificate
Administrator shall provide prompt notice to the Mortgage Loan Sellers and all other parties hereto that such form has been filed.
If, after the filing of a Form 15 Suspension Notification or other applicable form, the Depositor shall provide notice to the
Certificate Administrator that it is required to resume its Exchange Act filings with respect to the Trust, the Certificate Administrator
shall recommence preparing and filing reports on Forms 10-K, 10-D, ABS-EE and 8-K with respect to the Trust as required pursuant
to Section 10.04, Section 10.05, Section 10.06 and Section 10.07, and all parties’ obligations
under this Article X shall recommence.


 


Article
XI



ASSET REVIEW PROVISIONS


 


Section
11.01 Asset Review.


 


(a)       On
or prior to each Distribution Date, based on the CREFC® Delinquent Loan Status Report and/or the CREFC®
Loan Periodic Update File delivered by the Master Servicer for such Distribution Date, the Certificate Administrator shall
determine if an Asset Review Trigger has occurred during the related Collection Period. If an Asset Review Trigger is determined
to have occurred, the Certificate Administrator shall promptly provide notice to the Asset Representations Reviewer, the Master
Servicer, the Special Servicer and all Certificateholders. Any notice required to be delivered to the Certificateholders pursuant
to this Article XI shall be delivered by the Certificate Administrator (i) by posting such notice on the Certificate Administrator’s
Website and (ii) by mailing such notice to the Certificateholders’ addresses appearing in the Certificate Register in the
case of Definitive Certificates and by delivering such notice via the Depository in the case of Book-Entry Certificates. The Certificate
Administrator shall include in the Form 10-D relating to the Collection Period in which the Asset Review Trigger occurred, notice
of its determination together with the following statement describing the events that caused the Asset Review Trigger to occur:
“As of the [Date of Distribution], the following Mortgage Loans identified below are 60 or more days delinquent and an Asset
Review Trigger as defined in the Pooling and Servicing Agreement has occurred.” On each Distribution Date occurring after
providing such notice to Certificateholders, the Certificate


 






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Administrator,
based on information provided to it by the Master Servicer and/or the Special Servicer, as applicable, shall determine whether
(1) any additional Mortgage Loan has become a Delinquent Loan, (2) any Mortgage Loan has ceased to be a Delinquent Loan and (3)
whether an Asset Review Trigger has ceased to exist, and, if there is an occurrence of any of the events or circumstances identified
in clauses (1), (2) and/or (3), deliver such information in a written notice (which may be via email) in
the form of Exhibit LL within two (2) Business Days of such determination to the Master Servicer, the Special Servicer,
the Operating Advisor and the Asset Representations Reviewer.


 


If
Certificateholders evidencing not less than 5% of the aggregate Voting Rights of the Certificates deliver to the Certificate Administrator,
within 90 days after the filing of the Form 10-D reporting the occurrence of an Asset Review Trigger, a written direction requesting
a vote to commence an Asset Review (an “Asset Review Vote Election”), then the Certificate Administrator shall
promptly provide written notice thereof to the Asset Representations Reviewer and to all Certificateholders and conduct a solicitation
of votes in accordance with Section 5.12 regarding whether to authorize an Asset Review. In the event there is an affirmative
vote to authorize an Asset Review by Holders of Certificates evidencing at least a majority of an Asset Review Quorum within 150
days of receipt of the Asset Review Vote Election (an “Affirmative Asset Review Vote”), the Certificate Administrator
shall promptly provide written notice thereof (the “Asset Review Notice”) to all parties to this Agreement,
the Underwriters, the Mortgage Loan Sellers, the Directing Holder, the Risk Retention Consultation Party and the other Certificateholders
(such notice to Certificateholders to be effected by posting such notice on the Certificate Administrator’s Website and
by mailing such notice to the Certificateholders’ addresses appearing in the Certificate Register in the case of Definitive
Certificates and by delivering such notice via the Depository in the case of Book-Entry Certificates). Upon receipt of an Asset
Review Notice, the Asset Representations Reviewer shall request access to the Secure Data Room by providing the Certificate Administrator
with a certification substantially in the form attached hereto as Exhibit KK. Upon receipt of such certification, the Certificate
Administrator shall grant the Asset Representations Reviewer access to the Secure Data Room. In the event an Affirmative Asset
Review Vote has not occurred within such 150-day period following the receipt of the Asset Review Vote Election, no Certificateholder
may request a vote or cast a vote for an Asset Review and the Asset Representations Reviewer will not be required to review any
Delinquent Loan unless and until (A) an additional Mortgage Loan has become a Delinquent Loan after the expiration of such 150-day
period, (B) a new Asset Review Trigger has occurred as a result or an Asset Review Trigger is otherwise in effect, (C) the Certificate
Administrator has received an Asset Review Vote Election within 90 days after the filing of a Form 10-D reporting the occurrence
of the events described in clauses (A) and (B) in this sentence and (D) an Affirmative Asset Review Vote has occurred within 150
days after the Asset Review Vote Election described in clause (C) in this sentence. After the occurrence of any Asset Review Vote
Election or an Affirmative Asset Review Vote, no Certificateholder may make any additional Asset Review Vote Election except as
described in the immediately preceding sentence. Any reasonable out-of-pocket expenses incurred by the Certificate Administrator
in connection with administering such vote will be paid as an expense of the Trust from the Collection Account. The Certificate
Administrator shall be entitled to administer any vote in connection with the foregoing through an agent.


 


(b)       (i)
Upon receipt from the Certificate Administrator of an Asset Review Notice with respect to a Delinquent Mortgage Loan, the Custodian
(with respect to clauses (1) –


 






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(5)
below for all of the Mortgage Loans), the Master Servicer (with respect to clause (6) below for Non-Specially Serviced
Loans) and the Special Servicer (with respect to clause (6) below for Specially Serviced Loans) shall promptly (but (except
with respect to clause (6)) in no event later than ten (10) Business Days after receipt of such notice from the Certificate Administrator)
provide, in electronic format, the following materials for such Delinquent Loan, in each case to the extent in such party’s
possession, to the Asset Representations Reviewer (collectively, with the Diligence Files posted on the Secure Data Room by the
Certificate Administrator pursuant to Section 4.09, a copy of the Prospectus, a copy of each related Mortgage Loan Purchase
Agreement and a copy of this Agreement, the “Review Materials”):


 


(1)       a
copy of an assignment of the Mortgage in favor of the Trustee, with evidence of recording thereon, for each Delinquent Loan that
is subject to an Asset Review;


 


(2)       a
copy of an assignment of any related Assignment of Leases (if such item is a document separate from the Mortgage) in favor of
the Trustee, with evidence of recording thereon, related to each Delinquent Loan that is subject to an Asset Review;


 


(3)       a copy of the assignment of all unrecorded documents relating to each Delinquent Loan that is subject to an Asset Review, if not
already covered pursuant to items (1) or (2) above;


 


(4)       a
copy of all filed copies (bearing evidence of filing) or evidence of filing of any UCC financing statements related to each Delinquent
Loan that is subject to an Asset Review;


 


(5)       a
copy of an assignment in favor of the Trustee of any financing statement executed and filed in the relevant jurisdiction related
to each Delinquent Loan that is subject to an Asset Review; and


 


(6)       any
other related documents that are required to be part of the Review Materials and requested to be delivered by the Master Servicer
(with respect to Non-Specially Serviced Loans) or the Special Servicer (with respect to Specially Serviced Loans) to the Asset
Representations Reviewer pursuant to clause (vii) below of this Section 11.01(b).


 


(ii)       Notwithstanding
the foregoing, the Mortgage Loan Seller will not be required to deliver any information that is proprietary to the Mortgage Loan
Seller or any draft documents, privileged or internal communications, credit underwriting or due diligence analysis.


 


(iii)      The
Asset Representations Reviewer may, but is under no obligation to, consider and rely upon information furnished to it by a Person
that is not a party to this Agreement or the applicable Mortgage Loan Seller, and shall do so only if such information can be
independently verified (without unreasonable effort or expense to the Asset Representations Reviewer) and is determined by the
Asset Representations Reviewer in its


 






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good
faith and sole discretion to be relevant to the Asset Review conducted pursuant to this Section 11.01 (any such information,
“Unsolicited Information”).


 


(iv)      Upon
receipt by the Asset Representations Reviewer of the Asset Review Notice and access to the Diligence Files posted to the Secure
Data Room with respect to a Delinquent Loan, the Asset Representations Reviewer, as an independent contractor, shall commence
a review of the compliance of each Delinquent Loan with the representations and warranties related to that Delinquent Loan (such
review, the “Asset Review”). The Asset Representations Reviewer shall perform an Asset Review with respect
to each representation and warranty made by the related Mortgage Loan Seller with respect to such Delinquent Loan in accordance
with the Asset Review Standard and the procedures set forth on Exhibit JJ (each such procedure, a “Test”).
Once an Asset Review of a Mortgage Loan is completed, no further Asset Review shall be required in respect of, or performed on,
such Mortgage Loan notwithstanding that such Mortgage Loan may continue to be a Delinquent Loan or again become a Delinquent Loan
at a time when a new Asset Review Trigger occurs and a new Affirmative Asset Review Vote is obtained subsequent to the occurrence
of such new Asset Review Trigger.


 


(v)       No
Certificateholder shall have the right to change the scope of the Asset Review, and the Asset Representations Reviewer shall not
be required to review any information other than (1) the Review Materials and (2) if applicable, Unsolicited Information.


 


(vi)      The
Asset Representations Reviewer may, absent manifest error and subject to the Asset Review Standard, (i) assume, without independent
investigation or verification, that the Review Materials are accurate and complete in all material respects and (ii) conclusively
rely on such Review Materials.


 


(vii)     In
connection with an Asset Review, the Asset Representations Reviewer shall comply with the following procedures with respect to
each Delinquent Loan:


 


(A)       Within
10 Business Days after the date on which the Review Materials identified in clauses (i) through (v) of the definition of “Review
Materials” have been received by the Asset Representations Reviewer with respect to such Delinquent Loan or in any event
within 15 days after the date on which access to the Secure Data Room is provided to the Asset Representations Reviewer by the
Certificate Administrator, in the event that the Asset Representations Reviewer reasonably determines that any Review Materials
made available or delivered to the Asset Representations Reviewer are missing any documents required to complete any Test for
such Delinquent Loan, the Asset Representations Reviewer shall promptly notify the Master Servicer (with respect to Non-Specially
Serviced Loans) or the Special Servicer (with respect to Specially Serviced Loans), as applicable, of such missing documents,
and request that the Master Servicer or the Special Servicer, as applicable, promptly (but in no event later than 10 Business
Days after receipt of notification from the Asset Representations Reviewer) deliver to the Asset Representations Reviewer such
missing documents in its possession; provided that any such notification and/or request shall be in writing, specifically


 






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identifying
the documents being requested and sent to the notice address for the related party set forth in Section 12.04 of this Agreement.
In the event any missing documents are not provided by the Master Servicer or the Special Servicer, as applicable, within such
10-Business Day period, the Asset Representations Reviewer shall request such documents from the related Mortgage Loan Seller;
provided that the Mortgage Loan Seller will be required under the related Mortgage Loan Purchase Agreement to deliver any
such missing documents only to the extent such document is in the possession of the Mortgage Loan Seller.


 


(B)       Following
the events in clause (A) above, and within 45 days after the date on which access to the Secure Data Room is provided to the Asset
Representations Reviewer by the Certificate Administrator, the Asset Representations Reviewer shall prepare a preliminary report
with respect to such Delinquent Loan setting forth (i) the preliminary results of the application of the Tests, (ii) if applicable,
whether the Review Materials for such Delinquent Loan are insufficient to complete any Test, (iii) a list of any applicable missing
documents together with the reasons why such missing documents are necessary to complete any Test, and (iv) (if the Asset Representations
Reviewer has so concluded) whether the absence of such documents will be deemed to be a failure of such Test (collectively, the
“Preliminary Asset Review Report”). The Asset Representations Reviewer shall provide each Preliminary Asset
Review Report to the Special Servicer, who shall promptly, but in no event later than 10 Business Days of receipt thereof, provide
the Preliminary Asset Review Report to the applicable Mortgage Loan Seller. The Asset Representations Reviewer shall include the
following statement in the related correspondence when providing each Preliminary Asset Review Report to the Special Servicer:
“This is a Preliminary Asset Review Report regarding an Asset Review under Section 11.01 of the Pooling and Servicing Agreement
relating to the Citigroup Commercial Mortgage Trust 2017-P8, Commercial Mortgage Pass Through Certificates, Series 2017-P8, requiring
action by you as the recipient of such Preliminary Asset Review Report. You are required to deliver the Preliminary Asset Review
Report to the applicable Mortgage Loan Seller no later than 10 Business Days after receipt of the Preliminary Asset Review Report”.
If the Preliminary Asset Review Report indicates that any of the representations and warranties fails or is deemed to fail any
Test, the applicable Mortgage Loan Seller shall have 90 days from its receipt of the Preliminary Asset Review Report (the “Cure/Contest
Period”) to remedy or otherwise refute the failure. The applicable Mortgage Loan Seller will be required under the related
Mortgage Loan Purchase Agreement to provide to the Special Servicer any documents or any explanations to support (i) a conclusion
that a subject representation and warranty has not failed a Test or (ii) a claim that any missing documents in the Review Materials
are not required to complete a Test, and the Special Servicer shall promptly, but in no event later than ten (10) Business Days
after receipt from the applicable Mortgage Loan Seller, deliver to the Asset Representations Reviewer any such documents or explanations
received from the applicable Mortgage Loan Seller given to support a claim that the representation and warranty has not failed
a Test or a claim that any missing documents in the Review Materials are not required to complete a Test.


 






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(C)       Within
the later of (x) 60 days after the date on which access to the Secure Data Room is provided to the Asset Representations Reviewer
by the Certificate Administrator, and (y) 10 Business Days after the expiration of the Cure/Contest Period, the Asset Representations
Reviewer shall complete an Asset Review with respect to each Delinquent Loan and deliver (i) a report, substantially in the form
attached hereto as Exhibit HH, setting forth the Asset Representations Reviewer’s findings and conclusions as to
whether or not it has determined there is any evidence of a failure of any Test based on the Asset Review, together with a statement
that the Asset Representations Reviewer’s findings and conclusions set forth in such report were not influenced by any third
party (an “Asset Review Report”), to each party to this Agreement, the related Mortgage Loan Seller and the
Controlling Class Representative (if such Delinquent Loan is not an Excluded Mortgage Loan), and (ii) a summary of the Asset Representations
Reviewer’s conclusions included in such Asset Review Report (an “Asset Review Report Summary”) , substantially
in the form attached hereto as Exhibit II, to the Trustee and Certificate Administrator (who shall include such Asset Review Report
Summary in the Form 10-D relating to the Collection Period in which such Asset Review Report Summary is received and post such
Asset Review Report Summary on the Certificate Administrator’s Website in accordance with Section 10.04(e)). The
period of time by which the Asset Review Report must be completed and delivered may be extended by up to an additional 30 days,
upon written notice to the parties to this Agreement and the applicable Mortgage Loan Seller(s), if the Asset Representations
Reviewer determines pursuant to the Asset Review Standard that such additional time is required due to the characteristics of
the Delinquent Loan(s) and/or the Mortgaged Property or Mortgaged Properties. In addition, in the event that the Asset Representations
Reviewer does not receive any documentation that it requested from the Master Servicer (with respect to Performing Serviced Loans),
the Special Servicer (with respect to Specially Serviced Loans) or the applicable Mortgage Loan Seller in sufficient time to allow
the Asset Representations Reviewer to complete its Asset Review and deliver an Asset Review Report, the Asset Representations
Reviewer shall prepare the Asset Review Report solely based on the documents received by the Asset Representations Reviewer with
respect to the related Delinquent Loan, and the Asset Representations Reviewer shall have no responsibility to independently obtain
any such documents from any party to this or otherwise.


 


(viii)    Within
thirty (30) days after receipt of an Asset Review Report with respect to any Mortgage Loan, the Enforcing Servicer shall determine,
based on the Servicing Standard, whether there exists a Material Defect with respect to such Mortgage Loan. If the Enforcing Servicer
determines that a Material Defect exists, the Enforcing Servicer shall enforce the obligations of the related Mortgage Loan Seller
with respect to such Material Defect in accordance with Section 2.03(a).


 


(ix)       In
no event may the Asset Representations Reviewer determine whether any Test failure constitutes a Material Defect, or whether the
Trust should enforce any rights it may have against the applicable Mortgage Loan Seller, which, in each case, shall be the


 


 



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responsibility
of the Enforcing Servicer pursuant to Section 2.03(a) or Section 11.01(b)(viii) of this Agreement.


 


(c)       The
Asset Representations Reviewer and its Affiliates shall keep confidential any Privileged Information received from any party to
this Agreement or any Sponsor (including, without limitation, in connection with the review of the Mortgage Loans) and not disclose
such Privileged Information to any Person (including Certificateholders), other than (1) to the extent expressly required by this
Agreement in an Asset Review Report or otherwise, 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 Asset Representations Reviewer 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 other than pursuant
to a Privileged Information Exception. In addition, the Asset Representations Reviewer shall keep all documents and information
received by the Asset Representations Reviewer in connection with an Asset Review that are provided by the applicable Mortgage
Loan Seller, the Master Servicer and the Special Servicer confidential and shall not disclose such documents except for purposes
of complying with its duties and obligations hereunder.


 


(d)       The
Asset Representations Reviewer may 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 11.01; provided that no agent
or subcontractor may (i) be affiliated with any Mortgage Loan Seller, Master Servicer, Special Servicer, the Depositor, the Certificate
Administrator, the Trustee, the Controlling Class Representative or any of their respective Affiliates or (ii) have been paid
any fees, compensation or other remuneration by an Underwriter, Master Servicer, Special Servicer, the Depositor, the Certificate
Administrator, the Trustee, the Controlling Class Representative or any of their respective Affiliates in connection with due
diligence or other services with respect to any Mortgage Loan prior to the Closing Date. Notwithstanding the foregoing sentence,
the Asset Representations Reviewer shall remain obligated and primarily liable for any Asset Review required hereunder in accordance
with the provisions of this Agreement without diminution of such obligation or liability or related obligation or liability by
virtue of such delegation or arrangements or by virtue of indemnification from any Person acting as its agents or subcontractor
to the same extent and under the same terms and conditions as if the Asset Representations Reviewer alone were performing its
obligations under this Agreement. The Asset Representations Reviewer shall be entitled to enter into an agreement with any agent
or subcontractor providing for indemnification of the Asset Representations Reviewer by such agent or subcontractor, and nothing
contained in this Agreement shall be deemed to limit or modify such indemnification.


 


(e)       With
respect to any Delinquent Loan that is an Outside Serviced Mortgage Loan, to the extent any documents required by the Asset Representations
Reviewer to complete a Test are missing or have not been received from the related Mortgage Loan Seller, the Asset Representations
Reviewer shall request such document(s) from the related Outside Servicer (if such Outside Serviced Mortgage Loan is being serviced
by an Outside Servicer) or the related Outside Special Servicer (if such Outside Serviced Mortgage Loan is being serviced by an
Outside Special Servicer), the related Outside Trustee and the related Outside Certificate Administrator


 






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(and,
in each case, such other party as contemplated under the related Outside Servicing Agreement or related Co-Lender Agreement).


 


Section
11.02      Payment of Asset Representations Asset Review Fee and Expenses; Limitation of Liability.


 


(a)       As
compensation for the performance of its routine duties, the Asset Representations Reviewer shall be paid as an ongoing fee (the
“Asset Representations Reviewer Ongoing Fee”), payable monthly from amounts received in respect of each Mortgage
Loan (including any Outside Serviced Mortgage Loan), and for any Distribution Date an amount accrued during the related Interest
Accrual Period at 0.00022% per annum (the “Asset Representations Reviewer Ongoing Fee Rate”) on, in
the case of the initial Distribution Date, the Cut-Off Date Balance of such Mortgage Loan and, in the case of any subsequent Distribution
Date, the Stated Principal Balance of such Mortgage Loan as of the close of business on the Distribution Date in such Interest
Accrual Period, and shall be calculated on the same interest accrual basis as the related Mortgage Loan and prorated for any partial
periods. The Asset Representations Reviewer Ongoing Fee shall be payable from amounts on deposit in the Collection Account as
set forth in Section 3.06(a).


 


(b)       Upon
the completion of an Asset Review with respect to each Delinquent Loan and receipt by the related Mortgage Loan Seller of a written
invoice from the Asset Representations Reviewer, the related Mortgage Loan Seller is required under the related Mortgage Loan
Purchase Agreement to pay to the Asset Representations Reviewer within forty-five (45) days after such written invoice a fee (the
“Asset Representations Reviewer Asset Review Fee”) that is equal to (i) $15,000 plus $1,000 per additional
Mortgaged Property with respect to a Delinquent Loan with a Cut-off Date Balance less than $20,000,000, (ii) $20,000 plus $1,000
per additional Mortgaged Property with respect to a Delinquent Loan with a Cut-off Date Balance equal to or greater than $20,000,000
but less than $40,000,000 or (iii) $25,000 plus $1,000 per additional Mortgaged Property with respect to a Delinquent Loan with
a Cut-off Date Balance equal to or greater than $40,000,000. The Asset Representations Reviewer Asset Review Fee with respect
to each Delinquent Loan shall be paid by the related Mortgage Loan Seller (provided that, (i) if the Mall of Louisiana Mortgage
Loan is a Delinquent Loan, it shall be treated as one Mortgage Loan for the purposes of assessing any Asset Representations Reviewer
Asset Review Fee, and each of CREFI and BBPLC shall only be responsible for paying its proportionate share of any such Asset Representations
Reviewer Asset Review Fee attributable to the Mall of Louisiana Mortgage Loan (CREFI’s proportionate share to be determined
according to the proportion that
the outstanding principal balance of the portion of the Mall of Louisiana Mortgage Loan evidenced by the CREFI Mall of Louisiana
Note bears to the outstanding principal balance of the entire Mall of Louisiana Mortgage Loan, and BBPLC’s proportionate
share to be determined according to the proportion that the outstanding principal balance of the portion of the Mall of Louisiana
Mortgage Loan evidenced by the BBPLC Mall of Louisiana Note bears to the outstanding principal balance of the entire Mall of Louisiana
Mortgage Loan), and (ii) if the Starwood Capital Group Hotel Portfolio Mortgage Loan is a Delinquent Loan, it shall be treated
as one Mortgage Loan for the purposes of assessing any Asset Representations Reviewer Asset Review Fee, and each of SMF and BBPLC
shall only be responsible for paying its proportionate share of any such Asset Representations Reviewer Asset Review Fee attributable
to the Starwood Capital Group Hotel Portfolio Mortgage Loan (SMF’s proportionate share to be determined according to the
proportion


 






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 that the outstanding principal balance of the portion of the Starwood Capital Group Hotel Portfolio Mortgage Loan evidenced
by the SMF Starwood Capital Group Hotel Portfolio Note bears to the outstanding principal balance of the entire Starwood Capital
Group Hotel Portfolio Mortgage Loan, and BBPLC’s proportionate share to be determined according to the proportion that the
outstanding principal balance of the portion of the Starwood Capital Group Hotel Portfolio Mortgage Loan evidenced by the BBPLC
Starwood Capital Group Hotel Portfolio Note bears to the outstanding principal balance of the entire Starwood Capital Group Hotel
Portfolio Mortgage Loan)); provided, however, that if (1) the related Mortgage Loan Seller is insolvent or (2) the
related Mortgage Loan Seller fails to pay such amount within ninety (90) days following receipt of the Asset Representations Reviewer’s
invoice, then such fee shall be paid by the Trust Fund following delivery by the Asset Representations Reviewer of evidence reasonably
satisfactory to the Special Servicer of such insolvency or failure to pay such amount; and provided, further, that
notwithstanding any payment of such fee by the Trust to the Asset Representations Reviewer, such fee will remain an obligation
of the related Mortgage Loan Seller, and the Special Servicer shall determine whether to pursue (and, if it determines to do so,
shall pursue) remedies against such Mortgage Loan Seller or its insolvency estate to recover any such amounts to the extent paid
by the Trust. If paid by the Trust Fund as described in the immediately preceding sentence, the Asset Representations Reviewer
Asset Review Fee with respect to each Delinquent Loan shall be payable from funds on deposit in the Collection Account as set
forth in Section 3.06(a).


 


(c)       Notwithstanding
the foregoing, the Asset Representations Reviewer Asset Review Fee with respect to a Delinquent Loan shall be included in the
Purchase Price for any such Delinquent Loan that was the subject of a completed Asset Review that is repurchased by a Mortgage
Loan Seller, and such portion of the Purchase Price received shall be used to reimburse the Asset Representations Reviewer or
the Trust, as the case may be, for such fees pursuant to Section 11.02(b).


 


(d)       The
Asset Representations Reviewer shall be liable in accordance herewith only to the extent of the obligations specifically imposed
by this Agreement.


 


Section
11.03      Resignation of the Asset Representations Reviewer.  The Asset Representations Reviewer may resign and be discharged from its obligations hereunder by giving written notice thereof
to the other parties to this Agreement and each Rating Agency. In addition, the Asset Representations Reviewer shall at all times
be an Eligible Asset Representations Reviewer, and shall resign if it fails to be an Eligible Asset Representations Reviewer (and
such failure results in an Asset Representations Reviewer Termination Event) by giving written notice to the Depositor, the Master
Servicer, the Special Servicer, the Trustee, the Operating Advisor, the Certificate Administrator and the Directing Holder. Upon
such notice of resignation, the Depositor shall promptly appoint a successor asset representations reviewer that is an Eligible
Asset Representations Reviewer. No resignation of the Asset Representations Reviewer will be effective until a successor Asset
Representations Reviewer that is an Eligible Asset Representations Reviewer has been appointed and accepted the appointment. If
no successor Asset Representations Reviewer shall have been so appointed and have accepted appointment within 30 days after the
giving of such notice of resignation, the resigning Asset Representations Reviewer may petition any court of competent jurisdiction
for the appointment of a successor asset representations reviewer that is an Eligible Asset Representations Reviewer. The Asset
Representations Reviewer


 






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shall
bear all costs and expenses of each party hereto and each Rating Agency in connection with its resignation and the transfer of
its duties.


 


Section
11.04     Restrictions of the Asset Representations Reviewer. Neither the Asset Representations
Reviewer nor any of its Affiliates shall make any investment in any Class of Certificates; provided, however,
that such prohibition shall not apply to (i) riskless principal transactions effected by a broker dealer Affiliate of the
Asset Representations Reviewer or (ii) investments by an Affiliate of the Asset Representations Reviewer if the Asset
Representations Reviewer and such Affiliate maintain policies and procedures that (A) segregate personnel involved in the
activities of the Asset Representations Reviewer 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 Asset Representations Reviewer and its personnel from gaining access to such Affiliate’s information regarding
its investment activities.


 


Section
11.05     Termination of the Asset Representations Reviewer.


 


(a)       An
“Asset Representations Reviewer Termination Event” means any one of the following events whether it 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:


 


(i)       any
failure by the Asset Representations Reviewer to observe or perform in any material respect any of its covenants or agreements
or the material breach of any of its representations or warranties under this Agreement, which failure shall continue unremedied
for a period of thirty (30) days after the date on which written notice of such failure is given to the Asset Representations
Reviewer by the Trustee or to the Asset Representations Reviewer and the Trustee by the Holders of Certificates having greater
than 25% of the aggregate Voting Rights; provided, however, that with respect to any such failure which is not curable
within such 30-day period, the Asset Representations Reviewer will have an additional cure period of 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 Asset Representations Reviewer to perform its obligations hereunder in accordance with the Asset Review Standard
in any material respect, which failure shall continue unremedied for a period of thirty (30) days after the date written notice
of such failure is given to the Asset Representations Reviewer by any party to this Agreement;


 


(iii)      any
failure by the Asset Representations Reviewer to be an Eligible Asset Representations Reviewer, which failure shall continue unremedied
for a period of thirty (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


 






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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 Asset Representations Reviewer, and such decree or order shall
have remained in force undischarged or unstayed for a period of sixty (60) days;


 


(v)       the
Asset Representations Reviewer 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 Asset Representations Reviewer or of or relating to all or substantially all of its property; or


 


(vi)      the
Asset Representations Reviewer 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 suspend payment of its obligations.


 


Upon
receipt by the Certificate Administrator of written notice of the occurrence of any Asset Representations Reviewer Termination
Event, the Certificate Administrator shall promptly provide written notice to all Certificateholders (and simultaneously deliver
such written notice to the Asset Representations Reviewer) in accordance with the notice distribution procedures described in
Section 11.01(a), unless the Certificate Administrator has received written notice that such Asset Representations Reviewer
Termination Event has been remedied. If an Asset Representations Reviewer Termination Event shall occur then, and in each and
every such case, so long as such Asset Representations Reviewer Termination Event shall not have been remedied, either the Trustee
(i) may or (ii) upon the written direction of holders of Certificates evidencing not less than 25% of the Voting Rights (without
regard to the application of any Appraisal Reduction Amounts), shall, terminate all of the rights and obligations of the Asset
Representations Reviewer 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 Asset Representations Reviewer. The Asset Representations
Reviewer is required to bear all reasonable costs and expenses of itself and of each other party to this Agreement in connection
with its termination due to an Asset Representations Reviewer Termination Event. Notwithstanding anything herein to the contrary,
the Depositor and each Mortgage Loan Seller shall have the right, but not the obligation, to notify the Certificate Administrator
and the Trustee of any Asset Representations Reviewer Termination Event of which it becomes aware.


 


(b)       Upon
(i) the written direction of holders of Certificates evidencing not less than 25% of the Voting Rights (without regard to the
application of any Appraisal Reduction Amounts) requesting a vote to terminate and replace the Asset Representations Reviewer
with a proposed successor asset representations reviewer that is an Eligible Asset Representations Reviewer 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 of such requested
vote to the Asset Representations Reviewer 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


 






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addresses
appearing in the Certificate Register and to the Asset Representations Reviewer. Upon the affirmative vote of the Holders of Certificates
evidencing at least 75% of the Voting Rights allocable to the Certificates of those Holders that exercise their right to vote
(provided that Holders representing the applicable Certificateholder Quorum exercise their right to vote within 180 days of the
initial request for a vote (which, for the avoidance of doubt, is the date on which the aforementioned notice was mailed to the
Certificateholders)), the Trustee shall terminate all of the rights and obligations of the Asset Representations Reviewer under
this Agreement (other than any rights or obligations that accrued prior to the date of such termination and other than indemnification
rights arising out of events occurring prior to such termination) by notice in writing to the Asset Representations Reviewer and
appoint the proposed successor. As between the Asset Representations Reviewer, 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 Asset Representations Reviewer. In the event that Holders of the Certificates entitled to at least 75% of a Certificateholder
Quorum elect to remove the Asset Representations Reviewer without cause and appoint a successor, the successor asset representations
reviewer shall be responsible for all expenses necessary to effect the transfer of responsibilities from its predecessor.


 


(c)       On
or after the receipt by the Asset Representations Reviewer of written notice of termination, subject to this Section 11.05,
all of its authority and power under this Agreement shall be terminated and, without limitation, the terminated Asset Representations
Reviewer 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 30 days
after (1) the Asset Representations Reviewer resigns pursuant to Section 11.03 of this Agreement or (2) the Trustee delivers
such written notice of termination to the Asset Representations Reviewer, the Depositor (in the case of a resignation of the Asset
Representations Reviewer pursuant to Section 11.03) or the Trustee (in the case of a termination of the Asset Representations
Reviewer pursuant to Section 11.05(b)), as applicable, shall appoint a successor asset representations reviewer that is an Eligible
Asset Representations Reviewer. The Trustee shall provide written notice of the appointment of an Asset Representations Reviewer
to the Master Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator, the Directing Holder and each
Certificateholder within one Business Day of such appointment. Notwithstanding the foregoing, if the Trustee is unable to find
a successor asset representations reviewer within thirty (30) days of the termination of the Asset Representations Reviewer, the
Depositor shall be permitted, but not obligated, to find a replacement. The Trustee shall not be liable for any failure to identify
and appoint a successor asset representations reviewer so long as the Trustee uses commercially reasonable efforts to conduct
a search for a successor asset representations reviewer and such failure is not a result of the Trustee’s negligence, bad
faith or willful misconduct in the performance of its obligations hereunder.


 


The
Asset Representations Reviewer shall at all times be an Eligible Asset Representations Reviewer. If the Asset Representations
Reviewer ceases to be an Eligible Asset Representations Reviewer, the Asset Representations Reviewer shall immediately notify
the Depositor, the Master Servicer, the Special Servicer, the Trustee, the Operating Advisor, the Certificate Administrator and
the Directing Holder of such disqualification and, if an Asset Representations Reviewer Termination Event occurs as a result,
immediately resign under


 






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Section
11.03 of this Agreement, and a successor asset representations reviewer shall be appointed in accordance with Section 11.03.


 


(d)       Upon
any termination of the Asset Representations Reviewer and appointment of a successor to the Asset Representations Reviewer, the
Trustee shall, as soon as possible, give written notice thereof to the Special Servicer, the Master Servicer, the Certificate
Administrator (who shall, as soon as possible, give written notice thereof to the Certificateholders), the Operating Advisor,
the Mortgage Loan Sellers, the Depositor, each Rating Agency and, prior to the occurrence and continuance of a Consultation Termination
Event, the Controlling Class Representative. In the event that the Asset Representations Reviewer 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
XII



MISCELLANEOUS PROVISIONS


 


Section
12.01     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
12.02     Limitation on Rights of Certificateholders. The death or incapacity of any
Certificateholder shall not operate to terminate this Agreement or the Trust Fund, nor 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, nor 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, nor shall anything herein set forth, or
contained in the terms of the Certificates, be construed so as to constitute the Certificateholders from time to time as partners
or members of an association; nor shall any Certificateholder 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, any Mortgage Loan or Serviced Loan Combination, unless such Holder previously shall have given to the Trustee
a written notice of default and of the continuance thereof, as hereinbefore provided, and unless also the Holders of at least
25% of the Voting Rights of any Class of Certificates affected thereby shall have made written request upon the Trustee (with
a copy to the Certificate Administrator) to institute such action, suit or proceeding in its own name as Trustee hereunder and
shall have offered to the


 






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Trustee
such reasonable indemnity 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 indemnity, shall have neglected 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 one or more Holders of Certificates 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 Holder, or to
enforce any right under this Agreement, except in the manner herein provided and for the equal, ratable and common benefit of
all Holders of Certificates of such Class. 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.


 


Section
12.03    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 SECTIONS
5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW SHALL APPLY TO THIS AGREEMENT.


 


Section
12.04     Notices. Unless otherwise specifically provided in this Agreement, any communications provided for or permitted
hereunder shall be in writing and, unless otherwise expressly provided herein, shall be deemed to have been duly given if (a)
personally delivered, (b) mailed by registered mail, postage prepaid (except for notices to the Trustee or the Certificate
Administrator which shall be deemed to have been duly given only when received), (c) sent by nationally recognized express
courier delivery service and received by the addressee, (d) transmitted by facsimile transmission (or any other type of
electronic transmission agreed upon by the parties) and received by the addressee or (e) only with respect to any addressee
of any party for which an electronic mail address is set forth below, sent by electronic mail (provided, however, any
notice provided by electronic mail shall not be considered delivered until receipt of such electronic mail is confirmed by
the addressee), to the applicable party at the following address(es), to: (i) in the case of the Depositor, Citigroup
Commercial Mortgage Securities Inc., 390 Greenwich Street, 5th Floor, New York, New York 10013, Attention: Paul
Vanderslice, fax number (212) 723-8599, and Citigroup Commercial Mortgage Securities Inc., 390 Greenwich Street, New York,
New York 10013, Attention: Richard Simpson, fax number (646) 328-2943, and Citigroup Commercial Mortgage Securities Inc., 388
Greenwich Street, 17th Floor, New York, New York 10013, Attention: Ryan M. O’Connor, fax number (646) 862-8988, and
with an electronic copy e-mailed to Richard Simpson at richard.simpson@citi.com and to Ryan M. O’Connor at ryan.m.oconnor@citi.com;
(ii) in the case of the Master Servicer, Wells Fargo Bank, National Association, Commercial Mortgage Servicing, Three Wells
Fargo, MAC D1050-084, 401 South Tryon Street, 8th Floor, Charlotte, North Carolina 28202, Attention: CGCMT 2017-P8 Asset
Manager, fax number: (704) 715-0036, email: Commercial.servicing@wellsfargo.com, with a copy to Wells Fargo Bank, National
Association, Legal Department, 301 South College Street, TW-30, D1053-300, Charlotte, North Carolina


 






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28202-6000,
Attention: Commercial Mortgage Servicing Legal Support, fax number: (704) 383-3663, with a copy to K&L Gates LLP, Hearst Tower,
214 North Tryon Street, Charlotte, North Carolina 28202, Attention: Stacy G. Ackermann, fax number: (704) 353-3190, and with respect
to e-mail pursuant to Section 12.06 and Section 12.13 of this Agreement, at RAInvRequest@wellsfargo.com, and
with respect to any investor inquiry, at REAM_InvestorRelations@wellsfargo.com; (iii) in the case of the Special Servicer,
KeyBank National Association, 11501 Outlook Street, Suite 300, Overland Park, Kansas 66211, Attention: Alan Williams, Facsimile
number: (877) 379-1625, Email: Keybank_notices@keybank.com, with a copy to Ballard Spahr LLP, 1735 Market Street, Philadelphia,
PA 19103, Attention: Jere G. Thompson, Facsimile: (215) 864-8999, Email: thompsonj@ballardspahr.com; (iv) in the case of the Certificate
Administrator, Citibank, N.A., 388 Greenwich Street, New York, New York 10013, Attention: Citibank Agency & Trust - CGCMT
2017-P8, fax number: (212) 816-5527, and with respect to e-mail pursuant to this Agreement, at ratingagencynotice@citi.com;
(v) in the case of the Trustee, Wilmington Trust, National Association, 1100 North Market Street, Wilmington, Delaware 19890,
Attention: CMBS Trustee – CGCMT 2017-P8, fax number (302) 636-4140, Email: cmbstrustee@wilmingtontrust.com; (vi) in the
case of each of the Asset Representations Reviewer and the Operating Advisor, Pentalpha Surveillance LLC, 375 N. French Road,
Suite 100, Amherst, New York 14228, Attention: CGCMT 2017-P8 Transaction Manager, with a copy sent via email to: notices@pentalphasurveillance.com
(with CGCMT 2017-P8 in the subject line), with a copy to: Bass, Berry & Sims PLC, 150 Third Avenue South Suite 2800, Nashville,
Tennessee 37201, Attention Jay Knight, Email: jknight@bassberry.com; (vii) in the case of the Rating Agencies: (A) Moody’s
Investors Service, Inc., 7 World Trade Center, New York, New York 10007, Attention: Commercial Mortgage Surveillance Group, fax
number: (212) 553-0300, email: CMBSSurveillance@Moodys.com, (B) Fitch Ratings, Inc., 33 Whitehall Street, New York, New York 10004,
Attention: Commercial Mortgage Surveillance Group, fax number: (212) 635-0295, e-mail: Info.cmbs@fitchratings.com, (C) DBRS, Inc.,
333 West Wacker Drive, Suite 1800, Chicago, Illinois 60606, Attention: CMBS Surveillance, fax number: (312) 332-3492, e-mail:
cmbs.surveillance@dbrs.com;, and (D) S&P Global Ratings, 55 Water Street, New York, New York 10041, Attention: CMBS Surveillance
Group, Email: cmbs_info_17g5@standardpoors.com; (viii) in the case of the Mortgage Loan Sellers, (A) Citi Real Estate Funding
Inc., 390 Greenwich Street, 5th Floor, New York, New York 10013, to the attention of Paul Vanderslice, fax number (212) 723-8599,
and Citi Real Estate Funding Inc., 390 Greenwich Street, New York, New York 10013, to the attention of Richard Simpson, fax number
(646) 328-2943, with copies by electronic mail to Richard Simpson at richard.simpson@citi.com, Ryan M. O’Connor at
ryan.m.oconnor@citi.com and, in the case of each Rule 15Ga-1 Notice, cmbs.notice@citi.com; (B) Macquarie US Trading
LLC d/b/a Principal Commercial Capital, 125 West 55th Street, New York, New York 10019, to the attention of Joshua Karlin; (C)
Starwood Mortgage Funding V LLC, 1601 Washington Ave., Suite 800, Miami Beach, Florida 33139, Attention: Leslie K. Fairbanks,
Executive Vice President, fax number: (305) 695-5449, e-mail: lfairbanks@starwood.com, with a copy to: LNR Property LLC, 1601
Washington Ave., Suite 800, Miami Beach, Florida 33139, Attention: Vincent Kallaher, Senior Vice President, fax number: (305)
695-5449, email: vkallaher@starwood.com, with a copy to: LNR Property LLC, 1601 Washington Ave., Suite 800, Miami Beach, Florida
33139, Attention: General Counsel, fax number: (305) 695-5449, email: asossen@starwood.com; (D) Barclays Bank PLC, 745 Seventh
Avenue, New York, New York 10019, Attention: Daniel Vinson, Managing Director, email: daniel.vinson@barclays.com, telecopy number:
(646) 758-1700, with a copy to Barclays Capital Inc., 745 Seventh Avenue, New York, New York 10019, Attention: Steven P. Glynn,
Vice


 






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President, Legal Department, email: steven.glynn@barclays.com, telecopy number: (212) 412-7519; and (E) Citigroup Global
Markets Realty Corp., 390 Greenwich Street, 5th Floor, New York, New York 10013, to the attention of Paul Vanderslice, fax number
(212) 723-8599, and Citigroup Global Markets Realty Corp., 390 Greenwich Street, New York, New York 10013, to the attention of
Richard Simpson, fax number (646) 328-2943, with copies by electronic mail to Richard Simpson at richard.simpson@citi.com,
Ryan M. O’Connor at ryan.m.oconnor@citi.com and, in the case of each Rule 15Ga-1 Notice, cmbs.notice@citi.com;
(ix) in the case of the Underwriters, (A) Citigroup Global Markets Inc., 390 Greenwich Street, 5th Floor, New York, New York 10013,
Attention: Paul Vanderslice, fax number: (212) 723-8599, and 390 Greenwich Street, New York, New York 10013, Attention: Richard
Simpson, fax number: (646) 328-2943, with copies by electronic mail to Richard Simpson at richard.simpson@citi.com and
Ryan M. O’Connor at ryan.m.oconnor@citi.com; (B) Barclays Capital Inc., 745 Seventh Avenue, New York, New York 10019,
Attention: Daniel Vinson, Managing Director, facsimile number: (646) 758-1700, with a copy to the attention of Steven P. Glynn
at 745 Seventh Avenue, New York, New York, 10019, facsimile number: (212) 412-7519; and (C) Drexel Hamilton, LLC, 77 Water Street,
New York, New York 10005, Attention: John Martinko, Director of Debt Syndicate, facsimile number: (646) 412-1500; (x) in the case
of the Initial Purchasers, (A) Citigroup Global Markets Inc., 390 Greenwich Street, 5th Floor, New York, New York 10013, Attention:
Paul Vanderslice, fax number: (212) 723-8599, and Citigroup Global Markets Inc., 390 Greenwich Street, New York, New York 10013,
Attention: Richard Simpson, fax number: (646) 328-2943, with copies by electronic mail to Richard Simpson at richard.simpson@citi.com
and Ryan M. O’Connor at ryan.m.oconnor@citi.com; (B) Barclays Capital Inc., 745 Seventh Avenue, New York, New
York 10019, Attention: Daniel Vinson, Managing Director, facsimile number: (646) 758-1700, with a copy to the attention of Steven
P. Glynn at 745 Seventh Avenue, New York, New York, 10019, facsimile number: (212) 412-7519; (C) Drexel Hamilton, LLC, 77 Water
Street, New York, New York 10005, Attention: John Martinko, Director of Debt Syndicate, facsimile number: (646) 412-1500; and
(D) J.P. Morgan Securities LLC, 383 Madison Avenue, 8th Floor, New York, New York 10179, Attention: SPG Syndicate, email: ABS_Synd@jpmorgan.com,
with a copy to Bianca A. Russo, Managing Director & Associate General Counsel, 383 Madison Avenue, 32nd Floor, New York, New
York 10179, email: US_CMBS_Notice@jpmorgan.com; (xi) in the case of the initial Controlling Class Representative, Prime Finance
CMBS B-Piece Holdco X, L.P., c/o Prime Finance, 1330 Avenue of the Americas, Suite 2700, New York, New York 10019, Attention:
Jeffrey Lehman, email: jlehman@primefinance.com; with a copy to: Polsinelli PC, 900 West 48th Place, Suite 900, Kansas City, Missouri
64112, Attention: Kraig Kohring, email: kkohring@polsinelli.com; and (xii) in the case of the initial Risk Retention Consultation
Party, Citi Real Estate Funding Inc., 390 Greenwich Street, 5th Floor, New York, New York 10013, to the attention of Paul Vanderslice,
fax number (212) 723-8599, and Citi Real Estate Funding Inc., 390 Greenwich Street, New York, New York 10013, to the attention
of Richard Simpson, fax number (646) 328-2943, with copies by electronic mail to Richard Simpson at richard.simpson@citi.com,
Ryan M. O’Connor at ryan.m.oconnor@citi.com and, in the case of each Rule 15Ga-1 Notice, cmbs.notice@citi.com;
or as to each such Person such other address or e-mail address as may hereafter be furnished by such Person to the parties hereto
in writing. Any communication required or permitted to be delivered to a Certificateholder shall be deemed to have been duly given
when mailed first class, postage prepaid, to the address of such Holder as shown in the Certificate Register. Any communication
required or permitted to be delivered to a Certificate Owner shall be deemed to have been duly given to the extent delivered through
the Depository. Any notice so mailed within the time prescribed in this Agreement shall be


 






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conclusively presumed to have been
duly given, whether or not the Certificateholder receives such notice. Notwithstanding anything contained in this Section 12.04
to the contrary, nothing in this Section 12.04 shall constitute consent by any party hereto to service of process upon
such party by facsimile transmission, electronic mail or any other type of electronic transmission.


 


The
obligation of any party to this Agreement to deliver any notices, reports or other information to any Other Depositor, Other Servicer,
Other Special Servicer, Other Trustee or Other 17g-5 Information Provider shall be effective in each case only to the extent such
party to this Agreement has received notice of the identity and contact information of such Other Depositor, Other Servicer, Other
Special Servicer, Other Trustee or Other 17g-5 Information Provider, as applicable. Any such party may conclusively rely on the
name and contact information provided by the related Other Depositor, Other Servicer, Other Special Servicer, Other Trustee or
Other 17g-5 Information Provider, as applicable, and shall be entitled to assume that the identity and contact information for
such Other Depositor, Other Servicer, Other Special Servicer, Other Trustee or Other 17g-5 Information Provider, as applicable,
has not changed, absent receipt of written notice from such Other Depositor, Other Servicer, Other Special Servicer, Other Trustee
or Other 17g-5 Information Provider, or a replacement thereof under the applicable Other Pooling and Servicing Agreement, of a
change with respect to the identity and contact information for such Other Depositor, Other Servicer, Other Special Servicer,
Other Trustee or Other 17g-5 Information Provider, or a replacement thereof under the applicable Other Pooling and Servicing Agreement,
as applicable.


 


Section
12.05     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
12.06     Notice to the Rule 17g-5 Information Provider, Depositor and Each Rating Agency.


 


(a)       The
Certificate Administrator shall use its best efforts to promptly prepare a written notice, and provide such notice by e-mail to
the Rule 17g-5 Information Provider (if the Certificate Administrator is for any reason not the Rule 17g-5 Information Provider)
and the Depositor, with respect to each of the following items of which a Responsible Officer of the Certificate Administrator
has actual knowledge, and the Rule 17g-5 Information Provider shall upload such notice to the Rule 17g-5 Information Provider’s
Website on the same Business Day of receipt if received by 2:00 p.m. or, if received after 2:00 p.m., on the next Business Day
by 12:00 p.m. and shall, promptly following the posting of such notice to the Rule 17g-5 Information Provider’s Website,
notify, or cause the notification of, each Registered Rating Agency (other than any Registered Rating Agency that has indicated
to the Rule 17g-5 Information Provider of its election to not receive such notification) by electronic mail of the posting of
such notice, which electronic mail may be automatically generated by the Rule 17g-5 Information Provider’s Website:


 


(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 Master Servicer, Special Servicer, the Trustee or the Certificate Administrator
or any Outside Servicer, Outside Special Servicer or Outside Trustee;


 


(iv)      the
repurchase of, or substitution of, Mortgage Loans pursuant to Section 2.03;


 


(v)       the
final payment to any Class of Certificateholders;


 


(vi)      any
change in the location of the Interest Reserve Account, the Excess Liquidation Proceeds Reserve Account, the Excess Interest Distribution
Account or any Distribution Account;


 


(vii)     any
event that would result in the voluntary or involuntary termination of any insurance of the accounts of the Master Servicer; and


 


(viii)    any
change in the lien priority of a Mortgage Loan.


 


(b)       The
Master Servicer or the Special Servicer shall promptly furnish by e-mail (or any other form of electronic delivery reasonably
acceptable to the Master Servicer or the Special Servicer, as applicable, and the Rule 17g-5 Information Provider) to the Rule
17g-5 Information Provider and the Depositor copies of the following (to the extent not already delivered or made available pursuant
to the terms of this Agreement), and the Rule 17g-5 Information Provider shall upload such documents to the Rule 17g-5 Information
Provider’s Website on the same Business Day of receipt if received by 2:00 p.m. or, if received after 2:00 p.m., on the
next Business Day by 12:00 p.m., and the Rule 17g-5 Information Provider shall, promptly following the posting of such documents
to the Rule 17g-5 Information Provider’s Website, notify, or cause the notification of, each Registered Rating Agency (other
than any Registered Rating Agency that has indicated to the Rule 17g-5 Information Provider of its election to not receive such
notification) by electronic mail of the posting of such documents, which electronic mail may be automatically generated by the
Rule 17g-5 Information Provider’s Website:


 


(i)        each
of its annual statements as to compliance described in Section 10.08 of this Agreement;


 


(ii)       each
of its annual reports on assessment of compliance with servicing criteria described in Section 10.09 of this Agreement;


 


(iii)      each
of its annual independent public accountants’ servicing reports described in Section 10.10 of this Agreement;


 


(iv)      upon
request, a copy of each operating and other financial statements, rent rolls, occupancy reports, and sales reports to the extent
such information is required to be delivered under a Mortgage Loan, in each case to the extent collected pursuant to Section
3.03(a) or Section 4.02(b); and


 


(v)       upon
request, each inspection report prepared in connection with any inspection conducted pursuant to Section 3.18 of this Agreement.


 






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(c)       The
Certificate Administrator shall promptly furnish by e-mail (or any other form of electronic delivery reasonably acceptable to
the Certificate Administrator and the Rule 17g-5 Information Provider) to the Rule 17g-5 Information Provider (if the Certificate
Administrator is for any reason not the Rule 17g-5 Information Provider) and the Depositor copies of the items set forth in Section
8.11(b) of this Agreement (to the extent not already delivered or made available pursuant to the terms of this Agreement and
to the extent such items were prepared by or delivered to the Certificate Administrator in electronic format), and the Rule 17g-5
Information Provider shall upload such documents to the Rule 17g-5 Information Provider’s Website on the same Business Day
of receipt if received by 2:00 p.m. or, if received after 2:00 p.m., on the next Business Day by 12:00 p.m..


 


(d)       After
any notice, document or item has been posted by the Rule 17g-5 Information Provider to the Rule 17g-5 Information Provider’s
Website pursuant to Sections 12.06(a), 12.06(b) or 12.06(c), the Rule 17g-5 Information Provider may send
such posted notice, document or item to a Registered Rating Agency.


 


Section
12.07     Amendment.


 


This
Agreement or any Custodial Agreement may be amended from time to time by the Depositor, the Master Servicer, the Special Servicer,
the Operating Advisor, the Asset Representations Reviewer, the Custodian (if the Certificate Administrator is then acting as Custodian),
the Certificate Administrator and the Trustee, without the consent of any of the Certificateholders or, as applicable, any Companion
Loan Holder:


 


(i)        to
cure any ambiguity to the extent that it does not adversely affect any holders of Certificates;


 


(ii)       to
correct or supplement any of its provisions which may be inconsistent with any other provisions of this Agreement or with the
description thereof in the Prospectus or to correct any error;


 


(iii)      to
change the timing and/or nature of deposits in the Collection Account, the Excess Liquidation Proceeds Reserve Account, the Excess
Interest Distribution Account, the Distribution Account or any REO Account, provided that (A) the Master Servicer Remittance
Date shall in no event be later than the Business Day prior to the related Distribution Date and (B) the change would not adversely
affect in any material respect the interests of any Certificateholder, as evidenced by an opinion of counsel (at the expense of
the party requesting the amendment);


 


(iv)       to
modify, eliminate or add to any of its provisions (A) to the extent necessary to maintain the qualification of either Trust REMIC
as a REMIC or the Grantor Trust as a grantor trust or to avoid or minimize the risk of imposition of any tax on the Trust Fund,
provided that the Trustee and the Certificate Administrator have received an opinion of counsel (at the expense of the
party requesting the amendment) to the effect that (1) the action is necessary or desirable to maintain such qualification or
to avoid or minimize such risk and (2) the action will not adversely affect in any material respect the interests of any holder
of the Certificates, (B) to restrict (or to remove any existing restrictions with respect to) the transfer of the Class R Certificates,
provided that the Depositor has determined that the amendment will not give rise to any tax with respect to the transfer
of the Class R Certificates to a non-Permitted Transferee, (C) to the extent


 






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necessary
to comply with the Investment Company Act, as amended, the Exchange Act, Regulation AB, Regulation RR and/or any related regulatory
actions and/or interpretations or (D) in the event that Regulation RR (or any portion thereof) or any other regulations applicable
to the risk retention requirements for this securitization transaction are amended or repealed, to the extent required to comply
with any such amendment or to modify or eliminate any risk retention requirements no longer applicable to this securitization
transaction in light of such repeal;


 


(v)       to
make any other provisions with respect to matters or questions arising under this Agreement or any other change, provided
that the amendment will not adversely affect in any material respect the interests of any Certificateholder, as evidenced by an
opinion of counsel;


 


(vi)      to
modify the procedures herein relating to Rule 17g-5; provided that such modification does not increase the obligations
of the Trustee, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer, the Master Servicer
or the Special Servicer without such party’s consent (which consent may not be withheld unless such modification would materially
adversely affect such party or materially increase such party’s obligations under this Agreement); provided, further
that notice of such modification is provided to all parties to this Agreement; and


 


(vii)     to
amend or supplement any provision of this Agreement to the extent necessary to maintain the ratings assigned to each Class of
Certificates by any of the Rating Agencies, provided that the amendment will not adversely affect in any material respect
the interests of any Certificateholder;


 


provided,
further that no amendment pursuant to any of clauses (i)-(vii) above may be made that would: (A) reduce the consent or consultation
rights or the right to receive information under this Agreement of the Controlling Class Representative without the consent of
the Controlling Class Representative; (B) reduce the consultation rights or the right to receive information under this Agreement
of the Operating Advisor without the consent of the Operating Advisor; (C) change in any manner the obligations or rights
of any Mortgage Loan Seller under this Agreement or the applicable Mortgage Loan Purchase Agreement without the consent of the
affected Mortgage Loan Seller; (D) change in any manner the obligations or rights of any Underwriter or Initial Purchaser,
without the consent of the affected Underwriter or Initial Purchaser; or (E) adversely affect any Serviced Companion Loan Holder
in its capacity as such without its consent. Expenses incurred with respect to any amendment shall be borne by the party requesting
such amendment, unless the Master Servicer, the Special Servicer or the Trustee is requesting an amendment for the benefit of
the Certificateholders, then in which case such expense will be borne by the Trust.


 


This
Agreement or any Custodial Agreement may also be amended from time to time by a writing signed by each of the Depositor, the Master
Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Custodian (if the Certificate Administrator
is then acting as Custodian), the Certificate Administrator and the Trustee with the consent of the Holders of Certificates representing
not less than 66-2/3% of the Percentage Interests of each Class of Certificates affected by the amendment for the purpose of adding
any provisions to or changing in any manner or eliminating any of the provisions of this Agreement or


 






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of
modifying in any manner the rights of the Certificateholders; provided, however, that no such amendment shall:


 


(i)       reduce
in any manner the amount of, or delay the timing of, payments received on the Serviced Loans which are required to be distributed
on a Certificate of any Class or to any Serviced Companion Loan Holder, as applicable, without the consent of the Holder of that
Certificate or that Serviced Companion Loan Holder, as applicable;


 


(ii)       reduce
the aforesaid percentage of Certificates of any Class the Holders of which are required to consent to the amendment without the
consent of the Holders of all Certificates of that Class then outstanding;


 


(iii)      change
in any manner the obligations or rights of any Mortgage Loan Seller under this Agreement or the related Mortgage Loan Purchase
Agreement without the consent of the affected Mortgage Loan Seller;


 


(iv)      change
the definition of “Servicing Standard” without either (A) consent of 100% of the holders of the Certificates or (B)
Rating Agency Confirmation;


 


(v)       without
the consent of 100% of the Certificateholders of the Class or Classes of Certificates adversely affected thereby, change (A) the
percentages of Voting Rights of Certificateholders which are required to consent to any action or inaction under this Agreement,
(B) the right of the Certificateholders to remove the Special Servicer pursuant to this Agreement or (C) the right of the Certificateholders
to terminate the Operating Advisor pursuant to this Agreement;


 


(vi)      adversely
affect the Controlling Class Representative without the consent of 100% of the Controlling Class Certificateholders;


 


(vii)     adversely
affect a Serviced Companion Loan Holder in its capacity as such without its consent; or


 


(viii)    change
in any manner the obligations or rights of any Underwriter or Initial Purchaser without the consent of the affected Underwriter
or Initial Purchaser.


 


In
the event that neither the Depositor nor any successor thereto, if any, is in existence, any amendment under this Section 12.07
shall be effective with the consent of the Trustee, the Operating Advisor, the Asset Representations Reviewer, the Certificate
Administrator, the Custodian (if the Certificate Administrator is then acting as Custodian), the Special Servicer, the Master
Servicer, in writing, and to the extent required by this Section, the Certificateholders, the Serviced Companion Loan Holders,
the Mortgage Loan Sellers, the Underwriters and/or the Initial Purchasers, as applicable. Promptly after the execution of any
amendment, (A) the Master Servicer shall forward a copy thereof to the Trustee, the Operating Advisor, the Asset Representations
Reviewer, the Certificate Administrator, the Custodian (if the Certificate Administrator is then acting as Custodian), the Special
Servicer, each Serviced Companion Loan Holder, each Mortgage Loan Seller, each Underwriter, each Initial Purchaser and (B) the
Certificate Administrator shall furnish written notification of the substance of such amendment to each Certificateholder and
to the Rule 17g-5 Information Provider who shall post a


 






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copy
of such notification to the Rule 17g-5 Information Provider’s Website pursuant to Section 12.13 of this Agreement.
It shall not be necessary for the consent of Certificateholders or the Serviced Companion Loan Holders, the Mortgage Loan Sellers,
Underwriters or the Initial Purchasers, as applicable, under this Section 12.07 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 or the Serviced Companion Loan Holders, the
Mortgage Loan Sellers, Underwriters or the Initial Purchasers, as applicable, 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, if requested
by the Master Servicer, the Special Servicer, the Trustee, the Custodian (if the Certificate Administrator is then acting as Custodian),
and/or the Certificate Administrator, such party shall 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 or the Certificate Administrator for any purpose described in clause (i) or (ii) of the first sentence of this Section,
then at the expense of the Trust Fund), to the effect that such amendment will not cause either Trust REMIC to fail to qualify
as a REMIC or cause the Grantor Trust to fail to qualify as a grantor trust for federal income tax purposes at any time that any
Certificates are outstanding, and will not cause a tax to be imposed on the Trust Fund (other than a tax at the highest marginal
corporate tax rate on net income from foreclosure property pursuant to Code Section 860G(c)). Prior to the execution of any amendment
to this Agreement or any Custodial Agreement, the Trustee, the Certificate Administrator, the Custodian (if the Certificate Administrator
is then acting as Custodian), the Special Servicer and the Master Servicer may request and shall be entitled to rely conclusively
upon 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 or the Certificate Administrator for any purpose described
in clause (i), (ii), (iii) or (v) (which does not modify or otherwise relate solely to the obligations, duties or rights of the
Trustee or the Certificate Administrator, as applicable) of the first sentence of this Section, 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
to such amendment are satisfied. Each of the Trustee, the Custodian (if the Certificate Administrator is then acting as Custodian)
and the Certificate Administrator may, but shall not be obligated to, enter into any such amendment which affects the Trustee’s,
the Custodian’s (if the Certificate Administrator is then acting as Custodian) or the Certificate Administrator’s,
as applicable, own rights, duties or immunities under this Agreement. Any party hereto requesting an amendment to this Agreement
shall provide (x) notice of such amendment no later than 3 Business Days prior to the anticipated date of execution, and (y) a
copy of the executed amendment no later than the date of execution, to each Other Depositor (and counsel thereto) and Other Exchange
Act Reporting Party under each Other Pooling and Servicing Agreement (which may be by email) in order for each Companion Loan
Holder to timely comply with its obligations under the Exchange Act. The party requesting an amendment to this Agreement shall
provide to the Rule 17g-5 Information Provider, for posting on the Rule 17g-5 Information Provider’s Website pursuant to
Section 12.13 of this Agreement, prior written notice of such proposed amendment.


 






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Section
12.08     Confirmation of Intent. The Depositor intends that the conveyance of the
Depositor’s right, title and interest in and to the Mortgage Loans pursuant to this Agreement shall constitute a sale
and not a pledge of security for a loan. If such conveyance is deemed to be a pledge of security for a loan, however, the
Depositor intends that the rights and obligations of the parties to such loan shall be established pursuant to the terms of
this Agreement. The Depositor also intends and agrees that, in such event, (i) the Depositor shall be deemed to have granted
to the Trustee (in such capacity) a first priority security interest in the Depositor’s entire right, title and
interest in and to the assets comprising the Trust Fund, including without limitation, the Mortgage Loans, all principal and
interest received or receivable with respect to the Mortgage Loans (other than principal and interest payments due and
payable prior to the Cut-Off Date and Principal Prepayments received prior to the Cut-Off Date), all amounts held from time
to time in the Collection Account, the Distribution Account, the Excess Interest Distribution Account, the Interest Reserve
Account and, if established, the Excess Liquidation Proceeds Reserve Account and the REO Account, and all reinvestment
earnings on such amounts, and all of the Depositor’s right, title and interest in and to any Insurance Proceeds related
to such Mortgage Loans and (ii) this Agreement shall constitute a security agreement under applicable law. This Section
12.08 shall constitute notice to the Trustee pursuant to any of the requirements of the applicable UCC.


 


Section
12.09      Third-Party Beneficiaries. Except as provided in (i) Section 3.01(j)(iv) of
this Agreement and (ii) the next sentence, no Persons other than a party to this Agreement, any Serviced Companion Loan
Holder (unless it is the Mortgagor under the applicable Serviced Companion Loan or an Affiliate thereof) and any
Certificateholder, shall have any rights with respect to the enforcement of any of the rights or obligations hereunder. Any
Underwriter or Initial Purchaser (with respect to its rights to receive any documents, certifications, information and/or
indemnification hereunder and its rights under Section 2.02, Section 5.03 and Section 12.07 of this
Agreement), any Serviced Companion Loan Holder (in respect of the rights afforded it under this Agreement, any related Other
Servicer shall be entitled to enforce the rights of such Serviced Companion Loan Holder under this Agreement and the related
Co-Lender Agreement), any Mortgage Loan Seller (with respect to its rights under Section 2.03(a), Section 2.03(b), Section
2.03(c), Section 3.09(d)(i), Section 12.07 and Section 12.16 of this Agreement and its rights as a
Privileged Person), the Retaining Sponsor (with respect to its rights under Section 5.02(f), Section 5.03(i)
and Section 5.13(d)) any Other Depositor and Other Exchange Act Reporting Party (with respect to its rights under Article
X of this Agreement), any Other Servicer and Other Special Servicer (with respect to all provisions herein expressly
relating to compensation, reimbursement or indemnification of such Other Servicer or Other Special Servicer, as the case may
be, and the provisions herein regarding coordination of Advances) and, subject to Section 12.02 of this Agreement, any
Certificateholder (which are intended third-party beneficiaries of this Agreement) shall have the right to enforce their
respective rights and obligations hereunder (in the case of any Serviced Companion Loan Holder, to the extent they affect the
related Serviced Companion Loan and provided that such Serviced Companion Loan Holder is not the Mortgagor under the related
Companion Loan or an Affiliate thereof) as if each such Person was a party hereto.


 


Without
limiting the foregoing, the parties to this Agreement specifically state that no Mortgagor, property manager or other party to
a Mortgage Loan is an intended third-party beneficiary of this Agreement.


 






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Section
12.10     Request by Certificateholders or the Serviced Companion Loan Holder. Where information or reports are required
to be delivered to a Certificateholder or a Serviced Companion Loan Holder, as applicable, upon request pursuant to the terms
of this Agreement, such request can be in the form of a single blanket request by a Certificateholder or a Serviced Companion
Loan Holder, as applicable, to the Certificate Administrator, the Master Servicer or the Special Servicer, as applicable,
and, with respect to such Certificateholder or a Serviced Companion Loan Holder, as applicable, such request shall be deemed
to relate to each date such report or information may be requested. The notice shall set forth the applicable Sections where
such reports and information are requested.


 


Section
12.11     Waiver of Jury Trial. THE PARTIES HERETO HEREBY WAIVE, TO THE FULLEST EXTENT PERMITTED
BY LAW, THE RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM, WHETHER IN CONTRACT, TORT OR OTHERWISE,
RELATING DIRECTLY OR INDIRECTLY TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.


 


Section
12.12     Submission to Jurisdiction. EACH OF THE PARTIES HERETO IRREVOCABLY (I) SUBMITS TO THE
JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK AND THE FEDERAL COURTS OF THE UNITED STATES OF AMERICA FOR THE SOUTHERN
DISTRICT OF NEW YORK FOR THE PURPOSE OF ANY SUCH ACTION OR PROCEEDING RELATING TO THIS AGREEMENT; (II) WAIVES, TO THE FULLEST
EXTENT PERMITTED BY LAW, THE DEFENSE OF AN INCONVENIENT FORUM IN ANY SUCH ACTION OR PROCEEDING IN ANY SUCH COURT; (III)
AGREES THAT A FINAL JUDGMENT IN ANY SUCH ACTION OR PROCEEDING IN ANY SUCH COURT SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN
ANY OTHER JURISDICTION BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW; AND (IV) CONSENTS TO SERVICE OF
PROCESS UPON IT BY MAILING A COPY THEREOF BY CERTIFIED MAIL ADDRESSED TO IT AS PROVIDED FOR NOTICES HEREUNDER AND AGREES THAT
NOTHING HEREIN SHALL AFFECT THE RIGHT TO EFFECT SERVICE OF PROCESS IN ANY MANNER PERMITTED BY LAW.


 


Section
12.13     Exchange Act Rule 17g-5 Procedures.


 


(a)       Except
as otherwise provided in Section 12.06 of this Agreement or this Section 12.13 or otherwise in this Agreement or
as required by law, none of the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Operating
Advisor or the Custodian shall provide any information directly to, or communicate with, either orally or in writing, any Rating
Agency regarding the Certificates or the Mortgage Loans relevant to the Rating Agencies’ surveillance of the Certificates
or the Mortgage Loans, including, but not limited to, providing responses to inquiries from a Rating Agency regarding the Certificates
or the Mortgage Loans relevant to such Rating Agency’s surveillance of the Certificates. To the extent that a Rating Agency
makes an inquiry or initiates communications with the Master Servicer, the Special Servicer, the Certificate Administrator, the
Trustee, the Operating Advisor or the Custodian regarding the Certificates or the Mortgage Loans relevant to such Rating Agency’s
surveillance of the Certificates, all responses to such inquiries or communications from such Rating Agency shall be made in writing
by the responding party and shall be provided to the Rule 17g-5 Information Provider as provided in Section 12.13(h), whereupon
the Rule 17g-5 Information Provider shall


 






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post
such written response to the Rule 17g-5 Information Provider’s Website on the same Business Day of receipt of such response
if received by 2:00 p.m. or, if received after 2:00 p.m., on the next Business Day by 12:00 p.m. (or, if the responding party
is the Rule 17g-5 Information Provider, on the same Business Day of preparation of such response if prepared by 2:00 p.m. or,
if prepared after 2:00 p.m., on the next Business Day by 12:00 p.m.), and the Rule 17g-5 Information Provider shall, promptly
after such response has been posted to the Rule 17g-5 Information Provider’s Website, notify, or cause the notification
of, each Registered Rating Agency by electronic mail of the posting of such response.


 


(b)       To
the extent that any of the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Operating Advisor
or the Custodian is required to provide any information to, or communicate with, any Rating Agency in accordance with its obligations
under this Agreement, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Operating Advisor
or the Custodian, as applicable, shall do so in writing and shall provide such written information or communication to the Rule
17g-5 Information Provider electronically as provided in Section 12.13(h), whereupon the Rule 17g-5 Information Provider
shall upload such information or communication to the Rule 17g-5 Information Provider’s Website on the same Business Day
of receipt of such response if received by 2:00 p.m. or, if received after 2:00 p.m., on the next Business Day by 12:00 p.m. (or,
if the applicable party is the Rule 17g-5 Information Provider, on the same Business Day of preparation of such response if prepared
by 2:00 p.m. or, if prepared after 2 p.m., on the next Business Day by 12:00 p.m.), and the Rule 17g-5 Information Provider shall,
promptly after such written information or communication has been uploaded to the Rule 17g-5 Information Provider’s Website,
notify, or cause the notification of, each Registered Rating Agency by electronic mail of the posting of such written information
or communication. The foregoing shall include any Rating Agency Confirmation request made pursuant to this Agreement, which shall
be in writing, with a cover letter indicating the nature of the request and shall include all information the requesting party
believes is reasonably necessary for the applicable Rating Agency to make its decision.


 


(c)       Notwithstanding
the provisions of Section 12.13(a) or Section 12.13(b) of this Agreement, any of the Master Servicer, the Special
Servicer, the Certificate Administrator, the Trustee, the Operating Advisor or the Custodian shall be permitted (but are not required)
to orally communicate with the Rating Agencies in accordance with their respective obligations under this Agreement, under the
following circumstances: (i) such party provides a written summary of the information provided to the Rating Agencies during such
communication to the 17g-5 Information Provider electronically as provided in Section 12.13(h) on the same day such oral
communication takes place (provided that the summary of such oral communications shall not be attributed to the Rating
Agency the communication was with); or (ii) the Depositor, in its sole discretion, provides a written authorization (which may
be by electronic email) from the Depositor to the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee,
the Operating Advisor or the Custodian, as applicable, to orally communicate with such Rating Agency (including, but not limited
to, providing responses to inquiries from such Rating Agency); provided, that any such authorization shall set forth the
procedures that such party shall follow if it elects (in its sole discretion) to orally communicate with the applicable Rating
Agency, which procedures shall be reasonable and customary as is necessary to allow compliance with Rule 17g-5. The 17g-5 Information
Provider shall post any summary, communication or other information provided to it


 






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in
accordance with this paragraph on the 17g-5 Information Provider’s Website in accordance with the procedures set forth in
Section 12.13(h).


 


(d)       Each
of the Rule 17g-5 Information Provider, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee,
the Operating Advisor and the Custodian (each, an “Indemnifying Party”) hereby expressly agrees to indemnify
and hold harmless the Depositor and its respective officers, directors, shareholders, members, managers, employees, agents, Affiliates
and controlling persons, and the Trust Fund (each, an “Indemnified Party”), from and against any and all losses,
liabilities, damages, claims, judgments, costs, fees, penalties, fines, forfeitures or other expenses (including reasonable legal
fees and expenses), joint or several, to which any such Indemnified Party may become subject, under the Act, the Exchange Act
or otherwise, pursuant to a third-party claim, insofar as such losses, liabilities, damages, claims, judgments, costs, fees, penalties,
fines, forfeitures or other expenses (including reasonable legal fees and expenses) arise out of or are based upon (i) such Indemnifying
Party’s breach of Section 12.06, Section 12.13(a), Section 12.13(b), Section 12.13(c), Section 12.13(g) or
Section 12.13(h) of this Agreement 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 breach
referred to in clause (i) above by the applicable Indemnifying Party, and will reimburse such Indemnified Party for any legal
or other expenses reasonably incurred by such Indemnified Party in connection with investigating or defending any such action
or claim, as such expenses are incurred. The Depositor shall notify each of the Master Servicer and the Special Servicer in writing
of any change in the identity or contact information of the Rule 17g-5 Information Provider (if it is not also the Certificate
Administrator).


 


(e)       None
of the Master Servicer, the Special Servicer, the Certificate Administrator (unless the Certificate Administrator is acting in
the capacity of the Rule 17g-5 Information Provider), the Trustee, the Operating Advisor or the Custodian shall have any liability
for (i) the Rule 17g-5 Information Provider’s failure to post information provided by the Master Servicer, the Special Servicer,
the Certificate Administrator, the Trustee, the Operating Advisor or the Custodian in accordance with the terms of this Agreement,
(ii) any malfunction or disabling of the Rule 17g-5 Information Provider’s Website or (iii) such party’s failure to
perform any of its obligations under this Agreement regarding providing information or communication to the Rating Agencies that
are required to be performed after the Rule 17g-5 Information Provider posts the related information or communication if the Rule
17g-5 Information Provider fails to notify such party that it has posted such information or communication on the Rule 17g-5 Information
Provider’s Website.


 


(f)       None
of the foregoing restrictions in this Section 12.13 prohibit or restrict oral or written communications, or providing information,
between the Master Servicer or the Special Servicer, on the one hand, and any Rating Agency, on the other hand, with regard to
(i) such Rating Agency’s review of the ratings it assigns to the Master Servicer or the Special Servicer, as applicable,
(ii) such Rating Agency’s approval of the Master Servicer or the Special Servicer, as applicable, as a commercial mortgage
master, special or primary servicer or (iii) such Rating Agency’s evaluation of the Master Servicer’s or the Special
Servicer’s, as applicable, servicing operations in general; provided, however, that the Master Servicer or
the Special Servicer, as applicable, shall not provide any information relating to the Certificates or the Mortgage Loans to such
Rating Agency in connection with such review and evaluation by such


 






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Rating
Agency unless: (x) borrower, property or deal specific identifiers are redacted; (y) the Master Servicer or the Special Servicer,
as applicable, has in fact previously provided such information to the Rule 17g-5 Information Provider and does not provide such
information to such Rating Agency until the earlier of (i) receipt of notification from the Rule 17g-5 Information Provider that
such information has been posted to the Rule 17g-5 Information Provider’s Website and (ii) after 12:00 p.m. on the first
Business Day following the date it has provided such information to the Rule 17g-5 Information Provider; or (z) such Rating Agency
has confirmed in writing to the Master Servicer or the Special Servicer, as applicable, that it does not intend to use such information
in undertaking credit rating surveillance for any Class of Certificates (and the party providing such information to a Rating
Agency shall, upon written request, certify to the Depositor that it received the confirmation described in this clause (z)).


 


(g)       The
Rule 17g-5 Information Provider shall establish and maintain the Rule 17g-5 Information Provider’s Website in the form of
a password-protected Internet Website in accordance with this Section 12.13 and Section 12.06 of this Agreement.


 


(h)       The
Rule 17g-5 Information Provider shall post on the Rule 17g-5 Information Provider’s Website and make available solely to
the Rating Agencies and other NRSROs, the following items, to the extent such items are delivered to it in an electronic document
format suitable for website posting (and the parties required to deliver the following information to the Rule 17g-5 Information
Provider agree to do so in such format) via electronic mail at ratingagencynotice@citi.com, specifically with a subject
reference of “CGCMT 2017-P8” 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 Rule 17g-5 Information Provider if or as may be necessary or beneficial):


 


(A)      all
items delivered to the Rule 17g-5 Information Provider pursuant to Section 12.06;


 


(B)       all
information and communications delivered to the Rule 17g-5 Information Provider pursuant to Sections 12.13(a), 12.13(b)
and 12.13(c);


 


(C)       any
Form ABS Due Diligence-15E delivered to the Rule 17g-5 Information Provider pursuant to Section 12.13(l) or by the Depositor;


 


(D)       any
transaction documents, closing documents and opinions relating to this transaction delivered to the Rule 17g-5 Information Provider
by the Depositor; and


 


(E)       any
other information delivered to the Rule 17g-5 Information Provider pursuant to this Agreement.


 


The
17g-5 Information Provider shall post the foregoing items on the 17g-5 Information Provider’s Website on the same Business
Day of receipt if received by 2:00 p.m. or, if received after 2:00 p.m., on the next Business Day by 12:00 p.m., and shall, promptly
following the posting of such item to the 17g-5 Information Provider’s Website, notify, or cause the notification of, (i)
each Registered Rating Agency and (ii) the party that delivered such item to the


 






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17g-5
Information Provider for posting on the 17g-5 Information Provider’s Website, in each case by electronic mail, of the posting
of such item on the 17g-5 Information Provider’s Website.


 


The
Rule 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. If any information is delivered or posted in error, the Rule 17g-5 Information Provider may remove it from the Rue 17g-5
Information Provider’s Website. The Certificate Administrator and the Rule 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 Certificate Administrator’s
Website or the Rule 17g-5 Information Provider’s Website, as applicable. Access will be provided by the Rule 17g-5 Information
Provider to (i) the Rating Agencies upon registration at the Rule 17g-5 Information Provider’s Website as a user thereof
and (ii) other NRSROs upon registration at the Rule 17g-5 Information Provider’s Website as a user thereof and receipt by
the Rule 17g-5 Information Provider of an NRSRO Certification (which certification may be submitted via e-mail to the Rule 17g-5
Information Provider). If a NRSRO (including any Rating Agency) requests access to the 17g-5 Information Provider’s Website,
access will be granted by the 17g-5 Information Provider on the same Business Day provided such request is made (and, in the case
of a NRSRO that is not a Rating Agency, a NRSRO Certification is submitted to the Rule 17g-5 Information Provider) prior to 2:00
p.m., New York time on such Business Day, or if received after 2:00 p.m., New York City time, on the following Business Day. The
17g-5 Information Provider shall permit each Rating Agency to submit multiple email addresses for receipt of notices, including
a general email address; provided, that each email address so provided shall be associated with a registered user of the
Rule 17g-5 Information Provider’s Website. Questions regarding delivery of information to the Rule 17g-5 Information Provider
may be directed to 1-888-855-9695 and ratingagencynotice@citi.com (specifically referencing “CGCMT 2017-P8”
in the subject line) (or to such other telephone number or e-mail address as the Rule 17g-5 Information Provider may designate).


 


The
17g-5 Information Provider shall provide a mechanism to promptly notify 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 thereto. In connection with providing access to the Rule 17g-5 Information Provider’s Website, the Rule 17g-5
Information Provider may require registration and the acceptance of a disclaimer. The Rule 17g-5 Information Provider shall not
be liable for the dissemination of information in accordance with the terms of this Agreement, makes no representations or warranties
as to the accuracy or completeness of such information being made available, and assumes no responsibility for such information.
The Rule 17g-5 Information Provider shall not be liable for its failure to make any information available to the Rating Agencies
or other NRSROs unless such information was delivered to the Rule 17g-5 Information Provider at the e-mail address set forth herein
(or by any other form of electronic delivery reasonably acceptable to Rule 17g-5 Information Provider pursuant to the terms of
this Agreement), with a subject heading of “CGCMT 2017-P8” and sufficient detail to indicate that such information
is required to be posted on the Rule 17g-5 Information Provider’s Website. In connection with notifying a Registered Rating
Agency of any information posted to the Rule 17g-5 Information Provider’s Website, the Rule 17g-5 Information Provider shall
only be responsible for sending such notices to the electronic mail address(es) of such Registered Rating Agency as provided by
such Registered Rating Agency upon its


 






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registration
as user of the Rule 17g-5 Information Provider’s Website or upon any subsequent update of such electronic mail address(es)
made by such Registered Rating Agency through the Rule 17g-5 Information Provider’s Website, and the Rule 17g-5 Information
Provider shall not be responsible for sending any notices to any electronic mail address(es) of any Registered Rating Agency that
is not provided to the Rule 17g-5 Information in the manner described in this sentence.


 


(i)        In
connection with the delivery by the Master Servicer, Special Servicer, Certificate Administrator, Operating Advisor or Trustee,
as applicable, 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 Rule 17g-5 Information Provider shall notify the Master Servicer, Special Servicer,
Certificate Administrator, Operating Advisor or Trustee, as applicable, of when such information, report, notice or other document
has been posted to the Rule 17g-5 Information Provider’s Website, and the Master Servicer, Special Servicer, Certificate
Administrator, Operating Advisor or Trustee, as applicable, may (but is not obligated to) send such information, report, notice
or other document to the applicable Rating Agency promptly following the earlier of (a) receipt of notification from the Rule
17g-5 Information Provider that such information, report, notice or other document has been posted to the Rule 17g-5 Information
Provider’s Website and (b) after 12:00 p.m. on the first Business Day following the date it has provided such information,
report, notice or other document to the Rule 17g-5 Information Provider.


 


(j)        With
respect to each Outside Serviced Mortgage Loan, each of the Master Servicer, the Certificate Administrator and the Trustee shall
provide to the 17g-5 Information Provider for posting on the 17g-5 Information Provider’s Website, promptly upon receipt
from an Outside Service Provider, all reports, statements, documents, notices and other information it receives in respect of
such Outside Serviced Mortgage Loan that would otherwise have been required to be submitted to the 17g-5 Information Provider
under this Agreement for posting had such Outside Serviced Mortgage Loan been a Serviced Mortgage Loan. The 17g-5 Information
Provider shall post on the 17g-5 Information Provider’s Website all such information it receives in accordance with this
Agreement.


 


(k)       The
Master Servicer or the Special Servicer may, but shall not be obligated to, provide information to the 17g-5 Information Provider
that is neither specifically required hereunder nor requested by any Rating Agency. Any such information shall be posted by the
17g-5 Information Provider in accordance with the timeframe provided in Section 12.13(b).


 


(l)        If
any of the parties to this Agreement receives a Form ABS Due Diligence-15E from any Person in connection with any third-party
“due diligence services” (as defined in Rule 17g-10 under the Exchange Act) provided by such Person with respect to
the Mortgage Loans (“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 in accordance
with Section 12.13(h). 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,
in accordance with the timeframe provided in Section 12.13(h).


 






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(m)      Neither
the Master Servicer nor the Special Servicer shall be required to make any determination as to whether any service provided by
a third party requires obtaining a Form ABS Due Diligence-15E.


 


Section
12.14      Cooperation with the Mortgage Loan Sellers with Respect to Rights Under the Loan Agreements. 


 


It
is expressly agreed and understood that, notwithstanding the assignment of the Loan Documents, it is expressly intended that the
Mortgage Loan Sellers are entitled to the benefit of any securitization indemnification provisions that specifically run to the
benefit of the lenders in the Loan Documents. Therefore, the Depositor, Master Servicer, Special Servicer and Trustee hereby agree
to reasonably cooperate with any Mortgage Loan Seller, at the sole expense of such Mortgage Loan Seller, with respect to obtaining
the benefits of the provisions of any section of a Loan Agreement or securitization cooperation agreement providing for indemnification
of the lender and/or its loan seller affiliates with respect to the current securitization of the related Mortgage Loan, including,
without limitation, reassignment to the related Mortgage Loan Seller of such sections, but no other portion, of the Loan Documents,
to permit the related Mortgage Loan Seller to enforce such provisions for its benefit; provided, that none of the Depositor, Master
Servicer, Special Servicer or Trustee shall be required to take any action that is inconsistent with the Servicing Standard, would
violate applicable law, the terms and provisions of this Agreement or the Loan Documents, would adversely affect any Certificateholder,
would cause either Trust REMIC to fail to qualify as a REMIC or the Grantor Trust to fail to qualify as a grantor trust for federal
income tax purposes, or would result in the imposition of a “prohibited transaction” or “prohibited contribution”
tax under the REMIC Provisions. To the extent that the Trustee is required to execute any document facilitating an assignment
under this Section 12.14, such document shall be in form and substance reasonably acceptable to the Trustee.


 


[Signature
Pages Follow]


 






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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.





	 	 	 
	 	CITIGROUP COMMERCIAL MORTGAGE SECURITIES INC., as Depositor
	 	 	 
	 	By:	/s/ Paul T. Vanderslice
	 	 	Name: Paul T. Vanderslice
	 	 	Title: President
	 	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION, as Master Servicer
	 	 	 
	 	By:	/s/ Nachette Hadden
	 	 	Name: Nachette Hadden
	 	 	Title: Director
	 	 	 
	 	KEYBANK NATIONAL ASSOCIATION, as Special Servicer
	 	 	 
	 	By:	/s/ Alan Williams
	 	 	Name: Alan Williams
	 	 	Title: Senior Vice President







 


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	 	PENTALPHA SURVEILLANCE LLC as Operating Advisor and as Asset Representations Reviewer
	 	 	 
	 	By:	/s/ James Callahan
	 	 	Name: James Callahan
	 	 	Title:   Executive Director and Solely as an Authorized Signatory for Pentalpha Surveillance LLC
	 	 	 
	 	CITIBANK, N.A., as Certificate Administrator
	 	 	 
	 	By:	/s/ John Hannon
	 	 	Name: John Hannon
	 	 	Title: Vice President
	 	 	 
	 	WILMINGTON TRUST, NATIONAL ASSOCIATION, as Trustee
	 	 	 
	 	By:	/s/ Beverly D. Capers
	 	 	Name: Beverly D. Capers
	 	 	Title: Assistant Vice President




 


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	STATE
OF NEW YORK	)
	 	) ss:
	COUNTY OF NEW YORK	)






 


On
this 25 day of Sept. 2017, before me, the undersigned, a Notary Public in and for the State of New York, duly commissioned and
sworn, personally appeared Paul T. Vanderslice, to me known who, by me duly sworn, did depose and acknowledge before me and say
that he is the President of Citigroup Commercial Mortgage Securities Inc., a Corporation, one of the entities described in and
that executed the foregoing instrument; and that s/he signed her/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/ Chantal J Lapice
	 	Notary Public in and for the
	 	State of New York










 


My
Commission expires:



[NOTARIAL SEAL]


 


Chantal
J. Lapice





Notary
Public, State of New York





No.
01LA6285764





Qualified
in New York County





Commission
Expires August 21, 2021


 


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	STATE
OF NORTH CAROLINA	)
	 	) ss.:
	COUNTY OF MECKLENBURG	)






 


On
this 22 day of September 2017, before me Nachette Hadden, to me known (or proved to me on the basis of satisfactory evidence)
to be a Director of Wells Fargo Bank, National Association, a national banking association, that executed the within and foregoing
instrument, and acknowledged that said instrument to be the free and voluntary act and deed of said entity, for the uses and purposes
therein mentioned, and on oath stated that she was authorized to execute said instrument, and that by her signature on the instrument
the entity upon behalf of which she acted, executed that instrument.


 


WITNESS
my hand and seal hereto affixed the day and year first above written.


 





	 	/s/ Erica L. Smith
	 	Notary:
	 	Name:







 


My
Commission expires:



[NOTARIAL SEAL]

 


ERICA
L. SMITH





My
Commission Expires





07-20-2022





NOTARY
PUBLIC





MECKLENBURG
COUNTY, NC


 


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	STATE
OF KS	)
	 	)       ss.:
	COUNTY OF Johnson	)






 


On
this 21st day of Sept. 2017, before me, the undersigned, a Notary Public in and for the State of Kansas, duly commissioned and
sworn, personally appeared Alan Williams, to me known who, by me duly sworn, did depose and acknowledge before me and say that
s/he is the Senior Vice President of KeyBank National Association, a National Banking Association of, one of the entities described
in and that executed the foregoing instrument; and that s/he signed her/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/ Janna Oliver
	 	Notary Public in and for the
	 	State of KS







 


My
Commission expires:



[NOTARIAL SEAL]



Janna Oliver





My
Appointment Expires





June
24, 2020


 


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	STATE
OF CONNECTICUT	)
	 	)       ss.:
	COUNTY OF FAIRFIELD	)






 


On
this 25th day of September 2017, before me, the undersigned, a Notary Public in and for the State of Connecticut, duly commissioned
and sworn, personally appeared James Callahan, to me known who, by me duly sworn, did depose and acknowledge before me and say
that s/he is the Executive Director of Pentalpha Surveillance LLC, a Delaware limited liability company, one of the entities described
in and that executed the foregoing instrument; and that s/he signed her/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/ Melonie S. Williams
	 	Notary Public in and for the
	 	State of Connecticut







 


My
Commission expires: 7/31/2019



[NOTARIAL SEAL]



Melonie S. Williams





Notary
Public





Connecticut





My
Commission Expires July 31, 2019


 


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	STATE
OF New York	)
	 	)       ss.:
	COUNTY OF New York	)






 


On
this 21st day of September 2017, before me, the undersigned, a Notary Public in and for the State of New York, duly commissioned
and sworn, personally appeared John Hannon, to me known who, by me duly sworn, did depose and acknowledge before me and say that
s/he is the Vice President of Citibank N.A., a national banking association, one of the entities described in and that executed
the foregoing instrument; and that s/he signed her/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/ Noreen Santos
	 	Notary Public in and for the
	 	State of New York







 


My
Commission expires:



[NOTARIAL SEAL]


 


NOREEN
SANTOS





Notary
Public, State of New York





Registration
#01SA6228750





Qualified
In Nassau County





Certificate
Filed in New York County





Commission
Expires September 27, 2018


 


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	STATE
OF DELAWARE	)
	 	)       ss.:
	COUNTY OF NEW CASTLE	)



 


On
this 21st day of September 2017, before me, the undersigned, a Notary Public in and for the State of Delaware, duly commissioned
and sworn, personally appeared Beverly D. Capers, to me known who, by me duly sworn, did depose and acknowledge before me and
say that s/he is the Assistant Vice President of Wilmington Trust, National Association, a national banking association, one of
the entities described in and that executed the foregoing instrument; and that s/he signed her/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/ Christina Bader
	 	Notary Public in and for the
	 	State of DELAWARE







 


My
Commission expires:



[NOTARIAL SEAL]




 


CHRISTINA
BADER





My
Commission





Expires





March
22, 2020





Notary
Public





STATE
OF DELAWARE




 


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EXHIBIT
A-1


 


CITIGROUP
COMMERCIAL MORTGAGE TRUST 2017-P8

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2017-P8, CLASS A-1


 


[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.]1


 


[TRANSFERS OF THIS GLOBAL CERTIFICATE SHALL
BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE,
AND TRANSFERS OF BENEFICIAL INTERESTS IN THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS
SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.]2


 


THIS CERTIFICATE DOES NOT REPRESENT AN
INTEREST IN OR OBLIGATION OF THE DEPOSITOR, THE SPONSORS, THE ORIGINATORS, THE MASTER SERVICER, THE SPECIAL SERVICER, THE TRUSTEE,
THE CERTIFICATE ADMINISTRATOR, THE OPERATING ADVISOR, the Asset representations reviewer,
THE CONTROLLING CLASS REPRESENTATIVE, THE RISK RETENTION CONSULTATION PARTY, ANY COMPANION LOAN HOLDER, THE UNDERWRITERS OR ANY
OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES NOR THE MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY
OR INSTRUMENTALITY OR PRIVATE INSURER.


 


PRINCIPAL PAYMENTS IN RESPECT OF THIS CERTIFICATE
ARE DISTRIBUTABLE AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT. ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE OF THIS
CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.


 


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.


 





 



 


		1	Legend required as long as DTC is the Depository under
the Pooling and Servicing Agreement.



 


		2	Global Certificate legend.



 






    A-1-1


     


    

 




CITIGROUP
COMMERCIAL MORTGAGE TRUST 2017-P8

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2017-P8, CLASS A-1


 


	Pass-Through Rate:  2.065% per annum	 	 
	 	 	 
	First Distribution Date: October 17, 2017	 	Cut-Off Date:  With respect to each Mortgage Loan, the Due Date in September 2017 for that Mortgage Loan (or, in the case of any Mortgage Loan that has its first Due Date subsequent to September 2017, the date that would have been its Due Date in September 2017 under the terms of that Mortgage Loan if a Monthly Payment were scheduled to be due in that month).
	 	 	 
	Aggregate Initial Certificate Balance of the Class A-1 Certificates:  $31,000,000	 	Scheduled Final Distribution Date: the Distribution Date in September 2022
	 	 	 





	
        CUSIP: 17326D AA0 

         
	 	Initial Certificate Balance of this Certificate: $[_____]
	
        ISIN: US17326DAA00


         
	 	 
	No.:  [1]	 	 


 


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-1 Certificates. The Trust Fund, described
more fully below, consists primarily of a pool of Mortgage Loans secured by first liens on commercial, multifamily and manufactured
housing community properties and held in trust by the Trustee and, other than in the case of the Outside Serviced Mortgage Loans,
serviced by the Master Servicer and the Special Servicer. The Trust Fund was created, and the Mortgage Loans (other than the Outside
Serviced Mortgage Loans) are to be serviced, pursuant to the Pooling 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 Pooling and Servicing
Agreement and is bound thereby. In the event that there is any conflict between any provision of this Certificate and any provision
of the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to the extent of such inconsistency.
Also issued under the Pooling and Servicing Agreement are the Class A-2, Class A-3, Class A-4, Class A-AB,
Class X-A, Class X-B, Class A-S, Class B, Class C, Class X-D, Class X-E, Class X-F, Class X-G, Class D, Class E,
Class F, Class G, Class R, Class S, Class V-1, Class V-2A, Class V-2B, Class V-2C, Class V-2D, Class V-2E, Class V-3AC, Class
V-3D and Class V-3E Certificates (together with the Class A-1 Certificates, the “Certificates”; the Holders
of Certificates are collectively referred to herein as “Certificateholders”).


 


This Certificate is
issued pursuant to, and in accordance with, the terms of a Pooling and Servicing Agreement dated as of September 1, 2017 (the “Pooling
and Servicing Agreement”), between Citigroup Commercial Mortgage Securities Inc., as Depositor, Wells Fargo Bank, National
Association, as Master Servicer, KeyBank National Association, as Special Servicer, Pentalpha Surveillance LLC, as Operating Advisor
and Asset Representations Reviewer, Citibank, N.A., as Certificate Administrator, and Wilmington Trust, National Association, as
Trustee. To the extent not defined herein, capitalized terms used herein shall have the meanings assigned thereto in the Pooling
and Servicing Agreement.


 






    A-1-2


     


    

 


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.


 


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 Mortgage Loans and has executed this Certificate in its limited capacity as Certificate Administrator under the Pooling
and Servicing Agreement.


 


Pursuant to the terms
of the Pooling and Servicing Agreement, the Certificate Administrator will distribute (other than the final distribution on any
Certificate), on the 4th Business Day following the Determination Date in each month, commencing in October 2017 (each such date,
a “Distribution Date”), to the Person in whose name this Certificate is registered as of the related Record
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, with respect to the Class A-1
Certificates for such Distribution Date, all as more fully described in the Pooling and Servicing Agreement. Holders of this Certificate
may be entitled to a share of Yield Maintenance Charges, as provided in the Pooling and Servicing Agreement.


 


Interest accrued on
this Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this Certificate,
if any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement. The “Interest
Accrual Period” with respect to any Distribution Date and with respect to the Class A-1 Certificates is the calendar
month preceding the month in which such Distribution Date occurs and is assumed to consist of 30 days.


 


All distributions
(other than the final distribution on any Certificate) will be made by the Certificate Administrator to the persons in whose names
the Certificates are registered at the close of business on each Record Date, which will be the last Business Day of the month
preceding the month in which such Distribution Date occurs. Distributions are required to be made by wire transfer of immediately
available funds to the account of such Certificateholder at a bank or other entity located in the United States and having appropriate
facilities to accept such funds, if such Certificateholder has provided the Certificate Administrator with written wiring instructions
no less than five (5) Business Days prior to the related Record Date (which wiring instructions may be in the form of a standing
order applicable to all subsequent distributions), or otherwise by check mailed to such Certificateholder. The final distribution
on each Certificate shall be made in like manner, but only upon presentation 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 a notice to Certificateholders of the pendency of the final distribution.


 


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 Section 9.01 of the Pooling 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 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. Subject to applicable state law with respect to escheatment of funds, if within two years after the second notice
any Certificates shall not have been surrendered for cancellation, the Paying Agent shall pay to the Class R Certificateholders
all amounts distributable to the Holders thereof. 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 Section 9.01 of the Pooling and Servicing Agreement.


 


This Certificate is
limited in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage Loans, as more
specifically set forth herein and in the Pooling and Servicing Agreement.


 


As provided in the
Pooling and Servicing Agreement, the Trust Fund includes: (i) such Mortgage Loans as from time to time are subject to the Pooling
and Servicing Agreement, together with the Mortgage Files relating thereto;


 






    A-1-3


     


    

 


(ii)
all scheduled or unscheduled payments on or collections in respect of the Mortgage Loans due after the Cut-Off Date or, with respect
to a Qualified Substitute Mortgage Loan, the Due Date in the month of substitution (exclusive of interest relating to periods
prior to, but due after, the Cut-Off Date); (iii) any REO Property (but, with respect to any REO Property relating to a Loan Combination,
only to the extent of the Trust’s interest in the related Loan Combination); (iv) all revenues received in respect of any
REO Property (but, with respect to any REO Property relating to a Loan Combination, only to the extent of the Trust’s interest
in the related Loan Combination); (v) the Master Servicer’s and the Trustee’s rights under the insurance policies
with respect to the Mortgage Loans required to be maintained pursuant to the Pooling and Servicing Agreement and any proceeds
thereof; (vi) the Trustee’s rights in any Assignments of Leases, Rents and Profits and any security agreements; (vii) the
Trustee’s rights under any indemnities or guaranties given as additional security for any Mortgage Loan; (viii) all
of the Trustee’s and the Certificate Administrator’s rights in the Escrow Accounts and Lock-Box Accounts and all proceeds
of the Mortgage Loans deposited in the Collection Account, the Distribution Account, the Excess Interest Distribution Account,
the Interest Reserve Account, the Excess Liquidation Proceeds Reserve Account and any REO Account, including any reinvestment
income thereon; (ix) the Trustee’s rights in any environmental indemnity agreements relating to the Mortgaged Properties;
(x) the Depositor’s rights under the Mortgage Loan Purchase Agreements and the SMC Guaranty to the extent assigned to the
Trustee pursuant to Section 2.01 of the Pooling and Servicing Agreement; (xi) the Lower-Tier Regular Interests; and (xii) the
Loss of Value Reserve Fund.


 


This Certificate does
not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling 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 and Trustee.


 


As provided in the
Pooling and Servicing Agreement, subject to certain restrictions on transfer set forth therein, upon surrender for registration
of transfer of any Certificate, the Certificate Administrator shall execute, authenticate and deliver, in the name of the designated
transferee or transferees, one or more new Certificates in authorized denominations, in like aggregate interest and of the same
Class.


 


Prior to due presentation
of this Certificate for registration of transfer, the Master Servicer, the Special Servicer, the Operating Advisor, the Trustee,
the Certificate Administrator, the Certificate Registrar, and any agent of any of them, may treat the Person in whose name any
Certificate is registered as the owner of such Certificate for the purpose of receiving distributions as provided in the Pooling
and Servicing Agreement and for all other purposes whatsoever, and neither the Master Servicer, the Special Servicer, the Operating
Advisor, the Trustee, the Certificate Administrator, the Certificate Registrar, nor any agent of any of them shall be affected
by any notice to the contrary.


 


The Pooling and Servicing
Agreement or any Custodial Agreement may be amended from time to time by the Depositor, the Master Servicer, the Special Servicer,
the Operating Advisor, the Asset Representations Reviewer, the Custodian (if the Certificate Administrator is then acting as Custodian),
the Certificate Administrator and the Trustee, without the consent of any of the Certificateholders or, as applicable, any Companion
Loan Holder:


 


		(i)	to cure any ambiguity to the extent that it does not adversely affect any holders of Certificates;



 


		(ii)	to correct or supplement any of its provisions which may be inconsistent with any other provisions
of the Pooling and Servicing Agreement or with the description thereof in the Prospectus or to correct any error;



 


		(iii)	to change the timing and/or nature of deposits in the Collection Account, the Excess Liquidation
Proceeds Reserve Account, the Excess Interest Distribution Account, the Distribution Account or any REO Account, provided that
(A) the Master Servicer Remittance Date shall in no event be later than the Business Day prior to the related Distribution
Date and (B) the change would not adversely affect in any material respect the interests of any Certificateholder, as evidenced
by an opinion of counsel (at the expense of the party requesting the amendment);



 


		(iv)	to modify, eliminate or add to any of its provisions (A) to the extent necessary to maintain the
qualification of either Trust REMIC as a REMIC or the Grantor Trust as a grantor trust or to avoid or minimize the risk of imposition
of any tax on the Trust Fund, 



 






    A-1-4


     


    

 


provided that the Trustee and the Certificate Administrator have received an opinion of counsel (at
the expense of the party requesting the amendment) to the effect that (1) the action is necessary or desirable to maintain
such qualification or to avoid or minimize such risk and (2) the action will not adversely affect in any material respect the interests
of any holder of the Certificates, (B) to restrict (or to remove any existing restrictions with respect to) the transfer
of the Class R Certificates, provided that the Depositor has determined that the amendment will not give rise to any tax with respect
to the transfer of the Class R Certificates to a non-Permitted Transferee, (C) to the extent necessary to comply with the
Investment Company Act of 1940, as amended, the Exchange Act, Regulation AB, Regulation RR and/or any related regulatory actions
and/or interpretations or (D) in the event that Regulation RR (or any portion thereof) or any other regulations applicable to the
risk retention requirements for this securitization transaction are amended or repealed, to the extent required to comply with
any such amendment or to modify or eliminate any risk retention requirements no longer applicable to this securitization transaction
in light of such repeal;


 


		(v)	to make any other provisions with respect to matters or questions arising under the Pooling and
Servicing Agreement or any other change, provided that the amendment will not adversely affect in any material respect the
interests of any Certificateholder, as evidenced by an opinion of counsel;



 


		(vi)	to modify the procedures in the Pooling and Servicing Agreement relating to Rule 17g-5; provided
that such modification does not increase the obligations of the Trustee, the Certificate Administrator, the Operating Advisor,
the Asset Representations Reviewer, the Master Servicer or the Special Servicer without such party’s consent (which consent
may not be withheld unless such modification would materially adversely affect such party or materially increase such party’s
obligations under the Pooling and Servicing Agreement); provided, further that notice of such modification is provided
to all parties to the Pooling and Servicing Agreement; and



 


		(vii)	to amend or supplement any provision of the Pooling and Servicing Agreement to the extent necessary
to maintain the ratings assigned to each Class of Certificates by any of the Rating Agencies, provided that the amendment will
not adversely affect in any material respect the interests of any Certificateholder;



 


provided, further
that no amendment pursuant to any of clauses (i)-(vii) above may be made that would: (A) reduce the consent or
consultation rights or the right to receive information under the Pooling and Servicing Agreement of the Controlling Class
Representative without the consent of the Controlling Class Representative; (B) reduce the consultation rights or the right
to receive information under the Pooling and Servicing Agreement of the Operating Advisor without the consent of the
Operating Advisor; (C) change in any manner the obligations or rights of any Mortgage Loan Seller under the Pooling and
Servicing Agreement or the applicable Mortgage Loan Purchase Agreement without the consent of the affected Mortgage Loan
Seller; (D) change in any manner the obligations or rights of any Underwriter or Initial Purchaser, without the consent of
the affected Underwriter or Initial Purchaser; or (E) adversely affect any Serviced Companion Loan Holder in its
capacity as such without its consent. Expenses incurred with respect to any amendment shall be borne by the party requesting
such amendment, unless the Master Servicer, the Special Servicer or the Trustee is requesting an amendment for the benefit of
the Certificateholders, then in which case such expense will be borne by the Trust.


 


The Pooling and Servicing
Agreement or any Custodial Agreement may also be amended from time to time by a writing signed by each of the Depositor, the Master
Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Custodian (if the Certificate Administrator
is then acting as Custodian), the Certificate Administrator and the Trustee with the consent of the Holders of Certificates representing
not less than 66-2/3% of the Percentage Interests of each Class of Certificates affected by the amendment for the purpose of adding
any provisions to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or of modifying
in any manner the rights of the Certificateholders; provided, however, that no such amendment shall:


 






    A-1-5


     


    

 


		(i)	reduce in any manner the amount of, or delay the timing of, payments received on the Serviced Loans
which are required to be distributed on a Certificate of any Class or to any Serviced Companion Loan Holder, as applicable, without
the consent of the Holder of that Certificate or that Serviced Companion Loan Holder, as applicable,



 


		(ii)	reduce the aforesaid percentage of Certificates of any Class the Holders of which are required
to consent to the amendment without the consent of the Holders of all Certificates of that Class then outstanding,



 


		(iii)	change in any manner the obligations or rights of any Mortgage Loan Seller under the Pooling and
Servicing Agreement or the related Mortgage Loan Purchase Agreement without the consent of the affected Mortgage Loan Seller,



 


		(iv)	change the definition of “Servicing Standard” without either (A) consent of 100% of
the holders of the Certificates or (B) Rating Agency Confirmation,



 


		(v)	without the consent of 100% of the Certificateholders of the Class or Classes of Certificates adversely
affected thereby, change (A) the percentages of Voting Rights of Certificateholders which are required to consent to any action
or inaction under the Pooling and Servicing Agreement, (B) the right of the Certificateholders to remove the Special Servicer pursuant
to the Pooling and Servicing Agreement or (C) the right of the Certificateholders to terminate the Operating Advisor pursuant to
the Pooling and Servicing Agreement,



 


		(vi)	adversely affect the Controlling Class Representative without the consent of 100% of the Controlling
Class Certificateholders,



 


		(vii)	adversely affect a Serviced Companion Loan Holder in its capacity as such without its consent,
or



 


		(viii)	change in any manner the obligations or rights of any Underwriter or Initial Purchaser without
the consent of the affected Underwriter or Initial Purchaser.



 


The Holders of the
Controlling Class representing greater than 50% of the Certificate Balance of the Controlling Class may (or, if such Holders do
not, the Special Servicer, or if neither such Holders nor the Special Servicer do, the Master Servicer or, if none of such Holders,
the Special Servicer or the Master Servicer does, any Holders of Class R Certificates representing greater than a 50% Percentage
Interest in such Class, may also) effect an early termination of the Trust Fund, upon not less than 30 days’ prior notice
given to the parties (or, if applicable, the other parties) to the Pooling and Servicing Agreement (whereupon the Master Servicer
shall notify the Serviced Companion Loan Holders) any time on or after the Early Termination Notice Date specifying the Anticipated
Termination Date, by purchasing on such date all, but not less than all, of the Mortgage Loans (and in the case of the Serviced
Loan Combinations, subject to certain rights of the related Serviced Companion Loan Holder provided for in the related Co-Lender
Agreement) then included in the Trust Fund, and all property acquired by or on behalf of the Trust Fund (including the Trust Fund’s
interest in any REO Property acquired with respect to any Outside Serviced Mortgage Loan) in respect of any Mortgage Loan then
included in the Trust Fund, at a purchase price, payable in cash, equal to (i) the sum of (A) the Termination Purchase
Amount and (B) the reasonable out-of-pocket expenses of the Master Servicer (unless the Master Servicer is the purchaser of
such Mortgage Loans), the Special Servicer (unless the Special Servicer is the purchaser of such Mortgage Loans), the Trustee and
the Certificate Administrator, as applicable, with respect to such termination, minus (ii) solely in the case where the Master
Servicer or the Special Servicer is effecting such purchase, the aggregate amount of unreimbursed Advances, if any, made by the
Master Servicer or Special Servicer, as applicable, together with any interest accrued and payable to the Master Servicer or the
Special Servicer, as applicable, in respect of such Advances and any unpaid Servicing Fees or Special Servicing Fees, as applicable,
remaining outstanding (which items will be deemed to have been paid or reimbursed to the Master Servicer or the Special Servicer,
as applicable, in connection with such purchase).


 


Any Person(s) effecting
an early termination of the Trust Fund as provided in the prior paragraph shall first notify the Controlling Class Representative
and each Certifying Certificateholder, or, in the case of a termination by


 






    A-1-6


     


    

 


the
Holder of a Class R Certificate, notify the Certificate Administrator (who shall notify the Controlling Class Representative
and each Certifying Certificateholder) of its intention to do so in writing at least 30 days prior to the Anticipated Termination
Date. All costs and expenses incurred by any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection
with the purchase of the Mortgage Loans and other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and
Servicing Agreement shall be borne by the party exercising its purchase rights thereunder. The Certificate Administrator shall
be entitled to rely conclusively on any determination made by an Appraiser pursuant to Section 9.01(c) of the Pooling and
Servicing Agreement.


 


The respective obligations
and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Operating Advisor, the Asset Representations
Reviewer, the Certificate Administrator and the Trustee created by the Pooling and Servicing Agreement with respect to the Certificates,
the Mortgage Loans and the Serviced Companion Loans (other than the obligation to make certain payments and to send certain notices
to Certificateholders as set forth in the Pooling and Servicing Agreement and to make any required remittances to the Serviced
Companion Loan Holders in the month in which the final Distribution Date occurs and certain tax-related obligations) shall terminate
immediately following the earlier to occur of (i) the purchase by Holders of the Controlling Class, the Special Servicer,
the Master Servicer or Holders of the Class R Certificates of all the Mortgage Loans and REO Properties (or interests therein)
then included in the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement, (ii) the exchange by the
Remaining Certificateholder of its Certificates for all the Mortgage Loans and REO Properties (or interests therein) then included
in the Trust Fund pursuant to Section 9.01(h) of the Pooling and Servicing Agreement and (iii) the final payment or other
liquidation (or any advance with respect thereto) of the last Mortgage Loan or REO Property (or interest therein) contained in
the Trust Fund; provided, however, that in no event shall the trust created by the Pooling and Servicing Agreement
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 of the Pooling and Servicing Agreement. All
such payments as contemplated by the preceding paragraph shall be deposited into the Collection Account by the Master Servicer
or Special Servicer, as applicable, promptly following receipt thereof.


 


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 Pooling and Servicing Agreement or
be valid for any purpose.


 






    A-1-7


     


    

 





IN WITNESS WHEREOF,
the Certificate Administrator has caused this Class A-1 Certificate to be duly executed.


 





	 	CITIBANK,
N.A., not in its individual capacity but solely as Certificate Administrator
	 	 	 
	 	By:	 
			Authorized Signatory


  


Dated: September 29, 2017


 


CERTIFICATE
OF AUTHENTICATION


 


This is one of the
Class A-1 Certificates referred to in the Pooling and Servicing Agreement.


 


Dated: September 29, 2017


 





	 	CITIBANK,
N.A., not in its individual capacity but solely as Authenticating Agent
	 	 	 
	 	By:	 
			Authorized Signatory


  




    A-1-8


     


    

 


ASSIGNMENT


 


FOR VALUE RECEIVED,
the undersigned (“Assignor(s)”) hereby sell(s), assign(s) and transfer(s) unto  ___________________________
 (please print or typewrite name(s) and address(es), including postal zip code(s) of assignee(s))
(“Assignee(s)”) the entire Percentage Interest represented by the within Class A-1 Certificate and hereby authorize(s)
the registration of transfer of such interest to Assignee(s) on the Certificate Register of the Trust Fund.


 


I (we) further direct
the Certificate Registrar to issue a new Class A-1 Certificate of the entire Percentage Interest represented by the within Class
A-1 Certificates to the above-named Assignee(s) and to deliver such Class A-1 Certificate to the following address:


 


Date: _________________


	 	 	 
		 	Signature by or on behalf of Assignor(s)
	 	 	 
	 	 	Taxpayer Identification Number





 




    A-1-9


     


    

 


DISTRIBUTION INSTRUCTIONS


 


The Assignee(s) should include
the following for purposes of distribution:


 


Address of the Assignee(s)
for the purpose of receiving notices and distributions: __________________________________ Distributions, if being made by wire
transfer in immediately available funds to __________________________ for the account of __________________________ account number
____________________________. This information is provided by ______________________________, the Assignee(s) named above or ____________________________________
as its (their) agent.


	 	 	 
	 	By:	 
	 	 	[Please print or type name(s)]
	 	 	 
	 	 	Title
	 	 	 
	 	 	Taxpayer Identification Number


 










    A-1-10


     


    

 


EXHIBIT
A-2


 


CITIGROUP
COMMERCIAL MORTGAGE TRUST 2017-P8

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2017-P8, CLASS A-2


 


[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


 


[TRANSFERS OF THIS GLOBAL CERTIFICATE SHALL
BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE,
AND TRANSFERS OF BENEFICIAL INTERESTS IN THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS
SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.]4


 


THIS CERTIFICATE DOES NOT REPRESENT AN
INTEREST IN OR OBLIGATION OF THE DEPOSITOR, THE SPONSORS, THE ORIGINATORS, THE MASTER SERVICER, THE SPECIAL SERVICER, THE TRUSTEE,
THE CERTIFICATE ADMINISTRATOR, THE OPERATING ADVISOR, the Asset representations reviewer,
THE CONTROLLING CLASS REPRESENTATIVE, THE RISK RETENTION CONSULTATION PARTY, ANY COMPANION LOAN HOLDER, THE UNDERWRITERS OR ANY
OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES NOR THE MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY
OR INSTRUMENTALITY OR PRIVATE INSURER.


 


PRINCIPAL PAYMENTS IN RESPECT OF THIS CERTIFICATE
ARE DISTRIBUTABLE AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT. ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE OF THIS
CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.


 


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.


 





 



 


		3	Legend required as long as DTC is the Depository under
the Pooling and Servicing Agreement.



 


		4	Global Certificate legend.



 






    A-2-1


     


    

 




CITIGROUP
COMMERCIAL MORTGAGE TRUST 2017-P8

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2017-P8, CLASS A-2


 


	Pass-Through Rate:  3.109% per annum	 	 
	 	 	 
	First Distribution Date: October 17, 2017	 	Cut-Off Date:  With respect to each Mortgage Loan, the Due Date in September 2017 for that Mortgage Loan (or, in the case of any Mortgage Loan that has its first Due Date subsequent to September 2017, the date that would have been its Due Date in September 2017 under the terms of that Mortgage Loan if a Monthly Payment were scheduled to be due in that month).
	 	 	 
	Aggregate Initial Certificate Balance of the Class A-2 Certificates: $40,600,000	 	Scheduled Final Distribution Date: the Distribution Date in September 2024
	 	 	 


 


	
        CUSIP:  17326D AB8

        

         
	 	Initial Certificate Balance of this Certificate: $[_____]
	
        ISIN:      US17326DAB82

        

         
	 	 
	No.:  [1]	 	 


 


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-2 Certificates. The Trust Fund, described
more fully below, consists primarily of a pool of Mortgage Loans secured by first liens on commercial, multifamily and manufactured
housing community properties and held in trust by the Trustee and, other than in the case of the Outside Serviced Mortgage Loans,
serviced by the Master Servicer and the Special Servicer. The Trust Fund was created, and the Mortgage Loans (other than the Outside
Serviced Mortgage Loans) are to be serviced, pursuant to the Pooling 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 Pooling and Servicing
Agreement and is bound thereby. In the event that there is any conflict between any provision of this Certificate and any provision
of the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to the extent of such inconsistency.
Also issued under the Pooling and Servicing Agreement are the Class A-1, Class A-3, Class A-4, Class A-AB, Class X-A,
Class X-B, Class A-S, Class B, Class C, Class X-D, Class X-E, Class X-F, Class X-G, Class D, Class E, Class F,
Class G, Class R, Class S, Class V-1, Class V-2A, Class V-2B, Class V-2C, Class V-2D, Class V-2E, Class V-3AC, Class V-3D and Class
V-3E Certificates (together with the Class A-2 Certificates, the “Certificates”; the Holders of Certificates
are collectively referred to herein as “Certificateholders”).


 


This Certificate is
issued pursuant to, and in accordance with, the terms of a Pooling and Servicing Agreement dated as of September 1, 2017 (the “Pooling
and Servicing Agreement”), between Citigroup Commercial Mortgage Securities Inc., as Depositor, Wells Fargo Bank, National
Association, as Master Servicer, KeyBank National Association, as Special Servicer, Pentalpha Surveillance LLC, as Operating Advisor
and Asset Representations Reviewer, Citibank, N.A., as Certificate Administrator, and Wilmington Trust, National Association, as
Trustee. To the extent not defined herein, capitalized terms used herein shall have the meanings assigned thereto in the Pooling
and Servicing Agreement.


 






    A-2-2


     


    

 


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.


 


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 Mortgage Loans and has executed this Certificate in its limited capacity as Certificate Administrator under the Pooling
and Servicing Agreement.


 


Pursuant to the terms
of the Pooling and Servicing Agreement, the Certificate Administrator will distribute (other than the final distribution on any
Certificate), on the 4th Business Day following the Determination Date in each month, commencing in October 2017 (each such date,
a “Distribution Date”), to the Person in whose name this Certificate is registered as of the related Record
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, with respect to the Class A-2
Certificates for such Distribution Date, all as more fully described in the Pooling and Servicing Agreement. Holders of this Certificate
may be entitled to a share of Yield Maintenance Charges, as provided in the Pooling and Servicing Agreement.


 


Interest accrued on
this Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this Certificate,
if any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement. The “Interest
Accrual Period” with respect to any Distribution Date and with respect to the Class A-2 Certificates is the calendar
month preceding the month in which such Distribution Date occurs and is assumed to consist of 30 days.


 


All distributions
(other than the final distribution on any Certificate) will be made by the Certificate Administrator to the persons in whose names
the Certificates are registered at the close of business on each Record Date, which will be the last Business Day of the month
preceding the month in which such Distribution Date occurs. Distributions are required to be made by wire transfer of immediately
available funds to the account of such Certificateholder at a bank or other entity located in the United States and having appropriate
facilities to accept such funds, if such Certificateholder has provided the Certificate Administrator with written wiring instructions
no less than five (5) Business Days prior to the related Record Date (which wiring instructions may be in the form of a standing
order applicable to all subsequent distributions), or otherwise by check mailed to such Certificateholder. The final distribution
on each Certificate shall be made in like manner, but only upon presentation 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 a notice to Certificateholders of the pendency of the final distribution.


 


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 Section 9.01 of the Pooling 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 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. Subject to applicable state law with respect to escheatment of funds, if within two years after the second notice
any Certificates shall not have been surrendered for cancellation, the Paying Agent shall pay to the Class R Certificateholders
all amounts distributable to the Holders thereof. 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 Section 9.01 of the Pooling and Servicing Agreement.


 


This Certificate is
limited in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage Loans, as more
specifically set forth herein and in the Pooling and Servicing Agreement.


 


As provided in the
Pooling and Servicing Agreement, the Trust Fund includes: (i) such Mortgage Loans as from time to time are subject to the Pooling
and Servicing Agreement, together with the Mortgage Files relating thereto;


 






    A-2-3


     


    

 


(ii)
all scheduled or unscheduled payments on or collections in respect of the Mortgage Loans due after the Cut-Off Date or, with respect
to a Qualified Substitute Mortgage Loan, the Due Date in the month of substitution (exclusive of interest relating to periods
prior to, but due after, the Cut-Off Date); (iii) any REO Property (but, with respect to any REO Property relating to a Loan Combination,
only to the extent of the Trust’s interest in the related Loan Combination); (iv) all revenues received in respect of any
REO Property (but, with respect to any REO Property relating to a Loan Combination, only to the extent of the Trust’s interest
in the related Loan Combination); (v) the Master Servicer’s and the Trustee’s rights under the insurance policies
with respect to the Mortgage Loans required to be maintained pursuant to the Pooling and Servicing Agreement and any proceeds
thereof; (vi) the Trustee’s rights in any Assignments of Leases, Rents and Profits and any security agreements; (vii) the
Trustee’s rights under any indemnities or guaranties given as additional security for any Mortgage Loan; (viii) all
of the Trustee’s and the Certificate Administrator’s rights in the Escrow Accounts and Lock-Box Accounts and all proceeds
of the Mortgage Loans deposited in the Collection Account, the Distribution Account, the Excess Interest Distribution Account,
the Interest Reserve Account, the Excess Liquidation Proceeds Reserve Account and any REO Account, including any reinvestment
income thereon; (ix) the Trustee’s rights in any environmental indemnity agreements relating to the Mortgaged Properties;
(x) the Depositor’s rights under the Mortgage Loan Purchase Agreements and the SMC Guaranty to the extent assigned to the
Trustee pursuant to Section 2.01 of the Pooling and Servicing Agreement; (xi) the Lower-Tier Regular Interests; and (xii) the
Loss of Value Reserve Fund.


 


This Certificate does
not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling 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 and Trustee.


 


As provided in the
Pooling and Servicing Agreement, subject to certain restrictions on transfer set forth therein, upon surrender for registration
of transfer of any Certificate, the Certificate Administrator shall execute, authenticate and deliver, in the name of the designated
transferee or transferees, one or more new Certificates in authorized denominations, in like aggregate interest and of the same
Class.


 


Prior to due presentation
of this Certificate for registration of transfer, the Master Servicer, the Special Servicer, the Operating Advisor, the Trustee,
the Certificate Administrator, the Certificate Registrar, and any agent of any of them, may treat the Person in whose name any
Certificate is registered as the owner of such Certificate for the purpose of receiving distributions as provided in the Pooling
and Servicing Agreement and for all other purposes whatsoever, and neither the Master Servicer, the Special Servicer, the Operating
Advisor, the Trustee, the Certificate Administrator, the Certificate Registrar, nor any agent of any of them shall be affected
by any notice to the contrary.


 


The Pooling and Servicing
Agreement or any Custodial Agreement may be amended from time to time by the Depositor, the Master Servicer, the Special Servicer,
the Operating Advisor, the Asset Representations Reviewer, the Custodian (if the Certificate Administrator is then acting as Custodian),
the Certificate Administrator and the Trustee, without the consent of any of the Certificateholders or, as applicable, any Companion
Loan Holder:


 


		(i)	to cure any ambiguity to the extent that it does not adversely affect any holders of Certificates;



 


		(ii)	to correct or supplement any of its provisions which may be inconsistent with any other provisions
of the Pooling and Servicing Agreement or with the description thereof in the Prospectus or to correct any error;



 


		(iii)	to change the timing and/or nature of deposits in the Collection Account, the Excess Liquidation
Proceeds Reserve Account, the Excess Interest Distribution Account, the Distribution Account or any REO Account, provided that
(A) the Master Servicer Remittance Date shall in no event be later than the Business Day prior to the related Distribution
Date and (B) the change would not adversely affect in any material respect the interests of any Certificateholder, as evidenced
by an opinion of counsel (at the expense of the party requesting the amendment);



 


		(iv)	to modify, eliminate or add to any of its provisions (A) to the extent necessary to maintain the
qualification of either Trust REMIC as a REMIC or the Grantor Trust as a grantor trust or to avoid or minimize the risk of imposition
of any tax on the Trust Fund, 



 






    A-2-4


     


    

 


provided that the Trustee and the Certificate Administrator have received an opinion of counsel (at
the expense of the party requesting the amendment) to the effect that (1) the action is necessary or desirable to maintain
such qualification or to avoid or minimize such risk and (2) the action will not adversely affect in any material respect the interests
of any holder of the Certificates, (B) to restrict (or to remove any existing restrictions with respect to) the transfer
of the Class R Certificates, provided that the Depositor has determined that the amendment will not give rise to any tax with respect
to the transfer of the Class R Certificates to a non-Permitted Transferee, (C) to the extent necessary to comply with the
Investment Company Act of 1940, as amended, the Exchange Act, Regulation AB, Regulation RR and/or any related regulatory actions
and/or interpretations or (D) in the event that Regulation RR (or any portion thereof) or any other regulations applicable to the
risk retention requirements for this securitization transaction are amended or repealed, to the extent required to comply with
any such amendment or to modify or eliminate any risk retention requirements no longer applicable to this securitization transaction
in light of such repeal;


 


		(v)	to make any other provisions with respect to matters or questions arising under the Pooling and
Servicing Agreement or any other change, provided that the amendment will not adversely affect in any material respect the
interests of any Certificateholder, as evidenced by an opinion of counsel;



 


		(vi)	to modify the procedures in the Pooling and Servicing Agreement relating to Rule 17g-5; provided
that such modification does not increase the obligations of the Trustee, the Certificate Administrator, the Operating Advisor,
the Asset Representations Reviewer, the Master Servicer or the Special Servicer without such party’s consent (which consent
may not be withheld unless such modification would materially adversely affect such party or materially increase such party’s
obligations under the Pooling and Servicing Agreement); provided, further that notice of such modification is provided
to all parties to the Pooling and Servicing Agreement; and



 


		(vii)	to amend or supplement any provision of the Pooling and Servicing Agreement to the extent necessary
to maintain the ratings assigned to each Class of Certificates by any of the Rating Agencies, provided that the amendment will
not adversely affect in any material respect the interests of any Certificateholder;



 


provided, further
that no amendment pursuant to any of clauses (i)-(vii) above may be made that would: (A) reduce the consent or
consultation rights or the right to receive information under the Pooling and Servicing Agreement of the Controlling Class
Representative without the consent of the Controlling Class Representative; (B) reduce the consultation rights or the right
to receive information under the Pooling and Servicing Agreement of the Operating Advisor without the consent of the
Operating Advisor; (C) change in any manner the obligations or rights of any Mortgage Loan Seller under the Pooling and
Servicing Agreement or the applicable Mortgage Loan Purchase Agreement without the consent of the affected Mortgage Loan
Seller; (D) change in any manner the obligations or rights of any Underwriter or Initial Purchaser, without the consent of
the affected Underwriter or Initial Purchaser; or (E) adversely affect any Serviced Companion Loan Holder in its
capacity as such without its consent. Expenses incurred with respect to any amendment shall be borne by the party requesting
such amendment, unless the Master Servicer, the Special Servicer or the Trustee is requesting an amendment for the benefit of
the Certificateholders, then in which case such expense will be borne by the Trust.


 


The Pooling and Servicing
Agreement or any Custodial Agreement may also be amended from time to time by a writing signed by each of the Depositor, the Master
Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Custodian (if the Certificate Administrator
is then acting as Custodian), the Certificate Administrator and the Trustee with the consent of the Holders of Certificates representing
not less than 66-2/3% of the Percentage Interests of each Class of Certificates affected by the amendment for the purpose of adding
any provisions to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or of modifying
in any manner the rights of the Certificateholders; provided, however, that no such amendment shall:


 






    A-2-5


     


    

 


		(i)	reduce in any manner the amount of, or delay the timing of, payments received on the Serviced Loans
which are required to be distributed on a Certificate of any Class or to any Serviced Companion Loan Holder, as applicable, without
the consent of the Holder of that Certificate or that Serviced Companion Loan Holder, as applicable,



 


		(ii)	reduce the aforesaid percentage of Certificates of any Class the Holders of which are required
to consent to the amendment without the consent of the Holders of all Certificates of that Class then outstanding,



 


		(iii)	change in any manner the obligations or rights of any Mortgage Loan Seller under the Pooling and
Servicing Agreement or the related Mortgage Loan Purchase Agreement without the consent of the affected Mortgage Loan Seller,



 


		(iv)	change the definition of “Servicing Standard” without either (A) consent of 100% of
the holders of the Certificates or (B) Rating Agency Confirmation,



 


		(v)	without the consent of 100% of the Certificateholders of the Class or Classes of Certificates adversely
affected thereby, change (A) the percentages of Voting Rights of Certificateholders which are required to consent to any action
or inaction under the Pooling and Servicing Agreement, (B) the right of the Certificateholders to remove the Special Servicer pursuant
to the Pooling and Servicing Agreement or (C) the right of the Certificateholders to terminate the Operating Advisor pursuant to
the Pooling and Servicing Agreement,



 


		(vi)	adversely affect the Controlling Class Representative without the consent of 100% of the Controlling
Class Certificateholders,



 


		(vii)	adversely affect a Serviced Companion Loan Holder in its capacity as such without its consent,
or



 


		(viii)	change in any manner the obligations or rights of any Underwriter or Initial Purchaser without
the consent of the affected Underwriter or Initial Purchaser.



 


The Holders of the
Controlling Class representing greater than 50% of the Certificate Balance of the Controlling Class may (or, if such Holders do
not, the Special Servicer, or if neither such Holders nor the Special Servicer do, the Master Servicer or, if none of such Holders,
the Special Servicer or the Master Servicer does, any Holders of Class R Certificates representing greater than a 50% Percentage
Interest in such Class, may also) effect an early termination of the Trust Fund, upon not less than 30 days’ prior notice
given to the parties (or, if applicable, the other parties) to the Pooling and Servicing Agreement (whereupon the Master Servicer
shall notify the Serviced Companion Loan Holders) any time on or after the Early Termination Notice Date specifying the Anticipated
Termination Date, by purchasing on such date all, but not less than all, of the Mortgage Loans (and in the case of the Serviced
Loan Combinations, subject to certain rights of the related Serviced Companion Loan Holder provided for in the related Co-Lender
Agreement) then included in the Trust Fund, and all property acquired by or on behalf of the Trust Fund (including the Trust Fund’s
interest in any REO Property acquired with respect to any Outside Serviced Mortgage Loan) in respect of any Mortgage Loan then
included in the Trust Fund, at a purchase price, payable in cash, equal to (i) the sum of (A) the Termination Purchase
Amount and (B) the reasonable out-of-pocket expenses of the Master Servicer (unless the Master Servicer is the purchaser of
such Mortgage Loans), the Special Servicer (unless the Special Servicer is the purchaser of such Mortgage Loans), the Trustee and
the Certificate Administrator, as applicable, with respect to such termination, minus (ii) solely in the case where the Master
Servicer or the Special Servicer is effecting such purchase, the aggregate amount of unreimbursed Advances, if any, made by the
Master Servicer or Special Servicer, as applicable, together with any interest accrued and payable to the Master Servicer or the
Special Servicer, as applicable, in respect of such Advances and any unpaid Servicing Fees or Special Servicing Fees, as applicable,
remaining outstanding (which items will be deemed to have been paid or reimbursed to the Master Servicer or the Special Servicer,
as applicable, in connection with such purchase).


 


Any Person(s) effecting
an early termination of the Trust Fund as provided in the prior paragraph shall first notify the Controlling Class Representative
and each Certifying Certificateholder, or, in the case of a termination by


 






    A-2-6


     


    

 


the
Holder of a Class R Certificate, notify the Certificate Administrator (who shall notify the Controlling Class Representative
and each Certifying Certificateholder) of its intention to do so in writing at least 30 days prior to the Anticipated Termination
Date. All costs and expenses incurred by any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection
with the purchase of the Mortgage Loans and other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and
Servicing Agreement shall be borne by the party exercising its purchase rights thereunder. The Certificate Administrator shall
be entitled to rely conclusively on any determination made by an Appraiser pursuant to Section 9.01(c) of the Pooling and
Servicing Agreement.


 


The respective obligations
and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Operating Advisor, the Asset Representations
Reviewer, the Certificate Administrator and the Trustee created by the Pooling and Servicing Agreement with respect to the Certificates,
the Mortgage Loans and the Serviced Companion Loans (other than the obligation to make certain payments and to send certain notices
to Certificateholders as set forth in the Pooling and Servicing Agreement and to make any required remittances to the Serviced
Companion Loan Holders in the month in which the final Distribution Date occurs and certain tax-related obligations) shall terminate
immediately following the earlier to occur of (i) the purchase by Holders of the Controlling Class, the Special Servicer,
the Master Servicer or Holders of the Class R Certificates of all the Mortgage Loans and REO Properties (or interests therein)
then included in the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement, (ii) the exchange by the
Remaining Certificateholder of its Certificates for all the Mortgage Loans and REO Properties (or interests therein) then included
in the Trust Fund pursuant to Section 9.01(h) of the Pooling and Servicing Agreement and (iii) the final payment or other
liquidation (or any advance with respect thereto) of the last Mortgage Loan or REO Property (or interest therein) contained in
the Trust Fund; provided, however, that in no event shall the trust created by the Pooling and Servicing Agreement
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 of the Pooling and Servicing Agreement. All
such payments as contemplated by the preceding paragraph shall be deposited into the Collection Account by the Master Servicer
or Special Servicer, as applicable, promptly following receipt thereof.


 


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 Pooling and Servicing Agreement or
be valid for any purpose.


 






    A-2-7


     


    

 





IN WITNESS WHEREOF,
the Certificate Administrator has caused this Class A-2 Certificate to be duly executed.


 





	 	CITIBANK,
N.A., not in its individual capacity but solely as Certificate Administrator
	 	 	 
	 	By:	 
			Authorized Signatory


  


Dated: September 29, 2017


 


CERTIFICATE
OF AUTHENTICATION


 


This is one of the
Class A-2 Certificates referred to in the Pooling and Servicing Agreement.


 


Dated: September 29, 2017


 





	 	CITIBANK,
N.A., not in its individual capacity but solely as Authenticating Agent
	 	 	 
	 	By:	 
			Authorized Signatory


  




    A-2-8


     


    

 


ASSIGNMENT


 


FOR VALUE RECEIVED,
the undersigned (“Assignor(s)”) hereby sell(s), assign(s) and transfer(s) unto  ___________________________
 (please print or typewrite name(s) and address(es), including postal zip code(s) of assignee(s))
(“Assignee(s)”) the entire Percentage Interest represented by the within Class A-2 Certificate and hereby authorize(s)
the registration of transfer of such interest to Assignee(s) on the Certificate Register of the Trust Fund.


 


I (we) further direct
the Certificate Registrar to issue a new Class A-2 Certificate of the entire Percentage Interest represented by the within Class
A-2 Certificates to the above-named Assignee(s) and to deliver such Class A-2 Certificate to the following address:


 


Date: _________________


	 	 	 
		 	Signature by or on behalf of Assignor(s)
	 	 	 
	 	 	Taxpayer Identification Number





 




    A-2-9


     


    

 


DISTRIBUTION INSTRUCTIONS


 


The Assignee(s) should include
the following for purposes of distribution:


 


Address of the Assignee(s)
for the purpose of receiving notices and distributions: __________________________________ Distributions, if being made by wire
transfer in immediately available funds to __________________________ for the account of __________________________ account number
____________________________. This information is provided by ______________________________, the Assignee(s) named above or ____________________________________
as its (their) agent.


	 	 	 
	 	By:	 
	 	 	[Please print or type name(s)]
	 	 	 
	 	 	Title
	 	 	 
	 	 	Taxpayer Identification Number


 










    A-2-10


     


    

 


EXHIBIT
A-3


 


CITIGROUP
COMMERCIAL MORTGAGE TRUST 2017-P8

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2017-P8, CLASS A-3


 


[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.]5


 


[TRANSFERS OF THIS GLOBAL CERTIFICATE SHALL
BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE,
AND TRANSFERS OF BENEFICIAL INTERESTS IN THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS
SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.]6


 


THIS CERTIFICATE DOES NOT REPRESENT AN
INTEREST IN OR OBLIGATION OF THE DEPOSITOR, THE SPONSORS, THE ORIGINATORS, THE MASTER SERVICER, THE SPECIAL SERVICER, THE TRUSTEE,
THE CERTIFICATE ADMINISTRATOR, THE OPERATING ADVISOR, the Asset representations reviewer,
THE CONTROLLING CLASS REPRESENTATIVE, THE RISK RETENTION CONSULTATION PARTY, ANY COMPANION LOAN HOLDER, THE UNDERWRITERS OR ANY
OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES NOR THE MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY
OR INSTRUMENTALITY OR PRIVATE INSURER.


 


PRINCIPAL PAYMENTS IN RESPECT OF THIS CERTIFICATE
ARE DISTRIBUTABLE AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT. ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE OF THIS
CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.


 


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.


 





 



 


		5	Legend required as long as DTC is the Depository under
the Pooling and Servicing Agreement.



 


		6	Global Certificate legend.



 






    A-3-1


     


    

 




CITIGROUP
COMMERCIAL MORTGAGE TRUST 2017-P8

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2017-P8, CLASS A-3


 


	Pass-Through Rate:  3.203% per annum	 	 
	 	 	 
	First Distribution Date: October 17, 2017	 	Cut-Off Date:  With respect to each Mortgage Loan, the Due Date in September 2017 for that Mortgage Loan (or, in the case of any Mortgage Loan that has its first Due Date subsequent to September 2017, the date that would have been its Due Date in September 2017 under the terms of that Mortgage Loan if a Monthly Payment were scheduled to be due in that month).
	 	 	 
	Aggregate Initial Certificate Balance of the Class A-3 Certificates: $285,000,000	 	Scheduled Final Distribution Date: the Distribution Date in July 2027
	 	 	 





	
        CUSIP:  17326D AC6

        

         
	 	Initial Certificate Balance of this Certificate: $[_____]
	
        ISIN:      US17326DAC65

         
	 	 
	No.:  [1]	 	 


 


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-3 Certificates. The Trust Fund, described
more fully below, consists primarily of a pool of Mortgage Loans secured by first liens on commercial, multifamily and manufactured
housing community properties and held in trust by the Trustee and, other than in the case of the Outside Serviced Mortgage Loans,
serviced by the Master Servicer and the Special Servicer. The Trust Fund was created, and the Mortgage Loans (other than the Outside
Serviced Mortgage Loans) are to be serviced, pursuant to the Pooling 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 Pooling and Servicing
Agreement and is bound thereby. In the event that there is any conflict between any provision of this Certificate and any provision
of the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to the extent of such inconsistency.
Also issued under the Pooling and Servicing Agreement are the Class A-1, Class A-2, Class A-4, Class A-AB, Class X-A,
Class X-B, Class A-S, Class B, Class C, Class X-D, Class X-E, Class X-F, Class X-G, Class D, Class E, Class F,
Class G, Class R, Class S, Class V-1, Class V-2A, Class V-2B, Class V-2C, Class V-2D, Class V-2E, Class V-3AC, Class V-3D and Class
V-3E Certificates (together with the Class A-3 Certificates, the “Certificates”; the Holders of Certificates
are collectively referred to herein as “Certificateholders”).


 


This Certificate is
issued pursuant to, and in accordance with, the terms of a Pooling and Servicing Agreement dated as of September 1, 2017 (the “Pooling
and Servicing Agreement”), between Citigroup Commercial Mortgage Securities Inc., as Depositor, Wells Fargo Bank, National
Association, as Master Servicer, KeyBank National Association, as Special Servicer, Pentalpha Surveillance LLC, as Operating Advisor
and Asset Representations Reviewer, Citibank, N.A., as Certificate Administrator, and Wilmington Trust, National Association, as
Trustee. To the extent not defined herein, capitalized terms used herein shall have the meanings assigned thereto in the Pooling
and Servicing Agreement.


 






    A-3-2


     


    

 


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.


 


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 Mortgage Loans and has executed this Certificate in its limited capacity as Certificate Administrator under the Pooling
and Servicing Agreement.


 


Pursuant to the terms
of the Pooling and Servicing Agreement, the Certificate Administrator will distribute (other than the final distribution on any
Certificate), on the 4th Business Day following the Determination Date in each month, commencing in October 2017 (each such date,
a “Distribution Date”), to the Person in whose name this Certificate is registered as of the related Record
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, with respect to the Class A-3
Certificates for such Distribution Date, all as more fully described in the Pooling and Servicing Agreement. Holders of this Certificate
may be entitled to a share of Yield Maintenance Charges, as provided in the Pooling and Servicing Agreement.


 


Interest accrued on
this Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this Certificate,
if any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement. The “Interest
Accrual Period” with respect to any Distribution Date and with respect to the Class A-3 Certificates is the calendar
month preceding the month in which such Distribution Date occurs and is assumed to consist of 30 days.


 


All distributions
(other than the final distribution on any Certificate) will be made by the Certificate Administrator to the persons in whose names
the Certificates are registered at the close of business on each Record Date, which will be the last Business Day of the month
preceding the month in which such Distribution Date occurs. Distributions are required to be made by wire transfer of immediately
available funds to the account of such Certificateholder at a bank or other entity located in the United States and having appropriate
facilities to accept such funds, if such Certificateholder has provided the Certificate Administrator with written wiring instructions
no less than five (5) Business Days prior to the related Record Date (which wiring instructions may be in the form of a standing
order applicable to all subsequent distributions), or otherwise by check mailed to such Certificateholder. The final distribution
on each Certificate shall be made in like manner, but only upon presentation 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 a notice to Certificateholders of the pendency of the final distribution.


 


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 Section 9.01 of the Pooling 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 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. Subject to applicable state law with respect to escheatment of funds, if within two years after the second notice
any Certificates shall not have been surrendered for cancellation, the Paying Agent shall pay to the Class R Certificateholders
all amounts distributable to the Holders thereof. 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 Section 9.01 of the Pooling and Servicing Agreement.


 


This Certificate is
limited in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage Loans, as more
specifically set forth herein and in the Pooling and Servicing Agreement.


 


As provided in the
Pooling and Servicing Agreement, the Trust Fund includes: (i) such Mortgage Loans as from time to time are subject to the Pooling
and Servicing Agreement, together with the Mortgage Files relating thereto;


 






    A-3-3


     


    

 


(ii)
all scheduled or unscheduled payments on or collections in respect of the Mortgage Loans due after the Cut-Off Date or, with respect
to a Qualified Substitute Mortgage Loan, the Due Date in the month of substitution (exclusive of interest relating to periods
prior to, but due after, the Cut-Off Date); (iii) any REO Property (but, with respect to any REO Property relating to a Loan Combination,
only to the extent of the Trust’s interest in the related Loan Combination); (iv) all revenues received in respect of any
REO Property (but, with respect to any REO Property relating to a Loan Combination, only to the extent of the Trust’s interest
in the related Loan Combination); (v) the Master Servicer’s and the Trustee’s rights under the insurance policies
with respect to the Mortgage Loans required to be maintained pursuant to the Pooling and Servicing Agreement and any proceeds
thereof; (vi) the Trustee’s rights in any Assignments of Leases, Rents and Profits and any security agreements; (vii) the
Trustee’s rights under any indemnities or guaranties given as additional security for any Mortgage Loan; (viii) all of the
Trustee’s and the Certificate Administrator’s rights in the Escrow Accounts and Lock-Box Accounts and all proceeds
of the Mortgage Loans deposited in the Collection Account, the Distribution Account, the Excess Interest Distribution Account,
the Interest Reserve Account, the Excess Liquidation Proceeds Reserve Account and any REO Account, including any reinvestment
income thereon; (ix) the Trustee’s rights in any environmental indemnity agreements relating to the Mortgaged Properties;
(x) the Depositor’s rights under the Mortgage Loan Purchase Agreements and the SMC Guaranty to the extent assigned to the
Trustee pursuant to Section 2.01 of the Pooling and Servicing Agreement; (xi) the Lower-Tier Regular Interests; and (xii) the
Loss of Value Reserve Fund.


 


This Certificate does
not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling 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 and Trustee.


 


As provided in the
Pooling and Servicing Agreement, subject to certain restrictions on transfer set forth therein, upon surrender for registration
of transfer of any Certificate, the Certificate Administrator shall execute, authenticate and deliver, in the name of the designated
transferee or transferees, one or more new Certificates in authorized denominations, in like aggregate interest and of the same
Class.


 


Prior to due presentation
of this Certificate for registration of transfer, the Master Servicer, the Special Servicer, the Operating Advisor, the Trustee,
the Certificate Administrator, the Certificate Registrar, and any agent of any of them, may treat the Person in whose name any
Certificate is registered as the owner of such Certificate for the purpose of receiving distributions as provided in the Pooling
and Servicing Agreement and for all other purposes whatsoever, and neither the Master Servicer, the Special Servicer, the Operating
Advisor, the Trustee, the Certificate Administrator, the Certificate Registrar, nor any agent of any of them shall be affected
by any notice to the contrary.


 


The Pooling and Servicing
Agreement or any Custodial Agreement may be amended from time to time by the Depositor, the Master Servicer, the Special Servicer,
the Operating Advisor, the Asset Representations Reviewer, the Custodian (if the Certificate Administrator is then acting as Custodian),
the Certificate Administrator and the Trustee, without the consent of any of the Certificateholders or, as applicable, any Companion
Loan Holder:


 


		(i)	to cure any ambiguity to the extent that it does not adversely affect any holders of Certificates;



 


		(ii)	to correct or supplement any of its provisions which may be inconsistent with any other provisions
of the Pooling and Servicing Agreement or with the description thereof in the Prospectus or to correct any error;



 


		(iii)	to change the timing and/or nature of deposits in the Collection Account, the Excess Liquidation
Proceeds Reserve Account, the Excess Interest Distribution Account, the Distribution Account or any REO Account, provided that
(A) the Master Servicer Remittance Date shall in no event be later than the Business Day prior to the related Distribution
Date and (B) the change would not adversely affect in any material respect the interests of any Certificateholder, as evidenced
by an opinion of counsel (at the expense of the party requesting the amendment);



 


		(iv)	to modify, eliminate or add to any of its provisions (A) to the extent necessary to maintain the
qualification of either Trust REMIC as a REMIC or the Grantor Trust as a grantor trust or to avoid or minimize the risk of imposition
of any tax on the Trust Fund, 



 






    A-3-4


     


    

 


provided that the Trustee and the Certificate Administrator have received an opinion of counsel (at
the expense of the party requesting the amendment) to the effect that (1) the action is necessary or desirable to maintain
such qualification or to avoid or minimize such risk and (2) the action will not adversely affect in any material respect the interests
of any holder of the Certificates, (B) to restrict (or to remove any existing restrictions with respect to) the transfer
of the Class R Certificates, provided that the Depositor has determined that the amendment will not give rise to any tax with respect
to the transfer of the Class R Certificates to a non-Permitted Transferee, (C) to the extent necessary to comply with the
Investment Company Act of 1940, as amended, the Exchange Act, Regulation AB, Regulation RR and/or any related regulatory actions
and/or interpretations or (D) in the event that Regulation RR (or any portion thereof) or any other regulations applicable to the
risk retention requirements for this securitization transaction are amended or repealed, to the extent required to comply with
any such amendment or to modify or eliminate any risk retention requirements no longer applicable to this securitization transaction
in light of such repeal;


 


		(v)	to make any other provisions with respect to matters or questions arising under the Pooling and
Servicing Agreement or any other change, provided that the amendment will not adversely affect in any material respect the
interests of any Certificateholder, as evidenced by an opinion of counsel;



 


		(vi)	to modify the procedures in the Pooling and Servicing Agreement relating to Rule 17g-5; provided
that such modification does not increase the obligations of the Trustee, the Certificate Administrator, the Operating Advisor,
the Asset Representations Reviewer, the Master Servicer or the Special Servicer without such party’s consent (which consent
may not be withheld unless such modification would materially adversely affect such party or materially increase such party’s
obligations under the Pooling and Servicing Agreement); provided, further that notice of such modification is provided
to all parties to the Pooling and Servicing Agreement; and



 


		(vii)	to amend or supplement any provision of the Pooling and Servicing Agreement to the extent necessary
to maintain the ratings assigned to each Class of Certificates by any of the Rating Agencies, provided that the amendment will
not adversely affect in any material respect the interests of any Certificateholder;



 


provided, further
that no amendment pursuant to any of clauses (i)-(vii) above may be made that would: (A) reduce the consent or
consultation rights or the right to receive information under the Pooling and Servicing Agreement of the Controlling Class
Representative without the consent of the Controlling Class Representative; (B) reduce the consultation rights or the right
to receive information under the Pooling and Servicing Agreement of the Operating Advisor without the consent of the
Operating Advisor; (C) change in any manner the obligations or rights of any Mortgage Loan Seller under the Pooling and
Servicing Agreement or the applicable Mortgage Loan Purchase Agreement without the consent of the affected Mortgage Loan
Seller; (D) change in any manner the obligations or rights of any Underwriter or Initial Purchaser, without the consent of
the affected Underwriter or Initial Purchaser; or (E) adversely affect any Serviced Companion Loan Holder in its
capacity as such without its consent. Expenses incurred with respect to any amendment shall be borne by the party requesting
such amendment, unless the Master Servicer, the Special Servicer or the Trustee is requesting an amendment for the benefit of
the Certificateholders, then in which case such expense will be borne by the Trust.


 


The Pooling and Servicing
Agreement or any Custodial Agreement may also be amended from time to time by a writing signed by each of the Depositor, the Master
Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Custodian (if the Certificate Administrator
is then acting as Custodian), the Certificate Administrator and the Trustee with the consent of the Holders of Certificates representing
not less than 66-2/3% of the Percentage Interests of each Class of Certificates affected by the amendment for the purpose of adding
any provisions to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or of modifying
in any manner the rights of the Certificateholders; provided, however, that no such amendment shall:


 






    A-3-5


     


    

 


		(i)	reduce in any manner the amount of, or delay the timing of, payments received on the Serviced Loans
which are required to be distributed on a Certificate of any Class or to any Serviced Companion Loan Holder, as applicable, without
the consent of the Holder of that Certificate or that Serviced Companion Loan Holder, as applicable,



 


		(ii)	reduce the aforesaid percentage of Certificates of any Class the Holders of which are required
to consent to the amendment without the consent of the Holders of all Certificates of that Class then outstanding,



 


		(iii)	change in any manner the obligations or rights of any Mortgage Loan Seller under the Pooling and
Servicing Agreement or the related Mortgage Loan Purchase Agreement without the consent of the affected Mortgage Loan Seller,



 


		(iv)	change the definition of “Servicing Standard” without either (A) consent of 100% of
the holders of the Certificates or (B) Rating Agency Confirmation,



 


		(v)	without the consent of 100% of the Certificateholders of the Class or Classes of Certificates adversely
affected thereby, change (A) the percentages of Voting Rights of Certificateholders which are required to consent to any action
or inaction under the Pooling and Servicing Agreement, (B) the right of the Certificateholders to remove the Special Servicer pursuant
to the Pooling and Servicing Agreement or (C) the right of the Certificateholders to terminate the Operating Advisor pursuant to
the Pooling and Servicing Agreement,



 


		(vi)	adversely affect the Controlling Class Representative without the consent of 100% of the Controlling
Class Certificateholders,



 


		(vii)	adversely affect a Serviced Companion Loan Holder in its capacity as such without its consent,
or



 


		(viii)	change in any manner the obligations or rights of any Underwriter or Initial Purchaser without
the consent of the affected Underwriter or Initial Purchaser.



 


The Holders of the
Controlling Class representing greater than 50% of the Certificate Balance of the Controlling Class may (or, if such Holders do
not, the Special Servicer, or if neither such Holders nor the Special Servicer do, the Master Servicer or, if none of such Holders,
the Special Servicer or the Master Servicer does, any Holders of Class R Certificates representing greater than a 50% Percentage
Interest in such Class, may also) effect an early termination of the Trust Fund, upon not less than 30 days’ prior notice
given to the parties (or, if applicable, the other parties) to the Pooling and Servicing Agreement (whereupon the Master Servicer
shall notify the Serviced Companion Loan Holders) any time on or after the Early Termination Notice Date specifying the Anticipated
Termination Date, by purchasing on such date all, but not less than all, of the Mortgage Loans (and in the case of the Serviced
Loan Combinations, subject to certain rights of the related Serviced Companion Loan Holder provided for in the related Co-Lender
Agreement) then included in the Trust Fund, and all property acquired by or on behalf of the Trust Fund (including the Trust Fund’s
interest in any REO Property acquired with respect to any Outside Serviced Mortgage Loan in respect of any Mortgage Loan then included
in the Trust Fund, at a purchase price, payable in cash, equal to (i) the sum of (A) the Termination Purchase Amount
and (B) the reasonable out-of-pocket expenses of the Master Servicer (unless the Master Servicer is the purchaser of such
Mortgage Loans), the Special Servicer (unless the Special Servicer is the purchaser of such Mortgage Loans), the Trustee and the
Certificate Administrator, as applicable, with respect to such termination, minus (ii) solely in the case where the Master
Servicer or the Special Servicer is effecting such purchase, the aggregate amount of unreimbursed Advances, if any, made by the
Master Servicer or Special Servicer, as applicable, together with any interest accrued and payable to the Master Servicer or the
Special Servicer, as applicable, in respect of such Advances and any unpaid Servicing Fees or Special Servicing Fees, as applicable,
remaining outstanding (which items will be deemed to have been paid or reimbursed to the Master Servicer or the Special Servicer,
as applicable, in connection with such purchase).


 


Any Person(s) effecting
an early termination of the Trust Fund as provided in the prior paragraph shall first notify the Controlling Class Representative
and each Certifying Certificateholder, or, in the case of a termination by


 






    A-3-6


     


    

 


the
Holder of a Class R Certificate, notify the Certificate Administrator (who shall notify the Controlling Class Representative
and each Certifying Certificateholder) of its intention to do so in writing at least 30 days prior to the Anticipated Termination
Date. All costs and expenses incurred by any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection
with the purchase of the Mortgage Loans and other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and
Servicing Agreement shall be borne by the party exercising its purchase rights thereunder. The Certificate Administrator shall
be entitled to rely conclusively on any determination made by an Appraiser pursuant to Section 9.01(c) of the Pooling and
Servicing Agreement.


 


The respective obligations
and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Operating Advisor, the Asset Representations
Reviewer, the Certificate Administrator and the Trustee created by the Pooling and Servicing Agreement with respect to the Certificates,
the Mortgage Loans and the Serviced Companion Loans (other than the obligation to make certain payments and to send certain notices
to Certificateholders as set forth in the Pooling and Servicing Agreement and to make any required remittances to the Serviced
Companion Loan Holders in the month in which the final Distribution Date occurs and certain tax-related obligations) shall terminate
immediately following the earlier to occur of (i) the purchase by Holders of the Controlling Class, the Special Servicer,
the Master Servicer or Holders of the Class R Certificates of all the Mortgage Loans and REO Properties (or interests therein)
then included in the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement, (ii) the exchange by the
Remaining Certificateholder of its Certificates for all the Mortgage Loans and REO Properties (or interests therein) then included
in the Trust Fund pursuant to Section 9.01(h) of the Pooling and Servicing Agreement and (iii) the final payment or other
liquidation (or any advance with respect thereto) of the last Mortgage Loan or REO Property (or interest therein) contained in
the Trust Fund; provided, however, that in no event shall the trust created by the Pooling and Servicing Agreement
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 of the Pooling and Servicing Agreement. All
such payments as contemplated by the preceding paragraph shall be deposited into the Collection Account by the Master Servicer
or Special Servicer, as applicable, promptly following receipt thereof.


 


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 Pooling and Servicing Agreement or
be valid for any purpose.


 






    A-3-7


     


    

 





IN WITNESS WHEREOF,
the Certificate Administrator has caused this Class A-3 Certificate to be duly executed.


 





	 	CITIBANK,
N.A., not in its individual capacity but solely as Certificate Administrator
	 	 	 
	 	By:	 
			Authorized Signatory


  


Dated: September 29, 2017


 


CERTIFICATE
OF AUTHENTICATION


 


This is one of the
Class A-3 Certificates referred to in the Pooling and Servicing Agreement.


 


Dated: September 29, 2017


 





	 	CITIBANK,
N.A., not in its individual capacity but solely as Authenticating Agent
	 	 	 
	 	By:	 
			Authorized Signatory


  




    A-3-8


     


    

 


ASSIGNMENT


 


FOR VALUE RECEIVED,
the undersigned (“Assignor(s)”) hereby sell(s), assign(s) and transfer(s) unto  ___________________________
 (please print or typewrite name(s) and address(es), including postal zip code(s) of assignee(s))
(“Assignee(s)”) the entire Percentage Interest represented by the within Class A-3 Certificate and hereby authorize(s)
the registration of transfer of such interest to Assignee(s) on the Certificate Register of the Trust Fund.


 


I (we) further direct
the Certificate Registrar to issue a new Class A-3 Certificate of the entire Percentage Interest represented by the within Class
A-3 Certificates to the above-named Assignee(s) and to deliver such Class A-3 Certificate to the following address:


 


Date: _________________


	 	 	 
		 	Signature by or on behalf of Assignor(s)
	 	 	 
	 	 	Taxpayer Identification Number





 




    A-3-9


     


    

 


DISTRIBUTION INSTRUCTIONS


 


The Assignee(s) should include
the following for purposes of distribution:


 


Address of the Assignee(s)
for the purpose of receiving notices and distributions: __________________________________ Distributions, if being made by wire
transfer in immediately available funds to __________________________ for the account of __________________________ account number
____________________________. This information is provided by ______________________________, the Assignee(s) named above or ____________________________________
as its (their) agent.


	 	 	 
	 	By:	 
	 	 	[Please print or type name(s)]
	 	 	 
	 	 	Title
	 	 	 
	 	 	Taxpayer Identification Number


 










    A-3-10


     


    




 


EXHIBIT
A-4


 


CITIGROUP
COMMERCIAL MORTGAGE TRUST 2017-P8

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2017-P8, CLASS A-4


 


[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.]7


 


[TRANSFERS OF THIS GLOBAL CERTIFICATE SHALL
BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE,
AND TRANSFERS OF BENEFICIAL INTERESTS IN THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS
SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.]8


 


THIS CERTIFICATE DOES NOT REPRESENT AN
INTEREST IN OR OBLIGATION OF THE DEPOSITOR, THE SPONSORS, THE ORIGINATORS, THE MASTER SERVICER, THE SPECIAL SERVICER, THE TRUSTEE,
THE CERTIFICATE ADMINISTRATOR, THE OPERATING ADVISOR, the Asset representations reviewer,
THE CONTROLLING CLASS REPRESENTATIVE, THE RISK RETENTION CONSULTATION PARTY, ANY COMPANION LOAN HOLDER, THE UNDERWRITERS OR ANY
OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES NOR THE MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY
OR INSTRUMENTALITY OR PRIVATE INSURER.


 


PRINCIPAL PAYMENTS IN RESPECT OF THIS CERTIFICATE
ARE DISTRIBUTABLE AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT. ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE OF THIS
CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.


 


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.


 





 



 


		7	Legend required as long as DTC is the Depository under
the Pooling and Servicing Agreement.



 


		8	Global Certificate legend.





 






    A-4-1


     


    

 


CITIGROUP
COMMERCIAL MORTGAGE TRUST 2017-P8

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2017-P8, CLASS A-4


 


	Pass-Through Rate:  3.465% per annum	 	 
	 	 	 
	First Distribution Date: October 17, 2017	 	Cut-Off Date:  With respect to each Mortgage Loan, the Due Date in September 2017 for that Mortgage Loan (or, in the case of any Mortgage Loan that has its first Due Date subsequent to September 2017, the date that would have been its Due Date in September 2017 under the terms of that Mortgage Loan if a Monthly Payment were scheduled to be due in that month).
	 	 	 
	Aggregate Initial Certificate Balance of the Class A-4 Certificates: $317,631,000	 	Scheduled Final Distribution Date: the Distribution Date in August 2027
	 	 	 


 


	
        CUSIP:  17326D AD4

        

         
	 	Initial Certificate Balance of this Certificate: $[_____]
	
        ISIN:     US17326DAD49

         
	 	 
	No.:  [1]	 	 


 


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-4 Certificates. The Trust Fund, described
more fully below, consists primarily of a pool of Mortgage Loans secured by first liens on commercial, multifamily and manufactured
housing community properties and held in trust by the Trustee and, other than in the case of the Outside Serviced Mortgage Loans,
serviced by the Master Servicer and the Special Servicer. The Trust Fund was created, and the Mortgage Loans (other than the Outside
Serviced Mortgage Loans) are to be serviced, pursuant to the Pooling 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 Pooling and Servicing
Agreement and is bound thereby. In the event that there is any conflict between any provision of this Certificate and any provision
of the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to the extent of such inconsistency.
Also issued under the Pooling and Servicing Agreement are the Class A-1, Class A-2, Class A-3, Class A-AB, Class X-A,
Class X-B, Class A-S, Class B, Class C, Class X-D, Class X-E, Class X-F, Class X-G, Class D, Class E, Class F,
Class G, Class R, Class S, Class V-1, Class V-2A, Class V-2B, Class V-2C, Class V-2D, Class V-2E, Class V-3AC, Class V-3D and Class
V-3E Certificates (together with the Class A-4 Certificates, the “Certificates”; the Holders of Certificates
are collectively referred to herein as “Certificateholders”).


 


This Certificate is
issued pursuant to, and in accordance with, the terms of a Pooling and Servicing Agreement dated as of September 1, 2017 (the “Pooling
and Servicing Agreement”), between Citigroup Commercial Mortgage Securities Inc., as Depositor, Wells Fargo Bank, National
Association, as Master Servicer, KeyBank National Association, as Special Servicer, Pentalpha Surveillance LLC, as Operating Advisor
and Asset Representations Reviewer, Citibank, N.A., as Certificate Administrator, and Wilmington Trust, National Association, as
Trustee. To the extent not defined herein, capitalized terms used herein shall have the meanings assigned thereto in the Pooling
and Servicing Agreement.


 






    A-4-2


     


    

 


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.


 


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 Mortgage Loans and has executed this Certificate in its limited capacity as Certificate Administrator under the Pooling
and Servicing Agreement.


 


Pursuant to the terms
of the Pooling and Servicing Agreement, the Certificate Administrator will distribute (other than the final distribution on any
Certificate), on the 4th Business Day following the Determination Date in each month, commencing in October 2017 (each such date,
a “Distribution Date”), to the Person in whose name this Certificate is registered as of the related Record
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, with respect to the Class A-4
Certificates for such Distribution Date, all as more fully described in the Pooling and Servicing Agreement. Holders of this Certificate
may be entitled to a share of Yield Maintenance Charges, as provided in the Pooling and Servicing Agreement.


 


Interest accrued on
this Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this Certificate,
if any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement. The “Interest
Accrual Period” with respect to any Distribution Date and with respect to the Class A-4 Certificates is the calendar
month preceding the month in which such Distribution Date occurs and is assumed to consist of 30 days.


 


All distributions
(other than the final distribution on any Certificate) will be made by the Certificate Administrator to the persons in whose names
the Certificates are registered at the close of business on each Record Date, which will be the last Business Day of the month
preceding the month in which such Distribution Date occurs. Distributions are required to be made by wire transfer of immediately
available funds to the account of such Certificateholder at a bank or other entity located in the United States and having appropriate
facilities to accept such funds, if such Certificateholder has provided the Certificate Administrator with written wiring instructions
no less than five (5) Business Days prior to the related Record Date (which wiring instructions may be in the form of a standing
order applicable to all subsequent distributions), or otherwise by check mailed to such Certificateholder. The final distribution
on each Certificate shall be made in like manner, but only upon presentation 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 a notice to Certificateholders of the pendency of the final distribution.


 


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 Section 9.01 of the Pooling 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 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. Subject to applicable state law with respect to escheatment of funds, if within two years after the second notice
any Certificates shall not have been surrendered for cancellation, the Paying Agent shall pay to the Class R Certificateholders
all amounts distributable to the Holders thereof. 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 Section 9.01 of the Pooling and Servicing Agreement.


 


This Certificate is
limited in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage Loans, as more
specifically set forth herein and in the Pooling and Servicing Agreement.


 


As provided in the
Pooling and Servicing Agreement, the Trust Fund includes: (i) such Mortgage Loans as from time to time are subject to the Pooling
and Servicing Agreement, together with the Mortgage Files relating thereto;


 






    A-4-3


     


    

 


(ii)
all scheduled or unscheduled payments on or collections in respect of the Mortgage Loans due after the Cut-Off Date or, with respect
to a Qualified Substitute Mortgage Loan, the Due Date in the month of substitution (exclusive of interest relating to periods
prior to, but due after, the Cut-Off Date); (iii) any REO Property (but, with respect to any REO Property relating to a Loan Combination,
only to the extent of the Trust’s interest in the related Loan Combination); (iv) all revenues received in respect of any
REO Property (but, with respect to any REO Property relating to a Loan Combination, only to the extent of the Trust’s interest
in the related Loan Combination); (v) the Master Servicer’s and the Trustee’s rights under the insurance policies
with respect to the Mortgage Loans required to be maintained pursuant to the Pooling and Servicing Agreement and any proceeds
thereof; (vi) the Trustee’s rights in any Assignments of Leases, Rents and Profits and any security agreements; (vii) the
Trustee’s rights under any indemnities or guaranties given as additional security for any Mortgage Loan; (viii) all of the
Trustee’s and the Certificate Administrator’s rights in the Escrow Accounts and Lock-Box Accounts and all proceeds
of the Mortgage Loans deposited in the Collection Account, the Distribution Account, the Excess Interest Distribution Account,
the Interest Reserve Account, the Excess Liquidation Proceeds Reserve Account and any REO Account, including any reinvestment
income thereon; (ix) the Trustee’s rights in any environmental indemnity agreements relating to the Mortgaged Properties;
(x) the Depositor’s rights under the Mortgage Loan Purchase Agreements and the SMC Guaranty to the extent assigned to the
Trustee pursuant to Section 2.01 of the Pooling and Servicing Agreement; (xi) the Lower-Tier Regular Interests; and (xii) the
Loss of Value Reserve Fund.


 


This Certificate does
not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling 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 and Trustee.


 


As provided in the
Pooling and Servicing Agreement, subject to certain restrictions on transfer set forth therein, upon surrender for registration
of transfer of any Certificate, the Certificate Administrator shall execute, authenticate and deliver, in the name of the designated
transferee or transferees, one or more new Certificates in authorized denominations, in like aggregate interest and of the same
Class.


 


Prior to due presentation
of this Certificate for registration of transfer, the Master Servicer, the Special Servicer, the Operating Advisor, the Trustee,
the Certificate Administrator, the Certificate Registrar, and any agent of any of them, may treat the Person in whose name any
Certificate is registered as the owner of such Certificate for the purpose of receiving distributions as provided in the Pooling
and Servicing Agreement and for all other purposes whatsoever, and neither the Master Servicer, the Special Servicer, the Operating
Advisor, the Trustee, the Certificate Administrator, the Certificate Registrar, nor any agent of any of them shall be affected
by any notice to the contrary.


 


The Pooling and Servicing
Agreement or any Custodial Agreement may be amended from time to time by the Depositor, the Master Servicer, the Special Servicer,
the Operating Advisor, the Asset Representations Reviewer, the Custodian (if the Certificate Administrator is then acting as Custodian),
the Certificate Administrator and the Trustee, without the consent of any of the Certificateholders or, as applicable, any Companion
Loan Holder:


 


		(i)	to cure any ambiguity to the extent that it does not adversely affect any holders of Certificates;



 


		(ii)	to correct or supplement any of its provisions which may be inconsistent with any other provisions
of the Pooling and Servicing Agreement or with the description thereof in the Prospectus or to correct any error;



 


		(iii)	to change the timing and/or nature of deposits in the Collection Account, the Excess Liquidation
Proceeds Reserve Account, the Excess Interest Distribution Account, the Distribution Account or any REO Account, provided that
(A) the Master Servicer Remittance Date shall in no event be later than the Business Day prior to the related Distribution
Date and (B) the change would not adversely affect in any material respect the interests of any Certificateholder, as evidenced
by an opinion of counsel (at the expense of the party requesting the amendment);



 


		(iv)	to modify, eliminate or add to any of its provisions (A) to the extent necessary to maintain the
qualification of either Trust REMIC as a REMIC or the Grantor Trust as a grantor trust or to avoid or minimize the risk of imposition
of any tax on the Trust Fund, 



 






    A-4-4


     


    

 


provided that the Trustee and the Certificate Administrator have received an opinion of counsel (at
the expense of the party requesting the amendment) to the effect that (1) the action is necessary or desirable to maintain
such qualification or to avoid or minimize such risk and (2) the action will not adversely affect in any material respect the interests
of any holder of the Certificates, (B) to restrict (or to remove any existing restrictions with respect to) the transfer
of the Class R Certificates, provided that the Depositor has determined that the amendment will not give rise to any tax with respect
to the transfer of the Class R Certificates to a non-Permitted Transferee, (C) to the extent necessary to comply with the
Investment Company Act of 1940, as amended, the Exchange Act, Regulation AB, Regulation RR and/or any related regulatory actions
and/or interpretations or (D) in the event that Regulation RR (or any portion thereof) or any other regulations applicable to the
risk retention requirements for this securitization transaction are amended or repealed, to the extent required to comply with
any such amendment or to modify or eliminate any risk retention requirements no longer applicable to this securitization transaction
in light of such repeal;


 


		(v)	to make any other provisions with respect to matters or questions arising under the Pooling and
Servicing Agreement or any other change, provided that the amendment will not adversely affect in any material respect the
interests of any Certificateholder, as evidenced by an opinion of counsel;



 


		(vi)	to modify the procedures in the Pooling and Servicing Agreement relating to Rule 17g-5; provided
that such modification does not increase the obligations of the Trustee, the Certificate Administrator, the Operating Advisor,
the Asset Representations Reviewer, the Master Servicer or the Special Servicer without such party’s consent (which consent
may not be withheld unless such modification would materially adversely affect such party or materially increase such party’s
obligations under the Pooling and Servicing Agreement); provided, further that notice of such modification is provided
to all parties to the Pooling and Servicing Agreement; and



 


		(vii)	to amend or supplement any provision of the Pooling and Servicing Agreement to the extent necessary
to maintain the ratings assigned to each Class of Certificates by any of the Rating Agencies, provided that the amendment will
not adversely affect in any material respect the interests of any Certificateholder;



 


provided, further
that no amendment pursuant to any of clauses (i)-(vii) above may be made that would: (A) reduce the consent or
consultation rights or the right to receive information under the Pooling and Servicing Agreement of the Controlling Class
Representative without the consent of the Controlling Class Representative; (B) reduce the consultation rights or the right
to receive information under the Pooling and Servicing Agreement of the Operating Advisor without the consent of the
Operating Advisor; (C) change in any manner the obligations or rights of any Mortgage Loan Seller under the Pooling and
Servicing Agreement or the applicable Mortgage Loan Purchase Agreement without the consent of the affected Mortgage Loan
Seller; (D) change in any manner the obligations or rights of any Underwriter or Initial Purchaser, without the consent of
the affected Underwriter or Initial Purchaser; or (E) adversely affect any Serviced Companion Loan Holder in its
capacity as such without its consent. Expenses incurred with respect to any amendment shall be borne by the party requesting
such amendment, unless the Master Servicer, the Special Servicer or the Trustee is requesting an amendment for the benefit of
the Certificateholders, then in which case such expense will be borne by the Trust.


 


The Pooling and Servicing
Agreement or any Custodial Agreement may also be amended from time to time by a writing signed by each of the Depositor, the Master
Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Custodian (if the Certificate Administrator
is then acting as Custodian), the Certificate Administrator and the Trustee with the consent of the Holders of Certificates representing
not less than 66-2/3% of the Percentage Interests of each Class of Certificates affected by the amendment for the purpose of adding
any provisions to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or of modifying
in any manner the rights of the Certificateholders; provided, however, that no such amendment shall:


 






    A-4-5


     


    

 


		(i)	reduce in any manner the amount of, or delay the timing of, payments received on the Serviced Loans
which are required to be distributed on a Certificate of any Class or to any Serviced Companion Loan Holder, as applicable, without
the consent of the Holder of that Certificate or that Serviced Companion Loan Holder, as applicable,



 


		(ii)	reduce the aforesaid percentage of Certificates of any Class the Holders of which are required
to consent to the amendment without the consent of the Holders of all Certificates of that Class then outstanding,



 


		(iii)	change in any manner the obligations or rights of any Mortgage Loan Seller under the Pooling and
Servicing Agreement or the related Mortgage Loan Purchase Agreement without the consent of the affected Mortgage Loan Seller,



 


		(iv)	change the definition of “Servicing Standard” without either (A) consent of 100% of
the holders of the Certificates or (B) Rating Agency Confirmation,



 


		(v)	without the consent of 100% of the Certificateholders of the Class or Classes of Certificates adversely
affected thereby, change (A) the percentages of Voting Rights of Certificateholders which are required to consent to any action
or inaction under the Pooling and Servicing Agreement, (B) the right of the Certificateholders to remove the Special Servicer pursuant
to the Pooling and Servicing Agreement or (C) the right of the Certificateholders to terminate the Operating Advisor pursuant to
the Pooling and Servicing Agreement,



 


		(vi)	adversely affect the Controlling Class Representative without the consent of 100% of the Controlling
Class Certificateholders,



 


		(vii)	adversely affect a Serviced Companion Loan Holder in its capacity as such without its consent,
or



 


		(viii)	change in any manner the obligations or rights of any Underwriter or Initial Purchaser without
the consent of the affected Underwriter or Initial Purchaser.



 


The Holders of the
Controlling Class representing greater than 50% of the Certificate Balance of the Controlling Class may (or, if such Holders do
not, the Special Servicer, or if neither such Holders nor the Special Servicer do, the Master Servicer or, if none of such Holders,
the Special Servicer or the Master Servicer does, any Holders of Class R Certificates representing greater than a 50% Percentage
Interest in such Class, may also) effect an early termination of the Trust Fund, upon not less than 30 days’ prior notice
given to the parties (or, if applicable, the other parties) to the Pooling and Servicing Agreement (whereupon the Master Servicer
shall notify the Serviced Companion Loan Holders) any time on or after the Early Termination Notice Date specifying the Anticipated
Termination Date, by purchasing on such date all, but not less than all, of the Mortgage Loans (and in the case of the Serviced
Loan Combinations, subject to certain rights of the related Serviced Companion Loan Holder provided for in the related Co-Lender
Agreement) then included in the Trust Fund, and all property acquired by or on behalf of the Trust Fund (including the Trust Fund’s
interest in any REO Property acquired with respect to any Outside Serviced Mortgage Loan) in respect of any Mortgage Loan then
included in the Trust Fund, at a purchase price, payable in cash, equal to (i) the sum of (A) the Termination Purchase
Amount and (B) the reasonable out-of-pocket expenses of the Master Servicer (unless the Master Servicer is the purchaser of
such Mortgage Loans), the Special Servicer (unless the Special Servicer is the purchaser of such Mortgage Loans), the Trustee and
the Certificate Administrator, as applicable, with respect to such termination, minus (ii) solely in the case where the Master
Servicer or the Special Servicer is effecting such purchase, the aggregate amount of unreimbursed Advances, if any, made by the
Master Servicer or Special Servicer, as applicable, together with any interest accrued and payable to the Master Servicer or the
Special Servicer, as applicable, in respect of such Advances and any unpaid Servicing Fees or Special Servicing Fees, as applicable,
remaining outstanding (which items will be deemed to have been paid or reimbursed to the Master Servicer or the Special Servicer,
as applicable, in connection with such purchase).


 


Any Person(s) effecting
an early termination of the Trust Fund as provided in the prior paragraph shall first notify the Controlling Class Representative
and each Certifying Certificateholder, or, in the case of a termination by


 






    A-4-6


     


    

 


the
Holder of a Class R Certificate, notify the Certificate Administrator (who shall notify the Controlling Class Representative
and each Certifying Certificateholder) of its intention to do so in writing at least 30 days prior to the Anticipated Termination
Date. All costs and expenses incurred by any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection
with the purchase of the Mortgage Loans and other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and
Servicing Agreement shall be borne by the party exercising its purchase rights thereunder. The Certificate Administrator shall
be entitled to rely conclusively on any determination made by an Appraiser pursuant to Section 9.01(c) of the Pooling and
Servicing Agreement.


 


The respective obligations
and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Operating Advisor, the Asset Representations
Reviewer, the Certificate Administrator and the Trustee created by the Pooling and Servicing Agreement with respect to the Certificates,
the Mortgage Loans and the Serviced Companion Loans (other than the obligation to make certain payments and to send certain notices
to Certificateholders as set forth in the Pooling and Servicing Agreement and to make any required remittances to the Serviced
Companion Loan Holders in the month in which the final Distribution Date occurs and certain tax-related obligations) shall terminate
immediately following the earlier to occur of (i) the purchase by Holders of the Controlling Class, the Special Servicer,
the Master Servicer or Holders of the Class R Certificates of all the Mortgage Loans and REO Properties (or interests therein)
then included in the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement, (ii) the exchange by the
Remaining Certificateholder of its Certificates for all the Mortgage Loans and REO Properties (or interests therein) then included
in the Trust Fund pursuant to Section 9.01(h) of the Pooling and Servicing Agreement and (iii) the final payment or other
liquidation (or any advance with respect thereto) of the last Mortgage Loan or REO Property (or interest therein) contained in
the Trust Fund; provided, however, that in no event shall the trust created by the Pooling and Servicing Agreement
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 of the Pooling and Servicing Agreement. All
such payments as contemplated by the preceding paragraph shall be deposited into the Collection Account by the Master Servicer
or Special Servicer, as applicable, promptly following receipt thereof.


 


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 Pooling and Servicing Agreement or
be valid for any purpose.


 






    A-4-7


     


    

 





IN WITNESS WHEREOF,
the Certificate Administrator has caused this Class A-4 Certificate to be duly executed.


 





	 	CITIBANK,
N.A., not in its individual capacity but solely as Certificate Administrator
	 	 	 
	 	By:	 
			Authorized Signatory


  


Dated: September 29, 2017


 


CERTIFICATE
OF AUTHENTICATION


 


This is one of the
Class A-4 Certificates referred to in the Pooling and Servicing Agreement.


 


Dated: September 29, 2017


 





	 	CITIBANK,
N.A., not in its individual capacity but solely as Authenticating Agent
	 	 	 
	 	By:	 
			Authorized Signatory


  




    A-4-8


     


    

 


ASSIGNMENT


 


FOR VALUE RECEIVED,
the undersigned (“Assignor(s)”) hereby sell(s), assign(s) and transfer(s) unto  ___________________________
 (please print or typewrite name(s) and address(es), including postal zip code(s) of assignee(s))
(“Assignee(s)”) the entire Percentage Interest represented by the within Class A-4 Certificate and hereby authorize(s)
the registration of transfer of such interest to Assignee(s) on the Certificate Register of the Trust Fund.


 


I (we) further direct
the Certificate Registrar to issue a new Class A-4 Certificate of the entire Percentage Interest represented by the within Class
A-4 Certificates to the above-named Assignee(s) and to deliver such Class A-4 Certificate to the following address:


 


Date: _________________


	 	 	 
		 	Signature by or on behalf of Assignor(s)
	 	 	 
	 	 	Taxpayer Identification Number





 




    A-4-9


     


    

 


DISTRIBUTION INSTRUCTIONS


 


The Assignee(s) should include
the following for purposes of distribution:


 


Address of the Assignee(s)
for the purpose of receiving notices and distributions: __________________________________ Distributions, if being made by wire
transfer in immediately available funds to __________________________ for the account of __________________________ account number
____________________________. This information is provided by ______________________________, the Assignee(s) named above or ____________________________________
as its (their) agent.


	 	 	 
	 	By:	 
	 	 	[Please print or type name(s)]
	 	 	 
	 	 	Title
	 	 	 
	 	 	Taxpayer Identification Number


 










    A-4-10


     


    

 






EXHIBIT
A-5


 


CITIGROUP
COMMERCIAL MORTGAGE TRUST 2017-P8

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2017-P8, CLASS A-AB


 


[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.]9


 


[TRANSFERS OF THIS GLOBAL CERTIFICATE
SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE,
AND TRANSFERS OF BENEFICIAL INTERESTS IN THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS
SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.]10


 


THIS CERTIFICATE DOES NOT REPRESENT AN
INTEREST IN OR OBLIGATION OF THE DEPOSITOR, THE SPONSORS, THE ORIGINATORS, THE MASTER SERVICER, THE SPECIAL SERVICER, THE TRUSTEE,
THE CERTIFICATE ADMINISTRATOR, THE OPERATING ADVISOR, the Asset representations reviewer,
THE CONTROLLING CLASS REPRESENTATIVE, THE RISK RETENTION CONSULTATION PARTY, ANY COMPANION LOAN HOLDER, THE UNDERWRITERS OR ANY
OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES NOR THE MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY
OR INSTRUMENTALITY OR PRIVATE INSURER.


 


PRINCIPAL PAYMENTS IN RESPECT OF THIS CERTIFICATE
ARE DISTRIBUTABLE AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT. ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE OF THIS
CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.


 


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.





 






 


9
       Legend required as long as DTC is the Depository under the Pooling and Servicing Agreement.


 


10
       Global Certificate legend.




 






     A-5-1


     


    




 


CITIGROUP
COMMERCIAL MORTGAGE TRUST 2017-P8

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2017-P8, CLASS A-AB


 


	Pass-Through Rate:  3.268% per annum	 	 
	 	 	 
	 	 	 
	First Distribution Date: October 17, 2017	 	Cut-Off Date:  With respect to each Mortgage Loan, the Due Date in September 2017 for that Mortgage Loan (or, in the case of any Mortgage Loan that has its first Due Date subsequent to September 2017, the date that would have been its Due Date in September 2017 under the terms of that Mortgage Loan if a Monthly Payment were scheduled to be due in that month).
	 	 	 
	Aggregate Initial Certificate Balance of the Class A-AB Certificates:  $48,700,000	 	Scheduled Final Distribution Date: the Distribution Date in February 2027
	 	 	 





	
        CUSIP:  17326D
AE2 
	 	Initial Certificate Balance of this Certificate: $[_____]
	 	 	 
	
        ISIN:      US17326DAE22

	 	 
	 	 	 
	No.:  [1]	 	 


 


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-AB Certificates. The Trust Fund, described
more fully below, consists primarily of a pool of Mortgage Loans secured by first liens on commercial, multifamily and manufactured
housing community properties and held in trust by the Trustee and, other than in the case of the Outside Serviced Mortgage Loans,
serviced by the Master Servicer and the Special Servicer. The Trust Fund was created, and the Mortgage Loans (other than the Outside
Serviced Mortgage Loans) are to be serviced, pursuant to the Pooling 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 Pooling and Servicing
Agreement and is bound thereby. In the event that there is any conflict between any provision of this Certificate and any provision
of the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to the extent of such inconsistency.
Also issued under the Pooling and Servicing Agreement are the Class A-1, Class A-2, Class A-3, Class A-4, Class X-A,
Class X-B, Class A-S, Class B, Class C, Class X-D, Class X-E, Class X-F, Class X-G, Class D, Class E, Class F,
Class G, Class R, Class S, Class V-1, Class V-2A, Class V-2B, Class V-2C, Class V-2D, Class V-2E, Class V-3AC, Class V-3D and Class
V-3E Certificates (together with the Class A-AB Certificates, the “Certificates”; the Holders of Certificates
are collectively referred to herein as “Certificateholders”).


 


This Certificate is
issued pursuant to, and in accordance with, the terms of a Pooling and Servicing Agreement dated as of September 1, 2017 (the “Pooling
and Servicing Agreement”), between Citigroup Commercial Mortgage Securities Inc., as Depositor, Wells Fargo Bank, National
Association, as Master Servicer, KeyBank National Association, as Special Servicer, Pentalpha Surveillance LLC, as Operating Advisor
and Asset Representations Reviewer, Citibank, N.A., as Certificate Administrator, and Wilmington Trust, National Association, as
Trustee. To the extent not defined herein, capitalized terms used herein shall have the meanings assigned thereto in the Pooling
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.


 






     A-5-2


     


    




 


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 Mortgage Loans and has executed this Certificate in its limited capacity as Certificate Administrator under the Pooling
and Servicing Agreement.


 


Pursuant to the terms
of the Pooling and Servicing Agreement, the Certificate Administrator will distribute (other than the final distribution on any
Certificate), on the 4th Business Day following the Determination Date in each month, commencing in October 2017 (each such date,
a “Distribution Date”), to the Person in whose name this Certificate is registered as of the related Record
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, with respect to the Class A-AB Certificates
for such Distribution Date, all as more fully described in the Pooling and Servicing Agreement. Holders of this Certificate may
be entitled to a share of Yield Maintenance Charges, as provided in the Pooling and Servicing Agreement.


 


Interest accrued on
this Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this Certificate,
if any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement. The “Interest
Accrual Period” with respect to any Distribution Date and with respect to the Class A-AB Certificates is the calendar
month preceding the month in which such Distribution Date occurs and is assumed to consist of 30 days.


 


All distributions
(other than the final distribution on any Certificate) will be made by the Certificate Administrator to the persons in whose names
the Certificates are registered at the close of business on each Record Date, which will be the last Business Day of the month
preceding the month in which such Distribution Date occurs. Distributions are required to be made by wire transfer of immediately
available funds to the account of such Certificateholder at a bank or other entity located in the United States and having appropriate
facilities to accept such funds, if such Certificateholder has provided the Certificate Administrator with written wiring instructions
no less than five (5) Business Days prior to the related Record Date (which wiring instructions may be in the form of a standing
order applicable to all subsequent distributions), or otherwise by check mailed to such Certificateholder. The final distribution
on each Certificate shall be made in like manner, but only upon presentation 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 a notice to Certificateholders of the pendency of the final distribution.


 


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 Section 9.01 of the Pooling 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 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. Subject to applicable state law with respect to escheatment of funds, if within two years after the second notice
any Certificates shall not have been surrendered for cancellation, the Paying Agent shall pay to the Class R Certificateholders
all amounts distributable to the Holders thereof. 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 Section 9.01 of the Pooling and Servicing Agreement.


 


This Certificate is
limited in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage Loans, as more
specifically set forth herein and in the Pooling and Servicing Agreement.


 


As provided in the
Pooling and Servicing Agreement, the Trust Fund includes: (i) such Mortgage Loans as from time to time are subject to the Pooling
and Servicing Agreement, together with the Mortgage Files relating thereto; (ii) all scheduled or unscheduled payments on or collections
in respect of the Mortgage Loans due after the Cut-Off Date or, with respect to a Qualified Substitute Mortgage Loan, the Due Date
in the month of substitution (exclusive of interest relating to periods prior to, but due after, the Cut-Off Date); (iii) any REO
Property (but, with respect to


 



     A-5-3


     


    

 


any REO Property relating to a Loan Combination, only to the extent of the Trust’s interest
in the related Loan Combination); (iv) all revenues received in respect of any REO Property (but, with respect to any REO Property
relating to a Loan Combination, only to the extent of the Trust’s interest in the related Loan Combination); (v) the Master
Servicer’s and the Trustee’s rights under the insurance policies with respect to the Mortgage Loans required to be
maintained pursuant to the Pooling and Servicing Agreement and any proceeds thereof; (vi) the Trustee’s rights in any Assignments
of Leases, Rents and Profits and any security agreements; (vii) the Trustee’s rights under any indemnities or guaranties
given as additional security for any Mortgage Loan; (viii) all of the Trustee’s and the Certificate Administrator’s
rights in the Escrow Accounts and Lock-Box Accounts and all proceeds of the Mortgage Loans deposited in the Collection Account,
the Distribution Account, the Excess Interest Distribution Account, the Interest Reserve Account, the Excess Liquidation Proceeds
Reserve Account and any REO Account, including any reinvestment income thereon; (ix) the Trustee’s rights in any environmental
indemnity agreements relating to the Mortgaged Properties; (x) the Depositor’s rights under the Mortgage Loan Purchase Agreements
and the SMC Guaranty to the extent assigned to the Trustee pursuant to Section 2.01 of the Pooling and Servicing Agreement; (xi)
the Lower-Tier Regular Interests; and (xii) the Loss of Value Reserve Fund.


 


This Certificate does
not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling 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 and Trustee.


 


As provided in the
Pooling and Servicing Agreement, subject to certain restrictions on transfer set forth therein, upon surrender for registration
of transfer of any Certificate, the Certificate Administrator shall execute, authenticate and deliver, in the name of the designated
transferee or transferees, one or more new Certificates in authorized denominations, in like aggregate interest and of the same
Class.


 


Prior to due presentation
of this Certificate for registration of transfer, the Master Servicer, the Special Servicer, the Operating Advisor, the Trustee,
the Certificate Administrator, the Certificate Registrar, and any agent of any of them, may treat the Person in whose name any
Certificate is registered as the owner of such Certificate for the purpose of receiving distributions as provided in the Pooling
and Servicing Agreement and for all other purposes whatsoever, and neither the Master Servicer, the Special Servicer, the Operating
Advisor, the Trustee, the Certificate Administrator, the Certificate Registrar, nor any agent of any of them shall be affected
by any notice to the contrary.


 


The Pooling and Servicing
Agreement or any Custodial Agreement may be amended from time to time by the Depositor, the Master Servicer, the Special Servicer,
the Operating Advisor, the Asset Representations Reviewer, the Custodian (if the Certificate Administrator is then acting as Custodian),
the Certificate Administrator and the Trustee, without the consent of any of the Certificateholders or, as applicable, any Companion
Loan Holder:


 


		(i)	to cure any ambiguity to the extent that it does not adversely affect any holders of Certificates;



 


		(ii)	to correct or supplement any of its provisions which may be inconsistent with any other provisions
of the Pooling and Servicing Agreement or with the description thereof in the Prospectus or to correct any error;



 


		(iii)	to change the timing and/or nature of deposits in the Collection Account, the Excess Liquidation
Proceeds Reserve Account, the Excess Interest Distribution Account, the Distribution Account or any REO Account, provided that
(A) the Master Servicer Remittance Date shall in no event be later than the Business Day prior to the related Distribution
Date and (B) the change would not adversely affect in any material respect the interests of any Certificateholder, as evidenced
by an opinion of counsel (at the expense of the party requesting the amendment);



 


		(iv)	to modify, eliminate or add to any of its provisions (A) to the extent necessary to maintain the
qualification of either Trust REMIC as a REMIC or the Grantor Trust as a grantor trust or to avoid or minimize the risk of imposition
of any tax on the Trust Fund, provided that the Trustee and the Certificate Administrator have received an opinion of counsel (at
the expense of the party requesting the amendment) to the effect that (1) the action is necessary or desirable to maintain
such qualification or to avoid or minimize 



 






     A-5-4


     


    




 


	 	 	such risk and (2) the action will not adversely affect in any material respect the interests
of any holder of the Certificates, (B) to restrict (or to remove any existing restrictions with respect to) the transfer
of the Class R Certificates, provided that the Depositor has determined that the amendment will not give rise to any tax with respect
to the transfer of the Class R Certificates to a non-Permitted Transferee, (C) to the extent necessary to comply with the
Investment Company Act of 1940, as amended, the Exchange Act, Regulation AB, Regulation RR and/or any related regulatory actions
and/or interpretations or (D) in the event that Regulation RR (or any portion thereof) or any other regulations applicable to the
risk retention requirements for this securitization transaction are amended or repealed, to the extent required to comply with
any such amendment or to modify or eliminate any risk retention requirements no longer applicable to this securitization transaction
in light of such repeal;



 


		(v)	to make any other provisions with respect to matters or questions arising under the Pooling and
Servicing Agreement or any other change, provided that the amendment will not adversely affect in any material respect the
interests of any Certificateholder, as evidenced by an opinion of counsel;



 


		(vi)	to modify the procedures in the Pooling and Servicing Agreement relating to Rule 17g-5; provided
that such modification does not increase the obligations of the Trustee, the Certificate Administrator, the Operating Advisor,
the Asset Representations Reviewer, the Master Servicer or the Special Servicer without such party’s consent (which consent
may not be withheld unless such modification would materially adversely affect such party or materially increase such party’s
obligations under the Pooling and Servicing Agreement); provided, further that notice of such modification is provided
to all parties to the Pooling and Servicing Agreement; and



 


		(vii)	to amend or supplement any provision of the Pooling and Servicing Agreement to the extent necessary
to maintain the ratings assigned to each Class of Certificates by any of the Rating Agencies, provided that the amendment will
not adversely affect in any material respect the interests of any Certificateholder;



 


provided, further
that no amendment pursuant to any of clauses (i)-(vii) above may be made that would: (A) reduce the consent or consultation rights
or the right to receive information under the Pooling and Servicing Agreement of the Controlling Class Representative without the
consent of the Controlling Class Representative; (B) reduce the consultation rights or the right to receive information under the
Pooling and Servicing Agreement of the Operating Advisor without the consent of the Operating Advisor; (C) change in any manner
the obligations or rights of any Mortgage Loan Seller under the Pooling and Servicing Agreement or the applicable Mortgage Loan
Purchase Agreement without the consent of the affected Mortgage Loan Seller; (D) change in any manner the obligations or
rights of any Underwriter or Initial Purchaser, without the consent of the affected Underwriter or Initial Purchaser; or (E) adversely
affect any Serviced Companion Loan Holder in its capacity as such without its consent. Expenses incurred with respect to any amendment
shall be borne by the party requesting such amendment, unless the Master Servicer, the Special Servicer or the Trustee is requesting
an amendment for the benefit of the Certificateholders, then in which case such expense will be borne by the Trust.


 


The Pooling and Servicing
Agreement or any Custodial Agreement may also be amended from time to time by a writing signed by each of the Depositor, the Master
Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Custodian (if the Certificate Administrator
is then acting as Custodian), the Certificate Administrator and the Trustee with the consent of the Holders of Certificates representing
not less than 66-2/3% of the Percentage Interests of each Class of Certificates affected by the amendment for the purpose of adding
any provisions to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or of modifying
in any manner the rights of the Certificateholders; provided, however, that no such amendment shall:


 


		(i)	reduce in any manner the amount of, or delay the timing of, payments received on the Serviced Loans
which are required to be distributed on a Certificate of any Class or to 



 






     A-5-5


     


    




 


	 	 	any Serviced Companion Loan Holder, as applicable, without
the consent of the Holder of that Certificate or that Serviced Companion Loan Holder, as applicable,



 


		(ii)	reduce the aforesaid percentage of Certificates of any Class the Holders of which are required
to consent to the amendment without the consent of the Holders of all Certificates of that Class then outstanding,



 


		(iii)	change in any manner the obligations or rights of any Mortgage Loan Seller under the Pooling and
Servicing Agreement or the related Mortgage Loan Purchase Agreement without the consent of the affected Mortgage Loan Seller,



 


		(iv)	change the definition of “Servicing Standard” without either (A) consent of 100% of
the holders of the Certificates or (B) Rating Agency Confirmation,



 


		(v)	without the consent of 100% of the Certificateholders of the Class or Classes of Certificates adversely
affected thereby, change (A) the percentages of Voting Rights of Certificateholders which are required to consent to any action
or inaction under the Pooling and Servicing Agreement, (B) the right of the Certificateholders to remove the Special Servicer pursuant
to the Pooling and Servicing Agreement or (C) the right of the Certificateholders to terminate the Operating Advisor pursuant to
the Pooling and Servicing Agreement,



 


		(vi)	adversely affect the Controlling Class Representative without the consent of 100% of the Controlling
Class Certificateholders,



 


		(vii)	adversely affect a Serviced Companion Loan Holder in its capacity as such without its consent,
or



 


		(viii)	change in any manner the obligations or rights of any Underwriter or Initial Purchaser without
the consent of the affected Underwriter or Initial Purchaser.



 


The Holders of the
Controlling Class representing greater than 50% of the Certificate Balance of the Controlling Class may (or, if such Holders do
not, the Special Servicer, or if neither such Holders nor the Special Servicer do, the Master Servicer or, if none of such Holders,
the Special Servicer or the Master Servicer does, any Holders of Class R Certificates representing greater than a 50% Percentage
Interest in such Class, may also) effect an early termination of the Trust Fund, upon not less than 30 days’ prior notice
given to the parties (or, if applicable, the other parties) to the Pooling and Servicing Agreement (whereupon the Master Servicer
shall notify the Serviced Companion Loan Holders) any time on or after the Early Termination Notice Date specifying the Anticipated
Termination Date, by purchasing on such date all, but not less than all, of the Mortgage Loans (and in the case of the Serviced
Loan Combinations, subject to certain rights of the related Serviced Companion Loan Holder provided for in the related Co-Lender
Agreement) then included in the Trust Fund, and all property acquired by or on behalf of the Trust Fund (including the Trust Fund’s
interest in any REO Property acquired with respect to any Outside Serviced Mortgage Loan) in respect of any Mortgage Loan then
included in the Trust Fund, at a purchase price, payable in cash, equal to (i) the sum of (A) the Termination Purchase
Amount and (B) the reasonable out-of-pocket expenses of the Master Servicer (unless the Master Servicer is the purchaser of
such Mortgage Loans), the Special Servicer (unless the Special Servicer is the purchaser of such Mortgage Loans), the Trustee and
the Certificate Administrator, as applicable, with respect to such termination, minus (ii) solely in the case where the Master
Servicer or the Special Servicer is effecting such purchase, the aggregate amount of unreimbursed Advances, if any, made by the
Master Servicer or Special Servicer, as applicable, together with any interest accrued and payable to the Master Servicer or the
Special Servicer, as applicable, in respect of such Advances and any unpaid Servicing Fees or Special Servicing Fees, as applicable,
remaining outstanding (which items will be deemed to have been paid or reimbursed to the Master Servicer or the Special Servicer,
as applicable, in connection with such purchase).


 


Any Person(s) effecting
an early termination of the Trust Fund as provided in the prior paragraph shall first notify the Controlling Class Representative
and each Certifying Certificateholder, or, in the case of a termination by the Holder of a Class R Certificate, notify the
Certificate Administrator (who shall notify the Controlling Class Representative and each Certifying Certificateholder) of its
intention to do so in writing at least 30 days prior to the


 



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Anticipated Termination Date. All costs and expenses incurred by any
and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with the purchase of the Mortgage Loans
and other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement shall be borne by the
party exercising its purchase rights thereunder. The Certificate Administrator shall be entitled to rely conclusively on any determination
made by an Appraiser pursuant to Section 9.01(c) of the Pooling and Servicing Agreement.


 


The respective obligations
and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Operating Advisor, the Asset Representations
Reviewer, the Certificate Administrator and the Trustee created by the Pooling and Servicing Agreement with respect to the Certificates,
the Mortgage Loans and the Serviced Companion Loans (other than the obligation to make certain payments and to send certain notices
to Certificateholders as set forth in the Pooling and Servicing Agreement and to make any required remittances to the Serviced
Companion Loan Holders in the month in which the final Distribution Date occurs and certain tax-related obligations) shall terminate
immediately following the earlier to occur of (i) the purchase by Holders of the Controlling Class, the Special Servicer,
the Master Servicer or Holders of the Class R Certificates of all the Mortgage Loans and REO Properties (or interests therein)
then included in the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement, (ii) the exchange by the
Remaining Certificateholder of its Certificates for all the Mortgage Loans and REO Properties (or interests therein) then included
in the Trust Fund pursuant to Section 9.01(h) of the Pooling and Servicing Agreement and (iii) the final payment or other
liquidation (or any advance with respect thereto) of the last Mortgage Loan or REO Property (or interest therein) contained in
the Trust Fund; provided, however, that in no event shall the trust created by the Pooling and Servicing Agreement
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 of the Pooling and Servicing Agreement. All
such payments as contemplated by the preceding paragraph shall be deposited into the Collection Account by the Master Servicer
or Special Servicer, as applicable, promptly following receipt thereof.


 


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 Pooling and Servicing Agreement or
be valid for any purpose.


 






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IN WITNESS WHEREOF,
the Certificate Administrator has caused this Class A-AB Certificate to be duly executed.


  


		CITIBANK,
N.A., not in its individual capacity but solely as Certificate Administrator
	 	 	 
	 	By:	 
			Authorized Signatory


   


Dated: September 29, 2017


  


CERTIFICATE
OF AUTHENTICATION


 


This is one of the
Class A-AB Certificates referred to in the Pooling and Servicing Agreement.


 


Dated: September 29, 2017


 





	 	CITIBANK,
N.A., not in its individual capacity but solely as Authenticating Agent
	 	 	 
	 	By:	 
			Authorized Signatory


 






     A-5-8


     


    




 


ASSIGNMENT


 


FOR VALUE RECEIVED,
the undersigned (“Assignor(s)”) hereby sell(s), assign(s) and transfer(s) unto ____________________________________________________
______________________________ (please print or typewrite name(s) and address(es), including postal zip code(s) of assignee(s))
(“Assignee(s)”) the entire Percentage Interest represented by the within Class A-AB Certificate and hereby
authorize(s) the registration of transfer of such interest to Assignee(s) on the Certificate Register of the Trust Fund.


 


I (we) further direct
the Certificate Registrar to issue a new Class A-AB Certificate of the entire Percentage Interest represented by the within
Class A-AB Certificates to the above-named Assignee(s) and to deliver such Class A-AB Certificate to the following address:


 


Date: _________________


 





	 	 	 
		 	Signature by or on behalf of Assignor(s)
	 	 	 
	 	 	Taxpayer Identification Number


 






     A-5-9


     


    




 


DISTRIBUTION
INSTRUCTIONS


 


The Assignee(s) should
include the following for purposes of distribution:








  


Address of the Assignee(s)
for the purpose of receiving notices and distributions: __________________________________ Distributions, if being made by wire
transfer in immediately available funds to __________________________ for the account of __________________________ account number
____________________________. This information is provided by ______________________________, the Assignee(s) named above or ____________________________________
as its (their) agent. 





	 	 	 
	 	By:	 
	 	 	[Please print or type name(s)]
	 	 	 
	 	 	Title
	 	 	 
	 	 	Taxpayer Identification Number





 






     A-5-10


     


    




 


EXHIBIT
A-6


 


CITIGROUP
COMMERCIAL MORTGAGE TRUST 2017-P8

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2017-P8, CLASS X-A


 


[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.]1


 


[TRANSFERS OF THIS GLOBAL CERTIFICATE SHALL
BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE,
AND TRANSFERS OF BENEFICIAL INTERESTS IN THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS
SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.]2


 


THIS CERTIFICATE DOES NOT REPRESENT AN
INTEREST IN OR OBLIGATION OF THE DEPOSITOR, THE SPONSORS, THE ORIGINATORS, THE MASTER SERVICER, THE SPECIAL SERVICER, THE TRUSTEE,
THE CERTIFICATE ADMINISTRATOR, THE OPERATING ADVISOR, the Asset representations reviewer,
THE CONTROLLING CLASS REPRESENTATIVE, THE RISK RETENTION CONSULTATION PARTY, ANY COMPANION LOAN HOLDER, THE UNDERWRITERS OR ANY
OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES NOR THE MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY
OR INSTRUMENTALITY OR PRIVATE INSURER.


 


THE NOTIONAL AMOUNT OF THIS CERTIFICATE
WILL BE REDUCED IN CONNECTION WITH THE REDUCTION OF THE CERTIFICATE BALANCES OF THE CLASS A-1, CLASS A-2, CLASS A-3,
CLASS A-4, CLASS A-AB AND CLASS A-S certificates. ACCORDINGLY, THE
NOTIONAL AMOUNT OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL NOTIONAL AMOUNT SET FORTH BELOW.


 


THIS CLASS X-A CERTIFICATE WILL NOT BE
ENTITLED TO RECEIVE DISTRIBUTIONS OF PRINCIPAL.


 


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.


 





 






 


1
       Legend required as long as DTC is the Depository under the Pooling and Servicing Agreement.


 


2
       Global Certificate legend.



 






     A-6-1


     


    




 


CITIGROUP
COMMERCIAL MORTGAGE TRUST 2017-P8

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2017-P8, CLASS X-A


 


	Pass-Through Rate:  Variable IO3	 	 
	 	 	 
	First Distribution Date: October 17, 2017	 	Cut-Off Date:  With respect to each Mortgage Loan, the Due Date in September 2017 for that Mortgage Loan (or, in the case of any Mortgage Loan that has its first Due Date subsequent to September 2017, the date that would have been its Due Date in September 2017 under the terms of that Mortgage Loan if a Monthly Payment were scheduled to be due in that month).
	 	 	 
	Aggregate Initial Notional Amount of the Class X-A Certificates:  $833,953,000	 	Scheduled Final Distribution Date:  the Distribution Date in September 2027


  


	
        CUSIP:  17326D
AJ1

         
	 	Initial Notional Amount of this Certificate: $[_____]
	
        ISIN:      US17326DAJ19 
	 	 
	
         

        No.: [1] 
	 	 


 


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 pool of Mortgage Loans secured by first liens on commercial, multifamily and manufactured
housing community properties and held in trust by the Trustee and, other than in the case of the Outside Serviced Mortgage Loans,
serviced by the Master Servicer and the Special Servicer. The Trust Fund was created, and the Mortgage Loans (other than the Outside
Serviced Mortgage Loans) are to be serviced, pursuant to the Pooling 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 Pooling and Servicing
Agreement and is bound thereby. In the event that there is any conflict between any provision of this Certificate and any provision
of the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to the extent of such inconsistency.
Also issued under the Pooling and Servicing Agreement are the Class A-1, Class A-2, Class A-3, Class A-4, Class A-AB,
Class X-B, Class A-S, Class B, Class C, Class X-D, Class X-E, Class X-F, Class X-G, Class D, Class E, Class F,
Class G, Class R, Class S, Class V-1, Class V-2A, Class V-2B, Class V-2C, Class V-2D, Class V-2E, Class V-3AC, Class V-3D and Class
V-3E Certificates (together with the Class X-A Certificates, the “Certificates”; the Holders of Certificates
are collectively referred to herein as “Certificateholders”).


 


This Certificate is
issued pursuant to, and in accordance with, the terms of a Pooling and Servicing Agreement dated as of September 1, 2017 (the “Pooling
and Servicing Agreement”), between Citigroup Commercial Mortgage Securities Inc., as Depositor, Wells Fargo Bank, National
Association, as Master Servicer, KeyBank National Association, as Special Servicer, Pentalpha Surveillance LLC, as Operating Advisor
and Asset Representations Reviewer, Citibank, N.A., as Certificate Administrator, and Wilmington Trust, National Association, as
Trustee. To the extent not defined herein, capitalized terms used herein shall have the meanings assigned thereto in the Pooling
and Servicing Agreement.


 


 






 


3
The initial approximate Pass-Through Rate as of the Closing Date is 0.935% per annum.


 






     A-6-2


     


    




 


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.


 


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 Mortgage Loans and has executed this Certificate in its limited capacity as Certificate Administrator under the Pooling
and Servicing Agreement.


 


Pursuant to the terms
of the Pooling and Servicing Agreement, the Certificate Administrator will distribute (other than the final distribution on any
Certificate), on the 4th Business Day following the Determination Date in each month, commencing in October 2017 (each such date,
a “Distribution Date”), to the Person in whose name this Certificate is registered as of the related Record
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, with respect to the Class X-A Certificates for
such Distribution Date, all as more fully described in the Pooling and Servicing Agreement. Holders of this Certificate may be
entitled to a share of Yield Maintenance Charges, as provided in the Pooling and Servicing Agreement.


 


Interest accrued on
this Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this Certificate,
if any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement. The “Interest
Accrual Period” with respect to any Distribution Date and with respect to the Class X-A Certificates is the calendar
month preceding the month in which such Distribution Date occurs and is assumed to consist of 30 days.


 


All distributions
(other than the final distribution on any Certificate) will be made by the Certificate Administrator to the persons in whose names
the Certificates are registered at the close of business on each Record Date, which will be the last Business Day of the month
preceding the month in which such Distribution Date occurs. Distributions are required to be made by wire transfer of immediately
available funds to the account of such Certificateholder at a bank or other entity located in the United States and having appropriate
facilities to accept such funds, if such Certificateholder has provided the Certificate Administrator with written wiring instructions
no less than five (5) Business Days prior to the related Record Date (which wiring instructions may be in the form of a standing
order applicable to all subsequent distributions), or otherwise by check mailed to such Certificateholder. The final distribution
on each Certificate shall be made in like manner, but only upon presentation 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 a notice to Certificateholders of the pendency of the final distribution.


 


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 Section 9.01 of the Pooling 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 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. Subject to applicable state law with respect to escheatment of funds, if within two years after the second notice
any Certificates shall not have been surrendered for cancellation, the Paying Agent shall pay to the Class R Certificateholders
all amounts distributable to the Holders thereof. 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 Section 9.01 of the Pooling and Servicing Agreement.


 


This Certificate is
limited in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage Loans, as more
specifically set forth herein and in the Pooling and Servicing Agreement.


 


As provided in the
Pooling and Servicing Agreement, the Trust Fund includes: (i) such Mortgage Loans as from time to time are subject to the Pooling
and Servicing Agreement, together with the Mortgage Files relating thereto;


 



     A-6-3


     


    

 


(ii) all scheduled or unscheduled payments on or collections
in respect of the Mortgage Loans due after the Cut-Off Date or, with respect to a Qualified Substitute Mortgage Loan, the Due Date
in the month of substitution (exclusive of interest relating to periods prior to, but due after, the Cut-Off Date); (iii) any REO
Property (but, with respect to any REO Property relating to a Loan Combination, only to the extent of the Trust’s interest
in the related Loan Combination); (iv) all revenues received in respect of any REO Property (but, with respect to any REO Property
relating to a Loan Combination, only to the extent of the Trust’s interest in the related Loan Combination); (v) the Master
Servicer’s and the Trustee’s rights under the insurance policies with respect to the Mortgage Loans required to be
maintained pursuant to the Pooling and Servicing Agreement and any proceeds thereof; (vi) the Trustee’s rights in any Assignments
of Leases, Rents and Profits and any security agreements; (vii) the Trustee’s rights under any indemnities or guaranties
given as additional security for any Mortgage Loan; (viii) all of the Trustee’s and the Certificate Administrator’s
rights in the Escrow Accounts and Lock-Box Accounts and all proceeds of the Mortgage Loans deposited in the Collection Account,
the Distribution Account, the Excess Interest Distribution Account, the Interest Reserve Account, the Excess Liquidation Proceeds
Reserve Account and any REO Account, including any reinvestment income thereon; (ix) the Trustee’s rights in any environmental
indemnity agreements relating to the Mortgaged Properties; (x) the Depositor’s rights under the Mortgage Loan Purchase Agreements
and the SMC Guaranty to the extent assigned to the Trustee pursuant to Section 2.01 of the Pooling and Servicing Agreement; (xi)
the Lower-Tier Regular Interests; and (xii) the Loss of Value Reserve Fund.


 


This Certificate does
not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling 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 and Trustee.


 


As provided in the
Pooling and Servicing Agreement, subject to certain restrictions on transfer set forth therein, upon surrender for registration
of transfer of any Certificate, the Certificate Administrator shall execute, authenticate and deliver, in the name of the designated
transferee or transferees, one or more new Certificates in authorized denominations, in like aggregate interest and of the same
Class.


 


Prior to due presentation
of this Certificate for registration of transfer, the Master Servicer, the Special Servicer, the Operating Advisor, the Trustee,
the Certificate Administrator, the Certificate Registrar, and any agent of any of them, may treat the Person in whose name any
Certificate is registered as the owner of such Certificate for the purpose of receiving distributions as provided in the Pooling
and Servicing Agreement and for all other purposes whatsoever, and neither the Master Servicer, the Special Servicer, the Operating
Advisor, the Trustee, the Certificate Administrator, the Certificate Registrar, nor any agent of any of them shall be affected
by any notice to the contrary.


 


The Pooling and Servicing
Agreement or any Custodial Agreement may be amended from time to time by the Depositor, the Master Servicer, the Special Servicer,
the Operating Advisor, the Asset Representations Reviewer, the Custodian (if the Certificate Administrator is then acting as Custodian),
the Certificate Administrator and the Trustee, without the consent of any of the Certificateholders or, as applicable, any Companion
Loan Holder:


 


		(i)	to cure any ambiguity to the extent that it does not adversely affect any holders of Certificates;



 


		(ii)	to correct or supplement any of its provisions which may be inconsistent with any other provisions
of the Pooling and Servicing Agreement or with the description thereof in the Prospectus or to correct any error;



 


		(iii)	to change the timing and/or nature of deposits in the Collection Account, the Excess Liquidation
Proceeds Reserve Account, the Excess Interest Distribution Account, the Distribution Account or any REO Account, provided that
(A) the Master Servicer Remittance Date shall in no event be later than the Business Day prior to the related Distribution
Date and (B) the change would not adversely affect in any material respect the interests of any Certificateholder, as evidenced
by an opinion of counsel (at the expense of the party requesting the amendment);



 


		(iv)	to modify, eliminate or add to any of its provisions (A) to the extent necessary to maintain the
qualification of either Trust REMIC as a REMIC or the Grantor Trust as a grantor trust or to avoid or minimize the risk of imposition
of any tax on the Trust Fund, 



 






     A-6-4


     


    




 


	 	 	provided that the Trustee and the Certificate Administrator have received an opinion of counsel (at
the expense of the party requesting the amendment) to the effect that (1) the action is necessary or desirable to maintain
such qualification or to avoid or minimize such risk and (2) the action will not adversely affect in any material respect the interests
of any holder of the Certificates, (B) to restrict (or to remove any existing restrictions with respect to) the transfer
of the Class R Certificates, provided that the Depositor has determined that the amendment will not give rise to any tax with respect
to the transfer of the Class R Certificates to a non-Permitted Transferee, (C) to the extent necessary to comply with the
Investment Company Act of 1940, as amended, the Exchange Act, Regulation AB, Regulation RR and/or any related regulatory actions
and/or interpretations or (D) in the event that Regulation RR (or any portion thereof) or any other regulations applicable to the
risk retention requirements for this securitization transaction are amended or repealed, to the extent required to comply with
any such amendment or to modify or eliminate any risk retention requirements no longer applicable to this securitization transaction
in light of such repeal;



 


		(v)	to make any other provisions with respect to matters or questions arising under the Pooling and
Servicing Agreement or any other change, provided that the amendment will not adversely affect in any material respect the
interests of any Certificateholder, as evidenced by an opinion of counsel;



 


		(vi)	to modify the procedures in the Pooling and Servicing Agreement relating to Rule 17g-5; provided
that such modification does not increase the obligations of the Trustee, the Certificate Administrator, the Operating Advisor,
the Asset Representations Reviewer, the Master Servicer or the Special Servicer without such party’s consent (which consent
may not be withheld unless such modification would materially adversely affect such party or materially increase such party’s
obligations under the Pooling and Servicing Agreement); provided, further that notice of such modification is provided
to all parties to the Pooling and Servicing Agreement; and



 


		(vii)	to amend or supplement any provision of the Pooling and Servicing Agreement to the extent necessary
to maintain the ratings assigned to each Class of Certificates by any of the Rating Agencies, provided that the amendment will
not adversely affect in any material respect the interests of any Certificateholder;



 


provided, further
that no amendment pursuant to any of clauses (i)-(vii) above may be made that would: (A) reduce the consent or consultation rights
or the right to receive information under the Pooling and Servicing Agreement of the Controlling Class Representative without the
consent of the Controlling Class Representative; (B) reduce the consultation rights or the right to receive information under the
Pooling and Servicing Agreement of the Operating Advisor without the consent of the Operating Advisor; (C) change in any manner
the obligations or rights of any Mortgage Loan Seller under the Pooling and Servicing Agreement or the applicable Mortgage Loan
Purchase Agreement without the consent of the affected Mortgage Loan Seller; (D) change in any manner the obligations or
rights of any Underwriter or Initial Purchaser, without the consent of the affected Underwriter or Initial Purchaser; or (E) adversely
affect any Serviced Companion Loan Holder in its capacity as such without its consent. Expenses incurred with respect to any amendment
shall be borne by the party requesting such amendment, unless the Master Servicer, the Special Servicer or the Trustee is requesting
an amendment for the benefit of the Certificateholders, then in which case such expense will be borne by the Trust.


 


The Pooling and Servicing
Agreement or any Custodial Agreement may also be amended from time to time by a writing signed by each of the Depositor, the Master
Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Custodian (if the Certificate Administrator
is then acting as Custodian), the Certificate Administrator and the Trustee with the consent of the Holders of Certificates representing
not less than 66-2/3% of the Percentage Interests of each Class of Certificates affected by the amendment for the purpose of adding
any provisions to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or of modifying
in any manner the rights of the Certificateholders; provided, however, that no such amendment shall:


 






     A-6-5


     


    




 


		(i)	reduce in any manner the amount of, or delay the timing of, payments received on the Serviced Loans
which are required to be distributed on a Certificate of any Class or to any Serviced Companion Loan Holder, as applicable, without
the consent of the Holder of that Certificate or that Serviced Companion Loan Holder, as applicable,



 


		(ii)	reduce the aforesaid percentage of Certificates of any Class the Holders of which are required
to consent to the amendment without the consent of the Holders of all Certificates of that Class then outstanding,



 


		(iii)	change in any manner the obligations or rights of any Mortgage Loan Seller under the Pooling and
Servicing Agreement or the related Mortgage Loan Purchase Agreement without the consent of the affected Mortgage Loan Seller,



 


		(iv)	change the definition of “Servicing Standard” without either (A) consent of 100% of
the holders of the Certificates or (B) Rating Agency Confirmation,



 


		(v)	without the consent of 100% of the Certificateholders of the Class or Classes of Certificates adversely
affected thereby, change (A) the percentages of Voting Rights of Certificateholders which are required to consent to any action
or inaction under the Pooling and Servicing Agreement, (B) the right of the Certificateholders to remove the Special Servicer pursuant
to the Pooling and Servicing Agreement or (C) the right of the Certificateholders to terminate the Operating Advisor pursuant to
the Pooling and Servicing Agreement,



 


		(vi)	adversely affect the Controlling Class Representative without the consent of 100% of the Controlling
Class Certificateholders,



 


		(vii)	adversely affect a Serviced Companion Loan Holder in its capacity as such without its consent,
or



 


		(viii)	change in any manner the obligations or rights of any Underwriter or Initial Purchaser without
the consent of the affected Underwriter or Initial Purchaser.



 


The Holders of the
Controlling Class representing greater than 50% of the Certificate Balance of the Controlling Class may (or, if such Holders do
not, the Special Servicer, or if neither such Holders nor the Special Servicer do, the Master Servicer or, if none of such Holders,
the Special Servicer or the Master Servicer does, any Holders of Class R Certificates representing greater than a 50% Percentage
Interest in such Class, may also) effect an early termination of the Trust Fund, upon not less than 30 days’ prior notice
given to the parties (or, if applicable, the other parties) to the Pooling and Servicing Agreement (whereupon the Master Servicer
shall notify the Serviced Companion Loan Holders) any time on or after the Early Termination Notice Date specifying the Anticipated
Termination Date, by purchasing on such date all, but not less than all, of the Mortgage Loans (and in the case of the Serviced
Loan Combinations, subject to certain rights of the related Serviced Companion Loan Holder provided for in the related Co-Lender
Agreement) then included in the Trust Fund, and all property acquired by or on behalf of the Trust Fund (including the Trust Fund’s
interest in any REO Property acquired with respect to any Outside Serviced Mortgage Loan) in respect of any Mortgage Loan then
included in the Trust Fund, at a purchase price, payable in cash, equal to (i) the sum of (A) the Termination Purchase
Amount and (B) the reasonable out-of-pocket expenses of the Master Servicer (unless the Master Servicer is the purchaser of
such Mortgage Loans), the Special Servicer (unless the Special Servicer is the purchaser of such Mortgage Loans), the Trustee and
the Certificate Administrator, as applicable, with respect to such termination, minus (ii) solely in the case where the Master
Servicer or the Special Servicer is effecting such purchase, the aggregate amount of unreimbursed Advances, if any, made by the
Master Servicer or Special Servicer, as applicable, together with any interest accrued and payable to the Master Servicer or the
Special Servicer, as applicable, in respect of such Advances and any unpaid Servicing Fees or Special Servicing Fees, as applicable,
remaining outstanding (which items will be deemed to have been paid or reimbursed to the Master Servicer or the Special Servicer,
as applicable, in connection with such purchase).


 


Any Person(s) effecting
an early termination of the Trust Fund as provided in the prior paragraph shall first notify the Controlling Class Representative
and each Certifying Certificateholder, or, in the case of a termination by


 



     A-6-6


     


    

 


the Holder of a Class R Certificate, notify the
Certificate Administrator (who shall notify the Controlling Class Representative and each Certifying Certificateholder) of its
intention to do so in writing at least 30 days prior to the Anticipated Termination Date. All costs and expenses incurred by any
and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with the purchase of the Mortgage Loans
and other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement shall be borne by the
party exercising its purchase rights thereunder. The Certificate Administrator shall be entitled to rely conclusively on any determination
made by an Appraiser pursuant to Section 9.01(c) of the Pooling and Servicing Agreement.


 


The respective obligations
and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Operating Advisor, the Asset Representations
Reviewer, the Certificate Administrator and the Trustee created by the Pooling and Servicing Agreement with respect to the Certificates,
the Mortgage Loans and the Serviced Companion Loans (other than the obligation to make certain payments and to send certain notices
to Certificateholders as set forth in the Pooling and Servicing Agreement and to make any required remittances to the Serviced
Companion Loan Holders in the month in which the final Distribution Date occurs and certain tax-related obligations) shall terminate
immediately following the earlier to occur of (i) the purchase by Holders of the Controlling Class, the Special Servicer,
the Master Servicer or Holders of the Class R Certificates of all the Mortgage Loans and REO Properties (or interests therein)
then included in the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement, (ii) the exchange by the
Remaining Certificateholder of its Certificates for all the Mortgage Loans and REO Properties (or interests therein) then included
in the Trust Fund pursuant to Section 9.01(h) of the Pooling and Servicing Agreement and (iii) the final payment or other
liquidation (or any advance with respect thereto) of the last Mortgage Loan or REO Property (or interest therein) contained in
the Trust Fund; provided, however, that in no event shall the trust created by the Pooling and Servicing Agreement
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 of the Pooling and Servicing Agreement. All
such payments as contemplated by the preceding paragraph shall be deposited into the Collection Account by the Master Servicer
or Special Servicer, as applicable, promptly following receipt thereof.


 


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 Pooling and Servicing Agreement or
be valid for any purpose.


 






     A-6-7


     


    




 


IN WITNESS WHEREOF,
the Certificate Administrator has caused this Class X-A Certificate to be duly executed.


 


	 	CITIBANK,
N.A., not in its individual capacity but solely as Certificate Administrator
	 	 	 
	 	By:	 
			Authorized Signatory








 


Dated: September 29, 2017


  


CERTIFICATE
OF AUTHENTICATION


 


This is one of the
Class X-A Certificates referred to in the Pooling and Servicing Agreement.


 


Dated: September 29, 2017


 





	 	CITIBANK,
N.A., not in its individual capacity but solely as Authenticating Agent
	 	 	 
	 	By:	 
			Authorized Signatory





 






     A-6-8


     


    




 


ASSIGNMENT


 


FOR VALUE RECEIVED,
the undersigned (“Assignor(s)”) hereby sell(s), assign(s) and transfer(s) unto ____________________________________________________
______________________________ (please print or typewrite name(s) and address(es), including postal zip code(s) of assignee(s))
(“Assignee(s)”) the entire Percentage Interest represented by the within Class X-A Certificate and hereby
authorize(s) the registration of transfer of such interest to Assignee(s) on the Certificate Register of the Trust Fund.


 


I (we) further direct
the Certificate Registrar to issue a new Class X-A Certificate of the entire Percentage Interest represented by the within
Class X-A Certificates to the above-named Assignee(s) and to deliver such Class X-A Certificate to the following address:


 


Date: _________________ 


	 	 	 
		 	Signature by or on behalf of Assignor(s)
	 	 	 
	 	 	Taxpayer Identification Number





 






     A-6-9


     


    

 


DISTRIBUTION
INSTRUCTIONS


 


The Assignee(s) should
include the following for purposes of distribution:








 


Address of the Assignee(s)
for the purpose of receiving notices and distributions: __________________________________ Distributions, if being made by wire
transfer in immediately available funds to __________________________ for the account of __________________________ account number
____________________________. This information is provided by ______________________________, the Assignee(s) named above or ____________________________________
as its (their) agent. 





	 	 	 
	 	By:	 
	 	 	[Please print or type name(s)]
	 	 	 
	 	 	Title
	 	 	 
	 	 	Taxpayer Identification Number





 






     A-6-10


     


    




 


EXHIBIT
A-7


 


CITIGROUP
COMMERCIAL MORTGAGE TRUST 2017-P8

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2017-P8, CLASS X-B


 


[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.]1


 


[TRANSFERS OF THIS GLOBAL CERTIFICATE SHALL
BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE,
AND TRANSFERS OF BENEFICIAL INTERESTS IN THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS
SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.]2


 


THIS CERTIFICATE DOES NOT REPRESENT AN
INTEREST IN OR OBLIGATION OF THE DEPOSITOR, THE SPONSORS, THE ORIGINATORS, THE MASTER SERVICER, THE SPECIAL SERVICER, THE TRUSTEE,
THE CERTIFICATE ADMINISTRATOR, THE OPERATING ADVISOR, the Asset representations reviewer,
THE CONTROLLING CLASS REPRESENTATIVE, THE RISK RETENTION CONSULTATION PARTY, ANY COMPANION LOAN HOLDER, THE UNDERWRITERS OR ANY
OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES NOR THE MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY
OR INSTRUMENTALITY OR PRIVATE INSURER.


 


THE NOTIONAL AMOUNT OF THIS CERTIFICATE
WILL BE REDUCED IN CONNECTION WITH THE REDUCTION OF THE CERTIFICATE BALANCE OF THE CLASS B certificates.
ACCORDINGLY, THE NOTIONAL AMOUNT OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL NOTIONAL AMOUNT SET FORTH BELOW.


 


THIS CLASS X-B CERTIFICATE WILL NOT BE
ENTITLED TO RECEIVE DISTRIBUTIONS OF PRINCIPAL.


 


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. 


 









 


1
       Legend required as long as DTC is the Depository under the Pooling and Servicing Agreement.


 


2
       Global Certificate legend.



 






    A-7-1 


     


    




 


CITIGROUP
COMMERCIAL MORTGAGE TRUST 2017-P8

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2017-P8, CLASS X-B


 


	Pass-Through Rate:  Variable IO3	 	 
	 	 	 
	First Distribution Date: October 17, 2017	 	Cut-Off Date:  With respect to each Mortgage Loan, the Due Date in September 2017 for that Mortgage Loan (or, in the case of any Mortgage Loan that has its first Due Date subsequent to September 2017, the date that would have been its Due Date in September 2017 under the terms of that Mortgage Loan if a Monthly Payment were scheduled to be due in that month).
	 	 	 
	Aggregate Initial Notional Amount of the Class X-B Certificates:  $41,310,000	 	Scheduled Final Distribution Date:  the Distribution Date in September 2027


  


	
        CUSIP:  17326D
AK8

         

        
	 	Initial Notional Amount of this Certificate: $[_____]
	
        ISIN:      US17326DAK81
	 	 
	 	 	 
	
        

        

        No.: [1] 
	 	 





 


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-B Certificates. The Trust Fund, described
more fully below, consists primarily of a pool of Mortgage Loans secured by first liens on commercial, multifamily and manufactured
housing community properties and held in trust by the Trustee and, other than in the case of the Outside Serviced Mortgage Loans,
serviced by the Master Servicer and the Special Servicer. The Trust Fund was created, and the Mortgage Loans (other than the Outside
Serviced Mortgage Loans) are to be serviced, pursuant to the Pooling 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 Pooling and Servicing
Agreement and is bound thereby. In the event that there is any conflict between any provision of this Certificate and any provision
of the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to the extent of such inconsistency.
Also issued under the Pooling and Servicing Agreement are the Class A-1, Class A-2, Class A-3, Class A-4, Class A-AB,
Class X-A, Class A-S, Class B, Class C, Class X-D, Class X-E, Class X-F, Class X-G, Class D, Class E,
Class F, Class G, Class R, Class S, Class V-1, Class V-2A, Class V-2B, Class V-2C, Class V-2D, Class V-2E, Class V-3AC, Class
V-3D and Class V-3E Certificates (together with the Class X-B Certificates, the “Certificates”; the Holders
of Certificates are collectively referred to herein as “Certificateholders”).


 


This Certificate is
issued pursuant to, and in accordance with, the terms of a Pooling and Servicing Agreement dated as of September 1, 2017 (the “Pooling
and Servicing Agreement”), between Citigroup Commercial Mortgage Securities Inc., as Depositor, Wells Fargo Bank, National
Association, as Master Servicer, KeyBank National Association, as Special Servicer, Pentalpha Surveillance LLC, as Operating Advisor
and Asset Representations Reviewer, Citibank, N.A., as Certificate Administrator, and Wilmington Trust, National Association, as
Trustee. To the extent not defined herein, capitalized terms used herein shall have the meanings assigned thereto in the Pooling
and Servicing Agreement.



 






 


3
The initial approximate Pass-Through Rate as of the Closing Date is 0.080% per annum.


 






    A-7-2 


     


    







 


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.


 


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 Mortgage Loans and has executed this Certificate in its limited capacity as Certificate Administrator under the Pooling
and Servicing Agreement.


 


Pursuant to the terms
of the Pooling and Servicing Agreement, the Certificate Administrator will distribute (other than the final distribution on any
Certificate), on the 4th Business Day following the Determination Date in each month, commencing in October 2017 (each such date,
a “Distribution Date”), to the Person in whose name this Certificate is registered as of the related Record
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, with respect to the Class X-B Certificates for
such Distribution Date, all as more fully described in the Pooling and Servicing Agreement. Holders of this Certificate may be
entitled to a share of Yield Maintenance Charges, as provided in the Pooling and Servicing Agreement.


 


Interest accrued on
this Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this Certificate,
if any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement. The “Interest
Accrual Period” with respect to any Distribution Date and with respect to the Class X-B Certificates is the calendar
month preceding the month in which such Distribution Date occurs and is assumed to consist of 30 days.


 


All distributions
(other than the final distribution on any Certificate) will be made by the Certificate Administrator to the persons in whose names
the Certificates are registered at the close of business on each Record Date, which will be the last Business Day of the month
preceding the month in which such Distribution Date occurs. Distributions are required to be made by wire transfer of immediately
available funds to the account of such Certificateholder at a bank or other entity located in the United States and having appropriate
facilities to accept such funds, if such Certificateholder has provided the Certificate Administrator with written wiring instructions
no less than five (5) Business Days prior to the related Record Date (which wiring instructions may be in the form of a standing
order applicable to all subsequent distributions), or otherwise by check mailed to such Certificateholder. The final distribution
on each Certificate shall be made in like manner, but only upon presentation 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 a notice to Certificateholders of the pendency of the final distribution.


 


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 Section 9.01 of the Pooling 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 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. Subject to applicable state law with respect to escheatment of funds, if within two years after the second notice
any Certificates shall not have been surrendered for cancellation, the Paying Agent shall pay to the Class R Certificateholders
all amounts distributable to the Holders thereof. 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 Section 9.01 of the Pooling and Servicing Agreement.


 


This Certificate is
limited in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage Loans, as more
specifically set forth herein and in the Pooling and Servicing Agreement.


 


As provided in the
Pooling and Servicing Agreement, the Trust Fund includes: (i) such Mortgage Loans as from time to time are subject to the Pooling
and Servicing Agreement, together with the Mortgage Files relating thereto;


 






    A-7-3 


     


    

 


(ii) all scheduled or unscheduled payments on or collections
in respect of the Mortgage Loans due after the Cut-Off Date or, with respect to a Qualified Substitute Mortgage Loan, the Due Date
in the month of substitution (exclusive of interest relating to periods prior to, but due after, the Cut-Off Date); (iii) any REO
Property (but, with respect to any REO Property relating to a Loan Combination, only to the extent of the Trust’s interest
in the related Loan Combination); (iv) all revenues received in respect of any REO Property (but, with respect to any REO Property
relating to a Loan Combination, only to the extent of the Trust’s interest in the related Loan Combination); (v) the Master
Servicer’s and the Trustee’s rights under the insurance policies with respect to the Mortgage Loans required to be
maintained pursuant to the Pooling and Servicing Agreement and any proceeds thereof; (vi) the Trustee’s rights in any Assignments
of Leases, Rents and Profits and any security agreements; (vii) the Trustee’s rights under any indemnities or guaranties
given as additional security for any Mortgage Loan; (viii) all of the Trustee’s and the Certificate Administrator’s
rights in the Escrow Accounts and Lock-Box Accounts and all proceeds of the Mortgage Loans deposited in the Collection Account,
the Distribution Account, the Excess Interest Distribution Account, the Interest Reserve Account, the Excess Liquidation Proceeds
Reserve Account and any REO Account, including any reinvestment income thereon; (ix) the Trustee’s rights in any environmental
indemnity agreements relating to the Mortgaged Properties; (x) the Depositor’s rights under the Mortgage Loan Purchase Agreements
and the SMC Guaranty to the extent assigned to the Trustee pursuant to Section 2.01 of the Pooling and Servicing Agreement; (xi)
the Lower-Tier Regular Interests; and (xii) the Loss of Value Reserve Fund.


 


This Certificate does
not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling 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 and Trustee.


 


As provided in the
Pooling and Servicing Agreement, subject to certain restrictions on transfer set forth therein, upon surrender for registration
of transfer of any Certificate, the Certificate Administrator shall execute, authenticate and deliver, in the name of the designated
transferee or transferees, one or more new Certificates in authorized denominations, in like aggregate interest and of the same
Class.


 


Prior to due presentation
of this Certificate for registration of transfer, the Master Servicer, the Special Servicer, the Operating Advisor, the Trustee,
the Certificate Administrator, the Certificate Registrar, and any agent of any of them, may treat the Person in whose name any
Certificate is registered as the owner of such Certificate for the purpose of receiving distributions as provided in the Pooling
and Servicing Agreement and for all other purposes whatsoever, and neither the Master Servicer, the Special Servicer, the Operating
Advisor, the Trustee, the Certificate Administrator, the Certificate Registrar, nor any agent of any of them shall be affected
by any notice to the contrary.


 


The Pooling and Servicing
Agreement or any Custodial Agreement may be amended from time to time by the Depositor, the Master Servicer, the Special Servicer,
the Operating Advisor, the Asset Representations Reviewer, the Custodian (if the Certificate Administrator is then acting as Custodian),
the Certificate Administrator and the Trustee, without the consent of any of the Certificateholders or, as applicable, any Companion
Loan Holder:


 


		(i)	to cure any ambiguity to the extent that it does not adversely affect any holders of Certificates;



 


		(ii)	to correct or supplement any of its provisions which may be inconsistent with any other provisions
of the Pooling and Servicing Agreement or with the description thereof in the Prospectus or to correct any error;



 


		(iii)	to change the timing and/or nature of deposits in the Collection Account, the Excess Liquidation
Proceeds Reserve Account, the Excess Interest Distribution Account, the Distribution Account or any REO Account, provided that
(A) the Master Servicer Remittance Date shall in no event be later than the Business Day prior to the related Distribution
Date and (B) the change would not adversely affect in any material respect the interests of any Certificateholder, as evidenced
by an opinion of counsel (at the expense of the party requesting the amendment);



 


		(iv)	to modify, eliminate or add to any of its provisions (A) to the extent necessary to maintain the
qualification of either Trust REMIC as a REMIC or the Grantor Trust as a grantor trust or to avoid or minimize the risk of imposition
of any tax on the Trust Fund, 



 






    A-7-4 


     


    




 


	 	 	provided that the Trustee and the Certificate Administrator have received an opinion of counsel (at
the expense of the party requesting the amendment) to the effect that (1) the action is necessary or desirable to maintain
such qualification or to avoid or minimize such risk and (2) the action will not adversely affect in any material respect the interests
of any holder of the Certificates, (B) to restrict (or to remove any existing restrictions with respect to) the transfer
of the Class R Certificates, provided that the Depositor has determined that the amendment will not give rise to any tax with respect
to the transfer of the Class R Certificates to a non-Permitted Transferee, (C) to the extent necessary to comply with the
Investment Company Act of 1940, as amended, the Exchange Act, Regulation AB, Regulation RR and/or any related regulatory actions
and/or interpretations or (D) in the event that Regulation RR (or any portion thereof) or any other regulations applicable to the
risk retention requirements for this securitization transaction are amended or repealed, to the extent required to comply with
any such amendment or to modify or eliminate any risk retention requirements no longer applicable to this securitization transaction
in light of such repeal;



 


		(v)	to make any other provisions with respect to matters or questions arising under the Pooling and
Servicing Agreement or any other change, provided that the amendment will not adversely affect in any material respect the
interests of any Certificateholder, as evidenced by an opinion of counsel;



 


		(vi)	to modify the procedures in the Pooling and Servicing Agreement relating to Rule 17g-5; provided
that such modification does not increase the obligations of the Trustee, the Certificate Administrator, the Operating Advisor,
the Asset Representations Reviewer, the Master Servicer or the Special Servicer without such party’s consent (which consent
may not be withheld unless such modification would materially adversely affect such party or materially increase such party’s
obligations under the Pooling and Servicing Agreement); provided, further that notice of such modification is provided
to all parties to the Pooling and Servicing Agreement; and



 


		(vii)	to amend or supplement any provision of the Pooling and Servicing Agreement to the extent necessary
to maintain the ratings assigned to each Class of Certificates by any of the Rating Agencies, provided that the amendment will
not adversely affect in any material respect the interests of any Certificateholder;



 


provided, further
that no amendment pursuant to any of clauses (i)-(vii) above may be made that would: (A) reduce the consent or consultation rights
or the right to receive information under the Pooling and Servicing Agreement of the Controlling Class Representative without the
consent of the Controlling Class Representative; (B) reduce the consultation rights or the right to receive information under the
Pooling and Servicing Agreement of the Operating Advisor without the consent of the Operating Advisor; (C) change in any manner
the obligations or rights of any Mortgage Loan Seller under the Pooling and Servicing Agreement or the applicable Mortgage Loan
Purchase Agreement without the consent of the affected Mortgage Loan Seller; (D) change in any manner the obligations or
rights of any Underwriter or Initial Purchaser, without the consent of the affected Underwriter or Initial Purchaser; or (E) adversely
affect any Serviced Companion Loan Holder in its capacity as such without its consent. Expenses incurred with respect to any amendment
shall be borne by the party requesting such amendment, unless the Master Servicer, the Special Servicer or the Trustee is requesting
an amendment for the benefit of the Certificateholders, then in which case such expense will be borne by the Trust.


 


The Pooling and Servicing
Agreement or any Custodial Agreement may also be amended from time to time by a writing signed by each of the Depositor, the Master
Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Custodian (if the Certificate Administrator
is then acting as Custodian), the Certificate Administrator and the Trustee with the consent of the Holders of Certificates representing
not less than 66-2/3% of the Percentage Interests of each Class of Certificates affected by the amendment for the purpose of adding
any provisions to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or of modifying
in any manner the rights of the Certificateholders; provided, however, that no such amendment shall:


 






    A-7-5 


     


    




 


		(i)	reduce in any manner the amount of, or delay the timing of, payments received on the Serviced Loans
which are required to be distributed on a Certificate of any Class or to any Serviced Companion Loan Holder, as applicable, without
the consent of the Holder of that Certificate or that Serviced Companion Loan Holder, as applicable,



 


		(ii)	reduce the aforesaid percentage of Certificates of any Class the Holders of which are required
to consent to the amendment without the consent of the Holders of all Certificates of that Class then outstanding,



 


		(iii)	change in any manner the obligations or rights of any Mortgage Loan Seller under the Pooling and
Servicing Agreement or the related Mortgage Loan Purchase Agreement without the consent of the affected Mortgage Loan Seller,



 


		(iv)	change the definition of “Servicing Standard” without either (A) consent of 100% of
the holders of the Certificates or (B) Rating Agency Confirmation,



 


		(v)	without the consent of 100% of the Certificateholders of the Class or Classes of Certificates adversely
affected thereby, change (A) the percentages of Voting Rights of Certificateholders which are required to consent to any action
or inaction under the Pooling and Servicing Agreement, (B) the right of the Certificateholders to remove the Special Servicer pursuant
to the Pooling and Servicing Agreement or (C) the right of the Certificateholders to terminate the Operating Advisor pursuant to
the Pooling and Servicing Agreement,



 


		(vi)	adversely affect the Controlling Class Representative without the consent of 100% of the Controlling
Class Certificateholders,



 


		(vii)	adversely affect a Serviced Companion Loan Holder in its capacity as such without its consent,
or



 


		(viii)	change in any manner the obligations or rights of any Underwriter or Initial Purchaser without
the consent of the affected Underwriter or Initial Purchaser.



 


The Holders of the
Controlling Class representing greater than 50% of the Certificate Balance of the Controlling Class may (or, if such Holders do
not, the Special Servicer, or if neither such Holders nor the Special Servicer do, the Master Servicer or, if none of such Holders,
the Special Servicer or the Master Servicer does, any Holders of Class R Certificates representing greater than a 50% Percentage
Interest in such Class, may also) effect an early termination of the Trust Fund, upon not less than 30 days’ prior notice
given to the parties (or, if applicable, the other parties) to the Pooling and Servicing Agreement (whereupon the Master Servicer
shall notify the Serviced Companion Loan Holders) any time on or after the Early Termination Notice Date specifying the Anticipated
Termination Date, by purchasing on such date all, but not less than all, of the Mortgage Loans (and in the case of the Serviced
Loan Combinations, subject to certain rights of the related Serviced Companion Loan Holder provided for in the related Co-Lender
Agreement) then included in the Trust Fund, and all property acquired by or on behalf of the Trust Fund (including the Trust Fund’s
interest in any REO Property acquired with respect to any Outside Serviced Mortgage Loan) in respect of any Mortgage Loan then
included in the Trust Fund, at a purchase price, payable in cash, equal to (i) the sum of (A) the Termination Purchase
Amount and (B) the reasonable out-of-pocket expenses of the Master Servicer (unless the Master Servicer is the purchaser of
such Mortgage Loans), the Special Servicer (unless the Special Servicer is the purchaser of such Mortgage Loans), the Trustee and
the Certificate Administrator, as applicable, with respect to such termination, minus (ii) solely in the case where the Master
Servicer or the Special Servicer is effecting such purchase, the aggregate amount of unreimbursed Advances, if any, made by the
Master Servicer or Special Servicer, as applicable, together with any interest accrued and payable to the Master Servicer or the
Special Servicer, as applicable, in respect of such Advances and any unpaid Servicing Fees or Special Servicing Fees, as applicable,
remaining outstanding (which items will be deemed to have been paid or reimbursed to the Master Servicer or the Special Servicer,
as applicable, in connection with such purchase).


 


Any Person(s) effecting
an early termination of the Trust Fund as provided in the prior paragraph shall first notify the Controlling Class Representative
and each Certifying Certificateholder, or, in the case of a termination by


 



    A-7-6 


     


    

 


the Holder of a Class R Certificate, notify the
Certificate Administrator (who shall notify the Controlling Class Representative and each Certifying Certificateholder) of its
intention to do so in writing at least 30 days prior to the Anticipated Termination Date. All costs and expenses incurred by any
and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with the purchase of the Mortgage Loans
and other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement shall be borne by the
party exercising its purchase rights thereunder. The Certificate Administrator shall be entitled to rely conclusively on any determination
made by an Appraiser pursuant to Section 9.01(c) of the Pooling and Servicing Agreement.


 


The respective obligations
and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Operating Advisor, the Asset Representations
Reviewer, the Certificate Administrator and the Trustee created by the Pooling and Servicing Agreement with respect to the Certificates,
the Mortgage Loans and the Serviced Companion Loans (other than the obligation to make certain payments and to send certain notices
to Certificateholders as set forth in the Pooling and Servicing Agreement and to make any required remittances to the Serviced
Companion Loan Holders in the month in which the final Distribution Date occurs and certain tax-related obligations) shall terminate
immediately following the earlier to occur of (i) the purchase by Holders of the Controlling Class, the Special Servicer,
the Master Servicer or Holders of the Class R Certificates of all the Mortgage Loans and REO Properties (or interests therein)
then included in the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement, (ii) the exchange by the
Remaining Certificateholder of its Certificates for all the Mortgage Loans and REO Properties (or interests therein) then included
in the Trust Fund pursuant to Section 9.01(h) of the Pooling and Servicing Agreement and (iii) the final payment or other
liquidation (or any advance with respect thereto) of the last Mortgage Loan or REO Property (or interest therein) contained in
the Trust Fund; provided, however, that in no event shall the trust created by the Pooling and Servicing Agreement
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 of the Pooling and Servicing Agreement. All
such payments as contemplated by the preceding paragraph shall be deposited into the Collection Account by the Master Servicer
or Special Servicer, as applicable, promptly following receipt thereof.


 


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 Pooling and Servicing Agreement or
be valid for any purpose.


 






    A-7-7 


     


    

 


 


IN WITNESS WHEREOF,
the Certificate Administrator has caused this Class X-B Certificate to be duly executed.


  





	 	CITIBANK,
N.A., not in its individual capacity but solely as Certificate Administrator
	 	 	 
	 	By:	 
			Authorized Signatory


 


Dated: September 29, 2017


 


 


CERTIFICATE
OF AUTHENTICATION


 


This is one of the
Class X-B Certificates referred to in the Pooling and Servicing Agreement.


 


Dated: September 29, 2017


  





	 	CITIBANK,
N.A., not in its individual capacity but solely as Authenticating Agent
	 	 	 
	 	By:	 
			Authorized Signatory


 






    A-7-8 


     


    




 


ASSIGNMENT


 


FOR VALUE RECEIVED,
the undersigned (“Assignor(s)”) hereby sell(s), assign(s) and transfer(s) unto ____________________________________________________
______________________________ (please print or typewrite name(s) and address(es), including postal zip code(s) of assignee(s))
(“Assignee(s)”) the entire Percentage Interest represented by the within Class X-B Certificate and hereby
authorize(s) the registration of transfer of such interest to Assignee(s) on the Certificate Register of the Trust Fund.


 


I (we) further direct
the Certificate Registrar to issue a new Class X-B Certificate of the entire Percentage Interest represented by the within
Class X-B Certificates to the above-named Assignee(s) and to deliver such Class X-B Certificate to the following address:


 


Date: _________________ 





	 	 	 
		 	Signature by or on behalf of Assignor(s)
	 	 	 
	 	 	Taxpayer Identification Number





 






    A-7-9 


     


    




 


DISTRIBUTION
INSTRUCTIONS


 


The Assignee(s) should
include the following for purposes of distribution:


 


Address of the Assignee(s)
for the purpose of receiving notices and distributions: __________________________________ Distributions, if being made by wire
transfer in immediately available funds to __________________________ for the account of __________________________ account number
____________________________. This information is provided by ______________________________, the Assignee(s) named above or ____________________________________
as its (their) agent.


	 	 	 
	 	By:	 
	 	 	[Please print or type name(s)]
	 	 	 
	 	 	Title
	 	 	 
	 	 	Taxpayer Identification Number


 






    A-7-10 


     


    





 


EXHIBIT
A-8


 


CITIGROUP
COMMERCIAL MORTGAGE TRUST 2017-P8

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2017-P8, CLASS A-S


 


[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.]1


 


[TRANSFERS OF THIS GLOBAL CERTIFICATE SHALL
BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE,
AND TRANSFERS OF BENEFICIAL INTERESTS IN THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS
SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.]2


 


THIS CERTIFICATE DOES NOT REPRESENT AN
INTEREST IN OR OBLIGATION OF THE DEPOSITOR, THE SPONSORS, THE ORIGINATORS, THE MASTER SERVICER, THE SPECIAL SERVICER, THE TRUSTEE,
THE CERTIFICATE ADMINISTRATOR, THE OPERATING ADVISOR, the Asset representations reviewer,
THE CONTROLLING CLASS REPRESENTATIVE, THE RISK RETENTION CONSULTATION PARTY, ANY COMPANION LOAN HOLDER, THE UNDERWRITERS OR ANY
OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES NOR THE MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY
OR INSTRUMENTALITY OR PRIVATE INSURER.


 


PRINCIPAL PAYMENTS IN RESPECT OF THIS CERTIFICATE
ARE DISTRIBUTABLE AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT. ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE OF THIS
CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.


 


DISTRIBUTIONS OF PRINCIPAL
AND INTEREST ON THIS CERTIFICATE ARE SUBORDINATED TO DISTRIBUTIONS OF PRINCIPAL AND INTEREST ON OTHER CLASSES OF CERTIFICATES OF
THE SAME SERIES.


 


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.








 






 


1
       Legend required as long as DTC is the Depository under the Pooling and Servicing Agreement.


 


2       Global
Certificate legend.



 






     A-8-1


     


    

 


CITIGROUP
COMMERCIAL MORTGAGE TRUST 2017-P8

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2017-P8, CLASS A-S


 


	Pass-Through Rate:  The lesser of 3.789% and the WAC Rate	 	 
	 	 	 
	First Distribution Date: October 17, 2017	 	Cut-Off Date:  With respect to each Mortgage Loan, the Due Date in September 2017 for that Mortgage Loan (or, in the case of any Mortgage Loan that has its first Due Date subsequent to September 2017, the date that would have been its Due Date in September 2017 under the terms of that Mortgage Loan if a Monthly Payment were scheduled to be due in that month).
	 	 	 
	Aggregate Initial Certificate Balance of the Class A-S Certificates:  $111,022,000	 	Scheduled Final Distribution Date: the Distribution Date in September 2027


 





	
        CUSIP:  17326D
AF9

         
	 	Initial Certificate Balance of this Certificate: $[_____]
	
        ISIN:
             US17326DAF96 

         
	 	 
	No.:  [1]	 	 


 


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-S Certificates. The Trust Fund, described
more fully below, consists primarily of a pool of Mortgage Loans secured by first liens on commercial, multifamily and manufactured
housing community properties and held in trust by the Trustee and, other than in the case of the Outside Serviced Mortgage Loans,
serviced by the Master Servicer and the Special Servicer. The Trust Fund was created, and the Mortgage Loans (other than the Outside
Serviced Mortgage Loans) are to be serviced, pursuant to the Pooling 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 Pooling and Servicing
Agreement and is bound thereby. In the event that there is any conflict between any provision of this Certificate and any provision
of the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to the extent of such inconsistency.
Also issued under the Pooling and Servicing Agreement are the Class A-1, Class A-2, Class A-3, Class A-4, Class A-AB,
Class X-A, Class X-B, Class B, Class C, Class X-D, Class X-E, Class X-F, Class X-G, Class D, Class E, Class F,
Class G, Class R, Class S, Class V-1, Class V-2A, Class V-2B, Class V-2C, Class V-2D, Class V-2E, Class V-3AC, Class V-3D and Class
V-3E Certificates (together with the Class A-S Certificates, the “Certificates”; the Holders of Certificates
are collectively referred to herein as “Certificateholders”).


 


This Certificate is
issued pursuant to, and in accordance with, the terms of a Pooling and Servicing Agreement dated as of September 1, 2017 (the “Pooling
and Servicing Agreement”), between Citigroup Commercial Mortgage Securities Inc., as Depositor, Wells Fargo Bank, National
Association, as Master Servicer, KeyBank National Association, as Special Servicer, Pentalpha Surveillance LLC, as Operating Advisor
and Asset Representations Reviewer, Citibank, N.A., as Certificate Administrator, and Wilmington Trust, National Association, as
Trustee. To the extent not defined herein, capitalized terms used herein shall have the meanings assigned thereto in the Pooling
and Servicing Agreement.


 









     A-8-2


     


    




 


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.


 


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 Mortgage Loans and has executed this Certificate in its limited capacity as Certificate Administrator under the Pooling
and Servicing Agreement.


 


Pursuant to the terms
of the Pooling and Servicing Agreement, the Certificate Administrator will distribute (other than the final distribution on any
Certificate), on the 4th Business Day following the Determination Date in each month, commencing in October 2017 (each such date,
a “Distribution Date”), to the Person in whose name this Certificate is registered as of the related Record
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, with respect to the Class A-S
Certificates for such Distribution Date, all as more fully described in the Pooling and Servicing Agreement. Holders of this Certificate
may be entitled to a share of Yield Maintenance Charges, as provided in the Pooling and Servicing Agreement.


 


Interest accrued on
this Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this Certificate,
if any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement. The “Interest
Accrual Period” with respect to any Distribution Date and with respect to the Class A-S Certificates is the calendar
month preceding the month in which such Distribution Date occurs and is assumed to consist of 30 days.


 


All distributions
(other than the final distribution on any Certificate) will be made by the Certificate Administrator to the persons in whose names
the Certificates are registered at the close of business on each Record Date, which will be the last Business Day of the month
preceding the month in which such Distribution Date occurs. Distributions are required to be made by wire transfer of immediately
available funds to the account of such Certificateholder at a bank or other entity located in the United States and having appropriate
facilities to accept such funds, if such Certificateholder has provided the Certificate Administrator with written wiring instructions
no less than five (5) Business Days prior to the related Record Date (which wiring instructions may be in the form of a standing
order applicable to all subsequent distributions), or otherwise by check mailed to such Certificateholder. The final distribution
on each Certificate shall be made in like manner, but only upon presentation 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 a notice to Certificateholders of the pendency of the final distribution.


 


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 Section 9.01 of the Pooling 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 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. Subject to applicable state law with respect to escheatment of funds, if within
two years after the second notice any Certificates shall not have been surrendered for cancellation, the Paying Agent shall pay
to the Class R Certificateholders all amounts distributable to the Holders thereof. 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 Section 9.01 of the Pooling and Servicing Agreement.


 


This Certificate is
limited in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage Loans, as more
specifically set forth herein and in the Pooling and Servicing Agreement.


 


As provided in the
Pooling and Servicing Agreement, the Trust Fund includes: (i) such Mortgage Loans as from time to time are subject to the Pooling
and Servicing Agreement, together with the Mortgage Files relating thereto;


 



     A-8-3


     


    

 


(ii) all scheduled or unscheduled payments on or collections
in respect of the Mortgage Loans due after the Cut-Off Date or, with respect to a Qualified Substitute Mortgage Loan, the Due Date
in the month of substitution (exclusive of interest relating to periods prior to, but due after, the Cut-Off Date); (iii) any REO
Property (but, with respect to any REO Property relating to a Loan Combination, only to the extent of the Trust’s interest
in the related Loan Combination); (iv) all revenues received in respect of any REO Property (but, with respect to any REO Property
relating to a Loan Combination, only to the extent of the Trust’s interest in the related Loan Combination); (v) the Master
Servicer’s and the Trustee’s rights under the insurance policies with respect to the Mortgage Loans required to be
maintained pursuant to the Pooling and Servicing Agreement and any proceeds thereof; (vi) the Trustee’s rights in any Assignments
of Leases, Rents and Profits and any security agreements; (vii) the Trustee’s rights under any indemnities or guaranties
given as additional security for any Mortgage Loan; (viii) all of the Trustee’s and the Certificate Administrator’s
rights in the Escrow Accounts and Lock-Box Accounts and all proceeds of the Mortgage Loans deposited in the Collection Account,
the Distribution Account, the Excess Interest Distribution Account, the Interest Reserve Account, the Excess Liquidation Proceeds
Reserve Account and any REO Account, including any reinvestment income thereon; (ix) the Trustee’s rights in any environmental
indemnity agreements relating to the Mortgaged Properties; (x) the Depositor’s rights under the Mortgage Loan Purchase Agreements
and the SMC Guaranty to the extent assigned to the Trustee pursuant to Section 2.01 of the Pooling and Servicing Agreement; (xi)
the Lower-Tier Regular Interests; and (xii) the Loss of Value Reserve Fund.


 


This Certificate does
not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling 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 and Trustee.


 


As provided in the
Pooling and Servicing Agreement, subject to certain restrictions on transfer set forth therein, upon surrender for registration
of transfer of any Certificate, the Certificate Administrator shall execute, authenticate and deliver, in the name of the designated
transferee or transferees, one or more new Certificates in authorized denominations, in like aggregate interest and of the same
Class.


 


Prior to due presentation
of this Certificate for registration of transfer, the Master Servicer, the Special Servicer, the Operating Advisor, the Trustee,
the Certificate Administrator, the Certificate Registrar, and any agent of any of them, may treat the Person in whose name any
Certificate is registered as the owner of such Certificate for the purpose of receiving distributions as provided in the Pooling
and Servicing Agreement and for all other purposes whatsoever, and neither the Master Servicer, the Special Servicer, the Operating
Advisor, the Trustee, the Certificate Administrator, the Certificate Registrar, nor any agent of any of them shall be affected
by any notice to the contrary.


 


The Pooling and Servicing
Agreement or any Custodial Agreement may be amended from time to time by the Depositor, the Master Servicer, the Special Servicer,
the Operating Advisor, the Asset Representations Reviewer, the Custodian (if the Certificate Administrator is then acting as Custodian),
the Certificate Administrator and the Trustee, without the consent of any of the Certificateholders or, as applicable, any Companion
Loan Holder:


 


		(i)	to cure any ambiguity to the extent that it does not adversely affect any holders of Certificates;



 


		(ii)	to correct or supplement any of its provisions which may be inconsistent with any other provisions
of the Pooling and Servicing Agreement or with the description thereof in the Prospectus or to correct any error;



 


		(iii)	to change the timing and/or nature of deposits in the Collection Account, the Excess Liquidation
Proceeds Reserve Account, the Excess Interest Distribution Account, the Distribution Account or any REO Account, provided that
(A) the Master Servicer Remittance Date shall in no event be later than the Business Day prior to the related Distribution
Date and (B) the change would not adversely affect in any material respect the interests of any Certificateholder, as evidenced
by an opinion of counsel (at the expense of the party requesting the amendment);



 


		(iv)	to modify, eliminate or add to any of its provisions (A) to the extent necessary to maintain the
qualification of either Trust REMIC as a REMIC or the Grantor Trust as a grantor trust or to avoid or minimize the risk of imposition
of any tax on the Trust Fund, 



 






     A-8-4


     


    




 


	 	 	provided that the Trustee and the Certificate Administrator have received an opinion of counsel (at
the expense of the party requesting the amendment) to the effect that (1) the action is necessary or desirable to maintain
such qualification or to avoid or minimize such risk and (2) the action will not adversely affect in any material respect the interests
of any holder of the Certificates, (B) to restrict (or to remove any existing restrictions with respect to) the transfer
of the Class R Certificates, provided that the Depositor has determined that the amendment will not give rise to any tax with respect
to the transfer of the Class R Certificates to a non-Permitted Transferee, (C) to the extent necessary to comply with the
Investment Company Act of 1940, as amended, the Exchange Act, Regulation AB, Regulation RR and/or any related regulatory actions
and/or interpretations or (D) in the event that Regulation RR (or any portion thereof) or any other regulations applicable to the
risk retention requirements for this securitization transaction are amended or repealed, to the extent required to comply with
any such amendment or to modify or eliminate any risk retention requirements no longer applicable to this securitization transaction
in light of such repeal;



 


		(v)	to make any other provisions with respect to matters or questions arising under the Pooling and
Servicing Agreement or any other change, provided that the amendment will not adversely affect in any material respect the
interests of any Certificateholder, as evidenced by an opinion of counsel;



 


		(vi)	to modify the procedures in the Pooling and Servicing Agreement relating to Rule 17g-5; provided
that such modification does not increase the obligations of the Trustee, the Certificate Administrator, the Operating Advisor,
the Asset Representations Reviewer, the Master Servicer or the Special Servicer without such party’s consent (which consent
may not be withheld unless such modification would materially adversely affect such party or materially increase such party’s
obligations under the Pooling and Servicing Agreement); provided, further that notice of such modification is provided
to all parties to the Pooling and Servicing Agreement; and



 


		(vii)	to amend or supplement any provision of the Pooling and Servicing Agreement to the extent necessary
to maintain the ratings assigned to each Class of Certificates by any of the Rating Agencies, provided that the amendment will
not adversely affect in any material respect the interests of any Certificateholder;



 


provided, further
that no amendment pursuant to any of clauses (i)-(vii) above may be made that would: (A) reduce the consent or consultation rights
or the right to receive information under the Pooling and Servicing Agreement of the Controlling Class Representative without the
consent of the Controlling Class Representative; (B) reduce the consultation rights or the right to receive information under the
Pooling and Servicing Agreement of the Operating Advisor without the consent of the Operating Advisor; (C) change in any manner
the obligations or rights of any Mortgage Loan Seller under the Pooling and Servicing Agreement or the applicable Mortgage Loan
Purchase Agreement without the consent of the affected Mortgage Loan Seller; (D) change in any manner the obligations or
rights of any Underwriter or Initial Purchaser, without the consent of the affected Underwriter or Initial Purchaser; or (E) adversely
affect any Serviced Companion Loan Holder in its capacity as such without its consent. Expenses incurred with respect to any amendment
shall be borne by the party requesting such amendment, unless the Master Servicer, the Special Servicer or the Trustee is requesting
an amendment for the benefit of the Certificateholders, then in which case such expense will be borne by the Trust.


 


The Pooling and Servicing
Agreement or any Custodial Agreement may also be amended from time to time by a writing signed by each of the Depositor, the Master
Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Custodian (if the Certificate Administrator
is then acting as Custodian), the Certificate Administrator and the Trustee with the consent of the Holders of Certificates representing
not less than 66-2/3% of the Percentage Interests of each Class of Certificates affected by the amendment for the purpose of adding
any provisions to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or of modifying
in any manner the rights of the Certificateholders; provided, however, that no such amendment shall:


 






     A-8-5


     


    




 


		(i)	reduce in any manner the amount of, or delay the timing of, payments received on the Serviced Loans
which are required to be distributed on a Certificate of any Class or to any Serviced Companion Loan Holder, as applicable, without
the consent of the Holder of that Certificate or that Serviced Companion Loan Holder, as applicable,



 


		(ii)	reduce the aforesaid percentage of Certificates of any Class the Holders of which are required
to consent to the amendment without the consent of the Holders of all Certificates of that Class then outstanding,



 


		(iii)	change in any manner the obligations or rights of any Mortgage Loan Seller under the Pooling and
Servicing Agreement or the related Mortgage Loan Purchase Agreement without the consent of the affected Mortgage Loan Seller,



 


		(iv)	change the definition of “Servicing Standard” without either (A) consent of 100% of
the holders of the Certificates or (B) Rating Agency Confirmation,



 


		(v)	without the consent of 100% of the Certificateholders of the Class or Classes of Certificates adversely
affected thereby, change (A) the percentages of Voting Rights of Certificateholders which are required to consent to any action
or inaction under the Pooling and Servicing Agreement, (B) the right of the Certificateholders to remove the Special Servicer pursuant
to the Pooling and Servicing Agreement or (C) the right of the Certificateholders to terminate the Operating Advisor pursuant to
the Pooling and Servicing Agreement,



 


		(vi)	adversely affect the Controlling Class Representative without the consent of 100% of the Controlling
Class Certificateholders,



 


		(vii)	adversely affect a Serviced Companion Loan Holder in its capacity as such without its consent,
or



 


		(viii)	change in any manner the obligations or rights of any Underwriter or Initial Purchaser without
the consent of the affected Underwriter or Initial Purchaser.



 


The Holders of the
Controlling Class representing greater than 50% of the Certificate Balance of the Controlling Class may (or, if such Holders do
not, the Special Servicer, or if neither such Holders nor the Special Servicer do, the Master Servicer or, if none of such Holders,
the Special Servicer or the Master Servicer does, any Holders of Class R Certificates representing greater than a 50% Percentage
Interest in such Class, may also) effect an early termination of the Trust Fund, upon not less than 30 days’ prior notice
given to the parties (or, if applicable, the other parties) to the Pooling and Servicing Agreement (whereupon the Master Servicer
shall notify the Serviced Companion Loan Holders) any time on or after the Early Termination Notice Date specifying the Anticipated
Termination Date, by purchasing on such date all, but not less than all, of the Mortgage Loans (and in the case of the Serviced
Loan Combinations, subject to certain rights of the related Serviced Companion Loan Holder provided for in the related Co-Lender
Agreement) then included in the Trust Fund, and all property acquired by or on behalf of the Trust Fund (including the Trust Fund’s
interest in any REO Property acquired with respect to any Outside Serviced Mortgage Loan) in respect of any Mortgage Loan then
included in the Trust Fund, at a purchase price, payable in cash, equal to (i) the sum of (A) the Termination Purchase
Amount and (B) the reasonable out-of-pocket expenses of the Master Servicer (unless the Master Servicer is the purchaser of
such Mortgage Loans), the Special Servicer (unless the Special Servicer is the purchaser of such Mortgage Loans), the Trustee and
the Certificate Administrator, as applicable, with respect to such termination, minus (ii) solely in the case where the Master
Servicer or the Special Servicer is effecting such purchase, the aggregate amount of unreimbursed Advances, if any, made by the
Master Servicer or Special Servicer, as applicable, together with any interest accrued and payable to the Master Servicer or the
Special Servicer, as applicable, in respect of such Advances and any unpaid Servicing Fees or Special Servicing Fees, as applicable,
remaining outstanding (which items will be deemed to have been paid or reimbursed to the Master Servicer or the Special Servicer,
as applicable, in connection with such purchase).


 


Any Person(s) effecting
an early termination of the Trust Fund as provided in the prior paragraph shall first notify the Controlling Class Representative
and each Certifying Certificateholder, or, in the case of a termination by


 



     A-8-6


     


    

 


the Holder of a Class R Certificate, notify the
Certificate Administrator (who shall notify the Controlling Class Representative and each Certifying Certificateholder) of its
intention to do so in writing at least 30 days prior to the Anticipated Termination Date. All costs and expenses incurred by any
and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with the purchase of the Mortgage Loans
and other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement shall be borne by the
party exercising its purchase rights thereunder. The Certificate Administrator shall be entitled to rely conclusively on any determination
made by an Appraiser pursuant to Section 9.01(c) of the Pooling and Servicing Agreement.


 


The respective obligations
and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Operating Advisor, the Asset Representations
Reviewer, the Certificate Administrator and the Trustee created by the Pooling and Servicing Agreement with respect to the Certificates,
the Mortgage Loans and the Serviced Companion Loans (other than the obligation to make certain payments and to send certain notices
to Certificateholders as set forth in the Pooling and Servicing Agreement and to make any required remittances to the Serviced
Companion Loan Holders in the month in which the final Distribution Date occurs and certain tax-related obligations) shall terminate
immediately following the earlier to occur of (i) the purchase by Holders of the Controlling Class, the Special Servicer,
the Master Servicer or Holders of the Class R Certificates of all the Mortgage Loans and REO Properties (or interests therein)
then included in the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement, (ii) the exchange by the
Remaining Certificateholder of its Certificates for all the Mortgage Loans and REO Properties (or interests therein) then included
in the Trust Fund pursuant to Section 9.01(h) of the Pooling and Servicing Agreement and (iii) the final payment or other
liquidation (or any advance with respect thereto) of the last Mortgage Loan or REO Property (or interest therein) contained in
the Trust Fund; provided, however, that in no event shall the trust created by the Pooling and Servicing Agreement
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 of the Pooling and Servicing Agreement. All
such payments as contemplated by the preceding paragraph shall be deposited into the Collection Account by the Master Servicer
or Special Servicer, as applicable, promptly following receipt thereof.


 


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 Pooling and Servicing Agreement or
be valid for any purpose.


 






     A-8-7


     


    




 


IN WITNESS WHEREOF,
the Certificate Administrator has caused this Class A-S Certificate to be duly executed.


 





	 	CITIBANK,
N.A., not in its individual capacity but solely as Certificate Administrator
	 	 	 
	 	By:	 
			Authorized Signatory


 





Dated: September 29, 2017


  


CERTIFICATE
OF AUTHENTICATION


 


This is one of the
Class A-S Certificates referred to in the Pooling and Servicing Agreement.


 


Dated: September 29, 2017


 





	 	CITIBANK,
N.A., not in its individual capacity but solely as Authenticating Agent
	 	 	 
	 	By:	 
			Authorized Signatory


 






     A-8-8


     


    

  


ASSIGNMENT


 


FOR VALUE RECEIVED,
the undersigned (“Assignor(s)”) hereby sell(s), assign(s) and transfer(s) unto ____________________________________________________
______________________________ (please print or typewrite name(s) and address(es), including postal zip code(s) of assignee(s))
(“Assignee(s)”) the entire Percentage Interest represented by the within Class A-S Certificate and hereby
authorize(s) the registration of transfer of such interest to Assignee(s) on the Certificate Register of the Trust Fund.


 


I (we) further direct
the Certificate Registrar to issue a new Class A-S Certificate of the entire Percentage Interest represented by the within
Class A-S Certificates to the above-named Assignee(s) and to deliver such Class A-S Certificate to the following address:


 


Date: _________________ 





	 	 	 
		 	Signature by or on behalf of Assignor(s)
	 	 	 
	 	 	Taxpayer Identification Number


  






     A-8-9


     


    




 


DISTRIBUTION
INSTRUCTIONS


 


The Assignee(s) should
include the following for purposes of distribution:


 


Address of the Assignee(s)
for the purpose of receiving notices and distributions: __________________________________ Distributions, if being made by wire
transfer in immediately available funds to __________________________ for the account of __________________________ account number
____________________________. This information is provided by ______________________________, the Assignee(s) named above or ____________________________________
as its (their) agent. 





	 	 	 
	 	By:	 
	 	 	[Please print or type name(s)]
	 	 	 
	 	 	Title
	 	 	 
	 	 	Taxpayer Identification Number





 






     A-8-10


     


    




 






 


EXHIBIT
A-9


 


CITIGROUP
COMMERCIAL MORTGAGE TRUST 2017-P8

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2017-P8, CLASS B


 


[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.]1


 


[TRANSFERS
OF THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR A SUCCESSOR THEREOF
OR SUCH SUCCESSOR’S NOMINEE, AND TRANSFERS OF BENEFICIAL INTERESTS IN THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS
MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.]2


 


THIS
CERTIFICATE DOES NOT REPRESENT AN INTEREST IN OR OBLIGATION OF THE DEPOSITOR, THE SPONSORS, THE ORIGINATORS, THE MASTER SERVICER,
THE SPECIAL SERVICER, THE TRUSTEE, THE CERTIFICATE ADMINISTRATOR, THE OPERATING ADVISOR, the
Asset representations reviewer, THE CONTROLLING CLASS REPRESENTATIVE, THE RISK RETENTION CONSULTATION PARTY, ANY COMPANION
LOAN HOLDER, THE UNDERWRITERS OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES NOR THE MORTGAGE LOANS ARE INSURED
OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY OR PRIVATE INSURER.


 


PRINCIPAL
PAYMENTS IN RESPECT OF THIS CERTIFICATE ARE DISTRIBUTABLE AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT. ACCORDINGLY, THE
OUTSTANDING CERTIFICATE BALANCE OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.


 


DISTRIBUTIONS
OF PRINCIPAL AND INTEREST ON THIS CERTIFICATE ARE SUBORDINATED TO DISTRIBUTIONS OF PRINCIPAL AND INTEREST ON OTHER CLASSES OF
CERTIFICATES OF THE SAME SERIES.


 


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.


 





 



 


1
    Legend required as long as DTC is the Depository under the Pooling and Servicing Agreement.


 


2     Global
Certificate legend. 


 






     A-9-1


     


    

 


CITIGROUP
COMMERCIAL MORTGAGE TRUST 2017-P8

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2017-P8, CLASS B


 


	Pass-Through
    Rate:  The lesser of 4.192% and the WAC Rate	 
	 	 
	First
    Distribution Date: October 17, 2017	Cut-Off
    Date:  With respect to each Mortgage Loan, the Due Date in September 2017 for that Mortgage Loan (or, in the case
    of any Mortgage Loan that has its first Due Date subsequent to September 2017, the date that would have been its Due Date
    in September 2017 under the terms of that Mortgage Loan if a Monthly Payment were scheduled to be due in that month).
	 	 
	Aggregate
    Initial Certificate Balance of the Class B Certificates:  $41,310,000	Scheduled
    Final Distribution Date: the Distribution Date in September 2027
	 	 
	CUSIP:    17326D
                                         AG7
	Initial
    Certificate Balance of this Certificate: $[_____]
	 	 
	ISIN:       
                                         US17326DAG79
	 
	 	 
	No.:  [1]	 


 


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 pool of Mortgage Loans secured by first liens on commercial, multifamily and
manufactured housing community properties and held in trust by the Trustee and, other than in the case of the Outside Serviced
Mortgage Loans, serviced by the Master Servicer and the Special Servicer. The Trust Fund was created, and the Mortgage Loans (other
than the Outside Serviced Mortgage Loans) are to be serviced, pursuant to the Pooling 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 Pooling
and Servicing Agreement and is bound thereby. In the event that there is any conflict between any provision of this Certificate
and any provision of the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to the extent
of such inconsistency. Also issued under the Pooling and Servicing Agreement are the Class A-1, Class A-2, Class A-3,
Class A-4, Class A-AB, Class X-A, Class X-B, Class A-S, Class C, Class X-D, Class X-E, Class X-F, Class X-G,
Class D, Class E, Class F, Class G, Class R, Class S, Class V-1, Class V-2A, Class V-2B, Class V-2C, Class V-2D,
Class V-2E, Class V-3AC, Class V-3D and Class V-3E Certificates (together with the Class B Certificates, the “Certificates”;
the Holders of Certificates are collectively referred to herein as “Certificateholders”).


 


This
Certificate is issued pursuant to, and in accordance with, the terms of a Pooling and Servicing Agreement dated as of September
1, 2017 (the “Pooling and Servicing Agreement”), between Citigroup Commercial Mortgage Securities Inc., as
Depositor, Wells Fargo Bank, National Association, as Master Servicer, KeyBank National Association, as Special Servicer, Pentalpha
Surveillance LLC, as Operating Advisor and Asset Representations Reviewer, Citibank, N.A., as Certificate Administrator, and Wilmington
Trust, National Association, as Trustee. To the extent not defined herein, capitalized terms used herein shall have the meanings
assigned thereto in the Pooling and Servicing Agreement.


 






     A-9-2


     


    

 


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.


 


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 Mortgage Loans and has executed this Certificate in its limited capacity as Certificate
Administrator under the Pooling and Servicing Agreement.


 


Pursuant
to the terms of the Pooling and Servicing Agreement, the Certificate Administrator will distribute (other than the final distribution
on any Certificate), on the 4th Business Day following the Determination Date in each month, commencing in October 2017 (each
such date, a “Distribution Date”), to the Person in whose name this Certificate is registered as of the related
Record 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, with respect to the Class B
Certificates for such Distribution Date, all as more fully described in the Pooling and Servicing Agreement. Holders of this Certificate
may be entitled to a share of Yield Maintenance Charges, as provided in the Pooling and Servicing Agreement.


 


Interest
accrued on this Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this
Certificate, if any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement.
The “Interest Accrual Period” with respect to any Distribution Date and with respect to the Class B Certificates
is the calendar month preceding the month in which such Distribution Date occurs and is assumed to consist of 30 days.


 


All
distributions (other than the final distribution on any Certificate) will be made by the Certificate Administrator to the persons
in whose names the Certificates are registered at the close of business on each Record Date, which will be the last Business Day
of the month preceding the month in which such Distribution Date occurs. Distributions are required to be made by wire transfer
of immediately available funds to the account of such Certificateholder at a bank or other entity located in the United States
and having appropriate facilities to accept such funds, if such Certificateholder has provided the Certificate Administrator with
written wiring instructions no less than five (5) Business Days prior to the related Record Date (which wiring instructions may
be in the form of a standing order applicable to all subsequent distributions), or otherwise by check mailed to such Certificateholder.
The final distribution on each Certificate shall be made in like manner, but only upon presentation 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 a notice to Certificateholders of the pendency of the final distribution.


 


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 Section 9.01 of the Pooling
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 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. Subject to applicable state law with respect to escheatment
of funds, if within two years after the second notice any Certificates shall not have been surrendered for cancellation, the Paying
Agent shall pay to the Class R Certificateholders all amounts distributable to the Holders thereof. 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 Section 9.01 of the Pooling and Servicing Agreement.


 


This
Certificate is limited in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage
Loans, as more specifically set forth herein and in the Pooling and Servicing Agreement.


 


As
provided in the Pooling and Servicing Agreement, the Trust Fund includes: (i) such Mortgage Loans as from time to time are subject
to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto;


 



     A-9-3


     


    

 


(ii)
all scheduled or unscheduled payments on or collections in respect of the Mortgage Loans due after the Cut-Off Date or, with respect
to a Qualified Substitute Mortgage Loan, the Due Date in the month of substitution (exclusive of interest relating to periods
prior to, but due after, the Cut-Off Date); (iii) any REO Property (but, with respect to any REO Property relating to a Loan Combination,
only to the extent of the Trust’s interest in the related Loan Combination); (iv) all revenues received in respect of any
REO Property (but, with respect to any REO Property relating to a Loan Combination, only to the extent of the Trust’s interest
in the related Loan Combination); (v) the Master Servicer’s and the Trustee’s rights under the insurance policies
with respect to the Mortgage Loans required to be maintained pursuant to the Pooling and Servicing Agreement and any proceeds
thereof; (vi) the Trustee’s rights in any Assignments of Leases, Rents and Profits and any security agreements; (vii) the
Trustee’s rights under any indemnities or guaranties given as additional security for any Mortgage Loan; (viii) all of the
Trustee’s and the Certificate Administrator’s rights in the Escrow Accounts and Lock-Box Accounts and all proceeds
of the Mortgage Loans deposited in the Collection Account, the Distribution Account, the Excess Interest Distribution Account,
the Interest Reserve Account, the Excess Liquidation Proceeds Reserve Account and any REO Account, including any reinvestment
income thereon; (ix) the Trustee’s rights in any environmental indemnity agreements relating to the Mortgaged Properties;
(x) the Depositor’s rights under the Mortgage Loan Purchase Agreements and the SMC Guaranty to the extent assigned to the
Trustee pursuant to Section 2.01 of the Pooling and Servicing Agreement; (xi) the Lower-Tier Regular Interests; and (xii) the
Loss of Value Reserve Fund.


 


This
Certificate does not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling 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 and Trustee.


 


As
provided in the Pooling and Servicing Agreement, subject to certain restrictions on transfer set forth therein, upon surrender
for registration of transfer of any Certificate, the Certificate Administrator shall execute, authenticate and deliver, in the
name of the designated transferee or transferees, one or more new Certificates in authorized denominations, in like aggregate
interest and of the same Class.


 


Prior
to due presentation of this Certificate for registration of transfer, the Master Servicer, the Special Servicer, the Operating
Advisor, the Trustee, the Certificate Administrator, the Certificate Registrar, and any agent of any of them, may treat the Person
in whose name any Certificate is registered as the owner of such Certificate for the purpose of receiving distributions as provided
in the Pooling and Servicing Agreement and for all other purposes whatsoever, and neither the Master Servicer, the Special Servicer,
the Operating Advisor, the Trustee, the Certificate Administrator, the Certificate Registrar, nor any agent of any of them shall
be affected by any notice to the contrary.


 


The
Pooling and Servicing Agreement or any Custodial Agreement may be amended from time to time by the Depositor, the Master Servicer,
the Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Custodian (if the Certificate Administrator
is then acting as Custodian), the Certificate Administrator and the Trustee, without the consent of any of the Certificateholders
or, as applicable, any Companion Loan Holder:


 


		(i)	to
                                         cure any ambiguity to the extent that it does not adversely affect any holders of Certificates;



 


		(ii)	to
                                         correct or supplement any of its provisions which may be inconsistent with any other
                                         provisions of the Pooling and Servicing Agreement or with the description thereof in
                                         the Prospectus or to correct any error;



 


		(iii)	to
                                         change the timing and/or nature of deposits in the Collection Account, the Excess Liquidation
                                         Proceeds Reserve Account, the Excess Interest Distribution Account, the Distribution
                                         Account or any REO Account, provided that (A) the Master Servicer Remittance Date
                                         shall in no event be later than the Business Day prior to the related Distribution Date
                                         and (B) the change would not adversely affect in any material respect the interests
                                         of any Certificateholder, as evidenced by an opinion of counsel (at the expense of the
                                         party requesting the amendment);



 


		(iv)	to
                                         modify, eliminate or add to any of its provisions (A) to the extent necessary to maintain
                                         the qualification of either Trust REMIC as a REMIC or the Grantor Trust as a grantor
                                         trust or to avoid or minimize the risk of imposition of any tax on the Trust Fund,



 






     A-9-4


     


    

 





			provided
                                         that the Trustee and the Certificate Administrator have received an opinion of counsel
                                         (at the expense of the party requesting the amendment) to the effect that (1) the
                                         action is necessary or desirable to maintain such qualification or to avoid or minimize
                                         such risk and (2) the action will not adversely affect in any material respect the interests
                                         of any holder of the Certificates, (B) to restrict (or to remove any existing restrictions
                                         with respect to) the transfer of the Class R Certificates, provided that the Depositor
                                         has determined that the amendment will not give rise to any tax with respect to the transfer
                                         of the Class R Certificates to a non-Permitted Transferee, (C) to the extent necessary
                                         to comply with the Investment Company Act of 1940, as amended, the Exchange Act, Regulation
                                         AB, Regulation RR and/or any related regulatory actions and/or interpretations or (D)
                                         in the event that Regulation RR (or any portion thereof) or any other regulations applicable
                                         to the risk retention requirements for this securitization transaction are amended or
                                         repealed, to the extent required to comply with any such amendment or to modify or eliminate
                                         any risk retention requirements no longer applicable to this securitization transaction
                                         in light of such repeal;


 


		(v)	to
                                         make any other provisions with respect to matters or questions arising under the Pooling
                                         and Servicing Agreement or any other change, provided that the amendment will
                                         not adversely affect in any material respect the interests of any Certificateholder,
                                         as evidenced by an opinion of counsel;



 


		(vi)	to
                                         modify the procedures in the Pooling and Servicing Agreement relating to Rule 17g-5;
                                         provided that such modification does not increase the obligations of the Trustee,
                                         the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer,
                                         the Master Servicer or the Special Servicer without such party’s consent (which
                                         consent may not be withheld unless such modification would materially adversely affect
                                         such party or materially increase such party’s obligations under the Pooling and
                                         Servicing Agreement); provided, further that notice of such modification
                                         is provided to all parties to the Pooling and Servicing Agreement; and



 


		(vii)	to
                                         amend or supplement any provision of the Pooling and Servicing Agreement to the extent
                                         necessary to maintain the ratings assigned to each Class of Certificates by any of the
                                         Rating Agencies, provided that the amendment will not adversely affect in any material
                                         respect the interests of any Certificateholder;



 


provided, further that no amendment pursuant to any of clauses (i)-(vii) above may be made that would: (A) reduce the consent or consultation
rights or the right to receive information under the Pooling and Servicing Agreement of the Controlling Class Representative without
the consent of the Controlling Class Representative; (B) reduce the consultation rights or the right to receive information under
the Pooling and Servicing Agreement of the Operating Advisor without the consent of the Operating Advisor; (C) change in any manner
the obligations or rights of any Mortgage Loan Seller under the Pooling and Servicing Agreement or the applicable Mortgage Loan
Purchase Agreement without the consent of the affected Mortgage Loan Seller; (D) change in any manner the obligations or rights
of any Underwriter or Initial Purchaser, without the consent of the affected Underwriter or Initial Purchaser; or (E) adversely
affect any Serviced Companion Loan Holder in its capacity as such without its consent. Expenses incurred with respect to any amendment
shall be borne by the party requesting such amendment, unless the Master Servicer, the Special Servicer or the Trustee is requesting
an amendment for the benefit of the Certificateholders, then in which case such expense will be borne by the Trust.


 


The
Pooling and Servicing Agreement or any Custodial Agreement may also be amended from time to time by a writing signed by each of
the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Custodian
(if the Certificate Administrator is then acting as Custodian), the Certificate Administrator and the Trustee with the consent
of the Holders of Certificates representing not less than 66-2/3% of the Percentage Interests of each Class of Certificates affected
by the amendment for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of
the Pooling and Servicing Agreement or of modifying in any manner the rights of the Certificateholders; provided, however,
that no such amendment shall:


 






     A-9-5


     


    

 


		(i)	reduce
                                         in any manner the amount of, or delay the timing of, payments received on the Serviced
                                         Loans which are required to be distributed on a Certificate of any Class or to any Serviced
                                         Companion Loan Holder, as applicable, without the consent of the Holder of that Certificate
                                         or that Serviced Companion Loan Holder, as applicable,



 


		(ii)	reduce
                                         the aforesaid percentage of Certificates of any Class the Holders of which are required
                                         to consent to the amendment without the consent of the Holders of all Certificates of
                                         that Class then outstanding,



 


		(iii)	change
                                         in any manner the obligations or rights of any Mortgage Loan Seller under the Pooling
                                         and Servicing Agreement or the related Mortgage Loan Purchase Agreement without the consent
                                         of the affected Mortgage Loan Seller,



 


		(iv)	change
                                         the definition of “Servicing Standard” without either (A) consent of 100%
                                         of the holders of the Certificates or (B) Rating Agency Confirmation,



 


		(v)	without
                                         the consent of 100% of the Certificateholders of the Class or Classes of Certificates
                                         adversely affected thereby, change (A) the percentages of Voting Rights of Certificateholders
                                         which are required to consent to any action or inaction under the Pooling and Servicing
                                         Agreement, (B) the right of the Certificateholders to remove the Special Servicer pursuant
                                         to the Pooling and Servicing Agreement or (C) the right of the Certificateholders to
                                         terminate the Operating Advisor pursuant to the Pooling and Servicing Agreement,



 


		(vi)	adversely
                                         affect the Controlling Class Representative without the consent of 100% of the Controlling
                                         Class Certificateholders,



 


		(vii)	adversely
                                         affect a Serviced Companion Loan Holder in its capacity as such without its consent,
                                         or



 


		(viii)	change
                                         in any manner the obligations or rights of any Underwriter or Initial Purchaser without
                                         the consent of the affected Underwriter or Initial Purchaser.



 


The
Holders of the Controlling Class representing greater than 50% of the Certificate Balance of the Controlling Class may (or, if
such Holders do not, the Special Servicer, or if neither such Holders nor the Special Servicer do, the Master Servicer or, if
none of such Holders, the Special Servicer or the Master Servicer does, any Holders of Class R Certificates representing
greater than a 50% Percentage Interest in such Class, may also) effect an early termination of the Trust Fund, upon not less than
30 days’ prior notice given to the parties (or, if applicable, the other parties) to the Pooling and Servicing Agreement
(whereupon the Master Servicer shall notify the Serviced Companion Loan Holders) any time on or after the Early Termination Notice
Date specifying the Anticipated Termination Date, by purchasing on such date all, but not less than all, of the Mortgage Loans
(and in the case of the Serviced Loan Combinations, subject to certain rights of the related Serviced Companion Loan Holder provided
for in the related Co-Lender Agreement) then included in the Trust Fund, and all property acquired by or on behalf of the Trust
Fund (including the Trust Fund’s interest in any REO Property acquired with respect to any Outside Serviced Mortgage Loan)
in respect of any Mortgage Loan then included in the Trust Fund, at a purchase price, payable in cash, equal to (i) the sum
of (A) the Termination Purchase Amount and (B) the reasonable out-of-pocket expenses of the Master Servicer (unless
the Master Servicer is the purchaser of such Mortgage Loans), the Special Servicer (unless the Special Servicer is the purchaser
of such Mortgage Loans), the Trustee and the Certificate Administrator, as applicable, with respect to such termination, minus
(ii) solely in the case where the Master Servicer or the Special Servicer is effecting such purchase, the aggregate amount
of unreimbursed Advances, if any, made by the Master Servicer or Special Servicer, as applicable, together with any interest accrued
and payable to the Master Servicer or the Special Servicer, as applicable, in respect of such Advances and any unpaid Servicing
Fees or Special Servicing Fees, as applicable, remaining outstanding (which items will be deemed to have been paid or reimbursed
to the Master Servicer or the Special Servicer, as applicable, in connection with such purchase).


 


Any
Person(s) effecting an early termination of the Trust Fund as provided in the prior paragraph shall first notify the Controlling
Class Representative and each Certifying Certificateholder, or, in the case of a termination by


 



     A-9-6


     


    

 


the
Holder of a Class R Certificate, notify the Certificate Administrator (who shall notify the Controlling Class Representative
and each Certifying Certificateholder) of its intention to do so in writing at least 30 days prior to the Anticipated Termination
Date. All costs and expenses incurred by any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection
with the purchase of the Mortgage Loans and other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and
Servicing Agreement shall be borne by the party exercising its purchase rights thereunder. The Certificate Administrator shall
be entitled to rely conclusively on any determination made by an Appraiser pursuant to Section 9.01(c) of the Pooling and
Servicing Agreement.


 


The
respective obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Operating Advisor,
the Asset Representations Reviewer, the Certificate Administrator and the Trustee created by the Pooling and Servicing Agreement
with respect to the Certificates, the Mortgage Loans and the Serviced Companion Loans (other than the obligation to make certain
payments and to send certain notices to Certificateholders as set forth in the Pooling and Servicing Agreement and to make any
required remittances to the Serviced Companion Loan Holders in the month in which the final Distribution Date occurs and certain
tax-related obligations) shall terminate immediately following the earlier to occur of (i) the purchase by Holders of the
Controlling Class, the Special Servicer, the Master Servicer or Holders of the Class R Certificates of all the Mortgage Loans
and REO Properties (or interests therein) then included in the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing
Agreement, (ii) the exchange by the Remaining Certificateholder of its Certificates for all the Mortgage Loans and REO Properties
(or interests therein) then included in the Trust Fund pursuant to Section 9.01(h) of the Pooling and Servicing Agreement and
(iii) the final payment or other liquidation (or any advance with respect thereto) of the last Mortgage Loan or REO Property
(or interest therein) contained in the Trust Fund; provided, however, that in no event shall the trust created by
the Pooling and Servicing Agreement 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 of the
Pooling and Servicing Agreement. All such payments as contemplated by the preceding paragraph shall be deposited into the Collection
Account by the Master Servicer or Special Servicer, as applicable, promptly following receipt thereof.


 


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 Pooling and Servicing
Agreement or be valid for any purpose.


 






     A-9-7


     


    

 


IN
WITNESS WHEREOF, the Certificate Administrator has caused this Class B Certificate to be duly executed.


 





	 	CITIBANK, N.A.,
               not in its individual capacity but solely as Certificate Administrator
	 	 	 
	 	By:	 
			Authorized
                                         Signatory


  


Dated:
September 29, 2017


 


CERTIFICATE
OF AUTHENTICATION


 


This
is one of the Class B Certificates referred to in the Pooling and Servicing Agreement.


 


Dated:
September 29, 2017


 





	 	CITIBANK, N.A.,
               not in its individual capacity but solely as Authenticating Agent
	 	 	 
	 	By:	 
			Authorized
                                         Signatory


 






     A-9-8


     


    




 


ASSIGNMENT


 


FOR
VALUE RECEIVED, the undersigned (“Assignor(s)”) hereby sell(s), assign(s) and transfer(s) unto ___________________________
(please print or typewrite name(s) and address(es), including postal zip code(s) of assignee(s)) (“Assignee(s)”)
the entire Percentage Interest represented by the within Class B Certificate and hereby authorize(s) the registration of transfer
of such interest to Assignee(s) on the Certificate Register of the Trust Fund.


 


I
(we) further direct the Certificate Registrar to issue a new Class B Certificate of the entire Percentage Interest represented
by the within Class B Certificates to the above-named Assignee(s) and to deliver such Class B Certificate to the following
address:


 


Date:
_________________


	 	 	 
		 	Signature by or on behalf of Assignor(s)
	 	 	 
	 	 	Taxpayer Identification Number





 






     A-9-9


     


    

 


DISTRIBUTION
INSTRUCTIONS


 


The
Assignee(s) should include the following for purposes of distribution:


 


Address
of the Assignee(s) for the purpose of receiving notices and distributions: __________________________________ Distributions, if
being made by wire transfer in immediately available funds to __________________________ for the account of __________________________
account number ____________________________. This information is provided by ______________________________, the Assignee(s) named
above or ____________________________________ as its (their) agent.


	 	 	 
	 	By:	 
	 	 	[Please print or type name(s)]
	 	 	 
	 	 	Title
	 	 	 
	 	 	Taxpayer Identification Number


 






     A-9-10


     


    

 


EXHIBIT
A-10


 


CITIGROUP
COMMERCIAL MORTGAGE TRUST 2017-P8

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2017-P8, CLASS C


 


[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.]1


 


[TRANSFERS
OF THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR A SUCCESSOR THEREOF
OR SUCH SUCCESSOR’S NOMINEE, AND TRANSFERS OF BENEFICIAL INTERESTS IN THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS
MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.]2


 


THIS
CERTIFICATE DOES NOT REPRESENT AN INTEREST IN OR OBLIGATION OF THE DEPOSITOR, THE SPONSORS, THE ORIGINATORS, THE MASTER SERVICER,
THE SPECIAL SERVICER, THE TRUSTEE, THE CERTIFICATE ADMINISTRATOR, THE OPERATING ADVISOR, the
Asset representations reviewer, THE CONTROLLING CLASS REPRESENTATIVE, THE RISK RETENTION CONSULTATION PARTY, ANY COMPANION
LOAN HOLDER, THE UNDERWRITERS OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES NOR THE MORTGAGE LOANS ARE INSURED
OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY OR PRIVATE INSURER.


 


PRINCIPAL
PAYMENTS IN RESPECT OF THIS CERTIFICATE ARE DISTRIBUTABLE AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT. ACCORDINGLY, THE
OUTSTANDING CERTIFICATE BALANCE OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.


 


DISTRIBUTIONS
OF PRINCIPAL AND INTEREST ON THIS CERTIFICATE ARE SUBORDINATED TO DISTRIBUTIONS OF PRINCIPAL AND INTEREST ON OTHER CLASSES OF
CERTIFICATES OF THE SAME SERIES.


 


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.


 





 






1
    Legend required as long as DTC is the Depository under the Pooling and Servicing Agreement.


 


2     Global
Certificate legend.


 






     A-10-1


     


    

 


CITIGROUP
COMMERCIAL MORTGAGE TRUST 2017-P8

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2017-P8, CLASS C


 


	Pass-Through
    Rate:  The WAC Rate3	 
	 	 
	First
    Distribution Date: October 17, 2017	Cut-Off
    Date:  With respect to each Mortgage Loan, the Due Date in September 2017 for that Mortgage Loan (or, in the case
    of any Mortgage Loan that has its first Due Date subsequent to September 2017, the date that would have been its Due Date
    in September 2017 under the terms of that Mortgage Loan if a Monthly Payment were scheduled to be due in that month).
	 	 
	Aggregate
    Initial Certificate Balance of the Class C Certificates:  $42,601,000	Scheduled
    Final Distribution Date: the Distribution Date in September 2027
	 	 
	CUSIP:   17326D
                                         AH5
	Initial
    Certificate Balance of this Certificate: $[_____]
	 	 
	ISIN:
                                               US17326DAH52
	 
	 	 
	No.:  [1]	 


 


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 pool of Mortgage Loans secured by first liens on commercial, multifamily and
manufactured housing community properties and held in trust by the Trustee and, other than in the case of the Outside Serviced
Mortgage Loans, serviced by the Master Servicer and the Special Servicer. The Trust Fund was created, and the Mortgage Loans (other
than the Outside Serviced Mortgage Loans) are to be serviced, pursuant to the Pooling 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 Pooling
and Servicing Agreement and is bound thereby. In the event that there is any conflict between any provision of this Certificate
and any provision of the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to the extent
of such inconsistency. Also issued under the Pooling and Servicing Agreement are the Class A-1, Class A-2, Class A-3,
Class A-4, Class A-AB, Class X-A, Class X-B, Class A-S, Class B, Class X-D, Class X-E, Class X-F, Class
X-G, Class D, Class E, Class F, Class G, Class R, Class S, Class V-1, Class V-2A, Class V-2B, Class V-2C, Class
V-2D, Class V-2E, Class V-3AC, Class V-3D and Class V-3E Certificates (together with the Class C Certificates, the “Certificates”;
the Holders of Certificates are collectively referred to herein as “Certificateholders”).


 


This
Certificate is issued pursuant to, and in accordance with, the terms of a Pooling and Servicing Agreement dated as of September
1, 2017 (the “Pooling and Servicing Agreement”), between Citigroup Commercial Mortgage Securities Inc., as
Depositor, Wells Fargo Bank, National Association, as Master Servicer, KeyBank National Association, as Special Servicer, Pentalpha
Surveillance LLC, as Operating Advisor and Asset Representations Reviewer, Citibank, N.A., as Certificate Administrator, and Wilmington
Trust, National Association, as Trustee. To the extent not defined herein, capitalized terms used herein shall have the meanings
assigned thereto in the Pooling and Servicing Agreement.


 





 






 


3
The initial approximate Pass-Through Rate as of the Closing Date is 4.272% per annum. 


 






     A-10-2


     


    

 


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.


 


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 Mortgage Loans and has executed this Certificate in its limited capacity as Certificate
Administrator under the Pooling and Servicing Agreement.


 


Pursuant
to the terms of the Pooling and Servicing Agreement, the Certificate Administrator will distribute (other than the final distribution
on any Certificate), on the 4th Business Day following the Determination Date in each month, commencing in October 2017 (each
such date, a “Distribution Date”), to the Person in whose name this Certificate is registered as of the related
Record 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, with respect to the Class C
Certificates for such Distribution Date, all as more fully described in the Pooling and Servicing Agreement. Holders of this Certificate
may be entitled to a share of Yield Maintenance Charges, as provided in the Pooling and Servicing Agreement.


 


Interest
accrued on this Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this
Certificate, if any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement.
The “Interest Accrual Period” with respect to any Distribution Date and with respect to the Class C Certificates
is the calendar month preceding the month in which such Distribution Date occurs and is assumed to consist of 30 days.


 


All
distributions (other than the final distribution on any Certificate) will be made by the Certificate Administrator to the persons
in whose names the Certificates are registered at the close of business on each Record Date, which will be the last Business Day
of the month preceding the month in which such Distribution Date occurs. Distributions are required to be made by wire transfer
of immediately available funds to the account of such Certificateholder at a bank or other entity located in the United States
and having appropriate facilities to accept such funds, if such Certificateholder has provided the Certificate Administrator with
written wiring instructions no less than five (5) Business Days prior to the related Record Date (which wiring instructions may
be in the form of a standing order applicable to all subsequent distributions), or otherwise by check mailed to such Certificateholder.
The final distribution on each Certificate shall be made in like manner, but only upon presentation 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 a notice to Certificateholders of the pendency of the final distribution.


 


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 Section 9.01 of the Pooling
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 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. Subject to applicable state law with respect to escheatment
of funds, if within two years after the second notice any Certificates shall not have been surrendered for cancellation, the Paying
Agent shall pay to the Class R Certificateholders all amounts distributable to the Holders thereof. 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 Section 9.01 of the Pooling and Servicing Agreement.


 


This
Certificate is limited in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage
Loans, as more specifically set forth herein and in the Pooling and Servicing Agreement.


 


As
provided in the Pooling and Servicing Agreement, the Trust Fund includes: (i) such Mortgage Loans as from time to time are subject
to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto;


 



     A-10-3


     


    

 


(ii)
all scheduled or unscheduled payments on or collections in respect of the Mortgage Loans due after the Cut-Off Date or, with respect
to a Qualified Substitute Mortgage Loan, the Due Date in the month of substitution (exclusive of interest relating to periods
prior to, but due after, the Cut-Off Date); (iii) any REO Property (but, with respect to any REO Property relating to a Loan Combination,
only to the extent of the Trust’s interest in the related Loan Combination); (iv) all revenues received in respect of any
REO Property (but, with respect to any REO Property relating to a Loan Combination, only to the extent of the Trust’s interest
in the related Loan Combination); (v) the Master Servicer’s and the Trustee’s rights under the insurance policies
with respect to the Mortgage Loans required to be maintained pursuant to the Pooling and Servicing Agreement and any proceeds
thereof; (vi) the Trustee’s rights in any Assignments of Leases, Rents and Profits and any security agreements; (vii) the
Trustee’s rights under any indemnities or guaranties given as additional security for any Mortgage Loan; (viii) all of the
Trustee’s and the Certificate Administrator’s rights in the Escrow Accounts and Lock-Box Accounts and all proceeds
of the Mortgage Loans deposited in the Collection Account, the Distribution Account, the Excess Interest Distribution Account,
the Interest Reserve Account, the Excess Liquidation Proceeds Reserve Account and any REO Account, including any reinvestment
income thereon; (ix) the Trustee’s rights in any environmental indemnity agreements relating to the Mortgaged Properties;
(x) the Depositor’s rights under the Mortgage Loan Purchase Agreements and the SMC Guaranty to the extent assigned to the
Trustee pursuant to Section 2.01 of the Pooling and Servicing Agreement; (xi) the Lower-Tier Regular Interests; and (xii) the
Loss of Value Reserve Fund.


 


This
Certificate does not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling 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 and Trustee.


 


As
provided in the Pooling and Servicing Agreement, subject to certain restrictions on transfer set forth therein, upon surrender
for registration of transfer of any Certificate, the Certificate Administrator shall execute, authenticate and deliver, in the
name of the designated transferee or transferees, one or more new Certificates in authorized denominations, in like aggregate
interest and of the same Class.


 


Prior
to due presentation of this Certificate for registration of transfer, the Master Servicer, the Special Servicer, the Operating
Advisor, the Trustee, the Certificate Administrator, the Certificate Registrar, and any agent of any of them, may treat the Person
in whose name any Certificate is registered as the owner of such Certificate for the purpose of receiving distributions as provided
in the Pooling and Servicing Agreement and for all other purposes whatsoever, and neither the Master Servicer, the Special Servicer,
the Operating Advisor, the Trustee, the Certificate Administrator, the Certificate Registrar, nor any agent of any of them shall
be affected by any notice to the contrary.


 


The
Pooling and Servicing Agreement or any Custodial Agreement may be amended from time to time by the Depositor, the Master Servicer,
the Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Custodian (if the Certificate Administrator
is then acting as Custodian), the Certificate Administrator and the Trustee, without the consent of any of the Certificateholders
or, as applicable, any Companion Loan Holder:


 


		(i)	to
                                         cure any ambiguity to the extent that it does not adversely affect any holders of Certificates;



 


		(ii)	to
                                         correct or supplement any of its provisions which may be inconsistent with any other
                                         provisions of the Pooling and Servicing Agreement or with the description thereof in
                                         the Prospectus or to correct any error;



 


		(iii)	to
                                         change the timing and/or nature of deposits in the Collection Account, the Excess Liquidation
                                         Proceeds Reserve Account, the Excess Interest Distribution Account, the Distribution
                                         Account or any REO Account, provided that (A) the Master Servicer Remittance Date
                                         shall in no event be later than the Business Day prior to the related Distribution Date
                                         and (B) the change would not adversely affect in any material respect the interests
                                         of any Certificateholder, as evidenced by an opinion of counsel (at the expense of the
                                         party requesting the amendment);



 


		(iv)	to
                                         modify, eliminate or add to any of its provisions (A) to the extent necessary to maintain
                                         the qualification of either Trust REMIC as a REMIC or the Grantor Trust as a grantor
                                         trust or to avoid or minimize the risk of imposition of any tax on the Trust Fund,



 






     A-10-4


     


    

 





			provided
                                         that the Trustee and the Certificate Administrator have received an opinion of counsel
                                         (at the expense of the party requesting the amendment) to the effect that (1) the
                                         action is necessary or desirable to maintain such qualification or to avoid or minimize
                                         such risk and (2) the action will not adversely affect in any material respect the interests
                                         of any holder of the Certificates, (B) to restrict (or to remove any existing restrictions
                                         with respect to) the transfer of the Class R Certificates, provided that the Depositor
                                         has determined that the amendment will not give rise to any tax with respect to the transfer
                                         of the Class R Certificates to a non-Permitted Transferee, (C) to the extent necessary
                                         to comply with the Investment Company Act of 1940, as amended, the Exchange Act, Regulation
                                         AB, Regulation RR and/or any related regulatory actions and/or interpretations or (D)
                                         in the event that Regulation RR (or any portion thereof) or any other regulations applicable
                                         to the risk retention requirements for this securitization transaction are amended or
                                         repealed, to the extent required to comply with any such amendment or to modify or eliminate
                                         any risk retention requirements no longer applicable to this securitization transaction
                                         in light of such repeal;


 


		(v)	to
                                         make any other provisions with respect to matters or questions arising under the Pooling
                                         and Servicing Agreement or any other change, provided that the amendment will
                                         not adversely affect in any material respect the interests of any Certificateholder,
                                         as evidenced by an opinion of counsel;



 


		(vi)	to
                                         modify the procedures in the Pooling and Servicing Agreement relating to Rule 17g-5;
                                         provided that such modification does not increase the obligations of the Trustee,
                                         the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer,
                                         the Master Servicer or the Special Servicer without such party’s consent (which
                                         consent may not be withheld unless such modification would materially adversely affect
                                         such party or materially increase such party’s obligations under the Pooling and
                                         Servicing Agreement); provided, further that notice of such modification
                                         is provided to all parties to the Pooling and Servicing Agreement; and



 


		(vii)	to
                                         amend or supplement any provision of the Pooling and Servicing Agreement to the extent
                                         necessary to maintain the ratings assigned to each Class of Certificates by any of the
                                         Rating Agencies, provided that the amendment will not adversely affect in any material
                                         respect the interests of any Certificateholder;



 


provided, further that no amendment pursuant to any of clauses (i)-(vii) above may be made that would: (A) reduce the consent or consultation
rights or the right to receive information under the Pooling and Servicing Agreement of the Controlling Class Representative without
the consent of the Controlling Class Representative; (B) reduce the consultation rights or the right to receive information under
the Pooling and Servicing Agreement of the Operating Advisor without the consent of the Operating Advisor; (C) change in any manner
the obligations or rights of any Mortgage Loan Seller under the Pooling and Servicing Agreement or the applicable Mortgage Loan
Purchase Agreement without the consent of the affected Mortgage Loan Seller; (D) change in any manner the obligations or rights
of any Underwriter or Initial Purchaser, without the consent of the affected Underwriter or Initial Purchaser; or (E) adversely
affect any Serviced Companion Loan Holder in its capacity as such without its consent. Expenses incurred with respect to any amendment
shall be borne by the party requesting such amendment, unless the Master Servicer, the Special Servicer or the Trustee is requesting
an amendment for the benefit of the Certificateholders, then in which case such expense will be borne by the Trust.


 


The
Pooling and Servicing Agreement or any Custodial Agreement may also be amended from time to time by a writing signed by each of
the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Custodian
(if the Certificate Administrator is then acting as Custodian), the Certificate Administrator and the Trustee with the consent
of the Holders of Certificates representing not less than 66-2/3% of the Percentage Interests of each Class of Certificates affected
by the amendment for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of
the Pooling and Servicing Agreement or of modifying in any manner the rights of the Certificateholders; provided, however,
that no such amendment shall:


 






     A-10-5


     


    

 


		(i)	reduce
                                         in any manner the amount of, or delay the timing of, payments received on the Serviced
                                         Loans which are required to be distributed on a Certificate of any Class or to any Serviced
                                         Companion Loan Holder, as applicable, without the consent of the Holder of that Certificate
                                         or that Serviced Companion Loan Holder, as applicable,



 


		(ii)	reduce
                                         the aforesaid percentage of Certificates of any Class the Holders of which are required
                                         to consent to the amendment without the consent of the Holders of all Certificates of
                                         that Class then outstanding,



 


		(iii)	change
                                         in any manner the obligations or rights of any Mortgage Loan Seller under the Pooling
                                         and Servicing Agreement or the related Mortgage Loan Purchase Agreement without the consent
                                         of the affected Mortgage Loan Seller,



 


		(iv)	change
                                         the definition of “Servicing Standard” without either (A) consent of 100%
                                         of the holders of the Certificates or (B) Rating Agency Confirmation,



 


		(v)	without
                                         the consent of 100% of the Certificateholders of the Class or Classes of Certificates
                                         adversely affected thereby, change (A) the percentages of Voting Rights of Certificateholders
                                         which are required to consent to any action or inaction under the Pooling and Servicing
                                         Agreement, (B) the right of the Certificateholders to remove the Special Servicer pursuant
                                         to the Pooling and Servicing Agreement or (C) the right of the Certificateholders to
                                         terminate the Operating Advisor pursuant to the Pooling and Servicing Agreement,



 


		(vi)	adversely
                                         affect the Controlling Class Representative without the consent of 100% of the Controlling
                                         Class Certificateholders,



 


		(vii)	adversely
                                         affect a Serviced Companion Loan Holder in its capacity as such without its consent,
                                         or



 


		(viii)	change
                                         in any manner the obligations or rights of any Underwriter or Initial Purchaser without
                                         the consent of the affected Underwriter or Initial Purchaser.



 


The
Holders of the Controlling Class representing greater than 50% of the Certificate Balance of the Controlling Class may (or, if
such Holders do not, the Special Servicer, or if neither such Holders nor the Special Servicer do, the Master Servicer or, if
none of such Holders, the Special Servicer or the Master Servicer does, any Holders of Class R Certificates representing
greater than a 50% Percentage Interest in such Class, may also) effect an early termination of the Trust Fund, upon not less than
30 days’ prior notice given to the parties (or, if applicable, the other parties) to the Pooling and Servicing Agreement
(whereupon the Master Servicer shall notify the Serviced Companion Loan Holders) any time on or after the Early Termination Notice
Date specifying the Anticipated Termination Date, by purchasing on such date all, but not less than all, of the Mortgage Loans
(and in the case of the Serviced Loan Combinations, subject to certain rights of the related Serviced Companion Loan Holder provided
for in the related Co-Lender Agreement) then included in the Trust Fund, and all property acquired by or on behalf of the Trust
Fund (including the Trust Fund’s interest in any REO Property acquired with respect to any Outside Serviced Mortgage Loan)
in respect of any Mortgage Loan then included in the Trust Fund, at a purchase price, payable in cash, equal to (i) the sum
of (A) the Termination Purchase Amount and (B) the reasonable out-of-pocket expenses of the Master Servicer (unless
the Master Servicer is the purchaser of such Mortgage Loans), the Special Servicer (unless the Special Servicer is the purchaser
of such Mortgage Loans), the Trustee and the Certificate Administrator, as applicable, with respect to such termination, minus
(ii) solely in the case where the Master Servicer or the Special Servicer is effecting such purchase, the aggregate amount
of unreimbursed Advances, if any, made by the Master Servicer or Special Servicer, as applicable, together with any interest accrued
and payable to the Master Servicer or the Special Servicer, as applicable, in respect of such Advances and any unpaid Servicing
Fees or Special Servicing Fees, as applicable, remaining outstanding (which items will be deemed to have been paid or reimbursed
to the Master Servicer or the Special Servicer, as applicable, in connection with such purchase).


 


Any
Person(s) effecting an early termination of the Trust Fund as provided in the prior paragraph shall first notify the Controlling
Class Representative and each Certifying Certificateholder, or, in the case of a termination by


 



     A-10-6


     


    

 


the
Holder of a Class R Certificate, notify the Certificate Administrator (who shall notify the Controlling Class Representative
and each Certifying Certificateholder) of its intention to do so in writing at least 30 days prior to the Anticipated Termination
Date. All costs and expenses incurred by any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection
with the purchase of the Mortgage Loans and other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and
Servicing Agreement shall be borne by the party exercising its purchase rights thereunder. The Certificate Administrator shall
be entitled to rely conclusively on any determination made by an Appraiser pursuant to Section 9.01(c) of the Pooling and
Servicing Agreement.


 


The
respective obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Operating Advisor,
the Asset Representations Reviewer, the Certificate Administrator and the Trustee created by the Pooling and Servicing Agreement
with respect to the Certificates, the Mortgage Loans and the Serviced Companion Loans (other than the obligation to make certain
payments and to send certain notices to Certificateholders as set forth in the Pooling and Servicing Agreement and to make any
required remittances to the Serviced Companion Loan Holders in the month in which the final Distribution Date occurs and certain
tax-related obligations) shall terminate immediately following the earlier to occur of (i) the purchase by Holders of the
Controlling Class, the Special Servicer, the Master Servicer or Holders of the Class R Certificates of all the Mortgage Loans
and REO Properties (or interests therein) then included in the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing
Agreement, (ii) the exchange by the Remaining Certificateholder of its Certificates for all the Mortgage Loans and REO Properties
(or interests therein) then included in the Trust Fund pursuant to Section 9.01(h) of the Pooling and Servicing Agreement and
(iii) the final payment or other liquidation (or any advance with respect thereto) of the last Mortgage Loan or REO Property
(or interest therein) contained in the Trust Fund; provided, however, that in no event shall the trust created by
the Pooling and Servicing Agreement 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 of the
Pooling and Servicing Agreement. All such payments as contemplated by the preceding paragraph shall be deposited into the Collection
Account by the Master Servicer or Special Servicer, as applicable, promptly following receipt thereof.


 


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 Pooling and Servicing
Agreement or be valid for any purpose.


 






     A-10-7


     


    

 


IN
WITNESS WHEREOF, the Certificate Administrator has caused this Class C Certificate to be duly executed.


 





	 	CITIBANK, N.A.,
               not in its individual capacity but solely as Certificate Administrator
	 	 	 
	 	By:	 
			Authorized
                                         Signatory


  


Dated:
September 29, 2017


 


CERTIFICATE
OF AUTHENTICATION


 


This
is one of the Class C Certificates referred to in the Pooling and Servicing Agreement.


 


Dated:
September 29, 2017


 





	 	CITIBANK, N.A.,
               not in its individual capacity but solely as Authenticating Agent
	 	 	 
	 	By:	 
			Authorized
                                         Signatory


  




     A-10-8


     


    

 


ASSIGNMENT


 


FOR
VALUE RECEIVED, the undersigned (“Assignor(s)”) hereby sell(s), assign(s) and transfer(s) unto ___________________________
(please print or typewrite name(s) and address(es), including postal zip code(s) of assignee(s)) (“Assignee(s)”)
the entire Percentage Interest represented by the within Class C Certificate and hereby authorize(s) the registration of transfer
of such interest to Assignee(s) on the Certificate Register of the Trust Fund.


 


I
(we) further direct the Certificate Registrar to issue a new Class C Certificate of the entire Percentage Interest represented
by the within Class C Certificates to the above-named Assignee(s) and to deliver such Class C  Certificate to the following
address:


 


Date:
_________________


	 	 	 
		 	Signature by or on behalf of Assignor(s)
	 	 	 
	 	 	Taxpayer Identification Number





 




     A-10-9


     


    

 


DISTRIBUTION
INSTRUCTIONS


 


The
Assignee(s) should include the following for purposes of distribution:


 


Address
of the Assignee(s) for the purpose of receiving notices and distributions: __________________________________ Distributions, if
being made by wire transfer in immediately available funds to __________________________ for the account of __________________________
account number ____________________________. This information is provided by ______________________________, the Assignee(s) named
above or ____________________________________ as its (their) agent.


	 	 	 
	 	By:	 
	 	 	[Please print or type name(s)]
	 	 	 
	 	 	Title
	 	 	 
	 	 	Taxpayer Identification Number


 










     A-10-10


     


    

 


EXHIBIT
A-11


 


CITIGROUP
COMMERCIAL MORTGAGE TRUST 2017-P8

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2017-P8, CLASS X-D


 


[THIS
CERTIFICATE IS A TEMPORARY REGULATION S GLOBAL CERTIFICATE FOR PURPOSES OF REGULATION S UNDER THE UNITED STATES SECURITIES ACT
OF 1933, AS AMENDED (THE “SECURITIES ACT”). NEITHER THIS TEMPORARY REGULATION S GLOBAL CERTIFICATE NOR ANY INTEREST
HEREIN MAY BE OFFERED, SOLD OR DELIVERED, EXCEPT AS PERMITTED UNDER THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.


 


NO
BENEFICIAL OWNERS OF THIS TEMPORARY REGULATION S GLOBAL CERTIFICATE SHALL BE ENTITLED TO RECEIVE PAYMENTS OF PRINCIPAL OR INTEREST
HEREON UNLESS THE REQUIRED CERTIFICATIONS HAVE BEEN DELIVERED PURSUANT TO THE TERMS OF THE POOLING AND SERVICING AGREEMENT.]1


 


[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.]2


 


[TRANSFERS
OF THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR A SUCCESSOR THEREOF
OR SUCH SUCCESSOR’S NOMINEE, AND TRANSFERS OF BENEFICIAL INTERESTS IN THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS
MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.]3


 


THIS
CERTIFICATE DOES NOT REPRESENT AN INTEREST IN OR OBLIGATION OF THE DEPOSITOR, THE SPONSORS, THE ORIGINATORS, THE MASTER SERVICER,
THE SPECIAL SERVICER, THE TRUSTEE, THE CERTIFICATE ADMINISTRATOR, THE OPERATING ADVISOR, the
Asset representations reviewer, THE CONTROLLING CLASS REPRESENTATIVE, THE RISK RETENTION CONSULTATION PARTY, ANY COMPANION
LOAN HOLDER, THE INITIAL PURCHASERS OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES NOR THE MORTGAGE LOANS ARE
INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY OR PRIVATE INSURER.


 


THE
NOTIONAL AMOUNT OF THIS CERTIFICATE WILL BE REDUCED IN CONNECTION WITH THE REDUCTION OF THE CERTIFICATE BALANCE OF THE CLASS D
CERTIFICATES. ACCORDINGLY, THE NOTIONAL AMOUNT OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL NOTIONAL AMOUNT SET
FORTH BELOW.


 


THIS
CLASS X-D CERTIFICATE WILL NOT BE ENTITLED TO RECEIVE DISTRIBUTIONS OF PRINCIPAL.


 





 






 


1
    Temporary Regulation S Global Certificate legend.


 


2
    Legend required as long as DTC is the Depository under the Pooling and Servicing Agreement.


 


3     Global
Certificate legend.


 






     A-11-1


     


    

 


THIS
CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE 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 (A)(1) PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE
144A”) TO A PERSON THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING
OF RULE 144A (A “QIB”), OR IS PURCHASING FOR THE ACCOUNT OF A QIB, AND WHOM THE HOLDER HAS INFORMED THAT THE
REOFFER, RESALE, PLEDGE, OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (2) IN AN “OFFSHORE TRANSACTION”
TO AN INSTITUTION THAT IS NOT A “U.S. PERSON”, AS SUCH TERMS ARE DEFINED IN, AND IN ACCORDANCE WITH RULE 903 OR RULE
904 OF, REGULATION S UNDER THE SECURITIES ACT, OR (3) TO AN INSTITUTIONAL “ACCREDITED INVESTOR” WITHIN THE MEANING
OF, OR IN WHICH ALL THE EQUITY OWNERS COME WITHIN THE MEANING OF, RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES
ACT THAT IS NOT A QIB, AND (B) IN EACH CASE IN ACCORDANCE WITH FEDERAL SECURITIES LAWS AND ANY APPLICABLE SECURITIES LAWS OF ANY
STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.


 


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.


 






     A-11-2


     


    

 


CITIGROUP
COMMERCIAL MORTGAGE TRUST 2017-P8

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2017-P8, CLASS X-D


 


	Pass-Through
    Rate:  Variable IO4	 
	 	 
	First
    Distribution Date: October 17, 2017	Cut-Off
    Date:  With respect to each Mortgage Loan, the Due Date in September 2017 for that Mortgage Loan (or, in the case
    of any Mortgage Loan that has its first Due Date subsequent to September 2017, the date that would have been its Due Date
    in September 2017 under the terms of that Mortgage Loan if a Monthly Payment were scheduled to be due in that month).
	 	 
	Aggregate
    Initial Notional Amount of the Class X-D Certificates:  $47,765,000	Scheduled
    Final Distribution Date:  the Distribution Date in September 2027
	 	 


  


	CUSIP:   17326D
AV45

U1852D AE56

17326D AW27

         
	Initial
    Notional Amount of this Certificate: $[_____]
	 	 
	ISIN:       US17326DAV478

                                         USU1852DAE599

                                         US17326DAW2010 
	 
	 	 
	Common
    Code:  169462526	 
	No.:  [1]	 


 


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-D Certificates. The Trust Fund,
described more fully below, consists primarily of a pool of Mortgage Loans secured by first liens on commercial, multifamily and
manufactured housing community properties and held in trust by the Trustee and, other than in the case of the Outside Serviced
Mortgage Loans, serviced by the Master Servicer and the Special Servicer. The Trust Fund was created, and the Mortgage Loans (other
than the Outside Serviced Mortgage Loans) are to be serviced, pursuant to the Pooling 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 Pooling
and Servicing Agreement and is bound thereby. In the event that there is any conflict between any provision of this Certificate
and any provision of the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to the extent
of such inconsistency. Also issued under the Pooling and Servicing Agreement are the Class A-1, Class A-2, Class A-3,
Class A-4, Class A-AB, Class X-A, Class X-B, Class A-S, Class B, Class C, Class X-E, Class X-F, Class
X-G, Class D, Class E, Class F,


 





 



 





4     The
initial approximate Pass-Through Rate as of the Closing Date is 1.272% per annum.


 


5   For
Rule 144A Certificates


 


6   For
Regulation S Certificates


 


7   For
IAI Certificates


 


8   For
Rule 144A Certificates


 


9   For
Regulation S Certificates


 


10   For
IAI Certificates


 



     A-11-3


     


    

 


Class
G, Class R, Class S, Class V-1, Class V-2A, Class V-2B, Class V-2C, Class V-2D, Class V-2E, Class V-3AC, Class V-3D and Class
V-3E Certificates (together with the Class X-D Certificates, the “Certificates”; the Holders of Certificates
are collectively referred to herein as “Certificateholders”).


 


This
Certificate is issued pursuant to, and in accordance with, the terms of a Pooling and Servicing Agreement dated as of September
1, 2017 (the “Pooling and Servicing Agreement”), between Citigroup Commercial Mortgage Securities Inc., as
Depositor, Wells Fargo Bank, National Association, as Master Servicer, KeyBank National Association, as Special Servicer, Pentalpha
Surveillance LLC, as Operating Advisor and Asset Representations Reviewer, Citibank, N.A., as Certificate Administrator, and Wilmington
Trust, National Association, as Trustee. To the extent not defined herein, capitalized terms used herein shall have the meanings
assigned thereto in the Pooling 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.


 


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 Mortgage Loans and has executed this Certificate in its limited capacity as Certificate
Administrator under the Pooling and Servicing Agreement.


 


Pursuant
to the terms of the Pooling and Servicing Agreement, the Certificate Administrator will distribute (other than the final distribution
on any Certificate), on the 4th Business Day following the Determination Date in each month, commencing in October 2017 (each
such date, a “Distribution Date”), to the Person in whose name this Certificate is registered as of the related
Record 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, with respect to the Class X-D Certificates for
such Distribution Date, all as more fully described in the Pooling and Servicing Agreement. Holders of this Certificate may be
entitled to a share of Yield Maintenance Charges, as provided in the Pooling and Servicing Agreement.


 


Interest
accrued on this Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this
Certificate, if any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement.
The “Interest Accrual Period” with respect to any Distribution Date and with respect to the Class X-D Certificates
is the calendar month preceding the month in which such Distribution Date occurs and is assumed to consist of 30 days.


 


All
distributions (other than the final distribution on any Certificate) will be made by the Certificate Administrator to the persons
in whose names the Certificates are registered at the close of business on each Record Date, which will be the last Business Day
of the month preceding the month in which such Distribution Date occurs. Distributions are required to be made by wire transfer
of immediately available funds to the account of such Certificateholder at a bank or other entity located in the United States
and having appropriate facilities to accept such funds, if such Certificateholder has provided the Certificate Administrator with
written wiring instructions no less than five (5) Business Days prior to the related Record Date (which wiring instructions may
be in the form of a standing order applicable to all subsequent distributions), or otherwise by check mailed to such Certificateholder.
The final distribution on each Certificate shall be made in like manner, but only upon presentation 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 a notice to Certificateholders of the pendency of the final distribution.


 


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 Section 9.01 of the Pooling
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 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


 



     A-11-4


     


    

 


maintaining
such funds and of contacting Certificateholders shall be paid out of the assets which remain held. Subject to applicable state
law with respect to escheatment of funds, if within two years after the second notice any Certificates shall not have been surrendered
for cancellation, the Paying Agent shall pay to the Class R Certificateholders all amounts distributable to the Holders thereof.
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 Section 9.01 of the Pooling and Servicing
Agreement.


 


This
Certificate is limited in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage
Loans, as more specifically set forth herein and in the Pooling and Servicing Agreement.


 


As
provided in the Pooling and Servicing Agreement, the Trust Fund includes: (i) such Mortgage Loans as from time to time are subject
to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto; (ii) all scheduled or unscheduled payments
on or collections in respect of the Mortgage Loans due after the Cut-Off Date or, with respect to a Qualified Substitute Mortgage
Loan, the Due Date in the month of substitution (exclusive of interest relating to periods prior to, but due after, the Cut-Off
Date); (iii) any REO Property (but, with respect to any REO Property relating to a Loan Combination, only to the extent of the
Trust’s interest in the related Loan Combination); (iv) all revenues received in respect of any REO Property (but, with
respect to any REO Property relating to a Loan Combination, only to the extent of the Trust’s interest in the related Loan
Combination); (v) the Master Servicer’s and the Trustee’s rights under the insurance policies with respect to the
Mortgage Loans required to be maintained pursuant to the Pooling and Servicing Agreement and any proceeds thereof; (vi) the Trustee’s
rights in any Assignments of Leases, Rents and Profits and any security agreements; (vii) the Trustee’s rights under
any indemnities or guaranties given as additional security for any Mortgage Loan; (viii) all of the Trustee’s and the Certificate
Administrator’s rights in the Escrow Accounts and Lock-Box Accounts and all proceeds of the Mortgage Loans deposited in
the Collection Account, the Distribution Account, the Excess Interest Distribution Account, the Interest Reserve Account, the
Excess Liquidation Proceeds Reserve Account and any REO Account, including any reinvestment income thereon; (ix) the Trustee’s
rights in any environmental indemnity agreements relating to the Mortgaged Properties; (x) the Depositor’s rights under
the Mortgage Loan Purchase Agreements and the SMC Guaranty to the extent assigned to the Trustee pursuant to Section 2.01 of the
Pooling and Servicing Agreement; (xi) the Lower-Tier Regular Interests; and (xii) the Loss of Value Reserve Fund.


 


This
Certificate does not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling 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 and Trustee.


 


As
provided in the Pooling and Servicing Agreement, subject to certain restrictions on transfer set forth therein, upon surrender
for registration of transfer of any Certificate, the Certificate Administrator shall execute, authenticate and deliver, in the
name of the designated transferee or transferees, one or more new Certificates in authorized denominations, in like aggregate
interest and of the same Class.


 


Prior
to due presentation of this Certificate for registration of transfer, the Master Servicer, the Special Servicer, the Operating
Advisor, the Trustee, the Certificate Administrator, the Certificate Registrar, and any agent of any of them, may treat the Person
in whose name any Certificate is registered as the owner of such Certificate for the purpose of receiving distributions as provided
in the Pooling and Servicing Agreement and for all other purposes whatsoever, and neither the Master Servicer, the Special Servicer,
the Operating Advisor, the Trustee, the Certificate Administrator, the Certificate Registrar, nor any agent of any of them shall
be affected by any notice to the contrary.


 


The
Pooling and Servicing Agreement or any Custodial Agreement may be amended from time to time by the Depositor, the Master Servicer,
the Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Custodian (if the Certificate Administrator
is then acting as Custodian), the Certificate Administrator and the Trustee, without the consent of any of the Certificateholders
or, as applicable, any Companion Loan Holder:


 


		(i)	to
                                         cure any ambiguity to the extent that it does not adversely affect any holders of Certificates;



 


		(ii)	to
                                         correct or supplement any of its provisions which may be inconsistent with any other
                                         provisions of the Pooling and Servicing Agreement or with the description thereof in
                                         the Prospectus or to correct any error;



 






     A-11-5


     


    

 


		(iii)	to
                                         change the timing and/or nature of deposits in the Collection Account, the Excess Liquidation
                                         Proceeds Reserve Account, the Excess Interest Distribution Account, the Distribution
                                         Account or any REO Account, provided that (A) the Master Servicer Remittance Date
                                         shall in no event be later than the Business Day prior to the related Distribution Date
                                         and (B) the change would not adversely affect in any material respect the interests
                                         of any Certificateholder, as evidenced by an opinion of counsel (at the expense of the
                                         party requesting the amendment);



 


		(iv)	to
                                         modify, eliminate or add to any of its provisions (A) to the extent necessary to maintain
                                         the qualification of either Trust REMIC as a REMIC or the Grantor Trust as a grantor
                                         trust or to avoid or minimize the risk of imposition of any tax on the Trust Fund, provided
                                         that the Trustee and the Certificate Administrator have received an opinion of counsel
                                         (at the expense of the party requesting the amendment) to the effect that (1) the
                                         action is necessary or desirable to maintain such qualification or to avoid or minimize
                                         such risk and (2) the action will not adversely affect in any material respect the interests
                                         of any holder of the Certificates, (B) to restrict (or to remove any existing restrictions
                                         with respect to) the transfer of the Class R Certificates, provided that the Depositor
                                         has determined that the amendment will not give rise to any tax with respect to the transfer
                                         of the Class R Certificates to a non-Permitted Transferee, (C) to the extent necessary
                                         to comply with the Investment Company Act of 1940, as amended, the Exchange Act, Regulation
                                         AB, Regulation RR and/or any related regulatory actions and/or interpretations or (D)
                                         in the event that Regulation RR (or any portion thereof) or any other regulations applicable
                                         to the risk retention requirements for this securitization transaction are amended or
                                         repealed, to the extent required to comply with any such amendment or to modify or eliminate
                                         any risk retention requirements no longer applicable to this securitization transaction
                                         in light of such repeal;



 


		(v)	to
                                         make any other provisions with respect to matters or questions arising under the Pooling
                                         and Servicing Agreement or any other change, provided that the amendment will
                                         not adversely affect in any material respect the interests of any Certificateholder,
                                         as evidenced by an opinion of counsel;



 


		(vi)	to
                                         modify the procedures in the Pooling and Servicing Agreement relating to Rule 17g-5;
                                         provided that such modification does not increase the obligations of the Trustee,
                                         the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer,
                                         the Master Servicer or the Special Servicer without such party’s consent (which
                                         consent may not be withheld unless such modification would materially adversely affect
                                         such party or materially increase such party’s obligations under the Pooling and
                                         Servicing Agreement); provided, further that notice of such modification
                                         is provided to all parties to the Pooling and Servicing Agreement; and



 


		(vii)	to
                                         amend or supplement any provision of the Pooling and Servicing Agreement to the extent
                                         necessary to maintain the ratings assigned to each Class of Certificates by any of the
                                         Rating Agencies, provided that the amendment will not adversely affect in any material
                                         respect the interests of any Certificateholder;



 


provided,
further that no amendment pursuant to any of clauses (i)-(vii) above may be made that would: (A) reduce the consent or
consultation rights or the right to receive information under the Pooling and Servicing Agreement of the Controlling Class Representative
without the consent of the Controlling Class Representative; (B) reduce the consultation rights or the right to receive information
under the Pooling and Servicing Agreement of the Operating Advisor without the consent of the Operating Advisor; (C) change in
any manner the obligations or rights of any Mortgage Loan Seller under the Pooling and Servicing Agreement or the applicable Mortgage
Loan Purchase Agreement without the consent of the affected Mortgage Loan Seller; (D) change in any manner the obligations or
rights of any Underwriter or Initial Purchaser, without the consent of the affected Underwriter or Initial Purchaser; or (E) adversely
affect any Serviced Companion Loan Holder in its capacity as such without its consent. Expenses incurred with respect to any amendment
shall be borne by the party requesting such amendment, unless the Master


 



     A-11-6


     


    

 


Servicer,
the Special Servicer or the Trustee is requesting an amendment for the benefit of the Certificateholders, then in which case such
expense will be borne by the Trust.


 


The
Pooling and Servicing Agreement or any Custodial Agreement may also be amended from time to time by a writing signed by each of
the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Custodian
(if the Certificate Administrator is then acting as Custodian), the Certificate Administrator and the Trustee with the consent
of the Holders of Certificates representing not less than 66-2/3% of the Percentage Interests of each Class of Certificates affected
by the amendment for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of
the Pooling and Servicing Agreement or of modifying in any manner the rights of the Certificateholders; provided, however,
that no such amendment shall:


 


		(i)	reduce
                                         in any manner the amount of, or delay the timing of, payments received on the Serviced
                                         Loans which are required to be distributed on a Certificate of any Class or to any Serviced
                                         Companion Loan Holder, as applicable, without the consent of the Holder of that Certificate
                                         or that Serviced Companion Loan Holder, as applicable,



 


		(ii)	reduce
                                         the aforesaid percentage of Certificates of any Class the Holders of which are required
                                         to consent to the amendment without the consent of the Holders of all Certificates of
                                         that Class then outstanding,



 


		(iii)	change
                                         in any manner the obligations or rights of any Mortgage Loan Seller under the Pooling
                                         and Servicing Agreement or the related Mortgage Loan Purchase Agreement without the consent
                                         of the affected Mortgage Loan Seller,



 


		(iv)	change
                                         the definition of “Servicing Standard” without either (A) consent of 100%
                                         of the holders of the Certificates or (B) Rating Agency Confirmation,



 


		(v)	without
                                         the consent of 100% of the Certificateholders of the Class or Classes of Certificates
                                         adversely affected thereby, change (A) the percentages of Voting Rights of Certificateholders
                                         which are required to consent to any action or inaction under the Pooling and Servicing
                                         Agreement, (B) the right of the Certificateholders to remove the Special Servicer pursuant
                                         to the Pooling and Servicing Agreement or (C) the right of the Certificateholders to
                                         terminate the Operating Advisor pursuant to the Pooling and Servicing Agreement,



 


		(vi)	adversely
                                         affect the Controlling Class Representative without the consent of 100% of the Controlling
                                         Class Certificateholders,



 


		(vii)	adversely
                                         affect a Serviced Companion Loan Holder in its capacity as such without its consent,
                                         or



 


		(viii)	change
                                         in any manner the obligations or rights of any Underwriter or Initial Purchaser without
                                         the consent of the affected Underwriter or Initial Purchaser.



 


The
Holders of the Controlling Class representing greater than 50% of the Certificate Balance of the Controlling Class may (or, if
such Holders do not, the Special Servicer, or if neither such Holders nor the Special Servicer do, the Master Servicer or, if
none of such Holders, the Special Servicer or the Master Servicer does, any Holders of Class R Certificates representing
greater than a 50% Percentage Interest in such Class, may also) effect an early termination of the Trust Fund, upon not less than
30 days’ prior notice given to the parties (or, if applicable, the other parties) to the Pooling and Servicing Agreement
(whereupon the Master Servicer shall notify the Serviced Companion Loan Holders) any time on or after the Early Termination Notice
Date specifying the Anticipated Termination Date, by purchasing on such date all, but not less than all, of the Mortgage Loans
(and in the case of the Serviced Loan Combinations, subject to certain rights of the related Serviced Companion Loan Holder provided
for in the related Co-Lender Agreement) then included in the Trust Fund, and all property acquired by or on behalf of the Trust
Fund (including the Trust Fund’s interest in any REO Property acquired with respect to any Outside Serviced Mortgage Loan)
in respect of any Mortgage Loan then included in the Trust Fund, at a purchase price,


 



     A-11-7


     


    

 


payable
in cash, equal to (i) the sum of (A) the Termination Purchase Amount and (B) the reasonable out-of-pocket expenses
of the Master Servicer (unless the Master Servicer is the purchaser of such Mortgage Loans), the Special Servicer (unless the
Special Servicer is the purchaser of such Mortgage Loans), the Trustee and the Certificate Administrator, as applicable, with
respect to such termination, minus (ii) solely in the case where the Master Servicer or the Special Servicer is effecting
such purchase, the aggregate amount of unreimbursed Advances, if any, made by the Master Servicer or Special Servicer, as applicable,
together with any interest accrued and payable to the Master Servicer or the Special Servicer, as applicable, in respect of such
Advances and any unpaid Servicing Fees or Special Servicing Fees, as applicable, remaining outstanding (which items will be deemed
to have been paid or reimbursed to the Master Servicer or the Special Servicer, as applicable, in connection with such purchase).


 


Any
Person(s) effecting an early termination of the Trust Fund as provided in the prior paragraph shall first notify the Controlling
Class Representative and each Certifying Certificateholder, or, in the case of a termination by the Holder of a Class R Certificate,
notify the Certificate Administrator (who shall notify the Controlling Class Representative and each Certifying Certificateholder)
of its intention to do so in writing at least 30 days prior to the Anticipated Termination Date. All costs and expenses incurred
by any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with the purchase of the Mortgage
Loans and other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement shall be borne
by the party exercising its purchase rights thereunder. The Certificate Administrator shall be entitled to rely conclusively on
any determination made by an Appraiser pursuant to Section 9.01(c) of the Pooling and Servicing Agreement.


 


The
respective obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Operating Advisor,
the Asset Representations Reviewer, the Certificate Administrator and the Trustee created by the Pooling and Servicing Agreement
with respect to the Certificates, the Mortgage Loans and the Serviced Companion Loans (other than the obligation to make certain
payments and to send certain notices to Certificateholders as set forth in the Pooling and Servicing Agreement and to make any
required remittances to the Serviced Companion Loan Holders in the month in which the final Distribution Date occurs and certain
tax-related obligations) shall terminate immediately following the earlier to occur of (i) the purchase by Holders of the
Controlling Class, the Special Servicer, the Master Servicer or Holders of the Class R Certificates of all the Mortgage Loans
and REO Properties (or interests therein) then included in the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing
Agreement, (ii) the exchange by the Remaining Certificateholder of its Certificates for all the Mortgage Loans and REO Properties
(or interests therein) then included in the Trust Fund pursuant to Section 9.01(h) of the Pooling and Servicing Agreement and
(iii) the final payment or other liquidation (or any advance with respect thereto) of the last Mortgage Loan or REO Property
(or interest therein) contained in the Trust Fund; provided, however, that in no event shall the trust created by
the Pooling and Servicing Agreement 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 of the
Pooling and Servicing Agreement. All such payments as contemplated by the preceding paragraph shall be deposited into the Collection
Account by the Master Servicer or Special Servicer, as applicable, promptly following receipt thereof.


 


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 Pooling and Servicing
Agreement or be valid for any purpose.


 






     A-11-8


     


    

 





IN
WITNESS WHEREOF, the Certificate Administrator has caused this Class X-D Certificate to be duly executed.


 





	 	CITIBANK, N.A.,
               not in its individual capacity but solely as Certificate Administrator
	 	 	 
	 	By:	 
			Authorized
                                         Signatory


  


Dated:
September 29, 2017


 


CERTIFICATE
OF AUTHENTICATION


 


This
is one of the Class X-D Certificates referred to in the Pooling and Servicing Agreement.


 


Dated:
September 29, 2017


 





	 	CITIBANK, N.A.,
               not in its individual capacity but solely as Authenticating Agent
	 	 	 
	 	By:	 
			Authorized
                                         Signatory


  




     A-11-9


     


    

 


ASSIGNMENT


 


FOR
VALUE RECEIVED, the undersigned (“Assignor(s)”) hereby sell(s), assign(s) and transfer(s) unto ___________________________
(please print or typewrite name(s) and address(es), including postal zip code(s) of assignee(s)) (“Assignee(s)”)
the entire Percentage Interest represented by the within Class X-D Certificate and hereby authorize(s) the registration of transfer
of such interest to Assignee(s) on the Certificate Register of the Trust Fund.


 


I
(we) further direct the Certificate Registrar to issue a new Class X-D Certificate of the entire Percentage Interest represented
by the within Class X-D Certificates to the above-named Assignee(s) and to deliver such Class X-D Certificate to the following
address:


 


Date:
_________________


	 	 	 
		 	Signature by or on behalf of Assignor(s)
	 	 	 
	 	 	Taxpayer Identification Number





 




     A-11-10


     


    

 


DISTRIBUTION
INSTRUCTIONS


 


The
Assignee(s) should include the following for purposes of distribution:


 


Address
of the Assignee(s) for the purpose of receiving notices and distributions: __________________________________ Distributions, if
being made by wire transfer in immediately available funds to __________________________ for the account of __________________________
account number ____________________________. This information is provided by ______________________________, the Assignee(s) named
above or ____________________________________ as its (their) agent.


	 	 	 
	 	By:	 
	 	 	[Please print or type name(s)]
	 	 	 
	 	 	Title
	 	 	 
	 	 	Taxpayer Identification Number


 










     A-11-11


     


    

 



 




EXHIBIT
A-12


 


CITIGROUP
COMMERCIAL MORTGAGE TRUST 2017-P8

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2017-P8, CLASS X-E


 


[THIS CERTIFICATE IS A TEMPORARY REGULATION
S GLOBAL CERTIFICATE FOR PURPOSES OF REGULATION S UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”). NEITHER THIS TEMPORARY REGULATION S GLOBAL CERTIFICATE NOR ANY INTEREST HEREIN MAY BE OFFERED, SOLD OR DELIVERED,
EXCEPT AS PERMITTED UNDER THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.


 


NO BENEFICIAL OWNERS OF THIS TEMPORARY
REGULATION S GLOBAL CERTIFICATE SHALL BE ENTITLED TO RECEIVE PAYMENTS OF PRINCIPAL OR INTEREST HEREON UNLESS THE REQUIRED CERTIFICATIONS
HAVE BEEN DELIVERED PURSUANT TO THE TERMS OF THE POOLING AND SERVICING AGREEMENT.]1


 


[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.]2


 


[TRANSFERS OF THIS GLOBAL CERTIFICATE SHALL
BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE,
AND TRANSFERS OF BENEFICIAL INTERESTS IN THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS
SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.]3


 


THIS CERTIFICATE DOES NOT REPRESENT AN
INTEREST IN OR OBLIGATION OF THE DEPOSITOR, THE SPONSORS, THE ORIGINATORS, THE MASTER SERVICER, THE SPECIAL SERVICER, THE TRUSTEE,
THE CERTIFICATE ADMINISTRATOR, THE OPERATING ADVISOR, the Asset representations reviewer,
THE CONTROLLING CLASS REPRESENTATIVE, THE RISK RETENTION CONSULTATION PARTY, ANY COMPANION LOAN HOLDER, THE INITIAL PURCHASERS
OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES NOR THE MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL
AGENCY OR INSTRUMENTALITY OR PRIVATE INSURER.


 


THE NOTIONAL AMOUNT OF THIS CERTIFICATE
WILL BE REDUCED IN CONNECTION WITH THE REDUCTION OF THE CERTIFICATE BALANCE OF THE CLASS E CERTIFICATES. ACCORDINGLY, THE NOTIONAL
AMOUNT OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL NOTIONAL AMOUNT SET FORTH BELOW.


 


THIS CLASS X-E CERTIFICATE WILL NOT BE
ENTITLED TO RECEIVE DISTRIBUTIONS OF PRINCIPAL.





 


 



 


1
       Temporary Regulation S Global Certificate legend.


 


2
       Legend required as long as DTC is the Depository under the Pooling and Servicing Agreement.


 


3
       Global Certificate legend.



 



    A-12-1


     


    

 


THIS CERTIFICATE HAS NOT BEEN AND WILL
NOT BE REGISTERED OR QUALIFIED UNDER THE 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 (A)(1) PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”) TO
A PERSON THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING OF RULE 144A (A
“QIB”), OR IS PURCHASING FOR THE ACCOUNT OF A QIB, AND WHOM THE HOLDER HAS INFORMED THAT THE REOFFER, RESALE,
PLEDGE, OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (2) IN AN “OFFSHORE TRANSACTION” TO AN INSTITUTION
THAT IS NOT A “U.S. PERSON”, AS SUCH TERMS ARE DEFINED IN, AND IN ACCORDANCE WITH RULE 903 OR RULE 904 OF, REGULATION
S UNDER THE SECURITIES ACT, OR (3) TO AN INSTITUTIONAL “ACCREDITED INVESTOR” WITHIN THE MEANING OF, OR IN WHICH ALL
THE EQUITY OWNERS COME WITHIN THE MEANING OF, RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT THAT IS
NOT A QIB, AND (B) IN EACH CASE IN ACCORDANCE WITH FEDERAL SECURITIES LAWS AND ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE
UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.


 


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.


 



    A-12-2


     


    

 


CITIGROUP
COMMERCIAL MORTGAGE TRUST 2017-P8

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2017-P8, CLASS X-E


 


	Pass-Through Rate:  Variable IO4	 	 
	 	 	 
	First Distribution Date: October 17, 2017	 	Cut-Off Date:  With respect to each Mortgage Loan, the Due Date in September 2017 for that Mortgage Loan (or, in the case of any Mortgage Loan that has its first Due Date subsequent to September 2017, the date that would have been its Due Date in September 2017 under the terms of that Mortgage Loan if a Monthly Payment were scheduled to be due in that month).
	 	 	 
	Aggregate Initial Notional Amount of the Class X-E Certificates:  $20,655,000	 	Scheduled Final Distribution Date:  the Distribution Date in September 2027


 


	
        CUSIP:  17326D AX05

        U1852D AF26

        17326D AY87


         
	 	Initial Notional Amount of this Certificate: $[_____]
	
        ISIN:      US17326DAX038

        USU1852DAF259

        US17326DAY8510

        	 	 
	 	 	 
	Common Code:  169462534	 	 
	No.:  [1]	 	 


 


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-E Certificates. The Trust Fund, described
more fully below, consists primarily of a pool of Mortgage Loans secured by first liens on commercial, multifamily and manufactured
housing community properties and held in trust by the Trustee and, other than in the case of the Outside Serviced Mortgage Loans,
serviced by the Master Servicer and the Special Servicer. The Trust Fund was created, and the Mortgage Loans (other than the Outside
Serviced Mortgage Loans) are to be serviced, pursuant to the Pooling 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 Pooling and Servicing
Agreement and is bound thereby. In the event that there is any conflict between any provision of this Certificate and any provision
of the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to the extent of such inconsistency.
Also issued under the Pooling and Servicing Agreement are the Class A-1, Class A-2, Class A-3, Class A-4, Class A-AB,
Class X-A, Class X-B, Class A-S, Class B, Class C, Class X-D, Class X-F, Class X-G, Class D, Class E,
Class F,


 


 



 


4
The initial approximate Pass-Through Rate as of the Closing Date is 1.272% per annum.


 


5
For Rule 144A Certificates


 


6
For Regulation S Certificates


 


7
For IAI Certificates


 


8
For Rule 144A Certificates


 


9
For Regulation S Certificates


 


10
For IAI Certificates



 






    A-12-3


     


    

 


Class G, Class R, Class S, Class V-1, Class V-2A, Class V-2B, Class V-2C, Class V-2D, Class V-2E, Class V-3AC, Class
V-3D and Class V-3E Certificates (together with the Class X-E Certificates, the “Certificates”; the Holders
of Certificates are collectively referred to herein as “Certificateholders”).


 


This Certificate is
issued pursuant to, and in accordance with, the terms of a Pooling and Servicing Agreement dated as of September 1, 2017 (the “Pooling
and Servicing Agreement”), between Citigroup Commercial Mortgage Securities Inc., as Depositor, Wells Fargo Bank, National
Association, as Master Servicer, KeyBank National Association, as Special Servicer, Pentalpha Surveillance LLC, as Operating Advisor
and Asset Representations Reviewer, Citibank, N.A., as Certificate Administrator, and Wilmington Trust, National Association, as
Trustee. To the extent not defined herein, capitalized terms used herein shall have the meanings assigned thereto in the Pooling
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.


 


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 Mortgage Loans and has executed this Certificate in its limited capacity as Certificate Administrator under the Pooling
and Servicing Agreement.


 


Pursuant to the terms
of the Pooling and Servicing Agreement, the Certificate Administrator will distribute (other than the final distribution on any
Certificate), on the 4th Business Day following the Determination Date in each month, commencing in October 2017 (each such date,
a “Distribution Date”), to the Person in whose name this Certificate is registered as of the related Record
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, with respect to the Class X-E Certificates for
such Distribution Date, all as more fully described in the Pooling and Servicing Agreement.


 


Interest accrued on
this Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this Certificate,
if any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement. The “Interest
Accrual Period” with respect to any Distribution Date and with respect to the Class X-E Certificates is the calendar
month preceding the month in which such Distribution Date occurs and is assumed to consist of 30 days.


 


All distributions
(other than the final distribution on any Certificate) will be made by the Certificate Administrator to the persons in whose names
the Certificates are registered at the close of business on each Record Date, which will be the last Business Day of the month
preceding the month in which such Distribution Date occurs. Distributions are required to be made by wire transfer of immediately
available funds to the account of such Certificateholder at a bank or other entity located in the United States and having appropriate
facilities to accept such funds, if such Certificateholder has provided the Certificate Administrator with written wiring instructions
no less than five (5) Business Days prior to the related Record Date (which wiring instructions may be in the form of a standing
order applicable to all subsequent distributions), or otherwise by check mailed to such Certificateholder. The final distribution
on each Certificate shall be made in like manner, but only upon presentation 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 a notice to Certificateholders of the pendency of the final distribution.


 


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 Section 9.01 of the Pooling 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 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.


 






    A-12-4


     


    

 


Subject to applicable state law with respect to escheatment of funds, if within two years after the second notice
any Certificates shall not have been surrendered for cancellation, the Paying Agent shall pay to the Class R Certificateholders
all amounts distributable to the Holders thereof. 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 Section 9.01 of the Pooling and Servicing Agreement.


 


This Certificate is
limited in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage Loans, as more
specifically set forth herein and in the Pooling and Servicing Agreement.


 


As provided in the
Pooling and Servicing Agreement, the Trust Fund includes: (i) such Mortgage Loans as from time to time are subject to the Pooling
and Servicing Agreement, together with the Mortgage Files relating thereto; (ii) all scheduled or unscheduled payments on or collections
in respect of the Mortgage Loans due after the Cut-Off Date or, with respect to a Qualified Substitute Mortgage Loan, the Due Date
in the month of substitution (exclusive of interest relating to periods prior to, but due after, the Cut-Off Date); (iii) any REO
Property (but, with respect to any REO Property relating to a Loan Combination, only to the extent of the Trust’s interest
in the related Loan Combination); (iv) all revenues received in respect of any REO Property (but, with respect to any REO Property
relating to a Loan Combination, only to the extent of the Trust’s interest in the related Loan Combination); (v) the Master
Servicer’s and the Trustee’s rights under the insurance policies with respect to the Mortgage Loans required to be
maintained pursuant to the Pooling and Servicing Agreement and any proceeds thereof; (vi) the Trustee’s rights in any Assignments
of Leases, Rents and Profits and any security agreements; (vii) the Trustee’s rights under any indemnities or guaranties
given as additional security for any Mortgage Loan; (viii) all of the Trustee’s and the Certificate Administrator’s
rights in the Escrow Accounts and Lock-Box Accounts and all proceeds of the Mortgage Loans deposited in the Collection Account,
the Distribution Account, the Excess Interest Distribution Account, the Interest Reserve Account, the Excess Liquidation Proceeds
Reserve Account and any REO Account, including any reinvestment income thereon; (ix) the Trustee’s rights in any environmental
indemnity agreements relating to the Mortgaged Properties; (x) the Depositor’s rights under the Mortgage Loan Purchase Agreements
and the SMC Guaranty to the extent assigned to the Trustee pursuant to Section 2.01 of the Pooling and Servicing Agreement; (xi)
the Lower-Tier Regular Interests; and (xii) the Loss of Value Reserve Fund.


 


This Certificate does
not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling 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 and Trustee.


 


As provided in the
Pooling and Servicing Agreement, subject to certain restrictions on transfer set forth therein, upon surrender for registration
of transfer of any Certificate, the Certificate Administrator shall execute, authenticate and deliver, in the name of the designated
transferee or transferees, one or more new Certificates in authorized denominations, in like aggregate interest and of the same
Class.


 


Prior to due presentation
of this Certificate for registration of transfer, the Master Servicer, the Special Servicer, the Operating Advisor, the Trustee,
the Certificate Administrator, the Certificate Registrar, and any agent of any of them, may treat the Person in whose name any
Certificate is registered as the owner of such Certificate for the purpose of receiving distributions as provided in the Pooling
and Servicing Agreement and for all other purposes whatsoever, and neither the Master Servicer, the Special Servicer, the Operating
Advisor, the Trustee, the Certificate Administrator, the Certificate Registrar, nor any agent of any of them shall be affected
by any notice to the contrary.


 


The Pooling and Servicing
Agreement or any Custodial Agreement may be amended from time to time by the Depositor, the Master Servicer, the Special Servicer,
the Operating Advisor, the Asset Representations Reviewer, the Custodian (if the Certificate Administrator is then acting as Custodian),
the Certificate Administrator and the Trustee, without the consent of any of the Certificateholders or, as applicable, any Companion
Loan Holder:


 


		(i)	to cure any ambiguity to the extent that it does not adversely affect any holders of Certificates;



 


		(ii)	to correct or supplement any of its provisions which may be inconsistent with any other provisions
of the Pooling and Servicing Agreement or with the description thereof in the Prospectus or to correct any error;



 



    A-12-5


     


    

 


		(iii)	to change the timing and/or nature of deposits in the Collection Account, the Excess Liquidation
Proceeds Reserve Account, the Excess Interest Distribution Account, the Distribution Account or any REO Account, provided that
(A) the Master Servicer Remittance Date shall in no event be later than the Business Day prior to the related Distribution
Date and (B) the change would not adversely affect in any material respect the interests of any Certificateholder, as evidenced
by an opinion of counsel (at the expense of the party requesting the amendment);



 


		(iv)	to modify, eliminate or add to any of its provisions (A) to the extent necessary to maintain the
qualification of either Trust REMIC as a REMIC or the Grantor Trust as a grantor trust or to avoid or minimize the risk of imposition
of any tax on the Trust Fund, provided that the Trustee and the Certificate Administrator have received an opinion of counsel (at
the expense of the party requesting the amendment) to the effect that (1) the action is necessary or desirable to maintain
such qualification or to avoid or minimize such risk and (2) the action will not adversely affect in any material respect the interests
of any holder of the Certificates, (B) to restrict (or to remove any existing restrictions with respect to) the transfer
of the Class R Certificates, provided that the Depositor has determined that the amendment will not give rise to any tax with respect
to the transfer of the Class R Certificates to a non-Permitted Transferee, (C) to the extent necessary to comply with the
Investment Company Act of 1940, as amended, the Exchange Act, Regulation AB, Regulation RR and/or any related regulatory actions
and/or interpretations or (D) in the event that Regulation RR (or any portion thereof) or any other regulations applicable to the
risk retention requirements for this securitization transaction are amended or repealed, to the extent required to comply with
any such amendment or to modify or eliminate any risk retention requirements no longer applicable to this securitization transaction
in light of such repeal;



 


		(v)	to make any other provisions with respect to matters or questions arising under the Pooling and
Servicing Agreement or any other change, provided that the amendment will not adversely affect in any material respect the
interests of any Certificateholder, as evidenced by an opinion of counsel;



 


		(vi)	to modify the procedures in the Pooling and Servicing Agreement relating to Rule 17g-5; provided
that such modification does not increase the obligations of the Trustee, the Certificate Administrator, the Operating Advisor,
the Asset Representations Reviewer, the Master Servicer or the Special Servicer without such party’s consent (which consent
may not be withheld unless such modification would materially adversely affect such party or materially increase such party’s
obligations under the Pooling and Servicing Agreement); provided, further that notice of such modification is provided
to all parties to the Pooling and Servicing Agreement; and



 


		(vii)	to amend or supplement any provision of the Pooling and Servicing Agreement to the extent necessary
to maintain the ratings assigned to each Class of Certificates by any of the Rating Agencies, provided that the amendment will
not adversely affect in any material respect the interests of any Certificateholder;



 


provided, further that no
amendment pursuant to any of clauses (i)-(vii) above may be made that would: (A) reduce the consent or consultation rights or the
right to receive information under the Pooling and Servicing Agreement of the Controlling Class Representative without the consent
of the Controlling Class Representative; (B) reduce the consultation rights or the right to receive information under the Pooling
and Servicing Agreement of the Operating Advisor without the consent of the Operating Advisor; (C) change in any manner the obligations
or rights of any Mortgage Loan Seller under the Pooling and Servicing Agreement or the applicable Mortgage Loan Purchase Agreement
without the consent of the affected Mortgage Loan Seller; (D) change in any manner the obligations or rights of any Underwriter
or Initial Purchaser, without the consent of the affected Underwriter or Initial Purchaser; or (E) adversely affect any Serviced
Companion Loan Holder in its capacity as such without its consent. Expenses incurred with respect to any amendment shall be borne
by the party requesting such amendment, unless the Master


 






    A-12-6


     


    

 


Servicer, the Special Servicer or the Trustee is requesting an amendment
for the benefit of the Certificateholders, then in which case such expense will be borne by the Trust.


 


The Pooling and Servicing
Agreement or any Custodial Agreement may also be amended from time to time by a writing signed by each of the Depositor, the Master
Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Custodian (if the Certificate Administrator
is then acting as Custodian), the Certificate Administrator and the Trustee with the consent of the Holders of Certificates representing
not less than 66-2/3% of the Percentage Interests of each Class of Certificates affected by the amendment for the purpose of adding
any provisions to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or of modifying
in any manner the rights of the Certificateholders; provided, however, that no such amendment shall:


 


		(i)	reduce in any manner the amount of, or delay the timing of, payments received on the Serviced Loans
which are required to be distributed on a Certificate of any Class or to any Serviced Companion Loan Holder, as applicable, without
the consent of the Holder of that Certificate or that Serviced Companion Loan Holder, as applicable,



 


		(ii)	reduce the aforesaid percentage of Certificates of any Class the Holders of which are required
to consent to the amendment without the consent of the Holders of all Certificates of that Class then outstanding,



 


		(iii)	change in any manner the obligations or rights of any Mortgage Loan Seller under the Pooling and
Servicing Agreement or the related Mortgage Loan Purchase Agreement without the consent of the affected Mortgage Loan Seller,



 


		(iv)	change the definition of “Servicing Standard” without either (A) consent of 100% of
the holders of the Certificates or (B) Rating Agency Confirmation,



 


		(v)	without the consent of 100% of the Certificateholders of the Class or Classes of Certificates adversely
affected thereby, change (A) the percentages of Voting Rights of Certificateholders which are required to consent to any action
or inaction under the Pooling and Servicing Agreement, (B) the right of the Certificateholders to remove the Special Servicer pursuant
to the Pooling and Servicing Agreement or (C) the right of the Certificateholders to terminate the Operating Advisor pursuant to
the Pooling and Servicing Agreement,



 


		(vi)	adversely affect the Controlling Class Representative without the consent of 100% of the Controlling
Class Certificateholders,



 


		(vii)	adversely affect a Serviced Companion Loan Holder in its capacity as such without its consent,
or



 


		(viii)	change in any manner the obligations or rights of any Underwriter or Initial Purchaser without
the consent of the affected Underwriter or Initial Purchaser.



 


The Holders of the
Controlling Class representing greater than 50% of the Certificate Balance of the Controlling Class may (or, if such Holders do
not, the Special Servicer, or if neither such Holders nor the Special Servicer do, the Master Servicer or, if none of such Holders,
the Special Servicer or the Master Servicer does, any Holders of Class R Certificates representing greater than a 50% Percentage
Interest in such Class, may also) effect an early termination of the Trust Fund, upon not less than 30 days’ prior notice
given to the parties (or, if applicable, the other parties) to the Pooling and Servicing Agreement (whereupon the Master Servicer
shall notify the Serviced Companion Loan Holders) any time on or after the Early Termination Notice Date specifying the Anticipated
Termination Date, by purchasing on such date all, but not less than all, of the Mortgage Loans (and in the case of the Serviced
Loan Combinations, subject to certain rights of the related Serviced Companion Loan Holder provided for in the related Co-Lender
Agreement) then included in the Trust Fund, and all property acquired by or on behalf of the Trust Fund (including the Trust Fund’s
interest in any REO Property acquired with respect to any Outside Serviced Mortgage Loan) in respect of any Mortgage Loan then
included in the Trust Fund, at a purchase price,


 






    A-12-7


     


    

 


payable in cash, equal to (i) the sum of (A) the Termination Purchase
Amount and (B) the reasonable out-of-pocket expenses of the Master Servicer (unless the Master Servicer is the purchaser of
such Mortgage Loans), the Special Servicer (unless the Special Servicer is the purchaser of such Mortgage Loans), the Trustee and
the Certificate Administrator, as applicable, with respect to such termination, minus (ii) solely in the case where the Master
Servicer or the Special Servicer is effecting such purchase, the aggregate amount of unreimbursed Advances, if any, made by the
Master Servicer or Special Servicer, as applicable, together with any interest accrued and payable to the Master Servicer or the
Special Servicer, as applicable, in respect of such Advances and any unpaid Servicing Fees or Special Servicing Fees, as applicable,
remaining outstanding (which items will be deemed to have been paid or reimbursed to the Master Servicer or the Special Servicer,
as applicable, in connection with such purchase).


 


Any Person(s) effecting
an early termination of the Trust Fund as provided in the prior paragraph shall first notify the Controlling Class Representative
and each Certifying Certificateholder, or, in the case of a termination by the Holder of a Class R Certificate, notify the
Certificate Administrator (who shall notify the Controlling Class Representative and each Certifying Certificateholder) of its
intention to do so in writing at least 30 days prior to the Anticipated Termination Date. All costs and expenses incurred by any
and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with the purchase of the Mortgage Loans
and other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement shall be borne by the
party exercising its purchase rights thereunder. The Certificate Administrator shall be entitled to rely conclusively on any determination
made by an Appraiser pursuant to Section 9.01(c) of the Pooling and Servicing Agreement.


 


The respective obligations
and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Operating Advisor, the Asset Representations
Reviewer, the Certificate Administrator and the Trustee created by the Pooling and Servicing Agreement with respect to the Certificates,
the Mortgage Loans and the Serviced Companion Loans (other than the obligation to make certain payments and to send certain notices
to Certificateholders as set forth in the Pooling and Servicing Agreement and to make any required remittances to the Serviced
Companion Loan Holders in the month in which the final Distribution Date occurs and certain tax-related obligations) shall terminate
immediately following the earlier to occur of (i) the purchase by Holders of the Controlling Class, the Special Servicer,
the Master Servicer or Holders of the Class R Certificates of all the Mortgage Loans and REO Properties (or interests therein)
then included in the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement, (ii) the exchange by the
Remaining Certificateholder of its Certificates for all the Mortgage Loans and REO Properties (or interests therein) then included
in the Trust Fund pursuant to Section 9.01(h) of the Pooling and Servicing Agreement and (iii) the final payment or other
liquidation (or any advance with respect thereto) of the last Mortgage Loan or REO Property (or interest therein) contained in
the Trust Fund; provided, however, that in no event shall the trust created by the Pooling and Servicing Agreement
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 of the Pooling and Servicing Agreement. All
such payments as contemplated by the preceding paragraph shall be deposited into the Collection Account by the Master Servicer
or Special Servicer, as applicable, promptly following receipt thereof.


 


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 Pooling and Servicing Agreement or
be valid for any purpose.


 



    A-12-8


     


    

 










IN WITNESS WHEREOF,
the Certificate Administrator has caused this Class X-E Certificate to be duly executed.


 





	 	CITIBANK,
N.A., not in its individual capacity but solely as Certificate Administrator
	 	 	 
	 	By:	 
			Authorized Signatory


  


Dated: September 29, 2017


 


CERTIFICATE
OF AUTHENTICATION


 


This is one of the
Class X-E Certificates referred to in the Pooling and Servicing Agreement.


 


Dated: September 29, 2017


 





	 	CITIBANK,
N.A., not in its individual capacity but solely as Authenticating Agent
	 	 	 
	 	By:	 
			Authorized Signatory


  




    A-12-9


     


    

 


ASSIGNMENT


 


FOR VALUE RECEIVED,
the undersigned (“Assignor(s)”) hereby sell(s), assign(s) and transfer(s) unto  ___________________________
 (please print or typewrite name(s) and address(es), including postal zip code(s) of assignee(s))
(“Assignee(s)”) the entire Percentage Interest represented by the within Class X-E Certificate and hereby authorize(s)
the registration of transfer of such interest to Assignee(s) on the Certificate Register of the Trust Fund.


 


I (we) further direct
the Certificate Registrar to issue a new Class X-E Certificate of the entire Percentage Interest represented by the within Class
X-E Certificates to the above-named Assignee(s) and to deliver such Class X-E Certificate to the following address:


 


Date: _________________


	 	 	 
		 	Signature by or on behalf of Assignor(s)
	 	 	 
	 	 	Taxpayer Identification Number





 




    A-12-10


     


    

 


DISTRIBUTION INSTRUCTIONS


 


The Assignee(s) should include
the following for purposes of distribution:


 


Address of the Assignee(s)
for the purpose of receiving notices and distributions: __________________________________ Distributions, if being made by wire
transfer in immediately available funds to __________________________ for the account of __________________________ account number
____________________________. This information is provided by ______________________________, the Assignee(s) named above or ____________________________________
as its (their) agent.


	 	 	 
	 	By:	 
	 	 	[Please print or type name(s)]
	 	 	 
	 	 	Title
	 	 	 
	 	 	Taxpayer Identification Number


 










    A-12-11


     


    

 


EXHIBIT
A-13


 


CITIGROUP
COMMERCIAL MORTGAGE TRUST 2017-P8

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2017-P8, CLASS X-F


 


[THIS CERTIFICATE IS A TEMPORARY REGULATION
S GLOBAL CERTIFICATE FOR PURPOSES OF REGULATION S UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”). NEITHER THIS TEMPORARY REGULATION S GLOBAL CERTIFICATE NOR ANY INTEREST HEREIN MAY BE OFFERED, SOLD OR DELIVERED,
EXCEPT AS PERMITTED UNDER THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.


 


NO BENEFICIAL OWNERS OF THIS TEMPORARY
REGULATION S GLOBAL CERTIFICATE SHALL BE ENTITLED TO RECEIVE PAYMENTS OF PRINCIPAL OR INTEREST HEREON UNLESS THE REQUIRED CERTIFICATIONS
HAVE BEEN DELIVERED PURSUANT TO THE TERMS OF THE POOLING AND SERVICING AGREEMENT.]1


 


[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.]2


 


[TRANSFERS OF THIS GLOBAL CERTIFICATE SHALL
BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE,
AND TRANSFERS OF BENEFICIAL INTERESTS IN THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS
SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.]3


 


THIS CERTIFICATE DOES NOT REPRESENT AN
INTEREST IN OR OBLIGATION OF THE DEPOSITOR, THE SPONSORS, THE ORIGINATORS, THE MASTER SERVICER, THE SPECIAL SERVICER, THE TRUSTEE,
THE CERTIFICATE ADMINISTRATOR, THE OPERATING ADVISOR, the Asset representations reviewer,
THE CONTROLLING CLASS REPRESENTATIVE, THE RISK RETENTION CONSULTATION PARTY, ANY COMPANION LOAN HOLDER, THE INITIAL PURCHASERS
OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES NOR THE MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL
AGENCY OR INSTRUMENTALITY OR PRIVATE INSURER.


 


THE NOTIONAL AMOUNT OF THIS CERTIFICATE
WILL BE REDUCED IN CONNECTION WITH THE REDUCTION OF THE CERTIFICATE BALANCE OF THE CLASS F CERTIFICATES. ACCORDINGLY, THE NOTIONAL
AMOUNT OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL NOTIONAL AMOUNT SET FORTH BELOW.


 


THIS CLASS X-F CERTIFICATE WILL NOT BE
ENTITLED TO RECEIVE DISTRIBUTIONS OF PRINCIPAL.


 


 



 


1
       Temporary Regulation S Global Certificate legend.


 


2
       Legend required as long as DTC is the Depository under the Pooling and Servicing Agreement.


 


3
       Global Certificate legend.



 



    A-13-1


     


    

 


THIS CERTIFICATE HAS NOT BEEN AND WILL
NOT BE REGISTERED OR QUALIFIED UNDER THE 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 (A)(1) PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”) TO
A PERSON THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING OF RULE 144A (A
“QIB”), OR IS PURCHASING FOR THE ACCOUNT OF A QIB, AND WHOM THE HOLDER HAS INFORMED THAT THE REOFFER, RESALE,
PLEDGE, OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (2) IN AN “OFFSHORE TRANSACTION” TO AN INSTITUTION
THAT IS NOT A “U.S. PERSON”, AS SUCH TERMS ARE DEFINED IN, AND IN ACCORDANCE WITH RULE 903 OR RULE 904 OF, REGULATION
S UNDER THE SECURITIES ACT, OR (3) TO AN INSTITUTIONAL “ACCREDITED INVESTOR” WITHIN THE MEANING OF, OR IN WHICH ALL
THE EQUITY OWNERS COME WITHIN THE MEANING OF, RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT THAT IS
NOT A QIB, AND (B) IN EACH CASE IN ACCORDANCE WITH FEDERAL SECURITIES LAWS AND ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE
UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.


 


THIS CERTIFICATE MAY NOT BE PURCHASED BY
OR PLEDGED, SOLD OR OTHERWISE TRANSFERRED TO ANY PERSON THAT IS OR BECOMES (I) AN EMPLOYEE BENEFIT PLAN OR OTHER PLAN THAT IS SUBJECT
TO THE FIDUCIARY RESPONSIBILITY OR PROHIBITED TRANSACTION PROVISIONS OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS
AMENDED (“ERISA”), OR TO 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 THAT IS SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW (“SIMILAR
LAW”) THAT IS, TO A MATERIAL EXTENT, SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE CODE (EACH, A “PLAN”),
OR (II) AN ENTITY OR COLLECTIVE INVESTMENT FUND THE ASSETS OF WHICH ARE CONSIDERED PLAN ASSETS UNDER U.S. DEPARTMENT OF LABOR REG.
SECTION 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA, OR SIMILAR LAW OR OTHER PERSON ACTING ON BEHALF OF ANY SUCH PLAN OR
USING THE ASSETS OF SUCH PLAN TO ACQUIRE THIS CERTIFICATE, UNLESS (A)(I) SUCH PERSON IS AN “INSURANCE COMPANY GENERAL ACCOUNT”
WITHIN THE MEANING OF PROHIBITED TRANSACTION CLASS EXEMPTION 95-60, AND (II) ALL CONDITIONS OF SECTIONS I AND III OF PROHIBITED
TRANSACTION CLASS EXEMPTION 95-60 WILL BE MET WITH RESPECT TO SUCH INSURANCE COMPANY GENERAL ACCOUNT’S ACQUISITION, HOLDING
AND DISPOSITION OF THIS CERTIFICATE, OR (B) WITH RESPECT TO THE ACQUISITION, HOLDING OR DISPOSITION OF THIS CERTIFICATE BY ANY
GOVERNMENTAL PLAN OR OTHER PLAN SUBJECT TO SIMILAR LAW, SUCH ACQUISITION, HOLDING AND DISPOSITION BY SUCH GOVERNMENTAL PLAN WILL
NOT CONSTITUTE OR OTHERWISE RESULT IN A NON-EXEMPT VIOLATION OF SIMILAR LAW.


 


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.


 



    A-13-2


     


    

 


CITIGROUP
COMMERCIAL MORTGAGE TRUST 2017-P8

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2017-P8, CLASS X-F


 


	Pass-Through Rate:  Variable IO4	 	 
	 	 	 
	First Distribution Date: October 17, 2017	 	Cut-Off Date:  With respect to each Mortgage Loan, the Due Date in September 2017 for that Mortgage Loan (or, in the case of any Mortgage Loan that has its first Due Date subsequent to September 2017, the date that would have been its Due Date in September 2017 under the terms of that Mortgage Loan if a Monthly Payment were scheduled to be due in that month).
	 	 	 
	Aggregate Initial Notional Amount of the Class X-F Certificates:  $10,328,000	 	Scheduled Final Distribution Date:  the Distribution Date in September 2027


 





	
        CUSIP:  17326D AZ55

        U1852D AG06

        17326D BA97


         
	 	Initial Notional Amount of this Certificate: $[_____]
	
        ISIN:      US17326DAZ508

        USU1852DAG089

        US17326DBA9010

        	 	 
	 	 	 
	Common Code:  169462542	 	 
	No.:  [1]	 	 


 


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-F Certificates. The Trust Fund, described
more fully below, consists primarily of a pool of Mortgage Loans secured by first liens on commercial, multifamily and manufactured
housing community properties and held in trust by the Trustee and, other than in the case of the Outside Serviced Mortgage Loans,
serviced by the Master Servicer and the Special Servicer. The Trust Fund was created, and the Mortgage Loans (other than the Outside
Serviced Mortgage Loans) are to be serviced, pursuant to the Pooling 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 Pooling and Servicing
Agreement and is bound thereby. In the event that there is any conflict between any provision of this Certificate and any provision
of the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to the extent of such inconsistency.
Also issued under the Pooling and Servicing Agreement are the Class A-1, Class A-2, Class A-3, Class A-4, Class A-AB,
Class X-A, Class X-B, Class A-S, Class B, Class C, Class X-D, Class X-E, Class X-G, Class D, Class E,
Class F,


 


 



 





4
The initial approximate Pass-Through Rate as of the Closing Date is 1.272% per annum.


 


5
For Rule 144A Certificates


 


6
For Regulation S Certificates


 


7
For IAI Certificates


 


8
For Rule 144A Certificates


 


9
For Regulation S Certificates


 


10
For IAI Certificates


 







    A-13-3


     


    

 


Class G, Class R, Class S, Class V-1, Class V-2A, Class V-2B, Class V-2C, Class V-2D, Class V-2E, Class V-3AC, Class
V-3D and Class V-3E Certificates (together with the Class X-F Certificates, the “Certificates”; the Holders
of Certificates are collectively referred to herein as “Certificateholders”).


 


This Certificate is
issued pursuant to, and in accordance with, the terms of a Pooling and Servicing Agreement dated as of September 1, 2017 (the “Pooling
and Servicing Agreement”), between Citigroup Commercial Mortgage Securities Inc., as Depositor, Wells Fargo Bank, National
Association, as Master Servicer, KeyBank National Association, as Special Servicer, Pentalpha Surveillance LLC, as Operating Advisor
and Asset Representations Reviewer, Citibank, N.A., as Certificate Administrator, and Wilmington Trust, National Association, as
Trustee. To the extent not defined herein, capitalized terms used herein shall have the meanings assigned thereto in the Pooling
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.


 


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 Mortgage Loans and has executed this Certificate in its limited capacity as Certificate Administrator under the Pooling
and Servicing Agreement.


 


Pursuant to the terms
of the Pooling and Servicing Agreement, the Certificate Administrator will distribute (other than the final distribution on any
Certificate), on the 4th Business Day following the Determination Date in each month, commencing in October 2017 (each such date,
a “Distribution Date”), to the Person in whose name this Certificate is registered as of the related Record
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, with respect to the Class X-F Certificates for
such Distribution Date, all as more fully described in the Pooling and Servicing Agreement.


 


Interest accrued on
this Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this Certificate,
if any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement. The “Interest
Accrual Period” with respect to any Distribution Date and with respect to the Class X-F Certificates is the calendar
month preceding the month in which such Distribution Date occurs and is assumed to consist of 30 days.


 


All distributions
(other than the final distribution on any Certificate) will be made by the Certificate Administrator to the persons in whose names
the Certificates are registered at the close of business on each Record Date, which will be the last Business Day of the month
preceding the month in which such Distribution Date occurs. Distributions are required to be made by wire transfer of immediately
available funds to the account of such Certificateholder at a bank or other entity located in the United States and having appropriate
facilities to accept such funds, if such Certificateholder has provided the Certificate Administrator with written wiring instructions
no less than five (5) Business Days prior to the related Record Date (which wiring instructions may be in the form of a standing
order applicable to all subsequent distributions), or otherwise by check mailed to such Certificateholder. The final distribution
on each Certificate shall be made in like manner, but only upon presentation 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 a notice to Certificateholders of the pendency of the final distribution.


 


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 Section 9.01 of the Pooling 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 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.


 






    A-13-4


     


    

 


Subject to applicable state law with respect to escheatment of funds, if within two years after the second notice
any Certificates shall not have been surrendered for cancellation, the Paying Agent shall pay to the Class R Certificateholders
all amounts distributable to the Holders thereof. 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 Section 9.01 of the Pooling and Servicing Agreement.


 


This Certificate is
limited in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage Loans, as more
specifically set forth herein and in the Pooling and Servicing Agreement.


 


As provided in the
Pooling and Servicing Agreement, the Trust Fund includes: (i) such Mortgage Loans as from time to time are subject to the Pooling
and Servicing Agreement, together with the Mortgage Files relating thereto; (ii) all scheduled or unscheduled payments on or collections
in respect of the Mortgage Loans due after the Cut-Off Date or, with respect to a Qualified Substitute Mortgage Loan, the Due Date
in the month of substitution (exclusive of interest relating to periods prior to, but due after, the Cut-Off Date); (iii) any REO
Property (but, with respect to any REO Property relating to a Loan Combination, only to the extent of the Trust’s interest
in the related Loan Combination); (iv) all revenues received in respect of any REO Property (but, with respect to any REO Property
relating to a Loan Combination, only to the extent of the Trust’s interest in the related Loan Combination); (v) the Master
Servicer’s and the Trustee’s rights under the insurance policies with respect to the Mortgage Loans required to be
maintained pursuant to the Pooling and Servicing Agreement and any proceeds thereof; (vi) the Trustee’s rights in any Assignments
of Leases, Rents and Profits and any security agreements; (vii) the Trustee’s rights under any indemnities or guaranties
given as additional security for any Mortgage Loan; (viii) all of the Trustee’s and the Certificate Administrator’s
rights in the Escrow Accounts and Lock-Box Accounts and all proceeds of the Mortgage Loans deposited in the Collection Account,
the Distribution Account, the Excess Interest Distribution Account, the Interest Reserve Account, the Excess Liquidation Proceeds
Reserve Account and any REO Account, including any reinvestment income thereon; (ix) the Trustee’s rights in any environmental
indemnity agreements relating to the Mortgaged Properties; (x) the Depositor’s rights under the Mortgage Loan Purchase Agreements
and the SMC Guaranty to the extent assigned to the Trustee pursuant to Section 2.01 of the Pooling and Servicing Agreement; (xi)
the Lower-Tier Regular Interests; and (xii) the Loss of Value Reserve Fund.


 


This Certificate does
not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling 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 and Trustee.


 


As provided in the
Pooling and Servicing Agreement, subject to certain restrictions on transfer set forth therein, upon surrender for registration
of transfer of any Certificate, the Certificate Administrator shall execute, authenticate and deliver, in the name of the designated
transferee or transferees, one or more new Certificates in authorized denominations, in like aggregate interest and of the same
Class.


 


Prior to due presentation
of this Certificate for registration of transfer, the Master Servicer, the Special Servicer, the Operating Advisor, the Trustee,
the Certificate Administrator, the Certificate Registrar, and any agent of any of them, may treat the Person in whose name any
Certificate is registered as the owner of such Certificate for the purpose of receiving distributions as provided in the Pooling
and Servicing Agreement and for all other purposes whatsoever, and neither the Master Servicer, the Special Servicer, the Operating
Advisor, the Trustee, the Certificate Administrator, the Certificate Registrar, nor any agent of any of them shall be affected
by any notice to the contrary.


 


The Pooling and Servicing
Agreement or any Custodial Agreement may be amended from time to time by the Depositor, the Master Servicer, the Special Servicer,
the Operating Advisor, the Asset Representations Reviewer, the Custodian (if the Certificate Administrator is then acting as Custodian),
the Certificate Administrator and the Trustee, without the consent of any of the Certificateholders or, as applicable, any Companion
Loan Holder:


 


		(i)	to cure any ambiguity to the extent that it does not
adversely affect any holders of Certificates;



 


		(ii)	to correct or supplement any of its provisions which
may be inconsistent with any other provisions of the Pooling and Servicing Agreement or with the description thereof in the Prospectus
or to correct any error;



 



    A-13-5


     


    

 


		(iii)	to change the timing and/or nature of deposits in the
Collection Account, the Excess Liquidation Proceeds Reserve Account, the Excess Interest Distribution Account, the Distribution
Account or any REO Account, provided that (A) the Master Servicer Remittance Date shall in no event be later than the Business
Day prior to the related Distribution Date and (B) the change would not adversely affect in any material respect the interests
of any Certificateholder, as evidenced by an opinion of counsel (at the expense of the party requesting the amendment);



 


		(iv)	to modify, eliminate or add to any of its provisions
(A) to the extent necessary to maintain the qualification of either Trust REMIC as a REMIC or the Grantor Trust as a grantor trust
or to avoid or minimize the risk of imposition of any tax on the Trust Fund, provided that the Trustee and the Certificate Administrator
have received an opinion of counsel (at the expense of the party requesting the amendment) to the effect that (1) the
action is necessary or desirable to maintain such qualification or to avoid or minimize such risk and (2) the action will not
adversely affect in any material respect the interests of any holder of the Certificates, (B) to restrict (or to remove any
existing restrictions with respect to) the transfer of the Class R Certificates, provided that the Depositor has determined
that the amendment will not give rise to any tax with respect to the transfer of the Class R Certificates to a non-Permitted Transferee,
(C) to the extent necessary to comply with the Investment Company Act of 1940, as amended, the Exchange Act, Regulation AB,
Regulation RR and/or any related regulatory actions and/or interpretations or (D) in the event that Regulation RR (or any portion
thereof) or any other regulations applicable to the risk retention requirements for this securitization transaction are amended
or repealed, to the extent required to comply with any such amendment or to modify or eliminate any risk retention requirements
no longer applicable to this securitization transaction in light of such repeal;



 


		(v)	to make any other provisions with respect to matters
or questions arising under the Pooling and Servicing Agreement or any other change, provided that the amendment will not
adversely affect in any material respect the interests of any Certificateholder, as evidenced by an opinion of counsel;



 


		(vi)	to modify the procedures in the Pooling and Servicing
Agreement relating to Rule 17g-5; provided that such modification does not increase the obligations of the Trustee, the
Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer, the Master Servicer or the Special Servicer
without such party’s consent (which consent may not be withheld unless such modification would materially adversely affect
such party or materially increase such party’s obligations under the Pooling and Servicing Agreement); provided,
further that notice of such modification is provided to all parties to the Pooling and Servicing Agreement; and



 


		(vii)	to amend or supplement any provision of the Pooling
and Servicing Agreement to the extent necessary to maintain the ratings assigned to each Class of Certificates by any of the Rating
Agencies, provided that the amendment will not adversely affect in any material respect the interests of any Certificateholder;



 


provided, further that no
amendment pursuant to any of clauses (i)-(vii) above may be made that would: (A) reduce the consent or consultation rights or the
right to receive information under the Pooling and Servicing Agreement of the Controlling Class Representative without the consent
of the Controlling Class Representative; (B) reduce the consultation rights or the right to receive information under the Pooling
and Servicing Agreement of the Operating Advisor without the consent of the Operating Advisor; (C) change in any manner the obligations
or rights of any Mortgage Loan Seller under the Pooling and Servicing Agreement or the applicable Mortgage Loan Purchase Agreement
without the consent of the affected Mortgage Loan Seller; (D) change in any manner the obligations or rights of any Underwriter
or Initial Purchaser, without the consent of the affected Underwriter or Initial Purchaser; or (E) adversely affect any Serviced
Companion Loan Holder in its capacity as such without its consent. Expenses incurred with respect to any amendment shall be borne
by the party requesting such amendment, unless the Master


 






    A-13-6


     


    

 


Servicer, the Special Servicer or the Trustee is requesting an amendment
for the benefit of the Certificateholders, then in which case such expense will be borne by the Trust.


 


The Pooling and Servicing
Agreement or any Custodial Agreement may also be amended from time to time by a writing signed by each of the Depositor, the Master
Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Custodian (if the Certificate Administrator
is then acting as Custodian), the Certificate Administrator and the Trustee with the consent of the Holders of Certificates representing
not less than 66-2/3% of the Percentage Interests of each Class of Certificates affected by the amendment for the purpose of adding
any provisions to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or of modifying
in any manner the rights of the Certificateholders; provided, however, that no such amendment shall:


 


		(i)	reduce in any manner the amount of, or delay the timing of, payments received on the Serviced Loans
which are required to be distributed on a Certificate of any Class or to any Serviced Companion Loan Holder, as applicable, without
the consent of the Holder of that Certificate or that Serviced Companion Loan Holder, as applicable,



 


		(ii)	reduce the aforesaid percentage of Certificates of any Class the Holders of which are required
to consent to the amendment without the consent of the Holders of all Certificates of that Class then outstanding,



 


		(iii)	change in any manner the obligations or rights of any Mortgage Loan Seller under the Pooling and
Servicing Agreement or the related Mortgage Loan Purchase Agreement without the consent of the affected Mortgage Loan Seller,



 


		(iv)	change the definition of “Servicing Standard” without either (A) consent of 100% of
the holders of the Certificates or (B) Rating Agency Confirmation,



 


		(v)	without the consent of 100% of the Certificateholders of the Class or Classes of Certificates adversely
affected thereby, change (A) the percentages of Voting Rights of Certificateholders which are required to consent to any action
or inaction under the Pooling and Servicing Agreement, (B) the right of the Certificateholders to remove the Special Servicer pursuant
to the Pooling and Servicing Agreement or (C) the right of the Certificateholders to terminate the Operating Advisor pursuant to
the Pooling and Servicing Agreement,



 


		(vi)	adversely affect the Controlling Class Representative without the consent of 100% of the Controlling
Class Certificateholders,



 


		(vii)	adversely affect a Serviced Companion Loan Holder in its capacity as such without its consent,
or



 


		(viii)	change in any manner the obligations or rights of any
Underwriter or Initial Purchaser without the consent of the affected Underwriter or Initial Purchaser.



 


The Holders of the
Controlling Class representing greater than 50% of the Certificate Balance of the Controlling Class may (or, if such Holders do
not, the Special Servicer, or if neither such Holders nor the Special Servicer do, the Master Servicer or, if none of such Holders,
the Special Servicer or the Master Servicer does, any Holders of Class R Certificates representing greater than a 50% Percentage
Interest in such Class, may also) effect an early termination of the Trust Fund, upon not less than 30 days’ prior notice
given to the parties (or, if applicable, the other parties) to the Pooling and Servicing Agreement (whereupon the Master Servicer
shall notify the Serviced Companion Loan Holders) any time on or after the Early Termination Notice Date specifying the Anticipated
Termination Date, by purchasing on such date all, but not less than all, of the Mortgage Loans (and in the case of the Serviced
Loan Combinations, subject to certain rights of the related Serviced Companion Loan Holder provided for in the related Co-Lender
Agreement) then included in the Trust Fund, and all property acquired by or on behalf of the Trust Fund (including the Trust Fund’s
interest in any REO Property acquired with respect to any Outside Serviced Mortgage Loan) in respect of any Mortgage Loan then
included in the Trust Fund, at a purchase price,


 






    A-13-7


     


    

 


payable in cash, equal to (i) the sum of (A) the Termination Purchase
Amount and (B) the reasonable out-of-pocket expenses of the Master Servicer (unless the Master Servicer is the purchaser of
such Mortgage Loans), the Special Servicer (unless the Special Servicer is the purchaser of such Mortgage Loans), the Trustee and
the Certificate Administrator, as applicable, with respect to such termination, minus (ii) solely in the case where the Master
Servicer or the Special Servicer is effecting such purchase, the aggregate amount of unreimbursed Advances, if any, made by the
Master Servicer or Special Servicer, as applicable, together with any interest accrued and payable to the Master Servicer or the
Special Servicer, as applicable, in respect of such Advances and any unpaid Servicing Fees or Special Servicing Fees, as applicable,
remaining outstanding (which items will be deemed to have been paid or reimbursed to the Master Servicer or the Special Servicer,
as applicable, in connection with such purchase).


 


Any Person(s) effecting
an early termination of the Trust Fund as provided in the prior paragraph shall first notify the Controlling Class Representative
and each Certifying Certificateholder, or, in the case of a termination by the Holder of a Class R Certificate, notify the
Certificate Administrator (who shall notify the Controlling Class Representative and each Certifying Certificateholder) of its
intention to do so in writing at least 30 days prior to the Anticipated Termination Date. All costs and expenses incurred by any
and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with the purchase of the Mortgage Loans
and other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement shall be borne by the
party exercising its purchase rights thereunder. The Certificate Administrator shall be entitled to rely conclusively on any determination
made by an Appraiser pursuant to Section 9.01(c) of the Pooling and Servicing Agreement.


 


The respective obligations
and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Operating Advisor, the Asset Representations
Reviewer, the Certificate Administrator and the Trustee created by the Pooling and Servicing Agreement with respect to the Certificates,
the Mortgage Loans and the Serviced Companion Loans (other than the obligation to make certain payments and to send certain notices
to Certificateholders as set forth in the Pooling and Servicing Agreement and to make any required remittances to the Serviced
Companion Loan Holders in the month in which the final Distribution Date occurs and certain tax-related obligations) shall terminate
immediately following the earlier to occur of (i) the purchase by Holders of the Controlling Class, the Special Servicer,
the Master Servicer or Holders of the Class R Certificates of all the Mortgage Loans and REO Properties (or interests therein)
then included in the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement, (ii) the exchange by the
Remaining Certificateholder of its Certificates for all the Mortgage Loans and REO Properties (or interests therein) then included
in the Trust Fund pursuant to Section 9.01(h) of the Pooling and Servicing Agreement and (iii) the final payment or other
liquidation (or any advance with respect thereto) of the last Mortgage Loan or REO Property (or interest therein) contained in
the Trust Fund; provided, however, that in no event shall the trust created by the Pooling and Servicing Agreement
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 of the Pooling and Servicing Agreement. All
such payments as contemplated by the preceding paragraph shall be deposited into the Collection Account by the Master Servicer
or Special Servicer, as applicable, promptly following receipt thereof.


 


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 Pooling and Servicing Agreement or
be valid for any purpose.


 



    A-13-8


     


    

 










IN WITNESS WHEREOF,
the Certificate Administrator has caused this Class X-F Certificate to be duly executed.


 





	 	CITIBANK,
N.A., not in its individual capacity but solely as Certificate Administrator
	 	 	 
	 	By:	 
			Authorized Signatory


  


Dated: September 29, 2017


 


CERTIFICATE
OF AUTHENTICATION


 


This is one of the
Class X-F Certificates referred to in the Pooling and Servicing Agreement.


 


Dated: September 29, 2017


 





	 	CITIBANK,
N.A., not in its individual capacity but solely as Authenticating Agent
	 	 	 
	 	By:	 
			Authorized Signatory


  




    A-13-9


     


    

 


ASSIGNMENT


 


FOR VALUE RECEIVED,
the undersigned (“Assignor(s)”) hereby sell(s), assign(s) and transfer(s) unto  ___________________________
 (please print or typewrite name(s) and address(es), including postal zip code(s) of assignee(s))
(“Assignee(s)”) the entire Percentage Interest represented by the within Class X-F Certificate and hereby authorize(s)
the registration of transfer of such interest to Assignee(s) on the Certificate Register of the Trust Fund.


 


I (we) further direct
the Certificate Registrar to issue a new Class X-F Certificate of the entire Percentage Interest represented by the within Class
X-F Certificates to the above-named Assignee(s) and to deliver such Class X-F Certificate to the following address:


 


Date: _________________


	 	 	 
		 	Signature by or on behalf of Assignor(s)
	 	 	 
	 	 	Taxpayer Identification Number





 




    A-13-10


     


    

 


DISTRIBUTION INSTRUCTIONS


 


The Assignee(s) should include
the following for purposes of distribution:


 


Address of the Assignee(s)
for the purpose of receiving notices and distributions: __________________________________ Distributions, if being made by wire
transfer in immediately available funds to __________________________ for the account of __________________________ account number
____________________________. This information is provided by ______________________________, the Assignee(s) named above or ____________________________________
as its (their) agent.


	 	 	 
	 	By:	 
	 	 	[Please print or type name(s)]
	 	 	 
	 	 	Title
	 	 	 
	 	 	Taxpayer Identification Number


 










    A-13-11


     


    

 





EXHIBIT
A-14


 


CITIGROUP
COMMERCIAL MORTGAGE TRUST 2017-P8

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2017-P8, CLASS X-G


 


[THIS CERTIFICATE IS A TEMPORARY REGULATION
S GLOBAL CERTIFICATE FOR PURPOSES OF REGULATION S UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”). NEITHER THIS TEMPORARY REGULATION S GLOBAL CERTIFICATE NOR ANY INTEREST HEREIN MAY BE OFFERED, SOLD OR DELIVERED,
EXCEPT AS PERMITTED UNDER THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.


 


NO BENEFICIAL OWNERS OF THIS TEMPORARY
REGULATION S GLOBAL CERTIFICATE SHALL BE ENTITLED TO RECEIVE PAYMENTS OF PRINCIPAL OR INTEREST HEREON UNLESS THE REQUIRED CERTIFICATIONS
HAVE BEEN DELIVERED PURSUANT TO THE TERMS OF THE POOLING AND SERVICING AGREEMENT.]1


 


[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.]2


 


[TRANSFERS OF THIS GLOBAL CERTIFICATE SHALL
BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE,
AND TRANSFERS OF BENEFICIAL INTERESTS IN THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS
SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.]3


 


THIS CERTIFICATE DOES NOT REPRESENT AN
INTEREST IN OR OBLIGATION OF THE DEPOSITOR, THE SPONSORS, THE ORIGINATORS, THE MASTER SERVICER, THE SPECIAL SERVICER, THE TRUSTEE,
THE CERTIFICATE ADMINISTRATOR, THE OPERATING ADVISOR, the Asset representations reviewer,
THE CONTROLLING CLASS REPRESENTATIVE, THE RISK RETENTION CONSULTATION PARTY, ANY COMPANION LOAN HOLDER, THE INITIAL PURCHASERS
OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES NOR THE MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL
AGENCY OR INSTRUMENTALITY OR PRIVATE INSURER.


 


THE NOTIONAL AMOUNT OF THIS CERTIFICATE
WILL BE REDUCED IN CONNECTION WITH THE REDUCTION OF THE CERTIFICATE BALANCE OF THE CLASS G CERTIFICATES. ACCORDINGLY, THE NOTIONAL
AMOUNT OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL NOTIONAL AMOUNT SET FORTH BELOW.


 


THIS CLASS X-G CERTIFICATE WILL NOT BE
ENTITLED TO RECEIVE DISTRIBUTIONS OF PRINCIPAL.


 





 



 


1
       Temporary Regulation S Global Certificate legend.


 


2
       Legend required as long as DTC is the Depository under the Pooling and Servicing Agreement.


 


3
       Global Certificate legend.


 




    A-14-1


     


    

 


THIS CERTIFICATE HAS NOT BEEN AND WILL
NOT BE REGISTERED OR QUALIFIED UNDER THE 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 (A)(1) PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”) TO
A PERSON THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING OF RULE 144A (A
“QIB”), OR IS PURCHASING FOR THE ACCOUNT OF A QIB, AND WHOM THE HOLDER HAS INFORMED THAT THE REOFFER, RESALE,
PLEDGE, OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (2) IN AN “OFFSHORE TRANSACTION” TO AN INSTITUTION
THAT IS NOT A “U.S. PERSON”, AS SUCH TERMS ARE DEFINED IN, AND IN ACCORDANCE WITH RULE 903 OR RULE 904 OF, REGULATION
S UNDER THE SECURITIES ACT, OR (3) TO AN INSTITUTIONAL “ACCREDITED INVESTOR” WITHIN THE MEANING OF, OR IN WHICH ALL
THE EQUITY OWNERS COME WITHIN THE MEANING OF, RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT THAT IS
NOT A QIB, AND (B) IN EACH CASE IN ACCORDANCE WITH FEDERAL SECURITIES LAWS AND ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE
UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.


 


THIS CERTIFICATE MAY NOT BE PURCHASED BY
OR PLEDGED, SOLD OR OTHERWISE TRANSFERRED TO ANY PERSON THAT IS OR BECOMES (I) AN EMPLOYEE BENEFIT PLAN OR OTHER PLAN THAT IS SUBJECT
TO THE FIDUCIARY RESPONSIBILITY OR PROHIBITED TRANSACTION PROVISIONS OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS
AMENDED (“ERISA”), OR TO 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 THAT IS SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW (“SIMILAR
LAW”) THAT IS, TO A MATERIAL EXTENT, SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE CODE (EACH, A “PLAN”),
OR (II) AN ENTITY OR COLLECTIVE INVESTMENT FUND THE ASSETS OF WHICH ARE CONSIDERED PLAN ASSETS UNDER U.S. DEPARTMENT OF LABOR REG.
SECTION 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA, OR SIMILAR LAW OR OTHER PERSON ACTING ON BEHALF OF ANY SUCH PLAN OR
USING THE ASSETS OF SUCH PLAN TO ACQUIRE THIS CERTIFICATE, UNLESS (A)(I) SUCH PERSON IS AN “INSURANCE COMPANY GENERAL ACCOUNT”
WITHIN THE MEANING OF PROHIBITED TRANSACTION CLASS EXEMPTION 95-60, AND (II) ALL CONDITIONS OF SECTIONS I AND III OF PROHIBITED
TRANSACTION CLASS EXEMPTION 95-60 WILL BE MET WITH RESPECT TO SUCH INSURANCE COMPANY GENERAL ACCOUNT’S ACQUISITION, HOLDING
AND DISPOSITION OF THIS CERTIFICATE, OR (B) WITH RESPECT TO THE ACQUISITION, HOLDING OR DISPOSITION OF THIS CERTIFICATE BY ANY
GOVERNMENTAL PLAN OR OTHER PLAN SUBJECT TO SIMILAR LAW, SUCH ACQUISITION, HOLDING AND DISPOSITION BY SUCH GOVERNMENTAL PLAN WILL
NOT CONSTITUTE OR OTHERWISE RESULT IN A NON-EXEMPT VIOLATION OF SIMILAR LAW.


 


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.


 



    A-14-2


     


    

 


CITIGROUP
COMMERCIAL MORTGAGE TRUST 2017-P8

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2017-P8, CLASS X-G


 


	Pass-Through Rate:  Variable IO4	 	 
	 	 	 
	First Distribution Date: October 17, 2017	 	Cut-Off Date:  With respect to each Mortgage Loan, the Due Date in September 2017 for that Mortgage Loan (or, in the case of any Mortgage Loan that has its first Due Date subsequent to September 2017, the date that would have been its Due Date in September 2017 under the terms of that Mortgage Loan if a Monthly Payment were scheduled to be due in that month).
	 	 	 
	Aggregate Initial Notional Amount of the Class X-G Certificates:  $36,147,149	 	Scheduled Final Distribution Date:  the Distribution Date in September 2027


 


	
        CUSIP:  17326D BB75

        U1852D AH86

        17326D BC57

        	 	Initial Notional Amount of this Certificate: $[_____]
	 	 	 
	
        ISIN:      US17326DBB738

        USU1852DAH809

        US17326DBC5610

       	 	 
	 	 	 
	Common Code:  169462569	 	 
	No.:  [1]	 	 


 


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-G Certificates. The Trust Fund, described
more fully below, consists primarily of a pool of Mortgage Loans secured by first liens on commercial, multifamily and manufactured
housing community properties and held in trust by the Trustee and, other than in the case of the Outside Serviced Mortgage Loans,
serviced by the Master Servicer and the Special Servicer. The Trust Fund was created, and the Mortgage Loans (other than the Outside
Serviced Mortgage Loans) are to be serviced, pursuant to the Pooling 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 Pooling and Servicing
Agreement and is bound thereby. In the event that there is any conflict between any provision of this Certificate and any provision
of the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to the extent of such inconsistency.
Also issued under the Pooling and Servicing Agreement are the Class A-1, Class A-2, Class A-3, Class A-4, Class A-AB,
Class X-A, Class X-B, Class A-S, Class B, Class C, Class X-D, Class X-E, Class X-F, Class D, Class E,
Class F,


 


 



 


4
The initial approximate Pass-Through Rate as of the Closing Date is 1.272% per annum.


 


5
For Rule 144A Certificates


 


6
For Regulation S Certificates


 


7
For IAI Certificates


 


8
For Rule 144A Certificates


 


9
For Regulation S Certificates


 


10
For IAI Certificates


 







    A-14-3


     


    

 


Class G, Class R, Class S, Class V-1, Class V-2A, Class V-2B, Class V-2C, Class V-2D, Class V-2E, Class V-3AC, Class
V-3D and Class V-3E Certificates (together with the Class X-G Certificates, the “Certificates”; the Holders
of Certificates are collectively referred to herein as “Certificateholders”).


 


This Certificate is
issued pursuant to, and in accordance with, the terms of a Pooling and Servicing Agreement dated as of September 1, 2017 (the “Pooling
and Servicing Agreement”), between Citigroup Commercial Mortgage Securities Inc., as Depositor, Wells Fargo Bank, National
Association, as Master Servicer, KeyBank National Association, as Special Servicer, Pentalpha Surveillance LLC, as Operating Advisor
and Asset Representations Reviewer, Citibank, N.A., as Certificate Administrator, and Wilmington Trust, National Association, as
Trustee. To the extent not defined herein, capitalized terms used herein shall have the meanings assigned thereto in the Pooling
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.


 


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 Mortgage Loans and has executed this Certificate in its limited capacity as Certificate Administrator under the Pooling
and Servicing Agreement.


 


Pursuant to the terms
of the Pooling and Servicing Agreement, the Certificate Administrator will distribute (other than the final distribution on any
Certificate), on the 4th Business Day following the Determination Date in each month, commencing in October 2017 (each such date,
a “Distribution Date”), to the Person in whose name this Certificate is registered as of the related Record
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, with respect to the Class X-G Certificates for
such Distribution Date, all as more fully described in the Pooling and Servicing Agreement.


 


Interest accrued on
this Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this Certificate,
if any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement. The “Interest
Accrual Period” with respect to any Distribution Date and with respect to the Class X-G Certificates is the calendar
month preceding the month in which such Distribution Date occurs and is assumed to consist of 30 days.


 


All distributions
(other than the final distribution on any Certificate) will be made by the Certificate Administrator to the persons in whose names
the Certificates are registered at the close of business on each Record Date, which will be the last Business Day of the month
preceding the month in which such Distribution Date occurs. Distributions are required to be made by wire transfer of immediately
available funds to the account of such Certificateholder at a bank or other entity located in the United States and having appropriate
facilities to accept such funds, if such Certificateholder has provided the Certificate Administrator with written wiring instructions
no less than five (5) Business Days prior to the related Record Date (which wiring instructions may be in the form of a standing
order applicable to all subsequent distributions), or otherwise by check mailed to such Certificateholder. The final distribution
on each Certificate shall be made in like manner, but only upon presentation 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 a notice to Certificateholders of the pendency of the final distribution.


 


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 Section 9.01 of the Pooling 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 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.


 






    A-14-4


     


    

 


Subject to applicable state law with respect to escheatment of funds, if within two years after the second notice
any Certificates shall not have been surrendered for cancellation, the Paying Agent shall pay to the Class R Certificateholders
all amounts distributable to the Holders thereof. 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 Section 9.01 of the Pooling and Servicing Agreement.


 


This Certificate is
limited in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage Loans, as more
specifically set forth herein and in the Pooling and Servicing Agreement.


 


As provided in the
Pooling and Servicing Agreement, the Trust Fund includes: (i) such Mortgage Loans as from time to time are subject to the Pooling
and Servicing Agreement, together with the Mortgage Files relating thereto; (ii) all scheduled or unscheduled payments on or collections
in respect of the Mortgage Loans due after the Cut-Off Date or, with respect to a Qualified Substitute Mortgage Loan, the Due Date
in the month of substitution (exclusive of interest relating to periods prior to, but due after, the Cut-Off Date); (iii) any REO
Property (but, with respect to any REO Property relating to a Loan Combination, only to the extent of the Trust’s interest
in the related Loan Combination); (iv) all revenues received in respect of any REO Property (but, with respect to any REO Property
relating to a Loan Combination, only to the extent of the Trust’s interest in the related Loan Combination); (v) the Master
Servicer’s and the Trustee’s rights under the insurance policies with respect to the Mortgage Loans required to be
maintained pursuant to the Pooling and Servicing Agreement and any proceeds thereof; (vi) the Trustee’s rights in any Assignments
of Leases, Rents and Profits and any security agreements; (vii) the Trustee’s rights under any indemnities or guaranties
given as additional security for any Mortgage Loan; (viii) all of the Trustee’s and the Certificate Administrator’s
rights in the Escrow Accounts and Lock-Box Accounts and all proceeds of the Mortgage Loans deposited in the Collection Account,
the Distribution Account, the Excess Interest Distribution Account, the Interest Reserve Account, the Excess Liquidation Proceeds
Reserve Account and any REO Account, including any reinvestment income thereon; (ix) the Trustee’s rights in any environmental
indemnity agreements relating to the Mortgaged Properties; (x) the Depositor’s rights under the Mortgage Loan Purchase Agreements
and the SMC Guaranty to the extent assigned to the Trustee pursuant to Section 2.01 of the Pooling and Servicing Agreement; (xi)
the Lower-Tier Regular Interests; and (xii) the Loss of Value Reserve Fund.


 


This Certificate does
not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling 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 and Trustee.


 


As provided in the
Pooling and Servicing Agreement, subject to certain restrictions on transfer set forth therein, upon surrender for registration
of transfer of any Certificate, the Certificate Administrator shall execute, authenticate and deliver, in the name of the designated
transferee or transferees, one or more new Certificates in authorized denominations, in like aggregate interest and of the same
Class.


 


Prior to due presentation
of this Certificate for registration of transfer, the Master Servicer, the Special Servicer, the Operating Advisor, the Trustee,
the Certificate Administrator, the Certificate Registrar, and any agent of any of them, may treat the Person in whose name any
Certificate is registered as the owner of such Certificate for the purpose of receiving distributions as provided in the Pooling
and Servicing Agreement and for all other purposes whatsoever, and neither the Master Servicer, the Special Servicer, the Operating
Advisor, the Trustee, the Certificate Administrator, the Certificate Registrar, nor any agent of any of them shall be affected
by any notice to the contrary.


 


The Pooling and Servicing
Agreement or any Custodial Agreement may be amended from time to time by the Depositor, the Master Servicer, the Special Servicer,
the Operating Advisor, the Asset Representations Reviewer, the Custodian (if the Certificate Administrator is then acting as Custodian),
the Certificate Administrator and the Trustee, without the consent of any of the Certificateholders or, as applicable, any Companion
Loan Holder:


 


		(i)	to cure any ambiguity to the extent that it does not adversely affect any holders of Certificates;



 


		(ii)	to correct or supplement any of its provisions which may be inconsistent with any other provisions
of the Pooling and Servicing Agreement or with the description thereof in the Prospectus or to correct any error;



 



    A-14-5


     


    

 


		(iii)	to change the timing and/or nature of deposits in the Collection Account, the Excess Liquidation
Proceeds Reserve Account, the Excess Interest Distribution Account, the Distribution Account or any REO Account, provided that
(A) the Master Servicer Remittance Date shall in no event be later than the Business Day prior to the related Distribution
Date and (B) the change would not adversely affect in any material respect the interests of any Certificateholder, as evidenced
by an opinion of counsel (at the expense of the party requesting the amendment);



 


		(iv)	to modify, eliminate or add to any of its provisions (A) to the extent necessary to maintain the
qualification of either Trust REMIC as a REMIC or the Grantor Trust as a grantor trust or to avoid or minimize the risk of imposition
of any tax on the Trust Fund, provided that the Trustee and the Certificate Administrator have received an opinion of counsel (at
the expense of the party requesting the amendment) to the effect that (1) the action is necessary or desirable to maintain
such qualification or to avoid or minimize such risk and (2) the action will not adversely affect in any material respect the interests
of any holder of the Certificates, (B) to restrict (or to remove any existing restrictions with respect to) the transfer
of the Class R Certificates, provided that the Depositor has determined that the amendment will not give rise to any tax with respect
to the transfer of the Class R Certificates to a non-Permitted Transferee, (C) to the extent necessary to comply with the
Investment Company Act of 1940, as amended, the Exchange Act, Regulation AB, Regulation RR and/or any related regulatory actions
and/or interpretations or (D) in the event that Regulation RR (or any portion thereof) or any other regulations applicable to the
risk retention requirements for this securitization transaction are amended or repealed, to the extent required to comply with
any such amendment or to modify or eliminate any risk retention requirements no longer applicable to this securitization transaction
in light of such repeal;



 


		(v)	to make any other provisions with respect to matters or questions arising under the Pooling and
Servicing Agreement or any other change, provided that the amendment will not adversely affect in any material respect the
interests of any Certificateholder, as evidenced by an opinion of counsel;



 


		(vi)	to modify the procedures in the Pooling and Servicing Agreement relating to Rule 17g-5; provided
that such modification does not increase the obligations of the Trustee, the Certificate Administrator, the Operating Advisor,
the Asset Representations Reviewer, the Master Servicer or the Special Servicer without such party’s consent (which consent
may not be withheld unless such modification would materially adversely affect such party or materially increase such party’s
obligations under the Pooling and Servicing Agreement); provided, further that notice of such modification is provided
to all parties to the Pooling and Servicing Agreement; and



 


		(vii)	to amend or supplement any provision of the Pooling and Servicing Agreement to the extent necessary
to maintain the ratings assigned to each Class of Certificates by any of the Rating Agencies, provided that the amendment will
not adversely affect in any material respect the interests of any Certificateholder;



 


provided, further that no
amendment pursuant to any of clauses (i)-(vii) above may be made that would: (A) reduce the consent or consultation rights or the
right to receive information under the Pooling and Servicing Agreement of the Controlling Class Representative without the consent
of the Controlling Class Representative; (B) reduce the consultation rights or the right to receive information under the Pooling
and Servicing Agreement of the Operating Advisor without the consent of the Operating Advisor; (C) change in any manner the obligations
or rights of any Mortgage Loan Seller under the Pooling and Servicing Agreement or the applicable Mortgage Loan Purchase Agreement
without the consent of the affected Mortgage Loan Seller; (D) change in any manner the obligations or rights of any Underwriter
or Initial Purchaser, without the consent of the affected Underwriter or Initial Purchaser; or (E) adversely affect any Serviced
Companion Loan Holder in its capacity as such without its consent. Expenses incurred with respect to any amendment shall be borne
by the party requesting such amendment, unless the Master


 






    A-14-6


     


    

 


Servicer, the Special Servicer or the Trustee is requesting an amendment
for the benefit of the Certificateholders, then in which case such expense will be borne by the Trust.


 


The Pooling and Servicing
Agreement or any Custodial Agreement may also be amended from time to time by a writing signed by each of the Depositor, the Master
Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Custodian (if the Certificate Administrator
is then acting as Custodian), the Certificate Administrator and the Trustee with the consent of the Holders of Certificates representing
not less than 66-2/3% of the Percentage Interests of each Class of Certificates affected by the amendment for the purpose of adding
any provisions to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or of modifying
in any manner the rights of the Certificateholders; provided, however, that no such amendment shall:


 


		(i)	reduce in any manner the amount of, or delay the timing of, payments received on the Serviced Loans
which are required to be distributed on a Certificate of any Class or to any Serviced Companion Loan Holder, as applicable, without
the consent of the Holder of that Certificate or that Serviced Companion Loan Holder, as applicable,



 


		(ii)	reduce the aforesaid percentage of Certificates of any Class the Holders of which are required
to consent to the amendment without the consent of the Holders of all Certificates of that Class then outstanding,



 


		(iii)	change in any manner the obligations or rights of any Mortgage Loan Seller under the Pooling and
Servicing Agreement or the related Mortgage Loan Purchase Agreement without the consent of the affected Mortgage Loan Seller,



 


		(iv)	change the definition of “Servicing Standard” without either (A) consent of 100% of
the holders of the Certificates or (B) Rating Agency Confirmation,



 


		(v)	without the consent of 100% of the Certificateholders of the Class or Classes of Certificates adversely
affected thereby, change (A) the percentages of Voting Rights of Certificateholders which are required to consent to any action
or inaction under the Pooling and Servicing Agreement, (B) the right of the Certificateholders to remove the Special Servicer pursuant
to the Pooling and Servicing Agreement or (C) the right of the Certificateholders to terminate the Operating Advisor pursuant to
the Pooling and Servicing Agreement,



 


		(vi)	adversely affect the Controlling Class Representative without the consent of 100% of the Controlling
Class Certificateholders,



 


		(vii)	adversely affect a Serviced Companion Loan Holder in its capacity as such without its consent,
or



 


		(viii)	change in any manner the obligations or rights of any
Underwriter or Initial Purchaser without the consent of the affected Underwriter or Initial Purchaser.



 


The Holders of the
Controlling Class representing greater than 50% of the Certificate Balance of the Controlling Class may (or, if such Holders do
not, the Special Servicer, or if neither such Holders nor the Special Servicer do, the Master Servicer or, if none of such Holders,
the Special Servicer or the Master Servicer does, any Holders of Class R Certificates representing greater than a 50% Percentage
Interest in such Class, may also) effect an early termination of the Trust Fund, upon not less than 30 days’ prior notice
given to the parties (or, if applicable, the other parties) to the Pooling and Servicing Agreement (whereupon the Master Servicer
shall notify the Serviced Companion Loan Holders) any time on or after the Early Termination Notice Date specifying the Anticipated
Termination Date, by purchasing on such date all, but not less than all, of the Mortgage Loans (and in the case of the Serviced
Loan Combinations, subject to certain rights of the related Serviced Companion Loan Holder provided for in the related Co-Lender
Agreement) then included in the Trust Fund, and all property acquired by or on behalf of the Trust Fund (including the Trust Fund’s
interest in any REO Property acquired with respect to any Outside Serviced Mortgage Loan) in respect of any Mortgage Loan then
included in the Trust Fund, at a purchase price,


 






    A-14-7


     


    

 


payable in cash, equal to (i) the sum of (A) the Termination Purchase
Amount and (B) the reasonable out-of-pocket expenses of the Master Servicer (unless the Master Servicer is the purchaser of
such Mortgage Loans), the Special Servicer (unless the Special Servicer is the purchaser of such Mortgage Loans), the Trustee and
the Certificate Administrator, as applicable, with respect to such termination, minus (ii) solely in the case where the Master
Servicer or the Special Servicer is effecting such purchase, the aggregate amount of unreimbursed Advances, if any, made by the
Master Servicer or Special Servicer, as applicable, together with any interest accrued and payable to the Master Servicer or the
Special Servicer, as applicable, in respect of such Advances and any unpaid Servicing Fees or Special Servicing Fees, as applicable,
remaining outstanding (which items will be deemed to have been paid or reimbursed to the Master Servicer or the Special Servicer,
as applicable, in connection with such purchase).


 


Any Person(s) effecting
an early termination of the Trust Fund as provided in the prior paragraph shall first notify the Controlling Class Representative
and each Certifying Certificateholder, or, in the case of a termination by the Holder of a Class R Certificate, notify the
Certificate Administrator (who shall notify the Controlling Class Representative and each Certifying Certificateholder) of its
intention to do so in writing at least 30 days prior to the Anticipated Termination Date. All costs and expenses incurred by any
and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with the purchase of the Mortgage Loans
and other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement shall be borne by the
party exercising its purchase rights thereunder. The Certificate Administrator shall be entitled to rely conclusively on any determination
made by an Appraiser pursuant to Section 9.01(c) of the Pooling and Servicing Agreement.


 


The respective obligations
and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Operating Advisor, the Asset Representations
Reviewer, the Certificate Administrator and the Trustee created by the Pooling and Servicing Agreement with respect to the Certificates,
the Mortgage Loans and the Serviced Companion Loans (other than the obligation to make certain payments and to send certain notices
to Certificateholders as set forth in the Pooling and Servicing Agreement and to make any required remittances to the Serviced
Companion Loan Holders in the month in which the final Distribution Date occurs and certain tax-related obligations) shall terminate
immediately following the earlier to occur of (i) the purchase by Holders of the Controlling Class, the Special Servicer,
the Master Servicer or Holders of the Class R Certificates of all the Mortgage Loans and REO Properties (or interests therein)
then included in the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement, (ii) the exchange by the
Remaining Certificateholder of its Certificates for all the Mortgage Loans and REO Properties (or interests therein) then included
in the Trust Fund pursuant to Section 9.01(h) of the Pooling and Servicing Agreement and (iii) the final payment or other
liquidation (or any advance with respect thereto) of the last Mortgage Loan or REO Property (or interest therein) contained in
the Trust Fund; provided, however, that in no event shall the trust created by the Pooling and Servicing Agreement
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 of the Pooling and Servicing Agreement. All
such payments as contemplated by the preceding paragraph shall be deposited into the Collection Account by the Master Servicer
or Special Servicer, as applicable, promptly following receipt thereof.


 


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 Pooling and Servicing Agreement or
be valid for any purpose.


 



    A-14-8


     


    

 










IN WITNESS WHEREOF,
the Certificate Administrator has caused this Class X-G Certificate to be duly executed.


 





	 	CITIBANK,
N.A., not in its individual capacity but solely as Certificate Administrator
	 	 	 
	 	By:	 
			Authorized Signatory


  


Dated: September 29, 2017


 


CERTIFICATE
OF AUTHENTICATION


 


This is one of the
Class X-G Certificates referred to in the Pooling and Servicing Agreement.


 


Dated: September 29, 2017


 





	 	CITIBANK,
N.A., not in its individual capacity but solely as Authenticating Agent
	 	 	 
	 	By:	 
			Authorized Signatory


  




    A-14-9


     


    

 


ASSIGNMENT


 


FOR VALUE RECEIVED,
the undersigned (“Assignor(s)”) hereby sell(s), assign(s) and transfer(s) unto  ___________________________
 (please print or typewrite name(s) and address(es), including postal zip code(s) of assignee(s))
(“Assignee(s)”) the entire Percentage Interest represented by the within Class X-G Certificate and hereby authorize(s)
the registration of transfer of such interest to Assignee(s) on the Certificate Register of the Trust Fund.


 


I (we) further direct
the Certificate Registrar to issue a new Class X-G Certificate of the entire Percentage Interest represented by the within Class
X-G Certificates to the above-named Assignee(s) and to deliver such Class X-G Certificate to the following address:


 


Date: _________________


	 	 	 
		 	Signature by or on behalf of Assignor(s)
	 	 	 
	 	 	Taxpayer Identification Number





 




    A-14-10


     


    

 


DISTRIBUTION INSTRUCTIONS


 


The Assignee(s) should include
the following for purposes of distribution:


 


Address of the Assignee(s)
for the purpose of receiving notices and distributions: __________________________________ Distributions, if being made by wire
transfer in immediately available funds to __________________________ for the account of __________________________ account number
____________________________. This information is provided by ______________________________, the Assignee(s) named above or ____________________________________
as its (their) agent.


	 	 	 
	 	By:	 
	 	 	[Please print or type name(s)]
	 	 	 
	 	 	Title
	 	 	 
	 	 	Taxpayer Identification Number


 










    A-14-11


     


    

 


EXHIBIT
A-15


 


CITIGROUP
COMMERCIAL MORTGAGE TRUST 2017-P8

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2017-P8, CLASS D


 


[THIS CERTIFICATE IS A TEMPORARY REGULATION
S GLOBAL CERTIFICATE FOR PURPOSES OF REGULATION S UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”). NEITHER THIS TEMPORARY REGULATION S GLOBAL CERTIFICATE NOR ANY INTEREST HEREIN MAY BE OFFERED, SOLD OR DELIVERED,
EXCEPT AS PERMITTED UNDER THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.


 


NO BENEFICIAL OWNERS OF THIS TEMPORARY
REGULATION S GLOBAL CERTIFICATE SHALL BE ENTITLED TO RECEIVE PAYMENTS OF PRINCIPAL OR INTEREST HEREON UNLESS THE REQUIRED CERTIFICATIONS
HAVE BEEN DELIVERED PURSUANT TO THE TERMS OF THE POOLING AND SERVICING AGREEMENT.]1


 


[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.]2


 


[TRANSFERS OF THIS GLOBAL CERTIFICATE SHALL
BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE,
AND TRANSFERS OF BENEFICIAL INTERESTS IN THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS
SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.]3


 


THIS CERTIFICATE DOES NOT REPRESENT AN
INTEREST IN OR OBLIGATION OF THE DEPOSITOR, THE SPONSORS, THE ORIGINATORS, THE MASTER SERVICER, THE SPECIAL SERVICER, THE TRUSTEE,
THE CERTIFICATE ADMINISTRATOR, THE OPERATING ADVISOR, the Asset representations reviewer,
THE CONTROLLING CLASS REPRESENTATIVE, THE RISK RETENTION CONSULTATION PARTY, ANY COMPANION LOAN HOLDER, THE INITIAL PURCHASERS
OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES NOR THE MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL
AGENCY OR INSTRUMENTALITY OR PRIVATE INSURER.


 


PRINCIPAL PAYMENTS IN RESPECT OF THIS CERTIFICATE
ARE DISTRIBUTABLE AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT. ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE OF THIS
CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.


 


DISTRIBUTIONS OF PRINCIPAL
AND INTEREST ON THIS CERTIFICATE ARE SUBORDINATED TO DISTRIBUTIONS OF PRINCIPAL AND INTEREST ON OTHER CLASSES OF CERTIFICATES OF
THE SAME SERIES.


 


 






 





1
       Temporary Regulation S Global Certificate legend.


 


2
       Legend required as long as DTC is the Depository under the Pooling and Servicing Agreement.


 


3
       Global Certificate legend.


 




    A-15-1


     


    

 


THIS CERTIFICATE HAS NOT BEEN AND WILL
NOT BE REGISTERED OR QUALIFIED UNDER THE 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 (A)(1) PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”) TO
A PERSON THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING OF RULE 144A (A
“QIB”), OR IS PURCHASING FOR THE ACCOUNT OF A QIB, AND WHOM THE HOLDER HAS INFORMED THAT THE REOFFER, RESALE,
PLEDGE, OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (2) IN AN “OFFSHORE TRANSACTION” TO AN INSTITUTION
THAT IS NOT A “U.S. PERSON”, AS SUCH TERMS ARE DEFINED IN, AND IN ACCORDANCE WITH RULE 903 OR RULE 904 OF, REGULATION
S UNDER THE SECURITIES ACT, OR (3) TO AN INSTITUTIONAL “ACCREDITED INVESTOR” WITHIN THE MEANING OF, OR IN WHICH ALL
THE EQUITY OWNERS COME WITHIN THE MEANING OF, RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT THAT IS
NOT A QIB, AND (B) IN EACH CASE IN ACCORDANCE WITH FEDERAL SECURITIES LAWS AND ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE
UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.


 


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.


 



    A-15-2


     


    

 


CITIGROUP
COMMERCIAL MORTGAGE TRUST 2017-P8

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2017-P8, CLASS D


 


	Pass-Through Rate:  3.000% per annum	 	 
	 	 	 
	First Distribution Date: October 17, 2017	 	Cut-Off Date:  With respect to each Mortgage Loan, the Due Date in September 2017 for that Mortgage Loan (or, in the case of any Mortgage Loan that has its first Due Date subsequent to September 2017, the date that would have been its Due Date in September 2017 under the terms of that Mortgage Loan if a Monthly Payment were scheduled to be due in that month).
	 	 	 
	Aggregate Initial Certificate Balance of the Class D Certificates:  $47,765,000	 	Scheduled Final Distribution Date: the Distribution Date in September 2027


 





	
        CUSIP:   17326D AM44

        U1852D AA35

        17326D AN26

        

        

        	 	Initial Certificate Balance of this Certificate: $[_____]
	 	 	 
	
        ISIN:       US17326DAM487

        USU1852DAA388

        US17326DAN219

        	 	 
	 	 	 
	Common Code: 169462488	 	 
	 	 	 
	No.:  [1]	 	 


 


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 pool of Mortgage Loans secured by first liens on commercial, multifamily and manufactured
housing community properties and held in trust by the Trustee and, other than in the case of the Outside Serviced Mortgage Loans,
serviced by the Master Servicer and the Special Servicer. The Trust Fund was created, and the Mortgage Loans (other than the Outside
Serviced Mortgage Loans) are to be serviced, pursuant to the Pooling 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 Pooling and Servicing
Agreement and is bound thereby. In the event that there is any conflict between any provision of this Certificate and any provision
of the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to the extent of such inconsistency.
Also issued under the Pooling and Servicing Agreement are the Class A-1, Class A-2, Class A-3, Class A-4, Class A-AB,


 


 



 


4
For Rule 144A Certificates


 


5
For Regulation S Certificates


 


6
For IAI Certificates


 


7
For Rule 144A Certificates


 


8
For Regulation S Certificates


 


9
For IAI Certificates


 







    A-15-3


     


    

 


Class X-A, Class X-B, Class A-S, Class B, Class C, Class X-D, Class X-E, Class X-F, Class X-G, Class E, Class F,
Class G, Class R, Class S, Class V-1, Class V-2A, Class V-2B, Class V-2C, Class V-2D, Class V-2E, Class V-3AC, Class V-3D and Class
V-3E Certificates (together with the Class D Certificates, the “Certificates”; the Holders of Certificates
are collectively referred to herein as “Certificateholders”).


 


This Certificate is
issued pursuant to, and in accordance with, the terms of a Pooling and Servicing Agreement dated as of September 1, 2017 (the “Pooling
and Servicing Agreement”), between Citigroup Commercial Mortgage Securities Inc., as Depositor, Wells Fargo Bank, National
Association, as Master Servicer, KeyBank National Association, as Special Servicer, Pentalpha Surveillance LLC, as Operating Advisor
and Asset Representations Reviewer, Citibank, N.A., as Certificate Administrator, and Wilmington Trust, National Association, as
Trustee. To the extent not defined herein, capitalized terms used herein shall have the meanings assigned thereto in the Pooling
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.


 


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 Mortgage Loans and has executed this Certificate in its limited capacity as Certificate Administrator under the Pooling
and Servicing Agreement.


 


Pursuant to the terms
of the Pooling and Servicing Agreement, the Certificate Administrator will distribute (other than the final distribution on any
Certificate), on the 4th Business Day following the Determination Date in each month, commencing in October 2017 (each such date,
a “Distribution Date”), to the Person in whose name this Certificate is registered as of the related Record
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, with respect to the Class D
Certificates for such Distribution Date, all as more fully described in the Pooling and Servicing Agreement. Holders of this Certificate
may be entitled to a share of Yield Maintenance Charges, as provided in the Pooling and Servicing Agreement.


 


Interest accrued on
this Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this Certificate,
if any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement. The “Interest
Accrual Period” with respect to any Distribution Date and with respect to the Class D Certificates is the calendar
month preceding the month in which such Distribution Date occurs and is assumed to consist of 30 days.


 


All distributions
(other than the final distribution on any Certificate) will be made by the Certificate Administrator to the persons in whose names
the Certificates are registered at the close of business on each Record Date, which will be the last Business Day of the month
preceding the month in which such Distribution Date occurs. Distributions are required to be made by wire transfer of immediately
available funds to the account of such Certificateholder at a bank or other entity located in the United States and having appropriate
facilities to accept such funds, if such Certificateholder has provided the Certificate Administrator with written wiring instructions
no less than five (5) Business Days prior to the related Record Date (which wiring instructions may be in the form of a standing
order applicable to all subsequent distributions), or otherwise by check mailed to such Certificateholder. The final distribution
on each Certificate shall be made in like manner, but only upon presentation 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 a notice to Certificateholders of the pendency of the final distribution.


 


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 Section 9.01 of the Pooling 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 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


 






    A-15-4


     


    

 


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. Subject to applicable state law with respect to escheatment of funds, if within two years after the second notice
any Certificates shall not have been surrendered for cancellation, the Paying Agent shall pay to the Class R Certificateholders
all amounts distributable to the Holders thereof. 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 Section 9.01 of the Pooling and Servicing Agreement.


 


This Certificate is
limited in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage Loans, as more
specifically set forth herein and in the Pooling and Servicing Agreement.


 


As provided in the
Pooling and Servicing Agreement, the Trust Fund includes: (i) such Mortgage Loans as from time to time are subject to the Pooling
and Servicing Agreement, together with the Mortgage Files relating thereto; (ii) all scheduled or unscheduled payments on or collections
in respect of the Mortgage Loans due after the Cut-Off Date or, with respect to a Qualified Substitute Mortgage Loan, the Due Date
in the month of substitution (exclusive of interest relating to periods prior to, but due after, the Cut-Off Date); (iii) any REO
Property (but, with respect to any REO Property relating to a Loan Combination, only to the extent of the Trust’s interest
in the related Loan Combination); (iv) all revenues received in respect of any REO Property (but, with respect to any REO Property
relating to a Loan Combination, only to the extent of the Trust’s interest in the related Loan Combination); (v) the Master
Servicer’s and the Trustee’s rights under the insurance policies with respect to the Mortgage Loans required to be
maintained pursuant to the Pooling and Servicing Agreement and any proceeds thereof; (vi) the Trustee’s rights in any Assignments
of Leases, Rents and Profits and any security agreements; (vii) the Trustee’s rights under any indemnities or guaranties
given as additional security for any Mortgage Loan; (viii) all of the Trustee’s and the Certificate Administrator’s
rights in the Escrow Accounts and Lock-Box Accounts and all proceeds of the Mortgage Loans deposited in the Collection Account,
the Distribution Account, the Excess Interest Distribution Account, the Interest Reserve Account, the Excess Liquidation Proceeds
Reserve Account and any REO Account, including any reinvestment income thereon; (ix) the Trustee’s rights in any environmental
indemnity agreements relating to the Mortgaged Properties; (x) the Depositor’s rights under the Mortgage Loan Purchase Agreements
and the SMC Guaranty to the extent assigned to the Trustee pursuant to Section 2.01 of the Pooling and Servicing Agreement; (xi)
the Lower-Tier Regular Interests; and (xii) the Loss of Value Reserve Fund.


 


This Certificate does
not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling 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 and Trustee.


 


As provided in the
Pooling and Servicing Agreement, subject to certain restrictions on transfer set forth therein, upon surrender for registration
of transfer of any Certificate, the Certificate Administrator shall execute, authenticate and deliver, in the name of the designated
transferee or transferees, one or more new Certificates in authorized denominations, in like aggregate interest and of the same
Class.


 


Prior to due presentation
of this Certificate for registration of transfer, the Master Servicer, the Special Servicer, the Operating Advisor, the Trustee,
the Certificate Administrator, the Certificate Registrar, and any agent of any of them, may treat the Person in whose name any
Certificate is registered as the owner of such Certificate for the purpose of receiving distributions as provided in the Pooling
and Servicing Agreement and for all other purposes whatsoever, and neither the Master Servicer, the Special Servicer, the Operating
Advisor, the Trustee, the Certificate Administrator, the Certificate Registrar, nor any agent of any of them shall be affected
by any notice to the contrary.


 


The Pooling and Servicing
Agreement or any Custodial Agreement may be amended from time to time by the Depositor, the Master Servicer, the Special Servicer,
the Operating Advisor, the Asset Representations Reviewer, the Custodian (if the Certificate Administrator is then acting as Custodian),
the Certificate Administrator and the Trustee, without the consent of any of the Certificateholders or, as applicable, any Companion
Loan Holder:


 


		(i)	to cure any ambiguity to the extent that it does not adversely affect any holders of Certificates;



 



    A-15-5


     


    

 


		(ii)	to correct or supplement any of its provisions which may be inconsistent with any other provisions
of the Pooling and Servicing Agreement or with the description thereof in the Prospectus or to correct any error;



 


		(iii)	to change the timing and/or nature of deposits in the Collection Account, the Excess Liquidation
Proceeds Reserve Account, the Excess Interest Distribution Account, the Distribution Account or any REO Account, provided that
(A) the Master Servicer Remittance Date shall in no event be later than the Business Day prior to the related Distribution
Date and (B) the change would not adversely affect in any material respect the interests of any Certificateholder, as evidenced
by an opinion of counsel (at the expense of the party requesting the amendment);



 


		(iv)	to modify, eliminate or add to any of its provisions (A) to the extent necessary to maintain the
qualification of either Trust REMIC as a REMIC or the Grantor Trust as a grantor trust or to avoid or minimize the risk of imposition
of any tax on the Trust Fund, provided that the Trustee and the Certificate Administrator have received an opinion of counsel (at
the expense of the party requesting the amendment) to the effect that (1) the action is necessary or desirable to maintain
such qualification or to avoid or minimize such risk and (2) the action will not adversely affect in any material respect the interests
of any holder of the Certificates, (B) to restrict (or to remove any existing restrictions with respect to) the transfer
of the Class R Certificates, provided that the Depositor has determined that the amendment will not give rise to any tax with respect
to the transfer of the Class R Certificates to a non-Permitted Transferee, (C) to the extent necessary to comply with the
Investment Company Act of 1940, as amended, the Exchange Act, Regulation AB, Regulation RR and/or any related regulatory actions
and/or interpretations or (D) in the event that Regulation RR (or any portion thereof) or any other regulations applicable to the
risk retention requirements for this securitization transaction are amended or repealed, to the extent required to comply with
any such amendment or to modify or eliminate any risk retention requirements no longer applicable to this securitization transaction
in light of such repeal;



 


		(v)	to make any other provisions with respect to matters or questions arising under the Pooling and
Servicing Agreement or any other change, provided that the amendment will not adversely affect in any material respect the
interests of any Certificateholder, as evidenced by an opinion of counsel;



 


		(vi)	to modify the procedures in the Pooling and Servicing Agreement relating to Rule 17g-5; provided
that such modification does not increase the obligations of the Trustee, the Certificate Administrator, the Operating Advisor,
the Asset Representations Reviewer, the Master Servicer or the Special Servicer without such party’s consent (which consent
may not be withheld unless such modification would materially adversely affect such party or materially increase such party’s
obligations under the Pooling and Servicing Agreement); provided, further that notice of such modification is provided
to all parties to the Pooling and Servicing Agreement; and



 


		(vii)	to amend or supplement any provision of the Pooling and Servicing Agreement to the extent necessary
to maintain the ratings assigned to each Class of Certificates by any of the Rating Agencies, provided that the amendment will
not adversely affect in any material respect the interests of any Certificateholder;



 


provided, further
that no amendment pursuant to any of clauses (i)-(vii) above may be made that would: (A) reduce the consent or consultation rights
or the right to receive information under the Pooling and Servicing Agreement of the Controlling Class Representative without the
consent of the Controlling Class Representative; (B) reduce the consultation rights or the right to receive information under the
Pooling and Servicing Agreement of the Operating Advisor without the consent of the Operating Advisor; (C) change in any manner
the obligations or rights of any Mortgage Loan Seller under the Pooling and Servicing Agreement or the applicable Mortgage Loan
Purchase Agreement without the consent of the affected Mortgage Loan Seller; (D) change in any manner the obligations or


 






    A-15-6


     


    

 


rights of any Underwriter or Initial Purchaser, without the consent of the affected Underwriter or Initial Purchaser; or (E) adversely
affect any Serviced Companion Loan Holder in its capacity as such without its consent. Expenses incurred with respect to any amendment
shall be borne by the party requesting such amendment, unless the Master Servicer, the Special Servicer or the Trustee is requesting
an amendment for the benefit of the Certificateholders, then in which case such expense will be borne by the Trust.


 


The Pooling and Servicing
Agreement or any Custodial Agreement may also be amended from time to time by a writing signed by each of the Depositor, the Master
Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Custodian (if the Certificate Administrator
is then acting as Custodian), the Certificate Administrator and the Trustee with the consent of the Holders of Certificates representing
not less than 66-2/3% of the Percentage Interests of each Class of Certificates affected by the amendment for the purpose of adding
any provisions to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or of modifying
in any manner the rights of the Certificateholders; provided, however, that no such amendment shall:


 


		(i)	reduce in any manner the amount of, or delay the timing of, payments received on the Serviced Loans
which are required to be distributed on a Certificate of any Class or to any Serviced Companion Loan Holder, as applicable, without
the consent of the Holder of that Certificate or that Serviced Companion Loan Holder, as applicable,



 


		(ii)	reduce the aforesaid percentage of Certificates of any Class the Holders of which are required
to consent to the amendment without the consent of the Holders of all Certificates of that Class then outstanding,



 


		(iii)	change in any manner the obligations or rights of any Mortgage Loan Seller under the Pooling and
Servicing Agreement or the related Mortgage Loan Purchase Agreement without the consent of the affected Mortgage Loan Seller,



 


		(iv)	change the definition of “Servicing Standard” without either (A) consent of 100% of
the holders of the Certificates or (B) Rating Agency Confirmation,



 


		(v)	without the consent of 100% of the Certificateholders of the Class or Classes of Certificates adversely
affected thereby, change (A) the percentages of Voting Rights of Certificateholders which are required to consent to any action
or inaction under the Pooling and Servicing Agreement, (B) the right of the Certificateholders to remove the Special Servicer pursuant
to the Pooling and Servicing Agreement or (C) the right of the Certificateholders to terminate the Operating Advisor pursuant to
the Pooling and Servicing Agreement,



 


		(vi)	adversely affect the Controlling Class Representative without the consent of 100% of the Controlling
Class Certificateholders,



 


		(vii)	adversely affect a Serviced Companion Loan Holder in its capacity as such without its consent,
or



 


		(viii)	change in any manner the obligations or rights of any Underwriter or Initial Purchaser without
the consent of the affected Underwriter or Initial Purchaser.



 


The Holders of the
Controlling Class representing greater than 50% of the Certificate Balance of the Controlling Class may (or, if such Holders do
not, the Special Servicer, or if neither such Holders nor the Special Servicer do, the Master Servicer or, if none of such Holders,
the Special Servicer or the Master Servicer does, any Holders of Class R Certificates representing greater than a 50% Percentage
Interest in such Class, may also) effect an early termination of the Trust Fund, upon not less than 30 days’ prior notice
given to the parties (or, if applicable, the other parties) to the Pooling and Servicing Agreement (whereupon the Master Servicer
shall notify the Serviced Companion Loan Holders) any time on or after the Early Termination Notice Date specifying the Anticipated
Termination Date, by purchasing on such date all, but not less than all, of the Mortgage Loans (and in the case of the Serviced
Loan Combinations, subject to certain rights of the related Serviced Companion Loan Holder provided for


 






    A-15-7


     


    

 


in the related Co-Lender
Agreement) then included in the Trust Fund, and all property acquired by or on behalf of the Trust Fund (including the Trust Fund’s
interest in any REO Property acquired with respect to any Outside Serviced Mortgage Loan) in respect of any Mortgage Loan then
included in the Trust Fund, at a purchase price, payable in cash, equal to (i) the sum of (A) the Termination Purchase
Amount and (B) the reasonable out-of-pocket expenses of the Master Servicer (unless the Master Servicer is the purchaser of
such Mortgage Loans), the Special Servicer (unless the Special Servicer is the purchaser of such Mortgage Loans), the Trustee and
the Certificate Administrator, as applicable, with respect to such termination, minus (ii) solely in the case where the Master
Servicer or the Special Servicer is effecting such purchase, the aggregate amount of unreimbursed Advances, if any, made by the
Master Servicer or Special Servicer, as applicable, together with any interest accrued and payable to the Master Servicer or the
Special Servicer, as applicable, in respect of such Advances and any unpaid Servicing Fees or Special Servicing Fees, as applicable,
remaining outstanding (which items will be deemed to have been paid or reimbursed to the Master Servicer or the Special Servicer,
as applicable, in connection with such purchase).


 


Any Person(s) effecting
an early termination of the Trust Fund as provided in the prior paragraph shall first notify the Controlling Class Representative
and each Certifying Certificateholder, or, in the case of a termination by the Holder of a Class R Certificate, notify the
Certificate Administrator (who shall notify the Controlling Class Representative and each Certifying Certificateholder) of its
intention to do so in writing at least 30 days prior to the Anticipated Termination Date. All costs and expenses incurred by any
and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with the purchase of the Mortgage Loans
and other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement shall be borne by the
party exercising its purchase rights thereunder. The Certificate Administrator shall be entitled to rely conclusively on any determination
made by an Appraiser pursuant to Section 9.01(c) of the Pooling and Servicing Agreement.


 


The respective obligations
and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Operating Advisor, the Asset Representations
Reviewer, the Certificate Administrator and the Trustee created by the Pooling and Servicing Agreement with respect to the Certificates,
the Mortgage Loans and the Serviced Companion Loans (other than the obligation to make certain payments and to send certain notices
to Certificateholders as set forth in the Pooling and Servicing Agreement and to make any required remittances to the Serviced
Companion Loan Holders in the month in which the final Distribution Date occurs and certain tax-related obligations) shall terminate
immediately following the earlier to occur of (i) the purchase by Holders of the Controlling Class, the Special Servicer,
the Master Servicer or Holders of the Class R Certificates of all the Mortgage Loans and REO Properties (or interests therein)
then included in the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement, (ii) the exchange by the
Remaining Certificateholder of its Certificates for all the Mortgage Loans and REO Properties (or interests therein) then included
in the Trust Fund pursuant to Section 9.01(h) of the Pooling and Servicing Agreement and (iii) the final payment or other
liquidation (or any advance with respect thereto) of the last Mortgage Loan or REO Property (or interest therein) contained in
the Trust Fund; provided, however, that in no event shall the trust created by the Pooling and Servicing Agreement
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 of the Pooling and Servicing Agreement. All
such payments as contemplated by the preceding paragraph shall be deposited into the Collection Account by the Master Servicer
or Special Servicer, as applicable, promptly following receipt thereof.


 


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 Pooling and Servicing Agreement or
be valid for any purpose.


 



    A-15-8


     


    

 










IN WITNESS WHEREOF,
the Certificate Administrator has caused this Class D Certificate to be duly executed.


 





	 	CITIBANK,
N.A., not in its individual capacity but solely as Certificate Administrator
	 	 	 
	 	By:	 
			Authorized Signatory


  


Dated: September 29, 2017


 


CERTIFICATE
OF AUTHENTICATION


 


This is one of the
Class D Certificates referred to in the Pooling and Servicing Agreement.


 


Dated: September 29, 2017


 





	 	CITIBANK,
N.A., not in its individual capacity but solely as Authenticating Agent
	 	 	 
	 	By:	 
			Authorized Signatory


  




    A-15-9


     


    

 


ASSIGNMENT


 


FOR VALUE RECEIVED,
the undersigned (“Assignor(s)”) hereby sell(s), assign(s) and transfer(s) unto  ___________________________
 (please print or typewrite name(s) and address(es), including postal zip code(s) of assignee(s))
(“Assignee(s)”) the entire Percentage Interest represented by the within Class D Certificate and hereby authorize(s)
the registration of transfer of such interest to Assignee(s) on the Certificate Register of the Trust Fund.


 


I (we) further direct
the Certificate Registrar to issue a new Class D Certificate of the entire Percentage Interest represented by the within Class
D Certificates to the above-named Assignee(s) and to deliver such Class D Certificate to the following address:


 


Date: _________________


	 	 	 
		 	Signature by or on behalf of Assignor(s)
	 	 	 
	 	 	Taxpayer Identification Number





 




    A-15-10


     


    

 


DISTRIBUTION INSTRUCTIONS


 


The Assignee(s) should include
the following for purposes of distribution:


 


Address of the Assignee(s)
for the purpose of receiving notices and distributions: __________________________________ Distributions, if being made by wire
transfer in immediately available funds to __________________________ for the account of __________________________ account number
____________________________. This information is provided by ______________________________, the Assignee(s) named above or ____________________________________
as its (their) agent.


	 	 	 
	 	By:	 
	 	 	[Please print or type name(s)]
	 	 	 
	 	 	Title
	 	 	 
	 	 	Taxpayer Identification Number


 










    A-15-11


     


    

 


EXHIBIT
A-16


 


CITIGROUP
COMMERCIAL MORTGAGE TRUST 2017-P8

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2017-P8, CLASS E


 


[THIS CERTIFICATE IS A TEMPORARY REGULATION
S GLOBAL CERTIFICATE FOR PURPOSES OF REGULATION S UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”). NEITHER THIS TEMPORARY REGULATION S GLOBAL CERTIFICATE NOR ANY INTEREST HEREIN MAY BE OFFERED, SOLD OR DELIVERED,
EXCEPT AS PERMITTED UNDER THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.


 


NO BENEFICIAL OWNERS OF THIS TEMPORARY
REGULATION S GLOBAL CERTIFICATE SHALL BE ENTITLED TO RECEIVE PAYMENTS OF PRINCIPAL OR INTEREST HEREON UNLESS THE REQUIRED CERTIFICATIONS
HAVE BEEN DELIVERED PURSUANT TO THE TERMS OF THE POOLING AND SERVICING AGREEMENT.]1


 


[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.]2


 


[TRANSFERS OF THIS GLOBAL CERTIFICATE SHALL
BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE,
AND TRANSFERS OF BENEFICIAL INTERESTS IN THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS
SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.]3


 


THIS CERTIFICATE DOES NOT REPRESENT AN
INTEREST IN OR OBLIGATION OF THE DEPOSITOR, THE SPONSORS, THE ORIGINATORS, THE MASTER SERVICER, THE SPECIAL SERVICER, THE TRUSTEE,
THE CERTIFICATE ADMINISTRATOR, THE OPERATING ADVISOR, the Asset representations reviewer,
THE CONTROLLING CLASS REPRESENTATIVE, THE RISK RETENTION CONSULTATION PARTY, ANY COMPANION LOAN HOLDER, THE initial
purchasers OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES NOR THE MORTGAGE LOANS ARE INSURED OR GUARANTEED
BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY OR PRIVATE INSURER.


 


PRINCIPAL PAYMENTS IN RESPECT OF THIS CERTIFICATE
ARE DISTRIBUTABLE AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT. ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE OF THIS
CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.


 


DISTRIBUTIONS OF PRINCIPAL AND INTEREST
ON THIS CERTIFICATE ARE SUBORDINATED TO DISTRIBUTIONS OF PRINCIPAL AND INTEREST ON OTHER CLASSES OF CERTIFICATES OF THE SAME SERIES.


 


 



 


1
       Temporary Regulation S Global Certificate legend.


 


2
       Legend required as long as DTC is the Depository under the Pooling and Servicing Agreement. 


 


3
       Global Certificate legend.


 




    A-16-1


     


    

 


THIS CERTIFICATE HAS
NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE 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 (A)(1) PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”)
TO A PERSON THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING OF RULE 144A
(A “QIB”), OR IS PURCHASING FOR THE ACCOUNT OF A QIB, AND WHOM THE HOLDER HAS INFORMED THAT THE REOFFER, RESALE, PLEDGE,
OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (2) IN AN “OFFSHORE TRANSACTION” TO AN INSTITUTION THAT IS
NOT A “U.S. PERSON”, AS SUCH TERMS ARE DEFINED IN, AND IN ACCORDANCE WITH RULE 903 OR RULE 904 OF, REGULATION S UNDER
THE SECURITIES ACT, OR (3) TO AN INSTITUTIONAL “ACCREDITED INVESTOR” WITHIN THE MEANING OF, OR IN WHICH ALL THE EQUITY
OWNERS COME WITHIN THE MEANING OF, RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT THAT IS NOT A QIB,
AND (B) IN EACH CASE IN ACCORDANCE WITH FEDERAL SECURITIES LAWS AND ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES
OR ANY OTHER APPLICABLE JURISDICTION.


 


THIS CERTIFICATE MAY
NOT BE PURCHASED BY OR PLEDGED, SOLD OR OTHERWISE TRANSFERRED TO ANY PERSON THAT IS OR BECOMES (I) AN EMPLOYEE BENEFIT PLAN OR
OTHER PLAN THAT IS SUBJECT TO THE FIDUCIARY RESPONSIBILITY OR PROHIBITED TRANSACTION PROVISIONS OF THE EMPLOYEE RETIREMENT INCOME
SECURITY ACT OF 1974, AS AMENDED (“ERISA”), OR TO 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 THAT IS SUBJECT TO ANY FEDERAL,
STATE OR LOCAL LAW (“SIMILAR LAW”) THAT IS, TO A MATERIAL EXTENT, SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE
CODE (EACH, A “PLAN”), OR (II) AN ENTITY OR COLLECTIVE INVESTMENT FUND THE ASSETS OF WHICH ARE CONSIDERED PLAN ASSETS
UNDER U.S. DEPARTMENT OF LABOR REG. SECTION 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA, OR SIMILAR LAW OR OTHER PERSON ACTING
ON BEHALF OF ANY SUCH PLAN OR USING THE ASSETS OF SUCH PLAN TO ACQUIRE THIS CERTIFICATE, UNLESS (A)(I) SUCH PERSON IS AN “INSURANCE
COMPANY GENERAL ACCOUNT” WITHIN THE MEANING OF PROHIBITED TRANSACTION CLASS EXEMPTION 95-60, AND (II) ALL CONDITIONS OF SECTIONS
I AND III OF PROHIBITED TRANSACTION CLASS EXEMPTION 95-60 WILL BE MET WITH RESPECT TO SUCH INSURANCE COMPANY GENERAL ACCOUNT’S
ACQUISITION, HOLDING AND DISPOSITION OF THIS CERTIFICATE, OR (B) WITH RESPECT TO THE ACQUISITION, HOLDING OR DISPOSITION OF THIS
CERTIFICATE BY ANY GOVERNMENTAL PLAN OR OTHER PLAN SUBJECT TO SIMILAR LAW, SUCH ACQUISITION, HOLDING AND DISPOSITION BY SUCH GOVERNMENTAL
PLAN WILL NOT CONSTITUTE OR OTHERWISE RESULT IN A NON-EXEMPT VIOLATION OF SIMILAR LAW.


 


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.





 



    A-16-2


     


    




 


CITIGROUP
COMMERCIAL MORTGAGE TRUST 2017-P8

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2017-P8, CLASS E


 


	Pass-Through Rate:  3.000% per annum	 	 
	 	 	 
	First Distribution Date: October 17, 2017	 	Cut-Off Date:  With respect to each Mortgage Loan, the Due Date in September 2017 for that Mortgage Loan (or, in the case of any Mortgage Loan that has its first Due Date subsequent to September 2017, the date that would have been its Due Date in September 2017 under the terms of that Mortgage Loan if a Monthly Payment were scheduled to be due in that month).
	 	 	 
	Aggregate Initial Certificate Balance of the Class E Certificates: $20,655,000	 	Scheduled Final Distribution Date: the Distribution Date in September 2027


 





	
        CUSIP:  17326D AP74

        U1852D AB15

        17326D AQ56
	 	Initial Certificate Balance of this Certificate: $[_____]
	 	 	 
	
        ISIN:      US17326DAP787

        USU1852DAB118

        US17326DAQ519

        	 	 
	 	 	 
	Common Code: 169462496	 	 
	 	 	 
	No.:  [1]	 	 


 


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 pool of Mortgage Loans secured by first liens on commercial, multifamily and manufactured
housing community properties and held in trust by the Trustee and, other than in the case of the Outside Serviced Mortgage Loans,
serviced by the Master Servicer and the Special Servicer. The Trust Fund was created, and the Mortgage Loans (other than the Outside
Serviced Mortgage Loans) are to be serviced, pursuant to the Pooling 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 Pooling and Servicing
Agreement and is bound thereby. In the event that there is any conflict between any provision of this Certificate and any provision
of the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to the extent of such inconsistency.
Also issued under the Pooling and Servicing Agreement are the Class A-1, Class A-2, Class A-3, Class A-4, Class A-AB,


 





 



 





4
For Rule 144A Certificates


 


5
For Regulation S Certificates


 


6
For IAI Certificates


 


7
For Rule 144A Certificates


 


8
For Regulation S Certificates


 


9
For IAI Certificates


 







    A-16-3


     


    

 


Class X-A, Class X-B, Class A-S, Class B, Class C, Class X-D, Class X-E, Class X-F, Class X-G, Class D, Class F,
Class G, Class R, Class S, Class V-1, Class V-2A, Class V-2B, Class V-2C, Class V-2D, Class V-2E, Class V-3AC, Class V-3D and Class
V-3E Certificates (together with the Class E Certificates, the “Certificates”; the Holders of Certificates are
collectively referred to herein as “Certificateholders”).


 


This Certificate is
issued pursuant to, and in accordance with, the terms of a Pooling and Servicing Agreement dated as of September 1, 2017 (the “Pooling
and Servicing Agreement”), between Citigroup Commercial Mortgage Securities Inc., as Depositor, Wells Fargo Bank, National
Association, as Master Servicer, KeyBank National Association, as Special Servicer, Pentalpha Surveillance LLC, as Operating Advisor
and Asset Representations Reviewer, Citibank, N.A., as Certificate Administrator, and Wilmington Trust, National Association, as
Trustee. To the extent not defined herein, capitalized terms used herein shall have the meanings assigned thereto in the Pooling
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.


 


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 Mortgage Loans and has executed this Certificate in its limited capacity as Certificate Administrator under the Pooling
and Servicing Agreement.


 


Pursuant to the terms
of the Pooling and Servicing Agreement, the Certificate Administrator will distribute (other than the final distribution on any
Certificate), on the 4th Business Day following the Determination Date in each month, commencing in October 2017 (each such date,
a “Distribution Date”), to the Person in whose name this Certificate is registered as of the related Record
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, with respect to the Class E Certificates
for such Distribution Date, all as more fully described in the Pooling and Servicing Agreement. Holders of this Certificate may
be entitled to a share of Yield Maintenance Charges, as provided in the Pooling and Servicing Agreement.


 


Interest accrued on
this Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this Certificate,
if any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement. The “Interest
Accrual Period” with respect to any Distribution Date and with respect to the Class E Certificates is the calendar month
preceding the month in which such Distribution Date occurs and is assumed to consist of 30 days.


 


All distributions
(other than the final distribution on any Certificate) will be made by the Certificate Administrator to the persons in whose names
the Certificates are registered at the close of business on each Record Date, which will be the last Business Day of the month
preceding the month in which such Distribution Date occurs. Distributions are required to be made by wire transfer of immediately
available funds to the account of such Certificateholder at a bank or other entity located in the United States and having appropriate
facilities to accept such funds, if such Certificateholder has provided the Certificate Administrator with written wiring instructions
no less than five (5) Business Days prior to the related Record Date (which wiring instructions may be in the form of a standing
order applicable to all subsequent distributions), or otherwise by check mailed to such Certificateholder. The final distribution
on each Certificate shall be made in like manner, but only upon presentation 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 a notice to Certificateholders of the pendency of the final distribution.


 


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 Section 9.01 of the Pooling 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 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


 






    A-16-4


     


    

 


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. Subject to applicable state law with respect to escheatment of funds, if within two years after the second notice
any Certificates shall not have been surrendered for cancellation, the Paying Agent shall pay to the Class R Certificateholders
all amounts distributable to the Holders thereof. 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 Section 9.01 of the Pooling and Servicing Agreement.


 


This Certificate is
limited in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage Loans, as more
specifically set forth herein and in the Pooling and Servicing Agreement.


 


As provided in the
Pooling and Servicing Agreement, the Trust Fund includes: (i) such Mortgage Loans as from time to time are subject to the Pooling
and Servicing Agreement, together with the Mortgage Files relating thereto; (ii) all scheduled or unscheduled payments on or collections
in respect of the Mortgage Loans due after the Cut-Off Date or, with respect to a Qualified Substitute Mortgage Loan, the Due Date
in the month of substitution (exclusive of interest relating to periods prior to, but due after, the Cut-Off Date); (iii) any REO
Property (but, with respect to any REO Property relating to a Loan Combination, only to the extent of the Trust’s interest
in the related Loan Combination); (iv) all revenues received in respect of any REO Property (but, with respect to any REO Property
relating to a Loan Combination, only to the extent of the Trust’s interest in the related Loan Combination); (v) the Master
Servicer’s and the Trustee’s rights under the insurance policies with respect to the Mortgage Loans required to be
maintained pursuant to the Pooling and Servicing Agreement and any proceeds thereof; (vi) the Trustee’s rights in any Assignments
of Leases, Rents and Profits and any security agreements; (vii) the Trustee’s rights under any indemnities or guaranties
given as additional security for any Mortgage Loan; (viii) all of the Trustee’s and the Certificate Administrator’s
rights in the Escrow Accounts and Lock-Box Accounts and all proceeds of the Mortgage Loans deposited in the Collection Account,
the Distribution Account, the Excess Interest Distribution Account, the Interest Reserve Account, the Excess Liquidation Proceeds
Reserve Account and any REO Account, including any reinvestment income thereon; (ix) the Trustee’s rights in any environmental
indemnity agreements relating to the Mortgaged Properties; (x) the Depositor’s rights under the Mortgage Loan Purchase Agreements
and the SMC Guaranty to the extent assigned to the Trustee pursuant to Section 2.01 of the Pooling and Servicing Agreement; (xi)
the Lower-Tier Regular Interests; and (xii) the Loss of Value Reserve Fund.


 


This Certificate does
not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling 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 and Trustee.


 


As provided in the
Pooling and Servicing Agreement, subject to certain restrictions on transfer set forth therein, upon surrender for registration
of transfer of any Certificate, the Certificate Administrator shall execute, authenticate and deliver, in the name of the designated
transferee or transferees, one or more new Certificates in authorized denominations, in like aggregate interest and of the same
Class.


 


Prior to due presentation
of this Certificate for registration of transfer, the Master Servicer, the Special Servicer, the Operating Advisor, the Trustee,
the Certificate Administrator, the Certificate Registrar, and any agent of any of them, may treat the Person in whose name any
Certificate is registered as the owner of such Certificate for the purpose of receiving distributions as provided in the Pooling
and Servicing Agreement and for all other purposes whatsoever, and neither the Master Servicer, the Special Servicer, the Operating
Advisor, the Trustee, the Certificate Administrator, the Certificate Registrar, nor any agent of any of them shall be affected
by any notice to the contrary.


 


The Pooling and Servicing
Agreement or any Custodial Agreement may be amended from time to time by the Depositor, the Master Servicer, the Special Servicer,
the Operating Advisor, the Asset Representations Reviewer, the Custodian (if the Certificate Administrator is then acting as Custodian),
the Certificate Administrator and the Trustee, without the consent of any of the Certificateholders or, as applicable, any Companion
Loan Holder:


 


		(i)	to cure any ambiguity to the extent that it does not adversely affect any holders of Certificates;



 



    A-16-5


     


    

 


		(ii)	to correct or supplement any of its provisions which may be inconsistent with any other provisions
of the Pooling and Servicing Agreement or with the description thereof in the Prospectus or to correct any error;



 


		(iii)	to change the timing and/or nature of deposits in the Collection Account, the Excess Liquidation
Proceeds Reserve Account, the Excess Interest Distribution Account, the Distribution Account or any REO Account, provided that
(A) the Master Servicer Remittance Date shall in no event be later than the Business Day prior to the related Distribution
Date and (B) the change would not adversely affect in any material respect the interests of any Certificateholder, as evidenced
by an opinion of counsel (at the expense of the party requesting the amendment);



 


		(iv)	to modify, eliminate or add to any of its provisions (A) to the extent necessary to maintain the
qualification of either Trust REMIC as a REMIC or the Grantor Trust as a grantor trust or to avoid or minimize the risk of imposition
of any tax on the Trust Fund, provided that the Trustee and the Certificate Administrator have received an opinion of counsel (at
the expense of the party requesting the amendment) to the effect that (1) the action is necessary or desirable to maintain
such qualification or to avoid or minimize such risk and (2) the action will not adversely affect in any material respect the interests
of any holder of the Certificates, (B) to restrict (or to remove any existing restrictions with respect to) the transfer
of the Class R Certificates, provided that the Depositor has determined that the amendment will not give rise to any tax with respect
to the transfer of the Class R Certificates to a non-Permitted Transferee, (C) to the extent necessary to comply with the
Investment Company Act of 1940, as amended, the Exchange Act, Regulation AB, Regulation RR and/or any related regulatory actions
and/or interpretations or (D) in the event that Regulation RR (or any portion thereof) or any other regulations applicable to the
risk retention requirements for this securitization transaction are amended or repealed, to the extent required to comply with
any such amendment or to modify or eliminate any risk retention requirements no longer applicable to this securitization transaction
in light of such repeal;



 


		(v)	to make any other provisions with respect to matters or questions arising under the Pooling and
Servicing Agreement or any other change, provided that the amendment will not adversely affect in any material respect the
interests of any Certificateholder, as evidenced by an opinion of counsel;



 


		(vi)	to modify the procedures in the Pooling and Servicing Agreement relating to Rule 17g-5; provided
that such modification does not increase the obligations of the Trustee, the Certificate Administrator, the Operating Advisor,
the Asset Representations Reviewer, the Master Servicer or the Special Servicer without such party’s consent (which consent
may not be withheld unless such modification would materially adversely affect such party or materially increase such party’s
obligations under the Pooling and Servicing Agreement); provided, further that notice of such modification is provided
to all parties to the Pooling and Servicing Agreement; and



 


		(vii)	to amend or supplement any provision of the Pooling and Servicing Agreement to the extent necessary
to maintain the ratings assigned to each Class of Certificates by any of the Rating Agencies, provided that the amendment will
not adversely affect in any material respect the interests of any Certificateholder;



 


provided, further
that no amendment pursuant to any of clauses (i)-(vii) above may be made that would: (A) reduce the consent or consultation rights
or the right to receive information under the Pooling and Servicing Agreement of the Controlling Class Representative without the
consent of the Controlling Class Representative; (B) reduce the consultation rights or the right to receive information under the
Pooling and Servicing Agreement of the Operating Advisor without the consent of the Operating Advisor; (C) change in any manner
the obligations or rights of any Mortgage Loan Seller under the Pooling and Servicing Agreement or the applicable Mortgage Loan
Purchase Agreement without the consent of the affected Mortgage Loan Seller; (D) change in any manner the obligations or


 






    A-16-6


     


    

 


rights of any Underwriter or Initial Purchaser, without the consent of the affected Underwriter or Initial Purchaser; or (E) adversely
affect any Serviced Companion Loan Holder in its capacity as such without its consent. Expenses incurred with respect to any amendment
shall be borne by the party requesting such amendment, unless the Master Servicer, the Special Servicer or the Trustee is requesting
an amendment for the benefit of the Certificateholders, then in which case such expense will be borne by the Trust.


 


The Pooling and Servicing
Agreement or any Custodial Agreement may also be amended from time to time by a writing signed by each of the Depositor, the Master
Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Custodian (if the Certificate Administrator
is then acting as Custodian), the Certificate Administrator and the Trustee with the consent of the Holders of Certificates representing
not less than 66-2/3% of the Percentage Interests of each Class of Certificates affected by the amendment for the purpose of adding
any provisions to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or of modifying
in any manner the rights of the Certificateholders; provided, however, that no such amendment shall:


 


		(i)	reduce in any manner the amount of, or delay the timing of, payments received on the Serviced Loans
which are required to be distributed on a Certificate of any Class or to any Serviced Companion Loan Holder, as applicable, without
the consent of the Holder of that Certificate or that Serviced Companion Loan Holder, as applicable,



 


		(ii)	reduce the aforesaid percentage of Certificates of any Class the Holders of which are required
to consent to the amendment without the consent of the Holders of all Certificates of that Class then outstanding,



 


		(iii)	change in any manner the obligations or rights of any Mortgage Loan Seller under the Pooling and
Servicing Agreement or the related Mortgage Loan Purchase Agreement without the consent of the affected Mortgage Loan Seller,



 


		(iv)	change the definition of “Servicing Standard” without either (A) consent of 100% of
the holders of the Certificates or (B) Rating Agency Confirmation,



 


		(v)	without the consent of 100% of the Certificateholders of the Class or Classes of Certificates adversely
affected thereby, change (A) the percentages of Voting Rights of Certificateholders which are required to consent to any action
or inaction under the Pooling and Servicing Agreement, (B) the right of the Certificateholders to remove the Special Servicer pursuant
to the Pooling and Servicing Agreement or (C) the right of the Certificateholders to terminate the Operating Advisor pursuant to
the Pooling and Servicing Agreement,



 


		(vi)	adversely affect the Controlling Class Representative without the consent of 100% of the Controlling
Class Certificateholders,



 


		(vii)	adversely affect a Serviced Companion Loan Holder in its capacity as such without its consent,
or



 


		(viii)	change in any manner the obligations or rights of any Underwriter or Initial Purchaser without
the consent of the affected Underwriter or Initial Purchaser.



 


The Holders of the
Controlling Class representing greater than 50% of the Certificate Balance of the Controlling Class may (or, if such Holders do
not, the Special Servicer, or if neither such Holders nor the Special Servicer do, the Master Servicer or, if none of such Holders,
the Special Servicer or the Master Servicer does, any Holders of Class R Certificates representing greater than a 50% Percentage
Interest in such Class, may also) effect an early termination of the Trust Fund, upon not less than 30 days’ prior notice
given to the parties (or, if applicable, the other parties) to the Pooling and Servicing Agreement (whereupon the Master Servicer
shall notify the Serviced Companion Loan Holders) any time on or after the Early Termination Notice Date specifying the Anticipated
Termination Date, by purchasing on such date all, but not less than all, of the Mortgage Loans (and in the case of the Serviced
Loan Combinations, subject to certain rights of the related Serviced Companion Loan Holder provided for


 






    A-16-7


     


    

 


in the related Co-Lender
Agreement) then included in the Trust Fund, and all property acquired by or on behalf of the Trust Fund (including the Trust Fund’s
interest in any REO Property acquired with respect to any Outside Serviced Mortgage Loan) in respect of any Mortgage Loan then
included in the Trust Fund, at a purchase price, payable in cash, equal to (i) the sum of (A) the Termination Purchase
Amount and (B) the reasonable out-of-pocket expenses of the Master Servicer (unless the Master Servicer is the purchaser of
such Mortgage Loans), the Special Servicer (unless the Special Servicer is the purchaser of such Mortgage Loans), the Trustee and
the Certificate Administrator, as applicable, with respect to such termination, minus (ii) solely in the case where the Master
Servicer or the Special Servicer is effecting such purchase, the aggregate amount of unreimbursed Advances, if any, made by the
Master Servicer or Special Servicer, as applicable, together with any interest accrued and payable to the Master Servicer or the
Special Servicer, as applicable, in respect of such Advances and any unpaid Servicing Fees or Special Servicing Fees, as applicable,
remaining outstanding (which items will be deemed to have been paid or reimbursed to the Master Servicer or the Special Servicer,
as applicable, in connection with such purchase).


 


Any Person(s) effecting
an early termination of the Trust Fund as provided in the prior paragraph shall first notify the Controlling Class Representative
and each Certifying Certificateholder, or, in the case of a termination by the Holder of a Class R Certificate, notify the
Certificate Administrator (who shall notify the Controlling Class Representative and each Certifying Certificateholder) of its
intention to do so in writing at least 30 days prior to the Anticipated Termination Date. All costs and expenses incurred by any
and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with the purchase of the Mortgage Loans
and other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement shall be borne by the
party exercising its purchase rights thereunder. The Certificate Administrator shall be entitled to rely conclusively on any determination
made by an Appraiser pursuant to Section 9.01(c) of the Pooling and Servicing Agreement.


 


The respective obligations
and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Operating Advisor, the Asset Representations
Reviewer, the Certificate Administrator and the Trustee created by the Pooling and Servicing Agreement with respect to the Certificates,
the Mortgage Loans and the Serviced Companion Loans (other than the obligation to make certain payments and to send certain notices
to Certificateholders as set forth in the Pooling and Servicing Agreement and to make any required remittances to the Serviced
Companion Loan Holders in the month in which the final Distribution Date occurs and certain tax-related obligations) shall terminate
immediately following the earlier to occur of (i) the purchase by Holders of the Controlling Class, the Special Servicer,
the Master Servicer or Holders of the Class R Certificates of all the Mortgage Loans and REO Properties (or interests therein)
then included in the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement, (ii) the exchange by the
Remaining Certificateholder of its Certificates for all the Mortgage Loans and REO Properties (or interests therein) then included
in the Trust Fund pursuant to Section 9.01(h) of the Pooling and Servicing Agreement and (iii) the final payment or other
liquidation (or any advance with respect thereto) of the last Mortgage Loan or REO Property (or interest therein) contained in
the Trust Fund; provided, however, that in no event shall the trust created by the Pooling and Servicing Agreement
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 of the Pooling and Servicing Agreement. All
such payments as contemplated by the preceding paragraph shall be deposited into the Collection Account by the Master Servicer
or Special Servicer, as applicable, promptly following receipt thereof.


 


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 Pooling and Servicing Agreement or
be valid for any purpose.


 



    A-16-8


     


    

 










IN WITNESS WHEREOF,
the Certificate Administrator has caused this Class E Certificate to be duly executed.


 





	 	CITIBANK,
N.A., not in its individual capacity but solely as Certificate Administrator
	 	 	 
	 	By:	 
			Authorized Signatory


  


Dated: September 29, 2017


 


CERTIFICATE
OF AUTHENTICATION


 


This is one of the
Class E Certificates referred to in the Pooling and Servicing Agreement.


 


Dated: September 29, 2017


 





	 	CITIBANK,
N.A., not in its individual capacity but solely as Authenticating Agent
	 	 	 
	 	By:	 
			Authorized Signatory


  




    A-16-9


     


    

 


ASSIGNMENT


 


FOR VALUE RECEIVED,
the undersigned (“Assignor(s)”) hereby sell(s), assign(s) and transfer(s) unto  ___________________________
 (please print or typewrite name(s) and address(es), including postal zip code(s) of assignee(s))
(“Assignee(s)”) the entire Percentage Interest represented by the within Class E Certificate and hereby authorize(s)
the registration of transfer of such interest to Assignee(s) on the Certificate Register of the Trust Fund.


 


I (we) further direct
the Certificate Registrar to issue a new Class E Certificate of the entire Percentage Interest represented by the within Class
E Certificates to the above-named Assignee(s) and to deliver such Class E Certificate to the following address:


 


Date: _________________


	 	 	 
		 	Signature by or on behalf of Assignor(s)
	 	 	 
	 	 	Taxpayer Identification Number





 




    A-16-10


     


    

 


DISTRIBUTION INSTRUCTIONS


 


The Assignee(s) should include
the following for purposes of distribution:


 


Address of the Assignee(s)
for the purpose of receiving notices and distributions: __________________________________ Distributions, if being made by wire
transfer in immediately available funds to __________________________ for the account of __________________________ account number
____________________________. This information is provided by ______________________________, the Assignee(s) named above or ____________________________________
as its (their) agent.


	 	 	 
	 	By:	 
	 	 	[Please print or type name(s)]
	 	 	 
	 	 	Title
	 	 	 
	 	 	Taxpayer Identification Number


 










    A-16-11


     


    




EXHIBIT
A-17


 


CITIGROUP
COMMERCIAL MORTGAGE TRUST 2017-P8

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2017-P8, CLASS F


 


[THIS CERTIFICATE IS A TEMPORARY REGULATION
S GLOBAL CERTIFICATE FOR PURPOSES OF REGULATION S UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”). NEITHER THIS TEMPORARY REGULATION S GLOBAL CERTIFICATE NOR ANY INTEREST HEREIN MAY BE OFFERED, SOLD OR DELIVERED,
EXCEPT AS PERMITTED UNDER THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.


 


NO BENEFICIAL OWNERS OF THIS TEMPORARY
REGULATION S GLOBAL CERTIFICATE SHALL BE ENTITLED TO RECEIVE PAYMENTS OF PRINCIPAL OR INTEREST HEREON UNLESS THE REQUIRED CERTIFICATIONS
HAVE BEEN DELIVERED PURSUANT TO THE TERMS OF THE POOLING AND SERVICING AGREEMENT.]1


 


[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.]2


 


[TRANSFERS OF THIS GLOBAL CERTIFICATE SHALL
BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE,
AND TRANSFERS OF BENEFICIAL INTERESTS IN THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS
SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.]3


 


THIS CERTIFICATE DOES NOT REPRESENT AN
INTEREST IN OR OBLIGATION OF THE DEPOSITOR, THE SPONSORS, THE ORIGINATORS, THE MASTER SERVICER, THE SPECIAL SERVICER, THE TRUSTEE,
THE CERTIFICATE ADMINISTRATOR, THE OPERATING ADVISOR, the Asset representations reviewer,
THE CONTROLLING CLASS REPRESENTATIVE, THE RISK RETENTION CONSULTATION PARTY, ANY COMPANION LOAN HOLDER, THE initial
purchasers OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES NOR THE MORTGAGE LOANS ARE INSURED OR GUARANTEED
BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY OR PRIVATE INSURER.


 


PRINCIPAL PAYMENTS IN RESPECT OF THIS CERTIFICATE
ARE DISTRIBUTABLE AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT. ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE OF THIS
CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.


 


DISTRIBUTIONS OF PRINCIPAL AND INTEREST
ON THIS CERTIFICATE ARE SUBORDINATED TO DISTRIBUTIONS OF PRINCIPAL AND INTEREST ON OTHER CLASSES OF CERTIFICATES OF THE SAME SERIES.


 





 



		 	 



		1	Temporary Regulation S Global Certificate legend.



		 	 



		2	Legend required as long as DTC is the Depository under
the Pooling and Servicing Agreement.



		 	 



		3	Global Certificate legend.




 






    A-17-1 


     


    




 


THIS CERTIFICATE HAS
NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE 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 (A)(1) PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”)
TO A PERSON THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING OF RULE 144A
(A “QIB”), OR IS PURCHASING FOR THE ACCOUNT OF A QIB, AND WHOM THE HOLDER HAS INFORMED THAT THE REOFFER, RESALE, PLEDGE,
OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (2) IN AN “OFFSHORE TRANSACTION” TO AN INSTITUTION THAT IS
NOT A “U.S. PERSON”, AS SUCH TERMS ARE DEFINED IN, AND IN ACCORDANCE WITH RULE 903 OR RULE 904 OF, REGULATION S UNDER
THE SECURITIES ACT, OR (3) TO AN INSTITUTIONAL “ACCREDITED INVESTOR” WITHIN THE MEANING OF, OR IN WHICH ALL THE EQUITY
OWNERS COME WITHIN THE MEANING OF, RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT THAT IS NOT A QIB,
AND (B) IN EACH CASE IN ACCORDANCE WITH FEDERAL SECURITIES LAWS AND ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES
OR ANY OTHER APPLICABLE JURISDICTION.


 


THIS CERTIFICATE MAY
NOT BE PURCHASED BY OR PLEDGED, SOLD OR OTHERWISE TRANSFERRED TO ANY PERSON THAT IS OR BECOMES (I) AN EMPLOYEE BENEFIT PLAN OR
OTHER PLAN THAT IS SUBJECT TO THE FIDUCIARY RESPONSIBILITY OR PROHIBITED TRANSACTION PROVISIONS OF THE EMPLOYEE RETIREMENT INCOME
SECURITY ACT OF 1974, AS AMENDED (“ERISA”), OR TO 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 THAT IS SUBJECT TO ANY FEDERAL,
STATE OR LOCAL LAW (“SIMILAR LAW”) THAT IS, TO A MATERIAL EXTENT, SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE
CODE (EACH, A “PLAN”), OR (II) AN ENTITY OR COLLECTIVE INVESTMENT FUND THE ASSETS OF WHICH ARE CONSIDERED PLAN ASSETS
UNDER U.S. DEPARTMENT OF LABOR REG. SECTION 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA, OR SIMILAR LAW OR OTHER PERSON ACTING
ON BEHALF OF ANY SUCH PLAN OR USING THE ASSETS OF SUCH PLAN TO ACQUIRE THIS CERTIFICATE, UNLESS (A)(I) SUCH PERSON IS AN “INSURANCE
COMPANY GENERAL ACCOUNT” WITHIN THE MEANING OF PROHIBITED TRANSACTION CLASS EXEMPTION 95-60, AND (II) ALL CONDITIONS OF SECTIONS
I AND III OF PROHIBITED TRANSACTION CLASS EXEMPTION 95-60 WILL BE MET WITH RESPECT TO SUCH INSURANCE COMPANY GENERAL ACCOUNT’S
ACQUISITION, HOLDING AND DISPOSITION OF THIS CERTIFICATE, OR (B) WITH RESPECT TO THE ACQUISITION, HOLDING OR DISPOSITION OF THIS
CERTIFICATE BY ANY GOVERNMENTAL PLAN OR OTHER PLAN SUBJECT TO SIMILAR LAW, SUCH ACQUISITION, HOLDING AND DISPOSITION BY SUCH GOVERNMENTAL
PLAN WILL NOT CONSTITUTE OR OTHERWISE RESULT IN A NON-EXEMPT VIOLATION OF SIMILAR LAW.


 


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.


 






    A-17-2 


     


    

 


CITIGROUP
COMMERCIAL MORTGAGE TRUST 2017-P8

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2017-P8, CLASS F


 


	Pass-Through Rate:  3.000% per annum	 	 
	 	 	 
	First Distribution Date: October 17, 2017	 	Cut-Off Date:  With respect to each Mortgage Loan, the Due Date in September 2017 for that Mortgage Loan (or, in the case of any Mortgage Loan that has its first Due Date subsequent to September 2017, the date that would have been its Due Date in September 2017 under the terms of that Mortgage Loan if a Monthly Payment were scheduled to be due in that month).
	 	 	 
	Aggregate Initial Certificate Balance of the Class F Certificates: $10,328,000	 	Scheduled Final Distribution Date: the Distribution Date in September 2027


  


	
        CUSIP:  17326D AR34

        U1852D AC95

        17326D AS16

        

        

        
	 	Initial Certificate Balance of this Certificate: $[_____]
	
        ISIN:     US17326DAR357

        USU1852DAC938

        US17326DAS189

        
	 	 
	 	 	 
	Common Code: 169462500	 	 
	 	 	 
	No.:  [1]	 	 


 


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 F Certificates. The Trust Fund, described more
fully below, consists primarily of a pool of Mortgage Loans secured by first liens on commercial, multifamily and manufactured
housing community properties and held in trust by the Trustee and, other than in the case of the Outside Serviced Mortgage Loans,
serviced by the Master Servicer and the Special Servicer. The Trust Fund was created, and the Mortgage Loans (other than the Outside
Serviced Mortgage Loans) are to be serviced, pursuant to the Pooling 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 Pooling and Servicing
Agreement and is bound thereby. In the event that there is any conflict between any provision of this Certificate and any provision
of the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to the extent of such inconsistency.
Also issued under the Pooling and Servicing Agreement are the Class A-1, Class A-2, Class A-3, Class A-4, Class A-AB,


 





 



 


4
For Rule 144A Certificates


 


5 For Regulation S Certificates


 


6 For IAI Certificates


 


7
For Rule 144A Certificates


 


8
For Regulation S Certificates


 


9
For IAI Certificates


 







    A-17-3 


     


    

 


Class X-A, Class X-B, Class A-S, Class B, Class C, Class X-D, Class X-E, Class X-F, Class X-G, Class D, Class E,
Class G, Class R, Class S, Class V-1, Class V-2A, Class V-2B, Class V-2C, Class V-2D, Class V-2E, Class V-3AC, Class V-3D and Class
V-3E Certificates (together with the Class F Certificates, the “Certificates”; the Holders of Certificates are
collectively referred to herein as “Certificateholders”).


 


This Certificate is
issued pursuant to, and in accordance with, the terms of a Pooling and Servicing Agreement dated as of September 1, 2017 (the “Pooling
and Servicing Agreement”), between Citigroup Commercial Mortgage Securities Inc., as Depositor, Wells Fargo Bank, National
Association, as Master Servicer, KeyBank National Association, as Special Servicer, Pentalpha Surveillance LLC, as Operating Advisor
and Asset Representations Reviewer, Citibank, N.A., as Certificate Administrator, and Wilmington Trust, National Association, as
Trustee. To the extent not defined herein, capitalized terms used herein shall have the meanings assigned thereto in the Pooling
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.


 


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 Mortgage Loans and has executed this Certificate in its limited capacity as Certificate Administrator under the Pooling
and Servicing Agreement.


 


Pursuant to the terms
of the Pooling and Servicing Agreement, the Certificate Administrator will distribute (other than the final distribution on any
Certificate), on the 4th Business Day following the Determination Date in each month, commencing in October 2017 (each such date,
a “Distribution Date”), to the Person in whose name this Certificate is registered as of the related Record
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, with respect to the Class F Certificates
for such Distribution Date, all as more fully described in the Pooling and Servicing Agreement. Holders of this Certificate may
be entitled to a share of Yield Maintenance Charges, as provided in the Pooling and Servicing Agreement.


 


Interest accrued on
this Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this Certificate,
if any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement. The “Interest
Accrual Period” with respect to any Distribution Date and with respect to the Class F Certificates is the calendar month
preceding the month in which such Distribution Date occurs and is assumed to consist of 30 days.


 


All distributions
(other than the final distribution on any Certificate) will be made by the Certificate Administrator to the persons in whose names
the Certificates are registered at the close of business on each Record Date, which will be the last Business Day of the month
preceding the month in which such Distribution Date occurs. Distributions are required to be made by wire transfer of immediately
available funds to the account of such Certificateholder at a bank or other entity located in the United States and having appropriate
facilities to accept such funds, if such Certificateholder has provided the Certificate Administrator with written wiring instructions
no less than five (5) Business Days prior to the related Record Date (which wiring instructions may be in the form of a standing
order applicable to all subsequent distributions), or otherwise by check mailed to such Certificateholder. The final distribution
on each Certificate shall be made in like manner, but only upon presentation 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 a notice to Certificateholders of the pendency of the final distribution.


 


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 Section 9.01 of the Pooling 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 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


 






    A-17-4 


     


    

 


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. Subject to applicable state law with respect to escheatment of funds, if within two years after the second notice
any Certificates shall not have been surrendered for cancellation, the Paying Agent shall pay to the Class R Certificateholders
all amounts distributable to the Holders thereof. 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 Section 9.01 of the Pooling and Servicing Agreement.


 


This Certificate is
limited in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage Loans, as more
specifically set forth herein and in the Pooling and Servicing Agreement.


 


As provided in the
Pooling and Servicing Agreement, the Trust Fund includes: (i) such Mortgage Loans as from time to time are subject to the Pooling
and Servicing Agreement, together with the Mortgage Files relating thereto; (ii) all scheduled or unscheduled payments on or collections
in respect of the Mortgage Loans due after the Cut-Off Date or, with respect to a Qualified Substitute Mortgage Loan, the Due Date
in the month of substitution (exclusive of interest relating to periods prior to, but due after, the Cut-Off Date); (iii) any REO
Property (but, with respect to any REO Property relating to a Loan Combination, only to the extent of the Trust’s interest
in the related Loan Combination); (iv) all revenues received in respect of any REO Property (but, with respect to any REO Property
relating to a Loan Combination, only to the extent of the Trust’s interest in the related Loan Combination); (v) the Master
Servicer’s and the Trustee’s rights under the insurance policies with respect to the Mortgage Loans required to be
maintained pursuant to the Pooling and Servicing Agreement and any proceeds thereof; (vi) the Trustee’s rights in any Assignments
of Leases, Rents and Profits and any security agreements; (vii) the Trustee’s rights under any indemnities or guaranties
given as additional security for any Mortgage Loan; (viii) all of the Trustee’s and the Certificate Administrator’s
rights in the Escrow Accounts and Lock-Box Accounts and all proceeds of the Mortgage Loans deposited in the Collection Account,
the Distribution Account, the Excess Interest Distribution Account, the Interest Reserve Account, the Excess Liquidation Proceeds
Reserve Account and any REO Account, including any reinvestment income thereon; (ix) the Trustee’s rights in any environmental
indemnity agreements relating to the Mortgaged Properties; (x) the Depositor’s rights under the Mortgage Loan Purchase Agreements
and the SMC Guaranty to the extent assigned to the Trustee pursuant to Section 2.01 of the Pooling and Servicing Agreement; (xi)
the Lower-Tier Regular Interests; and (xii) the Loss of Value Reserve Fund.


 


This Certificate does
not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling 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 and Trustee.


 


As provided in the
Pooling and Servicing Agreement, subject to certain restrictions on transfer set forth therein, upon surrender for registration
of transfer of any Certificate, the Certificate Administrator shall execute, authenticate and deliver, in the name of the designated
transferee or transferees, one or more new Certificates in authorized denominations, in like aggregate interest and of the same
Class.


 


Prior to due presentation
of this Certificate for registration of transfer, the Master Servicer, the Special Servicer, the Operating Advisor, the Trustee,
the Certificate Administrator, the Certificate Registrar, and any agent of any of them, may treat the Person in whose name any
Certificate is registered as the owner of such Certificate for the purpose of receiving distributions as provided in the Pooling
and Servicing Agreement and for all other purposes whatsoever, and neither the Master Servicer, the Special Servicer, the Operating
Advisor, the Trustee, the Certificate Administrator, the Certificate Registrar, nor any agent of any of them shall be affected
by any notice to the contrary.


 


The Pooling and Servicing
Agreement or any Custodial Agreement may be amended from time to time by the Depositor, the Master Servicer, the Special Servicer,
the Operating Advisor, the Asset Representations Reviewer, the Custodian (if the Certificate Administrator is then acting as Custodian),
the Certificate Administrator and the Trustee, without the consent of any of the Certificateholders or, as applicable, any Companion
Loan Holder:


 


		(i)	to cure any ambiguity to the extent that it does not adversely affect any holders of Certificates;



 






    A-17-5 


     


    

 


		(ii)	to correct or supplement any of its provisions which may be inconsistent with any other provisions
of the Pooling and Servicing Agreement or with the description thereof in the Prospectus or to correct any error;



 


		(iii)	to change the timing and/or nature of deposits in the Collection Account, the Excess Liquidation
Proceeds Reserve Account, the Excess Interest Distribution Account, the Distribution Account or any REO Account, provided that
(A) the Master Servicer Remittance Date shall in no event be later than the Business Day prior to the related Distribution
Date and (B) the change would not adversely affect in any material respect the interests of any Certificateholder, as evidenced
by an opinion of counsel (at the expense of the party requesting the amendment);



 


		(iv)	to modify, eliminate or add to any of its provisions (A) to the extent necessary to maintain the
qualification of either Trust REMIC as a REMIC or the Grantor Trust as a grantor trust or to avoid or minimize the risk of imposition
of any tax on the Trust Fund, provided that the Trustee and the Certificate Administrator have received an opinion of counsel (at
the expense of the party requesting the amendment) to the effect that (1) the action is necessary or desirable to maintain
such qualification or to avoid or minimize such risk and (2) the action will not adversely affect in any material respect the interests
of any holder of the Certificates, (B) to restrict (or to remove any existing restrictions with respect to) the transfer
of the Class R Certificates, provided that the Depositor has determined that the amendment will not give rise to any tax with respect
to the transfer of the Class R Certificates to a non-Permitted Transferee, (C) to the extent necessary to comply with the
Investment Company Act of 1940, as amended, the Exchange Act, Regulation AB, Regulation RR and/or any related regulatory actions
and/or interpretations or (D) in the event that Regulation RR (or any portion thereof) or any other regulations applicable to the
risk retention requirements for this securitization transaction are amended or repealed, to the extent required to comply with
any such amendment or to modify or eliminate any risk retention requirements no longer applicable to this securitization transaction
in light of such repeal;



 


		(v)	to make any other provisions with respect to matters or questions arising under the Pooling and
Servicing Agreement or any other change, provided that the amendment will not adversely affect in any material respect the
interests of any Certificateholder, as evidenced by an opinion of counsel;



 


		(vi)	to modify the procedures in the Pooling and Servicing Agreement relating to Rule 17g-5; provided
that such modification does not increase the obligations of the Trustee, the Certificate Administrator, the Operating Advisor,
the Asset Representations Reviewer, the Master Servicer or the Special Servicer without such party’s consent (which consent
may not be withheld unless such modification would materially adversely affect such party or materially increase such party’s
obligations under the Pooling and Servicing Agreement); provided, further that notice of such modification is provided
to all parties to the Pooling and Servicing Agreement; and



 


		(vii)	to amend or supplement any provision of the Pooling and Servicing Agreement to the extent necessary
to maintain the ratings assigned to each Class of Certificates by any of the Rating Agencies, provided that the amendment will
not adversely affect in any material respect the interests of any Certificateholder;



 


provided, further
that no amendment pursuant to any of clauses (i)-(vii) above may be made that would: (A) reduce the consent or consultation rights
or the right to receive information under the Pooling and Servicing Agreement of the Controlling Class Representative without the
consent of the Controlling Class Representative; (B) reduce the consultation rights or the right to receive information under the
Pooling and Servicing Agreement of the Operating Advisor without the consent of the Operating Advisor; (C) change in any manner
the obligations or rights of any Mortgage Loan Seller under the Pooling and Servicing Agreement or the applicable Mortgage Loan
Purchase Agreement without the consent of the affected Mortgage Loan Seller; (D) change in any manner the obligations or


 






    A-17-6 


     


    

 


rights of any Underwriter or Initial Purchaser, without the consent of the affected Underwriter or Initial Purchaser; or (E) adversely
affect any Serviced Companion Loan Holder in its capacity as such without its consent. Expenses incurred with respect to any amendment
shall be borne by the party requesting such amendment, unless the Master Servicer, the Special Servicer or the Trustee is requesting
an amendment for the benefit of the Certificateholders, then in which case such expense will be borne by the Trust.


 


The Pooling and Servicing
Agreement or any Custodial Agreement may also be amended from time to time by a writing signed by each of the Depositor, the Master
Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Custodian (if the Certificate Administrator
is then acting as Custodian), the Certificate Administrator and the Trustee with the consent of the Holders of Certificates representing
not less than 66-2/3% of the Percentage Interests of each Class of Certificates affected by the amendment for the purpose of adding
any provisions to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or of modifying
in any manner the rights of the Certificateholders; provided, however, that no such amendment shall:


 


		(i)	reduce in any manner the amount of, or delay the timing of, payments received on the Serviced Loans
which are required to be distributed on a Certificate of any Class or to any Serviced Companion Loan Holder, as applicable, without
the consent of the Holder of that Certificate or that Serviced Companion Loan Holder, as applicable,



 


		(ii)	reduce the aforesaid percentage of Certificates of any Class the Holders of which are required
to consent to the amendment without the consent of the Holders of all Certificates of that Class then outstanding,



 


		(iii)	change in any manner the obligations or rights of any Mortgage Loan Seller under the Pooling and
Servicing Agreement or the related Mortgage Loan Purchase Agreement without the consent of the affected Mortgage Loan Seller,



 


		(iv)	change the definition of “Servicing Standard” without either (A) consent of 100% of
the holders of the Certificates or (B) Rating Agency Confirmation,



 


		(v)	without the consent of 100% of the Certificateholders of the Class or Classes of Certificates adversely
affected thereby, change (A) the percentages of Voting Rights of Certificateholders which are required to consent to any action
or inaction under the Pooling and Servicing Agreement, (B) the right of the Certificateholders to remove the Special Servicer pursuant
to the Pooling and Servicing Agreement or (C) the right of the Certificateholders to terminate the Operating Advisor pursuant to
the Pooling and Servicing Agreement,



 


		(vi)	adversely affect the Controlling Class Representative without the consent of 100% of the Controlling
Class Certificateholders,



 


		(vii)	adversely affect a Serviced Companion Loan Holder in its capacity as such without its consent,
or



 


		(viii)	change in any manner the obligations or rights of any Underwriter or Initial Purchaser without
the consent of the affected Underwriter or Initial Purchaser.



 


The Holders of the
Controlling Class representing greater than 50% of the Certificate Balance of the Controlling Class may (or, if such Holders do
not, the Special Servicer, or if neither such Holders nor the Special Servicer do, the Master Servicer or, if none of such Holders,
the Special Servicer or the Master Servicer does, any Holders of Class R Certificates representing greater than a 50% Percentage
Interest in such Class, may also) effect an early termination of the Trust Fund, upon not less than 30 days’ prior notice
given to the parties (or, if applicable, the other parties) to the Pooling and Servicing Agreement (whereupon the Master Servicer
shall notify the Serviced Companion Loan Holders) any time on or after the Early Termination Notice Date specifying the Anticipated
Termination Date, by purchasing on such date all, but not less than all, of the Mortgage Loans (and in the case of the Serviced
Loan Combinations, subject to certain rights of the related Serviced Companion Loan Holder provided for


 






    A-17-7 


     


    

 


in the related Co-Lender
Agreement) then included in the Trust Fund, and all property acquired by or on behalf of the Trust Fund (including the Trust Fund’s
interest in any REO Property acquired with respect to any Outside Serviced Mortgage Loan) in respect of any Mortgage Loan then
included in the Trust Fund, at a purchase price, payable in cash, equal to (i) the sum of (A) the Termination Purchase
Amount and (B) the reasonable out-of-pocket expenses of the Master Servicer (unless the Master Servicer is the purchaser of
such Mortgage Loans), the Special Servicer (unless the Special Servicer is the purchaser of such Mortgage Loans), the Trustee and
the Certificate Administrator, as applicable, with respect to such termination, minus (ii) solely in the case where the Master
Servicer or the Special Servicer is effecting such purchase, the aggregate amount of unreimbursed Advances, if any, made by the
Master Servicer or Special Servicer, as applicable, together with any interest accrued and payable to the Master Servicer or the
Special Servicer, as applicable, in respect of such Advances and any unpaid Servicing Fees or Special Servicing Fees, as applicable,
remaining outstanding (which items will be deemed to have been paid or reimbursed to the Master Servicer or the Special Servicer,
as applicable, in connection with such purchase).


 


Any Person(s) effecting
an early termination of the Trust Fund as provided in the prior paragraph shall first notify the Controlling Class Representative
and each Certifying Certificateholder, or, in the case of a termination by the Holder of a Class R Certificate, notify the
Certificate Administrator (who shall notify the Controlling Class Representative and each Certifying Certificateholder) of its
intention to do so in writing at least 30 days prior to the Anticipated Termination Date. All costs and expenses incurred by any
and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with the purchase of the Mortgage Loans
and other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement shall be borne by the
party exercising its purchase rights thereunder. The Certificate Administrator shall be entitled to rely conclusively on any determination
made by an Appraiser pursuant to Section 9.01(c) of the Pooling and Servicing Agreement.


 


The respective obligations
and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Operating Advisor, the Asset Representations
Reviewer, the Certificate Administrator and the Trustee created by the Pooling and Servicing Agreement with respect to the Certificates,
the Mortgage Loans and the Serviced Companion Loans (other than the obligation to make certain payments and to send certain notices
to Certificateholders as set forth in the Pooling and Servicing Agreement and to make any required remittances to the Serviced
Companion Loan Holders in the month in which the final Distribution Date occurs and certain tax-related obligations) shall terminate
immediately following the earlier to occur of (i) the purchase by Holders of the Controlling Class, the Special Servicer,
the Master Servicer or Holders of the Class R Certificates of all the Mortgage Loans and REO Properties (or interests therein)
then included in the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement, (ii) the exchange by the
Remaining Certificateholder of its Certificates for all the Mortgage Loans and REO Properties (or interests therein) then included
in the Trust Fund pursuant to Section 9.01(h) of the Pooling and Servicing Agreement and (iii) the final payment or other
liquidation (or any advance with respect thereto) of the last Mortgage Loan or REO Property (or interest therein) contained in
the Trust Fund; provided, however, that in no event shall the trust created by the Pooling and Servicing Agreement
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 of the Pooling and Servicing Agreement. All
such payments as contemplated by the preceding paragraph shall be deposited into the Collection Account by the Master Servicer
or Special Servicer, as applicable, promptly following receipt thereof.


 


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 Pooling and Servicing Agreement or
be valid for any purpose.


 






    A-17-8 


     


    

 




 





IN WITNESS WHEREOF,
the Certificate Administrator has caused this Class F Certificate to be duly executed.


 





	 	CITIBANK,
N.A., not in its individual capacity but solely as Certificate Administrator
	 	 	 
	 	By:	 
			Authorized Signatory


  


Dated: September 29, 2017


 


CERTIFICATE
OF AUTHENTICATION


 


This is one of the
Class F Certificates referred to in the Pooling and Servicing Agreement.


 


Dated: September 29, 2017


 





	 	CITIBANK,
N.A., not in its individual capacity but solely as Authenticating Agent
	 	 	 
	 	By:	 
			Authorized Signatory


  




    A-17-9 


     


    

 


ASSIGNMENT


 


FOR VALUE RECEIVED,
the undersigned (“Assignor(s)”) hereby sell(s), assign(s) and transfer(s) unto  ___________________________
 (please print or typewrite name(s) and address(es), including postal zip code(s) of assignee(s))
(“Assignee(s)”) the entire Percentage Interest represented by the within Class F Certificate and hereby authorize(s)
the registration of transfer of such interest to Assignee(s) on the Certificate Register of the Trust Fund.


 


I (we) further direct
the Certificate Registrar to issue a new Class F Certificate of the entire Percentage Interest represented by the within Class
F Certificates to the above-named Assignee(s) and to deliver such Class F Certificate to the following address:


 


Date: _________________


	 	 	 
		 	Signature by or on behalf of Assignor(s)
	 	 	 
	 	 	Taxpayer Identification Number





 




    A-17-10 


     


    

 


DISTRIBUTION INSTRUCTIONS


 


The Assignee(s) should include
the following for purposes of distribution:


 


Address of the Assignee(s)
for the purpose of receiving notices and distributions: __________________________________ Distributions, if being made by wire
transfer in immediately available funds to __________________________ for the account of __________________________ account number
____________________________. This information is provided by ______________________________, the Assignee(s) named above or ____________________________________
as its (their) agent.


	 	 	 
	 	By:	 
	 	 	[Please print or type name(s)]
	 	 	 
	 	 	Title
	 	 	 
	 	 	Taxpayer Identification Number


 










    A-17-11 


     


    

 


EXHIBIT
A-18


 


CITIGROUP
COMMERCIAL MORTGAGE TRUST 2017-P8

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2017-P8, CLASS G


 


[THIS CERTIFICATE IS A TEMPORARY REGULATION
S GLOBAL CERTIFICATE FOR PURPOSES OF REGULATION S UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”). NEITHER THIS TEMPORARY REGULATION S GLOBAL CERTIFICATE NOR ANY INTEREST HEREIN MAY BE OFFERED, SOLD OR DELIVERED,
EXCEPT AS PERMITTED UNDER THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.


 


NO BENEFICIAL OWNERS OF THIS TEMPORARY
REGULATION S GLOBAL CERTIFICATE SHALL BE ENTITLED TO RECEIVE PAYMENTS OF PRINCIPAL OR INTEREST HEREON UNLESS THE REQUIRED CERTIFICATIONS
HAVE BEEN DELIVERED PURSUANT TO THE TERMS OF THE POOLING AND SERVICING AGREEMENT.]1


 


[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.]2


 


[TRANSFERS OF THIS GLOBAL CERTIFICATE SHALL
BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE,
AND TRANSFERS OF BENEFICIAL INTERESTS IN THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS
SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.]3


 


THIS CERTIFICATE DOES NOT REPRESENT AN
INTEREST IN OR OBLIGATION OF THE DEPOSITOR, THE SPONSORS, THE ORIGINATORS, THE MASTER SERVICER, THE SPECIAL SERVICER, THE TRUSTEE,
THE CERTIFICATE ADMINISTRATOR, THE OPERATING ADVISOR, the Asset representations reviewer,
THE CONTROLLING CLASS REPRESENTATIVE, THE RISK RETENTION CONSULTATION PARTY, ANY COMPANION LOAN HOLDER, THE initial
purchasers OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES NOR THE MORTGAGE LOANS ARE INSURED OR GUARANTEED
BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY OR PRIVATE INSURER.


 


PRINCIPAL PAYMENTS IN RESPECT OF THIS CERTIFICATE
ARE DISTRIBUTABLE AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT. ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE OF THIS
CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.


 


DISTRIBUTIONS OF PRINCIPAL AND INTEREST
ON THIS CERTIFICATE ARE SUBORDINATED TO DISTRIBUTIONS OF PRINCIPAL AND INTEREST ON OTHER CLASSES OF CERTIFICATES OF THE SAME SERIES.


 





 



 


		1	Temporary Regulation S Global Certificate legend.



		 	 



		2	Legend required as long as DTC is the Depository under
the Pooling and Servicing Agreement.



		 	 



		3	Global Certificate legend.




 






    A-18-1 


     


    

 


THIS CERTIFICATE HAS
NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE 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 (A)(1) PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”)
TO A PERSON THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING OF RULE 144A
(A “QIB”), OR IS PURCHASING FOR THE ACCOUNT OF A QIB, AND WHOM THE HOLDER HAS INFORMED THAT THE REOFFER, RESALE, PLEDGE,
OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (2) IN AN “OFFSHORE TRANSACTION” TO AN INSTITUTION THAT IS
NOT A “U.S. PERSON”, AS SUCH TERMS ARE DEFINED IN, AND IN ACCORDANCE WITH RULE 903 OR RULE 904 OF, REGULATION S UNDER
THE SECURITIES ACT, OR (3) TO AN INSTITUTIONAL “ACCREDITED INVESTOR” WITHIN THE MEANING OF, OR IN WHICH ALL THE EQUITY
OWNERS COME WITHIN THE MEANING OF, RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT THAT IS NOT A QIB,
AND (B) IN EACH CASE IN ACCORDANCE WITH FEDERAL SECURITIES LAWS AND ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES
OR ANY OTHER APPLICABLE JURISDICTION.


 


THIS CERTIFICATE MAY
NOT BE PURCHASED BY OR PLEDGED, SOLD OR OTHERWISE TRANSFERRED TO ANY PERSON THAT IS OR BECOMES (I) AN EMPLOYEE BENEFIT PLAN OR
OTHER PLAN THAT IS SUBJECT TO THE FIDUCIARY RESPONSIBILITY OR PROHIBITED TRANSACTION PROVISIONS OF THE EMPLOYEE RETIREMENT INCOME
SECURITY ACT OF 1974, AS AMENDED (“ERISA”), OR TO 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 THAT IS SUBJECT TO ANY FEDERAL,
STATE OR LOCAL LAW (“SIMILAR LAW”) THAT IS, TO A MATERIAL EXTENT, SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE
CODE (EACH, A “PLAN”), OR (II) AN ENTITY OR COLLECTIVE INVESTMENT FUND THE ASSETS OF WHICH ARE CONSIDERED PLAN ASSETS
UNDER U.S. DEPARTMENT OF LABOR REG. SECTION 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA, OR SIMILAR LAW OR OTHER PERSON ACTING
ON BEHALF OF ANY SUCH PLAN OR USING THE ASSETS OF SUCH PLAN TO ACQUIRE THIS CERTIFICATE, UNLESS (A)(I) SUCH PERSON IS AN “INSURANCE
COMPANY GENERAL ACCOUNT” WITHIN THE MEANING OF PROHIBITED TRANSACTION CLASS EXEMPTION 95-60, AND (II) ALL CONDITIONS OF SECTIONS
I AND III OF PROHIBITED TRANSACTION CLASS EXEMPTION 95-60 WILL BE MET WITH RESPECT TO SUCH INSURANCE COMPANY GENERAL ACCOUNT’S
ACQUISITION, HOLDING AND DISPOSITION OF THIS CERTIFICATE, OR (B) WITH RESPECT TO THE ACQUISITION, HOLDING OR DISPOSITION OF THIS
CERTIFICATE BY ANY GOVERNMENTAL PLAN OR OTHER PLAN SUBJECT TO SIMILAR LAW, SUCH ACQUISITION, HOLDING AND DISPOSITION BY SUCH GOVERNMENTAL
PLAN WILL NOT CONSTITUTE OR OTHERWISE RESULT IN A NON-EXEMPT VIOLATION OF SIMILAR LAW.


 


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.


 






    A-18-2 


     


    




 


CITIGROUP
COMMERCIAL MORTGAGE TRUST 2017-P8

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2017-P8, CLASS G


 


	Pass-Through Rate:  3.000% per annum	 	 
	 	 	 
	First Distribution Date: October 17, 2017	 	Cut-Off Date:  With respect to each Mortgage Loan, the Due Date in September 2017 for that Mortgage Loan (or, in the case of any Mortgage Loan that has its first Due Date subsequent to September 2017, the date that would have been its Due Date in September 2017 under the terms of that Mortgage Loan if a Monthly Payment were scheduled to be due in that month).
	 	 	 
	Aggregate Initial Certificate Balance of the Class G Certificates: $36,147,149	 	Scheduled Final Distribution Date: the Distribution Date in September 2027
	 	 	 





	
        CUSIP:  17326D
AT94

U1852D AD75

17326D AU66




        
	 	Initial Certificate Balance of this Certificate: $[_____]
	 	 	 
	
        ISIN:     US17326DAT907

USU1852DAD768

US17326DAU639

        
	 	 
	 	 	 
	Common Code: 169462518	 	 
	 	 	 
	No.:  [1]	 	 


 


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 G Certificates. The Trust Fund, described more
fully below, consists primarily of a pool of Mortgage Loans secured by first liens on commercial, multifamily and manufactured
housing community properties and held in trust by the Trustee and, other than in the case of the Outside Serviced Mortgage Loans,
serviced by the Master Servicer and the Special Servicer. The Trust Fund was created, and the Mortgage Loans (other than the Outside
Serviced Mortgage Loans) are to be serviced, pursuant to the Pooling 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 Pooling and Servicing
Agreement and is bound thereby. In the event that there is any conflict between any provision of this Certificate and any provision
of the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to the extent of such inconsistency.
Also issued under the Pooling and Servicing Agreement are the Class A-1, Class A-2, Class A-3, Class A-4, Class A-AB,


 





 



 


4
For Rule 144A Certificates


 


5 For Regulation S Certificates


 


6 For IAI Certificates


 


7
For Rule 144A Certificates


 


8
For Regulation S Certificates


 


9
For IAI Certificates


 







    A-18-3 


     


    

 


Class X-A, Class X-B, Class A-S, Class B, Class C, Class X-D, Class X-E, Class X-F, Class X-G, Class D, Class E,
Class F, Class R, Class S, Class V-1, Class V-2A, Class V-2B, Class V-2C, Class V-2D, Class V-2E, Class V-3AC, Class V-3D
and Class V-3E Certificates (together with the Class G Certificates, the “Certificates”; the Holders of Certificates
are collectively referred to herein as “Certificateholders”).


 


This Certificate is
issued pursuant to, and in accordance with, the terms of a Pooling and Servicing Agreement dated as of September 1, 2017 (the “Pooling
and Servicing Agreement”), between Citigroup Commercial Mortgage Securities Inc., as Depositor, Wells Fargo Bank, National
Association, as Master Servicer, KeyBank National Association, as Special Servicer, Pentalpha Surveillance LLC, as Operating Advisor
and Asset Representations Reviewer, Citibank, N.A., as Certificate Administrator, and Wilmington Trust, National Association, as
Trustee. To the extent not defined herein, capitalized terms used herein shall have the meanings assigned thereto in the Pooling
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.


 


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 Mortgage Loans and has executed this Certificate in its limited capacity as Certificate Administrator under the Pooling
and Servicing Agreement.


 


Pursuant to the terms
of the Pooling and Servicing Agreement, the Certificate Administrator will distribute (other than the final distribution on any
Certificate), on the 4th Business Day following the Determination Date in each month, commencing in October 2017 (each such date,
a “Distribution Date”), to the Person in whose name this Certificate is registered as of the related Record
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, with respect to the Class G Certificates
for such Distribution Date, all as more fully described in the Pooling and Servicing Agreement. Holders of this Certificate may
be entitled to a share of Yield Maintenance Charges, as provided in the Pooling and Servicing Agreement.


 


Interest accrued on
this Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this Certificate,
if any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement. The “Interest
Accrual Period” with respect to any Distribution Date and with respect to the Class G Certificates is the calendar month
preceding the month in which such Distribution Date occurs and is assumed to consist of 30 days.


 


All distributions
(other than the final distribution on any Certificate) will be made by the Certificate Administrator to the persons in whose names
the Certificates are registered at the close of business on each Record Date, which will be the last Business Day of the month
preceding the month in which such Distribution Date occurs. Distributions are required to be made by wire transfer of immediately
available funds to the account of such Certificateholder at a bank or other entity located in the United States and having appropriate
facilities to accept such funds, if such Certificateholder has provided the Certificate Administrator with written wiring instructions
no less than five (5) Business Days prior to the related Record Date (which wiring instructions may be in the form of a standing
order applicable to all subsequent distributions), or otherwise by check mailed to such Certificateholder. The final distribution
on each Certificate shall be made in like manner, but only upon presentation 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 a notice to Certificateholders of the pendency of the final distribution.


 


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 Section 9.01 of the Pooling 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 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


 






    A-18-4 


     


    

 


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. Subject to applicable state law with respect to escheatment of funds, if within two years after the second notice
any Certificates shall not have been surrendered for cancellation, the Paying Agent shall pay to the Class R Certificateholders
all amounts distributable to the Holders thereof. 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 Section 9.01 of the Pooling and Servicing Agreement.


 


This Certificate is
limited in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage Loans, as more
specifically set forth herein and in the Pooling and Servicing Agreement.


 


As provided in the
Pooling and Servicing Agreement, the Trust Fund includes: (i) such Mortgage Loans as from time to time are subject to the Pooling
and Servicing Agreement, together with the Mortgage Files relating thereto; (ii) all scheduled or unscheduled payments on or collections
in respect of the Mortgage Loans due after the Cut-Off Date or, with respect to a Qualified Substitute Mortgage Loan, the Due Date
in the month of substitution (exclusive of interest relating to periods prior to, but due after, the Cut-Off Date); (iii) any REO
Property (but, with respect to any REO Property relating to a Loan Combination, only to the extent of the Trust’s interest
in the related Loan Combination); (iv) all revenues received in respect of any REO Property (but, with respect to any REO Property
relating to a Loan Combination, only to the extent of the Trust’s interest in the related Loan Combination); (v) the Master
Servicer’s and the Trustee’s rights under the insurance policies with respect to the Mortgage Loans required to be
maintained pursuant to the Pooling and Servicing Agreement and any proceeds thereof; (vi) the Trustee’s rights in any Assignments
of Leases, Rents and Profits and any security agreements; (vii) the Trustee’s rights under any indemnities or guaranties
given as additional security for any Mortgage Loan; (viii) all of the Trustee’s and the Certificate Administrator’s
rights in the Escrow Accounts and Lock-Box Accounts and all proceeds of the Mortgage Loans deposited in the Collection Account,
the Distribution Account, the Excess Interest Distribution Account, the Interest Reserve Account, the Excess Liquidation Proceeds
Reserve Account and any REO Account, including any reinvestment income thereon; (ix) the Trustee’s rights in any environmental
indemnity agreements relating to the Mortgaged Properties; (x) the Depositor’s rights under the Mortgage Loan Purchase Agreements
and the SMC Guaranty to the extent assigned to the Trustee pursuant to Section 2.01 of the Pooling and Servicing Agreement; (xi)
the Lower-Tier Regular Interests; and (xii) the Loss of Value Reserve Fund.


 


This Certificate does
not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling 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 and Trustee.


 


As provided in the
Pooling and Servicing Agreement, subject to certain restrictions on transfer set forth therein, upon surrender for registration
of transfer of any Certificate, the Certificate Administrator shall execute, authenticate and deliver, in the name of the designated
transferee or transferees, one or more new Certificates in authorized denominations, in like aggregate interest and of the same
Class.


 


Prior to due presentation
of this Certificate for registration of transfer, the Master Servicer, the Special Servicer, the Operating Advisor, the Trustee,
the Certificate Administrator, the Certificate Registrar, and any agent of any of them, may treat the Person in whose name any
Certificate is registered as the owner of such Certificate for the purpose of receiving distributions as provided in the Pooling
and Servicing Agreement and for all other purposes whatsoever, and neither the Master Servicer, the Special Servicer, the Operating
Advisor, the Trustee, the Certificate Administrator, the Certificate Registrar, nor any agent of any of them shall be affected
by any notice to the contrary.


 


The Pooling and Servicing
Agreement or any Custodial Agreement may be amended from time to time by the Depositor, the Master Servicer, the Special Servicer,
the Operating Advisor, the Asset Representations Reviewer, the Custodian (if the Certificate Administrator is then acting as Custodian),
the Certificate Administrator and the Trustee, without the consent of any of the Certificateholders or, as applicable, any Companion
Loan Holder:


 


		(i)	to cure any ambiguity to the extent that it does not adversely affect any holders of Certificates;



 






    A-18-5 


     


    

 


		(ii)	to correct or supplement any of its provisions which may be inconsistent with any other provisions
of the Pooling and Servicing Agreement or with the description thereof in the Prospectus or to correct any error;



 


		(iii)	to change the timing and/or nature of deposits in the Collection Account, the Excess Liquidation
Proceeds Reserve Account, the Excess Interest Distribution Account, the Distribution Account or any REO Account, provided that
(A) the Master Servicer Remittance Date shall in no event be later than the Business Day prior to the related Distribution
Date and (B) the change would not adversely affect in any material respect the interests of any Certificateholder, as evidenced
by an opinion of counsel (at the expense of the party requesting the amendment);



 


		(iv)	to modify, eliminate or add to any of its provisions (A) to the extent necessary to maintain the
qualification of either Trust REMIC as a REMIC or the Grantor Trust as a grantor trust or to avoid or minimize the risk of imposition
of any tax on the Trust Fund, provided that the Trustee and the Certificate Administrator have received an opinion of counsel (at
the expense of the party requesting the amendment) to the effect that (1) the action is necessary or desirable to maintain
such qualification or to avoid or minimize such risk and (2) the action will not adversely affect in any material respect the interests
of any holder of the Certificates, (B) to restrict (or to remove any existing restrictions with respect to) the transfer
of the Class R Certificates, provided that the Depositor has determined that the amendment will not give rise to any tax with respect
to the transfer of the Class R Certificates to a non-Permitted Transferee, (C) to the extent necessary to comply with the
Investment Company Act of 1940, as amended, the Exchange Act, Regulation AB, Regulation RR and/or any related regulatory actions
and/or interpretations or (D) in the event that Regulation RR (or any portion thereof) or any other regulations applicable to the
risk retention requirements for this securitization transaction are amended or repealed, to the extent required to comply with
any such amendment or to modify or eliminate any risk retention requirements no longer applicable to this securitization transaction
in light of such repeal;



 


		(v)	to make any other provisions with respect to matters or questions arising under the Pooling and
Servicing Agreement or any other change, provided that the amendment will not adversely affect in any material respect the
interests of any Certificateholder, as evidenced by an opinion of counsel;



 


		(vi)	to modify the procedures in the Pooling and Servicing Agreement relating to Rule 17g-5; provided
that such modification does not increase the obligations of the Trustee, the Certificate Administrator, the Operating Advisor,
the Asset Representations Reviewer, the Master Servicer or the Special Servicer without such party’s consent (which consent
may not be withheld unless such modification would materially adversely affect such party or materially increase such party’s
obligations under the Pooling and Servicing Agreement); provided, further that notice of such modification is provided
to all parties to the Pooling and Servicing Agreement; and



 


		(vii)	to amend or supplement any provision of the Pooling and Servicing Agreement to the extent necessary
to maintain the ratings assigned to each Class of Certificates by any of the Rating Agencies, provided that the amendment will
not adversely affect in any material respect the interests of any Certificateholder;



 


provided, further
that no amendment pursuant to any of clauses (i)-(vii) above may be made that would: (A) reduce the consent or consultation rights
or the right to receive information under the Pooling and Servicing Agreement of the Controlling Class Representative without the
consent of the Controlling Class Representative; (B) reduce the consultation rights or the right to receive information under the
Pooling and Servicing Agreement of the Operating Advisor without the consent of the Operating Advisor; (C) change in any manner
the obligations or rights of any Mortgage Loan Seller under the Pooling and Servicing Agreement or the applicable Mortgage Loan
Purchase Agreement without the consent of the affected Mortgage Loan Seller; (D) change in any manner the obligations or


 






    A-18-6 


     


    

 


rights of any Underwriter or Initial Purchaser, without the consent of the affected Underwriter or Initial Purchaser; or (E) adversely
affect any Serviced Companion Loan Holder in its capacity as such without its consent. Expenses incurred with respect to any amendment
shall be borne by the party requesting such amendment, unless the Master Servicer, the Special Servicer or the Trustee is requesting
an amendment for the benefit of the Certificateholders, then in which case such expense will be borne by the Trust.


 


The Pooling and Servicing
Agreement or any Custodial Agreement may also be amended from time to time by a writing signed by each of the Depositor, the Master
Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Custodian (if the Certificate Administrator
is then acting as Custodian), the Certificate Administrator and the Trustee with the consent of the Holders of Certificates representing
not less than 66-2/3% of the Percentage Interests of each Class of Certificates affected by the amendment for the purpose of adding
any provisions to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or of modifying
in any manner the rights of the Certificateholders; provided, however, that no such amendment shall:


 


		(i)	reduce in any manner the amount of, or delay the timing of, payments received on the Serviced Loans
which are required to be distributed on a Certificate of any Class or to any Serviced Companion Loan Holder, as applicable, without
the consent of the Holder of that Certificate or that Serviced Companion Loan Holder, as applicable,



 


		(ii)	reduce the aforesaid percentage of Certificates of any Class the Holders of which are required
to consent to the amendment without the consent of the Holders of all Certificates of that Class then outstanding,



 


		(iii)	change in any manner the obligations or rights of any Mortgage Loan Seller under the Pooling and
Servicing Agreement or the related Mortgage Loan Purchase Agreement without the consent of the affected Mortgage Loan Seller,



 


		(iv)	change the definition of “Servicing Standard” without either (A) consent of 100% of
the holders of the Certificates or (B) Rating Agency Confirmation,



 


		(v)	without the consent of 100% of the Certificateholders of the Class or Classes of Certificates adversely
affected thereby, change (A) the percentages of Voting Rights of Certificateholders which are required to consent to any action
or inaction under the Pooling and Servicing Agreement, (B) the right of the Certificateholders to remove the Special Servicer pursuant
to the Pooling and Servicing Agreement or (C) the right of the Certificateholders to terminate the Operating Advisor pursuant to
the Pooling and Servicing Agreement,



 


		(vi)	adversely affect the Controlling Class Representative without the consent of 100% of the Controlling
Class Certificateholders,



 


		(vii)	adversely affect a Serviced Companion Loan Holder in its capacity as such without its consent,
or



 


		(viii)	change in any manner the obligations or rights of any Underwriter or Initial Purchaser without
the consent of the affected Underwriter or Initial Purchaser.



 


The Holders of the
Controlling Class representing greater than 50% of the Certificate Balance of the Controlling Class may (or, if such Holders do
not, the Special Servicer, or if neither such Holders nor the Special Servicer do, the Master Servicer or, if none of such Holders,
the Special Servicer or the Master Servicer does, any Holders of Class R Certificates representing greater than a 50% Percentage
Interest in such Class, may also) effect an early termination of the Trust Fund, upon not less than 30 days’ prior notice
given to the parties (or, if applicable, the other parties) to the Pooling and Servicing Agreement (whereupon the Master Servicer
shall notify the Serviced Companion Loan Holders) any time on or after the Early Termination Notice Date specifying the Anticipated
Termination Date, by purchasing on such date all, but not less than all, of the Mortgage Loans (and in the case of the Serviced
Loan Combinations, subject to certain rights of the related Serviced Companion Loan Holder provided for


 






    A-18-7 


     


    

 


in the related Co-Lender
Agreement) then included in the Trust Fund, and all property acquired by or on behalf of the Trust Fund (including the Trust Fund’s
interest in any REO Property acquired with respect to any Outside Serviced Mortgage Loan) in respect of any Mortgage Loan then
included in the Trust Fund, at a purchase price, payable in cash, equal to (i) the sum of (A) the Termination Purchase
Amount and (B) the reasonable out-of-pocket expenses of the Master Servicer (unless the Master Servicer is the purchaser of
such Mortgage Loans), the Special Servicer (unless the Special Servicer is the purchaser of such Mortgage Loans), the Trustee and
the Certificate Administrator, as applicable, with respect to such termination, minus (ii) solely in the case where the Master
Servicer or the Special Servicer is effecting such purchase, the aggregate amount of unreimbursed Advances, if any, made by the
Master Servicer or Special Servicer, as applicable, together with any interest accrued and payable to the Master Servicer or the
Special Servicer, as applicable, in respect of such Advances and any unpaid Servicing Fees or Special Servicing Fees, as applicable,
remaining outstanding (which items will be deemed to have been paid or reimbursed to the Master Servicer or the Special Servicer,
as applicable, in connection with such purchase).


 


Any Person(s) effecting
an early termination of the Trust Fund as provided in the prior paragraph shall first notify the Controlling Class Representative
and each Certifying Certificateholder, or, in the case of a termination by the Holder of a Class R Certificate, notify the
Certificate Administrator (who shall notify the Controlling Class Representative and each Certifying Certificateholder) of its
intention to do so in writing at least 30 days prior to the Anticipated Termination Date. All costs and expenses incurred by any
and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with the purchase of the Mortgage Loans
and other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement shall be borne by the
party exercising its purchase rights thereunder. The Certificate Administrator shall be entitled to rely conclusively on any determination
made by an Appraiser pursuant to Section 9.01(c) of the Pooling and Servicing Agreement.


 


The respective obligations
and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Operating Advisor, the Asset Representations
Reviewer, the Certificate Administrator and the Trustee created by the Pooling and Servicing Agreement with respect to the Certificates,
the Mortgage Loans and the Serviced Companion Loans (other than the obligation to make certain payments and to send certain notices
to Certificateholders as set forth in the Pooling and Servicing Agreement and to make any required remittances to the Serviced
Companion Loan Holders in the month in which the final Distribution Date occurs and certain tax-related obligations) shall terminate
immediately following the earlier to occur of (i) the purchase by Holders of the Controlling Class, the Special Servicer,
the Master Servicer or Holders of the Class R Certificates of all the Mortgage Loans and REO Properties (or interests therein)
then included in the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement, (ii) the exchange by the
Remaining Certificateholder of its Certificates for all the Mortgage Loans and REO Properties (or interests therein) then included
in the Trust Fund pursuant to Section 9.01(h) of the Pooling and Servicing Agreement and (iii) the final payment or other
liquidation (or any advance with respect thereto) of the last Mortgage Loan or REO Property (or interest therein) contained in
the Trust Fund; provided, however, that in no event shall the trust created by the Pooling and Servicing Agreement
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 of the Pooling and Servicing Agreement. All
such payments as contemplated by the preceding paragraph shall be deposited into the Collection Account by the Master Servicer
or Special Servicer, as applicable, promptly following receipt thereof.


 


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 Pooling and Servicing Agreement or
be valid for any purpose.


 






    A-18-8 


     


    




 




 





IN WITNESS WHEREOF,
the Certificate Administrator has caused this Class G  Certificate to be duly executed.


 





	 	CITIBANK,
N.A., not in its individual capacity but solely as Certificate Administrator
	 	 	 
	 	By:	 
			Authorized Signatory


  


Dated: September 29, 2017


 


CERTIFICATE
OF AUTHENTICATION


 


This is one of the
Class G Certificates referred to in the Pooling and Servicing Agreement.


 


Dated: September 29, 2017


 





	 	CITIBANK,
N.A., not in its individual capacity but solely as Authenticating Agent
	 	 	 
	 	By:	 
			Authorized Signatory


  




    A-18-9 


     


    

 


ASSIGNMENT


 


FOR VALUE
RECEIVED, the undersigned (“Assignor(s)”) hereby sell(s), assign(s) and transfer(s) unto
___________________________  (please print or typewrite name(s) and address(es), including postal zip code(s) of
assignee(s)) (“Assignee(s)”) the entire Percentage Interest represented by the within Class G Certificate
and hereby authorize(s) the registration of transfer of such interest to Assignee(s) on the Certificate Register of the Trust
Fund.


 


I (we) further
direct the Certificate Registrar to issue a new Class G Certificate of the entire Percentage Interest represented by the
within Class G Certificates to the above-named Assignee(s) and to deliver such Class G Certificate to the following
address:


 


Date: _________________


	 	 	 
		 	Signature by or on behalf of Assignor(s)
	 	 	 
	 	 	Taxpayer Identification Number





 




    A-18-10 


     


    

 


DISTRIBUTION INSTRUCTIONS


 


The Assignee(s) should include
the following for purposes of distribution:


 


Address of the Assignee(s)
for the purpose of receiving notices and distributions: __________________________________ Distributions, if being made by wire
transfer in immediately available funds to __________________________ for the account of __________________________ account number
____________________________. This information is provided by ______________________________, the Assignee(s) named above or ____________________________________
as its (their) agent.


	 	 	 
	 	By:	 
	 	 	[Please print or type name(s)]
	 	 	 
	 	 	Title
	 	 	 
	 	 	Taxpayer Identification Number


 










    A-18-11 


     


    

 


EXHIBIT
A-19


 


CITIGROUP
COMMERCIAL MORTGAGE TRUST 2017-P8

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2017-P8, CLASS R


 


THIS CERTIFICATE DOES NOT REPRESENT AN
INTEREST IN OR OBLIGATION OF THE DEPOSITOR, THE SPONSORS, THE ORIGINATORS, THE MASTER SERVICER, THE SPECIAL SERVICER, THE TRUSTEE,
THE CERTIFICATE ADMINISTRATOR, THE OPERATING ADVISOR, the Asset representations reviewer,
THE CONTROLLING CLASS REPRESENTATIVE, THE RISK RETENTION CONSULTATION PARTY, ANY COMPANION LOAN HOLDER, THE INITIAL PURCHASERS
OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES NOR THE MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL
AGENCY OR INSTRUMENTALITY OR PRIVATE INSURER.


 


THIS CERTIFICATE HAS NOT BEEN AND WILL
NOT BE REGISTERED OR QUALIFIED UNDER THE 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 (A) PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”) TO A PERSON
THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING OF RULE 144A (A “QIB”),
OR IS PURCHASING FOR THE ACCOUNT OF A QIB, AND WHOM THE HOLDER HAS INFORMED THAT THE REOFFER, RESALE, PLEDGE, OR OTHER TRANSFER
IS BEING MADE IN RELIANCE ON RULE 144A, AND (B) IN EACH CASE IN ACCORDANCE WITH FEDERAL SECURITIES LAWS AND ANY APPLICABLE SECURITIES
LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.


 


THIS CERTIFICATE MAY
ONLY BE TRANSFERRED TO AND OWNED BY A QIB.


 


THIS CERTIFICATE MAY
NOT BE PURCHASED BY OR PLEDGED, SOLD OR OTHERWISE TRANSFERRED TO ANY PERSON THAT IS OR BECOMES (I) AN EMPLOYEE BENEFIT PLAN OR
OTHER PLAN THAT IS SUBJECT TO THE FIDUCIARY RESPONSIBILITY OR PROHIBITED TRANSACTION PROVISIONS OF THE EMPLOYEE RETIREMENT INCOME
SECURITY ACT OF 1974, AS AMENDED (“ERISA”), OR TO 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 THAT IS SUBJECT TO ANY FEDERAL,
STATE OR LOCAL LAW (“SIMILAR LAW”) THAT IS, TO A MATERIAL EXTENT, SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE
CODE (EACH, A “PLAN”), OR (II) AN ENTITY OR COLLECTIVE INVESTMENT FUND THE ASSETS OF WHICH ARE CONSIDERED PLAN ASSETS
UNDER U.S. DEPARTMENT OF LABOR REG. SECTION 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA (INCLUDING AN INSURANCE COMPANY THAT
IS USING THE ASSETS OF SEPARATE ACCOUNTS OR GENERAL ACCOUNTS WHICH INCLUDE ASSETS OF PLANS (OR WHICH ARE DEEMED PURSUANT TO ERISA
OR SIMILAR LAW TO INCLUDE ASSETS OF PLANS)), OR OTHER PERSON ACTING ON BEHALF OF ANY SUCH PLAN OR USING THE ASSETS OF SUCH PLAN
TO ACQUIRE THIS CERTIFICATE.


 


THIS CERTIFICATE REPRESENTS
A “RESIDUAL INTEREST” IN TWO “REAL ESTATE MORTGAGE INVESTMENT CONDUITS” AS THOSE TERMS ARE DEFINED, RESPECTIVELY,
IN code SECTIONS 860G(a)(2) AND 860D. EACH TRANSFEREE OF THIS CERTIFICATE, BY ACCEPTANCE
HEREOF, IS DEEMED TO HAVE ACCEPTED THIS CERTIFICATE SUBJECT TO CERTAIN RESTRICTIONS ON TRANSFERABILITY TO DISQUALIFIED ORGANIZATIONS,
disqualified NON-U.S. tax PERSONS OR AGENTS OF EITHER, AS SET FORTH IN SECTIONS
5.02 AND 5.03 OF THE POOLING AND SERVICING AGREEMENT, AND SHALL BE REQUIRED TO FURNISH AN AFFIDAVIT TO THE TRANSFEROR AND THE CERTIFICATE
ADMINISTRATOR TO THE EFFECT THAT, AMONG OTHER THINGS, (A) IT IS NOT A DISQUALIFIED ORGANIZATION, AS SUCH TERM IS DEFINED IN CODE
SECTION 860E(e)(5), OR AN AGENT (INCLUDING A BROKER, NOMINEE OR OTHER MIDDLEMAN) FOR SUCH DISQUALIFIED ORGANIZATION AND IS OTHERWISE
A PERMITTED TRANSFEREE, (B) IT


 






    A-19-1 


     


    

 


HAS HISTORICALLY PAID ITS DEBTS AS THEY HAVE COME DUE AND INTENDS TO PAY ITS DEBTS AS THEY COME
DUE IN THE FUTURE, (C) IT UNDERSTANDS THAT IT MAY INCUR TAX LIABILITIES WITH RESPECT TO THIS CERTIFICATE IN EXCESS OF CASH FLOWS
GENERATED HEREBY, (D) IT INTENDS TO PAY ANY TAXES ASSOCIATED WITH HOLDING THIS CERTIFICATE AS THEY BECOME DUE, (E) 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 AND (F) IT WILL NOT TRANSFER THIS CERTIFICATE
TO ANY PERSON OR ENTITY THAT DOES NOT PROVIDE A SIMILAR AFFIDAVIT. 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. THIS CERTIFICATE REPRESENTS MULTIPLE “NONECONOMIC RESIDUAL INTERESTS,”
AS DEFINED IN TREASURY REGULATIONS SECTION 1.860E-1(c), AND THEREFORE, TRANSFERS OF THIS CERTIFICATE MAY 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 TRANSFER
AT A MINIMUM PRICE OR TO AN ELIGIBLE TRANSFEREE AS SPECIFIED IN TREASURY REGULATIONS.


 


TRANSFERS OF THIS CERTIFICATE
AND/OR INTERESTS HEREIN ARE SUBJECT TO THE DELIVERY OF SUCH CERTIFICATIONS, OPINIONS, AND OTHER EVIDENCE OF COMPLIANCE WITH APPLICABLE
TRANSFER RESTRICTIONS, AND ARE FURTHER SUBJECT TO SUCH DEEMED REPRESENTATIONS AND WARRANTIES ON THE PART OF THE TRANSFEROR AND/OR
TRANSFEREE, AS ARE SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.


 






    A-19-2 


     


    

 


CITIGROUP
COMMERCIAL MORTGAGE TRUST 2017-P8

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2017-P8, CLASS R


 


	Percentage Interest:  [     ]%	 
	 	 
	Cut-Off Date:  With respect to each Mortgage Loan, the Due Date in September 2017 for that Mortgage Loan (or, in the case of any Mortgage Loan that has its first Due Date subsequent to September 2017, the date that would have been its Due Date in September 2017 under the terms of that Mortgage Loan if a Monthly Payment were scheduled to be due in that month).	 


 


	
        CUSIP: 17326D CB6 
	 
	 	 
	
        ISIN:     US17326DCC48

        
	 
	 	 
	No.:  [1]	 


 


This certifies that
[           ] is the registered owner of an interest in a Trust Fund, including
the distributions to be made with respect to the Class R Certificates. The Trust Fund, described more fully below, consists
primarily of a pool of Mortgage Loans secured by first liens on commercial, multifamily and manufactured housing community properties
and held in trust by the Trustee and, other than in the case of the Outside Serviced Mortgage Loans, serviced by the Master Servicer
and the Special Servicer. The Trust Fund was created, and the Mortgage Loans (other than the Outside Serviced Mortgage Loans) are
to be serviced, pursuant to the Pooling 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 Pooling and Servicing Agreement and is bound thereby.
In the event that there is any conflict between any provision of this Certificate and any provision of the Pooling and Servicing
Agreement, such provision of this Certificate shall be superseded to the extent of such inconsistency. Also issued under the Pooling
and Servicing Agreement are the Class A-1, Class A-2, Class A-3, Class A-4, Class A-AB, Class X-A, Class
X-B, Class A-S, Class B, Class C, Class X-D, Class X-E, Class X-F, Class X-G, Class D, Class E, Class F,
Class G, Class S, Class V-1, Class V-2A, Class V-2B, Class V-2C, Class V-2D, Class V-2E, Class V-3AC, Class V-3D and Class V-3E
Certificates (together with the Class R Certificates, the “Certificates”; the Holders of Certificates are
collectively referred to herein as “Certificateholders”).


 


This Certificate is
issued pursuant to, and in accordance with, the terms of a Pooling and Servicing Agreement dated as of September 1, 2017 (the “Pooling
and Servicing Agreement”), between Citigroup Commercial Mortgage Securities Inc., as Depositor, Wells Fargo Bank, National
Association, as Master Servicer, KeyBank National Association, as Special Servicer, Pentalpha Surveillance LLC, as Operating Advisor
and Asset Representations Reviewer, Citibank, N.A., as Certificate Administrator, and Wilmington Trust, National Association, as
Trustee. To the extent not defined herein, capitalized terms used herein shall have the meanings assigned thereto in the Pooling
and Servicing Agreement.


 


This Certificate represents
the “residual interest” in two “real estate mortgage investment conduits,” as those terms are defined,
respectively, in Sections 860G(a)(2) and 860D of the Internal Revenue Code of 1986, as amended.


 


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 Mortgage Loans and has executed this Certificate in its limited capacity as Certificate Administrator under the Pooling
and Servicing Agreement.


 






    A-19-3 


     


    

 


Pursuant to the terms
of the Pooling and Servicing Agreement, the Certificate Administrator will distribute (other than the final distribution on any
Certificate), on the 4th Business Day following the Determination Date in each month, commencing in October 2017 (each such date,
a “Distribution Date”), to the Person in whose name this Certificate is registered as of the related Record
Date, an amount equal to such Person’s pro rata share (based on the Percentage Interest represented by this Certificate)
of the aggregate amount, if any, with respect to the Class R Certificates for such Distribution Date, all as more fully described
in the Pooling and Servicing Agreement.


 


All distributions
(other than the final distribution on any Certificate) will be made by the Certificate Administrator to the persons in whose names
the Certificates are registered at the close of business on each Record Date, which will be the last Business Day of the month
preceding the month in which such Distribution Date occurs. Distributions are required to be made by wire transfer of immediately
available funds to the account of such Certificateholder at a bank or other entity located in the United States and having appropriate
facilities to accept such funds, if such Certificateholder has provided the Certificate Administrator with written wiring instructions
no less than five (5) Business Days prior to the related Record Date (which wiring instructions may be in the form of a standing
order applicable to all subsequent distributions), or otherwise by check mailed to such Certificateholder. The final distribution
on each Certificate shall be made in like manner, but only upon presentation 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 a notice to Certificateholders of the pendency of the final distribution.


 


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 Section 9.01 of the Pooling 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 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. Subject to applicable state law with respect to escheatment of funds, if within two years after the second notice
any Certificates shall not have been surrendered for cancellation, the Paying Agent shall pay to the Class R Certificateholders
all amounts distributable to the Holders thereof. 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 Section 9.01 of the Pooling and Servicing Agreement.


 


This Certificate is
limited in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage Loans, as more
specifically set forth herein and in the Pooling and Servicing Agreement.


 


As provided in the
Pooling and Servicing Agreement, the Trust Fund includes: (i) such Mortgage Loans as from time to time are subject to the Pooling
and Servicing Agreement, together with the Mortgage Files relating thereto; (ii) all scheduled or unscheduled payments on or collections
in respect of the Mortgage Loans due after the Cut-Off Date or, with respect to a Qualified Substitute Mortgage Loan, the Due Date
in the month of substitution (exclusive of interest relating to periods prior to, but due after, the Cut-Off Date); (iii) any REO
Property (but, with respect to any REO Property relating to a Loan Combination, only to the extent of the Trust’s interest
in the related Loan Combination); (iv) all revenues received in respect of any REO Property (but, with respect to any REO Property
relating to a Loan Combination, only to the extent of the Trust’s interest in the related Loan Combination); (v) the Master
Servicer’s and the Trustee’s rights under the insurance policies with respect to the Mortgage Loans required to be
maintained pursuant to the Pooling and Servicing Agreement and any proceeds thereof; (vi) the Trustee’s rights in any Assignments
of Leases, Rents and Profits and any security agreements; (vii) the Trustee’s rights under any indemnities or guaranties
given as additional security for any Mortgage Loan; (viii) all of the Trustee’s and the Certificate Administrator’s
rights in the Escrow Accounts and Lock-Box Accounts and all proceeds of the Mortgage Loans deposited in the Collection Account,
the Distribution Account, the Excess Interest Distribution Account, the Interest Reserve Account, the Excess Liquidation Proceeds
Reserve Account and any REO Account, including any reinvestment income thereon; (ix) the Trustee’s rights in any environmental
indemnity agreements relating to the 


 






    A-19-4 


     


    

 


Mortgaged Properties; (x) the Depositor’s rights under the Mortgage Loan Purchase Agreements
and the SMC Guaranty to the extent assigned to the Trustee pursuant to Section 2.01 of the Pooling and Servicing Agreement; (xi)
the Lower-Tier Regular Interests; and (xii) the Loss of Value Reserve Fund.


 


This Certificate does
not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling 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 and Trustee.


 


As provided in the
Pooling and Servicing Agreement, subject to certain restrictions on transfer set forth therein, upon surrender for registration
of transfer of any Certificate, the Certificate Administrator shall execute, authenticate and deliver, in the name of the designated
transferee or transferees, one or more new Certificates in authorized denominations, in like aggregate interest and of the same
Class.


 


Prior to due presentation
of this Certificate for registration of transfer, the Master Servicer, the Special Servicer, the Operating Advisor, the Trustee,
the Certificate Administrator, the Certificate Registrar, and any agent of any of them, may treat the Person in whose name any
Certificate is registered as the owner of such Certificate for the purpose of receiving distributions as provided in the Pooling
and Servicing Agreement and for all other purposes whatsoever, and neither the Master Servicer, the Special Servicer, the Operating
Advisor, the Trustee, the Certificate Administrator, the Certificate Registrar, nor any agent of any of them shall be affected
by any notice to the contrary.


 


The Pooling and Servicing
Agreement or any Custodial Agreement may be amended from time to time by the Depositor, the Master Servicer, the Special Servicer,
the Operating Advisor, the Asset Representations Reviewer, the Custodian (if the Certificate Administrator is then acting as Custodian),
the Certificate Administrator and the Trustee, without the consent of any of the Certificateholders or, as applicable, any Companion
Loan Holder:


 


		(i)	to cure any ambiguity to the extent that it does not adversely affect any holders of Certificates;



 


		(ii)	to correct or supplement any of its provisions which may be inconsistent with any other provisions
of the Pooling and Servicing Agreement or with the description thereof in the Prospectus or to correct any error;



 


		(iii)	to change the timing and/or nature of deposits in the Collection Account, the Excess Liquidation
Proceeds Reserve Account, the Excess Interest Distribution Account, the Distribution Account or any REO Account, provided that
(A) the Master Servicer Remittance Date shall in no event be later than the Business Day prior to the related Distribution
Date and (B) the change would not adversely affect in any material respect the interests of any Certificateholder, as evidenced
by an opinion of counsel (at the expense of the party requesting the amendment);



 


		(iv)	to modify, eliminate or add to any of its provisions (A) to the extent necessary to maintain the
qualification of either Trust REMIC as a REMIC or the Grantor Trust as a grantor trust or to avoid or minimize the risk of imposition
of any tax on the Trust Fund, provided that the Trustee and the Certificate Administrator have received an opinion of counsel (at
the expense of the party requesting the amendment) to the effect that (1) the action is necessary or desirable to maintain
such qualification or to avoid or minimize such risk and (2) the action will not adversely affect in any material respect the interests
of any holder of the Certificates, (B) to restrict (or to remove any existing restrictions with respect to) the transfer
of the Class R Certificates, provided that the Depositor has determined that the amendment will not give rise to any tax with respect
to the transfer of the Class R Certificates to a non-Permitted Transferee, (C) to the extent necessary to comply with the
Investment Company Act of 1940, as amended, the Exchange Act, Regulation AB, Regulation RR and/or any related regulatory actions
and/or interpretations or (D) in the event that Regulation RR (or any portion thereof) or any other regulations applicable to the
risk retention requirements for this securitization transaction are amended or repealed, to the extent required to comply with
any such 



 






    A-19-5 


     


    

 


amendment or to modify or eliminate any risk retention requirements no longer applicable to this securitization transaction
in light of such repeal;


 


		(v)	to make any other provisions with respect to matters or questions arising under the Pooling and
Servicing Agreement or any other change, provided that the amendment will not adversely affect in any material respect the
interests of any Certificateholder, as evidenced by an opinion of counsel;



 


		(vi)	to modify the procedures in the Pooling and Servicing Agreement relating to Rule 17g-5; provided
that such modification does not increase the obligations of the Trustee, the Certificate Administrator, the Operating Advisor,
the Asset Representations Reviewer, the Master Servicer or the Special Servicer without such party’s consent (which consent
may not be withheld unless such modification would materially adversely affect such party or materially increase such party’s
obligations under the Pooling and Servicing Agreement); provided, further that notice of such modification is provided
to all parties to the Pooling and Servicing Agreement; and



 


		(vii)	to amend or supplement any provision of the Pooling and Servicing Agreement to the extent necessary
to maintain the ratings assigned to each Class of Certificates by any of the Rating Agencies, provided that the amendment will
not adversely affect in any material respect the interests of any Certificateholder;



 


provided, further
that no amendment pursuant to any of clauses (i)-(vii) above may be made that would: (A) reduce the consent or consultation rights
or the right to receive information under the Pooling and Servicing Agreement of the Controlling Class Representative without the
consent of the Controlling Class Representative; (B) reduce the consultation rights or the right to receive information under the
Pooling and Servicing Agreement of the Operating Advisor without the consent of the Operating Advisor; (C) change in any manner
the obligations or rights of any Mortgage Loan Seller under the Pooling and Servicing Agreement or the applicable Mortgage Loan
Purchase Agreement without the consent of the affected Mortgage Loan Seller; (D) change in any manner the obligations or
rights of any Underwriter or Initial Purchaser, without the consent of the affected Underwriter or Initial Purchaser; or (E) adversely
affect any Serviced Companion Loan Holder in its capacity as such without its consent. Expenses incurred with respect to any amendment
shall be borne by the party requesting such amendment, unless the Master Servicer, the Special Servicer or the Trustee is requesting
an amendment for the benefit of the Certificateholders, then in which case such expense will be borne by the Trust.


 


The Pooling and Servicing
Agreement or any Custodial Agreement may also be amended from time to time by a writing signed by each of the Depositor, the Master
Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Custodian (if the Certificate Administrator
is then acting as Custodian), the Certificate Administrator and the Trustee with the consent of the Holders of Certificates representing
not less than 66-2/3% of the Percentage Interests of each Class of Certificates affected by the amendment for the purpose of adding
any provisions to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or of modifying
in any manner the rights of the Certificateholders; provided, however, that no such amendment shall:


 


		(i)	reduce in any manner the amount of, or delay the timing of, payments received on the Serviced Loans
which are required to be distributed on a Certificate of any Class or to any Serviced Companion Loan Holder, as applicable, without
the consent of the Holder of that Certificate or that Serviced Companion Loan Holder, as applicable,



 


		(ii)	reduce the aforesaid percentage of Certificates of any Class the Holders of which are required
to consent to the amendment without the consent of the Holders of all Certificates of that Class then outstanding,



 


		(iii)	change in any manner the obligations or rights of any Mortgage Loan Seller under the Pooling and
Servicing Agreement or the related Mortgage Loan Purchase Agreement without the consent of the affected Mortgage Loan Seller,



 






    A-19-6 


     


    

 


		(iv)	change the definition of “Servicing Standard” without either (A) consent of 100% of
the holders of the Certificates or (B) Rating Agency Confirmation,



 


		(v)	without the consent of 100% of the Certificateholders of the Class or Classes of Certificates adversely
affected thereby, change (A) the percentages of Voting Rights of Certificateholders which are required to consent to any action
or inaction under the Pooling and Servicing Agreement, (B) the right of the Certificateholders to remove the Special Servicer pursuant
to the Pooling and Servicing Agreement or (C) the right of the Certificateholders to terminate the Operating Advisor pursuant to
the Pooling and Servicing Agreement,



 


		(vi)	adversely affect the Controlling Class Representative without the consent of 100% of the Controlling
Class Certificateholders,



 


		(vii)	adversely affect a Serviced Companion Loan Holder in its capacity as such without its consent,
or



 


		(viii)	change in any manner the obligations or rights of any Underwriter or Initial Purchaser without
the consent of the affected Underwriter or Initial Purchaser.



 


The Holders of the
Controlling Class representing greater than 50% of the Certificate Balance of the Controlling Class may (or, if such Holders do
not, the Special Servicer, or if neither such Holders nor the Special Servicer do, the Master Servicer or, if none of such Holders,
the Special Servicer or the Master Servicer does, any Holders of Class R Certificates representing greater than a 50% Percentage
Interest in such Class, may also) effect an early termination of the Trust Fund, upon not less than 30 days’ prior notice
given to the parties (or, if applicable, the other parties) to the Pooling and Servicing Agreement (whereupon the Master Servicer
shall notify the Serviced Companion Loan Holders) any time on or after the Early Termination Notice Date specifying the Anticipated
Termination Date, by purchasing on such date all, but not less than all, of the Mortgage Loans (and in the case of the Serviced
Loan Combinations, subject to certain rights of the related Serviced Companion Loan Holder provided for in the related Co-Lender
Agreement) then included in the Trust Fund, and all property acquired by or on behalf of the Trust Fund (including the Trust Fund’s
interest in any REO Property acquired with respect to any Outside Serviced Mortgage Loan) in respect of any Mortgage Loan then
included in the Trust Fund, at a purchase price, payable in cash, equal to (i) the sum of (A) the Termination Purchase
Amount and (B) the reasonable out-of-pocket expenses of the Master Servicer (unless the Master Servicer is the purchaser of
such Mortgage Loans), the Special Servicer (unless the Special Servicer is the purchaser of such Mortgage Loans), the Trustee and
the Certificate Administrator, as applicable, with respect to such termination, minus (ii) solely in the case where the Master
Servicer or the Special Servicer is effecting such purchase, the aggregate amount of unreimbursed Advances, if any, made by the
Master Servicer or Special Servicer, as applicable, together with any interest accrued and payable to the Master Servicer or the
Special Servicer, as applicable, in respect of such Advances and any unpaid Servicing Fees or Special Servicing Fees, as applicable,
remaining outstanding (which items will be deemed to have been paid or reimbursed to the Master Servicer or the Special Servicer,
as applicable, in connection with such purchase).


 


Any Person(s) effecting
an early termination of the Trust Fund as provided in the prior paragraph shall first notify the Controlling Class Representative
and each Certifying Certificateholder, or, in the case of a termination by the Holder of a Class R Certificate, notify the
Certificate Administrator (who shall notify the Controlling Class Representative and each Certifying Certificateholder) of its
intention to do so in writing at least 30 days prior to the Anticipated Termination Date. All costs and expenses incurred by any
and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with the purchase of the Mortgage Loans
and other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement shall be borne by the
party exercising its purchase rights thereunder. The Certificate Administrator shall be entitled to rely conclusively on any determination
made by an Appraiser pursuant to Section 9.01(c) of the Pooling and Servicing Agreement.


 


The respective obligations
and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Operating Advisor, the Asset Representations
Reviewer, the Certificate Administrator and the Trustee created by the Pooling and Servicing Agreement with respect to the Certificates,
the Mortgage Loans and the Serviced Companion Loans (other than the obligation to make certain payments and to send certain notices
to Certificateholders as set forth in the Pooling and Servicing Agreement and to make any required remittances to the Serviced
Companion


 






    A-19-7 


     


    

 


Loan Holders in the month in which the final Distribution Date occurs and certain tax-related obligations) shall terminate
immediately following the earlier to occur of (i) the purchase by Holders of the Controlling Class, the Special Servicer,
the Master Servicer or Holders of the Class R Certificates of all the Mortgage Loans and REO Properties (or interests therein)
then included in the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement, (ii) the exchange by the
Remaining Certificateholder of its Certificates for all the Mortgage Loans and REO Properties (or interests therein) then included
in the Trust Fund pursuant to Section 9.01(h) of the Pooling and Servicing Agreement and (iii) the final payment or other
liquidation (or any advance with respect thereto) of the last Mortgage Loan or REO Property (or interest therein) contained in
the Trust Fund; provided, however, that in no event shall the trust created by the Pooling and Servicing Agreement
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 of the Pooling and Servicing Agreement. All
such payments as contemplated by the preceding paragraph shall be deposited into the Collection Account by the Master Servicer
or Special Servicer, as applicable, promptly following receipt thereof.


 


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 Pooling and Servicing Agreement or
be valid for any purpose.


 






    A-19-8 


     


    

 










IN WITNESS WHEREOF,
the Certificate Administrator has caused this Class R Certificate to be duly executed.


 





	 	CITIBANK,
N.A., not in its individual capacity but solely as Certificate Administrator
	 	 	 
	 	By:	 
			Authorized Signatory


  


Dated: September 29, 2017


 


CERTIFICATE
OF AUTHENTICATION


 


This is one of the
Class R Certificates referred to in the Pooling and Servicing Agreement.


 


Dated: September 29, 2017


 





	 	CITIBANK,
N.A., not in its individual capacity but solely as Authenticating Agent
	 	 	 
	 	By:	 
			Authorized Signatory


  




    A-19-9 


     


    

 


ASSIGNMENT


 


FOR VALUE
RECEIVED, the undersigned (“Assignor(s)”) hereby sell(s), assign(s) and transfer(s) unto
___________________________  (please print or typewrite name(s) and address(es), including postal zip code(s) of
assignee(s)) (“Assignee(s)”) the entire Percentage Interest represented by the within Class R  Certificate
and hereby authorize(s) the registration of transfer of such interest to Assignee(s) on the Certificate Register of the Trust
Fund.


 


I (we) further direct
the Certificate Registrar to issue a new Class R Certificate of the entire Percentage Interest represented by the within Class
R Certificates to the above-named Assignee(s) and to deliver such Class R Certificate to the following address:


 


Date: _________________


	 	 	 
		 	Signature by or on behalf of Assignor(s)
	 	 	 
	 	 	Taxpayer Identification Number





 




    A-19-10 


     


    

 


DISTRIBUTION INSTRUCTIONS


 


The Assignee(s) should include
the following for purposes of distribution:


 


Address of the Assignee(s)
for the purpose of receiving notices and distributions: __________________________________ Distributions, if being made by wire
transfer in immediately available funds to __________________________ for the account of __________________________ account number
____________________________. This information is provided by ______________________________, the Assignee(s) named above or ____________________________________
as its (their) agent.


	 	 	 
	 	By:	 
	 	 	[Please print or type name(s)]
	 	 	 
	 	 	Title
	 	 	 
	 	 	Taxpayer Identification Number


 










    A-19-11 


     


    

  


EXHIBIT
A-20


 


CITIGROUP
COMMERCIAL MORTGAGE TRUST 2017-P8

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2017-P8, CLASS S


 


THIS CERTIFICATE DOES NOT REPRESENT AN
INTEREST IN OR OBLIGATION OF THE DEPOSITOR, THE SPONSORS, THE ORIGINATORS, THE MASTER SERVICER, THE SPECIAL SERVICER, THE TRUSTEE,
THE CERTIFICATE ADMINISTRATOR, THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER, THE CONTROLLING CLASS REPRESENTATIVE,
THE RISK RETENTION CONSULTATION PARTY, ANY COMPANION LOAN HOLDER, THE INITIAL PURCHASERS OR ANY OF THEIR RESPECTIVE AFFILIATES.
NEITHER THE CERTIFICATES NOR THE MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY OR PRIVATE
INSURER.


 


THIS CERTIFICATE HAS NOT BEEN AND WILL
NOT BE REGISTERED OR QUALIFIED UNDER THE 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 (A)(1) PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”) TO A PERSON
THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING OF RULE 144A (A “QIB”),
OR IS PURCHASING FOR THE ACCOUNT OF A QIB, AND WHOM THE HOLDER HAS INFORMED THAT THE REOFFER, RESALE, PLEDGE, OR OTHER TRANSFER
IS BEING MADE IN RELIANCE ON RULE 144A, OR (2) TO AN INSTITUTIONAL “ACCREDITED INVESTOR” WITHIN THE MEANING OF, OR
IN WHICH ALL THE EQUITY OWNERS COME WITHIN THE MEANING OF, RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES
ACT THAT IS NOT A QIB, AND (B) IN EACH CASE IN ACCORDANCE WITH FEDERAL SECURITIES LAWS AND ANY APPLICABLE SECURITIES LAWS OF ANY
STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.


 


THIS CERTIFICATE MAY ONLY BE TRANSFERRED
TO AND OWNED BY A PERSON THAT IS EITHER (A) A QIB OR (B) OTHER INSTITUTIONAL “ACCREDITED INVESTOR” WITHIN THE MEANING
OF, OR IN WHICH ALL THE EQUITY OWNERS COME WITHIN THE MEANING OF, RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES
ACT.


 


THIS CERTIFICATE MAY NOT BE PURCHASED BY
OR PLEDGED, SOLD OR OTHERWISE TRANSFERRED TO ANY PERSON THAT IS OR BECOMES (I) AN EMPLOYEE BENEFIT PLAN OR OTHER PLAN THAT IS SUBJECT
TO THE FIDUCIARY RESPONSIBILITY OR PROHIBITED TRANSACTION PROVISIONS OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS
AMENDED (“ERISA”), OR TO 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 THAT IS SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW (“SIMILAR
LAW”) THAT IS, TO A MATERIAL EXTENT, SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE CODE (EACH, A “PLAN”),
OR (II) AN ENTITY OR COLLECTIVE INVESTMENT FUND THE ASSETS OF WHICH ARE CONSIDERED PLAN ASSETS UNDER U.S. DEPARTMENT OF LABOR REG.
SECTION 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA (INCLUDING AN INSURANCE COMPANY THAT IS USING THE ASSETS OF SEPARATE
ACCOUNTS OR GENERAL ACCOUNTS WHICH INCLUDE ASSETS OF PLANS (OR WHICH ARE DEEMED PURSUANT TO ERISA OR SIMILAR LAW TO INCLUDE ASSETS
OF PLANS)), OR OTHER PERSON ACTING ON BEHALF OF ANY SUCH PLAN OR USING THE ASSETS OF SUCH PLAN TO ACQUIRE THIS CERTIFICATE.


 


TRANSFERS OF THIS CERTIFICATE AND/OR INTERESTS
HEREIN ARE SUBJECT TO THE DELIVERY OF SUCH CERTIFICATIONS, OPINIONS, AND OTHER EVIDENCE OF COMPLIANCE WITH APPLICABLE TRANSFER
RESTRICTIONS, AND ARE FURTHER SUBJECT TO SUCH DEEMED REPRESENTATIONS AND WARRANTIES ON THE PART OF THE TRANSFEROR AND/OR TRANSFEREE,
AS ARE SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.


 






    A-20-1 


     


    

 


CITIGROUP
COMMERCIAL MORTGAGE TRUST 2017-P8

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2017-P8, CLASS s


 


	Percentage Interest:  [     ]%	 
	 	 
	Cut-Off Date:  With respect to each Mortgage Loan, the Due Date in September 2017 for that Mortgage Loan (or, in the case of any Mortgage Loan that has its first Due Date subsequent to September 2017, the date that would have been its Due Date in September 2017 under the terms of that Mortgage Loan if a Monthly Payment were scheduled to be due in that month).	 
	 	 





	
        CUSIP:  17326D BZ41

        17326D CA82

        
	 
	 	 
	
        ISIN:      US17326DBZ423

US17326DCA814 
	 
	 	 
	No.:  [1]	 


 


This certifies that
[           ] [as nominee] is the registered owner of an interest in a Trust
Fund, including the distributions to be made with respect to the Class S Certificates. The Trust Fund, described more fully
below, consists primarily of a pool of Mortgage Loans secured by first liens on commercial, multifamily and manufactured housing
community properties and held in trust by the Trustee and, other than in the case of the Outside Serviced Mortgage Loans, serviced
by the Master Servicer and the Special Servicer. The Trust Fund was created, and the Mortgage Loans (other than the Outside Serviced
Mortgage Loans) are to be serviced, pursuant to the Pooling 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 Pooling and Servicing Agreement and
is bound thereby. In the event that there is any conflict between any provision of this Certificate and any provision of the Pooling
and Servicing Agreement, such provision of this Certificate shall be superseded to the extent of such inconsistency. Also issued
under the Pooling and Servicing Agreement are the Class A-1, Class A-2, Class A-3, Class A-4, Class A-AB, Class X-A,
Class X-B, Class A-S, Class B, Class C, Class X-D, Class X-E, Class X-F, Class X-G, Class D, Class E, Class F,
Class G, Class R, Class V-1, Class V-2A, Class V-2B, Class V-2C, Class V-2D, Class V-2E, Class V-3AC, Class V-3D and Class V-3E
Certificates (together with the Class S Certificates, the “Certificates”; the Holders of Certificates are
collectively referred to herein as “Certificateholders”).


 


This Certificate is
issued pursuant to, and in accordance with, the terms of a Pooling and Servicing Agreement dated as of September 1, 2017 (the “Pooling
and Servicing Agreement”), between Citigroup Commercial Mortgage Securities Inc., as Depositor, Wells Fargo Bank, National
Association, as Master Servicer, KeyBank National Association, as Special Servicer, Pentalpha Surveillance LLC, as Operating Advisor
and Asset Representations Reviewer, Citibank, N.A., as Certificate Administrator, and Wilmington Trust, National Association, as
Trustee. To the extent not defined herein, capitalized terms used herein shall have the meanings assigned thereto in the Pooling
and Servicing Agreement.


 





 



 





1
For Rule 144A Certificates


 


2
For IAI Certificates


 


3
For Rule 144A Certificates


 


4
For IAI Certificates 







 






    A-20-2 


     


    

 


This Certificate represents
a beneficial ownership interest in certain assets of a grantor trust consisting primarily of the Non-Vertically Retained Percentage
of any Excess Interest collected on the ARD Mortgage Loans and the Non-Vertically Retained Percentage of amounts held from time
to time in the Excess Interest Distribution Account. 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 Mortgage Loans and has executed this Certificate in its limited capacity as Certificate Administrator under the Pooling
and Servicing Agreement.


 


Pursuant to the terms
of the Pooling and Servicing Agreement, the Certificate Administrator will distribute (other than the final distribution on any
Certificate), on the 4th Business Day following the Determination Date in each month, commencing in October 2017 (each such date,
a “Distribution Date”), to the Person in whose name this Certificate is registered as of the related Record
Date, an amount equal to such Person’s pro rata share (based on the Percentage Interest represented by this Certificate)
of the aggregate amount then distributable, if any, with respect to the Class S Certificates for such Distribution Date, all
as more fully described in the Pooling and Servicing Agreement.


 


All distributions
(other than the final distribution on any Certificate) will be made by the Certificate Administrator to the persons in whose names
the Certificates are registered at the close of business on each Record Date, which will be the last Business Day of the month
preceding the month in which such Distribution Date occurs. Distributions are required to be made by wire transfer of immediately
available funds to the account of such Certificateholder at a bank or other entity located in the United States and having appropriate
facilities to accept such funds, if such Certificateholder has provided the Certificate Administrator with written wiring instructions
no less than five (5) Business Days prior to the related Record Date (which wiring instructions may be in the form of a standing
order applicable to all subsequent distributions), or otherwise by check mailed to such Certificateholder. The final distribution
on each Certificate shall be made in like manner, but only upon presentation 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 a notice to Certificateholders of the pendency of the final distribution.


 


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 Section 9.01 of the Pooling 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 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. Subject to applicable state law with respect to escheatment of funds, if within two years after the second notice
any Certificates shall not have been surrendered for cancellation, the Paying Agent shall pay to the Class R Certificateholders
all amounts distributable to the Holders thereof. 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 Section 9.01 of the Pooling and Servicing Agreement.


 


This Certificate is
limited in right of payment to, among other things, Excess Interest actually collected in respect of the Mortgage Loans, as more
specifically set forth herein and in the Pooling and Servicing Agreement.


 


As provided in the
Pooling and Servicing Agreement, the Trust Fund includes: (i) such Mortgage Loans as from time to time are subject to the Pooling
and Servicing Agreement, together with the Mortgage Files relating thereto; (ii) all scheduled or unscheduled payments on or collections
in respect of the Mortgage Loans due after the Cut-Off Date or, with respect to a Qualified Substitute Mortgage Loan, the Due Date
in the month of substitution (exclusive of interest relating to periods prior to, but due after, the Cut-Off Date); (iii) any REO
Property (but, with respect to


 






    A-20-3 


     


    

 


any REO Property relating to a Loan Combination, only to the extent of the Trust’s interest
in the related Loan Combination); (iv) all revenues received in respect of any REO Property (but, with respect to any REO Property
relating to a Loan Combination, only to the extent of the Trust’s interest in the related Loan Combination); (v) the Master
Servicer’s and the Trustee’s rights under the insurance policies with respect to the Mortgage Loans required to be
maintained pursuant to the Pooling and Servicing Agreement and any proceeds thereof; (vi) the Trustee’s rights in any Assignments
of Leases, Rents and Profits and any security agreements; (vii) the Trustee’s rights under any indemnities or guaranties
given as additional security for any Mortgage Loan; (viii) all of the Trustee’s and the Certificate Administrator’s
rights in the Escrow Accounts and Lock-Box Accounts and all proceeds of the Mortgage Loans deposited in the Collection Account,
the Distribution Account, the Excess Interest Distribution Account, the Interest Reserve Account, the Excess Liquidation Proceeds
Reserve Account and any REO Account, including any reinvestment income thereon; (ix) the Trustee’s rights in any environmental
indemnity agreements relating to the Mortgaged Properties; (x) the Depositor’s rights under the Mortgage Loan Purchase Agreements
and the SMC Guaranty to the extent assigned to the Trustee pursuant to Section 2.01 of the Pooling and Servicing Agreement; (xi)
the Lower-Tier Regular Interests; and (xii) the Loss of Value Reserve Fund.


 


This Certificate does
not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling 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 and Trustee.


 


As provided in the
Pooling and Servicing Agreement, subject to certain restrictions on transfer set forth therein, upon surrender for registration
of transfer of any Certificate, the Certificate Administrator shall execute, authenticate and deliver, in the name of the designated
transferee or transferees, one or more new Certificates in authorized denominations, in like aggregate interest and of the same
Class.


 


Prior to due presentation
of this Certificate for registration of transfer, the Master Servicer, the Special Servicer, the Operating Advisor, the Trustee,
the Certificate Administrator, the Certificate Registrar, and any agent of any of them, may treat the Person in whose name any
Certificate is registered as the owner of such Certificate for the purpose of receiving distributions as provided in the Pooling
and Servicing Agreement and for all other purposes whatsoever, and neither the Master Servicer, the Special Servicer, the Operating
Advisor, the Trustee, the Certificate Administrator, the Certificate Registrar, nor any agent of any of them shall be affected
by any notice to the contrary.


 


The Pooling and Servicing
Agreement or any Custodial Agreement may be amended from time to time by the Depositor, the Master Servicer, the Special Servicer,
the Operating Advisor, the Asset Representations Reviewer, the Custodian (if the Certificate Administrator is then acting as Custodian),
the Certificate Administrator and the Trustee, without the consent of any of the Certificateholders or, as applicable, any Companion
Loan Holder:


 


		(i)	to cure any ambiguity to the extent that it does not adversely affect any holders of Certificates;



 


		(ii)	to correct or supplement any of its provisions which may be inconsistent with any other provisions
of the Pooling and Servicing Agreement or with the description thereof in the Prospectus or to correct any error;



 


		(iii)	to change the timing and/or nature of deposits in the Collection Account, the Excess Liquidation
Proceeds Reserve Account, the Excess Interest Distribution Account, the Distribution Account or any REO Account, provided that
(A) the Master Servicer Remittance Date shall in no event be later than the Business Day prior to the related Distribution
Date and (B) the change would not adversely affect in any material respect the interests of any Certificateholder, as evidenced
by an opinion of counsel (at the expense of the party requesting the amendment);



 


		(iv)	to modify, eliminate or add to any of its provisions (A) to the extent necessary to maintain the
qualification of either Trust REMIC as a REMIC or the Grantor Trust as a grantor trust or to avoid or minimize the risk of imposition
of any tax on the Trust Fund, provided that the Trustee and the Certificate Administrator have received an opinion of counsel (at
the expense of the party requesting the amendment) to the effect that (1) the 



 






    A-20-4 


     


    

 


action is necessary or desirable to maintain
such qualification or to avoid or minimize such risk and (2) the action will not adversely affect in any material respect the interests
of any holder of the Certificates, (B) to restrict (or to remove any existing restrictions with respect to) the transfer
of the Class R Certificates, provided that the Depositor has determined that the amendment will not give rise to any tax with respect
to the transfer of the Class R Certificates to a non-Permitted Transferee, (C) to the extent necessary to comply with the
Investment Company Act of 1940, as amended, the Exchange Act, Regulation AB, Regulation RR and/or any related regulatory actions
and/or interpretations or (D) in the event that Regulation RR (or any portion thereof) or any other regulations applicable to the
risk retention requirements for this securitization transaction are amended or repealed, to the extent required to comply with
any such amendment or to modify or eliminate any risk retention requirements no longer applicable to this securitization transaction
in light of such repeal;


 


		(v)	to make any other provisions with respect to matters or questions arising under the Pooling and
Servicing Agreement or any other change, provided that the amendment will not adversely affect in any material respect the
interests of any Certificateholder, as evidenced by an opinion of counsel;



 


		(vi)	to modify the procedures in the Pooling and Servicing Agreement relating to Rule 17g-5; provided
that such modification does not increase the obligations of the Trustee, the Certificate Administrator, the Operating Advisor,
the Asset Representations Reviewer, the Master Servicer or the Special Servicer without such party’s consent (which consent
may not be withheld unless such modification would materially adversely affect such party or materially increase such party’s
obligations under the Pooling and Servicing Agreement); provided, further that notice of such modification is provided
to all parties to the Pooling and Servicing Agreement; and



 


		(vii)	to amend or supplement any provision of the Pooling and Servicing Agreement to the extent necessary
to maintain the ratings assigned to each Class of Certificates by any of the Rating Agencies, provided that the amendment will
not adversely affect in any material respect the interests of any Certificateholder;



 


provided, further that no amendment
pursuant to any of clauses (i)-(vii) above may be made that would: (A) reduce the consent or consultation rights or the right to
receive information under the Pooling and Servicing Agreement of the Controlling Class Representative without the consent of the
Controlling Class Representative; (B) reduce the consultation rights or the right to receive information under the Pooling and
Servicing Agreement of the Operating Advisor without the consent of the Operating Advisor; (C) change in any manner the obligations
or rights of any Mortgage Loan Seller under the Pooling and Servicing Agreement or the applicable Mortgage Loan Purchase Agreement
without the consent of the affected Mortgage Loan Seller; (D) change in any manner the obligations or rights of any Underwriter
or Initial Purchaser, without the consent of the affected Underwriter or Initial Purchaser; or (E) adversely affect any Serviced
Companion Loan Holder in its capacity as such without its consent. Expenses incurred with respect to any amendment shall be borne
by the party requesting such amendment, unless the Master Servicer, the Special Servicer or the Trustee is requesting an amendment
for the benefit of the Certificateholders, then in which case such expense will be borne by the Trust.


 


The Pooling and Servicing
Agreement or any Custodial Agreement may also be amended from time to time by a writing signed by each of the Depositor, the Master
Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Custodian (if the Certificate Administrator
is then acting as Custodian), the Certificate Administrator and the Trustee with the consent of the Holders of Certificates representing
not less than 66-2/3% of the Percentage Interests of each Class of Certificates affected by the amendment for the purpose of adding
any provisions to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or of modifying
in any manner the rights of the Certificateholders; provided, however, that no such amendment shall:


 






    A-20-5 


     


    

 


		(i)	reduce in any manner the amount of, or delay the timing of, payments received on the Serviced Loans
which are required to be distributed on a Certificate of any Class or to any Serviced Companion Loan Holder, as applicable, without
the consent of the Holder of that Certificate or that Serviced Companion Loan Holder, as applicable,



 


		(ii)	reduce the aforesaid percentage of Certificates of any Class the Holders of which are required
to consent to the amendment without the consent of the Holders of all Certificates of that Class then outstanding,



 


		(iii)	change in any manner the obligations or rights of any Mortgage Loan Seller under the Pooling and
Servicing Agreement or the related Mortgage Loan Purchase Agreement without the consent of the affected Mortgage Loan Seller,



 


		(iv)	change the definition of “Servicing Standard” without either (A) consent of 100% of
the holders of the Certificates or (B) Rating Agency Confirmation,



 


		(v)	without the consent of 100% of the Certificateholders of the Class or Classes of Certificates adversely
affected thereby, change (A) the percentages of Voting Rights of Certificateholders which are required to consent to any action
or inaction under the Pooling and Servicing Agreement, (B) the right of the Certificateholders to remove the Special Servicer pursuant
to the Pooling and Servicing Agreement or (C) the right of the Certificateholders to terminate the Operating Advisor pursuant to
the Pooling and Servicing Agreement,



 


		(vi)	adversely affect the Controlling Class Representative without the consent of 100% of the Controlling
Class Certificateholders,



 


		(vii)	adversely affect a Serviced Companion Loan Holder in its capacity as such without its consent,
or



 


		(viii)	change in any manner the obligations or rights of any Underwriter or Initial Purchaser without
the consent of the affected Underwriter or Initial Purchaser.



 


The Holders of the
Controlling Class representing greater than 50% of the Certificate Balance of the Controlling Class may (or, if such Holders do
not, the Special Servicer, or if neither such Holders nor the Special Servicer do, the Master Servicer or, if none of such Holders,
the Special Servicer or the Master Servicer does, any Holders of Class R Certificates representing greater than a 50% Percentage
Interest in such Class, may also) effect an early termination of the Trust Fund, upon not less than 30 days’ prior notice
given to the parties (or, if applicable, the other parties) to the Pooling and Servicing Agreement (whereupon the Master Servicer
shall notify the Serviced Companion Loan Holders) any time on or after the Early Termination Notice Date specifying the Anticipated
Termination Date, by purchasing on such date all, but not less than all, of the Mortgage Loans (and in the case of the Serviced
Loan Combinations, subject to certain rights of the related Serviced Companion Loan Holder provided for in the related Co-Lender
Agreement) then included in the Trust Fund, and all property acquired by or on behalf of the Trust Fund (including the Trust Fund’s
interest in any REO Property acquired with respect to any Outside Serviced Mortgage Loan) in respect of any Mortgage Loan then
included in the Trust Fund, at a purchase price, payable in cash, equal to (i) the sum of (A) the Termination Purchase
Amount and (B) the reasonable out-of-pocket expenses of the Master Servicer (unless the Master Servicer is the purchaser of
such Mortgage Loans), the Special Servicer (unless the Special Servicer is the purchaser of such Mortgage Loans), the Trustee and
the Certificate Administrator, as applicable, with respect to such termination, minus (ii) solely in the case where the Master
Servicer or the Special Servicer is effecting such purchase, the aggregate amount of unreimbursed Advances, if any, made by the
Master Servicer or Special Servicer, as applicable, together with any interest accrued and payable to the Master Servicer or the
Special Servicer, as applicable, in respect of such Advances and any unpaid Servicing Fees or Special Servicing Fees, as applicable,
remaining outstanding (which items will be deemed to have been paid or reimbursed to the Master Servicer or the Special Servicer,
as applicable, in connection with such purchase).


 






    A-20-6 


     


    

 


Any Person(s) effecting
an early termination of the Trust Fund as provided in the prior paragraph shall first notify the Controlling Class Representative
and each Certifying Certificateholder, or, in the case of a termination by the Holder of a Class R Certificate, notify the
Certificate Administrator (who shall notify the Controlling Class Representative and each Certifying Certificateholder) of its
intention to do so in writing at least 30 days prior to the Anticipated Termination Date. All costs and expenses incurred by any
and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with the purchase of the Mortgage Loans
and other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement shall be borne by the
party exercising its purchase rights thereunder. The Certificate Administrator shall be entitled to rely conclusively on any determination
made by an Appraiser pursuant to Section 9.01(c) of the Pooling and Servicing Agreement.


 


The respective obligations
and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Operating Advisor, the Asset Representations
Reviewer, the Certificate Administrator and the Trustee created by the Pooling and Servicing Agreement with respect to the Certificates,
the Mortgage Loans and the Serviced Companion Loans (other than the obligation to make certain payments and to send certain notices
to Certificateholders as set forth in the Pooling and Servicing Agreement and to make any required remittances to the Serviced
Companion Loan Holders in the month in which the final Distribution Date occurs and certain tax-related obligations) shall terminate
immediately following the earlier to occur of (i) the purchase by Holders of the Controlling Class, the Special Servicer,
the Master Servicer or Holders of the Class R Certificates of all the Mortgage Loans and REO Properties (or interests therein)
then included in the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement, (ii) the exchange by the
Remaining Certificateholder of its Certificates for all the Mortgage Loans and REO Properties (or interests therein) then included
in the Trust Fund pursuant to Section 9.01(h) of the Pooling and Servicing Agreement and (iii) the final payment or other
liquidation (or any advance with respect thereto) of the last Mortgage Loan or REO Property (or interest therein) contained in
the Trust Fund; provided, however, that in no event shall the trust created by the Pooling and Servicing Agreement
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 of the Pooling and Servicing Agreement. All
such payments as contemplated by the preceding paragraph shall be deposited into the Collection Account by the Master Servicer
or Special Servicer, as applicable, promptly following receipt thereof.


 


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 Pooling and Servicing Agreement or
be valid for any purpose.


 






    A-20-7 


     


    



 





IN WITNESS WHEREOF,
the Certificate Administrator has caused this Class S Certificate to be duly executed.


 





	 	CITIBANK,
N.A., not in its individual capacity but solely as Certificate Administrator
	 	 	 
	 	By:	 
			Authorized Signatory


  


Dated: September 29, 2017


 


CERTIFICATE
OF AUTHENTICATION


 


This is one of the
Class S Certificates referred to in the Pooling and Servicing Agreement.


 


Dated: September 29, 2017


 





	 	CITIBANK,
N.A., not in its individual capacity but solely as Authenticating Agent
	 	 	 
	 	By:	 
			Authorized Signatory


  




    A-20-8 


     


    

 


ASSIGNMENT


 


FOR VALUE RECEIVED,
the undersigned (“Assignor(s)”) hereby sell(s), assign(s) and transfer(s) unto  ___________________________
 (please print or typewrite name(s) and address(es), including postal zip code(s) of assignee(s))
(“Assignee(s)”) the entire Percentage Interest represented by the within Class S Certificate and hereby authorize(s)
the registration of transfer of such interest to Assignee(s) on the Certificate Register of the Trust Fund.


 


I (we) further direct
the Certificate Registrar to issue a new Class S Certificate of the entire Percentage Interest represented by the within Class
S Certificates to the above-named Assignee(s) and to deliver such Class S Certificate to the following address:


 


Date: _________________


	 	 	 
		 	Signature by or on behalf of Assignor(s)
	 	 	 
	 	 	Taxpayer Identification Number





 




    A-20-9 


     


    

 


DISTRIBUTION INSTRUCTIONS


 


The Assignee(s) should include
the following for purposes of distribution:


 


Address of the Assignee(s)
for the purpose of receiving notices and distributions: __________________________________ Distributions, if being made by wire
transfer in immediately available funds to __________________________ for the account of __________________________ account number
____________________________. This information is provided by ______________________________, the Assignee(s) named above or ____________________________________
as its (their) agent.


	 	 	 
	 	By:	 
	 	 	[Please print or type name(s)]
	 	 	 
	 	 	Title
	 	 	 
	 	 	Taxpayer Identification Number


 










    A-20-10 


     


    

  


EXHIBIT
A-21


 


CITIGROUP
COMMERCIAL MORTGAGE TRUST 2017-P8

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2017-P8, Class V-1


 


[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.]1


 


[TRANSFERS OF THIS GLOBAL CERTIFICATE SHALL
BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE,
AND TRANSFERS OF BENEFICIAL INTERESTS IN THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS
SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.]2


 


THIS CERTIFICATE DOES NOT REPRESENT AN
INTEREST IN OR OBLIGATION OF THE DEPOSITOR, THE SPONSORS, THE ORIGINATORS, THE MASTER SERVICER, THE SPECIAL SERVICER, THE TRUSTEE,
THE CERTIFICATE ADMINISTRATOR, THE OPERATING ADVISOR, the Asset representations reviewer,
THE CONTROLLING CLASS REPRESENTATIVE, THE RISK RETENTION CONSULTATION PARTY, ANY COMPANION LOAN HOLDER, THE UNDERWRITERS OR ANY
OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES NOR THE MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY
OR INSTRUMENTALITY OR PRIVATE INSURER.


 


PRINCIPAL PAYMENTS IN RESPECT OF THIS CERTIFICATE
ARE DISTRIBUTABLE AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT. ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE OF THIS
CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.


 


THIS CERTIFICATE HAS
NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE 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 (A)(1) PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”)
TO A PERSON THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING OF RULE 144A
(A “QIB”), OR IS PURCHASING FOR THE ACCOUNT OF A QIB, AND WHOM THE HOLDER HAS INFORMED THAT THE REOFFER, RESALE, PLEDGE,
OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (2) IN AN “OFFSHORE TRANSACTION” TO AN INSTITUTION THAT IS
NOT A “U.S. PERSON”, AS SUCH TERMS ARE DEFINED IN, AND IN ACCORDANCE WITH RULE 903 OR RULE 904 OF, REGULATION S UNDER
THE SECURITIES ACT, OR (3) TO AN INSTITUTIONAL “ACCREDITED INVESTOR” WITHIN THE MEANING OF, OR IN WHICH ALL THE EQUITY
OWNERS COME WITHIN THE MEANING OF, RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT THAT IS NOT A QIB,
AND (B) IN EACH CASE IN ACCORDANCE WITH FEDERAL SECURITIES LAWS AND ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES
OR ANY OTHER APPLICABLE JURISDICTION.


 





 



  


		1	Legend required as long as DTC is the Depository under
the Pooling and Servicing Agreement.



		 	 



		2	Global Certificate legend.



 







    A-21-1 


     


    

 


THIS CERTIFICATE MAY
NOT BE PURCHASED BY OR PLEDGED, SOLD OR OTHERWISE TRANSFERRED TO ANY PERSON THAT IS OR BECOMES (I) AN EMPLOYEE BENEFIT PLAN OR
OTHER PLAN THAT IS SUBJECT TO THE FIDUCIARY RESPONSIBILITY OR PROHIBITED TRANSACTION PROVISIONS OF THE EMPLOYEE RETIREMENT INCOME
SECURITY ACT OF 1974, AS AMENDED (“ERISA”), OR TO 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 THAT IS SUBJECT TO ANY FEDERAL,
STATE OR LOCAL LAW (“SIMILAR LAW”) THAT IS, TO A MATERIAL EXTENT, SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE
CODE (EACH, A “PLAN”), OR (II) AN ENTITY OR COLLECTIVE INVESTMENT FUND THE ASSETS OF WHICH ARE CONSIDERED PLAN ASSETS
UNDER U.S. DEPARTMENT OF LABOR REG. SECTION 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA, OR SIMILAR LAW OR OTHER PERSON ACTING
ON BEHALF OF ANY SUCH PLAN OR USING THE ASSETS OF SUCH PLAN TO ACQUIRE THIS CERTIFICATE, UNLESS (A)(I) THIS CERTIFICATE IS ACQUIRED
BY SUCH PERSON THROUGH CITIGROUP GLOBAL MARKETS INC. OR BARCLAYS CAPITAL INC., (II) SUCH PERSON IS AN “INSURANCE COMPANY
GENERAL ACCOUNT” WITHIN THE MEANING OF PROHIBITED TRANSACTION CLASS EXEMPTION 95-60, AND (III) ALL CONDITIONS OF SECTIONS
I AND III OF PROHIBITED TRANSACTION CLASS EXEMPTION 95-60 WILL BE MET WITH RESPECT TO SUCH INSURANCE COMPANY GENERAL ACCOUNT’S
ACQUISITION, HOLDING AND DISPOSITION OF THIS CERTIFICATE, OR (B) WITH RESPECT TO THE ACQUISITION, HOLDING OR DISPOSITION OF THIS
CERTIFICATE BY ANY GOVERNMENTAL PLAN OR OTHER PLAN SUBJECT TO SIMILAR LAW, SUCH ACQUISITION, HOLDING AND DISPOSITION BY SUCH GOVERNMENTAL
PLAN WILL NOT CONSTITUTE OR OTHERWISE RESULT IN A NON-EXEMPT VIOLATION OF SIMILAR LAW.


 


THIS CERTIFICATE REPRESENTS
AN UNDIVIDED BENEFICIAL INTEREST IN CERTAIN ASSETS OF A GRANTOR TRUST CONSISTING PRIMARILY OF (I) 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, AND DISTRIBUTIONS THEREON, AND (II) ANY EXCESS INTEREST COLLECTED ON THE
ARD MORTGAGE LOANS AND AMOUNTS HELD FROM TIME TO TIME IN THE EXCESS INTEREST DISTRIBUTION ACCOUNT.


 


THIS CERTIFICATE IS INTENDED
TO CONSTITUTE PART OF AN “ELIGIBLE VERTICAL INTEREST” (AS DEFINED IN REGULATION RR PROMULGATED UNDER SECTION 15G OF
THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED), AND AS SUCH IS SUBJECT TO VARIOUS PROHIBITIONS ON HEDGING, TRANSFER AND FINANCING
SET FORTH IN REGULATION RR. 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
POOLING AND SERVICING AGREEMENT.


 


SUBJECT TO THE CONDITIONS
SET FORTH IN THE POOLING AND SERVICING AGREEMENT, THIS CERTIFICATE MAY BE EXCHANGED FOR OTHER EXCHANGEABLE CERTIFICATES, PURSUANT
TO THE PROCEDURES SET FORTH IN THE POOLING AND SERVICING AGREEMENT.


 






    A-21-2 


     


    




 


CITIGROUP
COMMERCIAL MORTGAGE TRUST 2017-P8

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2017-P8, Class V-1


 


	Pass-Through Rate:  N/A. The Class V-1 Certificates will not have a Pass-Through Rate, but will be entitled to receive interest on any Distribution Date up to an amount equal to the product of (a) the Class V-1 Percentage, multiplied by (b) the VRR Allocation Percentage, multiplied by (c) the aggregate amount of interest distributed to the Class A-1, Class A-2, Class A-3, Class A-4, Class A-AB, Class X-A, Class X-B, Class X-D, Class X-E, Class X-F, Class X-G, Class A-S, Class B, Class C, Class D, Class E, Class F and Class G Certificates for such Distribution Date.	 	 
	 	 	 
	First Distribution Date: October 17, 2017	 	Cut-Off Date:  With respect to each Mortgage Loan, the Due Date in September 2017 for that Mortgage Loan (or, in the case of any Mortgage Loan that has its first Due Date subsequent to September 2017, the date that would have been its Due Date in September 2017 under the terms of that Mortgage Loan if a Monthly Payment were scheduled to be due in that month).
	 	 	 
	Aggregate Initial Certificate Balance of the Class V-1 Certificates: $54,355,745.  The Aggregate Initial Certificate Balance of the Class V-1 Certificates represents the maximum aggregate Certificate Balance of the Class V-1 Certificates that could be issued (without giving effect to any exchanges for, or any issuance of, any other Exchangeable Certificates).	 	Scheduled Final Distribution Date: the Distribution Date in September 2027
	 	 	 





	
        CUSIP:  17326D
BD33

U1852D AJ44

17326D BE15
	 	Initial Certificate Balance of this Certificate: $[_____]
	 	 	 
	
        ISIN:     US17326DBD306

USU1852DAJ477

US17326DBE138

        
	 	 


 





 



 


3
For Rule 144A Certificates


 


4
For Regulation S Certificates


 


5 For IAI Certificates


 


6
For Rule 144A Certificates


 


7
For Regulation S Certificates


 


8
For IAI Certificates


 






    A-21-3 


     


    

 


No.:  [1]


 


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 V-1 Certificates. The Trust Fund, described more
fully below, consists primarily of a pool of Mortgage Loans secured by first liens on commercial, multifamily and manufactured
housing community properties and held in trust by the Trustee and, other than in the case of the Outside Serviced Mortgage Loans,
serviced by the Master Servicer and the Special Servicer. The Trust Fund was created, and the Mortgage Loans (other than the Outside
Serviced Mortgage Loans) are to be serviced, pursuant to the Pooling 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 Pooling and Servicing
Agreement and is bound thereby. In the event that there is any conflict between any provision of this Certificate and any provision
of the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to the extent of such inconsistency.
Also issued under the Pooling and Servicing Agreement are the Class A-1, Class A-2, Class A-3, Class A-4, Class A-AB,
Class X-A, Class X-B, Class A-S, Class B, Class C, Class X-D, Class X-E, Class X-F, Class X-G, Class D, Class E,
Class F, Class G, Class R, Class S, Class V-2A, Class V-2B, Class V-2C, Class V-2D, Class V-2E, Class V-3AC, Class V-3D and
Class V-3E Certificates (together with the Class V-1 Certificates, the “Certificates”; the Holders of Certificates
are collectively referred to herein as “Certificateholders”).


 


This Certificate is
issued pursuant to, and in accordance with, the terms of a Pooling and Servicing Agreement dated as of September 1, 2017 (the “Pooling
and Servicing Agreement”), between Citigroup Commercial Mortgage Securities Inc., as Depositor, Wells Fargo Bank, National
Association, as Master Servicer, KeyBank National Association, as Special Servicer, Pentalpha Surveillance LLC, as Operating Advisor
and Asset Representations Reviewer, Citibank, N.A., as Certificate Administrator, and Wilmington Trust, National Association, as
Trustee. To the extent not defined herein, capitalized terms used herein shall have the meanings assigned thereto in the Pooling
and Servicing Agreement.


 


This Certificate represents
an undivided beneficial interest in certain assets of a grantor trust consisting primarily of (i) 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, and distributions thereon, and (ii) any Excess Interest collected on the
ARD Mortgage Loans and amounts held from time to time in the Excess Interest Distribution Account.


 


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 Mortgage Loans and has executed this Certificate in its limited capacity as Certificate Administrator under the Pooling
and Servicing Agreement.


 


Pursuant to the terms
of the Pooling and Servicing Agreement, the Certificate Administrator will distribute (other than the final distribution on any
Certificate), on the 4th Business Day following the Determination Date in each month, commencing in October 2017 (each such date,
a “Distribution Date”), to the Person in whose name this Certificate is registered as of the related Record
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, with respect to the Class V-1 Certificates
for such Distribution Date, all as more fully described in the Pooling and Servicing Agreement. Holders of this Certificate may
be entitled to a share of Yield Maintenance Charges, as provided in the Pooling and Servicing Agreement.


 


All distributions
(other than the final distribution on any Certificate) will be made by the Certificate Administrator to the persons in whose names
the Certificates are registered at the close of business on each Record Date, which will be the last Business Day of the month
preceding the month in which such Distribution Date occurs. Distributions are required to be made by wire transfer of immediately
available funds to the account of such Certificateholder at a bank or other entity located in the United States and having appropriate
facilities to accept such funds, if such Certificateholder has provided the Certificate Administrator with written wiring instructions
no less than five (5) Business Days prior to the related Record Date (which wiring instructions may be in the form of a standing
order applicable to all subsequent distributions), or otherwise by check mailed to such Certificateholder. The final distribution
on each Certificate shall be made in like manner, but only upon presentation 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 a notice to Certificateholders of the pendency of the final distribution.


 






    A-21-4 


     


    

 


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 Section 9.01 of the Pooling 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 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. Subject to applicable state law with respect to escheatment of funds, if within two years after the second notice
any Certificates shall not have been surrendered for cancellation, the Paying Agent shall pay to the Class R Certificateholders
all amounts distributable to the Holders thereof. 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 Section 9.01 of the Pooling and Servicing Agreement.


 


This Certificate is
limited in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage Loans, as more
specifically set forth herein and in the Pooling and Servicing Agreement.


 


As provided in the
Pooling and Servicing Agreement, the Trust Fund includes: (i) such Mortgage Loans as from time to time are subject to the Pooling
and Servicing Agreement, together with the Mortgage Files relating thereto; (ii) all scheduled or unscheduled payments on or collections
in respect of the Mortgage Loans due after the Cut-Off Date or, with respect to a Qualified Substitute Mortgage Loan, the Due Date
in the month of substitution (exclusive of interest relating to periods prior to, but due after, the Cut-Off Date); (iii) any REO
Property (but, with respect to any REO Property relating to a Loan Combination, only to the extent of the Trust’s interest
in the related Loan Combination); (iv) all revenues received in respect of any REO Property (but, with respect to any REO Property
relating to a Loan Combination, only to the extent of the Trust’s interest in the related Loan Combination); (v) the Master
Servicer’s and the Trustee’s rights under the insurance policies with respect to the Mortgage Loans required to be
maintained pursuant to the Pooling and Servicing Agreement and any proceeds thereof; (vi) the Trustee’s rights in any Assignments
of Leases, Rents and Profits and any security agreements; (vii) the Trustee’s rights under any indemnities or guaranties
given as additional security for any Mortgage Loan; (viii) all of the Trustee’s and the Certificate Administrator’s
rights in the Escrow Accounts and Lock-Box Accounts and all proceeds of the Mortgage Loans deposited in the Collection Account,
the Distribution Account, the Excess Interest Distribution Account, the Interest Reserve Account, the Excess Liquidation Proceeds
Reserve Account and any REO Account, including any reinvestment income thereon; (ix) the Trustee’s rights in any environmental
indemnity agreements relating to the Mortgaged Properties; (x) the Depositor’s rights under the Mortgage Loan Purchase Agreements
and the SMC Guaranty to the extent assigned to the Trustee pursuant to Section 2.01 of the Pooling and Servicing Agreement; (xi)
the Lower-Tier Regular Interests; and (xii) the Loss of Value Reserve Fund.


 


This Certificate does
not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling 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 and Trustee.


 


As provided in the
Pooling and Servicing Agreement, subject to certain restrictions on transfer set forth therein, upon surrender for registration
of transfer of any Certificate, the Certificate Administrator shall execute, authenticate and deliver, in the name of the designated
transferee or transferees, one or more new Certificates in authorized denominations, in like aggregate interest and of the same
Class.


 


Prior to due presentation
of this Certificate for registration of transfer, the Master Servicer, the Special Servicer, the Operating Advisor, the Trustee,
the Certificate Administrator, the Certificate Registrar, and any agent of any of them, may treat the Person in whose name any
Certificate is registered as the owner of such Certificate for the purpose of receiving distributions as provided in the Pooling
and Servicing Agreement and for all other purposes whatsoever, and neither the Master Servicer, the Special Servicer, the Operating
Advisor, the Trustee, the Certificate Administrator, the Certificate Registrar, nor any agent of any of them shall be affected
by any notice to the contrary.


 






    A-21-5 


     


    

 


The Pooling and Servicing
Agreement or any Custodial Agreement may be amended from time to time by the Depositor, the Master Servicer, the Special Servicer,
the Operating Advisor, the Asset Representations Reviewer, the Custodian (if the Certificate Administrator is then acting as Custodian),
the Certificate Administrator and the Trustee, without the consent of any of the Certificateholders or, as applicable, any Companion
Loan Holder:


 


		(i)	to cure any ambiguity to the extent that it does not adversely affect any holders of Certificates;



 


		(ii)	to correct or supplement any of its provisions which may be inconsistent with any other provisions
of the Pooling and Servicing Agreement or with the description thereof in the Prospectus or to correct any error;



 


		(iii)	to change the timing and/or nature of deposits in the Collection Account, the Excess Liquidation
Proceeds Reserve Account, the Excess Interest Distribution Account, the Distribution Account or any REO Account, provided that
(A) the Master Servicer Remittance Date shall in no event be later than the Business Day prior to the related Distribution
Date and (B) the change would not adversely affect in any material respect the interests of any Certificateholder, as evidenced
by an opinion of counsel (at the expense of the party requesting the amendment);



 


		(iv)	to modify, eliminate or add to any of its provisions (A) to the extent necessary to maintain the
qualification of either Trust REMIC as a REMIC or the Grantor Trust as a grantor trust or to avoid or minimize the risk of imposition
of any tax on the Trust Fund, provided that the Trustee and the Certificate Administrator have received an opinion of counsel (at
the expense of the party requesting the amendment) to the effect that (1) the action is necessary or desirable to maintain
such qualification or to avoid or minimize such risk and (2) the action will not adversely affect in any material respect the interests
of any holder of the Certificates, (B) to restrict (or to remove any existing restrictions with respect to) the transfer
of the Class R Certificates, provided that the Depositor has determined that the amendment will not give rise to any tax with respect
to the transfer of the Class R Certificates to a non-Permitted Transferee, (C) to the extent necessary to comply with the
Investment Company Act of 1940, as amended, the Exchange Act, Regulation AB, Regulation RR and/or any related regulatory actions
and/or interpretations or (D) in the event that Regulation RR (or any portion thereof) or any other regulations applicable to the
risk retention requirements for this securitization transaction are amended or repealed, to the extent required to comply with
any such amendment or to modify or eliminate any risk retention requirements no longer applicable to this securitization transaction
in light of such repeal;



 


		(v)	to make any other provisions with respect to matters or questions arising under the Pooling and
Servicing Agreement or any other change, provided that the amendment will not adversely affect in any material respect the
interests of any Certificateholder, as evidenced by an opinion of counsel;



 


		(vi)	to modify the procedures in the Pooling and Servicing Agreement relating to Rule 17g-5; provided
that such modification does not increase the obligations of the Trustee, the Certificate Administrator, the Operating Advisor,
the Asset Representations Reviewer, the Master Servicer or the Special Servicer without such party’s consent (which consent
may not be withheld unless such modification would materially adversely affect such party or materially increase such party’s
obligations under the Pooling and Servicing Agreement); provided, further that notice of such modification is provided
to all parties to the Pooling and Servicing Agreement; and



 


		(vii)	to amend or supplement any provision of the Pooling and Servicing Agreement to the extent necessary
to maintain the ratings assigned to each Class of Certificates by any of the Rating Agencies, provided that the amendment will
not adversely affect in any material respect the interests of any Certificateholder;



 






    A-21-6 


     


    

 


provided, further
that no amendment pursuant to any of clauses (i)-(vii) above may be made that would: (A) reduce the consent or consultation rights
or the right to receive information under the Pooling and Servicing Agreement of the Controlling Class Representative without the
consent of the Controlling Class Representative; (B) reduce the consultation rights or the right to receive information under the
Pooling and Servicing Agreement of the Operating Advisor without the consent of the Operating Advisor; (C) change in any manner
the obligations or rights of any Mortgage Loan Seller under the Pooling and Servicing Agreement or the applicable Mortgage Loan
Purchase Agreement without the consent of the affected Mortgage Loan Seller; (D) change in any manner the obligations or
rights of any Underwriter or Initial Purchaser, without the consent of the affected Underwriter or Initial Purchaser; or (E) adversely
affect any Serviced Companion Loan Holder in its capacity as such without its consent. Expenses incurred with respect to any amendment
shall be borne by the party requesting such amendment, unless the Master Servicer, the Special Servicer or the Trustee is requesting
an amendment for the benefit of the Certificateholders, then in which case such expense will be borne by the Trust.


 


The Pooling and Servicing
Agreement or any Custodial Agreement may also be amended from time to time by a writing signed by each of the Depositor, the Master
Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Custodian (if the Certificate Administrator
is then acting as Custodian), the Certificate Administrator and the Trustee with the consent of the Holders of Certificates representing
not less than 66-2/3% of the Percentage Interests of each Class of Certificates affected by the amendment for the purpose of adding
any provisions to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or of modifying
in any manner the rights of the Certificateholders; provided, however, that no such amendment shall:


 


		(i)	reduce in any manner the amount of, or delay the timing of, payments received on the Serviced Loans
which are required to be distributed on a Certificate of any Class or to any Serviced Companion Loan Holder, as applicable, without
the consent of the Holder of that Certificate or that Serviced Companion Loan Holder, as applicable,



 


		(ii)	reduce the aforesaid percentage of Certificates of any Class the Holders of which are required
to consent to the amendment without the consent of the Holders of all Certificates of that Class then outstanding,



 


		(iii)	change in any manner the obligations or rights of any Mortgage Loan Seller under the Pooling and
Servicing Agreement or the related Mortgage Loan Purchase Agreement without the consent of the affected Mortgage Loan Seller,



 


		(iv)	change the definition of “Servicing Standard” without either (A) consent of 100% of
the holders of the Certificates or (B) Rating Agency Confirmation,



 


		(v)	without the consent of 100% of the Certificateholders of the Class or Classes of Certificates adversely
affected thereby, change (A) the percentages of Voting Rights of Certificateholders which are required to consent to any action
or inaction under the Pooling and Servicing Agreement, (B) the right of the Certificateholders to remove the Special Servicer pursuant
to the Pooling and Servicing Agreement or (C) the right of the Certificateholders to terminate the Operating Advisor pursuant to
the Pooling and Servicing Agreement,



 


		(vi)	adversely affect the Controlling Class Representative without the consent of 100% of the Controlling
Class Certificateholders,



 


		(vii)	adversely affect a Serviced Companion Loan Holder in its capacity as such without its consent,
or



 


		(viii)	change in any manner the obligations or rights of any Underwriter or Initial Purchaser without
the consent of the affected Underwriter or Initial Purchaser.



 


The Holders of the
Controlling Class representing greater than 50% of the Certificate Balance of the Controlling Class may (or, if such Holders do
not, the Special Servicer, or if neither such Holders nor the Special Servicer do,


 






    A-21-7 


     


    

 


the Master Servicer or, if none of such Holders,
the Special Servicer or the Master Servicer does, any Holders of Class R Certificates representing greater than a 50% Percentage
Interest in such Class, may also) effect an early termination of the Trust Fund, upon not less than 30 days’ prior notice
given to the parties (or, if applicable, the other parties) to the Pooling and Servicing Agreement (whereupon the Master Servicer
shall notify the Serviced Companion Loan Holders) any time on or after the Early Termination Notice Date specifying the Anticipated
Termination Date, by purchasing on such date all, but not less than all, of the Mortgage Loans (and in the case of the Serviced
Loan Combinations, subject to certain rights of the related Serviced Companion Loan Holder provided for in the related Co-Lender
Agreement) then included in the Trust Fund, and all property acquired by or on behalf of the Trust Fund (including the Trust Fund’s
interest in any REO Property acquired with respect to any Outside Serviced Mortgage Loan) in respect of any Mortgage Loan then
included in the Trust Fund, at a purchase price, payable in cash, equal to (i) the sum of (A) the Termination Purchase
Amount and (B) the reasonable out-of-pocket expenses of the Master Servicer (unless the Master Servicer is the purchaser of
such Mortgage Loans), the Special Servicer (unless the Special Servicer is the purchaser of such Mortgage Loans), the Trustee and
the Certificate Administrator, as applicable, with respect to such termination, minus (ii) solely in the case where the Master
Servicer or the Special Servicer is effecting such purchase, the aggregate amount of unreimbursed Advances, if any, made by the
Master Servicer or Special Servicer, as applicable, together with any interest accrued and payable to the Master Servicer or the
Special Servicer, as applicable, in respect of such Advances and any unpaid Servicing Fees or Special Servicing Fees, as applicable,
remaining outstanding (which items will be deemed to have been paid or reimbursed to the Master Servicer or the Special Servicer,
as applicable, in connection with such purchase).


 


Any Person(s) effecting
an early termination of the Trust Fund as provided in the prior paragraph shall first notify the Controlling Class Representative
and each Certifying Certificateholder, or, in the case of a termination by the Holder of a Class R Certificate, notify the
Certificate Administrator (who shall notify the Controlling Class Representative and each Certifying Certificateholder) of its
intention to do so in writing at least 30 days prior to the Anticipated Termination Date. All costs and expenses incurred by any
and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with the purchase of the Mortgage Loans
and other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement shall be borne by the
party exercising its purchase rights thereunder. The Certificate Administrator shall be entitled to rely conclusively on any determination
made by an Appraiser pursuant to Section 9.01(c) of the Pooling and Servicing Agreement.


 


The respective obligations
and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Operating Advisor, the Asset Representations
Reviewer, the Certificate Administrator and the Trustee created by the Pooling and Servicing Agreement with respect to the Certificates,
the Mortgage Loans and the Serviced Companion Loans (other than the obligation to make certain payments and to send certain notices
to Certificateholders as set forth in the Pooling and Servicing Agreement and to make any required remittances to the Serviced
Companion Loan Holders in the month in which the final Distribution Date occurs and certain tax-related obligations) shall terminate
immediately following the earlier to occur of (i) the purchase by Holders of the Controlling Class, the Special Servicer,
the Master Servicer or Holders of the Class R Certificates of all the Mortgage Loans and REO Properties (or interests therein)
then included in the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement, (ii) the exchange by the
Remaining Certificateholder of its Certificates for all the Mortgage Loans and REO Properties (or interests therein) then included
in the Trust Fund pursuant to Section 9.01(h) of the Pooling and Servicing Agreement and (iii) the final payment or other
liquidation (or any advance with respect thereto) of the last Mortgage Loan or REO Property (or interest therein) contained in
the Trust Fund; provided, however, that in no event shall the trust created by the Pooling and Servicing Agreement
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 of the Pooling and Servicing Agreement. All
such payments as contemplated by the preceding paragraph shall be deposited into the Collection Account by the Master Servicer
or Special Servicer, as applicable, promptly following receipt thereof.


 


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 Pooling and Servicing Agreement or
be valid for any purpose.


 






    A-21-8 


     


    

 




 





IN WITNESS WHEREOF,
the Certificate Administrator has caused this Class V-1 Certificate to be duly executed.


 





	 	CITIBANK,
N.A., not in its individual capacity but solely as Certificate Administrator
	 	 	 
	 	By:	 
			Authorized Signatory


  


Dated: September 29, 2017


 


CERTIFICATE
OF AUTHENTICATION


 


This is a part
of the Class V-1 Certificates referred to in the Pooling and Servicing Agreement.


 


Dated: September 29, 2017


 





	 	CITIBANK,
N.A., not in its individual capacity but solely as Authenticating Agent
	 	 	 
	 	By:	 
			Authorized Signatory


  




    A-21-9 


     


    

 


ASSIGNMENT


 


FOR VALUE RECEIVED,
the undersigned (“Assignor(s)”) hereby sell(s), assign(s) and transfer(s) unto  ___________________________
 (please print or typewrite name(s) and address(es), including postal zip code(s) of assignee(s))
(“Assignee(s)”) the entire Percentage Interest represented by the within Class V-1 Certificate and hereby authorize(s)
the registration of transfer of such interest to Assignee(s) on the Certificate Register of the Trust Fund.


 


I (we) further direct
the Certificate Registrar to issue a new Class V-1 Certificate of the entire Percentage Interest represented by the within Class
V-1 Certificates to the above-named Assignee(s) and to deliver such Class V-1 Certificate to the following address:


 


Date: _________________


	 	 	 
		 	Signature by or on behalf of Assignor(s)
	 	 	 
	 	 	Taxpayer Identification Number





 




    A-21-10 


     


    

 


DISTRIBUTION INSTRUCTIONS


 


The Assignee(s) should include
the following for purposes of distribution:


 


Address of the Assignee(s)
for the purpose of receiving notices and distributions: __________________________________ Distributions, if being made by wire
transfer in immediately available funds to __________________________ for the account of __________________________ account number
____________________________. This information is provided by ______________________________, the Assignee(s) named above or ____________________________________
as its (their) agent.


	 	 	 
	 	By:	 
	 	 	[Please print or type name(s)]
	 	 	 
	 	 	Title
	 	 	 
	 	 	Taxpayer Identification Number


 










    A-21-11 


     


    

 



 


EXHIBIT
A-22


 


CITIGROUP
COMMERCIAL MORTGAGE TRUST 2017-P8

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2017-P8, Class V-2A


 


[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.]1


 


[TRANSFERS
OF THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR A SUCCESSOR THEREOF
OR SUCH SUCCESSOR’S NOMINEE, AND TRANSFERS OF BENEFICIAL INTERESTS IN THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS
MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.]2


 


THIS
CERTIFICATE DOES NOT REPRESENT AN INTEREST IN OR OBLIGATION OF THE DEPOSITOR, THE SPONSORS, THE ORIGINATORS, THE MASTER SERVICER,
THE SPECIAL SERVICER, THE TRUSTEE, THE CERTIFICATE ADMINISTRATOR, THE OPERATING ADVISOR, the
Asset representations reviewer, THE CONTROLLING CLASS REPRESENTATIVE, THE RISK RETENTION CONSULTATION PARTY, ANY COMPANION
LOAN HOLDER, THE UNDERWRITERS OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES NOR THE MORTGAGE LOANS ARE INSURED
OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY OR PRIVATE INSURER.


 


PRINCIPAL
PAYMENTS IN RESPECT OF THIS CERTIFICATE ARE DISTRIBUTABLE AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT. ACCORDINGLY, THE
OUTSTANDING CERTIFICATE BALANCE OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.


 


THIS
CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE 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 (A)(1) PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE
144A”) TO A PERSON THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING
OF RULE 144A (A “QIB”), OR IS PURCHASING FOR THE ACCOUNT OF A QIB, AND WHOM THE HOLDER HAS INFORMED THAT THE REOFFER,
RESALE, PLEDGE, OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (2) IN AN “OFFSHORE TRANSACTION” TO AN INSTITUTION
THAT IS NOT A “U.S. PERSON”, AS SUCH TERMS ARE DEFINED IN, AND IN ACCORDANCE WITH RULE 903 OR RULE 904 OF, REGULATION
S UNDER THE SECURITIES ACT, OR (3) TO AN INSTITUTIONAL “ACCREDITED INVESTOR” WITHIN THE MEANING OF, OR IN WHICH ALL
THE EQUITY OWNERS COME WITHIN THE MEANING OF, RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT THAT IS
NOT A QIB, AND (B) IN EACH CASE IN ACCORDANCE WITH FEDERAL SECURITIES LAWS AND ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF
THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.


 





 



 





		1	Legend
                                         required as long as DTC is the Depository under the Pooling and Servicing Agreement.



 


		2	Global
                                         Certificate legend.



 






    A-22-1 


     


    

 


THIS
CERTIFICATE MAY NOT BE PURCHASED BY OR PLEDGED, SOLD OR OTHERWISE TRANSFERRED TO ANY PERSON THAT IS OR BECOMES (I) AN EMPLOYEE
BENEFIT PLAN OR OTHER PLAN THAT IS SUBJECT TO THE FIDUCIARY RESPONSIBILITY OR PROHIBITED TRANSACTION PROVISIONS OF THE EMPLOYEE
RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), OR TO 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 THAT IS SUBJECT
TO ANY FEDERAL, STATE OR LOCAL LAW (“SIMILAR LAW”) THAT IS, TO A MATERIAL EXTENT, SIMILAR TO THE FOREGOING PROVISIONS
OF ERISA OR THE CODE (EACH, A “PLAN”), OR (II) AN ENTITY OR COLLECTIVE INVESTMENT FUND THE ASSETS OF WHICH ARE CONSIDERED
PLAN ASSETS UNDER U.S. DEPARTMENT OF LABOR REG. SECTION 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA, OR SIMILAR LAW OR OTHER
PERSON ACTING ON BEHALF OF ANY SUCH PLAN OR USING THE ASSETS OF SUCH PLAN TO ACQUIRE THIS CERTIFICATE, UNLESS (A)(I) THIS CERTIFICATE
IS ACQUIRED BY SUCH PERSON THROUGH CITIGROUP GLOBAL MARKETS INC. OR BARCLAYS CAPITAL INC., (II) SUCH PERSON IS AN “INSURANCE
COMPANY GENERAL ACCOUNT” WITHIN THE MEANING OF PROHIBITED TRANSACTION CLASS EXEMPTION 95-60, AND (III) ALL CONDITIONS OF
SECTIONS I AND III OF PROHIBITED TRANSACTION CLASS EXEMPTION 95-60 WILL BE MET WITH RESPECT TO SUCH INSURANCE COMPANY GENERAL
ACCOUNT’S ACQUISITION, HOLDING AND DISPOSITION OF THIS CERTIFICATE, OR (B) WITH RESPECT TO THE ACQUISITION, HOLDING OR DISPOSITION
OF THIS CERTIFICATE BY ANY GOVERNMENTAL PLAN OR OTHER PLAN SUBJECT TO SIMILAR LAW, SUCH ACQUISITION, HOLDING AND DISPOSITION BY
SUCH GOVERNMENTAL PLAN WILL NOT CONSTITUTE OR OTHERWISE RESULT IN A NON-EXEMPT VIOLATION OF SIMILAR LAW.


 


THIS
CERTIFICATE REPRESENTS AN UNDIVIDED BENEFICIAL INTEREST IN CERTAIN ASSETS OF A GRANTOR TRUST CONSISTING PRIMARILY OF (I) 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, AND DISTRIBUTIONS THEREON, AND (II) ANY EXCESS INTEREST
COLLECTED ON THE ARD MORTGAGE LOANS AND AMOUNTS HELD FROM TIME TO TIME IN THE EXCESS INTEREST DISTRIBUTION ACCOUNT.


 


THIS
CERTIFICATE IS INTENDED TO CONSTITUTE PART OF AN “ELIGIBLE VERTICAL INTEREST” (AS DEFINED IN REGULATION RR PROMULGATED
UNDER SECTION 15G OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED), AND AS SUCH IS SUBJECT TO VARIOUS PROHIBITIONS ON HEDGING,
TRANSFER AND FINANCING SET FORTH IN REGULATION RR. 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 POOLING AND SERVICING AGREEMENT.


 


IN
NO EVENT SHALL CERTIFICATES REPRESENTING A PERCENTAGE INTEREST IN ANY CLASS OF CLASS V-2 CERTIFICATES BE TRANSFERRED TO ANY PERSON
(AND THE CERTIFICATE REGISTRAR SHALL REFUSE TO REGISTER ANY SUCH TRANSFER) UNLESS CERTIFICATES REPRESENTING THE EXACT SAME PERCENTAGE
INTEREST IN EACH AND EVERY OTHER OUTSTANDING CLASS OF CLASS V-2 CERTIFICATES ARE SIMULTANEOUSLY TRANSFERRED TO THE SAME PERSON.
ANY HOLDER OF CLASS V-2 CERTIFICATES SHALL AT ALL TIMES HOLD THE SAME PERCENTAGE INTEREST IN EACH AND EVERY OUTSTANDING CLASS
THEREOF.


 


SUBJECT
TO THE CONDITIONS SET FORTH IN THE POOLING AND SERVICING AGREEMENT, THIS CERTIFICATE, TOGETHER WITH CERTAIN OTHER EXCHANGEABLE
CERTIFICATES SET FORTH IN THE POOLING AND SERVICING AGREEMENT, MAY BE EXCHANGED FOR THE CLASS V-1 CERTIFICATES, PURSUANT TO THE
PROCEDURES SET FORTH IN THE POOLING AND SERVICING AGREEMENT.


 






    A-22-2 


     


    

 


CITIGROUP
COMMERCIAL MORTGAGE TRUST 2017-P8

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2017-P8, Class V-2A


 


	Pass-Through
    Rate: N/A. The Class V-2A Certificates will not have a Pass-Through Rate, but will be entitled to receive interest on any
    Distribution Date up to an amount equal to the product of (a) the Class V-2 Percentage, multiplied by (b) the VRR Allocation
    Percentage, multiplied by (c) the aggregate amount of interest distributed to the Class A-1, Class A-2, Class A-3, Class A-4,
    Class A-AB, Class X-A and Class A-S Certificates on such Distribution Date.	 	 
	 	 	 
	First
    Distribution Date: October 17, 2017	 	Cut-Off
    Date: With respect to each Mortgage Loan, the Due Date in September 2017 for that Mortgage Loan (or, in the case of any Mortgage
    Loan that has its first Due Date subsequent to September 2017, the date that would have been its Due Date in September 2017
    under the terms of that Mortgage Loan if a Monthly Payment were scheduled to be due in that month).
	 	 	 
	Aggregate
    Initial Certificate Balance of the Class V-2A Certificates: $43,892,263. The Aggregate Initial Certificate Balance of the
    Class V-2A Certificates represents the maximum aggregate Certificate Balance of the Class V-2A Certificates that could be
    issued in an exchange pursuant to Section 5.13 of the Pooling and Servicing Agreement on the Closing Date.	 	Scheduled
    Final Distribution Date: the Distribution Date in September 2027
	 	 	 


	CUSIP:    17326D
                                         BF83

                                                                                U1852D
AK14
                  17326D
BG65

	 	Initial
    Certificate Balance of this Certificate: $[_____]
	 	 	 
	ISIN:        US17326DBF876

                         USU1852DAK107

        
	 	 
	                 US17326DBG608	 	 
	 	 	 
	No.:
    [1]	 	 


 


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 V-2A Certificates. The Trust Fund,
described more fully


 





 



 





3
For Rule 144A Certificates


 


4
For Regulation S Certificates


 


5
For IAI Certificates


 


6
For Rule 144A Certificates


 


7
For Regulation S Certificates


 


8 For IAI Certificates


 






    A-22-3 


     


    

 


below,
consists primarily of a pool of Mortgage Loans secured by first liens on commercial, multifamily and manufactured housing community
properties and held in trust by the Trustee and, other than in the case of the Outside Serviced Mortgage Loans, serviced by the
Master Servicer and the Special Servicer. The Trust Fund was created, and the Mortgage Loans (other than the Outside Serviced
Mortgage Loans) are to be serviced, pursuant to the Pooling 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 Pooling and Servicing Agreement and
is bound thereby. In the event that there is any conflict between any provision of this Certificate and any provision of the Pooling
and Servicing Agreement, such provision of this Certificate shall be superseded to the extent of such inconsistency. Also issued
under the Pooling and Servicing Agreement are the Class A-1, Class A-2, Class A-3, Class A-4, Class A-AB, Class X-A, Class X-B,
Class A-S, Class B, Class C, Class X-D, Class X-E, Class X-F, Class X-G, Class D, Class E, Class F, Class G, Class R, Class S,
Class V-1, Class V-2B, Class V-2C, Class V-2D, Class V-2E, Class V-3AC, Class V-3D and Class V-3E Certificates (together with
the Class V-2A Certificates, the “Certificates”; the Holders of Certificates are collectively referred to herein
as “Certificateholders”).


 


This
Certificate is issued pursuant to, and in accordance with, the terms of a Pooling and Servicing Agreement dated as of September
1, 2017 (the “Pooling and Servicing Agreement”), between Citigroup Commercial Mortgage Securities Inc., as
Depositor, Wells Fargo Bank, National Association, as Master Servicer, KeyBank National Association, as Special Servicer, Pentalpha
Surveillance LLC, as Operating Advisor and Asset Representations Reviewer, Citibank, N.A., as Certificate Administrator, and Wilmington
Trust, National Association, as Trustee. To the extent not defined herein, capitalized terms used herein shall have the meanings
assigned thereto in the Pooling and Servicing Agreement.


 


This
Certificate represents an undivided beneficial interest in certain assets of a grantor trust consisting primarily of (i) 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, and distributions thereon, and (ii) any Excess Interest
collected on the ARD Mortgage Loans and amounts held from time to time in the Excess Interest Distribution Account.


 


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 Mortgage Loans and has executed this Certificate in its limited capacity as Certificate
Administrator under the Pooling and Servicing Agreement.


 


Pursuant
to the terms of the Pooling and Servicing Agreement, the Certificate Administrator will distribute (other than the final distribution
on any Certificate), on the 4th Business Day following the Determination Date in each month, commencing in October 2017 (each
such date, a “Distribution Date”), to the Person in whose name this Certificate is registered as of the related
Record 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, with respect to the Class V-2A Certificates
for such Distribution Date, all as more fully described in the Pooling and Servicing Agreement. Holders of this Certificate may
be entitled to a share of Yield Maintenance Charges, as provided in the Pooling and Servicing Agreement.


 


All
distributions (other than the final distribution on any Certificate) will be made by the Certificate Administrator to the persons
in whose names the Certificates are registered at the close of business on each Record Date, which will be the last Business Day
of the month preceding the month in which such Distribution Date occurs. Distributions are required to be made by wire transfer
of immediately available funds to the account of such Certificateholder at a bank or other entity located in the United States
and having appropriate facilities to accept such funds, if such Certificateholder has provided the Certificate Administrator with
written wiring instructions no less than five (5) Business Days prior to the related Record Date (which wiring instructions may
be in the form of a standing order applicable to all subsequent distributions), or otherwise by check mailed to such Certificateholder.
The final distribution on each Certificate shall be made in like manner, but only upon presentation 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 a notice to Certificateholders of the pendency of the final distribution.


 


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


 






    A-22-4 


     


    

 


Termination
Date has been given pursuant to Section 9.01 of the Pooling 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
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. Subject to applicable
state law with respect to escheatment of funds, if within two years after the second notice any Certificates shall not have been
surrendered for cancellation, the Paying Agent shall pay to the Class R Certificateholders all amounts distributable to the Holders
thereof. 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 Section 9.01 of the Pooling and Servicing
Agreement.


 


This
Certificate is limited in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage
Loans, as more specifically set forth herein and in the Pooling and Servicing Agreement.


 


As
provided in the Pooling and Servicing Agreement, the Trust Fund includes: (i) such Mortgage Loans as from time to time are subject
to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto; (ii) all scheduled or unscheduled payments
on or collections in respect of the Mortgage Loans due after the Cut-Off Date or, with respect to a Qualified Substitute Mortgage
Loan, the Due Date in the month of substitution (exclusive of interest relating to periods prior to, but due after, the Cut-Off
Date); (iii) any REO Property (but, with respect to any REO Property relating to a Loan Combination, only to the extent of the
Trust’s interest in the related Loan Combination); (iv) all revenues received in respect of any REO Property (but, with
respect to any REO Property relating to a Loan Combination, only to the extent of the Trust’s interest in the related Loan
Combination); (v) the Master Servicer’s and the Trustee’s rights under the insurance policies with respect to the
Mortgage Loans required to be maintained pursuant to the Pooling and Servicing Agreement and any proceeds thereof; (vi) the Trustee’s
rights in any Assignments of Leases, Rents and Profits and any security agreements; (vii) the Trustee’s rights under any
indemnities or guaranties given as additional security for any Mortgage Loan; (viii) all of the Trustee’s and the Certificate
Administrator’s rights in the Escrow Accounts and Lock-Box Accounts and all proceeds of the Mortgage Loans deposited in
the Collection Account, the Distribution Account, the Excess Interest Distribution Account, the Interest Reserve Account, the
Excess Liquidation Proceeds Reserve Account and any REO Account, including any reinvestment income thereon; (ix) the Trustee’s
rights in any environmental indemnity agreements relating to the Mortgaged Properties; (x) the Depositor’s rights under
the Mortgage Loan Purchase Agreements and the SMC Guaranty to the extent assigned to the Trustee pursuant to Section 2.01 of the
Pooling and Servicing Agreement; (xi) the Lower-Tier Regular Interests; and (xii) the Loss of Value Reserve Fund.


 


This
Certificate does not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling 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 and Trustee.


 


As
provided in the Pooling and Servicing Agreement, subject to certain restrictions on transfer set forth therein, upon surrender
for registration of transfer of any Certificate, the Certificate Administrator shall execute, authenticate and deliver, in the
name of the designated transferee or transferees, one or more new Certificates in authorized denominations, in like aggregate
interest and of the same Class.


 


In
no event shall Certificates representing a Percentage Interest in any Class of Class V-2 Certificates be transferred to any Person
(and the Certificate Registrar shall refuse to register any such transfer) unless Certificates representing the exact same Percentage
Interest in each and every other outstanding Class of Class V-2 Certificates are simultaneously transferred to the same Person.
Any Holder of Class V-2 Certificates shall at all times hold the same Percentage Interest in each and every outstanding Class
thereof.


 


Prior
to due presentation of this Certificate for registration of transfer, the Master Servicer, the Special Servicer, the Operating
Advisor, the Trustee, the Certificate Administrator, the Certificate Registrar, and any agent of any of them, may treat the Person
in whose name any Certificate is registered as the owner of such Certificate for the purpose of receiving distributions as provided
in the Pooling and Servicing Agreement and for all other purposes


 






    A-22-5 


     


    

 


whatsoever,
and neither the Master Servicer, the Special Servicer, the Operating Advisor, the Trustee, the Certificate Administrator, the
Certificate Registrar, nor any agent of any of them shall be affected by any notice to the contrary.


 


The
Pooling and Servicing Agreement or any Custodial Agreement may be amended from time to time by the Depositor, the Master Servicer,
the Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Custodian (if the Certificate Administrator
is then acting as Custodian), the Certificate Administrator and the Trustee, without the consent of any of the Certificateholders
or, as applicable, any Companion Loan Holder:


 


		(i)	to
                                         cure any ambiguity to the extent that it does not adversely affect any holders of Certificates;



 


		(ii)	to
                                         correct or supplement any of its provisions which may be inconsistent with any other
                                         provisions of the Pooling and Servicing Agreement or with the description thereof in
                                         the Prospectus or to correct any error;



 


		(iii)	to
                                         change the timing and/or nature of deposits in the Collection Account, the Excess Liquidation
                                         Proceeds Reserve Account, the Excess Interest Distribution Account, the Distribution
                                         Account or any REO Account, provided that (A) the Master Servicer Remittance Date shall
                                         in no event be later than the Business Day prior to the related Distribution Date and
                                         (B) the change would not adversely affect in any material respect the interests of any
                                         Certificateholder, as evidenced by an opinion of counsel (at the expense of the party
                                         requesting the amendment);



 


		(iv)	to
                                         modify, eliminate or add to any of its provisions (A) to the extent necessary to maintain
                                         the qualification of either Trust REMIC as a REMIC or the Grantor Trust as a grantor
                                         trust or to avoid or minimize the risk of imposition of any tax on the Trust Fund, provided
                                         that the Trustee and the Certificate Administrator have received an opinion of counsel
                                         (at the expense of the party requesting the amendment) to the effect that (1) the action
                                         is necessary or desirable to maintain such qualification or to avoid or minimize such
                                         risk and (2) the action will not adversely affect in any material respect the interests
                                         of any holder of the Certificates, (B) to restrict (or to remove any existing restrictions
                                         with respect to) the transfer of the Class R Certificates, provided that the Depositor
                                         has determined that the amendment will not give rise to any tax with respect to the transfer
                                         of the Class R Certificates to a non-Permitted Transferee, (C) to the extent necessary
                                         to comply with the Investment Company Act of 1940, as amended, the Exchange Act, Regulation
                                         AB, Regulation RR and/or any related regulatory actions and/or interpretations or (D)
                                         in the event that Regulation RR (or any portion thereof) or any other regulations applicable
                                         to the risk retention requirements for this securitization transaction are amended or
                                         repealed, to the extent required to comply with any such amendment or to modify or eliminate
                                         any risk retention requirements no longer applicable to this securitization transaction
                                         in light of such repeal;



 


		(v)	to
                                         make any other provisions with respect to matters or questions arising under the Pooling
                                         and Servicing Agreement or any other change, provided that the amendment will
                                         not adversely affect in any material respect the interests of any Certificateholder,
                                         as evidenced by an opinion of counsel;



 


		(vi)	to
                                         modify the procedures in the Pooling and Servicing Agreement relating to Rule 17g-5;
                                         provided that such modification does not increase the obligations of the Trustee,
                                         the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer,
                                         the Master Servicer or the Special Servicer without such party’s consent (which
                                         consent may not be withheld unless such modification would materially adversely affect
                                         such party or materially increase such party’s obligations under the Pooling and
                                         Servicing Agreement); provided, further that notice of such modification
                                         is provided to all parties to the Pooling and Servicing Agreement; and



 






    A-22-6 


     


    

 


		(vii)	to
                                         amend or supplement any provision of the Pooling and Servicing Agreement to the extent
                                         necessary to maintain the ratings assigned to each Class of Certificates by any of the
                                         Rating Agencies, provided that the amendment will not adversely affect in any material
                                         respect the interests of any Certificateholder;



 


provided,
further that no amendment pursuant to any of clauses (i)-(vii) above may be made that would: (A) reduce the consent or consultation
rights or the right to receive information under the Pooling and Servicing Agreement of the Controlling Class Representative without
the consent of the Controlling Class Representative; (B) reduce the consultation rights or the right to receive information under
the Pooling and Servicing Agreement of the Operating Advisor without the consent of the Operating Advisor; (C) change in any manner
the obligations or rights of any Mortgage Loan Seller under the Pooling and Servicing Agreement or the applicable Mortgage Loan
Purchase Agreement without the consent of the affected Mortgage Loan Seller; (D) change in any manner the obligations or rights
of any Underwriter or Initial Purchaser, without the consent of the affected Underwriter or Initial Purchaser; or (E) adversely
affect any Serviced Companion Loan Holder in its capacity as such without its consent. Expenses incurred with respect to any amendment
shall be borne by the party requesting such amendment, unless the Master Servicer, the Special Servicer or the Trustee is requesting
an amendment for the benefit of the Certificateholders, then in which case such expense will be borne by the Trust.


 


The
Pooling and Servicing Agreement or any Custodial Agreement may also be amended from time to time by a writing signed by each of
the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Custodian
(if the Certificate Administrator is then acting as Custodian), the Certificate Administrator and the Trustee with the consent
of the Holders of Certificates representing not less than 66-2/3% of the Percentage Interests of each Class of Certificates affected
by the amendment for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of
the Pooling and Servicing Agreement or of modifying in any manner the rights of the Certificateholders; provided, however,
that no such amendment shall:


 


		(i)	reduce
                                         in any manner the amount of, or delay the timing of, payments received on the Serviced
                                         Loans which are required to be distributed on a Certificate of any Class or to any Serviced
                                         Companion Loan Holder, as applicable, without the consent of the Holder of that Certificate
                                         or that Serviced Companion Loan Holder, as applicable,



 


		(ii)	reduce
                                         the aforesaid percentage of Certificates of any Class the Holders of which are required
                                         to consent to the amendment without the consent of the Holders of all Certificates of
                                         that Class then outstanding,



 


		(iii)	change
                                         in any manner the obligations or rights of any Mortgage Loan Seller under the Pooling
                                         and Servicing Agreement or the related Mortgage Loan Purchase Agreement without the consent
                                         of the affected Mortgage Loan Seller,



 


		(iv)	change
                                         the definition of “Servicing Standard” without either (A) consent of 100%
                                         of the holders of the Certificates or (B) Rating Agency Confirmation,



 


		(v)	without
                                         the consent of 100% of the Certificateholders of the Class or Classes of Certificates
                                         adversely affected thereby, change (A) the percentages of Voting Rights of Certificateholders
                                         which are required to consent to any action or inaction under the Pooling and Servicing
                                         Agreement, (B) the right of the Certificateholders to remove the Special Servicer pursuant
                                         to the Pooling and Servicing Agreement or (C) the right of the Certificateholders to
                                         terminate the Operating Advisor pursuant to the Pooling and Servicing Agreement,



 


		(vi)	adversely
                                         affect the Controlling Class Representative without the consent of 100% of the Controlling
                                         Class Certificateholders,



 


		(vii)	adversely
                                         affect a Serviced Companion Loan Holder in its capacity as such without its consent,
                                         or



 






    A-22-7 


     


    

 


		(viii)	change
                                         in any manner the obligations or rights of any Underwriter or Initial Purchaser without
                                         the consent of the affected Underwriter or Initial Purchaser.



 


The
Holders of the Controlling Class representing greater than 50% of the Certificate Balance of the Controlling Class may (or, if
such Holders do not, the Special Servicer, or if neither such Holders nor the Special Servicer do, the Master Servicer or, if
none of such Holders, the Special Servicer or the Master Servicer does, any Holders of Class R Certificates representing greater
than a 50% Percentage Interest in such Class, may also) effect an early termination of the Trust Fund, upon not less than 30 days’
prior notice given to the parties (or, if applicable, the other parties) to the Pooling and Servicing Agreement (whereupon the
Master Servicer shall notify the Serviced Companion Loan Holders) any time on or after the Early Termination Notice Date specifying
the Anticipated Termination Date, by purchasing on such date all, but not less than all, of the Mortgage Loans (and in the case
of the Serviced Loan Combinations, subject to certain rights of the related Serviced Companion Loan Holder provided for in the
related Co-Lender Agreement) then included in the Trust Fund, and all property acquired by or on behalf of the Trust Fund (including
the Trust Fund’s interest in any REO Property acquired with respect to any Outside Serviced Mortgage Loan) in respect of
any Mortgage Loan then included in the Trust Fund, at a purchase price, payable in cash, equal to (i) the sum of (A) the Termination
Purchase Amount and (B) the reasonable out-of-pocket expenses of the Master Servicer (unless the Master Servicer is the purchaser
of such Mortgage Loans), the Special Servicer (unless the Special Servicer is the purchaser of such Mortgage Loans), the Trustee
and the Certificate Administrator, as applicable, with respect to such termination, minus (ii) solely in the case where the Master
Servicer or the Special Servicer is effecting such purchase, the aggregate amount of unreimbursed Advances, if any, made by the
Master Servicer or Special Servicer, as applicable, together with any interest accrued and payable to the Master Servicer or the
Special Servicer, as applicable, in respect of such Advances and any unpaid Servicing Fees or Special Servicing Fees, as applicable,
remaining outstanding (which items will be deemed to have been paid or reimbursed to the Master Servicer or the Special Servicer,
as applicable, in connection with such purchase).


 


Any
Person(s) effecting an early termination of the Trust Fund as provided in the prior paragraph shall first notify the Controlling
Class Representative and each Certifying Certificateholder, or, in the case of a termination by the Holder of a Class R Certificate,
notify the Certificate Administrator (who shall notify the Controlling Class Representative and each Certifying Certificateholder)
of its intention to do so in writing at least 30 days prior to the Anticipated Termination Date. All costs and expenses incurred
by any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with the purchase of the Mortgage
Loans and other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement shall be borne by
the party exercising its purchase rights thereunder. The Certificate Administrator shall be entitled to rely conclusively on any
determination made by an Appraiser pursuant to Section 9.01(c) of the Pooling and Servicing Agreement.


 


The
respective obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Operating Advisor,
the Asset Representations Reviewer, the Certificate Administrator and the Trustee created by the Pooling and Servicing Agreement
with respect to the Certificates, the Mortgage Loans and the Serviced Companion Loans (other than the obligation to make certain
payments and to send certain notices to Certificateholders as set forth in the Pooling and Servicing Agreement and to make any
required remittances to the Serviced Companion Loan Holders in the month in which the final Distribution Date occurs and certain
tax-related obligations) shall terminate immediately following the earlier to occur of (i) the purchase by Holders of the Controlling
Class, the Special Servicer, the Master Servicer or Holders of the Class R Certificates of all the Mortgage Loans and REO Properties
(or interests therein) then included in the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement, (ii)
the exchange by the Remaining Certificateholder of its Certificates for all the Mortgage Loans and REO Properties (or interests
therein) then included in the Trust Fund pursuant to Section 9.01(h) of the Pooling and Servicing Agreement and (iii) the final
payment or other liquidation (or any advance with respect thereto) of the last Mortgage Loan or REO Property (or interest therein)
contained in the Trust Fund; provided, however, that in no event shall the trust created by the Pooling and Servicing
Agreement 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 of the Pooling and Servicing Agreement.
All such payments as contemplated by the preceding paragraph shall be deposited into the Collection Account by the Master Servicer
or Special Servicer, as applicable, promptly following receipt thereof.


 






    A-22-8 


     


    

 


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 Pooling and Servicing
Agreement or be valid for any purpose.


 






    A-22-9 


     


    

 





IN
WITNESS WHEREOF, the Certificate Administrator has caused this Class V-2A Certificate to be duly executed.


 





	 	CITIBANK, N.A.,
               not in its individual capacity but solely as Certificate Administrator
	 	 	 
	 	By:	 
			Authorized
                                         Signatory


  


Dated:
September 29, 2017


 


CERTIFICATE
OF AUTHENTICATION


 


This
is one of the Class V-2A Certificates referred to in the Pooling and Servicing Agreement.


 


Dated:
September 29, 2017


 





	 	CITIBANK, N.A.,
               not in its individual capacity but solely as Authenticating Agent
	 	 	 
	 	By:	 
			Authorized
                                         Signatory


  




    A-22-10 


     


    

 


ASSIGNMENT


 


FOR
VALUE RECEIVED, the undersigned (“Assignor(s)”) hereby sell(s), assign(s) and transfer(s) unto ___________________________
(please print or typewrite name(s) and address(es), including postal zip code(s) of assignee(s)) (“Assignee(s)”)
the entire Percentage Interest represented by the within Class V-2A Certificate and hereby authorize(s) the registration of transfer
of such interest to Assignee(s) on the Certificate Register of the Trust Fund.


 


I
(we) further direct the Certificate Registrar to issue a new Class V-2A Certificate of the entire Percentage Interest represented
by the within Class V-2A Certificates to the above-named Assignee(s) and to deliver such Class V-2A Certificate to the following
address:


 


Date:
_________________


	 	 	 
		 	Signature by or on behalf of Assignor(s)
	 	 	 
	 	 	Taxpayer Identification Number





 




    A-22-11 


     


    

 


DISTRIBUTION
INSTRUCTIONS


 


The
Assignee(s) should include the following for purposes of distribution:


 


Address
of the Assignee(s) for the purpose of receiving notices and distributions: __________________________________ Distributions, if
being made by wire transfer in immediately available funds to __________________________ for the account of __________________________
account number ____________________________. This information is provided by ______________________________, the Assignee(s) named
above or ____________________________________ as its (their) agent.


	 	 	 
	 	By:	 
	 	 	[Please print or type name(s)]
	 	 	 
	 	 	Title
	 	 	 
	 	 	Taxpayer Identification Number


 










    A-22-12 


     


    

 


EXHIBIT
A-23


 


CITIGROUP
COMMERCIAL MORTGAGE TRUST 2017-P8

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2017-P8, CLASS V-2B


 


[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.]1


 


[TRANSFERS
OF THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR A SUCCESSOR THEREOF
OR SUCH SUCCESSOR’S NOMINEE, AND TRANSFERS OF BENEFICIAL INTERESTS IN THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS
MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.]2


 


THIS
CERTIFICATE DOES NOT REPRESENT AN INTEREST IN OR OBLIGATION OF THE DEPOSITOR, THE SPONSORS, THE ORIGINATORS, THE MASTER SERVICER,
THE SPECIAL SERVICER, THE TRUSTEE, THE CERTIFICATE ADMINISTRATOR, THE OPERATING ADVISOR, the
Asset representations reviewer, THE CONTROLLING CLASS REPRESENTATIVE, THE RISK RETENTION CONSULTATION PARTY, ANY COMPANION
LOAN HOLDER, THE UNDERWRITERS OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES NOR THE MORTGAGE LOANS ARE INSURED
OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY OR PRIVATE INSURER.


 


PRINCIPAL
PAYMENTS IN RESPECT OF THIS CERTIFICATE ARE DISTRIBUTABLE AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT. ACCORDINGLY, THE
OUTSTANDING CERTIFICATE BALANCE OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.


 


THIS
CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE 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 (A)(1) PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE
144A”) TO A PERSON THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING
OF RULE 144A (A “QIB”), OR IS PURCHASING FOR THE ACCOUNT OF A QIB, AND WHOM THE HOLDER HAS INFORMED THAT THE REOFFER,
RESALE, PLEDGE, OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (2) IN AN “OFFSHORE TRANSACTION” TO AN INSTITUTION
THAT IS NOT A “U.S. PERSON”, AS SUCH TERMS ARE DEFINED IN, AND IN ACCORDANCE WITH RULE 903 OR RULE 904 OF, REGULATION
S UNDER THE SECURITIES ACT, OR (3) TO AN INSTITUTIONAL “ACCREDITED INVESTOR” WITHIN THE MEANING OF, OR IN WHICH ALL
THE EQUITY OWNERS COME WITHIN THE MEANING OF, RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT THAT IS
NOT A QIB, AND (B) IN EACH CASE IN ACCORDANCE WITH FEDERAL SECURITIES LAWS AND ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF
THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.


 





 



 





		1	Legend
                                         required as long as DTC is the Depository under the Pooling and Servicing Agreement.



 


		2	Global
                                         Certificate legend.



 






    A-23-1 


     


    

 


THIS
CERTIFICATE MAY NOT BE PURCHASED BY OR PLEDGED, SOLD OR OTHERWISE TRANSFERRED TO ANY PERSON THAT IS OR BECOMES (I) AN EMPLOYEE
BENEFIT PLAN OR OTHER PLAN THAT IS SUBJECT TO THE FIDUCIARY RESPONSIBILITY OR PROHIBITED TRANSACTION PROVISIONS OF THE EMPLOYEE
RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), OR TO 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 THAT IS SUBJECT
TO ANY FEDERAL, STATE OR LOCAL LAW (“SIMILAR LAW”) THAT IS, TO A MATERIAL EXTENT, SIMILAR TO THE FOREGOING PROVISIONS
OF ERISA OR THE CODE (EACH, A “PLAN”), OR (II) AN ENTITY OR COLLECTIVE INVESTMENT FUND THE ASSETS OF WHICH ARE CONSIDERED
PLAN ASSETS UNDER U.S. DEPARTMENT OF LABOR REG. SECTION 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA, OR SIMILAR LAW OR OTHER
PERSON ACTING ON BEHALF OF ANY SUCH PLAN OR USING THE ASSETS OF SUCH PLAN TO ACQUIRE THIS CERTIFICATE, UNLESS (A)(I) THIS CERTIFICATE
IS ACQUIRED BY SUCH PERSON THROUGH CITIGROUP GLOBAL MARKETS INC. OR BARCLAYS CAPITAL INC., (II) SUCH PERSON IS AN “INSURANCE
COMPANY GENERAL ACCOUNT” WITHIN THE MEANING OF PROHIBITED TRANSACTION CLASS EXEMPTION 95-60, AND (III) ALL CONDITIONS OF
SECTIONS I AND III OF PROHIBITED TRANSACTION CLASS EXEMPTION 95-60 WILL BE MET WITH RESPECT TO SUCH INSURANCE COMPANY GENERAL
ACCOUNT’S ACQUISITION, HOLDING AND DISPOSITION OF THIS CERTIFICATE, OR (B) WITH RESPECT TO THE ACQUISITION, HOLDING OR DISPOSITION
OF THIS CERTIFICATE BY ANY GOVERNMENTAL PLAN OR OTHER PLAN SUBJECT TO SIMILAR LAW, SUCH ACQUISITION, HOLDING AND DISPOSITION BY
SUCH GOVERNMENTAL PLAN WILL NOT CONSTITUTE OR OTHERWISE RESULT IN A NON-EXEMPT VIOLATION OF SIMILAR LAW.


 


THIS
CERTIFICATE REPRESENTS AN UNDIVIDED BENEFICIAL INTEREST IN CERTAIN ASSETS OF A GRANTOR TRUST CONSISTING PRIMARILY OF (I) 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, AND DISTRIBUTIONS THEREON, AND (II) ANY EXCESS INTEREST
COLLECTED ON THE ARD MORTGAGE LOANS AND AMOUNTS HELD FROM TIME TO TIME IN THE EXCESS INTEREST DISTRIBUTION ACCOUNT.


 


THIS
CERTIFICATE IS INTENDED TO CONSTITUTE PART OF AN “ELIGIBLE VERTICAL INTEREST” (AS DEFINED IN REGULATION RR PROMULGATED
UNDER SECTION 15G OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED), AND AS SUCH IS SUBJECT TO VARIOUS PROHIBITIONS ON HEDGING,
TRANSFER AND FINANCING SET FORTH IN REGULATION RR. 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 POOLING AND SERVICING AGREEMENT.


 


IN
NO EVENT SHALL CERTIFICATES REPRESENTING A PERCENTAGE INTEREST IN ANY CLASS OF CLASS V-2 CERTIFICATES BE TRANSFERRED TO ANY PERSON
(AND THE CERTIFICATE REGISTRAR SHALL REFUSE TO REGISTER ANY SUCH TRANSFER) UNLESS CERTIFICATES REPRESENTING THE EXACT SAME PERCENTAGE
INTEREST IN EACH AND EVERY OTHER OUTSTANDING CLASS OF CLASS V-2 CERTIFICATES ARE SIMULTANEOUSLY TRANSFERRED TO THE SAME PERSON.
ANY HOLDER OF CLASS V-2 CERTIFICATES SHALL AT ALL TIMES HOLD THE SAME PERCENTAGE INTEREST IN EACH AND EVERY OUTSTANDING CLASS
THEREOF.


 


SUBJECT
TO THE CONDITIONS SET FORTH IN THE POOLING AND SERVICING AGREEMENT, THIS CERTIFICATE, TOGETHER WITH CERTAIN OTHER EXCHANGEABLE
CERTIFICATES SET FORTH IN THE POOLING AND SERVICING AGREEMENT, MAY BE EXCHANGED FOR THE CLASS V-1 CERTIFICATES, PURSUANT TO THE
PROCEDURES SET FORTH IN THE POOLING AND SERVICING AGREEMENT.


 






    A-23-2 


     


    

 


CITIGROUP
COMMERCIAL MORTGAGE TRUST 2017-P8

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2017-P8, Class V-2B


 


	Pass-Through
    Rate: N/A. The Class V-2B Certificates will not have a Pass-Through Rate, but will be entitled to receive interest on any
    Distribution Date up to an amount equal to the product of (a) the Class V-2 Percentage, multiplied by (b) the VRR Allocation
    Percentage, multiplied by (c) the aggregate amount of interest distributed to the Class B and Class X-B Certificates on such
    Distribution Date.	 	 
	 	 	 
	First
    Distribution Date: October 17, 2017	 	Cut-Off
    Date: With respect to each Mortgage Loan, the Due Date in September 2017 for that Mortgage Loan (or, in the case of any Mortgage
    Loan that has its first Due Date subsequent to September 2017, the date that would have been its Due Date in September 2017
    under the terms of that Mortgage Loan if a Monthly Payment were scheduled to be due in that month).
	 	 	 
	Aggregate
    Initial Certificate Balance of the Class V-2B Certificates: $2,174,211. The Aggregate Initial Certificate Balance of the Class
    V-2B Certificates represents the maximum aggregate Certificate Balance of the Class V-2B Certificates that could be issued
    in an exchange pursuant to Section 5.13 of the Pooling and Servicing Agreement on the Closing Date.	 	Scheduled
    Final Distribution Date: the Distribution Date in September 2027
	 	 	 


	CUSIP:    17326D
    BH43

                     U1852D
    AL94

                     17326D
    BJ05	 	Initial
    Certificate Balance of this Certificate: $[_____]
	 	 	 
	ISIN:        US17326DBH446               

        
	 	 
	                 USU1852DAL927	 	 
	                 US17326DBJ008 	 	 
	 	 	 
	No.:
    [1]	 	 


 


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 V-2B Certificates. The Trust Fund,
described more fully


 





 



 





3
For Rule 144A Certificates


 


4
For Regulation S Certificates


 


5
For IAI Certificates


 


6
For Rule 144A Certificates


 


7
For Regulation S Certificates


 


8
For IAI Certificates 


 






    A-23-3 


     


    

 


below,
consists primarily of a pool of Mortgage Loans secured by first liens on commercial, multifamily and manufactured housing community
properties and held in trust by the Trustee and, other than in the case of the Outside Serviced Mortgage Loans, serviced by the
Master Servicer and the Special Servicer. The Trust Fund was created, and the Mortgage Loans (other than the Outside Serviced
Mortgage Loans) are to be serviced, pursuant to the Pooling 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 Pooling and Servicing Agreement and
is bound thereby. In the event that there is any conflict between any provision of this Certificate and any provision of the Pooling
and Servicing Agreement, such provision of this Certificate shall be superseded to the extent of such inconsistency. Also issued
under the Pooling and Servicing Agreement are the Class A-1, Class A-2, Class A-3, Class A-4, Class A-AB, Class X-A, Class X-B,
Class A-S, Class B, Class C, Class X-D, Class X-E, Class X-F, Class X-G, Class D, Class E, Class F, Class G, Class R, Class S,
Class V-1, Class V-2A, Class V-2C, Class V-2D, Class V-2E, Class V-3AC, Class V-3D and Class V-3E Certificates (together with
the Class V-2B Certificates, the “Certificates”; the Holders of Certificates are collectively referred to herein
as “Certificateholders”).


 


This
Certificate is issued pursuant to, and in accordance with, the terms of a Pooling and Servicing Agreement dated as of September
1, 2017 (the “Pooling and Servicing Agreement”), between Citigroup Commercial Mortgage Securities Inc., as
Depositor, Wells Fargo Bank, National Association, as Master Servicer, KeyBank National Association, as Special Servicer, Pentalpha
Surveillance LLC, as Operating Advisor and Asset Representations Reviewer, Citibank, N.A., as Certificate Administrator, and Wilmington
Trust, National Association, as Trustee. To the extent not defined herein, capitalized terms used herein shall have the meanings
assigned thereto in the Pooling and Servicing Agreement.


 


This
Certificate represents an undivided beneficial interest in certain assets of a grantor trust consisting primarily of (i) 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, and distributions thereon, and (ii) any Excess Interest
collected on the ARD Mortgage Loans and amounts held from time to time in the Excess Interest Distribution Account.


 


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 Mortgage Loans and has executed this Certificate in its limited capacity as Certificate
Administrator under the Pooling and Servicing Agreement.


 


Pursuant
to the terms of the Pooling and Servicing Agreement, the Certificate Administrator will distribute (other than the final distribution
on any Certificate), on the 4th Business Day following the Determination Date in each month, commencing in October 2017 (each
such date, a “Distribution Date”), to the Person in whose name this Certificate is registered as of the related
Record 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, with respect to the Class V-2B Certificates
for such Distribution Date, all as more fully described in the Pooling and Servicing Agreement. Holders of this Certificate may
be entitled to a share of Yield Maintenance Charges, as provided in the Pooling and Servicing Agreement.


 


All
distributions (other than the final distribution on any Certificate) will be made by the Certificate Administrator to the persons
in whose names the Certificates are registered at the close of business on each Record Date, which will be the last Business Day
of the month preceding the month in which such Distribution Date occurs. Distributions are required to be made by wire transfer
of immediately available funds to the account of such Certificateholder at a bank or other entity located in the United States
and having appropriate facilities to accept such funds, if such Certificateholder has provided the Certificate Administrator with
written wiring instructions no less than five (5) Business Days prior to the related Record Date (which wiring instructions may
be in the form of a standing order applicable to all subsequent distributions), or otherwise by check mailed to such Certificateholder.
The final distribution on each Certificate shall be made in like manner, but only upon presentation 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 a notice to Certificateholders of the pendency of the final distribution.


 


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


 






    A-23-4 


     


    

 


Termination
Date has been given pursuant to Section 9.01 of the Pooling 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
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. Subject to applicable
state law with respect to escheatment of funds, if within two years after the second notice any Certificates shall not have been
surrendered for cancellation, the Paying Agent shall pay to the Class R Certificateholders all amounts distributable to the Holders
thereof. 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 Section 9.01 of the Pooling and Servicing
Agreement.


 


This
Certificate is limited in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage
Loans, as more specifically set forth herein and in the Pooling and Servicing Agreement.


 


As
provided in the Pooling and Servicing Agreement, the Trust Fund includes: (i) such Mortgage Loans as from time to time are subject
to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto; (ii) all scheduled or unscheduled payments
on or collections in respect of the Mortgage Loans due after the Cut-Off Date or, with respect to a Qualified Substitute Mortgage
Loan, the Due Date in the month of substitution (exclusive of interest relating to periods prior to, but due after, the Cut-Off
Date); (iii) any REO Property (but, with respect to any REO Property relating to a Loan Combination, only to the extent of the
Trust’s interest in the related Loan Combination); (iv) all revenues received in respect of any REO Property (but, with
respect to any REO Property relating to a Loan Combination, only to the extent of the Trust’s interest in the related Loan
Combination); (v) the Master Servicer’s and the Trustee’s rights under the insurance policies with respect to the
Mortgage Loans required to be maintained pursuant to the Pooling and Servicing Agreement and any proceeds thereof; (vi) the Trustee’s
rights in any Assignments of Leases, Rents and Profits and any security agreements; (vii) the Trustee’s rights under any
indemnities or guaranties given as additional security for any Mortgage Loan; (viii) all of the Trustee’s and the Certificate
Administrator’s rights in the Escrow Accounts and Lock-Box Accounts and all proceeds of the Mortgage Loans deposited in
the Collection Account, the Distribution Account, the Excess Interest Distribution Account, the Interest Reserve Account, the
Excess Liquidation Proceeds Reserve Account and any REO Account, including any reinvestment income thereon; (ix) the Trustee’s
rights in any environmental indemnity agreements relating to the Mortgaged Properties; (x) the Depositor’s rights under
the Mortgage Loan Purchase Agreements and the SMC Guaranty to the extent assigned to the Trustee pursuant to Section 2.01 of the
Pooling and Servicing Agreement; (xi) the Lower-Tier Regular Interests; and (xii) the Loss of Value Reserve Fund.


 


This
Certificate does not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling 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 and Trustee.


 


As
provided in the Pooling and Servicing Agreement, subject to certain restrictions on transfer set forth therein, upon surrender
for registration of transfer of any Certificate, the Certificate Administrator shall execute, authenticate and deliver, in the
name of the designated transferee or transferees, one or more new Certificates in authorized denominations, in like aggregate
interest and of the same Class.


 


In
no event shall Certificates representing a Percentage Interest in any Class of Class V-2 Certificates be transferred to any Person
(and the Certificate Registrar shall refuse to register any such transfer) unless Certificates representing the exact same Percentage
Interest in each and every other outstanding Class of Class V-2 Certificates are simultaneously transferred to the same Person.
Any Holder of Class V-2 Certificates shall at all times hold the same Percentage Interest in each and every outstanding Class
thereof.


 


Prior
to due presentation of this Certificate for registration of transfer, the Master Servicer, the Special Servicer, the Operating
Advisor, the Trustee, the Certificate Administrator, the Certificate Registrar, and any agent of any of them, may treat the Person
in whose name any Certificate is registered as the owner of such Certificate for the purpose of receiving distributions as provided
in the Pooling and Servicing Agreement and for all other purposes


 






    A-23-5 


     


    

 


whatsoever,
and neither the Master Servicer, the Special Servicer, the Operating Advisor, the Trustee, the Certificate Administrator, the
Certificate Registrar, nor any agent of any of them shall be affected by any notice to the contrary.


 


The
Pooling and Servicing Agreement or any Custodial Agreement may be amended from time to time by the Depositor, the Master Servicer,
the Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Custodian (if the Certificate Administrator
is then acting as Custodian), the Certificate Administrator and the Trustee, without the consent of any of the Certificateholders
or, as applicable, any Companion Loan Holder:


 


		(i)	to
                                         cure any ambiguity to the extent that it does not adversely affect any holders of Certificates;



 


		(ii)	to
                                         correct or supplement any of its provisions which may be inconsistent with any other
                                         provisions of the Pooling and Servicing Agreement or with the description thereof in
                                         the Prospectus or to correct any error;



 


		(iii)	to
                                         change the timing and/or nature of deposits in the Collection Account, the Excess Liquidation
                                         Proceeds Reserve Account, the Excess Interest Distribution Account, the Distribution
                                         Account or any REO Account, provided that (A) the Master Servicer Remittance Date shall
                                         in no event be later than the Business Day prior to the related Distribution Date and
                                         (B) the change would not adversely affect in any material respect the interests of any
                                         Certificateholder, as evidenced by an opinion of counsel (at the expense of the party
                                         requesting the amendment);



 


		(iv)	to
                                         modify, eliminate or add to any of its provisions (A) to the extent necessary to maintain
                                         the qualification of either Trust REMIC as a REMIC or the Grantor Trust as a grantor
                                         trust or to avoid or minimize the risk of imposition of any tax on the Trust Fund, provided
                                         that the Trustee and the Certificate Administrator have received an opinion of counsel
                                         (at the expense of the party requesting the amendment) to the effect that (1) the action
                                         is necessary or desirable to maintain such qualification or to avoid or minimize such
                                         risk and (2) the action will not adversely affect in any material respect the interests
                                         of any holder of the Certificates, (B) to restrict (or to remove any existing restrictions
                                         with respect to) the transfer of the Class R Certificates, provided that the Depositor
                                         has determined that the amendment will not give rise to any tax with respect to the transfer
                                         of the Class R Certificates to a non-Permitted Transferee, (C) to the extent necessary
                                         to comply with the Investment Company Act of 1940, as amended, the Exchange Act, Regulation
                                         AB, Regulation RR and/or any related regulatory actions and/or interpretations or (D)
                                         in the event that Regulation RR (or any portion thereof) or any other regulations applicable
                                         to the risk retention requirements for this securitization transaction are amended or
                                         repealed, to the extent required to comply with any such amendment or to modify or eliminate
                                         any risk retention requirements no longer applicable to this securitization transaction
                                         in light of such repeal;



 


		(v)	to
                                         make any other provisions with respect to matters or questions arising under the Pooling
                                         and Servicing Agreement or any other change, provided that the amendment will
                                         not adversely affect in any material respect the interests of any Certificateholder,
                                         as evidenced by an opinion of counsel;



 


		(vi)	to
                                         modify the procedures in the Pooling and Servicing Agreement relating to Rule 17g-5;
                                         provided that such modification does not increase the obligations of the Trustee,
                                         the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer,
                                         the Master Servicer or the Special Servicer without such party’s consent (which
                                         consent may not be withheld unless such modification would materially adversely affect
                                         such party or materially increase such party’s obligations under the Pooling and
                                         Servicing Agreement); provided, further that notice of such modification
                                         is provided to all parties to the Pooling and Servicing Agreement; and



 






    A-23-6 


     


    

 


		(vii)	to
                                         amend or supplement any provision of the Pooling and Servicing Agreement to the extent
                                         necessary to maintain the ratings assigned to each Class of Certificates by any of the
                                         Rating Agencies, provided that the amendment will not adversely affect in any material
                                         respect the interests of any Certificateholder;



 


provided,
further that no amendment pursuant to any of clauses (i)-(vii) above may be made that would: (A) reduce the consent or consultation
rights or the right to receive information under the Pooling and Servicing Agreement of the Controlling Class Representative without
the consent of the Controlling Class Representative; (B) reduce the consultation rights or the right to receive information under
the Pooling and Servicing Agreement of the Operating Advisor without the consent of the Operating Advisor; (C) change in any manner
the obligations or rights of any Mortgage Loan Seller under the Pooling and Servicing Agreement or the applicable Mortgage Loan
Purchase Agreement without the consent of the affected Mortgage Loan Seller; (D) change in any manner the obligations or rights
of any Underwriter or Initial Purchaser, without the consent of the affected Underwriter or Initial Purchaser; or (E) adversely
affect any Serviced Companion Loan Holder in its capacity as such without its consent. Expenses incurred with respect to any amendment
shall be borne by the party requesting such amendment, unless the Master Servicer, the Special Servicer or the Trustee is requesting
an amendment for the benefit of the Certificateholders, then in which case such expense will be borne by the Trust.


 


The
Pooling and Servicing Agreement or any Custodial Agreement may also be amended from time to time by a writing signed by each of
the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Custodian
(if the Certificate Administrator is then acting as Custodian), the Certificate Administrator and the Trustee with the consent
of the Holders of Certificates representing not less than 66-2/3% of the Percentage Interests of each Class of Certificates affected
by the amendment for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of
the Pooling and Servicing Agreement or of modifying in any manner the rights of the Certificateholders; provided, however,
that no such amendment shall:


 


		(i)	reduce
                                         in any manner the amount of, or delay the timing of, payments received on the Serviced
                                         Loans which are required to be distributed on a Certificate of any Class or to any Serviced
                                         Companion Loan Holder, as applicable, without the consent of the Holder of that Certificate
                                         or that Serviced Companion Loan Holder, as applicable,



 


		(ii)	reduce
                                         the aforesaid percentage of Certificates of any Class the Holders of which are required
                                         to consent to the amendment without the consent of the Holders of all Certificates of
                                         that Class then outstanding,



 


		(iii)	change
                                         in any manner the obligations or rights of any Mortgage Loan Seller under the Pooling
                                         and Servicing Agreement or the related Mortgage Loan Purchase Agreement without the consent
                                         of the affected Mortgage Loan Seller,



 


		(iv)	change
                                         the definition of “Servicing Standard” without either (A) consent of 100%
                                         of the holders of the Certificates or (B) Rating Agency Confirmation,



 


		(v)	without
                                         the consent of 100% of the Certificateholders of the Class or Classes of Certificates
                                         adversely affected thereby, change (A) the percentages of Voting Rights of Certificateholders
                                         which are required to consent to any action or inaction under the Pooling and Servicing
                                         Agreement, (B) the right of the Certificateholders to remove the Special Servicer pursuant
                                         to the Pooling and Servicing Agreement or (C) the right of the Certificateholders to
                                         terminate the Operating Advisor pursuant to the Pooling and Servicing Agreement,



 


		(vi)	adversely
                                         affect the Controlling Class Representative without the consent of 100% of the Controlling
                                         Class Certificateholders,



 


		(vii)	adversely
                                         affect a Serviced Companion Loan Holder in its capacity as such without its consent,
                                         or



 






    A-23-7 


     


    

 


		(viii)	change
                                         in any manner the obligations or rights of any Underwriter or Initial Purchaser without
                                         the consent of the affected Underwriter or Initial Purchaser.



 


The
Holders of the Controlling Class representing greater than 50% of the Certificate Balance of the Controlling Class may (or, if
such Holders do not, the Special Servicer, or if neither such Holders nor the Special Servicer do, the Master Servicer or, if
none of such Holders, the Special Servicer or the Master Servicer does, any Holders of Class R Certificates representing greater
than a 50% Percentage Interest in such Class, may also) effect an early termination of the Trust Fund, upon not less than 30 days’
prior notice given to the parties (or, if applicable, the other parties) to the Pooling and Servicing Agreement (whereupon the
Master Servicer shall notify the Serviced Companion Loan Holders) any time on or after the Early Termination Notice Date specifying
the Anticipated Termination Date, by purchasing on such date all, but not less than all, of the Mortgage Loans (and in the case
of the Serviced Loan Combinations, subject to certain rights of the related Serviced Companion Loan Holder provided for in the
related Co-Lender Agreement) then included in the Trust Fund, and all property acquired by or on behalf of the Trust Fund (including
the Trust Fund’s interest in any REO Property acquired with respect to any Outside Serviced Mortgage Loan) in respect of
any Mortgage Loan then included in the Trust Fund, at a purchase price, payable in cash, equal to (i) the sum of (A) the Termination
Purchase Amount and (B) the reasonable out-of-pocket expenses of the Master Servicer (unless the Master Servicer is the purchaser
of such Mortgage Loans), the Special Servicer (unless the Special Servicer is the purchaser of such Mortgage Loans), the Trustee
and the Certificate Administrator, as applicable, with respect to such termination, minus (ii) solely in the case where the Master
Servicer or the Special Servicer is effecting such purchase, the aggregate amount of unreimbursed Advances, if any, made by the
Master Servicer or Special Servicer, as applicable, together with any interest accrued and payable to the Master Servicer or the
Special Servicer, as applicable, in respect of such Advances and any unpaid Servicing Fees or Special Servicing Fees, as applicable,
remaining outstanding (which items will be deemed to have been paid or reimbursed to the Master Servicer or the Special Servicer,
as applicable, in connection with such purchase).


 


Any
Person(s) effecting an early termination of the Trust Fund as provided in the prior paragraph shall first notify the Controlling
Class Representative and each Certifying Certificateholder, or, in the case of a termination by the Holder of a Class R Certificate,
notify the Certificate Administrator (who shall notify the Controlling Class Representative and each Certifying Certificateholder)
of its intention to do so in writing at least 30 days prior to the Anticipated Termination Date. All costs and expenses incurred
by any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with the purchase of the Mortgage
Loans and other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement shall be borne by
the party exercising its purchase rights thereunder. The Certificate Administrator shall be entitled to rely conclusively on any
determination made by an Appraiser pursuant to Section 9.01(c) of the Pooling and Servicing Agreement.


 


The
respective obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Operating Advisor,
the Asset Representations Reviewer, the Certificate Administrator and the Trustee created by the Pooling and Servicing Agreement
with respect to the Certificates, the Mortgage Loans and the Serviced Companion Loans (other than the obligation to make certain
payments and to send certain notices to Certificateholders as set forth in the Pooling and Servicing Agreement and to make any
required remittances to the Serviced Companion Loan Holders in the month in which the final Distribution Date occurs and certain
tax-related obligations) shall terminate immediately following the earlier to occur of (i) the purchase by Holders of the Controlling
Class, the Special Servicer, the Master Servicer or Holders of the Class R Certificates of all the Mortgage Loans and REO Properties
(or interests therein) then included in the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement, (ii)
the exchange by the Remaining Certificateholder of its Certificates for all the Mortgage Loans and REO Properties (or interests
therein) then included in the Trust Fund pursuant to Section 9.01(h) of the Pooling and Servicing Agreement and (iii) the final
payment or other liquidation (or any advance with respect thereto) of the last Mortgage Loan or REO Property (or interest therein)
contained in the Trust Fund; provided, however, that in no event shall the trust created by the Pooling and Servicing
Agreement 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 of the Pooling and Servicing Agreement.
All such payments as contemplated by the preceding paragraph shall be deposited into the Collection Account by the Master Servicer
or Special Servicer, as applicable, promptly following receipt thereof.


 






    A-23-8 


     


    

 


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 Pooling and Servicing
Agreement or be valid for any purpose.


 






    A-23-9 


     


    

 


IN
WITNESS WHEREOF, the Certificate Administrator has caused this Class V-2B Certificate to be duly executed.


 





	 	CITIBANK, N.A.,
               not in its individual capacity but solely as Certificate Administrator
	 	 	 
	 	By:	 
			Authorized
                                         Signatory


  


Dated:
September 29, 2017


 


CERTIFICATE
OF AUTHENTICATION


 


This
is a one of Class V-2B Certificate referred to in the Pooling and Servicing Agreement.


 


Dated:
September 29, 2017


 





	 	CITIBANK, N.A.,
               not in its individual capacity but solely as Authenticating Agent
	 	 	 
	 	By:	 
			Authorized
                                         Signatory


  




    A-23-10 


     


    

 


ASSIGNMENT


 


FOR
VALUE RECEIVED, the undersigned (“Assignor(s)”) hereby sell(s), assign(s) and transfer(s) unto ___________________________
(please print or typewrite name(s) and address(es), including postal zip code(s) of assignee(s)) (“Assignee(s)”)
the entire Percentage Interest represented by the within Class V-2B Certificate and hereby authorize(s) the registration of transfer
of such interest to Assignee(s) on the Certificate Register of the Trust Fund.


 


I
(we) further direct the Certificate Registrar to issue a new Class V-2B Certificate of the entire Percentage Interest represented
by the within Class V-2B Certificates to the above-named Assignee(s) and to deliver such Class V-2B Certificate to the following
address:


 


Date:
_________________


	 	 	 
		 	Signature by or on behalf of Assignor(s)
	 	 	 
	 	 	Taxpayer Identification Number





 




    A-23-11 


     


    

 


DISTRIBUTION
INSTRUCTIONS


 


The
Assignee(s) should include the following for purposes of distribution:


 


Address
of the Assignee(s) for the purpose of receiving notices and distributions: __________________________________ Distributions, if
being made by wire transfer in immediately available funds to __________________________ for the account of __________________________
account number ____________________________. This information is provided by ______________________________, the Assignee(s) named
above or ____________________________________ as its (their) agent.


	 	 	 
	 	By:	 
	 	 	[Please print or type name(s)]
	 	 	 
	 	 	Title
	 	 	 
	 	 	Taxpayer Identification Number


 










    A-23-12 


     


    

 


EXHIBIT
A-24


 


CITIGROUP
COMMERCIAL MORTGAGE TRUST 2017-P8

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2017-P8, Class V-2C


 


[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.]1


 


[TRANSFERS
OF THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR A SUCCESSOR THEREOF
OR SUCH SUCCESSOR’S NOMINEE, AND TRANSFERS OF BENEFICIAL INTERESTS IN THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS
MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.]2


 


THIS
CERTIFICATE DOES NOT REPRESENT AN INTEREST IN OR OBLIGATION OF THE DEPOSITOR, THE SPONSORS, THE ORIGINATORS, THE MASTER SERVICER,
THE SPECIAL SERVICER, THE TRUSTEE, THE CERTIFICATE ADMINISTRATOR, THE OPERATING ADVISOR, the
Asset representations reviewer, THE CONTROLLING CLASS REPRESENTATIVE, THE RISK RETENTION CONSULTATION PARTY, ANY COMPANION
LOAN HOLDER, THE UNDERWRITERS OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES NOR THE MORTGAGE LOANS ARE INSURED
OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY OR PRIVATE INSURER.


 


PRINCIPAL
PAYMENTS IN RESPECT OF THIS CERTIFICATE ARE DISTRIBUTABLE AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT. ACCORDINGLY, THE
OUTSTANDING CERTIFICATE BALANCE OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.


 


THIS
CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE 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 (A)(1) PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE
144A”) TO A PERSON THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING
OF RULE 144A (A “QIB”), OR IS PURCHASING FOR THE ACCOUNT OF A QIB, AND WHOM THE HOLDER HAS INFORMED THAT THE REOFFER,
RESALE, PLEDGE, OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (2) IN AN “OFFSHORE TRANSACTION” TO AN INSTITUTION
THAT IS NOT A “U.S. PERSON”, AS SUCH TERMS ARE DEFINED IN, AND IN ACCORDANCE WITH RULE 903 OR RULE 904 OF, REGULATION
S UNDER THE SECURITIES ACT, OR (3) TO AN INSTITUTIONAL “ACCREDITED INVESTOR” WITHIN THE MEANING OF, OR IN WHICH ALL
THE EQUITY OWNERS COME WITHIN THE MEANING OF, RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT THAT IS
NOT A QIB, AND (B) IN EACH CASE IN ACCORDANCE WITH FEDERAL SECURITIES LAWS AND ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF
THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.


 





 



 





		1	Legend
                                         required as long as DTC is the Depository under the Pooling and Servicing Agreement.



 


		2	Global
                                         Certificate legend.



 






    A-24-1 


     


    

 


THIS
CERTIFICATE MAY NOT BE PURCHASED BY OR PLEDGED, SOLD OR OTHERWISE TRANSFERRED TO ANY PERSON THAT IS OR BECOMES (I) AN EMPLOYEE
BENEFIT PLAN OR OTHER PLAN THAT IS SUBJECT TO THE FIDUCIARY RESPONSIBILITY OR PROHIBITED TRANSACTION PROVISIONS OF THE EMPLOYEE
RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), OR TO 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 THAT IS SUBJECT
TO ANY FEDERAL, STATE OR LOCAL LAW (“SIMILAR LAW”) THAT IS, TO A MATERIAL EXTENT, SIMILAR TO THE FOREGOING PROVISIONS
OF ERISA OR THE CODE (EACH, A “PLAN”), OR (II) AN ENTITY OR COLLECTIVE INVESTMENT FUND THE ASSETS OF WHICH ARE CONSIDERED
PLAN ASSETS UNDER U.S. DEPARTMENT OF LABOR REG. SECTION 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA, OR SIMILAR LAW OR OTHER
PERSON ACTING ON BEHALF OF ANY SUCH PLAN OR USING THE ASSETS OF SUCH PLAN TO ACQUIRE THIS CERTIFICATE, UNLESS (A)(I) THIS CERTIFICATE
IS ACQUIRED BY SUCH PERSON THROUGH CITIGROUP GLOBAL MARKETS INC. OR BARCLAYS CAPITAL INC., (II) SUCH PERSON IS AN “INSURANCE
COMPANY GENERAL ACCOUNT” WITHIN THE MEANING OF PROHIBITED TRANSACTION CLASS EXEMPTION 95-60, AND (III) ALL CONDITIONS OF
SECTIONS I AND III OF PROHIBITED TRANSACTION CLASS EXEMPTION 95-60 WILL BE MET WITH RESPECT TO SUCH INSURANCE COMPANY GENERAL
ACCOUNT’S ACQUISITION, HOLDING AND DISPOSITION OF THIS CERTIFICATE, OR (B) WITH RESPECT TO THE ACQUISITION, HOLDING OR DISPOSITION
OF THIS CERTIFICATE BY ANY GOVERNMENTAL PLAN OR OTHER PLAN SUBJECT TO SIMILAR LAW, SUCH ACQUISITION, HOLDING AND DISPOSITION BY
SUCH GOVERNMENTAL PLAN WILL NOT CONSTITUTE OR OTHERWISE RESULT IN A NON-EXEMPT VIOLATION OF SIMILAR LAW.


 


THIS
CERTIFICATE REPRESENTS AN UNDIVIDED BENEFICIAL INTEREST IN CERTAIN ASSETS OF A GRANTOR TRUST CONSISTING PRIMARILY OF (I) 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, AND DISTRIBUTIONS THEREON, AND (II) ANY EXCESS INTEREST
COLLECTED ON THE ARD MORTGAGE LOANS AND AMOUNTS HELD FROM TIME TO TIME IN THE EXCESS INTEREST DISTRIBUTION ACCOUNT.


 


THIS
CERTIFICATE IS INTENDED TO CONSTITUTE PART OF AN “ELIGIBLE VERTICAL INTEREST” (AS DEFINED IN REGULATION RR PROMULGATED
UNDER SECTION 15G OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED), AND AS SUCH IS SUBJECT TO VARIOUS PROHIBITIONS ON HEDGING,
TRANSFER AND FINANCING SET FORTH IN REGULATION RR. 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 POOLING AND SERVICING AGREEMENT.


 


IN
NO EVENT SHALL CERTIFICATES REPRESENTING A PERCENTAGE INTEREST IN ANY CLASS OF CLASS V-2 CERTIFICATES BE TRANSFERRED TO ANY PERSON
(AND THE CERTIFICATE REGISTRAR SHALL REFUSE TO REGISTER ANY SUCH TRANSFER) UNLESS CERTIFICATES REPRESENTING THE EXACT SAME PERCENTAGE
INTEREST IN EACH AND EVERY OTHER OUTSTANDING CLASS OF CLASS V-2 CERTIFICATES ARE SIMULTANEOUSLY TRANSFERRED TO THE SAME PERSON.
ANY HOLDER OF CLASS V-2 CERTIFICATES SHALL AT ALL TIMES HOLD THE SAME PERCENTAGE INTEREST IN EACH AND EVERY OUTSTANDING CLASS
THEREOF.


 


SUBJECT
TO THE CONDITIONS SET FORTH IN THE POOLING AND SERVICING AGREEMENT, THIS CERTIFICATE, TOGETHER WITH CERTAIN OTHER EXCHANGEABLE
CERTIFICATES SET FORTH IN THE POOLING AND SERVICING AGREEMENT, MAY BE EXCHANGED FOR THE CLASS V-1 CERTIFICATES, PURSUANT TO THE
PROCEDURES SET FORTH IN THE POOLING AND SERVICING AGREEMENT.


 






    A-24-2 


     


    

 


CITIGROUP
COMMERCIAL MORTGAGE TRUST 2017-P8

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2017-P8, Class V-2C


 


	Pass-Through
    Rate: N/A. The Class V-2C Certificates will not have a Pass-Through Rate, but will be entitled to receive interest on any
    Distribution Date up to an amount equal to the product of (a) the Class V-2 Percentage, multiplied by (b) the VRR Allocation
    Percentage, multiplied by (c) the aggregate amount of interest distributed to the Class C Certificates on such Distribution
    Date.	 	 
	 	 	 
	First
    Distribution Date: October 17, 2017	 	Cut-Off
    Date: With respect to each Mortgage Loan, the Due Date in September 2017 for that Mortgage Loan (or, in the case of any Mortgage
    Loan that has its first Due Date subsequent to September 2017, the date that would have been its Due Date in September 2017
    under the terms of that Mortgage Loan if a Monthly Payment were scheduled to be due in that month).
	 	 	 
	Aggregate
    Initial Certificate Balance of the Class V-2C Certificates: $2,242,158. The Aggregate Initial Certificate Balance of the Class
    V-2C Certificates represents the maximum aggregate Certificate Balance of the Class V-2C Certificates that could be issued
    in an exchange pursuant to Section 5.13 of the Pooling and Servicing Agreement on the Closing Date.	 	Scheduled
    Final Distribution Date: the Distribution Date in September 2027
	 	 	 


	CUSIP:    17326D
                                         BK73

                                                                                U1852D
                                         AM74
	 	Initial
    Certificate Balance of this Certificate: $[_____]
	                 17326D
    BL55	 	 
	 	 	 
	ISIN:        US17326DBK726              

	 	 
	                 USU1852DAM757	 	 
	                 US17326DBL558	 	 
	 	 	 
	No.:
    [1]	 	 


 


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 V-2C Certificates. The Trust Fund,
described more fully


 





 



 





3
For Rule 144A Certificates


 


4
For Regulation S Certificates


 


5
For IAI Certificates


 


6
For Rule 144A Certificates


 


7
For Regulation S Certificates


 


8 For
IAI Certificates 


 






    A-24-3 


     


    

 


below,
consists primarily of a pool of Mortgage Loans secured by first liens on commercial, multifamily and manufactured housing community
properties and held in trust by the Trustee and, other than in the case of the Outside Serviced Mortgage Loans, serviced by the
Master Servicer and the Special Servicer. The Trust Fund was created, and the Mortgage Loans (other than the Outside Serviced
Mortgage Loans) are to be serviced, pursuant to the Pooling 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 Pooling and Servicing Agreement and
is bound thereby. In the event that there is any conflict between any provision of this Certificate and any provision of the Pooling
and Servicing Agreement, such provision of this Certificate shall be superseded to the extent of such inconsistency. Also issued
under the Pooling and Servicing Agreement are the Class A-1, Class A-2, Class A-3, Class A-4, Class A-AB, Class X-A, Class X-B,
Class A-S, Class B, Class C, Class X-D, Class X-E, Class X-F, Class X-G, Class D, Class E, Class F, Class G, Class R, Class S,
Class V-1, Class V-2A, Class V-2B, Class V-2D, Class V-2E, Class V-3AC, Class V-3D and Class V-3E Certificates (together with
the Class V-2C Certificates, the “Certificates”; the Holders of Certificates are collectively referred to herein
as “Certificateholders”).


 


This
Certificate is issued pursuant to, and in accordance with, the terms of a Pooling and Servicing Agreement dated as of September
1, 2017 (the “Pooling and Servicing Agreement”), between Citigroup Commercial Mortgage Securities Inc., as
Depositor, Wells Fargo Bank, National Association, as Master Servicer, KeyBank National Association, as Special Servicer, Pentalpha
Surveillance LLC, as Operating Advisor and Asset Representations Reviewer, Citibank, N.A., as Certificate Administrator, and Wilmington
Trust, National Association, as Trustee. To the extent not defined herein, capitalized terms used herein shall have the meanings
assigned thereto in the Pooling and Servicing Agreement.


 


This
Certificate represents an undivided beneficial interest in certain assets of a grantor trust consisting primarily of (i) 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, and distributions thereon, and (ii) any Excess Interest
collected on the ARD Mortgage Loans and amounts held from time to time in the Excess Interest Distribution Account.


 


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 Mortgage Loans and has executed this Certificate in its limited capacity as Certificate
Administrator under the Pooling and Servicing Agreement.


 


Pursuant
to the terms of the Pooling and Servicing Agreement, the Certificate Administrator will distribute (other than the final distribution
on any Certificate), on the 4th Business Day following the Determination Date in each month, commencing in October 2017 (each
such date, a “Distribution Date”), to the Person in whose name this Certificate is registered as of the related
Record 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, with respect to the Class V-2C Certificates
for such Distribution Date, all as more fully described in the Pooling and Servicing Agreement. Holders of this Certificate may
be entitled to a share of Yield Maintenance Charges, as provided in the Pooling and Servicing Agreement.


 


All
distributions (other than the final distribution on any Certificate) will be made by the Certificate Administrator to the persons
in whose names the Certificates are registered at the close of business on each Record Date, which will be the last Business Day
of the month preceding the month in which such Distribution Date occurs. Distributions are required to be made by wire transfer
of immediately available funds to the account of such Certificateholder at a bank or other entity located in the United States
and having appropriate facilities to accept such funds, if such Certificateholder has provided the Certificate Administrator with
written wiring instructions no less than five (5) Business Days prior to the related Record Date (which wiring instructions may
be in the form of a standing order applicable to all subsequent distributions), or otherwise by check mailed to such Certificateholder.
The final distribution on each Certificate shall be made in like manner, but only upon presentation 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 a notice to Certificateholders of the pendency of the final distribution.


 


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


 






    A-24-4 


     


    

 


Termination
Date has been given pursuant to Section 9.01 of the Pooling 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
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. Subject to applicable
state law with respect to escheatment of funds, if within two years after the second notice any Certificates shall not have been
surrendered for cancellation, the Paying Agent shall pay to the Class R Certificateholders all amounts distributable to the Holders
thereof. 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 Section 9.01 of the Pooling and Servicing
Agreement.


 


This
Certificate is limited in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage
Loans, as more specifically set forth herein and in the Pooling and Servicing Agreement.


 


As
provided in the Pooling and Servicing Agreement, the Trust Fund includes: (i) such Mortgage Loans as from time to time are subject
to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto; (ii) all scheduled or unscheduled payments
on or collections in respect of the Mortgage Loans due after the Cut-Off Date or, with respect to a Qualified Substitute Mortgage
Loan, the Due Date in the month of substitution (exclusive of interest relating to periods prior to, but due after, the Cut-Off
Date); (iii) any REO Property (but, with respect to any REO Property relating to a Loan Combination, only to the extent of the
Trust’s interest in the related Loan Combination); (iv) all revenues received in respect of any REO Property (but, with
respect to any REO Property relating to a Loan Combination, only to the extent of the Trust’s interest in the related Loan
Combination); (v) the Master Servicer’s and the Trustee’s rights under the insurance policies with respect to the
Mortgage Loans required to be maintained pursuant to the Pooling and Servicing Agreement and any proceeds thereof; (vi) the Trustee’s
rights in any Assignments of Leases, Rents and Profits and any security agreements; (vii) the Trustee’s rights under any
indemnities or guaranties given as additional security for any Mortgage Loan; (viii) all of the Trustee’s and the Certificate
Administrator’s rights in the Escrow Accounts and Lock-Box Accounts and all proceeds of the Mortgage Loans deposited in
the Collection Account, the Distribution Account, the Excess Interest Distribution Account, the Interest Reserve Account, the
Excess Liquidation Proceeds Reserve Account and any REO Account, including any reinvestment income thereon; (ix) the Trustee’s
rights in any environmental indemnity agreements relating to the Mortgaged Properties; (x) the Depositor’s rights under
the Mortgage Loan Purchase Agreements and the SMC Guaranty to the extent assigned to the Trustee pursuant to Section 2.01 of the
Pooling and Servicing Agreement; (xi) the Lower-Tier Regular Interests; and (xii) the Loss of Value Reserve Fund.


 


This
Certificate does not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling 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 and Trustee.


 


As
provided in the Pooling and Servicing Agreement, subject to certain restrictions on transfer set forth therein, upon surrender
for registration of transfer of any Certificate, the Certificate Administrator shall execute, authenticate and deliver, in the
name of the designated transferee or transferees, one or more new Certificates in authorized denominations, in like aggregate
interest and of the same Class.


 


In
no event shall Certificates representing a Percentage Interest in any Class of Class V-2 Certificates be transferred to any Person
(and the Certificate Registrar shall refuse to register any such transfer) unless Certificates representing the exact same Percentage
Interest in each and every other outstanding Class of Class V-2 Certificates are simultaneously transferred to the same Person.
Any Holder of Class V-2 Certificates shall at all times hold the same Percentage Interest in each and every outstanding Class
thereof.


 


Prior
to due presentation of this Certificate for registration of transfer, the Master Servicer, the Special Servicer, the Operating
Advisor, the Trustee, the Certificate Administrator, the Certificate Registrar, and any agent of any of them, may treat the Person
in whose name any Certificate is registered as the owner of such Certificate for the purpose of receiving distributions as provided
in the Pooling and Servicing Agreement and for all other purposes


 






    A-24-5 


     


    

 


whatsoever,
and neither the Master Servicer, the Special Servicer, the Operating Advisor, the Trustee, the Certificate Administrator, the
Certificate Registrar, nor any agent of any of them shall be affected by any notice to the contrary.


 


The
Pooling and Servicing Agreement or any Custodial Agreement may be amended from time to time by the Depositor, the Master Servicer,
the Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Custodian (if the Certificate Administrator
is then acting as Custodian), the Certificate Administrator and the Trustee, without the consent of any of the Certificateholders
or, as applicable, any Companion Loan Holder:


 


		(i)	to
                                         cure any ambiguity to the extent that it does not adversely affect any holders of Certificates;



 


		(ii)	to
                                         correct or supplement any of its provisions which may be inconsistent with any other
                                         provisions of the Pooling and Servicing Agreement or with the description thereof in
                                         the Prospectus or to correct any error;



 


		(iii)	to
                                         change the timing and/or nature of deposits in the Collection Account, the Excess Liquidation
                                         Proceeds Reserve Account, the Excess Interest Distribution Account, the Distribution
                                         Account or any REO Account, provided that (A) the Master Servicer Remittance Date shall
                                         in no event be later than the Business Day prior to the related Distribution Date and
                                         (B) the change would not adversely affect in any material respect the interests of any
                                         Certificateholder, as evidenced by an opinion of counsel (at the expense of the party
                                         requesting the amendment);



 


		(iv)	to
                                         modify, eliminate or add to any of its provisions (A) to the extent necessary to maintain
                                         the qualification of either Trust REMIC as a REMIC or the Grantor Trust as a grantor
                                         trust or to avoid or minimize the risk of imposition of any tax on the Trust Fund, provided
                                         that the Trustee and the Certificate Administrator have received an opinion of counsel
                                         (at the expense of the party requesting the amendment) to the effect that (1) the action
                                         is necessary or desirable to maintain such qualification or to avoid or minimize such
                                         risk and (2) the action will not adversely affect in any material respect the interests
                                         of any holder of the Certificates, (B) to restrict (or to remove any existing restrictions
                                         with respect to) the transfer of the Class R Certificates, provided that the Depositor
                                         has determined that the amendment will not give rise to any tax with respect to the transfer
                                         of the Class R Certificates to a non-Permitted Transferee, (C) to the extent necessary
                                         to comply with the Investment Company Act of 1940, as amended, the Exchange Act, Regulation
                                         AB, Regulation RR and/or any related regulatory actions and/or interpretations or (D)
                                         in the event that Regulation RR (or any portion thereof) or any other regulations applicable
                                         to the risk retention requirements for this securitization transaction are amended or
                                         repealed, to the extent required to comply with any such amendment or to modify or eliminate
                                         any risk retention requirements no longer applicable to this securitization transaction
                                         in light of such repeal;



 


		(v)	to
                                         make any other provisions with respect to matters or questions arising under the Pooling
                                         and Servicing Agreement or any other change, provided that the amendment will
                                         not adversely affect in any material respect the interests of any Certificateholder,
                                         as evidenced by an opinion of counsel;



 


		(vi)	to
                                         modify the procedures in the Pooling and Servicing Agreement relating to Rule 17g-5;
                                         provided that such modification does not increase the obligations of the Trustee,
                                         the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer,
                                         the Master Servicer or the Special Servicer without such party’s consent (which
                                         consent may not be withheld unless such modification would materially adversely affect
                                         such party or materially increase such party’s obligations under the Pooling and
                                         Servicing Agreement); provided, further that notice of such modification
                                         is provided to all parties to the Pooling and Servicing Agreement; and



 






    A-24-6 


     


    

 


		(vii)	to
                                         amend or supplement any provision of the Pooling and Servicing Agreement to the extent
                                         necessary to maintain the ratings assigned to each Class of Certificates by any of the
                                         Rating Agencies, provided that the amendment will not adversely affect in any material
                                         respect the interests of any Certificateholder;



 


provided,
further that no amendment pursuant to any of clauses (i)-(vii) above may be made that would: (A) reduce the consent or consultation
rights or the right to receive information under the Pooling and Servicing Agreement of the Controlling Class Representative without
the consent of the Controlling Class Representative; (B) reduce the consultation rights or the right to receive information under
the Pooling and Servicing Agreement of the Operating Advisor without the consent of the Operating Advisor; (C) change in any manner
the obligations or rights of any Mortgage Loan Seller under the Pooling and Servicing Agreement or the applicable Mortgage Loan
Purchase Agreement without the consent of the affected Mortgage Loan Seller; (D) change in any manner the obligations or rights
of any Underwriter or Initial Purchaser, without the consent of the affected Underwriter or Initial Purchaser; or (E) adversely
affect any Serviced Companion Loan Holder in its capacity as such without its consent. Expenses incurred with respect to any amendment
shall be borne by the party requesting such amendment, unless the Master Servicer, the Special Servicer or the Trustee is requesting
an amendment for the benefit of the Certificateholders, then in which case such expense will be borne by the Trust.


 


The
Pooling and Servicing Agreement or any Custodial Agreement may also be amended from time to time by a writing signed by each of
the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Custodian
(if the Certificate Administrator is then acting as Custodian), the Certificate Administrator and the Trustee with the consent
of the Holders of Certificates representing not less than 66-2/3% of the Percentage Interests of each Class of Certificates affected
by the amendment for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of
the Pooling and Servicing Agreement or of modifying in any manner the rights of the Certificateholders; provided, however,
that no such amendment shall:


 


		(i)	reduce
                                         in any manner the amount of, or delay the timing of, payments received on the Serviced
                                         Loans which are required to be distributed on a Certificate of any Class or to any Serviced
                                         Companion Loan Holder, as applicable, without the consent of the Holder of that Certificate
                                         or that Serviced Companion Loan Holder, as applicable,



 


		(ii)	reduce
                                         the aforesaid percentage of Certificates of any Class the Holders of which are required
                                         to consent to the amendment without the consent of the Holders of all Certificates of
                                         that Class then outstanding,



 


		(iii)	change
                                         in any manner the obligations or rights of any Mortgage Loan Seller under the Pooling
                                         and Servicing Agreement or the related Mortgage Loan Purchase Agreement without the consent
                                         of the affected Mortgage Loan Seller,



 


		(iv)	change
                                         the definition of “Servicing Standard” without either (A) consent of 100%
                                         of the holders of the Certificates or (B) Rating Agency Confirmation,



 


		(v)	without
                                         the consent of 100% of the Certificateholders of the Class or Classes of Certificates
                                         adversely affected thereby, change (A) the percentages of Voting Rights of Certificateholders
                                         which are required to consent to any action or inaction under the Pooling and Servicing
                                         Agreement, (B) the right of the Certificateholders to remove the Special Servicer pursuant
                                         to the Pooling and Servicing Agreement or (C) the right of the Certificateholders to
                                         terminate the Operating Advisor pursuant to the Pooling and Servicing Agreement,



 


		(vi)	adversely
                                         affect the Controlling Class Representative without the consent of 100% of the Controlling
                                         Class Certificateholders,



 


		(vii)	adversely
                                         affect a Serviced Companion Loan Holder in its capacity as such without its consent,
                                         or



 






    A-24-7 


     


    

 


		(viii)	change
                                         in any manner the obligations or rights of any Underwriter or Initial Purchaser without
                                         the consent of the affected Underwriter or Initial Purchaser.



 


The
Holders of the Controlling Class representing greater than 50% of the Certificate Balance of the Controlling Class may (or, if
such Holders do not, the Special Servicer, or if neither such Holders nor the Special Servicer do, the Master Servicer or, if
none of such Holders, the Special Servicer or the Master Servicer does, any Holders of Class R Certificates representing greater
than a 50% Percentage Interest in such Class, may also) effect an early termination of the Trust Fund, upon not less than 30 days’
prior notice given to the parties (or, if applicable, the other parties) to the Pooling and Servicing Agreement (whereupon the
Master Servicer shall notify the Serviced Companion Loan Holders) any time on or after the Early Termination Notice Date specifying
the Anticipated Termination Date, by purchasing on such date all, but not less than all, of the Mortgage Loans (and in the case
of the Serviced Loan Combinations, subject to certain rights of the related Serviced Companion Loan Holder provided for in the
related Co-Lender Agreement) then included in the Trust Fund, and all property acquired by or on behalf of the Trust Fund (including
the Trust Fund’s interest in any REO Property acquired with respect to any Outside Serviced Mortgage Loan) in respect of
any Mortgage Loan then included in the Trust Fund, at a purchase price, payable in cash, equal to (i) the sum of (A) the Termination
Purchase Amount and (B) the reasonable out-of-pocket expenses of the Master Servicer (unless the Master Servicer is the purchaser
of such Mortgage Loans), the Special Servicer (unless the Special Servicer is the purchaser of such Mortgage Loans), the Trustee
and the Certificate Administrator, as applicable, with respect to such termination, minus (ii) solely in the case where the Master
Servicer or the Special Servicer is effecting such purchase, the aggregate amount of unreimbursed Advances, if any, made by the
Master Servicer or Special Servicer, as applicable, together with any interest accrued and payable to the Master Servicer or the
Special Servicer, as applicable, in respect of such Advances and any unpaid Servicing Fees or Special Servicing Fees, as applicable,
remaining outstanding (which items will be deemed to have been paid or reimbursed to the Master Servicer or the Special Servicer,
as applicable, in connection with such purchase).


 


Any
Person(s) effecting an early termination of the Trust Fund as provided in the prior paragraph shall first notify the Controlling
Class Representative and each Certifying Certificateholder, or, in the case of a termination by the Holder of a Class R Certificate,
notify the Certificate Administrator (who shall notify the Controlling Class Representative and each Certifying Certificateholder)
of its intention to do so in writing at least 30 days prior to the Anticipated Termination Date. All costs and expenses incurred
by any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with the purchase of the Mortgage
Loans and other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement shall be borne by
the party exercising its purchase rights thereunder. The Certificate Administrator shall be entitled to rely conclusively on any
determination made by an Appraiser pursuant to Section 9.01(c) of the Pooling and Servicing Agreement.


 


The
respective obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Operating Advisor,
the Asset Representations Reviewer, the Certificate Administrator and the Trustee created by the Pooling and Servicing Agreement
with respect to the Certificates, the Mortgage Loans and the Serviced Companion Loans (other than the obligation to make certain
payments and to send certain notices to Certificateholders as set forth in the Pooling and Servicing Agreement and to make any
required remittances to the Serviced Companion Loan Holders in the month in which the final Distribution Date occurs and certain
tax-related obligations) shall terminate immediately following the earlier to occur of (i) the purchase by Holders of the Controlling
Class, the Special Servicer, the Master Servicer or Holders of the Class R Certificates of all the Mortgage Loans and REO Properties
(or interests therein) then included in the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement, (ii)
the exchange by the Remaining Certificateholder of its Certificates for all the Mortgage Loans and REO Properties (or interests
therein) then included in the Trust Fund pursuant to Section 9.01(h) of the Pooling and Servicing Agreement and (iii) the final
payment or other liquidation (or any advance with respect thereto) of the last Mortgage Loan or REO Property (or interest therein)
contained in the Trust Fund; provided, however, that in no event shall the trust created by the Pooling and Servicing
Agreement 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 of the Pooling and Servicing Agreement.
All such payments as contemplated by the preceding paragraph shall be deposited into the Collection Account by the Master Servicer
or Special Servicer, as applicable, promptly following receipt thereof.


 






    A-24-8 


     


    

 


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 Pooling and Servicing
Agreement or be valid for any purpose.


 






    A-24-9 


     


    

 


IN
WITNESS WHEREOF, the Certificate Administrator has caused this Class V-2C Certificate to be duly executed.


 





	 	CITIBANK, N.A.,
               not in its individual capacity but solely as Certificate Administrator
	 	 	 
	 	By:	 
			Authorized
                                         Signatory


  


Dated:
September 29, 2017


 


CERTIFICATE
OF AUTHENTICATION


 


This
is a one of Class V-2C Certificate referred to in the Pooling and Servicing Agreement.


 


Dated:
September 29, 2017


 





	 	CITIBANK, N.A.,
               not in its individual capacity but solely as Authenticating Agent
	 	 	 
	 	By:	 
			Authorized
                                         Signatory


  




    A-24-10 


     


    

 


ASSIGNMENT


 


FOR
VALUE RECEIVED, the undersigned (“Assignor(s)”) hereby sell(s), assign(s) and transfer(s) unto ___________________________
(please print or typewrite name(s) and address(es), including postal zip code(s) of assignee(s)) (“Assignee(s)”)
the entire Percentage Interest represented by the within Class V-2C Certificate and hereby authorize(s) the registration of transfer
of such interest to Assignee(s) on the Certificate Register of the Trust Fund.


 


I
(we) further direct the Certificate Registrar to issue a new Class V-2C Certificate of the entire Percentage Interest represented
by the within Class V-2C Certificates to the above-named Assignee(s) and to deliver such Class V-2C Certificate to the following
address:


 


Date:
_________________


	 	 	 
		 	Signature by or on behalf of Assignor(s)
	 	 	 
	 	 	Taxpayer Identification Number





 




    A-24-11 


     


    

 


DISTRIBUTION
INSTRUCTIONS


 


The
Assignee(s) should include the following for purposes of distribution:


 


Address
of the Assignee(s) for the purpose of receiving notices and distributions: __________________________________ Distributions, if
being made by wire transfer in immediately available funds to __________________________ for the account of __________________________
account number ____________________________. This information is provided by ______________________________, the Assignee(s) named
above or ____________________________________ as its (their) agent.


	 	 	 
	 	By:	 
	 	 	[Please print or type name(s)]
	 	 	 
	 	 	Title
	 	 	 
	 	 	Taxpayer Identification Number


 










    A-24-12 


     


    

 


EXHIBIT
A-25


 


CITIGROUP
COMMERCIAL MORTGAGE TRUST 2017-P8

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2017-P8, CLASS V-2D


 


[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.]1


 


[TRANSFERS
OF THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR A SUCCESSOR THEREOF
OR SUCH SUCCESSOR’S NOMINEE, AND TRANSFERS OF BENEFICIAL INTERESTS IN THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS
MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.]2


 


THIS
CERTIFICATE DOES NOT REPRESENT AN INTEREST IN OR OBLIGATION OF THE DEPOSITOR, THE SPONSORS, THE ORIGINATORS, THE MASTER SERVICER,
THE SPECIAL SERVICER, THE TRUSTEE, THE CERTIFICATE ADMINISTRATOR, THE OPERATING ADVISOR, the
Asset representations reviewer, THE CONTROLLING CLASS REPRESENTATIVE, THE RISK RETENTION CONSULTATION PARTY, ANY COMPANION
LOAN HOLDER, THE UNDERWRITERS OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES NOR THE MORTGAGE LOANS ARE INSURED
OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY OR PRIVATE INSURER.


 


PRINCIPAL
PAYMENTS IN RESPECT OF THIS CERTIFICATE ARE DISTRIBUTABLE AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT. ACCORDINGLY, THE
OUTSTANDING CERTIFICATE BALANCE OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.


 


THIS
CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE 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 (A)(1) PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE
144A”) TO A PERSON THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING
OF RULE 144A (A “QIB”), OR IS PURCHASING FOR THE ACCOUNT OF A QIB, AND WHOM THE HOLDER HAS INFORMED THAT THE REOFFER,
RESALE, PLEDGE, OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (2) IN AN “OFFSHORE TRANSACTION” TO AN INSTITUTION
THAT IS NOT A “U.S. PERSON”, AS SUCH TERMS ARE DEFINED IN, AND IN ACCORDANCE WITH RULE 903 OR RULE 904 OF, REGULATION
S UNDER THE SECURITIES ACT, OR (3) TO AN INSTITUTIONAL “ACCREDITED INVESTOR” WITHIN THE MEANING OF, OR IN WHICH ALL
THE EQUITY OWNERS COME WITHIN THE MEANING OF, RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT THAT IS
NOT A QIB, AND (B) IN EACH CASE IN ACCORDANCE WITH FEDERAL SECURITIES LAWS AND ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF
THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.


 





 



 





		1	Legend
                                         required as long as DTC is the Depository under the Pooling and Servicing Agreement.



 


		2	Global
                                         Certificate legend.



 






    A-25-1 


     


    

 


THIS
CERTIFICATE MAY NOT BE PURCHASED BY OR PLEDGED, SOLD OR OTHERWISE TRANSFERRED TO ANY PERSON THAT IS OR BECOMES (I) AN EMPLOYEE
BENEFIT PLAN OR OTHER PLAN THAT IS SUBJECT TO THE FIDUCIARY RESPONSIBILITY OR PROHIBITED TRANSACTION PROVISIONS OF THE EMPLOYEE
RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), OR TO 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 THAT IS SUBJECT
TO ANY FEDERAL, STATE OR LOCAL LAW (“SIMILAR LAW”) THAT IS, TO A MATERIAL EXTENT, SIMILAR TO THE FOREGOING PROVISIONS
OF ERISA OR THE CODE (EACH, A “PLAN”), OR (II) AN ENTITY OR COLLECTIVE INVESTMENT FUND THE ASSETS OF WHICH ARE CONSIDERED
PLAN ASSETS UNDER U.S. DEPARTMENT OF LABOR REG. SECTION 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA, OR SIMILAR LAW OR OTHER
PERSON ACTING ON BEHALF OF ANY SUCH PLAN OR USING THE ASSETS OF SUCH PLAN TO ACQUIRE THIS CERTIFICATE, UNLESS (A)(I) THIS CERTIFICATE
IS ACQUIRED BY SUCH PERSON THROUGH CITIGROUP GLOBAL MARKETS INC. OR BARCLAYS CAPITAL INC., (II) SUCH PERSON IS AN “INSURANCE
COMPANY GENERAL ACCOUNT” WITHIN THE MEANING OF PROHIBITED TRANSACTION CLASS EXEMPTION 95-60, AND (III) ALL CONDITIONS OF
SECTIONS I AND III OF PROHIBITED TRANSACTION CLASS EXEMPTION 95-60 WILL BE MET WITH RESPECT TO SUCH INSURANCE COMPANY GENERAL
ACCOUNT’S ACQUISITION, HOLDING AND DISPOSITION OF THIS CERTIFICATE, OR (B) WITH RESPECT TO THE ACQUISITION, HOLDING OR DISPOSITION
OF THIS CERTIFICATE BY ANY GOVERNMENTAL PLAN OR OTHER PLAN SUBJECT TO SIMILAR LAW, SUCH ACQUISITION, HOLDING AND DISPOSITION BY
SUCH GOVERNMENTAL PLAN WILL NOT CONSTITUTE OR OTHERWISE RESULT IN A NON-EXEMPT VIOLATION OF SIMILAR LAW.


 


THIS
CERTIFICATE REPRESENTS AN UNDIVIDED BENEFICIAL INTEREST IN CERTAIN ASSETS OF A GRANTOR TRUST CONSISTING PRIMARILY OF (I) 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, AND DISTRIBUTIONS THEREON, AND (II) ANY EXCESS INTEREST
COLLECTED ON THE ARD MORTGAGE LOANS AND AMOUNTS HELD FROM TIME TO TIME IN THE EXCESS INTEREST DISTRIBUTION ACCOUNT.


 


THIS
CERTIFICATE IS INTENDED TO CONSTITUTE PART OF AN “ELIGIBLE VERTICAL INTEREST” (AS DEFINED IN REGULATION RR PROMULGATED
UNDER SECTION 15G OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED), AND AS SUCH IS SUBJECT TO VARIOUS PROHIBITIONS ON HEDGING,
TRANSFER AND FINANCING SET FORTH IN REGULATION RR. 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 POOLING AND SERVICING AGREEMENT.


 


IN
NO EVENT SHALL CERTIFICATES REPRESENTING A PERCENTAGE INTEREST IN ANY CLASS OF CLASS V-2 CERTIFICATES BE TRANSFERRED TO ANY PERSON
(AND THE CERTIFICATE REGISTRAR SHALL REFUSE TO REGISTER ANY SUCH TRANSFER) UNLESS CERTIFICATES REPRESENTING THE EXACT SAME PERCENTAGE
INTEREST IN EACH AND EVERY OTHER OUTSTANDING CLASS OF CLASS V-2 CERTIFICATES ARE SIMULTANEOUSLY TRANSFERRED TO THE SAME PERSON.
ANY HOLDER OF CLASS V-2 CERTIFICATES SHALL AT ALL TIMES HOLD THE SAME PERCENTAGE INTEREST IN EACH AND EVERY OUTSTANDING CLASS
THEREOF.


 


SUBJECT
TO THE CONDITIONS SET FORTH IN THE POOLING AND SERVICING AGREEMENT, THIS CERTIFICATE, TOGETHER WITH CERTAIN OTHER EXCHANGEABLE
CERTIFICATES SET FORTH IN THE POOLING AND SERVICING AGREEMENT, MAY BE EXCHANGED FOR THE CLASS V-1 CERTIFICATES, PURSUANT TO THE
PROCEDURES SET FORTH IN THE POOLING AND SERVICING AGREEMENT.


 






    A-25-2 


     


    

 


CITIGROUP
COMMERCIAL MORTGAGE TRUST 2017-P8

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2017-P8, Class V-2D


 


	Pass-Through
    Rate: N/A. The Class V-2D Certificates will not have a Pass-Through Rate, but will be entitled to receive interest on any
    Distribution Date up to an amount equal to the product of (a) the Class V-2 Percentage, multiplied by (b) the VRR Allocation
    Percentage, multiplied by (c) the aggregate amount of interest distributed to the Class D and Class X-D Certificates on such
    Distribution Date.	 	 
	 	 	 
	First
    Distribution Date: October 17, 2017	 	Cut-Off
    Date: With respect to each Mortgage Loan, the Due Date in September 2017 for that Mortgage Loan (or, in the case of any Mortgage
    Loan that has its first Due Date subsequent to September 2017, the date that would have been its Due Date in September 2017
    under the terms of that Mortgage Loan if a Monthly Payment were scheduled to be due in that month).
	 	 	 
	Aggregate
    Initial Certificate Balance of the Class V-2D Certificates: $2,513,947. The Aggregate Initial Certificate Balance of the Class
    V-2D Certificates represents the maximum aggregate Certificate Balance of the Class V-2D Certificates that could be issued
    in an exchange pursuant to Section 5.13 of the Pooling and Servicing Agreement on the Closing Date.	 	Scheduled
    Final Distribution Date: the Distribution Date in September 2027
	 	 	 


	CUSIP:    17326D
                           BM33                 
	 	Initial
    Certificate Balance of this Certificate: $[_____]
	                 U1852D
    AN54	 	 
	                 17326D
    BN15	 	 
	 	 	 
	ISIN:        US17326DBM396              

	 	 
	                 USU1852DAN587	 	 
	                 US17326DBN128	 	 
	 	 	 
	No.:
    [1]	 	 


 





 



 





3
For Rule 144A Certificates


 


4
For Regulation S Certificates


 


5
For IAI Certificates


 


6
For Rule 144A Certificates


 


7
For Regulation S Certificates


 


8 For
IAI Certificates 


 






    A-25-3 


     


    

 


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 V-2D Certificates. The Trust Fund,
described more fully below, consists primarily of a pool of Mortgage Loans secured by first liens on commercial, multifamily and
manufactured housing community properties and held in trust by the Trustee and, other than in the case of the Outside Serviced
Mortgage Loans, serviced by the Master Servicer and the Special Servicer. The Trust Fund was created, and the Mortgage Loans (other
than the Outside Serviced Mortgage Loans) are to be serviced, pursuant to the Pooling 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 Pooling
and Servicing Agreement and is bound thereby. In the event that there is any conflict between any provision of this Certificate
and any provision of the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to the extent
of such inconsistency. Also issued under the Pooling and Servicing Agreement are the Class A-1, Class A-2, Class A-3, Class A-4,
Class A-AB, Class X-A, Class X-B, Class A-S, Class B, Class C, Class X-D, Class X-E, Class X-F, Class X-G, Class D, Class E, Class
F, Class G, Class R, Class S, Class V-1, Class V-2A, Class V-2B, Class V-2C, Class V-2E, Class V-3AC, Class V-3D and Class V-3E
Certificates (together with the Class V-2D Certificates, the “Certificates”; the Holders of Certificates are
collectively referred to herein as “Certificateholders”).


 


This
Certificate is issued pursuant to, and in accordance with, the terms of a Pooling and Servicing Agreement dated as of September
1, 2017 (the “Pooling and Servicing Agreement”), between Citigroup Commercial Mortgage Securities Inc., as
Depositor, Wells Fargo Bank, National Association, as Master Servicer, KeyBank National Association, as Special Servicer, Pentalpha
Surveillance LLC, as Operating Advisor and Asset Representations Reviewer, Citibank, N.A., as Certificate Administrator, and Wilmington
Trust, National Association, as Trustee. To the extent not defined herein, capitalized terms used herein shall have the meanings
assigned thereto in the Pooling and Servicing Agreement.


 


This
Certificate represents an undivided beneficial interest in certain assets of a grantor trust consisting primarily of (i) 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, and distributions thereon, and (ii) any Excess Interest
collected on the ARD Mortgage Loans and amounts held from time to time in the Excess Interest Distribution Account.


 


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 Mortgage Loans and has executed this Certificate in its limited capacity as Certificate
Administrator under the Pooling and Servicing Agreement.


 


Pursuant
to the terms of the Pooling and Servicing Agreement, the Certificate Administrator will distribute (other than the final distribution
on any Certificate), on the 4th Business Day following the Determination Date in each month, commencing in October 2017 (each
such date, a “Distribution Date”), to the Person in whose name this Certificate is registered as of the related
Record 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, with respect to the Class V-2D Certificates
for such Distribution Date, all as more fully described in the Pooling and Servicing Agreement. Holders of this Certificate may
be entitled to a share of Yield Maintenance Charges, as provided in the Pooling and Servicing Agreement.


 


All
distributions (other than the final distribution on any Certificate) will be made by the Certificate Administrator to the persons
in whose names the Certificates are registered at the close of business on each Record Date, which will be the last Business Day
of the month preceding the month in which such Distribution Date occurs. Distributions are required to be made by wire transfer
of immediately available funds to the account of such Certificateholder at a bank or other entity located in the United States
and having appropriate facilities to accept such funds, if such Certificateholder has provided the Certificate Administrator with
written wiring instructions no less than five (5) Business Days prior to the related Record Date (which wiring instructions may
be in the form of a standing order applicable to all subsequent distributions), or otherwise by check mailed to such Certificateholder.
The final distribution on each Certificate shall be made in like manner, but only upon presentation 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 a notice to Certificateholders of the pendency of the final distribution.


 






    A-25-4 


     


    

 


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 Section 9.01 of the Pooling
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 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. Subject to applicable state law with respect to escheatment
of funds, if within two years after the second notice any Certificates shall not have been surrendered for cancellation, the Paying
Agent shall pay to the Class R Certificateholders all amounts distributable to the Holders thereof. 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 Section 9.01 of the Pooling and Servicing Agreement.


 


This
Certificate is limited in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage
Loans, as more specifically set forth herein and in the Pooling and Servicing Agreement.


 


As
provided in the Pooling and Servicing Agreement, the Trust Fund includes: (i) such Mortgage Loans as from time to time are subject
to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto; (ii) all scheduled or unscheduled payments
on or collections in respect of the Mortgage Loans due after the Cut-Off Date or, with respect to a Qualified Substitute Mortgage
Loan, the Due Date in the month of substitution (exclusive of interest relating to periods prior to, but due after, the Cut-Off
Date); (iii) any REO Property (but, with respect to any REO Property relating to a Loan Combination, only to the extent of the
Trust’s interest in the related Loan Combination); (iv) all revenues received in respect of any REO Property (but, with
respect to any REO Property relating to a Loan Combination, only to the extent of the Trust’s interest in the related Loan
Combination); (v) the Master Servicer’s and the Trustee’s rights under the insurance policies with respect to the
Mortgage Loans required to be maintained pursuant to the Pooling and Servicing Agreement and any proceeds thereof; (vi) the Trustee’s
rights in any Assignments of Leases, Rents and Profits and any security agreements; (vii) the Trustee’s rights under any
indemnities or guaranties given as additional security for any Mortgage Loan; (viii) all of the Trustee’s and the Certificate
Administrator’s rights in the Escrow Accounts and Lock-Box Accounts and all proceeds of the Mortgage Loans deposited in
the Collection Account, the Distribution Account, the Excess Interest Distribution Account, the Interest Reserve Account, the
Excess Liquidation Proceeds Reserve Account and any REO Account, including any reinvestment income thereon; (ix) the Trustee’s
rights in any environmental indemnity agreements relating to the Mortgaged Properties; (x) the Depositor’s rights under
the Mortgage Loan Purchase Agreements and the SMC Guaranty to the extent assigned to the Trustee pursuant to Section 2.01 of the
Pooling and Servicing Agreement; (xi) the Lower-Tier Regular Interests; and (xii) the Loss of Value Reserve Fund.


 


This
Certificate does not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling 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 and Trustee.


 


As
provided in the Pooling and Servicing Agreement, subject to certain restrictions on transfer set forth therein, upon surrender
for registration of transfer of any Certificate, the Certificate Administrator shall execute, authenticate and deliver, in the
name of the designated transferee or transferees, one or more new Certificates in authorized denominations, in like aggregate
interest and of the same Class.


 


In
no event shall Certificates representing a Percentage Interest in any Class of Class V-2 Certificates be transferred to any Person
(and the Certificate Registrar shall refuse to register any such transfer) unless Certificates representing the exact same Percentage
Interest in each and every other outstanding Class of Class V-2 Certificates are simultaneously transferred to the same Person.
Any Holder of Class V-2 Certificates shall at all times hold the same Percentage Interest in each and every outstanding Class
thereof.


 


Prior
to due presentation of this Certificate for registration of transfer, the Master Servicer, the Special Servicer, the Operating
Advisor, the Trustee, the Certificate Administrator, the Certificate Registrar, and any agent of any of


 






    A-25-5 


     


    

 


them,
may treat the Person in whose name any Certificate is registered as the owner of such Certificate for the purpose of receiving
distributions as provided in the Pooling and Servicing Agreement and for all other purposes whatsoever, and neither the Master
Servicer, the Special Servicer, the Operating Advisor, the Trustee, the Certificate Administrator, the Certificate Registrar,
nor any agent of any of them shall be affected by any notice to the contrary.


 


The
Pooling and Servicing Agreement or any Custodial Agreement may be amended from time to time by the Depositor, the Master Servicer,
the Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Custodian (if the Certificate Administrator
is then acting as Custodian), the Certificate Administrator and the Trustee, without the consent of any of the Certificateholders
or, as applicable, any Companion Loan Holder:


 


		(i)	to
                                         cure any ambiguity to the extent that it does not adversely affect any holders of Certificates;



 


		(ii)	to
                                         correct or supplement any of its provisions which may be inconsistent with any other
                                         provisions of the Pooling and Servicing Agreement or with the description thereof in
                                         the Prospectus or to correct any error;



 


		(iii)	to
                                         change the timing and/or nature of deposits in the Collection Account, the Excess Liquidation
                                         Proceeds Reserve Account, the Excess Interest Distribution Account, the Distribution
                                         Account or any REO Account, provided that (A) the Master Servicer Remittance Date shall
                                         in no event be later than the Business Day prior to the related Distribution Date and
                                         (B) the change would not adversely affect in any material respect the interests of any
                                         Certificateholder, as evidenced by an opinion of counsel (at the expense of the party
                                         requesting the amendment);



 


		(iv)	to
                                         modify, eliminate or add to any of its provisions (A) to the extent necessary to maintain
                                         the qualification of either Trust REMIC as a REMIC or the Grantor Trust as a grantor
                                         trust or to avoid or minimize the risk of imposition of any tax on the Trust Fund, provided
                                         that the Trustee and the Certificate Administrator have received an opinion of counsel
                                         (at the expense of the party requesting the amendment) to the effect that (1) the action
                                         is necessary or desirable to maintain such qualification or to avoid or minimize such
                                         risk and (2) the action will not adversely affect in any material respect the interests
                                         of any holder of the Certificates, (B) to restrict (or to remove any existing restrictions
                                         with respect to) the transfer of the Class R Certificates, provided that the Depositor
                                         has determined that the amendment will not give rise to any tax with respect to the transfer
                                         of the Class R Certificates to a non-Permitted Transferee, (C) to the extent necessary
                                         to comply with the Investment Company Act of 1940, as amended, the Exchange Act, Regulation
                                         AB, Regulation RR and/or any related regulatory actions and/or interpretations or (D)
                                         in the event that Regulation RR (or any portion thereof) or any other regulations applicable
                                         to the risk retention requirements for this securitization transaction are amended or
                                         repealed, to the extent required to comply with any such amendment or to modify or eliminate
                                         any risk retention requirements no longer applicable to this securitization transaction
                                         in light of such repeal;



 


		(v)	to
                                         make any other provisions with respect to matters or questions arising under the Pooling
                                         and Servicing Agreement or any other change, provided that the amendment will
                                         not adversely affect in any material respect the interests of any Certificateholder,
                                         as evidenced by an opinion of counsel;



 


		(vi)	to
                                         modify the procedures in the Pooling and Servicing Agreement relating to Rule 17g-5;
                                         provided that such modification does not increase the obligations of the Trustee,
                                         the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer,
                                         the Master Servicer or the Special Servicer without such party’s consent (which
                                         consent may not be withheld unless such modification would materially adversely affect
                                         such party or materially increase such party’s obligations under the Pooling and
                                         Servicing Agreement); provided, further that notice of such modification
                                         is provided to all parties to the Pooling and Servicing Agreement; and



 






    A-25-6 


     


    

 


		(vii)	to
                                         amend or supplement any provision of the Pooling and Servicing Agreement to the extent
                                         necessary to maintain the ratings assigned to each Class of Certificates by any of the
                                         Rating Agencies, provided that the amendment will not adversely affect in any material
                                         respect the interests of any Certificateholder;



 


provided,
further that no amendment pursuant to any of clauses (i)-(vii) above may be made that would: (A) reduce the consent or consultation
rights or the right to receive information under the Pooling and Servicing Agreement of the Controlling Class Representative without
the consent of the Controlling Class Representative; (B) reduce the consultation rights or the right to receive information under
the Pooling and Servicing Agreement of the Operating Advisor without the consent of the Operating Advisor; (C) change in any manner
the obligations or rights of any Mortgage Loan Seller under the Pooling and Servicing Agreement or the applicable Mortgage Loan
Purchase Agreement without the consent of the affected Mortgage Loan Seller; (D) change in any manner the obligations or rights
of any Underwriter or Initial Purchaser, without the consent of the affected Underwriter or Initial Purchaser; or (E) adversely
affect any Serviced Companion Loan Holder in its capacity as such without its consent. Expenses incurred with respect to any amendment
shall be borne by the party requesting such amendment, unless the Master Servicer, the Special Servicer or the Trustee is requesting
an amendment for the benefit of the Certificateholders, then in which case such expense will be borne by the Trust.


 


The
Pooling and Servicing Agreement or any Custodial Agreement may also be amended from time to time by a writing signed by each of
the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Custodian
(if the Certificate Administrator is then acting as Custodian), the Certificate Administrator and the Trustee with the consent
of the Holders of Certificates representing not less than 66-2/3% of the Percentage Interests of each Class of Certificates affected
by the amendment for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of
the Pooling and Servicing Agreement or of modifying in any manner the rights of the Certificateholders; provided, however,
that no such amendment shall:


 


		(i)	reduce
                                         in any manner the amount of, or delay the timing of, payments received on the Serviced
                                         Loans which are required to be distributed on a Certificate of any Class or to any Serviced
                                         Companion Loan Holder, as applicable, without the consent of the Holder of that Certificate
                                         or that Serviced Companion Loan Holder, as applicable,



 


		(ii)	reduce
                                         the aforesaid percentage of Certificates of any Class the Holders of which are required
                                         to consent to the amendment without the consent of the Holders of all Certificates of
                                         that Class then outstanding,



 


		(iii)	change
                                         in any manner the obligations or rights of any Mortgage Loan Seller under the Pooling
                                         and Servicing Agreement or the related Mortgage Loan Purchase Agreement without the consent
                                         of the affected Mortgage Loan Seller,



 


		(iv)	change
                                         the definition of “Servicing Standard” without either (A) consent of 100%
                                         of the holders of the Certificates or (B) Rating Agency Confirmation,



 


		(v)	without
                                         the consent of 100% of the Certificateholders of the Class or Classes of Certificates
                                         adversely affected thereby, change (A) the percentages of Voting Rights of Certificateholders
                                         which are required to consent to any action or inaction under the Pooling and Servicing
                                         Agreement, (B) the right of the Certificateholders to remove the Special Servicer pursuant
                                         to the Pooling and Servicing Agreement or (C) the right of the Certificateholders to
                                         terminate the Operating Advisor pursuant to the Pooling and Servicing Agreement,



 


		(vi)	adversely
                                         affect the Controlling Class Representative without the consent of 100% of the Controlling
                                         Class Certificateholders,



 


		(vii)	adversely
                                         affect a Serviced Companion Loan Holder in its capacity as such without its consent,
                                         or



 






    A-25-7 


     


    

 


		(viii)	change
                                         in any manner the obligations or rights of any Underwriter or Initial Purchaser without
                                         the consent of the affected Underwriter or Initial Purchaser.



 


The
Holders of the Controlling Class representing greater than 50% of the Certificate Balance of the Controlling Class may (or, if
such Holders do not, the Special Servicer, or if neither such Holders nor the Special Servicer do, the Master Servicer or, if
none of such Holders, the Special Servicer or the Master Servicer does, any Holders of Class R Certificates representing greater
than a 50% Percentage Interest in such Class, may also) effect an early termination of the Trust Fund, upon not less than 30 days’
prior notice given to the parties (or, if applicable, the other parties) to the Pooling and Servicing Agreement (whereupon the
Master Servicer shall notify the Serviced Companion Loan Holders) any time on or after the Early Termination Notice Date specifying
the Anticipated Termination Date, by purchasing on such date all, but not less than all, of the Mortgage Loans (and in the case
of the Serviced Loan Combinations, subject to certain rights of the related Serviced Companion Loan Holder provided for in the
related Co-Lender Agreement) then included in the Trust Fund, and all property acquired by or on behalf of the Trust Fund (including
the Trust Fund’s interest in any REO Property acquired with respect to any Outside Serviced Mortgage Loan) in respect of
any Mortgage Loan then included in the Trust Fund, at a purchase price, payable in cash, equal to (i) the sum of (A) the Termination
Purchase Amount and (B) the reasonable out-of-pocket expenses of the Master Servicer (unless the Master Servicer is the purchaser
of such Mortgage Loans), the Special Servicer (unless the Special Servicer is the purchaser of such Mortgage Loans), the Trustee
and the Certificate Administrator, as applicable, with respect to such termination, minus (ii) solely in the case where the Master
Servicer or the Special Servicer is effecting such purchase, the aggregate amount of unreimbursed Advances, if any, made by the
Master Servicer or Special Servicer, as applicable, together with any interest accrued and payable to the Master Servicer or the
Special Servicer, as applicable, in respect of such Advances and any unpaid Servicing Fees or Special Servicing Fees, as applicable,
remaining outstanding (which items will be deemed to have been paid or reimbursed to the Master Servicer or the Special Servicer,
as applicable, in connection with such purchase).


 


Any
Person(s) effecting an early termination of the Trust Fund as provided in the prior paragraph shall first notify the Controlling
Class Representative and each Certifying Certificateholder, or, in the case of a termination by the Holder of a Class R Certificate,
notify the Certificate Administrator (who shall notify the Controlling Class Representative and each Certifying Certificateholder)
of its intention to do so in writing at least 30 days prior to the Anticipated Termination Date. All costs and expenses incurred
by any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with the purchase of the Mortgage
Loans and other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement shall be borne by
the party exercising its purchase rights thereunder. The Certificate Administrator shall be entitled to rely conclusively on any
determination made by an Appraiser pursuant to Section 9.01(c) of the Pooling and Servicing Agreement.


 


The
respective obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Operating Advisor,
the Asset Representations Reviewer, the Certificate Administrator and the Trustee created by the Pooling and Servicing Agreement
with respect to the Certificates, the Mortgage Loans and the Serviced Companion Loans (other than the obligation to make certain
payments and to send certain notices to Certificateholders as set forth in the Pooling and Servicing Agreement and to make any
required remittances to the Serviced Companion Loan Holders in the month in which the final Distribution Date occurs and certain
tax-related obligations) shall terminate immediately following the earlier to occur of (i) the purchase by Holders of the Controlling
Class, the Special Servicer, the Master Servicer or Holders of the Class R Certificates of all the Mortgage Loans and REO Properties
(or interests therein) then included in the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement, (ii)
the exchange by the Remaining Certificateholder of its Certificates for all the Mortgage Loans and REO Properties (or interests
therein) then included in the Trust Fund pursuant to Section 9.01(h) of the Pooling and Servicing Agreement and (iii) the final
payment or other liquidation (or any advance with respect thereto) of the last Mortgage Loan or REO Property (or interest therein)
contained in the Trust Fund; provided, however, that in no event shall the trust created by the Pooling and Servicing
Agreement 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 of the Pooling and Servicing Agreement.
All such payments as contemplated by the preceding paragraph shall be deposited into the Collection Account by the Master Servicer
or Special Servicer, as applicable, promptly following receipt thereof.


 






    A-25-8 


     


    

 


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 Pooling and Servicing
Agreement or be valid for any purpose.


 






    A-25-9 


     


    

 


IN
WITNESS WHEREOF, the Certificate Administrator has caused this Class V-2D Certificate to be duly executed.


 





	 	CITIBANK, N.A.,
               not in its individual capacity but solely as Certificate Administrator
	 	 	 
	 	By:	 
			Authorized
                                         Signatory


  


Dated:
September 29, 2017


 


CERTIFICATE
OF AUTHENTICATION


 


This
is a  one of Class V-2D Certificate referred to in the Pooling and Servicing Agreement.


 


Dated:
September 29, 2017


 





	 	CITIBANK, N.A.,
               not in its individual capacity but solely as Authenticating Agent
	 	 	 
	 	By:	 
			Authorized
                                         Signatory


  




    A-25-10 


     


    

 


ASSIGNMENT


 


FOR
VALUE RECEIVED, the undersigned (“Assignor(s)”) hereby sell(s), assign(s) and transfer(s) unto ___________________________
(please print or typewrite name(s) and address(es), including postal zip code(s) of assignee(s)) (“Assignee(s)”)
the entire Percentage Interest represented by the within Class V-2D Certificate and hereby authorize(s) the registration of transfer
of such interest to Assignee(s) on the Certificate Register of the Trust Fund.


 


I
(we) further direct the Certificate Registrar to issue a new Class V-2D Certificate of the entire Percentage Interest represented
by the within Class V-2D Certificates to the above-named Assignee(s) and to deliver such Class V-2D Certificate to the following
address:


 


Date:
_________________


	 	 	 
		 	Signature by or on behalf of Assignor(s)
	 	 	 
	 	 	Taxpayer Identification Number





 




    A-25-11 


     


    

 


DISTRIBUTION
INSTRUCTIONS


 


The
Assignee(s) should include the following for purposes of distribution:


 


Address
of the Assignee(s) for the purpose of receiving notices and distributions: __________________________________ Distributions, if
being made by wire transfer in immediately available funds to __________________________ for the account of __________________________
account number ____________________________. This information is provided by ______________________________, the Assignee(s) named
above or ____________________________________ as its (their) agent.


	 	 	 
	 	By:	 
	 	 	[Please print or type name(s)]
	 	 	 
	 	 	Title
	 	 	 
	 	 	Taxpayer Identification Number


 










    A-25-12 


     


    

 



 


EXHIBIT
A-26


 


CITIGROUP
COMMERCIAL MORTGAGE TRUST 2017-P8

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2017-P8, Class V-2E


 


[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.]1


 


[TRANSFERS
OF THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR A SUCCESSOR THEREOF
OR SUCH SUCCESSOR’S NOMINEE, AND TRANSFERS OF BENEFICIAL INTERESTS IN THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS
MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.]2


 


THIS
CERTIFICATE DOES NOT REPRESENT AN INTEREST IN OR OBLIGATION OF THE DEPOSITOR, THE SPONSORS, THE ORIGINATORS, THE MASTER SERVICER,
THE SPECIAL SERVICER, THE TRUSTEE, THE CERTIFICATE ADMINISTRATOR, THE OPERATING ADVISOR, the
Asset representations reviewer, THE CONTROLLING CLASS REPRESENTATIVE, THE RISK RETENTION CONSULTATION PARTY, ANY COMPANION
LOAN HOLDER, THE UNDERWRITERS OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES NOR THE MORTGAGE LOANS ARE INSURED
OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY OR PRIVATE INSURER.


 


PRINCIPAL
PAYMENTS IN RESPECT OF THIS CERTIFICATE ARE DISTRIBUTABLE AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT. ACCORDINGLY, THE
OUTSTANDING CERTIFICATE BALANCE OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.


 


THIS
CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE 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 (A)(1) PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE
144A”) TO A PERSON THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING
OF RULE 144A (A “QIB”), OR IS PURCHASING FOR THE ACCOUNT OF A QIB, AND WHOM THE HOLDER HAS INFORMED THAT THE REOFFER,
RESALE, PLEDGE, OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (2) IN AN “OFFSHORE TRANSACTION” TO AN INSTITUTION
THAT IS NOT A “U.S. PERSON”, AS SUCH TERMS ARE DEFINED IN, AND IN ACCORDANCE WITH RULE 903 OR RULE 904 OF, REGULATION
S UNDER THE SECURITIES ACT, OR (3) TO AN INSTITUTIONAL “ACCREDITED INVESTOR” WITHIN THE MEANING OF, OR IN WHICH ALL
THE EQUITY OWNERS COME WITHIN THE MEANING OF, RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT THAT IS
NOT A QIB, AND (B) IN EACH CASE IN ACCORDANCE WITH FEDERAL SECURITIES LAWS AND ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF
THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.


 





 






 


1
     Legend required as long as DTC is the Depository under the Pooling and Servicing
Agreement.


 


2      Global
Certificate legend. 


 






     A-26-1


     


    

 


THIS
CERTIFICATE MAY NOT BE PURCHASED BY OR PLEDGED, SOLD OR OTHERWISE TRANSFERRED TO ANY PERSON THAT IS OR BECOMES (I) AN EMPLOYEE
BENEFIT PLAN OR OTHER PLAN THAT IS SUBJECT TO THE FIDUCIARY RESPONSIBILITY OR PROHIBITED TRANSACTION PROVISIONS OF THE EMPLOYEE
RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), OR TO 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 THAT IS SUBJECT
TO ANY FEDERAL, STATE OR LOCAL LAW (“SIMILAR LAW”) THAT IS, TO A MATERIAL EXTENT, SIMILAR TO THE FOREGOING PROVISIONS
OF ERISA OR THE CODE (EACH, A “PLAN”), OR (II) AN ENTITY OR COLLECTIVE INVESTMENT FUND THE ASSETS OF WHICH ARE CONSIDERED
PLAN ASSETS UNDER U.S. DEPARTMENT OF LABOR REG. SECTION 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA, OR SIMILAR LAW OR OTHER
PERSON ACTING ON BEHALF OF ANY SUCH PLAN OR USING THE ASSETS OF SUCH PLAN TO ACQUIRE THIS CERTIFICATE, UNLESS (A)(I) THIS CERTIFICATE
IS ACQUIRED BY SUCH PERSON THROUGH CITIGROUP GLOBAL MARKETS INC. OR BARCLAYS CAPITAL INC., (II) SUCH PERSON IS AN “INSURANCE
COMPANY GENERAL ACCOUNT” WITHIN THE MEANING OF PROHIBITED TRANSACTION CLASS EXEMPTION 95-60, AND (III) ALL CONDITIONS OF
SECTIONS I AND III OF PROHIBITED TRANSACTION CLASS EXEMPTION 95-60 WILL BE MET WITH RESPECT TO SUCH INSURANCE COMPANY GENERAL
ACCOUNT’S ACQUISITION, HOLDING AND DISPOSITION OF THIS CERTIFICATE, OR (B) WITH RESPECT TO THE ACQUISITION, HOLDING OR DISPOSITION
OF THIS CERTIFICATE BY ANY GOVERNMENTAL PLAN OR OTHER PLAN SUBJECT TO SIMILAR LAW, SUCH ACQUISITION, HOLDING AND DISPOSITION BY
SUCH GOVERNMENTAL PLAN WILL NOT CONSTITUTE OR OTHERWISE RESULT IN A NON-EXEMPT VIOLATION OF SIMILAR LAW.


 


THIS
CERTIFICATE REPRESENTS AN UNDIVIDED BENEFICIAL INTEREST IN CERTAIN ASSETS OF A GRANTOR TRUST CONSISTING PRIMARILY OF (I) 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, AND DISTRIBUTIONS THEREON, AND (II) ANY EXCESS INTEREST
COLLECTED ON THE ARD MORTGAGE LOANS AND AMOUNTS HELD FROM TIME TO TIME IN THE EXCESS INTEREST DISTRIBUTION ACCOUNT.


 


THIS
CERTIFICATE IS INTENDED TO CONSTITUTE PART OF AN “ELIGIBLE VERTICAL INTEREST” (AS DEFINED IN REGULATION RR PROMULGATED
UNDER SECTION 15G OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED), AND AS SUCH IS SUBJECT TO VARIOUS PROHIBITIONS ON HEDGING,
TRANSFER AND FINANCING SET FORTH IN REGULATION RR. 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 POOLING AND SERVICING AGREEMENT.


 


IN
NO EVENT SHALL CERTIFICATES REPRESENTING A PERCENTAGE INTEREST IN ANY CLASS OF CLASS V-2 CERTIFICATES BE TRANSFERRED TO ANY PERSON
(AND THE CERTIFICATE REGISTRAR SHALL REFUSE TO REGISTER ANY SUCH TRANSFER) UNLESS CERTIFICATES REPRESENTING THE EXACT SAME PERCENTAGE
INTEREST IN EACH AND EVERY OTHER OUTSTANDING CLASS OF CLASS V-2 CERTIFICATES ARE SIMULTANEOUSLY TRANSFERRED TO THE SAME PERSON.
ANY HOLDER OF CLASS V-2 CERTIFICATES SHALL AT ALL TIMES HOLD THE SAME PERCENTAGE INTEREST IN EACH AND EVERY OUTSTANDING CLASS
THEREOF.


 


SUBJECT
TO THE CONDITIONS SET FORTH IN THE POOLING AND SERVICING AGREEMENT, THIS CERTIFICATE, TOGETHER WITH CERTAIN OTHER EXCHANGEABLE
CERTIFICATES SET FORTH IN THE POOLING AND SERVICING AGREEMENT, MAY BE EXCHANGED FOR THE CLASS V-1 CERTIFICATES, PURSUANT TO THE
PROCEDURES SET FORTH IN THE POOLING AND SERVICING AGREEMENT.


 






     A-26-2


     


    

 


CITIGROUP
COMMERCIAL MORTGAGE TRUST 2017-P8

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2017-P8, Class V-2E


 


	Pass-Through
    Rate:  N/A.  The Class V-2E Certificates will not have a Pass-Through Rate, but will be entitled to receive
    interest on any Distribution Date up to an amount equal to the product of (a) the Class V-2 Percentage, multiplied by (b)
    the VRR Allocation Percentage, multiplied by (c) the aggregate amount of interest distributed to the Class X-E, Class X-F,
    Class X-G, Class E, Class F and Class G Certificates on such Distribution Date.	 
	 	 
	First
    Distribution Date: October 17, 2017	Cut-Off
    Date:  With respect to each Mortgage Loan, the Due Date in September 2017 for that Mortgage Loan (or, in the case
    of any Mortgage Loan that has its first Due Date subsequent to September 2017, the date that would have been its Due Date
    in September 2017 under the terms of that Mortgage Loan if a Monthly Payment were scheduled to be due in that month).
	 	 
	Aggregate
    Initial Certificate Balance of the Class V-2E Certificates: $3,533,166.  The Aggregate Initial Certificate Balance of
    the Class V-2E Certificates represents the maximum aggregate Certificate Balance of the Class V-2E Certificates that could
    be issued in an exchange pursuant to Section 5.13 of the Pooling and Servicing Agreement on the Closing Date.	Scheduled
    Final Distribution Date: the Distribution Date in September 2027


 


	CUSIP:  17326D
BP63

U1852D AP04

17326D BQ45
	Initial
    Certificate Balance of this Certificate: $[_____]
	 	 
	ISIN:     US17326DBP696

USU1852DAP077

US17326DBQ438
	 
	 	 
	No.:  [1]	 


 





 



 





3
     For Rule 144A Certificates


 


4
     For Regulation S Certificates


 


5
     For IAI Certificates


 


6
     For Rule 144A Certificates


 


7
     For Regulation S Certificates


 


8      For IAI Certificates


 






     A-26-3


     


    

 


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 V-2E Certificates. The Trust Fund,
described more fully below, consists primarily of a pool of Mortgage Loans secured by first liens on commercial, multifamily and
manufactured housing community properties and held in trust by the Trustee and, other than in the case of the Outside Serviced
Mortgage Loans, serviced by the Master Servicer and the Special Servicer. The Trust Fund was created, and the Mortgage Loans (other
than the Outside Serviced Mortgage Loans) are to be serviced, pursuant to the Pooling 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 Pooling
and Servicing Agreement and is bound thereby. In the event that there is any conflict between any provision of this Certificate
and any provision of the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to the extent
of such inconsistency. Also issued under the Pooling and Servicing Agreement are the Class A-1, Class A-2, Class A-3,
Class A-4, Class A-AB, Class X-A, Class X-B, Class A-S, Class B, Class C, Class X-D, Class X-E, Class
X-F, Class X-G, Class D, Class E, Class F, Class G, Class R, Class S, Class V-1, Class V-2A, Class V-2B, Class
V-2C, Class V-2D, Class V-3AC, Class V-3D and Class V-3E Certificates (together with the Class V-2E Certificates, the “Certificates”;
the Holders of Certificates are collectively referred to herein as “Certificateholders”).


 


This
Certificate is issued pursuant to, and in accordance with, the terms of a Pooling and Servicing Agreement dated as of September
1, 2017 (the “Pooling and Servicing Agreement”), between Citigroup Commercial Mortgage Securities Inc., as
Depositor, Wells Fargo Bank, National Association, as Master Servicer, KeyBank National Association, as Special Servicer, Pentalpha
Surveillance LLC, as Operating Advisor and Asset Representations Reviewer, Citibank, N.A., as Certificate Administrator, and Wilmington
Trust, National Association, as Trustee. To the extent not defined herein, capitalized terms used herein shall have the meanings
assigned thereto in the Pooling and Servicing Agreement.


 


This
Certificate represents an undivided beneficial interest in certain assets of a grantor trust consisting primarily of (i) 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, and distributions thereon, and (ii) any Excess Interest
collected on the ARD Mortgage Loans and amounts held from time to time in the Excess Interest Distribution Account.


 


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 Mortgage Loans and has executed this Certificate in its limited capacity as Certificate
Administrator under the Pooling and Servicing Agreement.


 


Pursuant
to the terms of the Pooling and Servicing Agreement, the Certificate Administrator will distribute (other than the final distribution
on any Certificate), on the 4th Business Day following the Determination Date in each month, commencing in October 2017 (each
such date, a “Distribution Date”), to the Person in whose name this Certificate is registered as of the related
Record 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, with respect to the Class V-2E Certificates
for such Distribution Date, all as more fully described in the Pooling and Servicing Agreement. Holders of this Certificate may
be entitled to a share of Yield Maintenance Charges, as provided in the Pooling and Servicing Agreement.


 


All
distributions (other than the final distribution on any Certificate) will be made by the Certificate Administrator to the persons
in whose names the Certificates are registered at the close of business on each Record Date, which will be the last Business Day
of the month preceding the month in which such Distribution Date occurs. Distributions are required to be made by wire transfer
of immediately available funds to the account of such Certificateholder at a bank or other entity located in the United States
and having appropriate facilities to accept such funds, if such Certificateholder has provided the Certificate Administrator with
written wiring instructions no less than five (5) Business Days prior to the related Record Date (which wiring instructions may
be in the form of a standing order applicable to all subsequent distributions), or otherwise by check mailed to such Certificateholder.
The final distribution on each Certificate shall be made in like manner, but only upon presentation 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 a notice to Certificateholders of the pendency of the final distribution.


 






     A-26-4


     


    

 


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 Section 9.01 of the Pooling
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 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. Subject to applicable state law with respect to escheatment
of funds, if within two years after the second notice any Certificates shall not have been surrendered for cancellation, the Paying
Agent shall pay to the Class R Certificateholders all amounts distributable to the Holders thereof. 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 Section 9.01 of the Pooling and Servicing Agreement.


 


This
Certificate is limited in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage
Loans, as more specifically set forth herein and in the Pooling and Servicing Agreement.


 


As
provided in the Pooling and Servicing Agreement, the Trust Fund includes: (i) such Mortgage Loans as from time to time are subject
to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto; (ii) all scheduled or unscheduled payments
on or collections in respect of the Mortgage Loans due after the Cut-Off Date or, with respect to a Qualified Substitute Mortgage
Loan, the Due Date in the month of substitution (exclusive of interest relating to periods prior to, but due after, the Cut-Off
Date); (iii) any REO Property (but, with respect to any REO Property relating to a Loan Combination, only to the extent of the
Trust’s interest in the related Loan Combination); (iv) all revenues received in respect of any REO Property (but, with
respect to any REO Property relating to a Loan Combination, only to the extent of the Trust’s interest in the related Loan
Combination); (v) the Master Servicer’s and the Trustee’s rights under the insurance policies with respect to the
Mortgage Loans required to be maintained pursuant to the Pooling and Servicing Agreement and any proceeds thereof; (vi) the Trustee’s
rights in any Assignments of Leases, Rents and Profits and any security agreements; (vii) the Trustee’s rights under
any indemnities or guaranties given as additional security for any Mortgage Loan; (viii) all of the Trustee’s and the Certificate
Administrator’s rights in the Escrow Accounts and Lock-Box Accounts and all proceeds of the Mortgage Loans deposited in
the Collection Account, the Distribution Account, the Excess Interest Distribution Account, the Interest Reserve Account, the
Excess Liquidation Proceeds Reserve Account and any REO Account, including any reinvestment income thereon; (ix) the Trustee’s
rights in any environmental indemnity agreements relating to the Mortgaged Properties; (x) the Depositor’s rights under
the Mortgage Loan Purchase Agreements and the SMC Guaranty to the extent assigned to the Trustee pursuant to Section 2.01 of the
Pooling and Servicing Agreement; (xi) the Lower-Tier Regular Interests; and (xii) the Loss of Value Reserve Fund.


 


This
Certificate does not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling 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 and Trustee.


 


As
provided in the Pooling and Servicing Agreement, subject to certain restrictions on transfer set forth therein, upon surrender
for registration of transfer of any Certificate, the Certificate Administrator shall execute, authenticate and deliver, in the
name of the designated transferee or transferees, one or more new Certificates in authorized denominations, in like aggregate
interest and of the same Class.


 


In
no event shall Certificates representing a Percentage Interest in any Class of Class V-2 Certificates be transferred to any Person
(and the Certificate Registrar shall refuse to register any such transfer) unless Certificates representing the exact same Percentage
Interest in each and every other outstanding Class of Class V-2 Certificates are simultaneously transferred to the same Person.
Any Holder of Class V-2 Certificates shall at all times hold the same Percentage Interest in each and every outstanding Class
thereof.


 


Prior
to due presentation of this Certificate for registration of transfer, the Master Servicer, the Special Servicer, the Operating
Advisor, the Trustee, the Certificate Administrator, the Certificate Registrar, and any agent of any of


 



     A-26-5


     


    

 


 them, may treat the Person
in whose name any Certificate is registered as the owner of such Certificate for the purpose of receiving distributions as provided
in the Pooling and Servicing Agreement and for all other purposes whatsoever, and neither the Master Servicer, the Special Servicer,
the Operating Advisor, the Trustee, the Certificate Administrator, the Certificate Registrar, nor any agent of any of them shall
be affected by any notice to the contrary.


 


The
Pooling and Servicing Agreement or any Custodial Agreement may be amended from time to time by the Depositor, the Master Servicer,
the Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Custodian (if the Certificate Administrator
is then acting as Custodian), the Certificate Administrator and the Trustee, without the consent of any of the Certificateholders
or, as applicable, any Companion Loan Holder:


 


		(i)	to
                                         cure any ambiguity to the extent that it does not adversely affect any holders of Certificates;



 


		(ii)	to
                                         correct or supplement any of its provisions which may be inconsistent with any other
                                         provisions of the Pooling and Servicing Agreement or with the description thereof in
                                         the Prospectus or to correct any error;



 


		(iii)	to
                                         change the timing and/or nature of deposits in the Collection Account, the Excess Liquidation
                                         Proceeds Reserve Account, the Excess Interest Distribution Account, the Distribution
                                         Account or any REO Account, provided that (A) the Master Servicer Remittance Date
                                         shall in no event be later than the Business Day prior to the related Distribution Date
                                         and (B) the change would not adversely affect in any material respect the interests
                                         of any Certificateholder, as evidenced by an opinion of counsel (at the expense of the
                                         party requesting the amendment);



 


		(iv)	to
                                         modify, eliminate or add to any of its provisions (A) to the extent necessary to maintain
                                         the qualification of either Trust REMIC as a REMIC or the Grantor Trust as a grantor
                                         trust or to avoid or minimize the risk of imposition of any tax on the Trust Fund, provided
                                         that the Trustee and the Certificate Administrator have received an opinion of counsel
                                         (at the expense of the party requesting the amendment) to the effect that (1) the
                                         action is necessary or desirable to maintain such qualification or to avoid or minimize
                                         such risk and (2) the action will not adversely affect in any material respect the interests
                                         of any holder of the Certificates, (B) to restrict (or to remove any existing restrictions
                                         with respect to) the transfer of the Class R Certificates, provided that the Depositor
                                         has determined that the amendment will not give rise to any tax with respect to the transfer
                                         of the Class R Certificates to a non-Permitted Transferee, (C) to the extent necessary
                                         to comply with the Investment Company Act of 1940, as amended, the Exchange Act, Regulation
                                         AB, Regulation RR and/or any related regulatory actions and/or interpretations or (D)
                                         in the event that Regulation RR (or any portion thereof) or any other regulations applicable
                                         to the risk retention requirements for this securitization transaction are amended or
                                         repealed, to the extent required to comply with any such amendment or to modify or eliminate
                                         any risk retention requirements no longer applicable to this securitization transaction
                                         in light of such repeal;



 


		(v)	to
                                         make any other provisions with respect to matters or questions arising under the Pooling
                                         and Servicing Agreement or any other change, provided that the amendment will
                                         not adversely affect in any material respect the interests of any Certificateholder,
                                         as evidenced by an opinion of counsel;



 


		(vi)	to
                                         modify the procedures in the Pooling and Servicing Agreement relating to Rule 17g-5;
                                         provided that such modification does not increase the obligations of the Trustee,
                                         the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer,
                                         the Master Servicer or the Special Servicer without such party’s consent (which
                                         consent may not be withheld unless such modification would materially adversely affect
                                         such party or materially increase such party’s obligations under the Pooling and
                                         Servicing Agreement); provided, further that notice of such modification
                                         is provided to all parties to the Pooling and Servicing Agreement; and



 






     A-26-6


     


    

 


		(vii)	to
                                         amend or supplement any provision of the Pooling and Servicing Agreement to the extent
                                         necessary to maintain the ratings assigned to each Class of Certificates by any of the
                                         Rating Agencies, provided that the amendment will not adversely affect in any material
                                         respect the interests of any Certificateholder;



 


provided,
further that no amendment pursuant to any of clauses (i)-(vii) above may be made that would: (A) reduce the consent or consultation
rights or the right to receive information under the Pooling and Servicing Agreement of the Controlling Class Representative without
the consent of the Controlling Class Representative; (B) reduce the consultation rights or the right to receive information under
the Pooling and Servicing Agreement of the Operating Advisor without the consent of the Operating Advisor; (C) change in any manner
the obligations or rights of any Mortgage Loan Seller under the Pooling and Servicing Agreement or the applicable Mortgage Loan
Purchase Agreement without the consent of the affected Mortgage Loan Seller; (D) change in any manner the obligations or rights
of any Underwriter or Initial Purchaser, without the consent of the affected Underwriter or Initial Purchaser; or (E) adversely
affect any Serviced Companion Loan Holder in its capacity as such without its consent. Expenses incurred with respect to any amendment
shall be borne by the party requesting such amendment, unless the Master Servicer, the Special Servicer or the Trustee is requesting
an amendment for the benefit of the Certificateholders, then in which case such expense will be borne by the Trust.


 


The
Pooling and Servicing Agreement or any Custodial Agreement may also be amended from time to time by a writing signed by each of
the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Custodian
(if the Certificate Administrator is then acting as Custodian), the Certificate Administrator and the Trustee with the consent
of the Holders of Certificates representing not less than 66-2/3% of the Percentage Interests of each Class of Certificates affected
by the amendment for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of
the Pooling and Servicing Agreement or of modifying in any manner the rights of the Certificateholders; provided, however,
that no such amendment shall:


 


		(i)	reduce
                                         in any manner the amount of, or delay the timing of, payments received on the Serviced
                                         Loans which are required to be distributed on a Certificate of any Class or to any Serviced
                                         Companion Loan Holder, as applicable, without the consent of the Holder of that Certificate
                                         or that Serviced Companion Loan Holder, as applicable,



 


		(ii)	reduce
                                         the aforesaid percentage of Certificates of any Class the Holders of which are required
                                         to consent to the amendment without the consent of the Holders of all Certificates of
                                         that Class then outstanding,



 


		(iii)	change
                                         in any manner the obligations or rights of any Mortgage Loan Seller under the Pooling
                                         and Servicing Agreement or the related Mortgage Loan Purchase Agreement without the consent
                                         of the affected Mortgage Loan Seller,



 


		(iv)	change
                                         the definition of “Servicing Standard” without either (A) consent of 100%
                                         of the holders of the Certificates or (B) Rating Agency Confirmation,



 


		(v)	without
                                         the consent of 100% of the Certificateholders of the Class or Classes of Certificates
                                         adversely affected thereby, change (A) the percentages of Voting Rights of Certificateholders
                                         which are required to consent to any action or inaction under the Pooling and Servicing
                                         Agreement, (B) the right of the Certificateholders to remove the Special Servicer pursuant
                                         to the Pooling and Servicing Agreement or (C) the right of the Certificateholders to
                                         terminate the Operating Advisor pursuant to the Pooling and Servicing Agreement,



 


		(vi)	adversely
                                         affect the Controlling Class Representative without the consent of 100% of the Controlling
                                         Class Certificateholders,



 


		(vii)	adversely
                                         affect a Serviced Companion Loan Holder in its capacity as such without its consent,
                                         or



 






     A-26-7


     


    

 


		(viii)	change
                                         in any manner the obligations or rights of any Underwriter or Initial Purchaser without
                                         the consent of the affected Underwriter or Initial Purchaser.



 


The
Holders of the Controlling Class representing greater than 50% of the Certificate Balance of the Controlling Class may (or, if
such Holders do not, the Special Servicer, or if neither such Holders nor the Special Servicer do, the Master Servicer or, if
none of such Holders, the Special Servicer or the Master Servicer does, any Holders of Class R Certificates representing
greater than a 50% Percentage Interest in such Class, may also) effect an early termination of the Trust Fund, upon not less than
30 days’ prior notice given to the parties (or, if applicable, the other parties) to the Pooling and Servicing Agreement
(whereupon the Master Servicer shall notify the Serviced Companion Loan Holders) any time on or after the Early Termination Notice
Date specifying the Anticipated Termination Date, by purchasing on such date all, but not less than all, of the Mortgage Loans
(and in the case of the Serviced Loan Combinations, subject to certain rights of the related Serviced Companion Loan Holder provided
for in the related Co-Lender Agreement) then included in the Trust Fund, and all property acquired by or on behalf of the Trust
Fund (including the Trust Fund’s interest in any REO Property acquired with respect to any Outside Serviced Mortgage Loan)
in respect of any Mortgage Loan then included in the Trust Fund, at a purchase price, payable in cash, equal to (i) the sum
of (A) the Termination Purchase Amount and (B) the reasonable out-of-pocket expenses of the Master Servicer (unless
the Master Servicer is the purchaser of such Mortgage Loans), the Special Servicer (unless the Special Servicer is the purchaser
of such Mortgage Loans), the Trustee and the Certificate Administrator, as applicable, with respect to such termination, minus
(ii) solely in the case where the Master Servicer or the Special Servicer is effecting such purchase, the aggregate amount
of unreimbursed Advances, if any, made by the Master Servicer or Special Servicer, as applicable, together with any interest accrued
and payable to the Master Servicer or the Special Servicer, as applicable, in respect of such Advances and any unpaid Servicing
Fees or Special Servicing Fees, as applicable, remaining outstanding (which items will be deemed to have been paid or reimbursed
to the Master Servicer or the Special Servicer, as applicable, in connection with such purchase).


 


Any
Person(s) effecting an early termination of the Trust Fund as provided in the prior paragraph shall first notify the Controlling
Class Representative and each Certifying Certificateholder, or, in the case of a termination by the Holder of a Class R Certificate,
notify the Certificate Administrator (who shall notify the Controlling Class Representative and each Certifying Certificateholder)
of its intention to do so in writing at least 30 days prior to the Anticipated Termination Date. All costs and expenses incurred
by any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with the purchase of the Mortgage
Loans and other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement shall be borne
by the party exercising its purchase rights thereunder. The Certificate Administrator shall be entitled to rely conclusively on
any determination made by an Appraiser pursuant to Section 9.01(c) of the Pooling and Servicing Agreement.


 


The
respective obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Operating Advisor,
the Asset Representations Reviewer, the Certificate Administrator and the Trustee created by the Pooling and Servicing Agreement
with respect to the Certificates, the Mortgage Loans and the Serviced Companion Loans (other than the obligation to make certain
payments and to send certain notices to Certificateholders as set forth in the Pooling and Servicing Agreement and to make any
required remittances to the Serviced Companion Loan Holders in the month in which the final Distribution Date occurs and certain
tax-related obligations) shall terminate immediately following the earlier to occur of (i) the purchase by Holders of the
Controlling Class, the Special Servicer, the Master Servicer or Holders of the Class R Certificates of all the Mortgage Loans
and REO Properties (or interests therein) then included in the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing
Agreement, (ii) the exchange by the Remaining Certificateholder of its Certificates for all the Mortgage Loans and REO Properties
(or interests therein) then included in the Trust Fund pursuant to Section 9.01(h) of the Pooling and Servicing Agreement and
(iii) the final payment or other liquidation (or any advance with respect thereto) of the last Mortgage Loan or REO Property
(or interest therein) contained in the Trust Fund; provided, however, that in no event shall the trust created by
the Pooling and Servicing Agreement 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 of the
Pooling and Servicing Agreement. All such payments as contemplated by the preceding paragraph shall be deposited into the Collection
Account by the Master Servicer or Special Servicer, as applicable, promptly following receipt thereof.


 






     A-26-8


     


    

 


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 Pooling and Servicing
Agreement or be valid for any purpose.


 






     A-26-9


     


    

 







IN WITNESS WHEREOF,
the Certificate Administrator has caused this Class V-2E Certificate to be duly executed.


 





	 	CITIBANK,
N.A., not in its individual capacity but solely as Certificate Administrator
	 	 	 
	 	By:	 
			Authorized Signatory


  


Dated: September 29, 2017


 


CERTIFICATE
OF AUTHENTICATION


 


This is a one of Class V-2E Certificate referred to in the Pooling and Servicing Agreement.


 


Dated: September 29, 2017


 





	 	CITIBANK,
N.A., not in its individual capacity but solely as Authenticating Agent
	 	 	 
	 	By:	 
			Authorized Signatory


  




     A-26-10


     


    

 


ASSIGNMENT


 


FOR VALUE RECEIVED,
the undersigned (“Assignor(s)”) hereby sell(s), assign(s) and transfer(s) unto  ___________________________
 (please print or typewrite name(s) and address(es), including postal zip code(s) of assignee(s))
(“Assignee(s)”) the entire Percentage Interest represented by the within Class V-2E Certificate and hereby authorize(s)
the registration of transfer of such interest to Assignee(s) on the Certificate Register of the Trust Fund.


 


I (we) further direct
the Certificate Registrar to issue a new Class V-2E Certificate of the entire Percentage Interest represented by the within Class
V-2E Certificates to the above-named Assignee(s) and to deliver such Class V-2E Certificate to the following address:


 


Date: _________________


	 	 	 
		 	Signature by or on behalf of Assignor(s)
	 	 	 
	 	 	Taxpayer Identification Number





 




     A-26-11


     


    

 


DISTRIBUTION INSTRUCTIONS


 


The Assignee(s) should include
the following for purposes of distribution:


 


Address of the Assignee(s)
for the purpose of receiving notices and distributions: __________________________________ Distributions, if being made by wire
transfer in immediately available funds to __________________________ for the account of __________________________ account number
____________________________. This information is provided by ______________________________, the Assignee(s) named above or ____________________________________
as its (their) agent.


	 	 	 
	 	By:	 
	 	 	[Please print or type name(s)]
	 	 	 
	 	 	Title
	 	 	 
	 	 	Taxpayer Identification Number


 










     A-26-12


     


    

 


EXHIBIT
A-27


 


CITIGROUP
COMMERCIAL MORTGAGE TRUST 2017-P8

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2017-P8, Class V-3AC


 


[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.]1


 


[TRANSFERS
OF THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR A SUCCESSOR THEREOF
OR SUCH SUCCESSOR’S NOMINEE, AND TRANSFERS OF BENEFICIAL INTERESTS IN THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS
MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.]2


 


THIS
CERTIFICATE DOES NOT REPRESENT AN INTEREST IN OR OBLIGATION OF THE DEPOSITOR, THE SPONSORS, THE ORIGINATORS, THE MASTER SERVICER,
THE SPECIAL SERVICER, THE TRUSTEE, THE CERTIFICATE ADMINISTRATOR, THE OPERATING ADVISOR, the
Asset representations reviewer, THE CONTROLLING CLASS REPRESENTATIVE, THE RISK RETENTION CONSULTATION PARTY, ANY COMPANION
LOAN HOLDER, THE UNDERWRITERS OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES NOR THE MORTGAGE LOANS ARE INSURED
OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY OR PRIVATE INSURER.


 


PRINCIPAL
PAYMENTS IN RESPECT OF THIS CERTIFICATE ARE DISTRIBUTABLE AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT. ACCORDINGLY, THE
OUTSTANDING CERTIFICATE BALANCE OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.


 


THIS
CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE 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 (A)(1) PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE
144A”) TO A PERSON THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING
OF RULE 144A (A “QIB”), OR IS PURCHASING FOR THE ACCOUNT OF A QIB, AND WHOM THE HOLDER HAS INFORMED THAT THE REOFFER,
RESALE, PLEDGE, OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (2) IN AN “OFFSHORE TRANSACTION” TO AN INSTITUTION
THAT IS NOT A “U.S. PERSON”, AS SUCH TERMS ARE DEFINED IN, AND IN ACCORDANCE WITH RULE 903 OR RULE 904 OF, REGULATION
S UNDER THE SECURITIES ACT, OR (3) TO AN INSTITUTIONAL “ACCREDITED INVESTOR” WITHIN THE MEANING OF, OR IN WHICH ALL
THE EQUITY OWNERS COME WITHIN THE MEANING OF, RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT THAT IS
NOT A QIB, AND (B) IN EACH CASE IN ACCORDANCE WITH FEDERAL SECURITIES LAWS AND ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF
THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.


 





 



 





1
     Legend required as long as DTC is the Depository under the Pooling and Servicing Agreement.


 


2      Global
Certificate legend.


 






     A-27-1


     


    

 


THIS
CERTIFICATE MAY NOT BE PURCHASED BY OR PLEDGED, SOLD OR OTHERWISE TRANSFERRED TO ANY PERSON THAT IS OR BECOMES (I) AN EMPLOYEE
BENEFIT PLAN OR OTHER PLAN THAT IS SUBJECT TO THE FIDUCIARY RESPONSIBILITY OR PROHIBITED TRANSACTION PROVISIONS OF THE EMPLOYEE
RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), OR TO 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 THAT IS SUBJECT
TO ANY FEDERAL, STATE OR LOCAL LAW (“SIMILAR LAW”) THAT IS, TO A MATERIAL EXTENT, SIMILAR TO THE FOREGOING PROVISIONS
OF ERISA OR THE CODE (EACH, A “PLAN”), OR (II) AN ENTITY OR COLLECTIVE INVESTMENT FUND THE ASSETS OF WHICH ARE CONSIDERED
PLAN ASSETS UNDER U.S. DEPARTMENT OF LABOR REG. SECTION 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA, OR SIMILAR LAW OR OTHER
PERSON ACTING ON BEHALF OF ANY SUCH PLAN OR USING THE ASSETS OF SUCH PLAN TO ACQUIRE THIS CERTIFICATE, UNLESS (A)(I) THIS CERTIFICATE
IS ACQUIRED BY SUCH PERSON THROUGH CITIGROUP GLOBAL MARKETS INC. OR BARCLAYS CAPITAL INC., (II) SUCH PERSON IS AN “INSURANCE
COMPANY GENERAL ACCOUNT” WITHIN THE MEANING OF PROHIBITED TRANSACTION CLASS EXEMPTION 95-60, AND (III) ALL CONDITIONS OF
SECTIONS I AND III OF PROHIBITED TRANSACTION CLASS EXEMPTION 95-60 WILL BE MET WITH RESPECT TO SUCH INSURANCE COMPANY GENERAL
ACCOUNT’S ACQUISITION, HOLDING AND DISPOSITION OF THIS CERTIFICATE, OR (B) WITH RESPECT TO THE ACQUISITION, HOLDING OR DISPOSITION
OF THIS CERTIFICATE BY ANY GOVERNMENTAL PLAN OR OTHER PLAN SUBJECT TO SIMILAR LAW, SUCH ACQUISITION, HOLDING AND DISPOSITION BY
SUCH GOVERNMENTAL PLAN WILL NOT CONSTITUTE OR OTHERWISE RESULT IN A NON-EXEMPT VIOLATION OF SIMILAR LAW.


 


THIS
CERTIFICATE REPRESENTS AN UNDIVIDED BENEFICIAL INTEREST IN CERTAIN ASSETS OF A GRANTOR TRUST CONSISTING PRIMARILY OF (I) 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, AND DISTRIBUTIONS THEREON, AND (II) ANY EXCESS INTEREST
COLLECTED ON THE ARD MORTGAGE LOANS AND AMOUNTS HELD FROM TIME TO TIME IN THE EXCESS INTEREST DISTRIBUTION ACCOUNT.


 


THIS
CERTIFICATE IS INTENDED TO CONSTITUTE PART OF AN “ELIGIBLE VERTICAL INTEREST” (AS DEFINED IN REGULATION RR PROMULGATED
UNDER SECTION 15G OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED), AND AS SUCH IS SUBJECT TO VARIOUS PROHIBITIONS ON HEDGING,
TRANSFER AND FINANCING SET FORTH IN REGULATION RR. 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 POOLING AND SERVICING AGREEMENT.


 


IN
NO EVENT SHALL CERTIFICATES REPRESENTING A PERCENTAGE INTEREST IN ANY CLASS OF CLASS V-3 CERTIFICATES BE TRANSFERRED TO ANY PERSON
(AND THE CERTIFICATE REGISTRAR SHALL REFUSE TO REGISTER ANY SUCH TRANSFER) UNLESS CERTIFICATES REPRESENTING THE EXACT SAME PERCENTAGE
INTEREST IN EACH AND EVERY OTHER OUTSTANDING CLASS OF CLASS V-3 CERTIFICATES ARE SIMULTANEOUSLY TRANSFERRED TO THE SAME PERSON.
ANY HOLDER OF CLASS V-3 CERTIFICATES SHALL AT ALL TIMES HOLD THE SAME PERCENTAGE INTEREST IN EACH AND EVERY OUTSTANDING CLASS
THEREOF.


 


SUBJECT
TO THE CONDITIONS SET FORTH IN THE POOLING AND SERVICING AGREEMENT, THIS CERTIFICATE, TOGETHER WITH CERTAIN OTHER EXCHANGEABLE
CERTIFICATES SET FORTH IN THE POOLING AND SERVICING AGREEMENT, MAY BE EXCHANGED FOR THE CLASS V-1 CERTIFICATES, PURSUANT TO THE
PROCEDURES SET FORTH IN THE POOLING AND SERVICING AGREEMENT.


 






     A-27-2


     


    

 


CITIGROUP
COMMERCIAL MORTGAGE TRUST 2017-P8

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2017-P8, Class V-3AC


 


	Pass-Through
    Rate:  N/A. The Class V-3AC Certificates will not have a Pass-Through Rate, but will be entitled to receive interest
    on any Distribution Date up to an amount equal to the product of (a) the Class V-3 Percentage, multiplied by (b) the VRR Allocation
    Percentage, multiplied by (c) the aggregate amount of interest distributed to the Class A-1, Class A-2, Class A-3, Class A-4,
    Class A-AB, Class X-A, Class X-B, Class A-S, Class B and Class C Certificates on such Distribution Date.	 
	 	 
	First
    Distribution Date: October 17, 2017	Cut-Off
    Date:  With respect to each Mortgage Loan, the Due Date in September 2017 for that Mortgage Loan (or, in the case
    of any Mortgage Loan that has its first Due Date subsequent to September 2017, the date that would have been its Due Date
    in September 2017 under the terms of that Mortgage Loan if a Monthly Payment were scheduled to be due in that month).
	 	 
	Aggregate
    Initial Certificate Balance of the Class V-3AC Certificates: $48,308,632.  The Aggregate Initial Certificate Balance
    of the Class V-3AC Certificates represents the maximum aggregate Certificate Balance of the Class V-3AC Certificates that
    could be issued in an exchange pursuant to Section 5.13 of the Pooling and Servicing Agreement on the Closing Date.	Scheduled
    Final Distribution Date: the Distribution Date in September 2027
	 	 


 


 


	CUSIP:  17326D
BR23

U1852D AQ84

17326D BS05 
	Initial
    Certificate Balance of this Certificate: $[_____]
	 	 
	ISIN:     US17326DBR266

USU1852DAQ897

US17326DBS098
	 


 





 



 





3      For Rule 144A Certificates


 


4      For Regulation S Certificates


 


5      For IAI Certificates


 


6      For Rule 144A Certificates


 


7      For Regulation S Certificates


 


8      For IAI Certificates


 






     A-27-3


     


    

 


No.: [1]


 


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 V-3AC Certificates. The Trust Fund,
described more fully below, consists primarily of a pool of Mortgage Loans secured by first liens on commercial, multifamily and
manufactured housing community properties and held in trust by the Trustee and, other than in the case of the Outside Serviced
Mortgage Loans, serviced by the Master Servicer and the Special Servicer. The Trust Fund was created, and the Mortgage Loans (other
than the Outside Serviced Mortgage Loans) are to be serviced, pursuant to the Pooling 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 Pooling
and Servicing Agreement and is bound thereby. In the event that there is any conflict between any provision of this Certificate
and any provision of the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to the extent
of such inconsistency. Also issued under the Pooling and Servicing Agreement are the Class A-1, Class A-2, Class A-3,
Class A-4, Class A-AB, Class X-A, Class X-B, Class A-S, Class B, Class C, Class X-D, Class X-E, Class
X-F, Class X-G, Class D, Class E, Class F, Class G, Class R, Class S, Class V-1, Class V-2A, Class V-2B, Class
V-2C, Class V-2D, Class V-2E, Class V-3D and Class V-3E Certificates (together with the Class V-3AC Certificates, the “Certificates”;
the Holders of Certificates are collectively referred to herein as “Certificateholders”).


 


This
Certificate is issued pursuant to, and in accordance with, the terms of a Pooling and Servicing Agreement dated as of September
1, 2017 (the “Pooling and Servicing Agreement”), between Citigroup Commercial Mortgage Securities Inc., as
Depositor, Wells Fargo Bank, National Association, as Master Servicer, KeyBank National Association, as Special Servicer, Pentalpha
Surveillance LLC, as Operating Advisor and Asset Representations Reviewer, Citibank, N.A., as Certificate Administrator, and Wilmington
Trust, National Association, as Trustee. To the extent not defined herein, capitalized terms used herein shall have the meanings
assigned thereto in the Pooling and Servicing Agreement.


 


This
Certificate represents an undivided beneficial interest in certain assets of a grantor trust consisting primarily of (i) 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, and distributions thereon, and (ii) any Excess Interest
collected on the ARD Mortgage Loans and amounts held from time to time in the Excess Interest Distribution Account.


 


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 Mortgage Loans and has executed this Certificate in its limited capacity as Certificate
Administrator under the Pooling and Servicing Agreement.


 


Pursuant
to the terms of the Pooling and Servicing Agreement, the Certificate Administrator will distribute (other than the final distribution
on any Certificate), on the 4th Business Day following the Determination Date in each month, commencing in October 2017 (each
such date, a “Distribution Date”), to the Person in whose name this Certificate is registered as of the related
Record 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, with respect to the Class V-3AC
Certificates for such Distribution Date, all as more fully described in the Pooling and Servicing Agreement. Holders of this Certificate
may be entitled to a share of Yield Maintenance Charges, as provided in the Pooling and Servicing Agreement.


 


All
distributions (other than the final distribution on any Certificate) will be made by the Certificate Administrator to the persons
in whose names the Certificates are registered at the close of business on each Record Date, which will be the last Business Day
of the month preceding the month in which such Distribution Date occurs. Distributions are required to be made by wire transfer
of immediately available funds to the account of such Certificateholder at a bank or other entity located in the United States
and having appropriate facilities to accept such funds, if such Certificateholder has provided the Certificate Administrator with
written wiring instructions no less than five (5) Business Days prior to the related Record Date (which wiring instructions may
be in the form of a standing order applicable to all subsequent distributions), or otherwise by check mailed to such Certificateholder.
The final distribution on each Certificate shall be made in like manner, but only upon presentation 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 a notice to Certificateholders of the pendency of the final distribution.


 






     A-27-4


     


    

 


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 Section 9.01 of the Pooling
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 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. Subject to applicable state law with respect to escheatment
of funds, if within two years after the second notice any Certificates shall not have been surrendered for cancellation, the Paying
Agent shall pay to the Class R Certificateholders all amounts distributable to the Holders thereof. 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 Section 9.01 of the Pooling and Servicing Agreement.


 


This
Certificate is limited in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage
Loans, as more specifically set forth herein and in the Pooling and Servicing Agreement.


 


As
provided in the Pooling and Servicing Agreement, the Trust Fund includes: (i) such Mortgage Loans as from time to time are subject
to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto; (ii) all scheduled or unscheduled payments
on or collections in respect of the Mortgage Loans due after the Cut-Off Date or, with respect to a Qualified Substitute Mortgage
Loan, the Due Date in the month of substitution (exclusive of interest relating to periods prior to, but due after, the Cut-Off
Date); (iii) any REO Property (but, with respect to any REO Property relating to a Loan Combination, only to the extent of the
Trust’s interest in the related Loan Combination); (iv) all revenues received in respect of any REO Property (but, with
respect to any REO Property relating to a Loan Combination, only to the extent of the Trust’s interest in the related Loan
Combination); (v) the Master Servicer’s and the Trustee’s rights under the insurance policies with respect to the
Mortgage Loans required to be maintained pursuant to the Pooling and Servicing Agreement and any proceeds thereof; (vi) the Trustee’s
rights in any Assignments of Leases, Rents and Profits and any security agreements; (vii) the Trustee’s rights under
any indemnities or guaranties given as additional security for any Mortgage Loan; (viii) all of the Trustee’s and the Certificate
Administrator’s rights in the Escrow Accounts and Lock-Box Accounts and all proceeds of the Mortgage Loans deposited in
the Collection Account, the Distribution Account, the Excess Interest Distribution Account, the Interest Reserve Account, the
Excess Liquidation Proceeds Reserve Account and any REO Account, including any reinvestment income thereon; (ix) the Trustee’s
rights in any environmental indemnity agreements relating to the Mortgaged Properties; (x) the Depositor’s rights under
the Mortgage Loan Purchase Agreements and the SMC Guaranty to the extent assigned to the Trustee pursuant to Section 2.01 of the
Pooling and Servicing Agreement; (xi) the Lower-Tier Regular Interests; and (xii) the Loss of Value Reserve Fund.


 


This
Certificate does not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling 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 and Trustee.


 


As
provided in the Pooling and Servicing Agreement, subject to certain restrictions on transfer set forth therein, upon surrender
for registration of transfer of any Certificate, the Certificate Administrator shall execute, authenticate and deliver, in the
name of the designated transferee or transferees, one or more new Certificates in authorized denominations, in like aggregate
interest and of the same Class.


 


In
no event shall Certificates representing a Percentage Interest in any Class of Class V-3 Certificates be transferred to any Person
(and the Certificate Registrar shall refuse to register any such transfer) unless Certificates representing the exact same Percentage
Interest in each and every other outstanding Class of Class V-3 Certificates are simultaneously transferred to the same Person.
Any Holder of Class V-3 Certificates shall at all times hold the same Percentage Interest in each and every outstanding Class
thereof.


 


Prior
to due presentation of this Certificate for registration of transfer, the Master Servicer, the Special Servicer, the Operating
Advisor, the Trustee, the Certificate Administrator, the Certificate Registrar, and any agent of any of


 



     A-27-5


     


    

 


them, may treat the Person
in whose name any Certificate is registered as the owner of such Certificate for the purpose of receiving distributions as provided
in the Pooling and Servicing Agreement and for all other purposes whatsoever, and neither the Master Servicer, the Special Servicer,
the Operating Advisor, the Trustee, the Certificate Administrator, the Certificate Registrar, nor any agent of any of them shall
be affected by any notice to the contrary.


 


The
Pooling and Servicing Agreement or any Custodial Agreement may be amended from time to time by the Depositor, the Master Servicer,
the Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Custodian (if the Certificate Administrator
is then acting as Custodian), the Certificate Administrator and the Trustee, without the consent of any of the Certificateholders
or, as applicable, any Companion Loan Holder:


 


		(i)	to
                                         cure any ambiguity to the extent that it does not adversely affect any holders of Certificates;



 


		(ii)	to
                                         correct or supplement any of its provisions which may be inconsistent with any other
                                         provisions of the Pooling and Servicing Agreement or with the description thereof in
                                         the Prospectus or to correct any error;



 


		(iii)	to
                                         change the timing and/or nature of deposits in the Collection Account, the Excess Liquidation
                                         Proceeds Reserve Account, the Excess Interest Distribution Account, the Distribution
                                         Account or any REO Account, provided that (A) the Master Servicer Remittance Date
                                         shall in no event be later than the Business Day prior to the related Distribution Date
                                         and (B) the change would not adversely affect in any material respect the interests
                                         of any Certificateholder, as evidenced by an opinion of counsel (at the expense of the
                                         party requesting the amendment);



 


		(iv)	to
                                         modify, eliminate or add to any of its provisions (A) to the extent necessary to maintain
                                         the qualification of either Trust REMIC as a REMIC or the Grantor Trust as a grantor
                                         trust or to avoid or minimize the risk of imposition of any tax on the Trust Fund, provided
                                         that the Trustee and the Certificate Administrator have received an opinion of counsel
                                         (at the expense of the party requesting the amendment) to the effect that (1) the
                                         action is necessary or desirable to maintain such qualification or to avoid or minimize
                                         such risk and (2) the action will not adversely affect in any material respect the interests
                                         of any holder of the Certificates, (B) to restrict (or to remove any existing restrictions
                                         with respect to) the transfer of the Class R Certificates, provided that the Depositor
                                         has determined that the amendment will not give rise to any tax with respect to the transfer
                                         of the Class R Certificates to a non-Permitted Transferee, (C) to the extent necessary
                                         to comply with the Investment Company Act of 1940, as amended, the Exchange Act, Regulation
                                         AB, Regulation RR and/or any related regulatory actions and/or interpretations or (D)
                                         in the event that Regulation RR (or any portion thereof) or any other regulations applicable
                                         to the risk retention requirements for this securitization transaction are amended or
                                         repealed, to the extent required to comply with any such amendment or to modify or eliminate
                                         any risk retention requirements no longer applicable to this securitization transaction
                                         in light of such repeal;



 


		(v)	to
                                         make any other provisions with respect to matters or questions arising under the Pooling
                                         and Servicing Agreement or any other change, provided that the amendment will
                                         not adversely affect in any material respect the interests of any Certificateholder,
                                         as evidenced by an opinion of counsel;



 


		(vi)	to
                                         modify the procedures in the Pooling and Servicing Agreement relating to Rule 17g-5;
                                         provided that such modification does not increase the obligations of the Trustee,
                                         the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer,
                                         the Master Servicer or the Special Servicer without such party’s consent (which
                                         consent may not be withheld unless such modification would materially adversely affect
                                         such party or materially increase such party’s obligations under the Pooling and
                                         Servicing Agreement); provided, further that notice of such modification
                                         is provided to all parties to the Pooling and Servicing Agreement; and



 






     A-27-6


     


    

 


		(vii)	to
                                         amend or supplement any provision of the Pooling and Servicing Agreement to the extent
                                         necessary to maintain the ratings assigned to each Class of Certificates by any of the
                                         Rating Agencies, provided that the amendment will not adversely affect in any material
                                         respect the interests of any Certificateholder;



 


provided,
further that no amendment pursuant to any of clauses (i)-(vii) above may be made that would: (A) reduce the consent or consultation
rights or the right to receive information under the Pooling and Servicing Agreement of the Controlling Class Representative without
the consent of the Controlling Class Representative; (B) reduce the consultation rights or the right to receive information under
the Pooling and Servicing Agreement of the Operating Advisor without the consent of the Operating Advisor; (C) change in any manner
the obligations or rights of any Mortgage Loan Seller under the Pooling and Servicing Agreement or the applicable Mortgage Loan
Purchase Agreement without the consent of the affected Mortgage Loan Seller; (D) change in any manner the obligations or rights
of any Underwriter or Initial Purchaser, without the consent of the affected Underwriter or Initial Purchaser; or (E) adversely
affect any Serviced Companion Loan Holder in its capacity as such without its consent. Expenses incurred with respect to any amendment
shall be borne by the party requesting such amendment, unless the Master Servicer, the Special Servicer or the Trustee is requesting
an amendment for the benefit of the Certificateholders, then in which case such expense will be borne by the Trust.


 


The
Pooling and Servicing Agreement or any Custodial Agreement may also be amended from time to time by a writing signed by each of
the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Custodian
(if the Certificate Administrator is then acting as Custodian), the Certificate Administrator and the Trustee with the consent
of the Holders of Certificates representing not less than 66-2/3% of the Percentage Interests of each Class of Certificates affected
by the amendment for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of
the Pooling and Servicing Agreement or of modifying in any manner the rights of the Certificateholders; provided, however,
that no such amendment shall:


 


		(i)	reduce
                                         in any manner the amount of, or delay the timing of, payments received on the Serviced
                                         Loans which are required to be distributed on a Certificate of any Class or to any Serviced
                                         Companion Loan Holder, as applicable, without the consent of the Holder of that Certificate
                                         or that Serviced Companion Loan Holder, as applicable,



 


		(ii)	reduce
                                         the aforesaid percentage of Certificates of any Class the Holders of which are required
                                         to consent to the amendment without the consent of the Holders of all Certificates of
                                         that Class then outstanding,



 


		(iii)	change
                                         in any manner the obligations or rights of any Mortgage Loan Seller under the Pooling
                                         and Servicing Agreement or the related Mortgage Loan Purchase Agreement without the consent
                                         of the affected Mortgage Loan Seller,



 


		(iv)	change
                                         the definition of “Servicing Standard” without either (A) consent of 100%
                                         of the holders of the Certificates or (B) Rating Agency Confirmation,



 


		(v)	without
                                         the consent of 100% of the Certificateholders of the Class or Classes of Certificates
                                         adversely affected thereby, change (A) the percentages of Voting Rights of Certificateholders
                                         which are required to consent to any action or inaction under the Pooling and Servicing
                                         Agreement, (B) the right of the Certificateholders to remove the Special Servicer pursuant
                                         to the Pooling and Servicing Agreement or (C) the right of the Certificateholders to
                                         terminate the Operating Advisor pursuant to the Pooling and Servicing Agreement,



 


		(vi)	adversely
                                         affect the Controlling Class Representative without the consent of 100% of the Controlling
                                         Class Certificateholders,



 


		(vii)	adversely
                                         affect a Serviced Companion Loan Holder in its capacity as such without its consent,
                                         or



 






     A-27-7


     


    

 


		(viii)	change
                                         in any manner the obligations or rights of any Underwriter or Initial Purchaser without
                                         the consent of the affected Underwriter or Initial Purchaser.



 


The
Holders of the Controlling Class representing greater than 50% of the Certificate Balance of the Controlling Class may (or, if
such Holders do not, the Special Servicer, or if neither such Holders nor the Special Servicer do, the Master Servicer or, if
none of such Holders, the Special Servicer or the Master Servicer does, any Holders of Class R Certificates representing
greater than a 50% Percentage Interest in such Class, may also) effect an early termination of the Trust Fund, upon not less than
30 days’ prior notice given to the parties (or, if applicable, the other parties) to the Pooling and Servicing Agreement
(whereupon the Master Servicer shall notify the Serviced Companion Loan Holders) any time on or after the Early Termination Notice
Date specifying the Anticipated Termination Date, by purchasing on such date all, but not less than all, of the Mortgage Loans
(and in the case of the Serviced Loan Combinations, subject to certain rights of the related Serviced Companion Loan Holder provided
for in the related Co-Lender Agreement) then included in the Trust Fund, and all property acquired by or on behalf of the Trust
Fund (including the Trust Fund’s interest in any REO Property acquired with respect to any Outside Serviced Mortgage Loan)
in respect of any Mortgage Loan then included in the Trust Fund, at a purchase price, payable in cash, equal to (i) the sum
of (A) the Termination Purchase Amount and (B) the reasonable out-of-pocket expenses of the Master Servicer (unless
the Master Servicer is the purchaser of such Mortgage Loans), the Special Servicer (unless the Special Servicer is the purchaser
of such Mortgage Loans), the Trustee and the Certificate Administrator, as applicable, with respect to such termination, minus
(ii) solely in the case where the Master Servicer or the Special Servicer is effecting such purchase, the aggregate amount
of unreimbursed Advances, if any, made by the Master Servicer or Special Servicer, as applicable, together with any interest accrued
and payable to the Master Servicer or the Special Servicer, as applicable, in respect of such Advances and any unpaid Servicing
Fees or Special Servicing Fees, as applicable, remaining outstanding (which items will be deemed to have been paid or reimbursed
to the Master Servicer or the Special Servicer, as applicable, in connection with such purchase).


 


Any
Person(s) effecting an early termination of the Trust Fund as provided in the prior paragraph shall first notify the Controlling
Class Representative and each Certifying Certificateholder, or, in the case of a termination by the Holder of a Class R Certificate,
notify the Certificate Administrator (who shall notify the Controlling Class Representative and each Certifying Certificateholder)
of its intention to do so in writing at least 30 days prior to the Anticipated Termination Date. All costs and expenses incurred
by any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with the purchase of the Mortgage
Loans and other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement shall be borne
by the party exercising its purchase rights thereunder. The Certificate Administrator shall be entitled to rely conclusively on
any determination made by an Appraiser pursuant to Section 9.01(c) of the Pooling and Servicing Agreement.


 


The
respective obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Operating Advisor,
the Asset Representations Reviewer, the Certificate Administrator and the Trustee created by the Pooling and Servicing Agreement
with respect to the Certificates, the Mortgage Loans and the Serviced Companion Loans (other than the obligation to make certain
payments and to send certain notices to Certificateholders as set forth in the Pooling and Servicing Agreement and to make any
required remittances to the Serviced Companion Loan Holders in the month in which the final Distribution Date occurs and certain
tax-related obligations) shall terminate immediately following the earlier to occur of (i) the purchase by Holders of the
Controlling Class, the Special Servicer, the Master Servicer or Holders of the Class R Certificates of all the Mortgage Loans
and REO Properties (or interests therein) then included in the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing
Agreement, (ii) the exchange by the Remaining Certificateholder of its Certificates for all the Mortgage Loans and REO Properties
(or interests therein) then included in the Trust Fund pursuant to Section 9.01(h) of the Pooling and Servicing Agreement and
(iii) the final payment or other liquidation (or any advance with respect thereto) of the last Mortgage Loan or REO Property
(or interest therein) contained in the Trust Fund; provided, however, that in no event shall the trust created by
the Pooling and Servicing Agreement 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 of the
Pooling and Servicing Agreement. All such payments as contemplated by the preceding paragraph shall be deposited into the Collection
Account by the Master Servicer or Special Servicer, as applicable, promptly following receipt thereof.


 






     A-27-8


     


    

 


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 Pooling and Servicing
Agreement or be valid for any purpose.


 






     A-27-9


     


    

 








IN WITNESS WHEREOF,
the Certificate Administrator has caused this Class V-3AC Certificate to be duly executed.


 





	 	CITIBANK,
N.A., not in its individual capacity but solely as Certificate Administrator
	 	 	 
	 	By:	 
			Authorized Signatory


  


Dated: September 29, 2017


 


CERTIFICATE
OF AUTHENTICATION


 


This is one of the
Class V-3AC Certificates referred to in the Pooling and Servicing Agreement.


 


Dated: September 29, 2017


 





	 	CITIBANK,
N.A., not in its individual capacity but solely as Authenticating Agent
	 	 	 
	 	By:	 
			Authorized Signatory


  




     A-27-10


     


    

 


ASSIGNMENT


 


FOR VALUE RECEIVED,
the undersigned (“Assignor(s)”) hereby sell(s), assign(s) and transfer(s) unto  ___________________________
 (please print or typewrite name(s) and address(es), including postal zip code(s) of assignee(s))
(“Assignee(s)”) the entire Percentage Interest represented by the within Class V-3AC Certificate and hereby authorize(s)
the registration of transfer of such interest to Assignee(s) on the Certificate Register of the Trust Fund.


 


I (we) further direct
the Certificate Registrar to issue a new Class V-3AC Certificate of the entire Percentage Interest represented by the within Class
V-3AC Certificates to the above-named Assignee(s) and to deliver such Class V-3AC Certificate to the following address:


 


Date: _________________


	 	 	 
		 	Signature by or on behalf of Assignor(s)
	 	 	 
	 	 	Taxpayer Identification Number





 




     A-27-11


     


    

 


DISTRIBUTION INSTRUCTIONS


 


The Assignee(s) should include
the following for purposes of distribution:


 


Address of the Assignee(s)
for the purpose of receiving notices and distributions: __________________________________ Distributions, if being made by wire
transfer in immediately available funds to __________________________ for the account of __________________________ account number
____________________________. This information is provided by ______________________________, the Assignee(s) named above or ____________________________________
as its (their) agent.


	 	 	 
	 	By:	 
	 	 	[Please print or type name(s)]
	 	 	 
	 	 	Title
	 	 	 
	 	 	Taxpayer Identification Number


 










     A-27-12


     


    

 



 


EXHIBIT
A-28


 


CITIGROUP
COMMERCIAL MORTGAGE TRUST 2017-P8

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2017-P8, Class V-3D


 


[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.]1


 


[TRANSFERS OF THIS GLOBAL CERTIFICATE SHALL
BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE,
AND TRANSFERS OF BENEFICIAL INTERESTS IN THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS
SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.]2


 


THIS CERTIFICATE DOES NOT REPRESENT AN
INTEREST IN OR OBLIGATION OF THE DEPOSITOR, THE SPONSORS, THE ORIGINATORS, THE MASTER SERVICER, THE SPECIAL SERVICER, THE TRUSTEE,
THE CERTIFICATE ADMINISTRATOR, THE OPERATING ADVISOR, the Asset representations reviewer,
THE CONTROLLING CLASS REPRESENTATIVE, THE RISK RETENTION CONSULTATION PARTY, ANY COMPANION LOAN HOLDER, THE UNDERWRITERS OR ANY
OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES NOR THE MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY
OR INSTRUMENTALITY OR PRIVATE INSURER.


 


PRINCIPAL PAYMENTS IN RESPECT OF THIS CERTIFICATE
ARE DISTRIBUTABLE AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT. ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE OF THIS
CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.


 


THIS CERTIFICATE HAS
NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE 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 (A)(1) PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”)
TO A PERSON THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING OF RULE 144A
(A “QIB”), OR IS PURCHASING FOR THE ACCOUNT OF A QIB, AND WHOM THE HOLDER HAS INFORMED THAT THE REOFFER, RESALE, PLEDGE,
OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (2) IN AN “OFFSHORE TRANSACTION” TO AN INSTITUTION THAT IS
NOT A “U.S. PERSON”, AS SUCH TERMS ARE DEFINED IN, AND IN ACCORDANCE WITH RULE 903 OR RULE 904 OF, REGULATION S UNDER
THE SECURITIES ACT, OR (3) TO AN INSTITUTIONAL “ACCREDITED INVESTOR” WITHIN THE MEANING OF, OR IN WHICH ALL THE EQUITY
OWNERS COME WITHIN THE MEANING OF, RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT THAT IS NOT A QIB,
AND (B) IN EACH CASE IN ACCORDANCE WITH FEDERAL SECURITIES LAWS AND ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES
OR ANY OTHER APPLICABLE JURISDICTION.


 





 



 


		1	Legend required as long as DTC is the Depository under
the Pooling and Servicing Agreement.



 


		2	Global Certificate legend.





 






    A-28-1


     


    

 


THIS CERTIFICATE MAY
NOT BE PURCHASED BY OR PLEDGED, SOLD OR OTHERWISE TRANSFERRED TO ANY PERSON THAT IS OR BECOMES (I) AN EMPLOYEE BENEFIT PLAN OR
OTHER PLAN THAT IS SUBJECT TO THE FIDUCIARY RESPONSIBILITY OR PROHIBITED TRANSACTION PROVISIONS OF THE EMPLOYEE RETIREMENT INCOME
SECURITY ACT OF 1974, AS AMENDED (“ERISA”), OR TO 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 THAT IS SUBJECT TO ANY FEDERAL,
STATE OR LOCAL LAW (“SIMILAR LAW”) THAT IS, TO A MATERIAL EXTENT, SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE
CODE (EACH, A “PLAN”), OR (II) AN ENTITY OR COLLECTIVE INVESTMENT FUND THE ASSETS OF WHICH ARE CONSIDERED PLAN ASSETS
UNDER U.S. DEPARTMENT OF LABOR REG. SECTION 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA, OR SIMILAR LAW OR OTHER PERSON ACTING
ON BEHALF OF ANY SUCH PLAN OR USING THE ASSETS OF SUCH PLAN TO ACQUIRE THIS CERTIFICATE, UNLESS (A)(I) THIS CERTIFICATE IS ACQUIRED
BY SUCH PERSON THROUGH CITIGROUP GLOBAL MARKETS INC. OR BARCLAYS CAPITAL INC., (II) SUCH PERSON IS AN “INSURANCE COMPANY
GENERAL ACCOUNT” WITHIN THE MEANING OF PROHIBITED TRANSACTION CLASS EXEMPTION 95-60, AND (III) ALL CONDITIONS OF SECTIONS
I AND III OF PROHIBITED TRANSACTION CLASS EXEMPTION 95-60 WILL BE MET WITH RESPECT TO SUCH INSURANCE COMPANY GENERAL ACCOUNT’S
ACQUISITION, HOLDING AND DISPOSITION OF THIS CERTIFICATE, OR (B) WITH RESPECT TO THE ACQUISITION, HOLDING OR DISPOSITION OF THIS
CERTIFICATE BY ANY GOVERNMENTAL PLAN OR OTHER PLAN SUBJECT TO SIMILAR LAW, SUCH ACQUISITION, HOLDING AND DISPOSITION BY SUCH GOVERNMENTAL
PLAN WILL NOT CONSTITUTE OR OTHERWISE RESULT IN A NON-EXEMPT VIOLATION OF SIMILAR LAW.


 


THIS CERTIFICATE REPRESENTS
AN UNDIVIDED BENEFICIAL INTEREST IN CERTAIN ASSETS OF A GRANTOR TRUST CONSISTING PRIMARILY OF (I) 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, AND DISTRIBUTIONS THEREON, AND (II) ANY EXCESS INTEREST COLLECTED ON THE
ARD MORTGAGE LOANS AND AMOUNTS HELD FROM TIME TO TIME IN THE EXCESS INTEREST DISTRIBUTION ACCOUNT.


 


THIS
CERTIFICATE IS INTENDED TO CONSTITUTE PART OF AN “ELIGIBLE VERTICAL INTEREST” (AS DEFINED IN REGULATION RR PROMULGATED
UNDER SECTION 15G OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED), AND AS SUCH IS SUBJECT TO VARIOUS PROHIBITIONS ON HEDGING,
TRANSFER AND FINANCING SET FORTH IN REGULATION RR. 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 POOLING AND SERVICING AGREEMENT.


 


IN
NO EVENT SHALL CERTIFICATES REPRESENTING A PERCENTAGE INTEREST IN ANY CLASS OF CLASS V-3 CERTIFICATES BE TRANSFERRED TO ANY PERSON
(AND THE CERTIFICATE REGISTRAR SHALL REFUSE TO REGISTER ANY SUCH TRANSFER) UNLESS CERTIFICATES REPRESENTING THE EXACT SAME PERCENTAGE
INTEREST IN EACH AND EVERY OTHER OUTSTANDING CLASS OF CLASS V-3 CERTIFICATES ARE SIMULTANEOUSLY TRANSFERRED TO THE SAME PERSON.
ANY HOLDER OF CLASS V-3 CERTIFICATES SHALL AT ALL TIMES HOLD THE SAME PERCENTAGE INTEREST IN EACH AND EVERY OUTSTANDING CLASS THEREOF.


 


SUBJECT
TO THE CONDITIONS SET FORTH IN THE POOLING AND SERVICING AGREEMENT, THIS CERTIFICATE, TOGETHER WITH CERTAIN OTHER EXCHANGEABLE
CERTIFICATES SET FORTH IN THE POOLING AND SERVICING AGREEMENT, MAY BE EXCHANGED FOR THE CLASS V-1 CERTIFICATES, PURSUANT TO THE
PROCEDURES SET FORTH IN THE POOLING AND SERVICING AGREEMENT.


 



    A-28-2


     


    




 


CITIGROUP
COMMERCIAL MORTGAGE TRUST 2017-P8

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2017-P8, Class V-3D


 


	Pass-Through Rate:  N/A. The Class V-3D Certificates will not have a Pass-Through Rate, but will be entitled to receive interest on any Distribution Date up to an amount equal to the product of (a) the Class V-3 Percentage, multiplied by (b) the VRR Allocation Percentage, multiplied by (c) the aggregate amount of interest distributed to the Class D and Class X-D Certificates on such Distribution Date.	 	 
	 	 	 
	First Distribution Date: October 17, 2017	 	Cut-Off Date:  With respect to each Mortgage Loan, the Due Date in September 2017 for that Mortgage Loan (or, in the case of any Mortgage Loan that has its first Due Date subsequent to September 2017, the date that would have been its Due Date in September 2017 under the terms of that Mortgage Loan if a Monthly Payment were scheduled to be due in that month).
	 	 	 
	Aggregate Initial Certificate Balance of the Class V-3D Certificates: $2,513,947.  The Aggregate Initial Certificate Balance of the Class V-3D Certificates represents the maximum aggregate Certificate Balance of the Class V-3D Certificates that could be issued in an exchange pursuant to Section 5.13 of the Pooling and Servicing Agreement on the Closing Date.	 	Scheduled Final Distribution Date: the Distribution Date in September 2027
	 	 	 


 


	
        CUSIP:  17326D
BV33

U1852D AS44

17326D BW15



         

         
	 	Initial Certificate Balance of this Certificate: $[_____]
	
        ISIN:      US17326DBV386

        USU1852DAS467

        US17326DBW118

        
	 	 
	 	 	 
	No.:  [1]	 	 





 





 



 


3
For Rule 144A Certificates


 


4
For Regulation S Certificates


 


5
For IAI Certificates


 


6
For Rule 144A Certificates


 


7
For Regulation S Certificates


 


8
For IAI Certificates


 






    A-28-3


     


    

 


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 V-3D Certificates. The Trust Fund, described
more fully below, consists primarily of a pool of Mortgage Loans secured by first liens on commercial, multifamily and manufactured
housing community properties and held in trust by the Trustee and, other than in the case of the Outside Serviced Mortgage Loans,
serviced by the Master Servicer and the Special Servicer. The Trust Fund was created, and the Mortgage Loans (other than the Outside
Serviced Mortgage Loans) are to be serviced, pursuant to the Pooling 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 Pooling and Servicing
Agreement and is bound thereby. In the event that there is any conflict between any provision of this Certificate and any provision
of the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to the extent of such inconsistency.
Also issued under the Pooling and Servicing Agreement are the Class A-1, Class A-2, Class A-3, Class A-4, Class A-AB,
Class X-A, Class X-B, Class A-S, Class B, Class C, Class X-D, Class X-E, Class X-F, Class X-G, Class D, Class E,
Class F, Class G, Class R, Class S, Class V-1, Class V-2A, Class V-2B, Class V-2C, Class V-2D, Class V-2E, Class V-3AC and
Class V-3E Certificates (together with the Class V-3D Certificates, the “Certificates”; the Holders of Certificates
are collectively referred to herein as “Certificateholders”).


 


This Certificate is
issued pursuant to, and in accordance with, the terms of a Pooling and Servicing Agreement dated as of September 1, 2017 (the “Pooling
and Servicing Agreement”), between Citigroup Commercial Mortgage Securities Inc., as Depositor, Wells Fargo Bank, National
Association, as Master Servicer, KeyBank National Association, as Special Servicer, Pentalpha Surveillance LLC, as Operating Advisor
and Asset Representations Reviewer, Citibank, N.A., as Certificate Administrator, and Wilmington Trust, National Association, as
Trustee. To the extent not defined herein, capitalized terms used herein shall have the meanings assigned thereto in the Pooling
and Servicing Agreement.


 





This Certificate represents
an undivided beneficial interest in certain assets of a grantor trust consisting primarily of (i) 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, and distributions thereon, and (ii) any Excess Interest collected on the
ARD Mortgage Loans and amounts held from time to time in the Excess Interest Distribution Account.


 


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 Mortgage Loans and has executed this Certificate in its limited capacity as Certificate Administrator under the Pooling
and Servicing Agreement.


 


Pursuant to the terms
of the Pooling and Servicing Agreement, the Certificate Administrator will distribute (other than the final distribution on any
Certificate), on the 4th Business Day following the Determination Date in each month, commencing in October 2017 (each such date,
a “Distribution Date”), to the Person in whose name this Certificate is registered as of the related Record
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, with respect to the Class V-3D Certificates
for such Distribution Date, all as more fully described in the Pooling and Servicing Agreement. Holders of this Certificate may
be entitled to a share of Yield Maintenance Charges, as provided in the Pooling and Servicing Agreement.


 


All distributions
(other than the final distribution on any Certificate) will be made by the Certificate Administrator to the persons in whose names
the Certificates are registered at the close of business on each Record Date, which will be the last Business Day of the month
preceding the month in which such Distribution Date occurs. Distributions are required to be made by wire transfer of immediately
available funds to the account of such Certificateholder at a bank or other entity located in the United States and having appropriate
facilities to accept such funds, if such Certificateholder has provided the Certificate Administrator with written wiring instructions
no less than five (5) Business Days prior to the related Record Date (which wiring instructions may be in the form of a standing
order applicable to all subsequent distributions), or otherwise by check mailed to such Certificateholder. The final distribution
on each Certificate shall be made in like manner, but only upon presentation 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 a notice to Certificateholders of the pendency of the final distribution.


 






    A-28-4


     


    

 


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 Section 9.01 of the Pooling 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 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. Subject to applicable state law with respect to escheatment of funds, if within two years after the second notice
any Certificates shall not have been surrendered for cancellation, the Paying Agent shall pay to the Class R Certificateholders
all amounts distributable to the Holders thereof. 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 Section 9.01 of the Pooling and Servicing Agreement.


 


This Certificate is
limited in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage Loans, as more
specifically set forth herein and in the Pooling and Servicing Agreement.


 


As provided in the
Pooling and Servicing Agreement, the Trust Fund includes: (i) such Mortgage Loans as from time to time are subject to the Pooling
and Servicing Agreement, together with the Mortgage Files relating thereto; (ii) all scheduled or unscheduled payments on or collections
in respect of the Mortgage Loans due after the Cut-Off Date or, with respect to a Qualified Substitute Mortgage Loan, the Due Date
in the month of substitution (exclusive of interest relating to periods prior to, but due after, the Cut-Off Date); (iii) any REO
Property (but, with respect to any REO Property relating to a Loan Combination, only to the extent of the Trust’s interest
in the related Loan Combination); (iv) all revenues received in respect of any REO Property (but, with respect to any REO Property
relating to a Loan Combination, only to the extent of the Trust’s interest in the related Loan Combination); (v) the Master
Servicer’s and the Trustee’s rights under the insurance policies with respect to the Mortgage Loans required to be
maintained pursuant to the Pooling and Servicing Agreement and any proceeds thereof; (vi) the Trustee’s rights in any Assignments
of Leases, Rents and Profits and any security agreements; (vii) the Trustee’s rights under any indemnities or guaranties
given as additional security for any Mortgage Loan; (viii) all of the Trustee’s and the Certificate Administrator’s
rights in the Escrow Accounts and Lock-Box Accounts and all proceeds of the Mortgage Loans deposited in the Collection Account,
the Distribution Account, the Excess Interest Distribution Account, the Interest Reserve Account, the Excess Liquidation Proceeds
Reserve Account and any REO Account, including any reinvestment income thereon; (ix) the Trustee’s rights in any environmental
indemnity agreements relating to the Mortgaged Properties; (x) the Depositor’s rights under the Mortgage Loan Purchase Agreements
and the SMC Guaranty to the extent assigned to the Trustee pursuant to Section 2.01 of the Pooling and Servicing Agreement; (xi)
the Lower-Tier Regular Interests; and (xii) the Loss of Value Reserve Fund.


 


This Certificate does
not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling 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 and Trustee.


 


As provided in the
Pooling and Servicing Agreement, subject to certain restrictions on transfer set forth therein, upon surrender for registration
of transfer of any Certificate, the Certificate Administrator shall execute, authenticate and deliver, in the name of the designated
transferee or transferees, one or more new Certificates in authorized denominations, in like aggregate interest and of the same
Class.


 


In no event shall
Certificates representing a Percentage Interest in any Class of Class V-3 Certificates be transferred to any Person (and the Certificate
Registrar shall refuse to register any such transfer) unless Certificates representing the exact same Percentage Interest in each
and every other outstanding Class of Class V-3 Certificates are simultaneously transferred to the same Person. Any Holder of Class
V-3 Certificates shall at all times hold the same Percentage Interest in each and every outstanding Class thereof.


 


Prior to due presentation
of this Certificate for registration of transfer, the Master Servicer, the Special Servicer, the Operating Advisor, the Trustee,
the Certificate Administrator, the Certificate Registrar, and any agent of any of


 






    A-28-5


     


    

 


them, may treat the Person in whose name any
Certificate is registered as the owner of such Certificate for the purpose of receiving distributions as provided in the Pooling
and Servicing Agreement and for all other purposes whatsoever, and neither the Master Servicer, the Special Servicer, the Operating
Advisor, the Trustee, the Certificate Administrator, the Certificate Registrar, nor any agent of any of them shall be affected
by any notice to the contrary.


 


The Pooling and Servicing
Agreement or any Custodial Agreement may be amended from time to time by the Depositor, the Master Servicer, the Special Servicer,
the Operating Advisor, the Asset Representations Reviewer, the Custodian (if the Certificate Administrator is then acting as Custodian),
the Certificate Administrator and the Trustee, without the consent of any of the Certificateholders or, as applicable, any Companion
Loan Holder:


 


		(i)	to cure any ambiguity to the extent that it does not adversely affect any holders of Certificates;



 


		(ii)	to correct or supplement any of its provisions which may be inconsistent with any other provisions
of the Pooling and Servicing Agreement or with the description thereof in the Prospectus or to correct any error;



 


		(iii)	to change the timing and/or nature of deposits in the Collection Account, the Excess Liquidation
Proceeds Reserve Account, the Excess Interest Distribution Account, the Distribution Account or any REO Account, provided that
(A) the Master Servicer Remittance Date shall in no event be later than the Business Day prior to the related Distribution
Date and (B) the change would not adversely affect in any material respect the interests of any Certificateholder, as evidenced
by an opinion of counsel (at the expense of the party requesting the amendment);



 


		(iv)	to modify, eliminate or add to any of its provisions (A) to the extent necessary to maintain the
qualification of either Trust REMIC as a REMIC or the Grantor Trust as a grantor trust or to avoid or minimize the risk of imposition
of any tax on the Trust Fund, provided that the Trustee and the Certificate Administrator have received an opinion of counsel (at
the expense of the party requesting the amendment) to the effect that (1) the action is necessary or desirable to maintain
such qualification or to avoid or minimize such risk and (2) the action will not adversely affect in any material respect the interests
of any holder of the Certificates, (B) to restrict (or to remove any existing restrictions with respect to) the transfer
of the Class R Certificates, provided that the Depositor has determined that the amendment will not give rise to any tax with respect
to the transfer of the Class R Certificates to a non-Permitted Transferee, (C) to the extent necessary to comply with the
Investment Company Act of 1940, as amended, the Exchange Act, Regulation AB, Regulation RR and/or any related regulatory actions
and/or interpretations or (D) in the event that Regulation RR (or any portion thereof) or any other regulations applicable to the
risk retention requirements for this securitization transaction are amended or repealed, to the extent required to comply with
any such amendment or to modify or eliminate any risk retention requirements no longer applicable to this securitization transaction
in light of such repeal;



 


		(v)	to make any other provisions with respect to matters or questions arising under the Pooling and
Servicing Agreement or any other change, provided that the amendment will not adversely affect in any material respect the
interests of any Certificateholder, as evidenced by an opinion of counsel;



 


		(vi)	to modify the procedures in the Pooling and Servicing Agreement relating to Rule 17g-5; provided
that such modification does not increase the obligations of the Trustee, the Certificate Administrator, the Operating Advisor,
the Asset Representations Reviewer, the Master Servicer or the Special Servicer without such party’s consent (which consent
may not be withheld unless such modification would materially adversely affect such party or materially increase such party’s
obligations under the Pooling and Servicing Agreement); provided, further that notice of such modification is provided
to all parties to the Pooling and Servicing Agreement; and



 






    A-28-6


     


    

 


		(vii)	to amend or supplement any provision of the Pooling and Servicing Agreement to the extent necessary
to maintain the ratings assigned to each Class of Certificates by any of the Rating Agencies, provided that the amendment will
not adversely affect in any material respect the interests of any Certificateholder;



 


provided, further
that no amendment pursuant to any of clauses (i)-(vii) above may be made that would: (A) reduce the consent or consultation
rights or the right to receive information under the Pooling and Servicing Agreement of the Controlling Class Representative without
the consent of the Controlling Class Representative; (B) reduce the consultation rights or the right to receive information under
the Pooling and Servicing Agreement of the Operating Advisor without the consent of the Operating Advisor; (C) change in any manner
the obligations or rights of any Mortgage Loan Seller under the Pooling and Servicing Agreement or the applicable Mortgage Loan
Purchase Agreement without the consent of the affected Mortgage Loan Seller; (D) change in any manner the obligations or rights
of any Underwriter or Initial Purchaser, without the consent of the affected Underwriter or Initial Purchaser; or (E) adversely
affect any Serviced Companion Loan Holder in its capacity as such without its consent. Expenses incurred with respect to any amendment
shall be borne by the party requesting such amendment, unless the Master Servicer, the Special Servicer or the Trustee is requesting
an amendment for the benefit of the Certificateholders, then in which case such expense will be borne by the Trust.


 


The Pooling and Servicing
Agreement or any Custodial Agreement may also be amended from time to time by a writing signed by each of the Depositor, the Master
Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Custodian (if the Certificate Administrator
is then acting as Custodian), the Certificate Administrator and the Trustee with the consent of the Holders of Certificates representing
not less than 66-2/3% of the Percentage Interests of each Class of Certificates affected by the amendment for the purpose of adding
any provisions to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or of modifying
in any manner the rights of the Certificateholders; provided, however, that no such amendment shall:


 


		(i)	reduce in any manner the amount of, or delay the timing of, payments received on the Serviced Loans
which are required to be distributed on a Certificate of any Class or to any Serviced Companion Loan Holder, as applicable, without
the consent of the Holder of that Certificate or that Serviced Companion Loan Holder, as applicable,



 


		(ii)	reduce the aforesaid percentage of Certificates of any Class the Holders of which are required
to consent to the amendment without the consent of the Holders of all Certificates of that Class then outstanding,



 


		(iii)	change in any manner the obligations or rights of any Mortgage Loan Seller under the Pooling and
Servicing Agreement or the related Mortgage Loan Purchase Agreement without the consent of the affected Mortgage Loan Seller,



 


		(iv)	change the definition of “Servicing Standard” without either (A) consent of 100% of
the holders of the Certificates or (B) Rating Agency Confirmation,



 


		(v)	without the consent of 100% of the Certificateholders of the Class or Classes of Certificates adversely
affected thereby, change (A) the percentages of Voting Rights of Certificateholders which are required to consent to any action
or inaction under the Pooling and Servicing Agreement, (B) the right of the Certificateholders to remove the Special Servicer pursuant
to the Pooling and Servicing Agreement or (C) the right of the Certificateholders to terminate the Operating Advisor pursuant to
the Pooling and Servicing Agreement,



 


		(vi)	adversely affect the Controlling Class Representative without the consent of 100% of the Controlling
Class Certificateholders,



 


		(vii)	adversely affect a Serviced Companion Loan Holder in its capacity as such without its consent,
or



 






    A-28-7


     


    

 


		(viii)	change in any manner the obligations or rights of any Underwriter or Initial Purchaser without
the consent of the affected Underwriter or Initial Purchaser.



 


The Holders of the
Controlling Class representing greater than 50% of the Certificate Balance of the Controlling Class may (or, if such Holders do
not, the Special Servicer, or if neither such Holders nor the Special Servicer do, the Master Servicer or, if none of such Holders,
the Special Servicer or the Master Servicer does, any Holders of Class R Certificates representing greater than a 50% Percentage
Interest in such Class, may also) effect an early termination of the Trust Fund, upon not less than 30 days’ prior notice
given to the parties (or, if applicable, the other parties) to the Pooling and Servicing Agreement (whereupon the Master Servicer
shall notify the Serviced Companion Loan Holders) any time on or after the Early Termination Notice Date specifying the Anticipated
Termination Date, by purchasing on such date all, but not less than all, of the Mortgage Loans (and in the case of the Serviced
Loan Combinations, subject to certain rights of the related Serviced Companion Loan Holder provided for in the related Co-Lender
Agreement) then included in the Trust Fund, and all property acquired by or on behalf of the Trust Fund (including the Trust Fund’s
interest in any REO Property acquired with respect to any Outside Serviced Mortgage Loan) in respect of any Mortgage Loan then
included in the Trust Fund, at a purchase price, payable in cash, equal to (i) the sum of (A) the Termination Purchase
Amount and (B) the reasonable out-of-pocket expenses of the Master Servicer (unless the Master Servicer is the purchaser of
such Mortgage Loans), the Special Servicer (unless the Special Servicer is the purchaser of such Mortgage Loans), the Trustee and
the Certificate Administrator, as applicable, with respect to such termination, minus (ii) solely in the case where the Master
Servicer or the Special Servicer is effecting such purchase, the aggregate amount of unreimbursed Advances, if any, made by the
Master Servicer or Special Servicer, as applicable, together with any interest accrued and payable to the Master Servicer or the
Special Servicer, as applicable, in respect of such Advances and any unpaid Servicing Fees or Special Servicing Fees, as applicable,
remaining outstanding (which items will be deemed to have been paid or reimbursed to the Master Servicer or the Special Servicer,
as applicable, in connection with such purchase).


 


Any Person(s) effecting
an early termination of the Trust Fund as provided in the prior paragraph shall first notify the Controlling Class Representative
and each Certifying Certificateholder, or, in the case of a termination by the Holder of a Class R Certificate, notify the
Certificate Administrator (who shall notify the Controlling Class Representative and each Certifying Certificateholder) of its
intention to do so in writing at least 30 days prior to the Anticipated Termination Date. All costs and expenses incurred by any
and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with the purchase of the Mortgage Loans
and other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement shall be borne by the
party exercising its purchase rights thereunder. The Certificate Administrator shall be entitled to rely conclusively on any determination
made by an Appraiser pursuant to Section 9.01(c) of the Pooling and Servicing Agreement.


 


The respective obligations
and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Operating Advisor, the Asset Representations
Reviewer, the Certificate Administrator and the Trustee created by the Pooling and Servicing Agreement with respect to the Certificates,
the Mortgage Loans and the Serviced Companion Loans (other than the obligation to make certain payments and to send certain notices
to Certificateholders as set forth in the Pooling and Servicing Agreement and to make any required remittances to the Serviced
Companion Loan Holders in the month in which the final Distribution Date occurs and certain tax-related obligations) shall terminate
immediately following the earlier to occur of (i) the purchase by Holders of the Controlling Class, the Special Servicer,
the Master Servicer or Holders of the Class R Certificates of all the Mortgage Loans and REO Properties (or interests therein)
then included in the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement, (ii) the exchange by the
Remaining Certificateholder of its Certificates for all the Mortgage Loans and REO Properties (or interests therein) then included
in the Trust Fund pursuant to Section 9.01(h) of the Pooling and Servicing Agreement and (iii) the final payment or other
liquidation (or any advance with respect thereto) of the last Mortgage Loan or REO Property (or interest therein) contained in
the Trust Fund; provided, however, that in no event shall the trust created by the Pooling and Servicing Agreement
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 of the Pooling and Servicing Agreement. All
such payments as contemplated by the preceding paragraph shall be deposited into the Collection Account by the Master Servicer
or Special Servicer, as applicable, promptly following receipt thereof.


 






    A-28-8


     


    

 


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 Pooling and Servicing Agreement or
be valid for any purpose.


 






    A-28-9


     


    

 





IN WITNESS WHEREOF,
the Certificate Administrator has caused this Class V-3D Certificate to be duly executed.


 





	 	CITIBANK,
N.A., not in its individual capacity but solely as Certificate Administrator
	 	 	 
	 	By:	 
			Authorized Signatory


  


Dated: September 29, 2017


 


CERTIFICATE
OF AUTHENTICATION


 


This is a one of Class
V-3D Certificate referred to in the Pooling and Servicing Agreement.


 


Dated: September 29, 2017


 





	 	CITIBANK,
N.A., not in its individual capacity but solely as Authenticating Agent
	 	 	 
	 	By:	 
			Authorized Signatory


  




    A-28-10


     


    

 


ASSIGNMENT


 


FOR VALUE RECEIVED,
the undersigned (“Assignor(s)”) hereby sell(s), assign(s) and transfer(s) unto  ___________________________
 (please print or typewrite name(s) and address(es), including postal zip code(s) of assignee(s))
(“Assignee(s)”) the entire Percentage Interest represented by the within Class V-3D Certificate and hereby authorize(s)
the registration of transfer of such interest to Assignee(s) on the Certificate Register of the Trust Fund.


 


I (we) further direct
the Certificate Registrar to issue a new Class V-3D Certificate of the entire Percentage Interest represented by the within Class
V-3D Certificates to the above-named Assignee(s) and to deliver such Class V-3D Certificate to the following address:


 


Date: _________________


	 	 	 
		 	Signature by or on behalf of Assignor(s)
	 	 	 
	 	 	Taxpayer Identification Number





 




    A-28-11


     


    

 


DISTRIBUTION INSTRUCTIONS


 


The Assignee(s) should include
the following for purposes of distribution:


 


Address of the Assignee(s)
for the purpose of receiving notices and distributions: __________________________________ Distributions, if being made by wire
transfer in immediately available funds to __________________________ for the account of __________________________ account number
____________________________. This information is provided by ______________________________, the Assignee(s) named above or ____________________________________
as its (their) agent.


	 	 	 
	 	By:	 
	 	 	[Please print or type name(s)]
	 	 	 
	 	 	Title
	 	 	 
	 	 	Taxpayer Identification Number


 










    A-28-12


     


    

 


EXHIBIT
A-29


 


CITIGROUP
COMMERCIAL MORTGAGE TRUST 2017-P8

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2017-P8, Class V-3E


 


[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.]1


 


[TRANSFERS OF THIS GLOBAL CERTIFICATE SHALL
BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE,
AND TRANSFERS OF BENEFICIAL INTERESTS IN THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS
SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.]2


 


THIS CERTIFICATE DOES NOT REPRESENT AN
INTEREST IN OR OBLIGATION OF THE DEPOSITOR, THE SPONSORS, THE ORIGINATORS, THE MASTER SERVICER, THE SPECIAL SERVICER, THE TRUSTEE,
THE CERTIFICATE ADMINISTRATOR, THE OPERATING ADVISOR, the Asset representations reviewer,
THE CONTROLLING CLASS REPRESENTATIVE, THE RISK RETENTION CONSULTATION PARTY, ANY COMPANION LOAN HOLDER, THE UNDERWRITERS OR ANY
OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES NOR THE MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY
OR INSTRUMENTALITY OR PRIVATE INSURER.


 


PRINCIPAL PAYMENTS IN RESPECT OF THIS CERTIFICATE
ARE DISTRIBUTABLE AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT. ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE OF THIS
CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.


 


THIS CERTIFICATE HAS
NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE 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 (A)(1) PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”)
TO A PERSON THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING OF RULE 144A
(A “QIB”), OR IS PURCHASING FOR THE ACCOUNT OF A QIB, AND WHOM THE HOLDER HAS INFORMED THAT THE REOFFER, RESALE, PLEDGE,
OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (2) IN AN “OFFSHORE TRANSACTION” TO AN INSTITUTION THAT IS
NOT A “U.S. PERSON”, AS SUCH TERMS ARE DEFINED IN, AND IN ACCORDANCE WITH RULE 903 OR RULE 904 OF, REGULATION S UNDER
THE SECURITIES ACT, OR (3) TO AN INSTITUTIONAL “ACCREDITED INVESTOR” WITHIN THE MEANING OF, OR IN WHICH ALL THE EQUITY
OWNERS COME WITHIN THE MEANING OF, RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT THAT IS NOT A QIB,
AND (B) IN EACH CASE IN ACCORDANCE WITH FEDERAL SECURITIES LAWS AND ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES
OR ANY OTHER APPLICABLE JURISDICTION.


 





 



 


1
       Legend required as long as DTC is the Depository under the Pooling and Servicing Agreement.


 


2
       Global Certificate legend.




 






    A-29-1


     


    

 


THIS CERTIFICATE MAY
NOT BE PURCHASED BY OR PLEDGED, SOLD OR OTHERWISE TRANSFERRED TO ANY PERSON THAT IS OR BECOMES (I) AN EMPLOYEE BENEFIT PLAN OR
OTHER PLAN THAT IS SUBJECT TO THE FIDUCIARY RESPONSIBILITY OR PROHIBITED TRANSACTION PROVISIONS OF THE EMPLOYEE RETIREMENT INCOME
SECURITY ACT OF 1974, AS AMENDED (“ERISA”), OR TO 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 THAT IS SUBJECT TO ANY FEDERAL,
STATE OR LOCAL LAW (“SIMILAR LAW”) THAT IS, TO A MATERIAL EXTENT, SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE
CODE (EACH, A “PLAN”), OR (II) AN ENTITY OR COLLECTIVE INVESTMENT FUND THE ASSETS OF WHICH ARE CONSIDERED PLAN ASSETS
UNDER U.S. DEPARTMENT OF LABOR REG. SECTION 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA, OR SIMILAR LAW OR OTHER PERSON ACTING
ON BEHALF OF ANY SUCH PLAN OR USING THE ASSETS OF SUCH PLAN TO ACQUIRE THIS CERTIFICATE, UNLESS (A)(I) THIS CERTIFICATE IS ACQUIRED
BY SUCH PERSON THROUGH CITIGROUP GLOBAL MARKETS INC. OR BARCLAYS CAPITAL INC., (II) SUCH PERSON IS AN “INSURANCE COMPANY
GENERAL ACCOUNT” WITHIN THE MEANING OF PROHIBITED TRANSACTION CLASS EXEMPTION 95-60, AND (III) ALL CONDITIONS OF SECTIONS
I AND III OF PROHIBITED TRANSACTION CLASS EXEMPTION 95-60 WILL BE MET WITH RESPECT TO SUCH INSURANCE COMPANY GENERAL ACCOUNT’S
ACQUISITION, HOLDING AND DISPOSITION OF THIS CERTIFICATE, OR (B) WITH RESPECT TO THE ACQUISITION, HOLDING OR DISPOSITION OF THIS
CERTIFICATE BY ANY GOVERNMENTAL PLAN OR OTHER PLAN SUBJECT TO SIMILAR LAW, SUCH ACQUISITION, HOLDING AND DISPOSITION BY SUCH GOVERNMENTAL
PLAN WILL NOT CONSTITUTE OR OTHERWISE RESULT IN A NON-EXEMPT VIOLATION OF SIMILAR LAW.


 


THIS CERTIFICATE REPRESENTS
AN UNDIVIDED BENEFICIAL INTEREST IN CERTAIN ASSETS OF A GRANTOR TRUST CONSISTING PRIMARILY OF (I) 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, AND DISTRIBUTIONS THEREON, AND (II) ANY EXCESS INTEREST COLLECTED ON THE
ARD MORTGAGE LOANS AND AMOUNTS HELD FROM TIME TO TIME IN THE EXCESS INTEREST DISTRIBUTION ACCOUNT.


 


THIS
CERTIFICATE IS INTENDED TO CONSTITUTE PART OF AN “ELIGIBLE VERTICAL INTEREST” (AS DEFINED IN REGULATION RR PROMULGATED
UNDER SECTION 15G OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED), AND AS SUCH IS SUBJECT TO VARIOUS PROHIBITIONS ON HEDGING,
TRANSFER AND FINANCING SET FORTH IN REGULATION RR. 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 POOLING AND SERVICING AGREEMENT.


 


IN
NO EVENT SHALL CERTIFICATES REPRESENTING A PERCENTAGE INTEREST IN ANY CLASS OF CLASS V-3 CERTIFICATES BE TRANSFERRED TO ANY PERSON
(AND THE CERTIFICATE REGISTRAR SHALL REFUSE TO REGISTER ANY SUCH TRANSFER) UNLESS CERTIFICATES REPRESENTING THE EXACT SAME PERCENTAGE
INTEREST IN EACH AND EVERY OTHER OUTSTANDING CLASS OF CLASS V-3 CERTIFICATES ARE SIMULTANEOUSLY TRANSFERRED TO THE SAME PERSON.
ANY HOLDER OF CLASS V-3 CERTIFICATES SHALL AT ALL TIMES HOLD THE SAME PERCENTAGE INTEREST IN EACH AND EVERY OUTSTANDING CLASS THEREOF.


 


SUBJECT
TO THE CONDITIONS SET FORTH IN THE POOLING AND SERVICING AGREEMENT, THIS CERTIFICATE, TOGETHER WITH CERTAIN OTHER EXCHANGEABLE
CERTIFICATES SET FORTH IN THE POOLING AND SERVICING AGREEMENT, MAY BE EXCHANGED FOR THE CLASS V-1 CERTIFICATES, PURSUANT TO THE
PROCEDURES SET FORTH IN THE POOLING AND SERVICING AGREEMENT.


 



    A-29-2


     


    




 


CITIGROUP
COMMERCIAL MORTGAGE TRUST 2017-P8

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2017-P8, Class V-3E


 


	Pass-Through Rate:  N/A. The Class V-3E Certificates will not have a Pass-Through Rate, but will be entitled to receive interest on any Distribution Date up to an amount equal to the product of (a) the Class V-3 Percentage, multiplied by (b) the VRR Allocation Percentage, multiplied by (c) the aggregate amount of interest distributed to the Class X-E, Class X-F, Class X-G, Class E, Class F and Class G Certificates on such Distribution Date.	 	 
	 	 	 
	First Distribution Date: October 17, 2017	 	Cut-Off Date:  With respect to each Mortgage Loan, the Due Date in September 2017 for that Mortgage Loan (or, in the case of any Mortgage Loan that has its first Due Date subsequent to September 2017, the date that would have been its Due Date in September 2017 under the terms of that Mortgage Loan if a Monthly Payment were scheduled to be due in that month).
	 	 	 
	Aggregate Initial Certificate Balance of the Class V-3E Certificates: $3,533,166.  The Aggregate Initial Certificate Balance of the Class V-3E Certificates represents the maximum aggregate Certificate Balance of the Class V-3E Certificates that could be issued in an exchange pursuant to Section 5.13 of the Pooling and Servicing Agreement on the Closing Date.	 	Scheduled Final Distribution Date: the Distribution Date in September 2027


 


	
        CUSIP:  17326D BX93

        U1852D AT24

        17326D BY75


	 	Initial Certificate Balance of this Certificate: $[_____]
	 	 	 
	
        ISIN:     
        US17326DBX936

        USU1852DAT297

        US17326DBY768

        
	 	 
	 	 	 
	No.:  [1]	 	 


 





 



 


3
For Rule 144A Certificates


 


4
For Regulation S Certificates


 


5
For IAI Certificates


 


6
For Rule 144A Certificates


 


7
For Regulation S Certificates


 


8
For IAI Certificates


 






    A-29-3


     


    

 


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 V-3E Certificates. The Trust Fund, described
more fully below, consists primarily of a pool of Mortgage Loans secured by first liens on commercial, multifamily and manufactured
housing community properties and held in trust by the Trustee and, other than in the case of the Outside Serviced Mortgage Loans,
serviced by the Master Servicer and the Special Servicer. The Trust Fund was created, and the Mortgage Loans (other than the Outside
Serviced Mortgage Loans) are to be serviced, pursuant to the Pooling 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 Pooling and Servicing
Agreement and is bound thereby. In the event that there is any conflict between any provision of this Certificate and any provision
of the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to the extent of such inconsistency.
Also issued under the Pooling and Servicing Agreement are the Class A-1, Class A-2, Class A-3, Class A-4, Class A-AB,
Class X-A, Class X-B, Class A-S, Class B, Class C, Class X-D, Class X-E, Class X-F, Class X-G, Class D, Class E,
Class F, Class G, Class R, Class S, Class V-1, Class V-2A, Class V-2B, Class V-2C, Class V-2D, Class V-2E, Class V-3AC and
Class V-3D Certificates (together with the Class V-3E Certificates, the “Certificates”; the Holders of Certificates
are collectively referred to herein as “Certificateholders”).


 


This Certificate is
issued pursuant to, and in accordance with, the terms of a Pooling and Servicing Agreement dated as of September 1, 2017 (the “Pooling
and Servicing Agreement”), between Citigroup Commercial Mortgage Securities Inc., as Depositor, Wells Fargo Bank, National
Association, as Master Servicer, KeyBank National Association, as Special Servicer, Pentalpha Surveillance LLC, as Operating Advisor
and Asset Representations Reviewer, Citibank, N.A., as Certificate Administrator, and Wilmington Trust, National Association, as
Trustee. To the extent not defined herein, capitalized terms used herein shall have the meanings assigned thereto in the Pooling
and Servicing Agreement.


 


This Certificate represents
an undivided beneficial interest in certain assets of a grantor trust consisting primarily of (i) 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, and distributions thereon, and (ii) any Excess Interest collected on the
ARD Mortgage Loans and amounts held from time to time in the Excess Interest Distribution Account.


 


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 Mortgage Loans and has executed this Certificate in its limited capacity as Certificate Administrator under the Pooling
and Servicing Agreement.


 


Pursuant to the terms
of the Pooling and Servicing Agreement, the Certificate Administrator will distribute (other than the final distribution on any
Certificate), on the 4th Business Day following the Determination Date in each month, commencing in October 2017 (each such date,
a “Distribution Date”), to the Person in whose name this Certificate is registered as of the related Record
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, with respect to the Class V-3E Certificates
for such Distribution Date, all as more fully described in the Pooling and Servicing Agreement. Holders of this Certificate may
be entitled to a share of Yield Maintenance Charges, as provided in the Pooling and Servicing Agreement.


 


All distributions
(other than the final distribution on any Certificate) will be made by the Certificate Administrator to the persons in whose names
the Certificates are registered at the close of business on each Record Date, which will be the last Business Day of the month
preceding the month in which such Distribution Date occurs. Distributions are required to be made by wire transfer of immediately
available funds to the account of such Certificateholder at a bank or other entity located in the United States and having appropriate
facilities to accept such funds, if such Certificateholder has provided the Certificate Administrator with written wiring instructions
no less than five (5) Business Days prior to the related Record Date (which wiring instructions may be in the form of a standing
order applicable to all subsequent distributions), or otherwise by check mailed to such Certificateholder. The final distribution
on each Certificate shall be made in like manner, but only upon presentation 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 a notice to Certificateholders of the pendency of the final distribution.


 






    A-29-4


     


    

 


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 Section 9.01 of the Pooling 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 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. Subject to applicable state law with respect to escheatment of funds, if within two years after the second notice
any Certificates shall not have been surrendered for cancellation, the Paying Agent shall pay to the Class R Certificateholders
all amounts distributable to the Holders thereof. 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 Section 9.01 of the Pooling and Servicing Agreement.


 


This Certificate is
limited in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage Loans, as more
specifically set forth herein and in the Pooling and Servicing Agreement.


 


As provided in the
Pooling and Servicing Agreement, the Trust Fund includes: (i) such Mortgage Loans as from time to time are subject to the Pooling
and Servicing Agreement, together with the Mortgage Files relating thereto; (ii) all scheduled or unscheduled payments on or collections
in respect of the Mortgage Loans due after the Cut-Off Date or, with respect to a Qualified Substitute Mortgage Loan, the Due Date
in the month of substitution (exclusive of interest relating to periods prior to, but due after, the Cut-Off Date); (iii) any REO
Property (but, with respect to any REO Property relating to a Loan Combination, only to the extent of the Trust’s interest
in the related Loan Combination); (iv) all revenues received in respect of any REO Property (but, with respect to any REO Property
relating to a Loan Combination, only to the extent of the Trust’s interest in the related Loan Combination); (v) the Master
Servicer’s and the Trustee’s rights under the insurance policies with respect to the Mortgage Loans required to be
maintained pursuant to the Pooling and Servicing Agreement and any proceeds thereof; (vi) the Trustee’s rights in any Assignments
of Leases, Rents and Profits and any security agreements; (vii) the Trustee’s rights under any indemnities or guaranties
given as additional security for any Mortgage Loan; (viii) all of the Trustee’s and the Certificate Administrator’s
rights in the Escrow Accounts and Lock-Box Accounts and all proceeds of the Mortgage Loans deposited in the Collection Account,
the Distribution Account, the Excess Interest Distribution Account, the Interest Reserve Account, the Excess Liquidation Proceeds
Reserve Account and any REO Account, including any reinvestment income thereon; (ix) the Trustee’s rights in any environmental
indemnity agreements relating to the Mortgaged Properties; (x) the Depositor’s rights under the Mortgage Loan Purchase Agreements
and the SMC Guaranty to the extent assigned to the Trustee pursuant to Section 2.01 of the Pooling and Servicing Agreement; (xi)
the Lower-Tier Regular Interests; and (xii) the Loss of Value Reserve Fund.


 


This Certificate does
not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling 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 and Trustee.


 


As provided in the
Pooling and Servicing Agreement, subject to certain restrictions on transfer set forth therein, upon surrender for registration
of transfer of any Certificate, the Certificate Administrator shall execute, authenticate and deliver, in the name of the designated
transferee or transferees, one or more new Certificates in authorized denominations, in like aggregate interest and of the same
Class.


 


In no event shall
Certificates representing a Percentage Interest in any Class of Class V-3 Certificates be transferred to any Person (and the Certificate
Registrar shall refuse to register any such transfer) unless Certificates representing the exact same Percentage Interest in each
and every other outstanding Class of Class V-3 Certificates are simultaneously transferred to the same Person. Any Holder of Class
V-3 Certificates shall at all times hold the same Percentage Interest in each and every outstanding Class thereof.


 


Prior to due presentation
of this Certificate for registration of transfer, the Master Servicer, the Special Servicer, the Operating Advisor, the Trustee,
the Certificate Administrator, the Certificate Registrar, and any agent of any of


 






    A-29-5


     


    

 


them,
may treat the Person in whose name any Certificate is registered as the owner of such Certificate for the purpose of receiving
distributions as provided in the Pooling and Servicing Agreement and for all other purposes whatsoever, and neither the Master
Servicer, the Special Servicer, the Operating Advisor, the Trustee, the Certificate Administrator, the Certificate Registrar,
nor any agent of any of them shall be affected by any notice to the contrary.


 


The Pooling and Servicing
Agreement or any Custodial Agreement may be amended from time to time by the Depositor, the Master Servicer, the Special Servicer,
the Operating Advisor, the Asset Representations Reviewer, the Custodian (if the Certificate Administrator is then acting as Custodian),
the Certificate Administrator and the Trustee, without the consent of any of the Certificateholders or, as applicable, any Companion
Loan Holder:


 


		(i)	to cure any ambiguity to the extent that it does not adversely affect any holders of Certificates;



 


		(ii)	to correct or supplement any of its provisions which may be inconsistent with any other provisions
of the Pooling and Servicing Agreement or with the description thereof in the Prospectus or to correct any error;



 


		(iii)	to change the timing and/or nature of deposits in the Collection Account, the Excess Liquidation
Proceeds Reserve Account, the Excess Interest Distribution Account, the Distribution Account or any REO Account, provided that
(A) the Master Servicer Remittance Date shall in no event be later than the Business Day prior to the related Distribution
Date and (B) the change would not adversely affect in any material respect the interests of any Certificateholder, as evidenced
by an opinion of counsel (at the expense of the party requesting the amendment);



 


		(iv)	to modify, eliminate or add to any of its provisions (A) to the extent necessary to maintain the
qualification of either Trust REMIC as a REMIC or the Grantor Trust as a grantor trust or to avoid or minimize the risk of imposition
of any tax on the Trust Fund, provided that the Trustee and the Certificate Administrator have received an opinion of counsel (at
the expense of the party requesting the amendment) to the effect that (1) the action is necessary or desirable to maintain
such qualification or to avoid or minimize such risk and (2) the action will not adversely affect in any material respect the interests
of any holder of the Certificates, (B) to restrict (or to remove any existing restrictions with respect to) the transfer
of the Class R Certificates, provided that the Depositor has determined that the amendment will not give rise to any tax with respect
to the transfer of the Class R Certificates to a non-Permitted Transferee, (C) to the extent necessary to comply with the
Investment Company Act of 1940, as amended, the Exchange Act, Regulation AB, Regulation RR and/or any related regulatory actions
and/or interpretations or (D) in the event that Regulation RR (or any portion thereof) or any other regulations applicable to the
risk retention requirements for this securitization transaction are amended or repealed, to the extent required to comply with
any such amendment or to modify or eliminate any risk retention requirements no longer applicable to this securitization transaction
in light of such repeal;



 


		(v)	to make any other provisions with respect to matters or questions arising under the Pooling and
Servicing Agreement or any other change, provided that the amendment will not adversely affect in any material respect the
interests of any Certificateholder, as evidenced by an opinion of counsel;



 


		(vi)	to modify the procedures in the Pooling and Servicing Agreement relating to Rule 17g-5; provided
that such modification does not increase the obligations of the Trustee, the Certificate Administrator, the Operating Advisor,
the Asset Representations Reviewer, the Master Servicer or the Special Servicer without such party’s consent (which consent
may not be withheld unless such modification would materially adversely affect such party or materially increase such party’s
obligations under the Pooling and Servicing Agreement); provided, further that notice of such modification is provided
to all parties to the Pooling and Servicing Agreement; and



 






    A-29-6


     


    

 


		(vii)	to amend or supplement any provision of the Pooling and Servicing Agreement to the extent necessary
to maintain the ratings assigned to each Class of Certificates by any of the Rating Agencies, provided that the amendment will
not adversely affect in any material respect the interests of any Certificateholder;



 


provided, further
that no amendment pursuant to any of clauses (i)-(vii) above may be made that would: (A) reduce the consent or consultation
rights or the right to receive information under the Pooling and Servicing Agreement of the Controlling Class Representative without
the consent of the Controlling Class Representative; (B) reduce the consultation rights or the right to receive information under
the Pooling and Servicing Agreement of the Operating Advisor without the consent of the Operating Advisor; (C) change in any manner
the obligations or rights of any Mortgage Loan Seller under the Pooling and Servicing Agreement or the applicable Mortgage Loan
Purchase Agreement without the consent of the affected Mortgage Loan Seller; (D) change in any manner the obligations or rights
of any Underwriter or Initial Purchaser, without the consent of the affected Underwriter or Initial Purchaser; or (E) adversely
affect any Serviced Companion Loan Holder in its capacity as such without its consent. Expenses incurred with respect to any amendment
shall be borne by the party requesting such amendment, unless the Master Servicer, the Special Servicer or the Trustee is requesting
an amendment for the benefit of the Certificateholders, then in which case such expense will be borne by the Trust.


 


The Pooling and Servicing
Agreement or any Custodial Agreement may also be amended from time to time by a writing signed by each of the Depositor, the Master
Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Custodian (if the Certificate Administrator
is then acting as Custodian), the Certificate Administrator and the Trustee with the consent of the Holders of Certificates representing
not less than 66-2/3% of the Percentage Interests of each Class of Certificates affected by the amendment for the purpose of adding
any provisions to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or of modifying
in any manner the rights of the Certificateholders; provided, however, that no such amendment shall:


 


		(i)	reduce in any manner the amount of, or delay the timing of, payments received on the Serviced Loans
which are required to be distributed on a Certificate of any Class or to any Serviced Companion Loan Holder, as applicable, without
the consent of the Holder of that Certificate or that Serviced Companion Loan Holder, as applicable,



 


		(ii)	reduce the aforesaid percentage of Certificates of any Class the Holders of which are required
to consent to the amendment without the consent of the Holders of all Certificates of that Class then outstanding,



 


		(iii)	change in any manner the obligations or rights of any Mortgage Loan Seller under the Pooling and
Servicing Agreement or the related Mortgage Loan Purchase Agreement without the consent of the affected Mortgage Loan Seller,



 


		(iv)	change the definition of “Servicing Standard” without either (A) consent of 100% of
the holders of the Certificates or (B) Rating Agency Confirmation,



 


		(v)	without the consent of 100% of the Certificateholders of the Class or Classes of Certificates adversely
affected thereby, change (A) the percentages of Voting Rights of Certificateholders which are required to consent to any action
or inaction under the Pooling and Servicing Agreement, (B) the right of the Certificateholders to remove the Special Servicer pursuant
to the Pooling and Servicing Agreement or (C) the right of the Certificateholders to terminate the Operating Advisor pursuant to
the Pooling and Servicing Agreement,



 


		(vi)	adversely affect the Controlling Class Representative without the consent of 100% of the Controlling
Class Certificateholders,



 


		(vii)	adversely affect a Serviced Companion Loan Holder in its capacity as such without its consent,
or



 






    A-29-7


     


    

 


		(viii)	change in any manner the obligations or rights of any Underwriter or Initial Purchaser without
the consent of the affected Underwriter or Initial Purchaser.



 


The Holders of the
Controlling Class representing greater than 50% of the Certificate Balance of the Controlling Class may (or, if such Holders do
not, the Special Servicer, or if neither such Holders nor the Special Servicer do, the Master Servicer or, if none of such Holders,
the Special Servicer or the Master Servicer does, any Holders of Class R Certificates representing greater than a 50% Percentage
Interest in such Class, may also) effect an early termination of the Trust Fund, upon not less than 30 days’ prior notice
given to the parties (or, if applicable, the other parties) to the Pooling and Servicing Agreement (whereupon the Master Servicer
shall notify the Serviced Companion Loan Holders) any time on or after the Early Termination Notice Date specifying the Anticipated
Termination Date, by purchasing on such date all, but not less than all, of the Mortgage Loans (and in the case of the Serviced
Loan Combinations, subject to certain rights of the related Serviced Companion Loan Holder provided for in the related Co-Lender
Agreement) then included in the Trust Fund, and all property acquired by or on behalf of the Trust Fund (including the Trust Fund’s
interest in any REO Property acquired with respect to any Outside Serviced Mortgage Loan) in respect of any Mortgage Loan then
included in the Trust Fund, at a purchase price, payable in cash, equal to (i) the sum of (A) the Termination Purchase
Amount and (B) the reasonable out-of-pocket expenses of the Master Servicer (unless the Master Servicer is the purchaser of
such Mortgage Loans), the Special Servicer (unless the Special Servicer is the purchaser of such Mortgage Loans), the Trustee and
the Certificate Administrator, as applicable, with respect to such termination, minus (ii) solely in the case where the Master
Servicer or the Special Servicer is effecting such purchase, the aggregate amount of unreimbursed Advances, if any, made by the
Master Servicer or Special Servicer, as applicable, together with any interest accrued and payable to the Master Servicer or the
Special Servicer, as applicable, in respect of such Advances and any unpaid Servicing Fees or Special Servicing Fees, as applicable,
remaining outstanding (which items will be deemed to have been paid or reimbursed to the Master Servicer or the Special Servicer,
as applicable, in connection with such purchase).


 


Any Person(s) effecting
an early termination of the Trust Fund as provided in the prior paragraph shall first notify the Controlling Class Representative
and each Certifying Certificateholder, or, in the case of a termination by the Holder of a Class R Certificate, notify the
Certificate Administrator (who shall notify the Controlling Class Representative and each Certifying Certificateholder) of its
intention to do so in writing at least 30 days prior to the Anticipated Termination Date. All costs and expenses incurred by any
and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with the purchase of the Mortgage Loans
and other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement shall be borne by the
party exercising its purchase rights thereunder. The Certificate Administrator shall be entitled to rely conclusively on any determination
made by an Appraiser pursuant to Section 9.01(c) of the Pooling and Servicing Agreement.


 


The respective obligations
and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Operating Advisor, the Asset Representations
Reviewer, the Certificate Administrator and the Trustee created by the Pooling and Servicing Agreement with respect to the Certificates,
the Mortgage Loans and the Serviced Companion Loans (other than the obligation to make certain payments and to send certain notices
to Certificateholders as set forth in the Pooling and Servicing Agreement and to make any required remittances to the Serviced
Companion Loan Holders in the month in which the final Distribution Date occurs and certain tax-related obligations) shall terminate
immediately following the earlier to occur of (i) the purchase by Holders of the Controlling Class, the Special Servicer,
the Master Servicer or Holders of the Class R Certificates of all the Mortgage Loans and REO Properties (or interests therein)
then included in the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement, (ii) the exchange by the
Remaining Certificateholder of its Certificates for all the Mortgage Loans and REO Properties (or interests therein) then included
in the Trust Fund pursuant to Section 9.01(h) of the Pooling and Servicing Agreement and (iii) the final payment or other
liquidation (or any advance with respect thereto) of the last Mortgage Loan or REO Property (or interest therein) contained in
the Trust Fund; provided, however, that in no event shall the trust created by the Pooling and Servicing Agreement
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 of the Pooling and Servicing Agreement. All
such payments as contemplated by the preceding paragraph shall be deposited into the Collection Account by the Master Servicer
or Special Servicer, as applicable, promptly following receipt thereof.


 






    A-29-8


     


    

 


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 Pooling and Servicing Agreement or
be valid for any purpose.


 






    A-29-9


     


    

 





IN WITNESS WHEREOF,
the Certificate Administrator has caused this Class V-3E Certificate to be duly executed.


 





	 	CITIBANK,
N.A., not in its individual capacity but solely as Certificate Administrator
	 	 	 
	 	By:	 
			Authorized Signatory


  


Dated: September 29, 2017


 


CERTIFICATE
OF AUTHENTICATION


 


This is a one of Class
V-3E Certificate referred to in the Pooling and Servicing Agreement.


 


Dated: September 29, 2017


 





	 	CITIBANK,
N.A., not in its individual capacity but solely as Authenticating Agent
	 	 	 
	 	By:	 
			Authorized Signatory


  




    A-29-10


     


    

 


ASSIGNMENT


 


FOR VALUE RECEIVED,
the undersigned (“Assignor(s)”) hereby sell(s), assign(s) and transfer(s) unto  ___________________________
 (please print or typewrite name(s) and address(es), including postal zip code(s) of assignee(s))
(“Assignee(s)”) the entire Percentage Interest represented by the within Class V-3E Certificate and hereby authorize(s)
the registration of transfer of such interest to Assignee(s) on the Certificate Register of the Trust Fund.


 


I (we) further direct
the Certificate Registrar to issue a new Class V-3E Certificate of the entire Percentage Interest represented by the within Class
V-3E Certificates to the above-named Assignee(s) and to deliver such Class V-3E Certificate to the following address:


 


Date: _________________


	 	 	 
		 	Signature by or on behalf of Assignor(s)
	 	 	 
	 	 	Taxpayer Identification Number





 




    A-29-11


     


    

 


DISTRIBUTION INSTRUCTIONS


 


The Assignee(s) should include
the following for purposes of distribution:


 


Address of the Assignee(s)
for the purpose of receiving notices and distributions: __________________________________ Distributions, if being made by wire
transfer in immediately available funds to __________________________ for the account of __________________________ account number
____________________________. This information is provided by ______________________________, the Assignee(s) named above or ____________________________________
as its (their) agent.


	 	 	 
	 	By:	 
	 	 	[Please print or type name(s)]
	 	 	 
	 	 	Title
	 	 	 
	 	 	Taxpayer Identification Number


 










    A-29-12


     


    



 





EXHIBIT B



MORTGAGE LOAN SCHEDULE


 






    B-1


     


    

 







	CGCMT
    2017-P8 Mortgage Loan Schedule
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Loan	 	 	 	 	 	 	Cut-Off
    Date	Mortgage	Remaining
    Term To	 	Remaining
    Amortization	Master
    Servicing	Primary
    Servicing	Subservicing	Outside
    Servicing
	Number	Footnotes	Property
    Name	Address	City	State	Zip
    Code	Balance
    ($)	Rate	Maturity
    / ARD (Mos.)	Maturity
    Date / ARD	Term
    (Mos.)	Fee
    Rate (%)	Fee
    Rate (%)	Fee
    Rate (%)	Fee
    Rate (%)
	1	(1)	225
    & 233 Park Avenue South	225
    & 233 Park Avenue South	New
    York	New
    York	10003	60,000,000.00	3.65140%	117	6/6/2027	0	0.00250%	0.00000%	NAP	0.00250%
	2	(2)	General
    Motors Building	767
    Fifth Avenue	New
    York	New
    York	10153	55,200,000.00	3.43000%	117	6/9/2027	0	0.00250%	0.00000%	NAP	0.00125%
	3	(3)	9-19
    9th Avenue	9-19
    9th Avenue	New
    York	New
    York	10014	55,000,000.00	4.13100%	119	8/6/2027	0	0.00250%	0.00250%	NAP	NAP
	4	(4)	Corporate
    Woods Portfolio	 	 	 	 	50,000,000	4.45000%	120	9/6/2027	360	0.00250%	0.00250%	NAP	NAP
	4.01	 	Corporate
    Woods - Building 82	10851
    Mastin Boulevard	Overland
    Park	Kansas	66210	 	 	 	 	 	 	 	 	 
	4.02	 	Corporate
    Woods - Building 40	9401
    Indian Creek Parkway	Overland
    Park	Kansas	66210	 	 	 	 	 	 	 	 	 
	4.03	 	Corporate
    Woods - Building 84	10801
    Mastin Boulevard	Overland
    Park	Kansas	66210	 	 	 	 	 	 	 	 	 
	4.04	 	Corporate
    Woods - Building 32	9225
    Indian Creek Parkway	Overland
    Park	Kansas	66210	 	 	 	 	 	 	 	 	 
	4.05	 	Corporate
    Woods - Building 34	10950
    Grandview Drive	Overland
    Park	Kansas	66210	 	 	 	 	 	 	 	 	 
	4.06	 	Corporate
    Woods - Building 14	8717
    West 110th Street	Overland
    Park	Kansas	66210	 	 	 	 	 	 	 	 	 
	4.07	 	Corporate
    Woods - Building 70	9900
    West 109th Street	Overland
    Park	Kansas	66210	 	 	 	 	 	 	 	 	 
	4.08	 	Corporate
    Woods - Building 9	9200
    Indian Creek Parkway	Overland
    Park	Kansas	66210	 	 	 	 	 	 	 	 	 
	4.09	 	Corporate
    Woods - Building 6	8900
    Indian Creek Parkway	Overland
    Park	Kansas	66210	 	 	 	 	 	 	 	 	 
	4.1	 	Corporate
    Woods - Building 12	10975
    Benson Drive	Overland
    Park	Kansas	66210	 	 	 	 	 	 	 	 	 
	4.11	 	Corporate
    Woods - Building 27	10975
    Grandview Drive	Overland
    Park	Kansas	66210	 	 	 	 	 	 	 	 	 
	4.12	 	Corporate
    Woods - Building 51	9393
    West 110th Street	Overland
    Park	Kansas	66210	 	 	 	 	 	 	 	 	 
	4.13	 	Corporate
    Woods - Building 55	9300
    West 110th Street	Overland
    Park	Kansas	66210	 	 	 	 	 	 	 	 	 
	4.14	 	Corporate
    Woods - Building 65	9900
    College Boulevard	Overland
    Park	Kansas	66210	 	 	 	 	 	 	 	 	 
	4.15	 	Corporate
    Woods - Building 3	8700
    Indian Creek Parkway	Overland
    Park	Kansas	66210	 	 	 	 	 	 	 	 	 
	4.16	 	Corporate
    Woods - Building 75	10800
    Farley Street	Overland
    Park	Kansas	66210	 	 	 	 	 	 	 	 	 
	5	 	Bank
    of America Plaza	2600
    West Big Beaver Road	Troy	Michigan	48084	47,600,000.00	4.05460%	84	9/6/2024	360	0.00250%	0.00250%	NAP	NAP
	6	(5)	Mall
    of Louisiana	6401
    Bluebonnet Boulevard, and 9168 and 9330 Mall of Louisiana Boulevard	Baton
    Rouge	Louisiana	70836	47,000,000.00	3.98400%	119	8/1/2027	360	0.00250%	0.00000%	NAP	0.00250%
	7	 	The
    Grove at Shrewsbury	525-641
    Broad Street	Shrewsbury	New
    Jersey	07724	43,600,000.00	3.77000%	120	9/1/2027	0	0.00250%	0.01000%	0.01000%	NAP
	8	(6)	Starwood
    Capital Group Hotel Portfolio	 	 	 	 	41,817,500	4.48600%	117	6/1/2027	0	0.00250%	0.00000%	NAP	0.00250%
	8.01	 	Larkspur
    Landing Sunnyvale	748
    North Mathilda Avenue	Sunnyvale	California	94085	 	 	 	 	 	 	 	 	 
	8.02	 	Larkspur
    Landing Milpitas	40
    Ranch Drive	Milpitas	California	95035	 	 	 	 	 	 	 	 	 
	8.03	 	Larkspur
    Landing Campbell	550
    West Hamilton Avenue	Campbell	California	95008	 	 	 	 	 	 	 	 	 
	8.04	 	Larkspur
    Landing San Francisco	690
    Gateway Boulevard	South
    San Francisco	California	94080	 	 	 	 	 	 	 	 	 
	8.05	 	Larkspur
    Landing Pleasanton	5535
    Johnson Drive	Pleasanton	California	94588	 	 	 	 	 	 	 	 	 
	8.06	 	Larkspur
    Landing Bellevue	15805
    Southeast 37th Street	Bellevue	Washington	98006	 	 	 	 	 	 	 	 	 
	8.07	 	Larkspur
    Landing Sacramento	555
    Howe Avenue	Sacramento	California	95825	 	 	 	 	 	 	 	 	 
	8.08	 	Hampton
    Inn Ann Arbor North	2300
    Green Road	Ann
    Arbor	Michigan	48105	 	 	 	 	 	 	 	 	 
	8.09	 	Larkspur
    Landing Hillsboro	3133
    Northeast Shute Road	Hillsboro	Oregon	97124	 	 	 	 	 	 	 	 	 
	8.1	 	Larkspur
    Landing Renton	1701
    East Valley Road	Renton	Washington	98057	 	 	 	 	 	 	 	 	 
	8.11	 	Holiday
    Inn Arlington Northeast Rangers Ballpark	1311
    Wet N Wild Way	Arlington	Texas	76011	 	 	 	 	 	 	 	 	 
	8.12	 	Residence
    Inn Toledo Maumee	1370
    Arrowhead Drive	Maumee	Ohio	43537	 	 	 	 	 	 	 	 	 
	8.13	 	Residence
    Inn Williamsburg	1648
    Richmond Road	Williamsburg	Virginia	23185	 	 	 	 	 	 	 	 	 
	8.14	 	Hampton
    Inn Suites Waco South	2501
    Marketplace Drive	Waco	Texas	76711	 	 	 	 	 	 	 	 	 
	8.15	 	Holiday
    Inn Louisville Airport Fair Expo	447
    Farmington Avenue	Louisville	Kentucky	40209	 	 	 	 	 	 	 	 	 
	8.16	 	Courtyard
    Tyler	7424
    South Broadway Avenue	Tyler	Texas	75703	 	 	 	 	 	 	 	 	 
	8.17	 	Hilton
    Garden Inn Edison Raritan Center	50
    Raritan Center Parkway	Edison	New
    Jersey	8837	 	 	 	 	 	 	 	 	 
	8.18	 	Hilton
    Garden Inn St Paul Oakdale	420
    Inwood Avenue North	Oakdale	Minnesota	55128	 	 	 	 	 	 	 	 	 
	8.19	 	Residence
    Inn Grand Rapids West	3451
    Rivertown Point Court Southwest	Grandville	Michigan	49418	 	 	 	 	 	 	 	 	 
	8.2	 	Peoria,
    AZ Residence Inn	8435
    West Paradise Lane	Peoria	Arizona	85382	 	 	 	 	 	 	 	 	 
	8.21	 	Hampton
    Inn Suites Bloomington Normal	320
    South Towanda Avenue	Normal	Illinois	61761	 	 	 	 	 	 	 	 	 
	8.22	 	Courtyard
    Chico	2481
    Carmichael Drive	Chico	California	95928	 	 	 	 	 	 	 	 	 
	8.23	 	Hampton
    Inn Suites Kokomo	2920
    South Reed Road	Kokomo	Indiana	46902	 	 	 	 	 	 	 	 	 
	8.24	 	Hampton
    Inn Suites South Bend	52709
    State Road 933	South
    Bend	Indiana	46637	 	 	 	 	 	 	 	 	 
	8.25	 	Courtyard
    Wichita Falls	3800
    Tarry Street	Wichita
    Falls	Texas	76308	 	 	 	 	 	 	 	 	 
	8.26	 	Hampton
    Inn Morehead	4035
    Arendell Street	Morehead
    City	North
    Carolina	28557	 	 	 	 	 	 	 	 	 
	8.27	 	Residence
    Inn Chico	2485
    Carmichael Drive	Chico	California	95928	 	 	 	 	 	 	 	 	 
	8.28	 	Courtyard
    Lufkin	2130
    South First Street	Lufkin	Texas	75901	 	 	 	 	 	 	 	 	 
	8.29	 	Hampton
    Inn Carlisle	1164
    Harrisburg Pike	Carlisle	Pennsylvania	17013	 	 	 	 	 	 	 	 	 
	8.3	 	Springhill
    Suites Williamsburg	1644
    Richmond Road	Williamsburg	Virginia	23185	 	 	 	 	 	 	 	 	 
	8.31	 	Fairfield
    Inn Bloomington	120
    South Fairfield Drive	Bloomington	Indiana	47404	 	 	 	 	 	 	 	 	 
	8.32	 	Waco
    Residence Inn	501
    South University	Waco	Texas	76706	 	 	 	 	 	 	 	 	 
	8.33	 	Holiday
    Inn Express Fishers	9791
    North by Northeast Boulevard	Fishers	Indiana	46037	 	 	 	 	 	 	 	 	 
	8.34	 	Larkspur
    Landing Folsom	121
    Iron Point Road	Folsom	California	95630	 	 	 	 	 	 	 	 	 
	8.35	 	Springhill
    Suites Chicago Naperville Warrenville	4305
    Weaver Parkway	Warrenville	Illinois	60555	 	 	 	 	 	 	 	 	 
	8.36	 	Holiday
    Inn Express & Suites Paris	3025
    Northeast Loop 286	Paris	Texas	75460	 	 	 	 	 	 	 	 	 
	8.37	 	Toledo
    Homewood Suites	1410
    Arrowhead Drive	Maumee	Ohio	43537	 	 	 	 	 	 	 	 	 
	8.38	 	Grand
    Rapids Homewood Suites	3920
    Stahl Drive	Grand
    Rapids	Michigan	49546	 	 	 	 	 	 	 	 	 
	8.39	 	Cheyenne
    Fairfield Inn and Suites	1415
    Stillwater Avenue	Cheyenne	Wyoming	82009	 	 	 	 	 	 	 	 	 
	8.4	 	Fairfield
    Inn Laurel	13700
    Baltimore Avenue	Laurel	Maryland	20707	 	 	 	 	 	 	 	 	 
	8.41	 	Courtyard
    Akron Stow	4047
    Bridgewater Parkway	Stow	Ohio	44224	 	 	 	 	 	 	 	 	 
	8.42	 	Larkspur
    Landing Roseville	1931
    Taylor Road	Roseville	California	95661	 	 	 	 	 	 	 	 	 
	8.43	 	Towneplace
    Suites Bloomington	105
    South Franklin Road	Bloomington	Indiana	47404	 	 	 	 	 	 	 	 	 
	8.44	 	Hampton
    Inn Danville	97
    Old Valley School Road	Danville	Pennsylvania	17821	 	 	 	 	 	 	 	 	 
	8.45	 	Holiday
    Inn Norwich	10
    Laura Boulevard	Norwich	Connecticut	6360	 	 	 	 	 	 	 	 	 
	8.46	 	Hampton
    Inn Suites Longview North	3044
    North Eastman Road	Longview	Texas	75605	 	 	 	 	 	 	 	 	 
	8.47	 	Springhill
    Suites Peoria Westlake	2701
    West Lake Avenue	Peoria	Illinois	61615	 	 	 	 	 	 	 	 	 
	8.48	 	Hampton
    Inn Suites Buda	1201
    Cabelas Drive	Buda	Texas	78610	 	 	 	 	 	 	 	 	 
	8.49	 	Shawnee
    Hampton Inn	4851
    North Kickapoo	Shawnee	Oklahoma	74804	 	 	 	 	 	 	 	 	 
	8.5	 	Racine
    Fairfield Inn	6421
    Washington Avenue	Racine	Wisconsin	53406	 	 	 	 	 	 	 	 	 
	8.51	 	Hampton
    Inn Selinsgrove Shamokin Dam	3
    Stetler Avenue	Shamokin
    Dam	Pennsylvania	17876	 	 	 	 	 	 	 	 	 
	8.52	 	Holiday
    Inn Express & Suites Terrell	300
    Tanger Drive	Terrell	Texas	75160	 	 	 	 	 	 	 	 	 
	8.53	 	Westchase
    Homewood Suites	2424
    Rogerdale Road	Houston	Texas	77042	 	 	 	 	 	 	 	 	 
	8.54	 	Holiday
    Inn Express & Suites Tyler South	2421
    East Southeast Loop 323	Tyler	Texas	75701	 	 	 	 	 	 	 	 	 
	8.55	 	Holiday
    Inn Express & Suites Huntsville	148
    Interstate 45 South	Huntsville	Texas	77340	 	 	 	 	 	 	 	 	 
	8.56	 	Hampton
    Inn Sweetwater	302
    Southeast Georgia Avenue	Sweetwater	Texas	79556	 	 	 	 	 	 	 	 	 
	8.57	 	Comfort
    Suites Buda Austin South	15295
    South Interstate 35 Building 800	Buda	Texas	78610	 	 	 	 	 	 	 	 	 
	8.58	 	Fairfield
    Inn & Suites Weatherford	175
    Alford Drive	Weatherford	Texas	76087	 	 	 	 	 	 	 	 	 
	8.59	 	Holiday
    Inn Express & Suites Altus	2812
    East Broadway	Altus	Oklahoma	73521	 	 	 	 	 	 	 	 	 
	8.6	 	Comfort
    Inn & Suites Paris	3035
    Northeast Loop 286	Paris	Texas	75460	 	 	 	 	 	 	 	 	 
	8.61	 	Hampton
    Inn Suites Decatur	110
    South Highway 81/287	Decatur	Texas	76234	 	 	 	 	 	 	 	 	 
	8.62	 	Holiday
    Inn Express & Suites Texarkana East	5210
    Crossroads Parkway	Texarkana	Arkansas	71854	 	 	 	 	 	 	 	 	 
	8.63	 	Mankato
    Fairfield Inn	141
    Apache Place	Mankato	Minnesota	56001	 	 	 	 	 	 	 	 	 
	8.64	 	Candlewood
    Suites Texarkana	2901
    South Cowhorn Creek Loop	Texarkana	Texas	75503	 	 	 	 	 	 	 	 	 
	8.65	 	Country
    Inn & Suites Houston Intercontinental Airport East	20611
    Highway 59	Humble	Texas	77338	 	 	 	 	 	 	 	 	 
	9	 	Grant
    Building	310
    Grant Street	Pittsburgh	Pennsylvania	15219	38,000,000.00	4.70000%	119	8/6/2027	360	0.00250%	0.00250%	0.03000%	NAP
	10	 	Ann
    Arbor Mixed Use Portfolio	 	 	 	 	34,750,000	4.44350%	120	9/6/2027	360	0.00250%	0.00250%	NAP	NAP
	10.01	 	McKinley
    Towne Centre	401
    East Liberty Street	Ann
    Arbor	Michigan	48104	 	 	 	 	 	 	 	 	 
	10.02	 	Liberty
    Square	505
    East Liberty Street & 500 East Washington Street	Ann
    Arbor	Michigan	48104	 	 	 	 	 	 	 	 	 
	11	(7)	Visions
    Hotel Portfolio	 	 	 	 	34,400,000	4.48000%	120	9/6/2027	360	0.00250%	0.00250%	NAP	NAP
	11.01	 	Holiday
    Inn Express & Suites Buffalo	601
    Main Street	Buffalo	New
    York	14203	 	 	 	 	 	 	 	 	 
	11.02	 	Hampton
    Inn Potsdam	169
    Market Street	Potsdam	New
    York	13676	 	 	 	 	 	 	 	 	 
	11.03	 	Hampton
    Inn & Suites Utica	172-180
    North Genesee Street	Utica	New
    York	13502	 	 	 	 	 	 	 	 	 
	11.04	 	Fairfield
    Inn & Suites Olean	3270
    West State Street	Olean	New
    York	14760	 	 	 	 	 	 	 	 	 
	11.05	 	Hampton
    Inn & Suites East Aurora	49
    Olean Street	East
    Aurora	New
    York	14052	 	 	 	 	 	 	 	 	 
	11.06	 	Fairfield
    Inn & Suites Binghamton	864
    Upper Front Street	Binghamton	New
    York	13905	 	 	 	 	 	 	 	 	 
	11.07	 	Fairfield
    Inn & Suites Rochester South	4695
    W Henrietta Road	Henrietta	New
    York	14467	 	 	 	 	 	 	 	 	 
	11.08	 	Fairfield
    Inn & Suites Albany	74
    State Street	Albany	New
    York	12207	 	 	 	 	 	 	 	 	 
	11.09	 	Fairfield
    Inn & Suites Corning	3
    South Buffalo Street	Corning	New
    York	14830	 	 	 	 	 	 	 	 	 
	11.1	 	Fairfield
    Inn & Suites Rochester West/Greece	400
    Paddy Creek Circle	Rochester	New
    York	14615	 	 	 	 	 	 	 	 	 
	12	(8)	Pleasant
    Prairie Premium Outlets	11211
    120th Avenue	Pleasant
    Prairie	Wisconsin	53815	34,000,000.00	3.99500%	120	9/1/2027	0	0.00250%	0.00250%	NAP	NAP
	13	(9)	Lakeside
    Shopping Center	3301
    Veterans Memorial Boulevard	Metairie	Louisiana	70002	33,000,000.00	3.77000%	119	8/1/2027	0	0.00250%	0.00000%	NAP	0.00250%
	14	 	440
    Mamaroneck Avenue	440
    Mamaroneck Avenue	Harrison	New
    York	10528	33,000,000.00	4.97800%	119	8/6/2027	360	0.00250%	0.00250%	NAP	NAP
	15	 	Mesa
    Grand Shopping Center	1639,
    1641, 1655, 1733 & 1859 Stapley Drive and 1236 & 1240 East Baseline Road	Mesa	Arizona	85204	30,000,000.00	4.70200%	119	8/6/2027	360	0.00250%	0.00250%	0.03000%	NAP
	16	(10)	Long
    Island Prime Portfolio - Uniondale	 	 	 	 	29,180,000	4.45000%	117	6/6/2027	0	0.00250%	0.00000%	0.00500%	0.00250%
	16.01	 	RXR
    Plaza	625
    RXR Plaza	Uniondale	New
    York	11553	 	 	 	 	 	 	 	 	 
	16.02	 	Omni
    	333
    Earle Ovington Boulevard	Uniondale	New
    York	11553	 	 	 	 	 	 	 	 	 
	17	 	Mars
    Petcare Storage & Distribution Center	5303
    Fisher Road	Columbus	Ohio	43228	23,670,000.00	4.01000%	120	9/6/2027	360	0.00250%	0.00250%	NAP	NAP
	18	 	Bradley
    Business Center 	2500
    and 2631 West Bradley Place  	Chicago	Illinois	60618	23,400,000.00	4.55000%	116	5/1/2027	360	0.00250%	0.01000%	NAP	NAP
	19	 	3901
    North First Street	3901
    North First Street	San
    Jose	California	95134	22,800,000.00	4.83000%	118	7/1/2027	360	0.00250%	0.01000%	NAP	NAP
	20	 	Canyon
    Portal	270-300
    North Highway 89A	Sedona	Arizona	86336	22,500,000.00	4.69000%	120	9/6/2027	360	0.00250%	0.00250%	0.03000%	NAP
	21	(11)	Scripps
    Center	312
    Walnut Street 	Cincinnati	Ohio	45202	22,000,000.00	4.66000%	113	2/1/2027	360	0.00250%	0.00000%	NAP	0.01000%
	22	 	Victoria
    Park Shoppes	618-680
    North Federal Highway   	Fort
    Lauderdale	Florida	33304	19,955,580.25	4.82000%	118	7/1/2027	358	0.00250%	0.01000%	NAP	NAP
	23	 	1450
    Veterans	1450
    Veterans Boulevard	Redwood
    City	California	94063	17,850,000.00	4.07000%	119	8/1/2027	0	0.00250%	0.01000%	0.03000%	NAP
	24	 	Westerre
    I and II	3951
    and 3957 Westerre Parkway	Richmond	Virginia	23233	17,400,000.00	4.36000%	120	9/1/2027	360	0.00250%	0.01000%	NAP	NAP
	25	(12)	Atlanta
    and Anchorage Hotel Portfolio	 	 	 	 	16,855,648	5.73000%	114	3/6/2027	294	0.00250%	0.00000%	NAP	0.00250%
	25.01	 	Hilton
    Anchorage	500
    West 3rd Avenue	Anchorage	Alaska	99501	 	 	 	 	 	 	 	 	 
	25.02	 	Renaissance
    Concourse Atlanta Airport Hotel	1
    Hartsfield Centre Parkway	Atlanta	Georgia	30354	 	 	 	 	 	 	 	 	 
	26	 	The
    Falls at Snake River Landing	1415
    Whitewater Drive	Idaho
    Falls	Idaho	83402	15,750,000.00	3.98000%	119	8/1/2027	0	0.00250%	0.01000%	0.02000%	NAP
	27	(13)	245
    Park Avenue	245
    Park Avenue	New
    York	New
    York	10167	15,000,000.00	3.66940%	117	6/1/2027	0	0.00250%	0.00000%	NAP	0.00125%
	28	 	888
    Tennessee	888
    Tennessee Street	San
    Francisco	California	94107	15,000,000.00	3.93000%	118	7/1/2027	0	0.00250%	0.01000%	0.02000%	NAP
	29	 	Low
    Country Village	30
    and 32 Malphrus Road	Bluffton	South
    Carolina	29910	13,700,000.00	4.26000%	118	7/1/2027	0	0.00250%	0.01000%	0.03000%	NAP
	30	 	215
    & Town Center	10777
    West Twain Avenue	Las
    Vegas	Nevada	89135	13,650,000.00	4.48500%	119	8/6/2027	360	0.00250%	0.00250%	NAP	NAP
	31	 	Ocean
    City Shopping Center	11801
    Coastal Highway	Ocean
    City	Maryland	21842	13,500,000.00	4.79000%	117	6/1/2027	360	0.00250%	0.01000%	0.03000%	NAP
	32	 	Pangea
    17	 	 	 	 	12,800,000	4.44000%	120	9/6/2027	0	0.00250%	0.00250%	NAP	NAP
	32.01	 	1807
    South Saint Louis Avenue	1807
    South Saint Louis Avenue	Chicago	Illinois	60623	 	 	 	 	 	 	 	 	 
	32.02	 	1145
    North Austin Boulevard	1145
    North Austin Boulevard	Chicago	Illinois	60651	 	 	 	 	 	 	 	 	 
	32.03	 	136
    East 155th Street	136
    East 155th Street	Harvey	Illinois	60426	 	 	 	 	 	 	 	 	 
	32.04	 	1501
    East 68th Street	1501
    East 68th Street	Chicago	Illinois	60637	 	 	 	 	 	 	 	 	 
	32.05	 	7300
    South Yates Boulevard	7300
    South Yates Boulevard	Chicago	Illinois	60649	 	 	 	 	 	 	 	 	 
	32.06	 	14123
    South Tracy Avenue	14123
    South Tracy Avenue	Riverdale	Illinois	60827	 	 	 	 	 	 	 	 	 
	32.07	 	7925
    South Phillips Avenue	7925
    South Phillips Avenue	Chicago	Illinois	60617	 	 	 	 	 	 	 	 	 
	32.08	 	8000
    South Ellis Avenue	8000
    South Ellis Avenue	Chicago	Illinois	60619	 	 	 	 	 	 	 	 	 
	32.09	 	13256
    South Prairie Avenue	13256
    South Prairie Avenue	Chicago	Illinois	60827	 	 	 	 	 	 	 	 	 
	32.1	 	8101
    South Justine Street	8101
    South Justine Street	Chicago	Illinois	60620	 	 	 	 	 	 	 	 	 
	32.11	 	7135
    South Blackstone Avenue	7135
    South Blackstone Avenue	Chicago	Illinois	60619	 	 	 	 	 	 	 	 	 
	32.12	 	320
    North Mason Avenue	320
    North Mason Avenue	Chicago	Illinois	60644	 	 	 	 	 	 	 	 	 
	32.13	 	410
    East 107th Street	410
    East 107th Street	Chicago	Illinois	60628	 	 	 	 	 	 	 	 	 
	32.14	 	1257
    South Christiana Avenue	1257
    South Christiana Avenue	Chicago	Illinois	60623	 	 	 	 	 	 	 	 	 
	32.15	 	10933
    South Vernon Avenue	10933
    South Vernon Avenue	Chicago	Illinois	60628	 	 	 	 	 	 	 	 	 
	32.16	 	8040
    South Vernon Avenue	8040
    South Vernon Avenue	Chicago	Illinois	60619	 	 	 	 	 	 	 	 	 
	32.17	 	12000
    South Eggleston Avenue	12000
    South Eggleston Avenue	Chicago	Illinois	60628	 	 	 	 	 	 	 	 	 
	32.18	 	2041
    East 75th Street	2041
    East 75th Street	Chicago	Illinois	60649	 	 	 	 	 	 	 	 	 
	32.19	 	219
    East 68th Street	219
    East 68th Street	Chicago	Illinois	60637	 	 	 	 	 	 	 	 	 
	32.2	 	8751
    South Cottage Grove Avenue	8751
    South Cottage Grove Avenue	Chicago	Illinois	60619	 	 	 	 	 	 	 	 	 
	32.21	 	7159
    South Wabash Avenue	7159
    South Wabash Avenue	Chicago	Illinois	60619	 	 	 	 	 	 	 	 	 
	33	 	Tampa
    Bay Industrial	 	 	 	 	11,585,000	4.47000%	120	9/6/2027	360	0.00250%	0.00250%	NAP	NAP
	33.01	 	Bay
    Tec Center	2810
    - 2880 Scherer Drive North	St.
    Petersburg	Florida	33716	 	 	 	 	 	 	 	 	 
	33.02	 	Airport
    Corporate Center	6702
    Benjamin Road	Tampa
    	Florida	33634	 	 	 	 	 	 	 	 	 
	34	 	Springhill
    Suites Denton	1434
    Centre Place Drive	Denton	Texas	76205	11,100,000.00	4.44000%	120	9/1/2027	360	0.00250%	0.01000%	NAP	NAP
	35	 	The
    Oaks at Palomar	1939,
    1945 and 1949 Palomar Oaks Way	Carlsbad	California	92008	10,020,000.00	4.13000%	120	9/6/2027	0	0.00250%	0.00250%	NAP	NAP
	36	 	Royal
    Oaks Shopping Center	3210
    Lithia Pinecrest Road	Valrico	Florida	33594	10,000,000.00	4.63000%	120	9/6/2027	360	0.00250%	0.00250%	NAP	NAP
	37	 	Foothills
    Health Center	4510
    & 4530 East Ray Road	Phoenix	Arizona	85044	9,200,000.00	4.64400%	119	8/6/2027	360	0.00250%	0.00250%	NAP	NAP
	38	 	Lindbergh
    Plaza	7481
    South Lindbergh Boulevard	St.
    Louis	Missouri	63125	8,989,568.83	4.62400%	119	8/6/2027	359	0.00250%	0.00250%	NAP	NAP
	39	 	Fox
    Run Apartments	11
    and 12 Flintlock Road  	Ledyard	Connecticut	06339	7,100,000.00	4.83000%	116	5/1/2027	360	0.00250%	0.01000%	NAP	NAP
	40	 	117
    East Washington	117
    East Washington Street	Indianapolis	Indiana	46204	6,600,000.00	4.74000%	120	9/6/2027	360	0.00250%	0.00250%	NAP	NAP
	41	 	Bryan
    Woods Apartments	915
    Bryan Place	Garner	North
    Carolina	27529	6,500,000.00	4.24000%	120	9/6/2027	0	0.00250%	0.00250%	NAP	NAP
	42	 	American
    Mini Storage - Converse	8150
    Kitty Hawk Road	Converse	Texas	78109	5,700,000.00	4.50000%	120	9/6/2027	360	0.00250%	0.00250%	NAP	NAP
	43	 	The
    Shops at Fayette Crossing	221
    Walmart Drive	Uniontown	Pennsylvania	15401	5,512,000.00	4.10000%	119	8/6/2027	360	0.00250%	0.00250%	NAP	NAP
	44	 	Hampton
    Inn Richland	891
    U.S. Highway 49S	Richland	Mississippi	39218	5,481,699.35	5.02000%	117	6/6/2027	357	0.00250%	0.00250%	NAP	NAP
	45	 	Ohio
    Retail Portfolio - Discount Drug Mart Plaza	 	 	 	 	5,470,000	4.79000%	120	9/6/2027	300	0.00250%	0.00250%	NAP	NAP
	45.01	 	Parma
    Heights Plaza	6476
    York Road	Parma
    Heights	Ohio	44130	 	 	 	 	 	 	 	 	 
	45.02	 	Upper
    Sandusky Plaza	1155
    East Wyandot Road	Upper
    Sandusky	Ohio	43351	 	 	 	 	 	 	 	 	 
	46	 	Kohls
    White Lake	7375
    Highland Road	White
    Lake	Michigan	48383	5,188,820.25	4.96000%	118	7/6/2027	358	0.00250%	0.00250%	NAP	NAP
	47	 	Las
    Brisas Apartments	12215
    Northwood Forest Drive	Houston	Texas	77039	5,133,077.88	4.65000%	118	7/6/2027	298	0.00250%	0.00250%	NAP	NAP
	48	 	Mountain
    Cactus Ranch	10667
    South Avenue 10 East	Yuma	Arizona	85365	5,000,000.00	4.79000%	119	8/6/2027	360	0.00250%	0.00250%	0.05000%	NAP
	49	 	Walgreens
    Columbia, SC	9001
    Two Notch Road	Columbia	South
    Carolina	29223	4,400,000.00	4.75000%	120	9/6/2027	0	0.00250%	0.00250%	NAP	NAP
	50	 	1000
    South Sherman Street	1000
    South Sherman Street	Clinton	Illinois	61727	4,000,000.00	4.50000%	120	9/6/2027	360	0.00250%	0.00250%	NAP	NAP
	51	 	StorQuest
    Corona	12530
    Magnolia Avenue	Riverside	California	92503	3,500,000.00	4.21000%	120	9/6/2027	0	0.00250%	0.00250%	NAP	NAP
	52	 	St.
    Petersburg MHC Portfolio	 	 	 	 	2,156,000	4.93000%	120	9/6/2027	360	0.00250%	0.00250%	NAP	NAP
	52.01	 	Westgate
    Manor MHC	7499
    46th Avenue North	St.
    Petersburg	Florida	33714	 	 	 	 	 	 	 	 	 
	52.02	 	Villa
    Plumosa MHC	3290
    54th Avenue North	St.
    Petersburg	Florida	33714	 	 	 	 	 	 	 	 	 
	53	 	CSS
    Rohnert Park	6100
    State Farm Drive	Rohnert
    Park	California	94928	2,100,000.00	3.81000%	119	8/6/2027	0	0.00250%	0.00250%	NAP	NAP



 




     


     


    

	 
	CGCMT
    2017-P8 Mortgage Loan Schedule
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	Serviced
    Companion Loan	 	Serviced
    Companion Loan	 
	 	 	 	 	 	 	 	 	 	 	 	Remaining	Serviced
    Companion Loan	Remaining	Serviced
    Companion Loan
	Loan	 	 	Mortgage
    	Crossed
    With Other Loans	ARD	ARD
    Mortgage Loan Final	ARD	Serviced
    Companion Loan	Serviced
    Companion Loan	Serviced
    Companion Loan	Term
    To	Maturity	Amortization
    Term	Servicing
	Number	Footnotes	Property
    Name	Loan
    Seller	(Crossed
    Group)	(Yes/No)	Maturity
    Date	Revised
    Rate	Flag	Cut-off
    Balance	Interest
    Rate	Maturity
    / ARD	Date
    / ARD	(Mos.)	Fees
	1	(1)	225
    & 233 Park Avenue South	Barclays
    Bank PLC	No	No	 	 	 	 	 	 	 	 	 
	2	(2)	General
    Motors Building	CGMRC	No	No	 	 	 	 	 	 	 	 	 
	3	(3)	9-19
    9th Avenue	SMF
    V	No	No	 	 	Yes	                          50,000,000.00
    	4.13100%	119	8/6/2027	0	0.00250%
	4	(4)	Corporate
    Woods Portfolio	CREFI	No	No	 	 	Yes	                        171,250,000.00
    	4.45000%	120	9/6/2027	360	0.00250%
	4.01	 	Corporate
    Woods - Building 82	 	 	 	 	 	 	 	 	 	 	 	 
	4.02	 	Corporate
    Woods - Building 40	 	 	 	 	 	 	 	 	 	 	 	 
	4.03	 	Corporate
    Woods - Building 84	 	 	 	 	 	 	 	 	 	 	 	 
	4.04	 	Corporate
    Woods - Building 32	 	 	 	 	 	 	 	 	 	 	 	 
	4.05	 	Corporate
    Woods - Building 34	 	 	 	 	 	 	 	 	 	 	 	 
	4.06	 	Corporate
    Woods - Building 14	 	 	 	 	 	 	 	 	 	 	 	 
	4.07	 	Corporate
    Woods - Building 70	 	 	 	 	 	 	 	 	 	 	 	 
	4.08	 	Corporate
    Woods - Building 9	 	 	 	 	 	 	 	 	 	 	 	 
	4.09	 	Corporate
    Woods - Building 6	 	 	 	 	 	 	 	 	 	 	 	 
	4.1	 	Corporate
    Woods - Building 12	 	 	 	 	 	 	 	 	 	 	 	 
	4.11	 	Corporate
    Woods - Building 27	 	 	 	 	 	 	 	 	 	 	 	 
	4.12	 	Corporate
    Woods - Building 51	 	 	 	 	 	 	 	 	 	 	 	 
	4.13	 	Corporate
    Woods - Building 55	 	 	 	 	 	 	 	 	 	 	 	 
	4.14	 	Corporate
    Woods - Building 65	 	 	 	 	 	 	 	 	 	 	 	 
	4.15	 	Corporate
    Woods - Building 3	 	 	 	 	 	 	 	 	 	 	 	 
	4.16	 	Corporate
    Woods - Building 75	 	 	 	 	 	 	 	 	 	 	 	 
	5	 	Bank
    of America Plaza	CREFI	No	No	 	 	 	 	 	 	 	 	 
	6	(5)	Mall
    of Louisiana	CREFI,
    Barclays Bank PLC	No	No	 	 	 	 	 	 	 	 	 
	7	 	The
    Grove at Shrewsbury	PCC	No	No	 	 	 	 	 	 	 	 	 
	8	(6)	Starwood
    Capital Group Hotel Portfolio	Barclays
    Bank PLC; SMF V	No	No	 	 	 	 	 	 	 	 	 
	8.01	 	Larkspur
    Landing Sunnyvale	 	 	 	 	 	 	 	 	 	 	 	 
	8.02	 	Larkspur
    Landing Milpitas	 	 	 	 	 	 	 	 	 	 	 	 
	8.03	 	Larkspur
    Landing Campbell	 	 	 	 	 	 	 	 	 	 	 	 
	8.04	 	Larkspur
    Landing San Francisco	 	 	 	 	 	 	 	 	 	 	 	 
	8.05	 	Larkspur
    Landing Pleasanton	 	 	 	 	 	 	 	 	 	 	 	 
	8.06	 	Larkspur
    Landing Bellevue	 	 	 	 	 	 	 	 	 	 	 	 
	8.07	 	Larkspur
    Landing Sacramento	 	 	 	 	 	 	 	 	 	 	 	 
	8.08	 	Hampton
    Inn Ann Arbor North	 	 	 	 	 	 	 	 	 	 	 	 
	8.09	 	Larkspur
    Landing Hillsboro	 	 	 	 	 	 	 	 	 	 	 	 
	8.1	 	Larkspur
    Landing Renton	 	 	 	 	 	 	 	 	 	 	 	 
	8.11	 	Holiday
    Inn Arlington Northeast Rangers Ballpark	 	 	 	 	 	 	 	 	 	 	 	 
	8.12	 	Residence
    Inn Toledo Maumee	 	 	 	 	 	 	 	 	 	 	 	 
	8.13	 	Residence
    Inn Williamsburg	 	 	 	 	 	 	 	 	 	 	 	 
	8.14	 	Hampton
    Inn Suites Waco South	 	 	 	 	 	 	 	 	 	 	 	 
	8.15	 	Holiday
    Inn Louisville Airport Fair Expo	 	 	 	 	 	 	 	 	 	 	 	 
	8.16	 	Courtyard
    Tyler	 	 	 	 	 	 	 	 	 	 	 	 
	8.17	 	Hilton
    Garden Inn Edison Raritan Center	 	 	 	 	 	 	 	 	 	 	 	 
	8.18	 	Hilton
    Garden Inn St Paul Oakdale	 	 	 	 	 	 	 	 	 	 	 	 
	8.19	 	Residence
    Inn Grand Rapids West	 	 	 	 	 	 	 	 	 	 	 	 
	8.2	 	Peoria,
    AZ Residence Inn	 	 	 	 	 	 	 	 	 	 	 	 
	8.21	 	Hampton
    Inn Suites Bloomington Normal	 	 	 	 	 	 	 	 	 	 	 	 
	8.22	 	Courtyard
    Chico	 	 	 	 	 	 	 	 	 	 	 	 
	8.23	 	Hampton
    Inn Suites Kokomo	 	 	 	 	 	 	 	 	 	 	 	 
	8.24	 	Hampton
    Inn Suites South Bend	 	 	 	 	 	 	 	 	 	 	 	 
	8.25	 	Courtyard
    Wichita Falls	 	 	 	 	 	 	 	 	 	 	 	 
	8.26	 	Hampton
    Inn Morehead	 	 	 	 	 	 	 	 	 	 	 	 
	8.27	 	Residence
    Inn Chico	 	 	 	 	 	 	 	 	 	 	 	 
	8.28	 	Courtyard
    Lufkin	 	 	 	 	 	 	 	 	 	 	 	 
	8.29	 	Hampton
    Inn Carlisle	 	 	 	 	 	 	 	 	 	 	 	 
	8.3	 	Springhill
    Suites Williamsburg	 	 	 	 	 	 	 	 	 	 	 	 
	8.31	 	Fairfield
    Inn Bloomington	 	 	 	 	 	 	 	 	 	 	 	 
	8.32	 	Waco
    Residence Inn	 	 	 	 	 	 	 	 	 	 	 	 
	8.33	 	Holiday
    Inn Express Fishers	 	 	 	 	 	 	 	 	 	 	 	 
	8.34	 	Larkspur
    Landing Folsom	 	 	 	 	 	 	 	 	 	 	 	 
	8.35	 	Springhill
    Suites Chicago Naperville Warrenville	 	 	 	 	 	 	 	 	 	 	 	 
	8.36	 	Holiday
    Inn Express & Suites Paris	 	 	 	 	 	 	 	 	 	 	 	 
	8.37	 	Toledo
    Homewood Suites	 	 	 	 	 	 	 	 	 	 	 	 
	8.38	 	Grand
    Rapids Homewood Suites	 	 	 	 	 	 	 	 	 	 	 	 
	8.39	 	Cheyenne
    Fairfield Inn and Suites	 	 	 	 	 	 	 	 	 	 	 	 
	8.4	 	Fairfield
    Inn Laurel	 	 	 	 	 	 	 	 	 	 	 	 
	8.41	 	Courtyard
    Akron Stow	 	 	 	 	 	 	 	 	 	 	 	 
	8.42	 	Larkspur
    Landing Roseville	 	 	 	 	 	 	 	 	 	 	 	 
	8.43	 	Towneplace
    Suites Bloomington	 	 	 	 	 	 	 	 	 	 	 	 
	8.44	 	Hampton
    Inn Danville	 	 	 	 	 	 	 	 	 	 	 	 
	8.45	 	Holiday
    Inn Norwich	 	 	 	 	 	 	 	 	 	 	 	 
	8.46	 	Hampton
    Inn Suites Longview North	 	 	 	 	 	 	 	 	 	 	 	 
	8.47	 	Springhill
    Suites Peoria Westlake	 	 	 	 	 	 	 	 	 	 	 	 
	8.48	 	Hampton
    Inn Suites Buda	 	 	 	 	 	 	 	 	 	 	 	 
	8.49	 	Shawnee
    Hampton Inn	 	 	 	 	 	 	 	 	 	 	 	 
	8.5	 	Racine
    Fairfield Inn	 	 	 	 	 	 	 	 	 	 	 	 
	8.51	 	Hampton
    Inn Selinsgrove Shamokin Dam	 	 	 	 	 	 	 	 	 	 	 	 
	8.52	 	Holiday
    Inn Express & Suites Terrell	 	 	 	 	 	 	 	 	 	 	 	 
	8.53	 	Westchase
    Homewood Suites	 	 	 	 	 	 	 	 	 	 	 	 
	8.54	 	Holiday
    Inn Express & Suites Tyler South	 	 	 	 	 	 	 	 	 	 	 	 
	8.55	 	Holiday
    Inn Express & Suites Huntsville	 	 	 	 	 	 	 	 	 	 	 	 
	8.56	 	Hampton
    Inn Sweetwater	 	 	 	 	 	 	 	 	 	 	 	 
	8.57	 	Comfort
    Suites Buda Austin South	 	 	 	 	 	 	 	 	 	 	 	 
	8.58	 	Fairfield
    Inn & Suites Weatherford	 	 	 	 	 	 	 	 	 	 	 	 
	8.59	 	Holiday
    Inn Express & Suites Altus	 	 	 	 	 	 	 	 	 	 	 	 
	8.6	 	Comfort
    Inn & Suites Paris	 	 	 	 	 	 	 	 	 	 	 	 
	8.61	 	Hampton
    Inn Suites Decatur	 	 	 	 	 	 	 	 	 	 	 	 
	8.62	 	Holiday
    Inn Express & Suites Texarkana East	 	 	 	 	 	 	 	 	 	 	 	 
	8.63	 	Mankato
    Fairfield Inn	 	 	 	 	 	 	 	 	 	 	 	 
	8.64	 	Candlewood
    Suites Texarkana	 	 	 	 	 	 	 	 	 	 	 	 
	8.65	 	Country
    Inn & Suites Houston Intercontinental Airport East	 	 	 	 	 	 	 	 	 	 	 	 
	9	 	Grant
    Building	SMF
    V	No	No	 	 	 	 	 	 	 	 	 
	10	 	Ann
    Arbor Mixed Use Portfolio	CREFI	No	No	 	 	 	 	 	 	 	 	 
	10.01	 	McKinley
    Towne Centre	 	 	 	 	 	 	 	 	 	 	 	 
	10.02	 	Liberty
    Square	 	 	 	 	 	 	 	 	 	 	 	 
	11	(7)	Visions
    Hotel Portfolio	SMF
    V	No	No	 	 	Yes	 $                       19,950,000.00
    	4.48000%	120	9/6/2027	360	0.00250%
	11.01	 	Holiday
    Inn Express & Suites Buffalo	 	 	 	 	 	 	 	 	 	 	 	 
	11.02	 	Hampton
    Inn Potsdam	 	 	 	 	 	 	 	 	 	 	 	 
	11.03	 	Hampton
    Inn & Suites Utica	 	 	 	 	 	 	 	 	 	 	 	 
	11.04	 	Fairfield
    Inn & Suites Olean	 	 	 	 	 	 	 	 	 	 	 	 
	11.05	 	Hampton
    Inn & Suites East Aurora	 	 	 	 	 	 	 	 	 	 	 	 
	11.06	 	Fairfield
    Inn & Suites Binghamton	 	 	 	 	 	 	 	 	 	 	 	 
	11.07	 	Fairfield
    Inn & Suites Rochester South	 	 	 	 	 	 	 	 	 	 	 	 
	11.08	 	Fairfield
    Inn & Suites Albany	 	 	 	 	 	 	 	 	 	 	 	 
	11.09	 	Fairfield
    Inn & Suites Corning	 	 	 	 	 	 	 	 	 	 	 	 
	11.1	 	Fairfield
    Inn & Suites Rochester West/Greece	 	 	 	 	 	 	 	 	 	 	 	 
	12	(8)	Pleasant
    Prairie Premium Outlets	CREFI	No	No	 	 	Yes	                        111,000,000.00
    	3.99500%	120	9/1/2027	0	0.00250%
	13	(9)	Lakeside
    Shopping Center	Barclays
    Bank PLC	No	No	 	 	 	 	 	 	 	 	 
	14	 	440
    Mamaroneck Avenue	Barclays
    Bank PLC	No	No	 	 	 	 	 	 	 	 	 
	15	 	Mesa
    Grand Shopping Center	SMF
    V	No	No	 	 	 	 	 	 	 	 	 
	16	(10)	Long
    Island Prime Portfolio - Uniondale	Barclays
    Bank PLC	No	No	 	 	 	 	 	 	 	 	 
	16.01	 	RXR
    Plaza	 	 	 	 	 	 	 	 	 	 	 	 
	16.02	 	Omni
    	 	 	 	 	 	 	 	 	 	 	 	 
	17	 	Mars
    Petcare Storage & Distribution Center	CREFI	No	No	 	 	 	 	 	 	 	 	 
	18	 	Bradley
    Business Center 	PCC	No	No	 	 	 	 	 	 	 	 	 
	19	 	3901
    North First Street	PCC	No	Yes	7/1/2029	The
    greater of (a) 3.5% above the mortgage interest rate or (b) 5.0% above the 2-year U.S. Treasury Rate	 	 	 	 	 	 	 
	20	 	Canyon
    Portal	CREFI	No	No	 	 	 	 	 	 	 	 	 
	21	(11)	Scripps
    Center	PCC	No	No	 	 	 	 	 	 	 	 	 
	22	 	Victoria
    Park Shoppes	PCC	No	No	 	 	 	 	 	 	 	 	 
	23	 	1450
    Veterans	PCC	No	No	 	 	 	 	 	 	 	 	 
	24	 	Westerre
    I and II	PCC	No	No	 	 	 	 	 	 	 	 	 
	25	(12)	Atlanta
    and Anchorage Hotel Portfolio	Barclays
    Bank PLC	No	No	 	 	 	 	 	 	 	 	 
	25.01	 	Hilton
    Anchorage	 	 	 	 	 	 	 	 	 	 	 	 
	25.02	 	Renaissance
    Concourse Atlanta Airport Hotel	 	 	 	 	 	 	 	 	 	 	 	 
	26	 	The
    Falls at Snake River Landing	PCC	No	No	 	 	 	 	 	 	 	 	 
	27	(13)	245
    Park Avenue	Barclays
    Bank PLC	No	No	 	 	 	 	 	 	 	 	 
	28	 	888
    Tennessee	PCC	No	No	 	 	 	 	 	 	 	 	 
	29	 	Low
    Country Village	PCC	No	No	 	 	 	 	 	 	 	 	 
	30	 	215
    & Town Center	SMF
    V	No	No	 	 	 	 	 	 	 	 	 
	31	 	Ocean
    City Shopping Center	PCC	No	No	 	 	 	 	 	 	 	 	 
	32	 	Pangea
    17	SMF
    V	No	No	 	 	 	 	 	 	 	 	 
	32.01	 	1807
    South Saint Louis Avenue	 	 	 	 	 	 	 	 	 	 	 	 
	32.02	 	1145
    North Austin Boulevard	 	 	 	 	 	 	 	 	 	 	 	 
	32.03	 	136
    East 155th Street	 	 	 	 	 	 	 	 	 	 	 	 
	32.04	 	1501
    East 68th Street	 	 	 	 	 	 	 	 	 	 	 	 
	32.05	 	7300
    South Yates Boulevard	 	 	 	 	 	 	 	 	 	 	 	 
	32.06	 	14123
    South Tracy Avenue	 	 	 	 	 	 	 	 	 	 	 	 
	32.07	 	7925
    South Phillips Avenue	 	 	 	 	 	 	 	 	 	 	 	 
	32.08	 	8000
    South Ellis Avenue	 	 	 	 	 	 	 	 	 	 	 	 
	32.09	 	13256
    South Prairie Avenue	 	 	 	 	 	 	 	 	 	 	 	 
	32.1	 	8101
    South Justine Street	 	 	 	 	 	 	 	 	 	 	 	 
	32.11	 	7135
    South Blackstone Avenue	 	 	 	 	 	 	 	 	 	 	 	 
	32.12	 	320
    North Mason Avenue	 	 	 	 	 	 	 	 	 	 	 	 
	32.13	 	410
    East 107th Street	 	 	 	 	 	 	 	 	 	 	 	 
	32.14	 	1257
    South Christiana Avenue	 	 	 	 	 	 	 	 	 	 	 	 
	32.15	 	10933
    South Vernon Avenue	 	 	 	 	 	 	 	 	 	 	 	 
	32.16	 	8040
    South Vernon Avenue	 	 	 	 	 	 	 	 	 	 	 	 
	32.17	 	12000
    South Eggleston Avenue	 	 	 	 	 	 	 	 	 	 	 	 
	32.18	 	2041
    East 75th Street	 	 	 	 	 	 	 	 	 	 	 	 
	32.19	 	219
    East 68th Street	 	 	 	 	 	 	 	 	 	 	 	 
	32.2	 	8751
    South Cottage Grove Avenue	 	 	 	 	 	 	 	 	 	 	 	 
	32.21	 	7159
    South Wabash Avenue	 	 	 	 	 	 	 	 	 	 	 	 
	33	 	Tampa
    Bay Industrial	SMF
    V	No	No	 	 	 	 	 	 	 	 	 
	33.01	 	Bay
    Tec Center	 	 	 	 	 	 	 	 	 	 	 	 
	33.02	 	Airport
    Corporate Center	 	 	 	 	 	 	 	 	 	 	 	 
	34	 	Springhill
    Suites Denton	PCC	No	No	 	 	 	 	 	 	 	 	 
	35	 	The
    Oaks at Palomar	CREFI	No	No	 	 	 	 	 	 	 	 	 
	36	 	Royal
    Oaks Shopping Center	CREFI	No	No	 	 	 	 	 	 	 	 	 
	37	 	Foothills
    Health Center	Barclays
    Bank PLC	No	No	 	 	 	 	 	 	 	 	 
	38	 	Lindbergh
    Plaza	Barclays
    Bank PLC	No	No	 	 	 	 	 	 	 	 	 
	39	 	Fox
    Run Apartments	PCC	No	No	 	 	 	 	 	 	 	 	 
	40	 	117
    East Washington	SMF
    V	No	No	 	 	 	 	 	 	 	 	 
	41	 	Bryan
    Woods Apartments	CREFI	No	No	 	 	 	 	 	 	 	 	 
	42	 	American
    Mini Storage - Converse	SMF
    V	No	No	 	 	 	 	 	 	 	 	 
	43	 	The
    Shops at Fayette Crossing	CREFI	No	No	 	 	 	 	 	 	 	 	 
	44	 	Hampton
    Inn Richland	SMF
    V	No	No	 	 	 	 	 	 	 	 	 
	45	 	Ohio
    Retail Portfolio - Discount Drug Mart Plaza	Barclays
    Bank PLC	No	No	 	 	 	 	 	 	 	 	 
	45.01	 	Parma
    Heights Plaza	 	 	 	 	 	 	 	 	 	 	 	 
	45.02	 	Upper
    Sandusky Plaza	 	 	 	 	 	 	 	 	 	 	 	 
	46	 	Kohls
    White Lake	SMF
    V	No	No	 	 	 	 	 	 	 	 	 
	47	 	Las
    Brisas Apartments	SMF
    V	No	No	 	 	 	 	 	 	 	 	 
	48	 	Mountain
    Cactus Ranch	SMF
    V	No	No	 	 	 	 	 	 	 	 	 
	49	 	Walgreens
    Columbia, SC	CREFI	No	No	 	 	 	 	 	 	 	 	 
	50	 	1000
    South Sherman Street	Barclays
    Bank PLC	No	No	 	 	 	 	 	 	 	 	 
	51	 	StorQuest
    Corona	CREFI	No	No	 	 	 	 	 	 	 	 	 
	52	 	St.
    Petersburg MHC Portfolio	CREFI	No	No	 	 	 	 	 	 	 	 	 
	52.01	 	Westgate
    Manor MHC	 	 	 	 	 	 	 	 	 	 	 	 
	52.02	 	Villa
    Plumosa MHC	 	 	 	 	 	 	 	 	 	 	 	 
	53	 	CSS
    Rohnert Park	CREFI	No	No	 	 	 	 	 	 	 	 	 



 


	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	(1)	The
    Cut-Off Date Balance of $60,000,000 represents note A-2 of a Loan Combination evidenced by 4 pari passu notes.	 
	 	(2)	The
    Cut-Off Date Balance of $55,200,000 represents notes A-3-A2-1 and A-3-A3 of a Loan Combination evidenced by 34 senior pari
    passu notes and four subordinate notes.
	 	(3)	The
    Cut-Off Date Balance of $55,000,000 represents note A-1 of a Loan Combination evidenced by two pari passu notes.
	 	(4)	The
    Cut-Off Date Balance of $50,000,000 represents notes A-1-A and A-3 of a Loan Combination evidenced by six pari passu notes.
	 	(5)	The
    Cut-Off Date Balance of $47,000,000 is represented by notes A-3-1 and A-5-2 of a Loan Combination evidenced by nine pari passu
    notes.
	 	(6)	The
    Cut-Off Date Balance of $41,817,500 represents notes A-16-2 and A-17 of a Loan Combination evidenced by 21 pari passu notes.
	 	(7)	The
    Cut-Off Date Balance of $34,400,000 represents note A-1 of a Loan Combination evidenced by two pari passu notes.
	 	(8)	The
    Cut-Off Date Balance of $34,000,000 represents note A-1 of a Loan Combination evidenced by four pari passu notes.
	 	(9)	The
    Cut-Off Date Balance of $33,000,000 represents note A-3-1 of a Loan Combination evidenced by four pari passu notes.
	 	(10)	The
    Cut-Off Date Balance of $29,180,000 represents note A-2-2 of a Loan Combination evidenced by four pari passu notes.
	 	(11)	The
    Cut-Off Date Balance of $22,000,000 represents note A-2 of a Loan Combination evidenced by two pari passu notes.
	 	(12)	The
    Cut-Off Date Balance of $16,855,648 represents note A-3-B of a Loan Combination evidenced by six pari passu notes.
	 	(13)	The
    Cut-Off Date Balance of $15,000,000 represents note A-2-E-2 of a Loan Combination evidenced by 22 senior pari passu notes
    and five subordinate notes.




 






     


     


    



 


EXHIBIT C


 


FORM OF REQUEST FOR RELEASE

(for Custodian)


 


Loan Information:

Name of Mortgagor: __________________

Master Servicer Loan No.: __________________



Custodian Name: [______________]




	Address:    	[_____________]
	 	[_____________]
	 	Attention: [_____________]






 


Custodian Mortgage File No.: __________________

[Seller]

Name: __________________

Address: __________________





 


 










 


	Certificates:	Citigroup Commercial Mortgage Trust
                                         2017-P8, Commercial Mortgage Pass-Through Certificates, Series 2017-P8, Class [__]



 


The undersigned [Master
Servicer][Special Servicer][Outside Servicer][Outside Special Servicer] hereby requests delivery from Citibank, N.A., as Custodian,
for the Holders of Citigroup Commercial Mortgage Trust 2017-P8, Commercial Mortgage Pass Through Certificates, Series 2017-P8,
the documents referred to below (the “Documents”). All capitalized terms not otherwise defined in this Request
for Release shall have the meanings given them in the Pooling and Servicing Agreement, dated as of September 1, 2017 (the “Pooling
and Servicing Agreement”), between Citigroup Commercial Mortgage Securities Inc., as Depositor, Wells Fargo Bank, National
Association, as Master Servicer, KeyBank National Association, as Special Servicer, Pentalpha Surveillance LLC, as Operating Advisor
and Asset Representations Reviewer, Citibank, N.A., as Certificate Administrator, and Wilmington Trust, National Association, as
Trustee.


 


(  )           Note
dated _________, _____, in the original principal sum of $_____, made by _______, payable to, or endorsed to the order of, the
Trustee.


 


(  )           Mortgage
recorded on ____________ as instrument no. ________ in the County Recorder’s Office of the County of _______________, State
of _________________ in book/reel/docket ___________ of official records at page/image ________.


 


(  )           Deed
of trust recorded on __________ as instrument no. ________ in the County Recorder’s Office of the County of ____________,
State of _______ in book/reel/docket ____________ of official records at page/image.


 






    C-1


     


    

 


(  )          Assignment
of Mortgage or deed of trust to the Trustee, recorded on _____________ as instrument no. _______ in the County Recorder’s
Office of the County of _________, State of _______ in book/reel/docket __________ of official records at page/image _____________.


 


(  )          Other
documents, including any amendments, assignments or other assumptions of the Note or Mortgage.


 


(  )       ___________________________


 


(  )       ___________________________


 


(  )       ___________________________


 


(  )       ___________________________


 


The undersigned [Master
Servicer][Special Servicer][Outside Servicer][Outside Special Servicer] hereby acknowledges and agrees as follows:


 


(i)           The [Master Servicer][Special Servicer][Outside Servicer][Outside 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 Agreement.


 


(ii)          The [Master Servicer][Special Servicer][Outside Servicer][Outside 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][Outside Servicer][Outside Special Servicer] assert or seek to assert any claims
or rights of set-off to or against the Documents or any proceeds thereof.


 


(iii)         The [Master Servicer][Special Servicer][Outside Servicer][Outside Special Servicer] shall return the Documents to the Custodian
when the need therefor no longer exists, unless the Mortgage Loan relating to the Documents has been liquidated and the proceeds
thereof have been remitted to the Collection Account and except as expressly provided in the Agreement.


 


(iv)         The Documents and any proceeds thereof, including any proceeds of proceeds, coming into the possession or control of the
[Master Servicer][Special Servicer][Outside Servicer][Outside Special Servicer] shall at all times be earmarked for the account
of the Trustee, and the [Master Servicer][Special Servicer][Outside Servicer][Outside Special Servicer] shall keep the Documents
and any proceeds separate and distinct from all other property in the [Master Servicer][Special Servicer][Outside Servicer][Outside
Special Servicer]’s possession, custody or control.


 






    C-2


     


    

 





	 	[MASTER SERVICER/SPECIAL SERVICER] [OUTSIDE SERVICER/ OUTSIDE SPECIAL SERVICER]
	 	 	 
	 	By:	 
			Name:

Title:


 


cc: Citibank, N.A.


 


Dated:


 



    C-3


     


    




 


EXHIBIT D



FORM OF DISTRIBUTION DATE STATEMENT


 






    D-1


     


    

 




 





	 	 	 
	Distribution Date:

    Determination Date:	Citigroup Commercial
    Mortgage Trust 2017-P8

    Commercial Mortgage Pass-Through Certificates

    Series 2017-P8	



	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	CONTACT
    INFORMATION	 	 	CONTENTS	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	Depositor	Citigroup Commercial Mortgage
    Securities Inc.	 	Distribution Summary	2	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	Distribution Summary
    (Factors)	3	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	Interest Distribution
    Detail	4	 	 
	 	 	 	 	 	 	 	 
	 	Master Servicer	Wells Fargo Bank, National Association	 	Principal Distribution
    Detail	5	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	Reconciliation
    Detail	6	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	Stratification
    Detail	7	 	 
	 			 	 	 	 	 
	 	Operating Advisor / Asset	Pentalpha Surveillance LLC	 	Mortgage
    Loan Detail	11	 	 
	 	Representations Reviewer	 	 	 	 	 	 
	 	 	 	 	NOI Detail	12	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	Delinquency Loan
    Detail	13	 	 
	 	Trustee	Wilmington Trust, National Association	 	 	 	 	 
	 	 	 	 	Appraisal Reduction
    Detail	15	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	Loan Modification
    Detail	17	 	 
	 	Special Servicer	KeyBank National Association	 	 	 	 	 
	 	 	 	 	Specially Serviced
    Loan Detail	19	 	 
	 		 	 	 	 	 	 
	 	Certificate Administrator	Citibank,
    N.A.	 	Unscheduled
    Principal Detail	21	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	Liquidated Loan
    Detail	23	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 



	 	 	 	 	 
	 	 	 	 	 
	 	Deal Contact:	John Hannon	 	Citibank, N.A.
	 	 	john.hannon@citi.com	 	Agency and Trust
	 	 	Tel: (212) 816-5693	 	388 Greenwich Street,
    14th Floor
	 	 	Fax: (212) 816-5527	 	New York, NY 10013
	 	 	 	 	 




 



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	Distribution Date:

    Determination Date:	Citigroup Commercial
    Mortgage Trust 2017-P8

    Commercial Mortgage Pass-Through Certificates

    Series 2017-P8	


 


Distribution
Summary


	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	DISTRIBUTION
    IN DOLLARS
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Prior	Pass-	Accrual	 	 	 	Yield	Prepayment	 	 	 	Current
	 	Original	Principal	Through	Day Count	Accrual	Interest	Principal	Maintenance	Penalties	Total	Deferred	Realized	Principal
	Class	Balance	Balance	Rate	Fraction	Dates	Distributed	Distributed	Distributed	Distributed	Distributed	Interest	Loss	Balance
	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)	(10)	(11)=(7+8+9+10)	(12)	(13)	(14)=(3-8+12-13)
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Totals	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Notional Classes	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Totals	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 



 






    	Reports Available at sf.citidirect.com	Page 2 of 24	© Copyright 2 Citigroup
	 	 	 



    	 



    

 



	 	 	 
	Distribution Date:

    Determination Date:	Citigroup Commercial
    Mortgage Trust 2017-P8

    Commercial Mortgage Pass-Through Certificates

    Series 2017-P8	



	 	 	 	 	 	 	 	 	 	 	 	 
	PER
    $1,000 OF ORIGINAL BALANCE	 	 	 	 	 	 	 
	Class	CUSIP	Record

    Date	Prior

    Principal

    Balance

    (3/2 x 1000)	Interest

    Distributed

    (7/2 x 1000)	Principal

    Distributed

    (8/2 x 1000)	Yield

    Maintenance

    Distributed

    (9)/(2) x 1000	Prepayment

    Penalties

    Distributed

    (10)/(2) x 1000	Total

    Distributed

    (11/2 x 1000)	Deferred

    Interest

    (12/2 x 1000)	Realized

    Loss

    (13/2 x 1000)	Current

    Principal

    Balance

    (142 x 1000)
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 




 



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	Distribution Date:

    Determination Date:	Citigroup Commercial
    Mortgage Trust 2017-P8

    Commercial Mortgage Pass-Through Certificates

    Series 2017-P8	




Interest Distribution
Detail


	 	 	 	 	 	 	 	 	 	 	 	 
	DISTRIBUTION IN DOLLARS	 	 	 	 	 	 	 
	 	Prior	Pass-	Next Pass-	Accrual	Optimal	Prior	Interest on	Non-Recov.	 	 	 	Current
	 	Principal	Through	Through	Day Count	Accrued	Unpaid	Prior Unpaid	Interest	Interest	Deferred	Interest	Unpaid
	Class	Balance	Rate	Rate	Fraction	Interest	Interest	Interest	Shortfall	Due	Interest	Distributed	Interest
	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)	(10)=(6)+(7)+(8)-(9)	(11)	(12)	(13)=(10)-(11)-(12)
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	Totals	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	Notional
    Classes	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	Totals	 	 	 	 	 	 	 	 	 	 	 	 




 



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	Distribution Date:

    Determination Date:	Citigroup Commercial
    Mortgage Trust 2017-P8

    Commercial Mortgage Pass-Through Certificates

    Series 2017-P8	



Principal Distribution
Detail


	 	 	 	 	 	 	 	 	 	 	 	 	 
	DISTRIBUTION
    IN DOLLARS 
	 	 	Prior	Scheduled	Unscheduled	 	Current	Current	Current	Cumulative	Original	Current	Original	Current
	 	Original	Principal	Principal	Principal	Accreted	Realized	Principal	Principal	Realized	Class	Class	Credit	Credit
	Class	Balance	Balance	Distribution	Distribution	Principal	Loss	Recoveries	Balance	Loss	(%)	(%)	Support	Support
	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)=(3)-(4)-(5)+(6)-(7)+(8)	(10)	(11)	(12)	(13)	(14)
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 



 



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	Distribution Date:

    Determination Date:	Citigroup Commercial
    Mortgage Trust 2017-P8

    Commercial Mortgage Pass-Through Certificates

    Series 2017-P8	


Reconciliation Detail

	 	 	 	 	 	 	 	 	 
	 	 	 	 
	SOURCE
    OF FUNDS	 	ALLOCATION
    OF FUNDS	 
	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	Interest Funds Available	 	 	 	 	Scheduled Fees	 	 	 
	 	Scheduled
    Interest	 	 	 	 	Servicing
    Fee / Sub-Servicing Fee	 	 	 
	 	Prepayment
    Interest Shortfall	 	 	 	 	CREFC®
    Intellectual Property Royalty License Fee	 	 	 
	 	Interest
    Adjustments	 	 	 	 	Trustee
    Fee / Certificate Administrator Fee	 	 	 
	 	Realized
    Loss in Excess of Principal Balance	 	 	 	 	Operating
    Advisor Fee	 	 	 
	 	Total
    Interest Funds Available:	 	 	 	 	Total
    Scheduled Fees:	 	 	 
	 	 	 	 	 	 	Additional Fees, Expenses,
    etc.	 	 	 
	 	Principal Funds Available	 	 	 	 	Special Servicing Fee	 	 	 
	 	Scheduled
    Principal	 	 	 	 	Workout
    Fee	 	 	 
	 	Curtailments	 	 	 	 	Liquidation
    Fee	 	 	 
	 	Principal
    Prepayments	 	 	 	 	Additional
    Trust Fund Expenses	 	 	 
	 	Net
    Liquidation Proceeds	 	 	 	 	Reimbursement
    for Interest on Advances	 	 	 
	 	Repurchased
    Principal	 	 	 	 	Additional
    Servicing Fee	 	 	 
	 	Substitution
    Principal	 	 	 	 	Total
    Additional Fees, Expenses, etc.:	 	 	 
	 	Other
    Principal	 	 	 	 	Distribution to Certificateholders	 	 	 
	 	Total
    Principal Funds Available:	 	 	 	 	Interest
    Distribution	 	 	 
	 	Other Funds Available	 	 	 	 	Principal
    Distribution	 	 	 
	 	Yield
    Maintenance Charges	 	 	 	 	Yield
    Maintenance Charges Distribution	 	 	 
	 	Prepayment
    Premiums	 	 	 	 	Prepayment
    Premiums Distribution	 	 	 
	 	Other
    Charges	 	 	 	 	Total
    Distribution to Certificateholders:	 	 	 
	 	Total
    Other Funds Available:	 	 	 	 	Total
        Funds Allocated	 	 	 
	 	Total
    Funds Available	 	 	 	 		 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 



 



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	Distribution Date:	Citigroup Commercial
    Mortgage Trust 2017-P8	
	Determination Date:	Commercial Mortgage
    Pass-Through Certificates
	 	Series 2017-P8
	 	Stratification
    Detail


 


	Ending Scheduled Balance	 	State
	Ending
    Scheduled

    Balance	#
    of

    Loans	Ending
    Scheduled

    Balance	%
    of Agg. End.

    Sched. Bal.	WAC	WART	WA

    DSCR	 	State	#
    of

    Properties	Ending
    Scheduled

    Balance	%
    of Agg. End.

    Sched. Bal.	WAC	WART	WA

    DSCR
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Totals	 	 	 	 	 	 	 	 	Totals	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 




 



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	Distribution Date:	Citigroup Commercial
    Mortgage Trust 2017-P8	
	Determination Date:	Commercial Mortgage
    Pass-Through Certificates
	 	Series 2017-P8
	 	Stratification
    Detail



 

	Seasoning	 	Property
    Type
	Seasoning	#
    of

    Loans	Ending
    Scheduled

    Balance	%
    of Agg. End.

    Sched. Bal.	WAC	WART	WA

    DSCR	 	Property
    Type	#
    of

    Properties	Ending
    Scheduled

    Balance	%
    of Agg. End.

    Sched. Bal.	WAC	WART	WA

    DSCR
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	Totals	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Totals	 	 	 	 	 	 	 	 	 	 	 	 	 




 






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	Distribution Date:	Citigroup Commercial
    Mortgage Trust 2017-P8	
	Determination Date:	Commercial Mortgage
    Pass-Through Certificates
	 	Series 2017-P8
	 	Stratification
    Detail


 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Debt
    Service Coverage Ratio	 	Loan
    Rate
	Debt
    Service

    Coverage Ratio	#
    of

    Loans	Ending
    Scheduled

    Balance	%
    of Agg. End.

    Sched. Bal.	WAC	WART	WA

    DSCR	 	Loan
    Rate	#
    of

    Loans	Ending
    Scheduled

    Balance	%
    of Agg. End.

    Sched. Bal.	WAC	WART	WA

    DSCR
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Totals	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	Totals	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 




 






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	Distribution Date:	Citigroup Commercial
    Mortgage Trust 2017-P8	
	Determination Date:	Commercial Mortgage
    Pass-Through Certificates
	 	Series 2017-P8
	 	Stratification
    Detail



 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Anticipated
    Remaining Term	 	Remaining
    Amortization Term
	Anticipated

    Remaining Term	#
    of

    Loans	Ending
    Scheduled

    Balance	%
    of Agg. End.

    Sched. Bal.	WAC	WART	WA

    DSCR	 	Remaining

    Amortization Term	#
    of

    Loans	Ending
    Scheduled

    Balance	%
    of Agg. End.

    Sched. Bal.	WAC	WART	WA

    DSCR
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	Totals
	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Totals	 	 	 	 	 	 	 	 	 	 	 	 	 




 






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	Distribution Date:	Citigroup Commercial
    Mortgage Trust 2017-P8	
	Determination Date:	Commercial Mortgage
    Pass-Through Certificates
	 	Series 2017-P8


 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Mortgage
    Loan Detail
	 
	Loan	OMCR	Property

    Type	City	State	Interest

    Payment	Principal

    Payment	Gross

    Coupon	Maturity

    Date	

Neg

    Am

    Flag	Beginning

    Scheduled

    Balance	Ending

    Scheduled

    Balance	Paid

    Through

    Date	Apprasial

    Reduction

    Date	Apprasial

    Reduction

    Amount	Payment

    Status of

    Loan (1)	Workout

    Strategy

    (2)	Mod.

    Code

    (3)
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Totals	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 


 


	Payment Status of Loan (1)	 	Workout Strategy (2)	 	Mod. Code (3)	 
	 	 	 	 	 	 	 
	A. In Grace Period	3. 90+ Days Delinquent	1. Modification	7. REO	13. Other or TBD	1. Maturity Date Extension	7. Capitalization of Taxes
	B. Late, but less than 30 Days	4. Performing Matured Balloon	2. Foreclosure	8. Resolved	98. Not Provided By Servicer	2. Amortization Change	8. Other
	0. Current	5. Non Performing Matured Balloon	3. Bankruptcy	9. Pending Return to Master Servicer	 	3. Principal Write-Off	9. Combination
	1. 30-59 Days Delinquent	7. Foreclosure	4. Extension	10. Deed In Lieu of Foreclosure	 	4. Blank (formerly Combination)	 
	2. 60-89 Days Delinquent	9. REO	5. Note Sale	11. Full Payoff	 	5. Temporary Rate Reduction	 
	 	 	6. DPO	12. Reps and Warranties	 	6. Capitalization of Interest	 




 





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	Distribution Date:	Citigroup Commercial
    Mortgage Trust 2017-P8	
	Determination Date:	Commercial Mortgage
    Pass-Through Certificates
	 	Series 2017-P8



NOI Detail



	 	 	 	 	 	 	 	 	 	 
	 
	Loan

    Number	OMCR	Property
    Type	City	State	

Ending

    Scheduled

    Balance	Most

    Recent

    Fiscal NOI	Most

    Recent

    NOI	Most Recent

    NOI

    Start Date	Most
    Recent

    NOI

    End Date
	 	 	 	 	 	 	 
     
	 	 	 
	Totals	 	 	 	 	 	 	 	 	 



 



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	Distribution Date:	Citigroup Commercial
    Mortgage Trust 2017-P8	 
	Determination Date:	Commercial Mortgage
    Pass-Through Certificates
	 	Series 2017-P8
	 	 
	 	Delinquency Loan
    Detail


 


	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	Actual	Paid	Current P & I	Total P & I	Cumulative	Other Expense	Payment	Workout	Most Recent	 	 	 
	Loan	 	# of Months	Principal	Through	Advances (Net	Advances	Accrued Unpaid	Advance	Status of	Strategy	Special Serv	Foreclosure	Bankruptcy	REO
	Number	OMCR	Delinq	Balance	Date	of ASER)	Outstanding	Advance Interest	Outstanding	Loan (1)	(2)	Transfer Date	Date	Date	Date
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	There
    is no Delinquency Loan Detail for the current distribution period.
	 
	   Totals	 	 	 	 	 	 	 	 	 	 	 	 	 	 




	 	 	 	 	 
	Payment Status of Loan (1)	 	Workout Strategy (2)	 
	 	 	 	 	 
	A. In Grace Period	3. 90+ Days Delinquent	1. Modification	7. REO	13. Other or TBD
	B. Late, but less than 30 Days	4. Performing Matured Balloon	2. Foreclosure	8. Resolved	98. Not Provided By Servicer
	0. Current	5. Non Performing Matured Balloon	3. Bankruptcy	9. Pending Return to Master Servicer	 
	1. 30-59 Days Delinquent	7. Foreclosure	4. Extension	10. Deed In Lieu of Foreclosure	 
	2. 60-89 Days Delinquent	9. REO	5. Note Sale	11. Full Payoff	 
	 	 	6. DPO	12. Reps and Warranties	 





 






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	Distribution Date:	Citigroup Commercial
    Mortgage Trust 2017-P8	 
	Determination Date:	Commercial Mortgage
    Pass-Through Certificates
	 	Series 2017-P8
	 	 
	 	Historical Delinquency
    Information





	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Distribution	Less Than 1 Month	1 Month	2 Month	3+ Month	Bankruptcy	Foreclosure	REO
	Date	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	End. Sched.
    Bal.	#  	End. Sched.
    Bal.	#  	End. Sched.
    Bal.	#  	End. Sched.
    Bal.	#  	End. Sched.
    Bal.	#  	End. Sched.
    Bal.	#  	End. Sched.
    Bal.	#  
	 	0.00	0  	0.00	0  	0.00	0  	0.00	0  	0.00	0  	0.00	0  	0.00	0  
	 	0.000%	0.0%  	0.000%	0.0%  	0.000%	0.0%  	0.000%	0.0%  	0.000%	0.0%  	0.000%	0.0%  	0.000%	0.0%  





 






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	Distribution Date:	Citigroup Commercial
    Mortgage Trust 2017-P8	 
	Determination Date:	Commercial Mortgage
    Pass-Through Certificates
	 	Series 2017-P8
	 	 
	 	Appraisal Reduction
    Detail




	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	Appraisal	Appraisal	Most Recent	Cumulative
	Loan Number	OMCR	Property Name	Reduction Amount	Reduction Date	ASER Amount	ASER Amount
	 	 	 	 	 	 	 
	There
    is no Appraisal Reduction activity for the current distribution period.
	 
	 	 	 	 	 	 	 
	Totals	 	 	 	 	 	 




 



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	Distribution Date:	Citigroup Commercial
    Mortgage Trust 2017-P8	 
	Determination Date:	Commercial Mortgage
    Pass-Through Certificates
	 	Series 2017-P8
	 	 
	 	Historical
    Appraisal Reduction Detail



	 	 	 	 	 	 	 	 
	Distribution	 	 	 	Appraisal	Appraisal	Most Recent	Cumulative
	Date	Loan Number	OMCR	Property
    Name	Reduction
    Amount	Reduction
    Date	ASER Amount	ASER
    Amount
	There is no historical Appraisal Reduction activity.
	 
	 	 	 	 	 	 	 	 
	Totals	 	 	 	 	 	 	 


 



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	Distribution Date:	Citigroup Commercial
    Mortgage Trust 2017-P8	 
	Determination Date:	Commercial Mortgage
    Pass-Through Certificates
	 	Series 2017-P8
	 	 
	 	Loan Modification
    Detail




	 	 	 	 	 	 
	 	 	 	Modification	Modification	Modification
	Loan Number	OMCR	Property Name	Date	Code (1)	Description
	 	 	 	 	 	 
	There
    is no Loan Modification activity for the current distribution period.
	 
	 	 	 	 	 	 
	Totals	 	 	 	 	 





	 	 
	Modification Code (1)	 
	 	 
	1. Maturity Date Extension	7. Capitalization of Taxes
	2. Amortization Change	8. Other
	3. Principal Write-Off	9. Combination
	4. Blank (formerly Combination)	 
	5. Temporary Rate Reduction	 
	6. Capitalization of Interest	 








 



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	Distribution Date:	Citigroup Commercial
    Mortgage Trust 2017-P8	 
	Determination Date:	Commercial Mortgage
    Pass-Through Certificates
	 	Series 2017-P8
	 	 
	 	Historical Loan
    Modification Detail




	 	 	 	 	 	 	 
	Distribution	 	 	 	Modification	Modification	Modification
	Date	Loan	OMCR	Property
    Name	Date	Code (1)	Description
	

                                                                               There
                                         is no historical Loan Modification activity.

	 
	 	 	 	 	 	 	 
	Totals	 	 	 	 	 	 





	 	 
	Modification Code (1)	 
	 	 
	1. Maturity Date Extension	7. Capitalization of Taxes
	2. Amortization Change	8. Other
	3. Principal Write-Off	9. Combination
	4. Blank (formerly Combination)	 
	5. Temporary Rate Reduction	 
	6. Capitalization of Interest	 





 






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	Distribution Date:	Citigroup
    Commercial Mortgage Trust 2017-P8	
	Determination Date:	Commercial Mortgage
    Pass-Through Certificates

    Series 2017-P8


    Specially Serviced Loan Detail


 


	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Loan	 	OMCR	 	Workout

Strategy

(1)	 	Most Recent

Inspection

Date	 	Most Recent

Specially Serviced

Transfer Date	 	Most Recent

Appraisal Date	 	Most Recent

Appraisal Value	 	Other REO

Property Value	 	Comment from Special Servicer
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	There
    is no Specially Serviced Loan activity for the current distribution period.
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Totals	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 





	 	 	 	 	 	 
	 	Workout Strategy (1)	 	 
	 	 	 	 
	 	1. Modification	 	7. REO	 	13. Other or TBD
	 	2. Foreclosure	 	8. Resolved	 	98. Not Provided By Servicer
	 	3. Bankruptcy	 	9. Pending Return to Master Servicer	 	 
	 	4. Extension	 	10. Deed In Lieu of Foreclosure	 	 
	 	5. Note Sale	 	11. Full Payoff	 	 
	 	6. DPO	 	12. Reps and Warranties	 	 




 



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	Distribution Date:	Citigroup
    Commercial Mortgage Trust 2017-P8	
	Determination Date:	Commercial
    Mortgage Pass-Through Certificates

    Series 2017-P8

 Historical
    Specially Serviced Loan Detail



 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Distribution

Date	 	Loan

Number	 	OMCR	 	Spec.

Serviced

Transfer Date	 	Workout

Strategy

(1)	 	Spec.

Serviced

Loan to MS	 	Scheduled

Balance	 	Actual

Balance	 	Property

Type

(2)	 	State	 	Interest

Rate	 	Note

Date	 	Net

Operating

Income	 	Net

Operating

Income Date	 	DSC

Ratio	 	DSC

Date	 	Maturity

Date	 	WART
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	There is no historical Specially Serviced Loan activity.
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Totals	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 





	 	 	 	 	 	 
	 	Workout Strategy (1)	 	 
	 	 	 	 
	 	1. Modification	 	7. REO	 	13. Other or TBD
	 	2. Foreclosure	 	8. Resolved	 	98. Not Provided By Servicer
	 	3. Bankruptcy	 	9. Pending Return to Master Servicer	 	 
	 	4. Extension	 	10. Deed In Lieu of Foreclosure	 	 
	 	5. Note Sale	 	11. Full Payoff	 	 
	 	6. DPO	 	12. Reps and Warranties	 	 




 






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	Distribution Date:	Citigroup
    Commercial Mortgage Trust 2017-P8	
	Determination Date:	Commercial
    Mortgage Pass-Through Certificates

    Series 2017-P8

 Unscheduled
    Principal Detail


 


	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Loan Number	 	OMCR	 	Liquidation /

Prepayment Date	 	Liquidation /

Prepayment Code	 	Unscheduled

Principal Collections	 	Unscheduled

Principal Adjustments	 	Other

Interest Adjustment	 	Prepayment Interest

Excess (Shortfall)	 	Prepayment

Penalties	 	Yield Maintenance

Charges
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	There
    is no unscheduled principal activity for the current distribution period.
	 Totals	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 



	 	 	 	 	 	 
	Liquidation / Prepayment Code (1)	 	 
	 	 	 	 	 	 
	 	1. Partial Liquidation (Curtailment)	 	7. Not Used	 	 
	 	2. Payoff Prior To Maturity	 	8. Payoff With Penalty	 	 
	 	3. Disposition / Liquidation	 	9. Payoff With Yield Maintenance	 	 
	 	4. Repurchase / Substitution	 	10. Curtailment With Penalty	 	 
	 	5. Full Payoff At Maturity	 	11. Curtailment With Yield	 	 
	 	6. DPO	 	Maintenance	 	 


 



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	Distribution Date:	Citigroup
    Commercial Mortgage Trust 2017-P8	
	Determination Date:	Commercial
    Mortgage Pass-Through Certificates

    Series 2017-P8

 Historical
    Unscheduled Principal Detail


 


	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Distribution

Date	 	   Loan

Number       OMCR	 	Liquidation /

Prepayment Date	 	Liquidation /

Prepayment Code	 	Unscheduled

Principal Collections	 	Unscheduled

Principal Adjustments	 	Other

Interest Adjustment	 	Prepayment Interest

Excess (Shortfall)	 	Prepayment

Penalty	 	Yield Maintenance

Premium
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	There
    is no historical unscheduled principal activity.
	Totals	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 




	 	 	 	 	 	 
	 	Liquidation / Prepayment Code (1)	 	 
	 	 	 	 
	 	1. Partial Liquidation (Curtailment)	 	7. Not Used	 	 
	 	2. Payoff Prior To Maturity	 	8. Payoff With Penalty	 	 
	 	3. Disposition / Liquidation	 	9. Payoff With Yield Maintenance	 	 
	 	4. Repurchase / Substitution	 	10. Curtailment With Penalty	 	 
	 	5. Full Payoff At Maturity	 	11. Curtailment With Yield	 	 
	 	6. DPO	 	Maintenance	 	 


 



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	Distribution Date:	Citigroup
    Commercial Mortgage Trust 2017-P8	
	Determination Date:	Commercial
    Mortgage Pass-Through Certificates

    Series 2017-P8

 Liquidated
    Loan Detail


 


	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Loan

Number	 	OMCR	 	Final Recovery

Determ Date	 	Most Recent

Appraisal Date	 	Most Recent

Appraisal Value	 	Actual

Balance	 	Gross

Proceeds	 	Proceeds

as a % of Act Bal	 	Liquidation

Expenses	 	Net Liquidation

Proceeds	 	Net Proceeds

as a % of Act Bal	 	Realized

Loss	 	Repurchased by

Seller (Y/N)
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	There
    is no Liquidated Loan activity for the current distribution period.
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Totals	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 




 






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	Distribution Date:	Citigroup
    Commercial Mortgage Trust 2017-P8	
	Determination Date:	Commercial
    Mortgage Pass-Through Certificates

    Series 2017-P8

 Historical
    Liquidated Loan Detail


 


	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Distribution

Date	 	Loan

Number	 	OMCR	 	Final Recovery

Determ Date	 	Most Recent

Appraisal Date	 	Most Recent

Appraisal Value	 	Actual

Balance	 	Gross

Proceeds	 	Gross Proceeds

as a % of Act Bal	 	Liquidation

Expenses	 	Net Liquidation

Proceeds	 	Net Proceeds

as a % of Act Bal	 	Realized

Loss	 	Repurchased by

Seller (Y/N)
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	There
    is no historical Liquidated Loan activity.
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Totals	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 





 



    	Reports Available at sf.citidirect.com	Page 24 of 24	© Copyright 2 Citigroup
	 	 	 



    	 



    



 


EXHIBIT E


 


FORM OF TRANSFER CERTIFICATE

FOR RULE 144A GLOBAL CERTIFICATE

TO TEMPORARY REGULATION S GLOBAL CERTIFICATE


 


(Exchanges or transfers pursuant to

Section 5.03(c) of the Pooling and Servicing Agreement)


 


Citibank, N.A.,


as Certificate Registrar


480 Washington Boulevard, 30th Floor

Jersey City, New Jersey 07310

Attention: Securities Window


 


		Re:	Citigroup
                                         Commercial Mortgage Trust 2017-P8, Commercial Mortgage Pass-Through Certificates, Series
                                         2017-P8, Class [__] 



 


Reference is hereby made
to the Pooling and Servicing Agreement, dated as of September 1, 2017 (the “Pooling and Servicing Agreement”),
between Citigroup Commercial Mortgage Securities Inc., as Depositor, Wells Fargo Bank, National Association, as Master Servicer,
KeyBank National Association, as Special Servicer, Pentalpha Surveillance LLC, as Operating Advisor and Asset Representations Reviewer,
Citibank, N.A., as Certificate Administrator, and Wilmington Trust, National Association, as Trustee. Capitalized terms used but
not defined herein shall have the meanings given to them in the Pooling and Servicing Agreement.


 


This letter relates to
US $[______] aggregate [Certificate Balance] [Notional Amount] of the Class [__] Certificates (the “Certificates”)
which are held in the form of a beneficial interest in the Rule 144A Global Certificate of such Class (CUSIP No. [______])
with the Depository in the name of [insert name of Transferor] (the “Transferor”). The Transferor has requested
an exchange or transfer of such beneficial interest for a beneficial interest in the Temporary Regulation S Global Certificate
of such Class (CINS No. [______] and ISIN No. [______]) to be held with the Depository in the name of [Euroclear] [Clearstream]*
(Common Code No. [______]).


 


In connection with such
request and in respect of such Certificates, the Transferor does hereby certify that such exchange or transfer has been made in
compliance with the transfer restrictions set forth in the Pooling and Servicing Agreement and pursuant to and in accordance with
Regulation S (“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” (as defined in Regulation S);


 





 



 


		*	Select appropriate depository.



 






    E-1


     


    

 


[(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 and believes 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” (as defined in Regulation
S) 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” (as defined in Regulation S) have been made in contravention of the requirements of Rule
903(b) or 904(b) of Regulation S, as applicable;


 


(4)           the
transaction is not part of a plan or scheme to evade the registration requirements of the Securities Act; and


 


(5)           the
transferee is an institution.


 


We understand that this
certificate is required in connection with certain securities laws of the United States. In connection therewith, if administrative
or legal proceedings are commenced or threatened in connection with which this certificate is or would be relevant, we irrevocably
authorize you to produce this certificate to any interested party in such proceeding. This certificate and the statements contained
herein are made for your benefit and the benefit of the Depositor, Trustee, Operating Advisor, Asset Representations Reviewer,
Certificate Administrator, Master Servicer, Special Servicer, the Initial Purchasers and the Underwriters.


 





	 	[Insert Name of Transferor]
	 	 	 
	 	By:	 
	 	 	Name:

Title:


 


Dated: _______


 


cc: Citigroup Commercial Mortgage Securities Inc.


 





 



 


		**	Insert one of these two provisions, which come from the
definition of “offshore transaction” in Regulation S.



 






    E-2


     


    

 


EXHIBIT F


 


FORM OF TRANSFER CERTIFICATE

FOR RULE 144A GLOBAL CERTIFICATE 

TO REGULATION S GLOBAL CERTIFICATE


 


(Exchange or transfers pursuant to

Section 5.03(d) of the Pooling and Servicing Agreement)


 


 


 


Citibank, N.A.,


 as Certificate Registrar


480 Washington Boulevard, 30th Floor

Jersey City, New Jersey 07310

Attention: Securities Window


 


		Re:	Citigroup
                                         Commercial Mortgage Trust 2017-P8, Commercial Mortgage Pass-Through Certificates, Series
                                         2017-P8, Class [__] 



 


Reference is hereby made
to the Pooling and Servicing Agreement, dated as of September 1, 2017 (the “Pooling and Servicing Agreement”),
between Citigroup Commercial Mortgage Securities Inc., as Depositor, Wells Fargo Bank, National Association, as Master Servicer,
KeyBank National Association, as Special Servicer, Pentalpha Surveillance LLC, as Operating Advisor and Asset Representations Reviewer,
Citibank, N.A., as Certificate Administrator, and Wilmington Trust, National Association, as Trustee. Capitalized terms used but
not defined herein shall have the meanings given to them in the Pooling and Servicing Agreement.


 


This letter relates to
US $[______] aggregate [Certificate Balance] [Notional Amount] of the Class [__] Certificates (the “Certificates”)
which are held in the form of a beneficial interest in the Rule 144A Global Certificate of such Class (CUSIP No. [______])
with the Depository in the name of [insert name of Transferor] (the “Transferor”). The Transferor has requested
an exchange or transfer of such beneficial interest for a beneficial interest in the Regulation S Global Certificate of such
Class (CINS No. [______], ISIN No. [______], and Common Code No. [______]).


 


In connection with such
request and in respect of such Certificates, the Transferor does hereby certify that such exchange or transfer has been made in
compliance with the transfer restrictions set forth in the Pooling and Servicing Agreement and, (i) with respect to transfers
made in reliance on Regulation S (“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” (as defined in Regulation S),


 



    F-1


     


    




 


[(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 and believes 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” (as defined in Regulation
S) 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” (as defined in Regulation S) have been made in contravention of the requirements of Rule
903(b) or 904(b) of Regulation S, as applicable,


 


(4)           the
transaction is not part of a plan or scheme to evade the registration requirements of the Securities Act; and


 


(5)           the
transferee is an institution.


 


or (ii) with respect to transfers
made in reliance on Rule 144 under the Securities Act, the Transferor does hereby certify that the Certificates are being transferred
in a transaction permitted by Rule 144 under the Securities Act.**


 


We understand that this
certificate is required in connection with certain securities laws of the United States. In connection therewith, if administrative
or legal proceedings are commenced or threatened in connection with which this certificate is or would be relevant, we irrevocably
authorize you to produce this certificate to any interested party in such proceeding. This certificate and the statements contained
herein are made for your benefit and the benefit of the Depositor, Trustee, Operating Advisor, Asset Representations Reviewer,
Certificate Administrator, Master Servicer, Special Servicer, the Initial Purchasers and the Underwriters.


 





	 	[Insert Name of Transferor]
	 	 	 
	 	By:	 
	 	 	Name:

Title:


 


Dated: ________


 


cc: Citigroup Commercial Mortgage Securities Inc.


 





 



 


		*	Insert one of these two provisions, which come from the
definition of “offshore transaction” in Regulation S.



 


		**	Select (i) or (ii), as applicable.





 






    F-2


     


    

 


EXHIBIT G


 


FORM OF TRANSFER CERTIFICATE

FOR TEMPORARY REGULATION S GLOBAL CERTIFICATE 

TO RULE 144A GLOBAL CERTIFICATE DURING RESTRICTED PERIOD


 


(Exchange or transfers pursuant to

Section 5.03(e) of the Pooling and Servicing Agreement)


 


 


 


Citibank, N.A.,


 as Certificate Registrar


480 Washington Boulevard, 30th Floor

Jersey City, New Jersey 07310

Attention: Securities Window


 


		Re:	Citigroup
                                         Commercial Mortgage Trust 2017-P8, Commercial Mortgage Pass-Through Certificates, Series
                                         2017-P8, Class [__] 



 


Reference is hereby made
to the Pooling and Servicing Agreement, dated as of September 1, 2017 (the “Pooling and Servicing Agreement”),
between Citigroup Commercial Mortgage Securities Inc., as Depositor, Wells Fargo Bank, National Association, as Master Servicer,
KeyBank National Association, as Special Servicer, Pentalpha Surveillance LLC, as Operating Advisor and Asset Representations Reviewer,
Citibank, N.A., as Certificate Administrator, and Wilmington Trust, National Association, as Trustee. Capitalized terms used but
not defined herein shall have the meanings given to them in the Pooling and Servicing Agreement.


 


This letter relates to
US $[______] aggregate [Certificate Balance] [Notional Amount] of the Class [__] Certificates (the “Certificates”)
which are held in the form of a beneficial interest in the Temporary Regulation S Global Certificate of such Class (CINS No.
[______] and ISIN No. [______]) with [Euroclear] [Clearstream]* (Common Code [______])
through the Depository in the name of [insert name of transferor] (the “Transferor”). The Transferor has requested
an exchange or transfer of such beneficial interest for a beneficial interest in the Rule 144A Global Certificate of such
Class (CUSIP No. [______]).


 


In connection with such
request, and in respect of such Certificates, the Transferor does hereby certify that such Certificates are being exchanged or
transferred in accordance with Rule 144A (“Rule 144A”) under the Securities Act of 1933, as amended
(the “Securities Act”), to a transferee that the Transferor reasonably believes is purchasing the Certificates
for its own account, or for one or more accounts with respect to which the transferee exercises sole investment discretion, and
the transferee and any such account is a “qualified institutional buyer” within the meaning of Rule 144A in each
case in a transaction meeting the requirements of


 





 



 


		*	Select appropriate depository.



 






    G-1


     


    

 


Rule 144A
and in accordance with any applicable securities laws of any state of the United States or other applicable jurisdiction.


 


We understand that this
certificate is required in connection with certain securities laws of the United States. In connection therewith, if administrative
or legal proceedings are commenced or threatened in connection with which this certificate is or would be relevant, we irrevocably
authorize you to produce this certificate to any interested party in such proceeding. This certificate and the statements contained
herein are made for your benefit and the benefit of the Depositor, Trustee, Operating Advisor, Asset Representations Reviewer,
Certificate Administrator, Master Servicer, Special Servicer, the Initial Purchasers and the Underwriters.


 





	 	[Insert
    Name of Transferor]
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	Dated:	__________	 	 








 


cc: Citigroup Commercial Mortgage Securities Inc.


 






    G-2


     


    

 


EXHIBIT H


 


FORM OF CERTIFICATION TO BE GIVEN BY

CERTIFICATE OWNER OF TEMPORARY

REGULATION S GLOBAL CERTIFICATE


 


(Exchanges pursuant to

Section 5.03(f) of the Pooling and Servicing Agreement)


 


 


 


Citibank, N.A.,


 as Certificate Registrar


480 Washington Boulevard, 30th Floor

Jersey City, New Jersey 07310

Attention: Securities Window


 


		Re:	Citigroup
                                         Commercial Mortgage Trust 2017-P8, Commercial Mortgage Pass-Through Certificates, Series
                                         2017-P8, Class [__] 



 


Reference is hereby made
to the Pooling and Servicing Agreement, dated as of September 1, 2017 (the “Pooling and Servicing Agreement”),
between Citigroup Commercial Mortgage Securities Inc., as Depositor, Wells Fargo Bank, National Association, as Master Servicer,
KeyBank National Association, as Special Servicer, Pentalpha Surveillance LLC, as Operating Advisor and Asset Representations Reviewer,
Citibank, N.A., as Certificate Administrator, and Wilmington Trust, National Association, as Trustee. Capitalized terms used but
not defined herein shall have the meanings given to them in the Pooling and Servicing Agreement.


 


[For purposes of acquiring
a beneficial interest in a Regulation S Global Certificate of the Class specified above after the expiration of the Restricted
Period,] [For purposes of receiving payments under a Temporary Regulation S Global Certificate of the Class specified above,]*
the undersigned holder of a beneficial interest in a Temporary Regulation S Global Certificate of the Class specified above
issued under the Pooling and Servicing Agreement certifies that it is an institution that is not a “U.S. person” as
defined by Regulation S under the Securities Act of 1933, as amended.


 


We undertake to advise
you promptly by facsimile on or prior to the date on which you intend to submit your corresponding certification relating to the
Certificates of the Class specified above held by you for our account if any applicable statement herein is not correct on such
date, and in the absence of any such notification it may be assumed that this certification applies as of such date.


 





 



 


		*	Select, as applicable.






 






    H-1


     


    

 


We understand that this
certificate is required in connection with certain securities laws of the United States. In connection therewith, if administrative
or legal proceedings are commenced or threatened in connection with which this certificate is or would be relevant, we irrevocably
authorize you to produce this certificate to any interested party in such proceeding. This certificate and the statements contained
herein are made for your benefit and the benefit of the Depositor, Trustee, Operating Advisor, Asset Representations Reviewer,
Certificate Administrator, Master Servicer, Special Servicer, the Initial Purchasers and the Underwriters.


 


	 	Dated:	 _____________________
	 	By:	 
	 	 	as, or as agent for,
    the holder of a beneficial interest in the Certificates to which this certificate relates.


 






    H-2


     


    




 


EXHIBIT I


 


FORM OF TRANSFER CERTIFICATE 

FOR NON-BOOK ENTRY CERTIFICATE 

TO TEMPORARY REGULATION S GLOBAL CERTIFICATE


 


(Exchanges or transfers pursuant to

Section 5.03(g) of the Pooling and Servicing Agreement)


 


 


 


Citibank, N.A.,


 as Certificate Registrar


480 Washington Boulevard, 30th Floor

Jersey City, New Jersey 07310

Attention: Securities Window


 


		Re:	Citigroup
                                         Commercial Mortgage Trust 2017-P8, Commercial Mortgage Pass-Through Certificates, Series
                                         2017-P8, Class [__] 



 


Reference is hereby made
to the Pooling and Servicing Agreement, dated as of September 1, 2017 (the “Pooling and Servicing Agreement”),
between Citigroup Commercial Mortgage Securities Inc., as Depositor, Wells Fargo Bank, National Association, as Master Servicer,
KeyBank National Association, as Special Servicer, Pentalpha Surveillance LLC, as Operating Advisor and Asset Representations Reviewer,
Citibank, N.A., as Certificate Administrator, and Wilmington Trust, National Association, as Trustee. Capitalized terms used but
not defined herein shall have the meanings given to them in the Pooling and Servicing Agreement.


 


This letter relates to
US $[______] aggregate [Certificate Balance] [Notional Amount] of the Class [__] Certificates (the “Certificates”)
which are held in the form of Non-Book Entry Certificates of such Class (CUSIP No. [______]) in the name of [insert name of Transferor]
(the “Transferor”). The Transferor has requested an exchange or transfer of such Non-Book Entry Certificates
for a beneficial interest in the Temporary Regulation S Global Certificate of such Class (CINS No. [______] and ISIN No. [______])
to be held with [Euroclear] [Clearstream]* (Common Code [______]) through the Depository.


 


In connection with such
request, and in respect of such Certificates, the Transferor does hereby certify that such exchange or transfer has been made in
compliance with the transfer restrictions set forth in the Pooling and Servicing Agreement and pursuant to and in accordance with
Regulation S (“Regulation S”) under the Securities Act of 1933, as amended (the “Securities
Act”), and accordingly the Transferor does hereby certify that:


 





 



 


		*	Select appropriate depository.



 






    I-1


     


    

 


(1)           the
offer of the Certificates was not made to a person in the “United States” (as defined in Regulation S);


 


[(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 and believes 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” (as defined in Regulation
S) 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” (as defined in Regulation S) have been made in contravention of the requirements of Rule 903(b)
or 904(b) of Regulation S, as applicable;


 


(4)           the
transaction is not part of a plan or scheme to evade the registration requirements of the Securities Act; and


 


(5)           the
transferee is an institution.


 


We understand that this
certificate is required in connection with certain securities laws of the United States. In connection therewith, if administrative
or legal proceedings are commenced or threatened in connection with which this certificate is or would be relevant, we irrevocably
authorize you to produce this certificate to any interested party in such proceeding. This certificate and the statements contained
herein are made for your benefit and the benefit of the Depositor, Trustee, Operating Advisor, Asset Representations Reviewer,
Certificate Administrator, Master Servicer, Special Servicer, the Initial Purchasers and the Underwriters.


 





	 	[Insert Name of Transferor]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:


 


Dated: ________


 


cc: Citigroup Commercial Mortgage Securities Inc.


 





 



 


		**	Insert one of these two provisions, which come from the
definition of “offshore transaction” in Regulation S.



 






    I-2


     


    

 


EXHIBIT J


 


FORM OF TRANSFER CERTIFICATE 

FOR NON-BOOK ENTRY CERTIFICATE 

TO REGULATION S GLOBAL CERTIFICATE


 


(Exchange or transfers pursuant to

Section 5.03(g) of the Pooling and Servicing Agreement)


 


 


 


Citibank, N.A.,


 as Certificate Registrar


480 Washington Boulevard, 30th Floor

Jersey City, New Jersey 07310

Attention: Securities Window


 


		Re:	Citigroup
                                         Commercial Mortgage Trust 2017-P8, Commercial Mortgage Pass-Through Certificates, Series
                                         2017-P8, Class [__] 



 


Reference is hereby made
to the Pooling and Servicing Agreement, dated as of September 1, 2017 (the “Pooling and Servicing Agreement”),
between Citigroup Commercial Mortgage Securities Inc., as Depositor, Wells Fargo Bank, National Association, as Master Servicer,
KeyBank National Association, as Special Servicer, Pentalpha Surveillance LLC, as Operating Advisor and Asset Representations Reviewer,
Citibank, N.A., as Certificate Administrator, and Wilmington Trust, National Association, as Trustee. Capitalized terms used but
not defined herein shall have the meanings given to them in the Pooling and Servicing Agreement.


 


This letter relates to
US $[______] aggregate [Certificate Balance] [Notional Amount] of the Class [__] Certificates (the “Certificates”)
which are held in the form of Non-Book Entry Certificates of such Class (CUSIP No. [______]) in the name of [insert name of Transferor]
(the “Transferor”). The Transferor has requested an exchange or transfer of such Non-Book Entry Certificates
for a beneficial interest in the Regulation S Global Certificate (CINS No. [______], ISIN No. [______], and Common Code No. [______]).


 


In connection with such
request, and in respect of such Certificates, the Transferor does hereby certify that such exchange or transfer has been made in
compliance with the transfer restrictions set forth in the Pooling and Servicing Agreement and pursuant to and in accordance with
Regulation S (“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” (as defined in Regulation S);


 



    J-1


     


    




 


[(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 and believes 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” (as defined in Regulation
S) 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” (as defined in Regulation S) have been made in contravention of the requirements of Rule 903(b)
or 904(b) of Regulation S, as applicable;


 


(4)           the
transaction is not part of a plan or scheme to evade the registration requirements of the Securities Act; and


 


(5)           the
transferee is an institution.


 


We understand that this
certificate is required in connection with certain securities laws of the United States. In connection therewith, if administrative
or legal proceedings are commenced or threatened in connection with which this certificate is or would be relevant, we irrevocably
authorize you to produce this certificate to any interested party in such proceeding. This certificate and the statements contained
herein are made for your benefit and the benefit of the Depositor, Trustee, Operating Advisor, Asset Representations Reviewer,
Certificate Administrator, Master Servicer, Special Servicer, the Initial Purchasers and the Underwriters.


 





	 	[Insert Name of Transferor]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:


 


Dated: _______


 


cc: Citigroup Commercial Mortgage Securities Inc.


 





 



 


		*	Insert one of these two provisions, which come from the
definition of “offshore transaction” in Regulation S.



 






    J-2


     


    

 


EXHIBIT K


 


FORM OF TRANSFER CERTIFICATE

FOR NON-BOOK ENTRY CERTIFICATE 

TO RULE 144A GLOBAL CERTIFICATE


 


(Exchange or transfers pursuant to

Section 5.03(g) of the Pooling and Servicing Agreement)


 


 


 


Citibank, N.A.,


 as Certificate Registrar


480 Washington Boulevard, 30th Floor

Jersey City, New Jersey 07310

Attention: Securities Window


 


		Re:	Citigroup
                                         Commercial Mortgage Trust 2017-P8, Commercial Mortgage Pass-Through Certificates, Series
                                         2017-P8, Class [__] 



 


Reference is hereby made
to the Pooling and Servicing Agreement, dated as of September 1, 2017 (the “Pooling and Servicing Agreement”),
between Citigroup Commercial Mortgage Securities Inc., as Depositor, Wells Fargo Bank, National Association, as Master Servicer,
KeyBank National Association, as Special Servicer, Pentalpha Surveillance LLC, as Operating Advisor and Asset Representations Reviewer,
Citibank, N.A., as Certificate Administrator, and Wilmington Trust, National Association, as Trustee. Capitalized terms used but
not defined herein shall have the meanings given to them in the Pooling and Servicing Agreement.


 


This letter relates to
US $[______] aggregate [Certificate Balance] [Notional Amount] of the Class [__] Certificates (the “Certificates”)
which are held in the form of Non-Book Entry Certificates of such Class (CUSIP No. [______]) in the name of [insert name of transferor]
(the “Transferor”). The Transferor has requested an exchange or transfer of such beneficial interest for a beneficial
interest in the Rule 144A Global Certificate of such Class (CUSIP No. [______]).


 


In connection with such
request, and in respect of such Certificates, the Transferor does hereby certify that such Certificates are being exchanged or
transferred in accordance with Rule 144A (“Rule 144A”) under the Securities Act of 1933, as amended
(the “Securities Act”), to a transferee that the Transferor reasonably believes is purchasing the Certificates
for its own account, or for one or more accounts with respect to which the transferee exercises sole investment discretion, and
the transferee and any such account is a “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 other applicable jurisdiction.


 






    K-1


     


    

 


We understand that this
certificate is required in connection with certain securities laws of the United States. In connection therewith, if administrative
or legal proceedings are commenced or threatened in connection with which this certificate is or would be relevant, we irrevocably
authorize you to produce this certificate to any interested party in such proceeding. This certificate and the statements contained
herein are made for your benefit and the benefit of the Depositor, Trustee, Operating Advisor, Asset Representations Reviewer,
Certificate Administrator, Master Servicer, Special Servicer, the Initial Purchasers and the Underwriters.


 





	 	[Insert Name of Transferor]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:


 


Dated: _______


 


cc: Citigroup Commercial Mortgage Securities Inc.


 






    K-2


     


    

 


EXHIBIT L-1


 


FORM OF AFFIDAVIT PURSUANT TO

SECTIONS 860D(a)(6)(A) AND 860E(e)(4) OF

THE INTERNAL REVENUE CODE OF 1986, AS AMENDED


 


 


 


Citibank, N.A.,


 as Certificate Registrar


480 Washington Boulevard, 30th Floor

Jersey City, New Jersey 07310

Attention: Securities Window





 


[Transferor]





[______]





[______]





Attention: [______]


 


		Re:	Citigroup
                                         Commercial Mortgage Trust 2017-P8, Commercial Mortgage Pass-Through Certificates, Series
                                         2017-P8 (the “Certificates”)
                                         issued pursuant to the Pooling and Servicing Agreement, dated as of September 1, 2017
                                         (the “Pooling and Servicing Agreement”), between Citigroup Commercial
                                         Mortgage Securities Inc., as Depositor, Wells Fargo Bank, National Association, as Master
                                         Servicer, KeyBank National Association, as Special Servicer, Pentalpha Surveillance LLC,
                                         as Operating Advisor and Asset Representations Reviewer, Citibank, N.A., as Certificate
                                         Administrator, and Wilmington Trust, National Association, as Trustee. 



 





	STATE OF	)	 
	 	)	ss.:
	COUNTY OF	)	 


 


Capitalized terms not
defined herein shall have the meaning ascribed to them in the Pooling and Servicing Agreement.


 


I, [______], under penalties
of perjury, declare that, to the best of my knowledge and belief, the following representations are true, correct and complete,
and being first sworn, depose and say that:


 


1.       I
am a [______] of [______] (the “Purchaser”),
on behalf of which I have the authority to make this affidavit.


 


2.       The
Purchaser is acquiring Class R Certificates representing [__]% of the residual interest in each of the real estate mortgage investment
conduits (each, a “REMIC”) designated as the
“Lower-Tier REMIC” and “Upper-Tier
REMIC,” respectively, relating to the


 






    L-1-1


     


    

 


Certificates
for which an election is to be or has been made under Section 860D of the Internal Revenue Code of 1986 (the “Code”).


 


3.       The
Purchaser is not a “Disqualified Organization”
(as defined below), and that the Purchaser is not acquiring the Class R Certificates for the account of, or as agent or nominee
of, or with a view to the transfer of direct or indirect record or beneficial ownership thereof, to a Disqualified Organization.
For the purposes hereof, a Disqualified Organization is any of the following: (i) the United States, a State or any political
subdivision of a State, any possession of the United States 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 the Federal Home Loan Mortgage
Corporation, a majority of its board of directors is not selected by any such governmental unit), (ii) a foreign government,
International Organization or agency or instrumentality of either of the foregoing, (iii) an organization that is exempt from
tax imposed by Chapter 1 of the Code (including the tax imposed by Code Section 511 on unrelated business taxable income) on any
excess inclusions (as defined in Code Section 860E(c)(1)) with respect to the Class R Certificates (except certain farmers’
cooperatives described in Code Section 521), (iv) rural electric and telephone cooperatives described in Code Section 1381(a)(2)
or (v) any other Person so designated by the Certificate Registrar based upon an opinion of counsel to the effect that any
transfer to such Person may 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. The terms “United States”,
“State” and “international organization”
shall have the meanings set forth in Section 7701 of the Code.


 


4.       The
Purchaser acknowledges that Section 860E(e) of the Code would impose a substantial tax on the transferor or, in certain circumstances,
on an agent for the transferee, with respect to any transfer of any interest in any Class R Certificates to a Disqualified Organization.


 


5.       The
Purchaser is a Permitted Transferee. For the purpose hereof, a “Permitted Transferee” is any Person or agent
of such Person other than (a) a Disqualified Organization, (b) 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 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, (c) a Disqualified Non-U.S. Tax Person, (d) an entity
treated as a U.S. partnership if any of its partners, directly or indirectly (other than through a U.S. corporation) is (or is
permitted to be under the partnership agreement) a Disqualified Non-U.S. Tax Person or (e) a U.S. Tax Person with respect to which
income from a Class R Certificate is attributable to a foreign permanent establishment or fixed base, within the meaning of an
applicable income tax treaty, of the transferee or any other U.S. Tax Person.


 


6.       No
purpose of the acquisition of the Class R Certificates is to impede the assessment or collection of tax.


 


7.       The
Purchaser will not cause income from the Class R 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. Tax Person.


 






    L-1-2


     


    

 


8.       Check
the applicable paragraph:


 


☐      The present
value of the anticipated tax liabilities associated with holding the Class R 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 Certificate;


 


(ii)     the
present value of the expected future distributions on such Class R Certificate; and


 


(iii)    the
present value of the anticipated tax savings associated with holding such Class R 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 Section 11(b) of the
Code (but the tax rate in Section 55(b)(1)(B) of the Code may be used in lieu of the highest rate specified in Section 11(b)
of the Code if the Purchaser has been subject to the alternative minimum tax under Section 55 of the Code 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 Section 1274(d) of the Code
for the month of the transfer and the compounding period used by the Purchaser.


 


☐      The transfer
of the Class R Certificate complies with U.S. Treasury Regulations Sections 1.860E-1(c)(5) and (6) and, accordingly,


 


(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 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 Certificate only to another “eligible corporation,” as defined in Treasury Regulations
Section 1.860E-1(c)(6)(i), in a transaction that satisfies the requirements of Treasury Regulations Sections 1.860E-1(c)(4)(i),
(ii) and (iii) and Treasury Regulations Section 1.860E-1(c)(5); and


 


(iv)    the
Purchaser determined the consideration paid to it to acquire the Class R 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.


 






    L-1-3


     


    

 


9.         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 Certificates as they become due.


 


10.       The
Purchaser understands that it may incur tax liabilities with respect to the Class R Certificate in excess of any cash flows generated
by such Certificate.


 


11.       The
Purchaser is aware that the Certificate Registrar will not register any transfer of a Class R Certificate by the Transferor unless
the Purchaser, or such Purchaser’s agent, delivers to the Certificate Registrar, among other things, an affidavit and agreement
in substantially the same form as this affidavit and agreement. The Purchaser expressly agrees that it will not consummate any
such transfer to any Person that does not provide an affidavit and agreement in substantially the same form as this affidavit and
agreement or as to which the Purchaser 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.


 


12.       The
Purchaser represents that it is not acquiring the Class R Certificate as a nominee, trustee or agent for any Person that is not
a Permitted Transferee and that for so long as it retains its interest in the Class R Certificate, it will endeavor to remain a
Permitted Transferee.


 


13.       The
Purchaser consents to any additional restrictions or arrangements that shall be deemed necessary upon advice of counsel to constitute
a reasonable arrangement to ensure that the Class R Certificate will only be owned, directly or indirectly, by a Permitted Transferee.


 


14.       The
Purchaser has reviewed the provisions of Section 5.03 of the Pooling and Servicing Agreement, a description of which provisions
is set forth in the Class R Certificates; and the Purchaser expressly agrees to be bound by and to comply with such provisions.


 


15.       The
Purchaser consents (a) to the designation of the Certificate Administrator as the attorney-in-fact and agent of the Tax Matters
Person and as the “partnership representative” within the meaning of Code Section 6223 (to the extent such provision
is applicable to the Trust REMICs) of each Trust REMIC pursuant to Section 4.04(a) of the Pooling and Servicing Agreement and (b)
to the Certificate Administrator making any elections allowed to avoid (i) the application of Code Section 6221 to the Trust REMIC
and (ii) payment by the Trust REMIC under Code Section 6225 of any tax, penalty, interest or other amount imposed under the Code
that would otherwise be imposed on the holders of the Class R Certificates.


 


Capitalized terms used
but not defined herein have the meanings assigned thereto in the Pooling and Servicing Agreement.


 






    L-1-4


     


    

 


IN WITNESS WHEREOF, the
Purchaser has caused this instrument to be duly executed on its behalf by its duly authorized officer this ___day of _________,
20__.








	 	By:	 
	 	 	Name:

    Title:


 





	 	By:	 
	 	 	Name:

    Title:


 


On
this ____ day of _______20__, before me, the undersigned, a Notary Public in and for the State of _______________, duly commissioned
and sworn, personally appeared ______________________ and ________________________, known or proved to me to be the same persons
who executed the foregoing instrument and to be _____________________________ and ___________________________, respectively, of
the Purchaser, and acknowledged to me that they executed the same as their respective free acts and deeds and as the free act
and deed of the Purchaser.


 





	 	NOTARY
    PUBLIC in and for the

    State of _______________
	 	 
	[SEAL]	 
	 	 





My
Commission expires:



 





 



 






    L-1-5


     


    

 


EXHIBIT L-2A


 


FORM OF TRANSFEROR LETTER for
transfer of class r certificates


 


[Date]


 


Citibank, N.A.,


 as Certificate Registrar


480 Washington Boulevard, 30th Floor

Jersey City, New Jersey 07310

Attention: Securities Window


 


		Re:	Citigroup
                                         Commercial Mortgage Trust 2017-P8, Commercial Mortgage Pass-Through Certificates, Series
                                         2017-P8, Class R 



 


Ladies and Gentlemen:


 


This letter is delivered
to you in connection with the transfer by [______] (the “Transferor”)
to [______] (the “Transferee”) of Class R Certificates
evidencing a [__]% Percentage Interest in such Class (the “Residual
Certificates”). The Certificates, including the Residual Certificates, were issued pursuant to the Pooling and
Servicing Agreement, dated as of September 1, 2017 (the “Pooling and Servicing Agreement”), between Citigroup
Commercial Mortgage Securities Inc., as Depositor, Wells Fargo Bank, National Association, as Master Servicer, KeyBank National
Association, as Special Servicer, Pentalpha Surveillance LLC, as Operating Advisor and Asset Representations Reviewer, Citibank,
N.A., as Certificate Administrator, and Wilmington Trust, National Association, as Trustee. All capitalized terms used but not
otherwise defined herein shall have the respective meanings set forth in the Pooling and Servicing Agreement. The Transferor hereby
certifies, represents and warrants to you, as Certificate Registrar, that:


 


(1)       No
purpose of the Transferor relating to the transfer of the Residual Certificates by the Transferor to the Transferee is or will
be to impede the assessment or collection of any tax.


 


(2)       The
Transferor understands that the Transferee has delivered to you a Transfer Affidavit and Agreement in the form attached to the
Pooling and Servicing Agreement as Exhibit L-1. The Transferor has no actual knowledge that the Transferee is not a Permitted Transferee
(as defined in such Transfer Affidavit and Agreement) and has no actual knowledge or reason to know that the Transferee’s
representations in clause (9) of such Transfer Affidavit and Agreement are false.


 


(3)       The
Transferor has at the time of this transfer conducted a reasonable investigation of the financial condition of the Transferee as
contemplated by Treasury regulation Section 1.860E-1(c)(4)(i) and, as a result of that investigation, the Transferor
has determined that the Transferee has historically paid its debts as they became due and has found no significant evidence to
indicate that the Transferee will not continue to pay its debts as they become due in


 






    L-2A-1


     


    

 


the
future. The Transferor understands that the transfer of the Residual Certificates may not be respected for United States income
tax purposes (and the Transferor may continue to be liable for United States income taxes associated therewith) unless the Transferor
has conducted such an investigation.





	 	 	 
	 	Very truly yours,
	 	 	 
	 	 	(Transferor)
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:





 






    L-2A-2


     


    

 


EXHIBIT L-2B


 


FORM OF TRANSFEROR LETTER FOR TRANSFER
OF NON-BOOK ENTRY CERTIFICATES (OTHER THAN CLASS R CERTIFICATES)


 


[Date]


 


Citibank, N.A.,


 as Certificate Registrar


480 Washington Boulevard, 30th Floor

Jersey City, New Jersey 07310

Attention: Securities Window





 


		Re:	Citigroup
                                         Commercial Mortgage Trust 2017-P8, Commercial Mortgage Pass-Through Certificates, Series
                                         2017-P8, Class [___] 



 


Ladies and Gentlemen:


 


This letter is delivered
to you in connection with the transfer by [______] (the “Transferor”)
to [______] (the “Transferee”) of $[______]
aggregate [principal balance][notional amount] of the Class [___] Certificates (the “Transferred Certificate”)
which are held in the form of [a beneficial interest in the [Rule 144A][Regulation S] Global Certificate][Non-Book Entry Certificate]
of such Class (CUSIP No. [______]). The Transferor has requested a transfer of such [beneficial interest][Non-Book Entry Certificate]
for a Non-Book Entry Certificate of such Class (CUSIP No. [______]). The Certificates, including the Transferred Certificate, were
issued pursuant to the Pooling and Servicing Agreement, dated as of September 1, 2017 (the “Pooling and Servicing Agreement”),
between Citigroup Commercial Mortgage Securities Inc., as Depositor, Wells Fargo Bank, National Association, as Master Servicer,
KeyBank National Association, as Special Servicer, Pentalpha Surveillance LLC, as Operating Advisor and Asset Representations Reviewer,
Citibank, N.A., as Certificate Administrator, and Wilmington Trust, National Association, as Trustee. Capitalized terms used but
not defined herein shall have the meanings given to them in the Pooling and Servicing Agreement. The Transferor hereby certifies,
represents and warrants to you, as Certificate Registrar, that:


 


(1)       The
Transferor is the lawful owner of the Transferred Certificate with the full right to transfer such Certificate 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 any Certificate,
any interest in any Certificate 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 any Certificate, any interest in any Certificate or any other similar security
from any person in any manner, (c) otherwise approached or negotiated with respect to any Certificate, any interest in any
Certificate or any other similar security with any person in any manner, (d) made any general solicitation 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 any Certificate under the


 






    L-2B-1


     


    

 


Securities
Act of 1933, as amended (the “Securities Act”), or would render the disposition of any Certificate a violation
of Section 5 of the Securities Act or any state securities laws, or would require registration or qualification of any Certificate,
or any offer or sale thereof, pursuant to the Securities Act or any state securities laws. 


	 	 	 
	 	Very truly yours,
	 	 	 
	 	 	(Transferor)
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:


 






    L-2B-2


     


    

 


EXHIBIT L-3


 


FORM OF TRANSFEREE LETTER


 


[Date]


 


	Citibank, N.A.,

                                             as Certificate Registrar

                                            480 Washington Boulevard, 30th Floor
 Jersey City, New Jersey 07310
 Attention:  Securities Window
	 	
        Citigroup Commercial Mortgage Securities Inc.

        

        390 Greenwich Street, 5th Floor

        New York, New York 10013

        Attention: Paul Vanderslice

        

        Telecopy number: (212) 723-8599

        

        e-mail: paul.t.vanderslice@citi.com

        

         

	
        Citibank, N.A.,

        

        as Certificate Administrator

        

        388 Greenwich Street

        

        New York, New York 10013

        

        Attention: Global Transaction Services – CGCMT 2017-P8

         

         
	 	
        Citigroup Commercial Mortgage Securities Inc.

        

        390 Greenwich Street

        

        New York, New York 10013

        

        Attention: Richard Simpson

        

        Telecopy number: (646) 328-2943

        

        e-mail: richard.simpson@citi.com

        

	
        Wilmington Trust, National Association,

        

        as Trustee

        

        1100 North Market Street

        

        Wilmington, Delaware 19890

        

        Attention: CMBS Trustee – CGCMT 2017-P8

        

         

         
	 	
        Citigroup Commercial Mortgage Securities Inc.

        

        388 Greenwich Street, 17th Floor

        

        New York, New York 10013

        

        Attention: Ryan M. O’Connor

        

        Telecopy number: (646) 862-8988

        

        e-mail: ryan.m.oconnor@citi.com

        



 


 


[Transferor]





[______]





[______]





Attention: [______]


 


		Re:	Citigroup
                                         Commercial Mortgage Trust 2017-P8, Commercial Mortgage Pass-Through Certificates, Series
                                         2017-P8 



 


Ladies and Gentlemen:


 


The undersigned (the
“Purchaser”) proposes to purchase [$_____________ initial aggregate [principal amount] [notional amount]] [_____%
Percentage Interest] of Citigroup Commercial Mortgage Trust 2017-P8, Commercial Mortgage Pass-Through Certificates, Series 2017-P8,
Class [_], CUSIP No. [____], in certificated fully registered form (such registered interest, the “Certificate”),
issued pursuant to that certain Pooling and Servicing Agreement, dated as of September 1, 2017 (the “Pooling and Servicing
Agreement”), between Citigroup


 






    L-3-1


     


    

 


Commercial
Mortgage Securities Inc., as Depositor, Wells Fargo Bank, National Association, as Master Servicer, KeyBank National Association,
as Special Servicer, Pentalpha Surveillance LLC, as Operating Advisor and Asset Representations Reviewer, Citibank, N.A., as Certificate
Administrator, and Wilmington Trust, National Association, as Trustee. Capitalized terms used and not otherwise defined herein
have the respective meanings ascribed to such terms in the Pooling and Servicing Agreement.


 


[FOR TRANSFERS OF class
x-f, class x-G, CLASS E, CLASS F OR Class G Certificates: In connection with such transfer, the Purchaser hereby represents
and warrants to you that the Purchaser (A) either (i) is not and will not be an employee benefit plan or other plan subject to
the fiduciary responsibility or prohibited transaction provisions of 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”, and
any such employee benefit plan or other plan, a “Plan”) or an entity or collective investment fund the assets
of which are considered Plan assets under U.S. Department of Labor Reg. Section 2510.3-101, as modified by Section 3(42) of ERISA,
or other person acting on behalf of any such Plan or using assets of any such Plan within the meaning of U.S. Department of Labor
Reg. Section 2510.3-101, or (ii) (1) is an insurance company, (2) the source of funds used to acquire or hold the Certificate
or an 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
and (B) is not and will not be a governmental plan (as defined in Section 3(32) of ERISA) or other plan subject to any federal,
state or local law that is, to a material extent, similar to the fiduciary responsibility or prohibited transaction provisions
of ERISA or Code Section 4975 (“Similar Law”) or any Person acting on behalf of any such governmental plan or
other plan or using the assets of such governmental plan or other plan to acquire the Certificate unless its acquisition, holding
and disposition of the Certificate would not constitute or otherwise result in a non-exempt violation of Similar Law.]


 


[FOR TRANSFERS OF VERTICALLY
RETAINED CERTIFICATES: In connection with such transfer, the Purchaser hereby represents and warrants to you that (A) either (i)
the Purchaser is not and will not be an employee benefit plan or other plan subject to the fiduciary responsibility or prohibited
transaction provisions of 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”, and any such employee benefit plan or other
plan, a “Plan”) or an entity or collective investment fund the assets of which are considered Plan assets under
U.S. Department of Labor Reg. Section 2510.3-101, as modified by Section 3(42) of ERISA, or other person acting on behalf of any
such Plan or using assets of any such Plan within the meaning of U.S. Department of Labor Reg. Section 2510.3-101, or (ii) (1)
the Certificate is acquired by the Purchaser through Citigroup Global Markets Inc. or Barclays Capital Inc., (2) the Purchaser
is an insurance company, (3) the source of funds used to acquire or hold the Certificate or an interest therein is an “insurance
company general account,” as such term is defined in Prohibited Transaction Class Exemption (“PTCE”) 95-60
and (4) the conditions in Sections I and III of PTCE 95-60 have been satisfied and (B) the Purchaser is not and will not be a governmental
plan (as defined in Section 3(32) of ERISA) or other plan subject to any federal, state or local law that is, to a material extent,
similar to the fiduciary responsibility or prohibited transaction provisions of ERISA or Code Section 4975 (“Similar Law”)
or any Person acting on behalf of any such governmental plan or other plan or
using the assets of such governmental plan 


 






    L-3-2


     


    

 


or other plan to acquire the Certificate unless its acquisition, holding and disposition
of the Certificate would not constitute or otherwise result in a non-exempt violation of Similar Law.]


 


[FOR TRANSFERS OF CLASS
R or class s CERTIFICATES: In connection with such transfer, the Purchaser hereby
represents and warrants to you that the Purchaser (A) is not and will not be an employee benefit plan or other plan subject to
the fiduciary responsibility or prohibited transaction provisions of 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”, and
any such employee benefit plan or other plan, a “Plan”) or an entity or collective investment fund the assets
of which are considered Plan assets under U.S. Department of Labor Reg. Section 2510.3-101, as modified by Section 3(42) of ERISA
(including an insurance company that is using the assets of separate accounts or general accounts which include assets of Plans
(or which are deemed pursuant to ERISA or Similar Law to include assets of Plans)), or other person acting on behalf of any such
Plan or using assets of any such Plan and (B) is not and will not be a governmental plan or other plan subject to any federal,
state or local law that is, to a material extent, similar to the fiduciary responsibility or prohibited transaction provisions
of ERISA or Code Section 4975 (“Similar Law”) or any Person acting on behalf of any such governmental plan or
other plan or using the assets of such governmental plan to acquire the Certificate.]


 


[FOR TRANSFERS OF CLASS
R CERTIFICATES: The Purchaser hereby represents and warrants to you that the Purchaser is a “qualified institutional buyer”
within the meaning of Rule 144A under the Securities Act of 1933, as amended.]


 


[FOR TRANSFERS OF CLASS
S CERTIFICATES: The Purchaser hereby represents and warrants to you that the Purchaser is (1) a “qualified institutional
buyer” within the meaning of Rule 144A under the Securities Act of 1933, as amended, or (2) an entity that qualifies as an
“accredited investor” within the meaning of Rule 501(a) (1), (2), (3) or (7) of Regulation D under the Securities
Act of 1933, as amended, or an entity in which all of the equity owners qualify as “accredited investors” within the
meaning of Rule 501(a) (1), (2), (3) or (7) of Regulation D under the Securities Act of 1933, as amended.]


 






    L-3-3


     


    

 


IN WITNESS WHEREOF,
the Purchaser hereby executes this Representation Letter on the ___ day of _____, ____.





	 	 	 
	 	Very truly yours,
	 	 	 
	 	[The
                    Purchaser]







	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:


 






    L-3-4


     


    

 


EXHIBIT L-4


 


FORM OF INVESTMENT REPRESENTATION
LETTER


 


[Date]


 


	
        Citibank, N.A.,

        

        as Certificate Registrar

        

        480 Washington Boulevard, 30th Floor

        Jersey City, New Jersey 07310

        Attention: Securities Window

         

         
	 	
        Citigroup Commercial Mortgage Securities Inc.

        

        390 Greenwich Street, 5th Floor

        New York, New York 10013

        Attention: Paul Vanderslice

        

        Telecopy number: (212) 723-8599

        

        e-mail: paul.t.vanderslice@citi.com

        

	
        Citibank, N.A.,

        

        as Certificate Administrator

        

        388 Greenwich Street

        

        New York, New York 10013

        

        Attention: Global Transaction Services – CGCMT 2017-P8

         
	 	
        Citigroup Commercial Mortgage Securities Inc.

        

        390 Greenwich Street

        

        New York, New York 10013

        

        Attention: Richard Simpson

        

        Telecopy number: (646) 328-2943

        

        e-mail: richard.simpson@citi.com

        

         

	
        Wilmington Trust, National Association,

        

        as Trustee

        

        1100 North Market Street

        

        Wilmington, Delaware 19890

        

        Attention: CMBS Trustee – CGCMT 2017-P8

         

         
	 	
        Citigroup Commercial Mortgage Securities Inc.

        

        388 Greenwich Street, 17th Floor

        

        New York, New York 10013

        

        Attention: Ryan M. O’Connor

        

        Telecopy number: (646) 862-8988

        

        e-mail: ryan.m.oconnor@citi.com

        

	 	 	 	 


		Re:	Citigroup
                                         Commercial Mortgage Trust 2017-P8, Commercial Mortgage Pass-Through Certificates, Series
                                         2017-P8, Class [__] (the “Class [__] Certificates”)



 


Ladies and Gentlemen:


 


This letter is delivered
pursuant to Section 5.03 of the Pooling and Servicing Agreement, dated as of September 1, 2017 (the “Pooling and Servicing
Agreement”), between Citigroup Commercial Mortgage Securities Inc., as depositor, Wells Fargo Bank, National Association,
as Master Servicer, KeyBank National Association, as Special Servicer, Pentalpha Surveillance LLC, as Operating Advisor and Asset
Representations Reviewer, Citibank, N.A., as Certificate Administrator, and Wilmington Trust, National Association, as Trustee,
on behalf of the holders of Citigroup Commercial Mortgage Trust 2017-P8, Commercial Mortgage Pass-Through Certificates, Series
2017-P8 (the “Certificates”), in connection with the transfer by [             ]
(the “Seller”) to the undersigned (the “Purchaser”) of $______ aggregate [principal balance]
[notional amount] of Class [ ] Certificates [representing a ___% Percentage Interest in the related Class], in certificated fully
registered form (such registered interest, the “Transferred


 






    L-4-1


     


    

 





Certificate”).
Capitalized terms used but not defined herein shall have the meanings ascribed thereto in the Pooling and Servicing Agreement.


 


In connection with such
transfer, the undersigned hereby represents and warrants to you as follows:


 


1.         Check
one of the following:1


 


☐        The
Purchaser is an “institutional accredited investor” (an “Institutional Accredited Investor”) (i.e. an entity
meeting, or in which all of the equity owners meet, 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”)), 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 Transferred 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 Transferred 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.


 


☐        The
Purchaser is a “qualified institutional buyer” (a “QIB”) within the meaning of Rule 144A (“Rule
144A”) under the Securities Act, and has completed one of the forms of certification to that effect attached hereto as
Annex 1 and Annex 2. The Purchaser is acquiring the Transferred Certificate for its own account, or for the account of another
QIB. 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. The Purchaser hereby undertakes
to reimburse the Trust for any costs incurred by it in connection with this transfer.


 


2.         The
Purchaser’s intention is to acquire the Transferred Certificate (a) for investment for the Purchaser’s own account
or (b) for resale to (i) “qualified institutional buyers” in transactions complying with Rule 144A[,FOR TRANSFERS OF
ANY CERTIFICATES OTHER THAN CLASS R: or (ii) Institutional Accredited Investors under the Securities Act, 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) the receipt by the Certificate Registrar of
an opinion of counsel acceptable to the Certificate Registrar that such reoffer, resale, pledge or 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 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 Transferred Certificate (and any subsequent Non-Book Entry Certificate) has
not been registered under the Securities Act, by reason of a specified exemption from the registration provisions of the


 





 



 


1
Any Purchaser of Class R Certificates must check the box that it is a QIB. Only QIBs may acquire a Class R Certificate.


 






    L-4-2


     


    

 


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.


 


3.         The
Purchaser acknowledges that the Transferred 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 Transferred
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.


 


4.         The
Purchaser has reviewed the applicable Offering Circular dated September 18, 2017, relating to the Private Certificates (the “Offering
Circular”) and the agreements and other 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.


 


5.         The
Purchaser hereby undertakes to be bound by the terms and conditions of the Pooling and Servicing Agreement in its capacity as an
owner of a Non-Book Entry 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 Certificate Registrar
and all Certificateholders present and future.


 


6.         The
Purchaser will not sell or otherwise transfer any portion of the Transferred Certificate, except in compliance with Section 5.03
of the Pooling and Servicing Agreement.


 


7.         Check
one of the following:


 


☐        The
Purchaser is a “U.S. Tax Person” and it has attached hereto an Internal Revenue Service (“IRS”) Form W-9
(or successor form).


 


☐        The
Purchaser is not a “U.S. Tax Person” and under applicable law in effect on the date hereof, no taxes will be required
to be withheld by the Certificate Administrator (or its agent) with respect to Distributions to be made on the Transferred Certificate(s).
The Purchaser has attached hereto (i) a duly executed IRS Form W-8BEN or W-8 BEN-E, as applicable (or successor form), which identifies
such Purchaser as the beneficial owner of the Transferred Certificate(s) and states that such Purchaser is not a U.S. Person, (ii)
two duly executed copies of IRS Form W-8IMY (and all appropriate attachment) or (iii) two duly executed copies of IRS Form
W-8ECI (or successor form), which identify such Purchaser as the beneficial owner of the Transferred Certificate(s) and state that
interest and original issue discount on the Transferred Certificate(s) is, or is expected to be, effectively connected with a U.S.
trade or business. The Purchaser agrees to provide to the Certificate Administrator an updated IRS Form W-8BEN, IRS Form W-8 BEN-E,
IRS Form W-8IMY or IRS Form W-8ECI, as the case may be, any applicable successor IRS forms, or such other certifications as the
Certificate Administrator 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 Administrator.


 


For the purposes of this
paragraph 7, “U.S. Tax Person” means a citizen or resident of the United States, a corporation, partnership (except
to the extent provided in


 






    L-4-3


     


    

 


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. Tax 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. Tax Persons).


 


Please make all payments
due on the Transferred Certificates:**


 


(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,
	 	 	 
	 	[Insert Name of Purchaser]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:


 


Dated:
________________, 20__


 


 



 





		**	Please select (a) or (b).



 






    L-4-4


     


    

 


ANNEX
1


QUALIFIED INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A


 


[for
Purchasers other than Registered Investment Companies]


 


The
undersigned hereby certifies as follows to Citigroup Commercial Mortgage Securities Inc. (the “Seller”) and
Citibank, N.A., as Certificate Registrar, with respect to the commercial mortgage pass-through certificate being transferred (the
“Transferred Certificate”) as described in the Investment Representation Letter to which this certification
relates and to which this certification is an Annex:


 


1.           As
indicated below, the undersigned is the chief financial officer, a person fulfilling an equivalent function, or other executive
officer of the entity purchasing the Transferred Certificate (the “Purchaser”).


 


2.           The
Purchaser is a “qualified institutional buyer” as that term is defined in Rule 144A under the Securities Act of 1933,
as amended (“Rule 144A”) because (i) the Purchaser owned and/or invested on a discretionary basis $______________________2
in securities (other than the excluded securities referred to below) as of [specific date since the close of the Purchaser’s
most recent fiscal year][the end of the Purchaser’s most recent fiscal year] (such amount being calculated in accordance
with Rule 144A) and (ii) the Purchaser satisfies the criteria in the category marked below.


 


		___	Corporation,
                                         etc. The Purchaser is a corporation (other than a bank, savings and loan association
                                         or similar institution), Massachusetts or similar business trust, partnership, or any
                                         organization described in Section 501(c)(3) of the Internal Revenue Code of 1986, as
                                         amended.



 


		___	Bank.
                                         The Purchaser (a) is a national bank or a banking institution organized under the
                                         laws of any State, U.S. territory or the District of Columbia, the business of which
                                         is substantially confined to banking and is supervised by the State or territorial banking
                                         commission or similar official or is a foreign bank or equivalent institution, and (b) has
                                         an audited net worth of at least $25,000,000 as demonstrated in its latest annual financial
                                         statements, a copy of which is attached hereto, as of a date not more than 16 months
                                         preceding the date of sale of the Transferred Certificate in the case of a U.S. bank,
                                         and not more than 18 months preceding such date of sale for a foreign bank or equivalent
                                         institution.



 


		___	Savings
                                         and Loan. The Purchaser (a) is a savings and loan association, building and
                                         loan association, cooperative bank, homestead association or similar institution, which
                                         is supervised and examined by a State or Federal authority having supervision over any
                                         such institutions or is a foreign savings and loan association or equivalent institution
                                         and (b) has an



 



 



 



		2	Purchaser
                                         must own and/or invest on a discretionary basis at least $100,000,000 in securities unless
                                         Purchaser is a dealer, and, in that case, Purchaser must own and/or invest on a discretionary
                                         basis at least $10,000,000 in securities.



 




    Annex-1-1 


     


    

 




audited
net worth of at least $25,000,000 as demonstrated in its latest annual financial statements, a copy of which is attached hereto,
as of a date not more than 16 months preceding the date of sale of the Transferred Certificate in the case of a U.S. savings and
loan association, and not more than 18 months preceding such date of sale for a foreign savings and loan association or equivalent
institution.


 


		___	Broker-dealer.
                                         The Purchaser is a dealer registered pursuant to Section 15 of the Securities Exchange
                                         Act of 1934, as amended.



 


		___	Insurance
                                         Company. The Purchaser is an insurance company whose primary and predominant business
                                         activity is the writing of insurance or the reinsuring of risks underwritten by insurance
                                         companies and which is subject to supervision by the insurance commissioner or a similar
                                         official or agency of a State, U.S. territory or the District of Columbia.



 


		___	State
                                         or Local Plan. The Purchaser is a plan established and maintained by a State, its
                                         political subdivisions, or any agency or instrumentality of the State or its political
                                         subdivisions, for the benefit of its employees.



 


		___	ERISA
                                         Plan. The Purchaser is an employee benefit plan within the meaning of Title I of
                                         the Employee Retirement Income Security Act of 1974, as amended.



 


		___	Investment
                                         Advisor. The Purchaser is an investment advisor registered under the Investment Advisers
                                         Act of 1940, as amended.



 


		___	Other.
                                         (Please supply a brief description of the entity and a cross-reference to the paragraph
                                         and subparagraph under subsection (a) (1) of Rule 144A pursuant to which it
                                         qualifies. Note that registered investment companies should complete Annex 2 rather
                                         than this Annex 1.)






	 	 	 
	 	 	 
	 	 	 












 


3.           The
term “securities” as used herein does not include (i) securities of issuers that are affiliated with the Purchaser,
(ii) securities that are part of an unsold allotment to or subscription by the Purchaser, if the Purchaser is a dealer, (iii) bank
deposit notes and certificates of deposit, (iv) loan participations, (v) repurchase agreements, (vi) securities owned
but subject to a repurchase agreement and (vii) currency, interest rate and commodity swaps. For purposes of determining the aggregate
amount of securities owned and/or invested on a discretionary basis by the Purchaser, the Purchaser did not include any of the
securities referred to in this paragraph.


 



    Annex-1-2 


     


    




 


4.           For
purposes of determining the aggregate amount of securities owned and/or invested on a discretionary basis by the Purchaser, the
Purchaser used the cost of such securities to the Purchaser, unless the Purchaser reports its securities holdings in its financial
statements on the basis of their market value, and no current information with respect to the cost of those securities has been
published, in which case the securities were valued at market. Further, in determining such aggregate amount, the Purchaser may
have included securities owned by subsidiaries of the Purchaser, but only if such subsidiaries are consolidated with the Purchaser
in its financial statements prepared in accordance with generally accepted accounting principles and if the investments of such
subsidiaries are managed under the Purchaser’s direction. However, such securities were not included if the Purchaser is
a majority-owned, consolidated subsidiary of another enterprise and the Purchaser is not itself a reporting company under the
Securities Exchange Act of 1934, as amended.


 


5.           The
Purchaser acknowledges that it is familiar with Rule 144A and understands that the Seller and other parties related to the Transferred
Certificates are relying and will continue to rely on the statements made herein because one or more sales to the Purchaser may
be in reliance on Rule 144A.


 





	___    

    Yes     	___    

    No    	Will the Purchaser be purchasing the Transferred Certificate
    only for the Purchaser’s own account


 



6.           If
the answer to the foregoing question is “no”, then in each case where the Purchaser is purchasing for an account other
than its own, such account belongs to a third party that is itself a “qualified institutional buyer” within the meaning
of Rule 144A, and the “qualified institutional buyer” status of such third party has been established by the Purchaser
through one or more of the appropriate methods contemplated by Rule 144A.


 


7.           The
Purchaser will notify each of the parties to which this certification is made of any changes in the information and conclusions
herein. Until such notice is given, the Purchaser’s purchase of the Transferred Certificate will constitute a reaffirmation
of this certification as of the date of such purchase. In addition, if the Purchaser is a bank or savings and loan as provided
above, the Purchaser agrees that it will furnish to such parties any updated annual financial statements that become available
on or before the date of such purchase, promptly after they become available.


 


8.           Capitalized
terms used but not defined herein have the respective meanings ascribed thereto in the Pooling and Servicing Agreement pursuant
to which the Transferred Certificate was issued.








	 	 
	 	Print Name of Purchaser
	 	 	 
	 	By:	 	 	 
	 	Name:	 
	 	Title:	 	 
	 	Date:	 	 



 












    Annex-1-3 


     


    

 


ANNEX
2



QUALIFIED INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A


 


[for
Purchasers that are Registered Investment Companies]


 


The
undersigned hereby certifies as follows to Citigroup Commercial Mortgage Securities Inc. (the “Seller”) and
Citibank, N.A., as Certificate Registrar, with respect to the mortgage pass-through certificate being transferred (the “Transferred
Certificate”) as described in the Investment Representation Letter to which this certification relates and to which
this certification is an Annex:


 


1.           As
indicated below, the undersigned is the chief financial officer, a person fulfilling an equivalent function, or other executive
officer of the entity purchasing the Transferred Certificate (the “Purchaser”) or, if the Purchaser is a “qualified
institutional buyer” as that term is defined in Rule 144A under the Securities Act of 1933, as amended (“Rule 144A”)
because the Purchaser is part of a Family of Investment Companies (as defined below), is an executive officer of the investment
adviser (the “Adviser”).


 


2.           The
Purchaser is a “qualified institutional buyer” as defined in Rule 144A because (i) the Purchaser is an investment
company registered under the Investment Company Act of 1940, as amended, and (ii) as marked below, the Purchaser alone owned
and/or invested on a discretionary basis, or the Purchaser’s Family of Investment Companies owned, at least $100,000,000
in securities (other than the excluded securities referred to below) as of [specific date since the close of the Purchaser’s
most recent fiscal year][the end of the Purchaser’s most recent fiscal year]. For purposes of determining the amount of
securities owned by the Purchaser or the Purchaser’s Family of Investment Companies, the cost of such securities was used,
unless the Purchaser or any member of the Purchaser’s Family of Investment Companies, as the case may be, reports its securities
holdings in its financial statements on the basis of their market value, and no current information with respect to the cost of
those securities has been published, in which case the securities of such entity were valued at market.


 


	____	The
                                         Purchaser owned and/or invested on a discretionary basis $___________________ in securities
                                         (other than the excluded securities referred to below) as of the end of the Purchaser’s
                                         most recent fiscal year (such amount being calculated in accordance with Rule 144A).



 


	____	The
                                         Purchaser is part of a Family of Investment Companies which owned in the aggregate $______________
                                         in securities (other than the excluded securities referred to below) as of the end of
                                         the Purchaser’s most recent fiscal year (such amount being calculated in accordance
                                         with Rule 144A).



 


3.            The
term “Family of Investment Companies” as used herein means two or more registered investment companies (or series
thereof) that have the same investment adviser or investment advisers that are affiliated (by virtue of being majority owned subsidiaries
of the same parent or because one investment adviser is a majority owned subsidiary of the other).


 



    Annex-2-1 


     


    




 


4.           The
term “securities” as used herein does not include (i) securities of issuers that are affiliated with the Purchaser
or are part of the Purchaser’s Family of Investment Companies, (ii) bank deposit notes and certificates of deposit,
(iii) loan participations, (iv) repurchase agreements, (v) securities owned but subject to a repurchase agreement
and (vi) currency, interest rate and commodity swaps. For purposes of determining the aggregate amount of securities owned
and/or invested on a discretionary basis by the Purchaser, or owned by the Purchaser’s Family of Investment Companies, the
securities referred to in this paragraph were excluded.


 


5.           The
Purchaser is familiar with Rule 144A and understands that the parties to which this certification is being made are relying
and will continue to rely on the statements made herein because one or more sales to the Purchaser will be in reliance on Rule 144A.


 


	___    

    Yes     	___    

    No    	Will the Purchaser be purchasing the Transferred Certificate
    only for the Purchaser’s own account



 


6.           If
the answer to the foregoing question is “no”, then in each case where the Purchaser is purchasing for an account other
than its own, such account belongs to a third party that is itself a “qualified institutional buyer” within the meaning
of Rule 144A, and the “qualified institutional buyer” status of such third party has been established by the
Purchaser through one or more of the appropriate methods contemplated by Rule 144A.


 


7.           The
undersigned will notify the parties to which this certification is made of any changes in the information and conclusions herein.
Until such notice, the Purchaser’s purchase of the Transferred Certificate will constitute a reaffirmation of this certification
by the undersigned as of the date of such purchase.


 


8.           Capitalized
terms used but not defined herein have the respective meanings ascribed thereto in the Pooling and Servicing Agreement pursuant
to which the Transferred Certificate was issued.


	 	 
	 	Print Name of Purchaser or Adviser
	 	 	 
	 	By:	 	 	 
	 	Name:	 
	 	Title:	 	 
	 	 	 
	 	IF AN ADVISER:
	 	 
	 	Print Name of Purchaser
	 	 	 
	 	Date:	 







 









    Annex-2-2 


     


    

 


EXHIBIT
L-5


 


FORM
OF TRANSFEREE Certificate for Transfer of Vertically retained Certificates


 


[Date]


 


	Citibank,
                           N.A.,

        

        as
        Certificate Registrar


        480
        Washington Boulevard, 30th Floor

        Jersey City, New Jersey 07310

        Attention: Securities Window

         
	 	Citigroup
                           Commercial Mortgage Securities Inc.

        

        390
        Greenwich Street, 5th Floor

        New York, New York 10013

        Attention: Paul Vanderslice

        

        Telecopy
        number: (212) 723-8599

        

        e-mail:
        paul.t.vanderslice@citi.com

         

	Citi
        Real Estate Funding Inc.

        

        390
        Greenwich Street, 5th Floor

        

        New
        York, New York 10013

        

        Attention:
        Paul Vanderslice

        

        Telecopy
        number: (212) 723-8599

        

        e-mail:
        paul.t.vanderslice@citi.com

         
	 	Citigroup
        Commercial Mortgage Securities Inc.

        

        390
        Greenwich Street

        

        New
        York, New York 10013

        

        Attention:
        Richard Simpson

        

        Telecopy
        number: (646) 328-2943

        

        e-mail:
        richard.simpson@citi.com

         

	Citi
        Real Estate Funding Inc.

        

        390
        Greenwich Street

        

        New
        York, New York 10013

        

        Attention:
        Richard Simpson

        

        Telecopy
        number: (646) 328-2943

        

        e-mail:
        richard.simpson@citi.com

         
	 	Citigroup
        Commercial Mortgage Securities Inc.

        

        388
        Greenwich Street, 17th Floor

        

        New
        York, New York 10013

        

        Attention:
        Ryan M. O’Connor

        

        Telecopy
        number: (646) 862-8988

        

        e-mail:
        ryan.m.oconnor@citi.com

         

	Citi
        Real Estate Funding Inc.

        

        388
        Greenwich Street, 17th Floor

        

        New
        York, New York 10013

        

        Attention:
        Ryan M. O’Connor

        

        Telecopy
        number: (646) 862-8988

        

        e-mail:
        ryan.m.oconnor@citi.com

        
	 	 



 

		Re:	Citigroup
                                         Commercial Mortgage Trust 2017-P8, Commercial Mortgage Pass-Through Certificates, Series
                                         2017-P8 (the “Certificates”) issued pursuant to the Pooling and Servicing
                                         Agreement, dated as of September 1, 2017 (the “Pooling and Servicing Agreement”),
                                         between Citigroup Commercial Mortgage Securities Inc., as Depositor, Wells Fargo Bank,
                                         National Association, as Master Servicer, KeyBank National Association, as Special Servicer,
                                         Pentalpha Surveillance LLC, as Operating Advisor and Asset Representations Reviewer,
                                         Citibank, N.A., as Certificate Administrator, and Wilmington Trust, National Association,
                                         as Trustee	 



 



    L-5-1 


     


    

 




Ladies
and Gentlemen:


 


[_____]
(the “Purchaser”) hereby agrees with, and certifies, represents and warrants to, you, in your respective capacities
as Certificate Registrar, Retaining Sponsor and Depositor, that:


 


	1.	The
                                         Purchaser is acquiring from [__________] (the “Transferor”) [$[_____]
                                         principal balance of the Class V-1 Certificates (the “Transferred Interest”)]
                                         [[Class V-2A, Class V-2B, Class V-2C, Class V-2D and Class V-2E] [Class V-3AC, Class
                                         V-3D and Class V-3E] Certificates in the respective principal balances set forth below
                                         (collectively, the “Transferred Interest”), which Certificates represent
                                         the same Percentage Interest in each and every outstanding Class of Class [V-2] [V-3]
                                         Certificates :




	Class
    	Principal
    Balance
	Class
    [V-2A] [V-3AC]	$
	Class
    [V-2B] [N/A]	$
	Class
    [V-2C] [N/A]	$
	Class
    [V-2D] [V-3D]	$
	Class
    [V-2E] [V-3E]	$


]


 


	2.	[IF
                                         THE TRANSFERRED INTEREST CONSISTS OF CLASS V-2 OR V-3 CERTIFICATES: The Class [V-2] [V-3]
                                         Certificates that the Purchaser holds shall at all times represent, and the Purchaser
                                         may only transfer any Class [V-2] [V-3] Certificates if the transferred Certificates
                                         to any particular Person represent, the same Percentage Interest in each and every outstanding
                                         Class of Class [V-2] [V-3] Certificates.]



 


	3.	The
                                         Purchaser is aware that, following its acquisition of the Transferred Interest, the Certificate
                                         Registrar will not register any transfer of the Transferred Interest by the Purchaser
                                         unless the transferee, or such transferee’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.



 


	4.	If
                                         the Purchaser is an insurance company general account relying on PTCE 95-60 to cover
                                         its acquisition of any ERISA Restricted Certificate constituting a portion of the Transferred
                                         Interest, (a) all of the conditions of Parts I and III of PTCE 95-60 will be satisfied
                                         with respect to the acquisition of such ERISA Restricted Certificate and (b) the acquisition
                                         of such ERISA Restricted Certificate will be effected through Citigroup Global Markets
                                         Inc. or Barclays Capital Inc., or an affiliate thereof.



 


	5.	Check
                                         one of the following:



 






    L-5-2 


     


    

 


☐         The
Purchaser agrees with, and certifies, represents and warrants to, you, in your respective capacities as Certificate Registrar,
Retaining Sponsor and Depositor, that the transfer will occur during the VRR Interest Transfer Restriction Period and that the
Purchaser has complied with the requirements of (i) the Vertical Credit Risk Retention Agreement, dated as of September 18, 2017,
between Citi Real Estate Funding Inc., Barclays Bank PLC, Macquarie US Trading LLC d/b/a Principal Commercial Capital, Starwood
Mortgage Capital LLC, Starwood Mortgage Funding V LLC, Citigroup Global Markets Realty Corp., LNR Securities Holdings, LLC and
the Depositor and (ii) the applicable requirements of Regulation RR.


 


☐         The
Purchaser certifies, represents and warrants to you, in your respective capacities as Certificate Registrar, Retaining Sponsor
and Depositor, that the transfer will occur after the termination of the VRR Interest Transfer Restriction Period.


 


Capitalized
terms used but not defined herein have the meanings assigned thereto in the Pooling 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__.


   





	 	[PURCHASER]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:



 





The
foregoing certificate is hereby confirmed, and the transfer is accepted, as of the date first above written:


 








	[APPLICABLE RETAINING PARTY]3	 
	 	 	 
	By:	 	 
	 	Name:	 
	 	Title:	 
	 	 	 
	[Medallion Stamp Guarantee]	 



 





 



 

		3	Signature
                                         of Retaining Party is required if the Retaining Party is different than the transferor


 






    L-5-3 


     


    

 








	[CITI REAL ESTATE FUNDING INC.]4	 
	 	 	 
	By:	 	 
	 	Name:	 
	 	Title:	 



 


	CITIGROUP COMMERCIAL MORTGAGE SECURITIES INC.	 
	 	 	 
	By:	 	 
	 	Name:	 
	 	Title:	 
	 	 	 






 



 




		4	Signature
                                         of Retaining Sponsor is required if the Retaining Sponsor is different than the applicable
                                         Retaining Party



 











    L-5-4 


     


    




 


EXHIBIT
L-6


 


FORM
OF TRANSFEROR Certificate for Transfer of Vertically Retained Certificates


 


[Date]


 





	Citibank,
                           N.A.,

        

        as
        Certificate Registrar


        480
        Washington Boulevard, 30th Floor

        Jersey City, New Jersey 07310

        Attention: Securities Window

         
	 	Citigroup
                           Commercial Mortgage Securities Inc.

        

        390
        Greenwich Street, 5th Floor

        New York, New York 10013

        Attention: Paul Vanderslice

        

        Telecopy
        number: (212) 723-8599

        

        e-mail:
        paul.t.vanderslice@citi.com

         

	Citi
        Real Estate Funding Inc.

        

        390
        Greenwich Street, 5th Floor

        

        New
        York, New York 10013

        

        Attention:
        Paul Vanderslice

        

        Telecopy
        number: (212) 723-8599

        

        e-mail:
        paul.t.vanderslice@citi.com

         
	 	Citigroup
        Commercial Mortgage Securities Inc.

        

        390
        Greenwich Street

        

        New
        York, New York 10013

        

        Attention:
        Richard Simpson

        

        Telecopy
        number: (646) 328-2943

        

        e-mail:
        richard.simpson@citi.com

         

	Citi
        Real Estate Funding Inc.

        

        390
        Greenwich Street

        

        New
        York, New York 10013

        

        Attention:
        Richard Simpson

        

        Telecopy
        number: (646) 328-2943

        

        e-mail:
        richard.simpson@citi.com

         
	 	Citigroup
        Commercial Mortgage Securities Inc.

        

        388
        Greenwich Street, 17th Floor

        

        New
        York, New York 10013

        

        Attention:
        Ryan M. O’Connor

        

        Telecopy
        number: (646) 862-8988

        

        e-mail:
        ryan.m.oconnor@citi.com

         

	Citi
        Real Estate Funding Inc.

        

        388
        Greenwich Street, 17th Floor

        

        New
        York, New York 10013

        

        Attention:
        Ryan M. O’Connor

        

        Telecopy
        number: (646) 862-8988

        

        e-mail:
        ryan.m.oconnor@citi.com

        
	 	 


 


		Re:	Citigroup
                                         Commercial Mortgage Trust 2017-P8, Commercial Mortgage Pass-Through Certificates, Series
                                         2017-P8 (the “Certificates”)	 





 


Ladies
and Gentlemen:


 


This
letter is delivered to you in connection with the transfer by [______] (the “Transferor”) to [______] (the
“Transferee”) of [$[_____] principal balance of the Class V-1 Certificates (the “Transferred Interest”)]
[[Class V-2A, Class V-2B, Class V-2C, Class V-2D and


 






    L-6-1 


     


    

 


Class
V-2E] [Class V-3AC, Class V-3D and Class V-3E] Certificates in the respective principal balances set forth below (collectively,
the “Transferred Interest”):


 


	Class
    	Principal
    Balance
	Class
    [V-2A] [V-3AC]	$
	Class
    [V-2B] [N/A]	$
	Class
    [V-2C] [N/A]	$
	Class
    [V-2D] [V-3D]	$
	Class
    [V-2E] [V-3E]	$


]


 


The
Certificates were issued pursuant to the Pooling and Servicing Agreement, dated as of September 1, 2017 (the “Pooling
and Servicing Agreement”), between Citigroup Commercial Mortgage Securities Inc., as Depositor, Wells Fargo Bank, National
Association, as Master Servicer, KeyBank National Association, as Special Servicer, Pentalpha Surveillance LLC, as Operating Advisor
and Asset Representations Reviewer, Citibank, N.A., as Certificate Administrator, and Wilmington Trust, National Association,
as Trustee. All capitalized terms used but not otherwise defined herein shall have the respective meanings set forth in the Pooling
and Servicing Agreement. The Transferor hereby certifies, represents and warrants to you, in your respective capacities as Certificate
Registrar, Retaining Sponsor and Depositor, that:


 


	1.	The
                                         transfer is in compliance with Sections 5.02 and 5.03 of the Pooling and Servicing Agreement.



 


	2.	Check
                                         one of the following:



 


		☐	The
                                         Transferor certifies, represents and warrants to you, in your respective capacities as
                                         Certificate Registrar, Retaining Sponsor and Depositor, that the transfer will occur
                                         during the VRR Interest Transfer Restriction Period and that the Transferor has complied
                                         with the requirements of (i) the Vertical Credit Risk Retention Agreement, dated as of
                                         September 18, 2017, between Citi Real Estate Funding Inc., Barclays Bank PLC, Macquarie
                                         US Trading LLC d/b/a Principal Commercial Capital, Starwood Mortgage Capital LLC, Starwood
                                         Mortgage Funding V LLC, Citigroup Global Markets Realty Corp., LNR Securities Holdings,
                                         LLC and the Depositor and (ii) the applicable requirements of Regulation RR.



 


		☐	The
                                         Transferor certifies, represents and warrants to you, in your respective capacities as
                                         Certificate Registrar, Retaining Sponsor and Depositor, that the transfer will occur
                                         after the termination of the VRR Interest Transfer Restriction Period.



 






    L-6-2 


     


    

 


	3.	The
                                         Transferor understands that the Transferee has delivered to you a Transferee Certificate
                                         in the form attached to the Pooling and Servicing Agreement as Exhibit L-5. 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__.


 








	 	[TRANSFEROR]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:



 





The
foregoing certificate is hereby confirmed, and the transfer is accepted, as of the date first above written:


 





	[APPLICABLE RETAINING PARTY]	 
	 	 	 
	By:	 	 
	 	Name:	 
	 	Title:	 
	 	 	 
	[Medallion Stamp Guarantee]	 



 



 


	[CITI REAL ESTATE FUNDING INC.]5	 
	 	 	 
	By:	 	 
	 	Name:	 
	 	Title:	 



 


 






 





		5	Signature
                                         of Retaining Sponsor is required if the Retaining Sponsor is different than the applicable
                                         Retaining Party



 




    L-6-3 


     


    

 





	CITIGROUP COMMERCIAL MORTGAGE SECURITIES INC.	 
	 	 	 
	By:	 	 
	 	Name:	 
	 	Title:	 



 


















    L-6-4 


     


    


 


EXHIBIT
M-1A


 


FORM
OF INVESTOR CERTIFICATION FOR NON-BORROWER PARTY
 (FOR
PERSONS OTHER THAN THE CONTROLLING CLASS REPRESENTATIVE AND/OR A CONTROLLING CLASS CERTIFICATEHOLDER)


 


[Date]


 


	Wells
                           Fargo Bank, National Association 

        Commercial
        Mortgage Servicing 

        Three
        Wells Fargo 

        MAC
        D1050-084

        401
        South Tryon Street, 8th Floor

        Charlotte,
        North Carolina 28202

        Attention:
        CGCMT 2017-P8 Asset Manager

        Email: Commercial.servicing@wellsfargo.com
	 	Wilmington
                           Trust, National Association, 

        as
        Trustee 

        1100
        North Market Street 

        Wilmington,
        Delaware 19890 

        Attention:
        CMBS Trustee – CGCMT 2017-P8 

        Email:
        cmbstrustee@wilmingtontrust.com

	 	 	 
	Citibank,
        N.A. 

        388
        Greenwich Street 

        New
        York, New York 10013 

        Attention:
        Global         Transaction Services – CGCMT 2017-P8 

        Email:
        ratingagencynotice@citi.com
	 	KeyBank
        National Association 

        11501
        Outlook Street, Suite 300 

        Overland
        Park, Kansas 66211 

        Attention:
        Alan Williams 

        Email:
        Keybank_notices@keybank.com

	 	 	 
	Pentalpha
        Surveillance LLC 

        375
        N. French Road, Suite 100 

        Amherst,
        New York, 14228 

        Attention:
        CGCMT 2017-P8 Transaction Manager, with copies sent contemporaneously

        via
        e-mail to

        notices@pentalphasurveillance.com
        with the deal name in the subject line
	 	 


 





		Re:	Citigroup
                                         Commercial Mortgage Trust 2017-P8, Commercial Mortgage Pass-Through Certificates, Series
                                         2017-P8


  


In
accordance with the requirements for obtaining certain information under the Pooling and Servicing Agreement, dated as of September
1, 2017 (the “Agreement”), between Citigroup Commercial Mortgage Securities Inc., as Depositor, Wells Fargo
Bank, National Association, as Master Servicer, KeyBank National Association, as Special Servicer, Pentalpha Surveillance LLC,
as Operating Advisor and Asset Representations Reviewer, Citibank, N.A., as Certificate Administrator, and Wilmington Trust, National
Association, as Trustee, with respect to the above-referenced certificates (the “Certificates”), the undersigned
hereby certifies and agrees as follows:


 






    M-1A-1 


     


    

 


1.          The
undersigned is [the][a] [[investment advisor or manager of a][Certificateholder][Certificate Owner][prospective purchaser] of
the Class ___ Certificates][Risk Retention Consultation Party][Serviced Companion Loan Holder][Companion Loan Holder Representative],
and is neither the Controlling Class Representative nor a Controlling Class Certificateholder.


 


2.          The
undersigned has received a copy of the Prospectus.6


 


3.          The
undersigned is not a Borrower Party.


 


4.          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 its holding or purchasing
the related Certificates or the related Companion Loan (as and if applicable), from its accountants and attorneys, and otherwise
from such governmental or banking authorities or agencies to which the undersigned is subject and, if they execute and deliver
a certification substantially similar to this, except from holders, beneficial owners and prospective purchasers of any related
Companion Loan Securities (if applicable)), and such Information will not, without the prior written consent of the Trustee, 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, unless required to do so by law.


 


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.


 


5.          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 Operating Advisor, the Asset Representations Reviewer, 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.


 


6.          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.


 


7.          Capitalized
terms used but not defined herein shall have the respective meanings assigned thereto in the Agreement.


 






 



 


6
Only required for a Certificateholder, a Certificate Owner, the Risk Retention Consultation Party or a prospective purchaser
of a Certificate (or an investment advisor or manager of the foregoing).


 






    M-1A-2 


     


    

 


BY
ITS CERTIFICATION HEREOF, the undersigned has made the representations above and shall have caused, or shall be deemed to have
caused, its name to be signed hereto by its duly authorized signatory, as of the day and year written above.


 




	 	[[Investment
                    advisor or manager of a]

                    [Certificateholder][Certificate

                    Owner][Prospective
                    Purchaser][Risk Retention

                    Consultation
                    Party]

                    [Serviced
                    Companion Loan Holder][Companion

                    Loan
                    Holder Representative]

	 	 	 
	 	By:	 




	 	Name:	 











	 	Title:	 








	 	Company:	 








	 	Phone:	 


 






    M-1A-3 


     


    

 


EXHIBIT
M-1B


 


FORM
OF INVESTOR CERTIFICATION FOR NON-BORROWER PARTY

(FOR THE CONTROLLING CLASS REPRESENTATIVE AND/OR A CONTROLLING CLASS CERTIFICATEHOLDER)


 


[Date]


 


	Wells
                           Fargo Bank, National Association 

        Commercial
        Mortgage Servicing 

        Three
        Wells Fargo 

        MAC
        D1050-084

        401 South Tryon Street, 8th Floor 

        Charlotte,
        North Carolina 28202 

        Attention:
        CGCMT 2017-P8 Asset Manager

        Email: Commercial.servicing@wellsfargo.com
	 	Wilmington
                           Trust, National Association, 

        as
        Trustee 

        1100
        North Market Street 

        Wilmington,
        Delaware 19890 

        Attention:
        CMBS Trustee – CGCMT 2017-P8 

        Email:
        cmbstrustee@wilmingtontrust.com

	 	 	 
	Citibank,
        N.A. 

        388
        Greenwich Street 

        New
        York, New York 10013 

        Attention: Global Transaction Services – CGCMT 2017-P8 

        Email:
        ratingagencynotice@citi.com
	 	KeyBank
        National Association 

        11501
        Outlook Street, Suite 300 

        Overland
        Park, Kansas 66211 

        Attention:
        Alan Williams 

        Email:
        Keybank_notices@keybank.com

	 	 	 
	Pentalpha
        Surveillance LLC 

        375
        N. French Road, Suite 100 

        Amherst,
        New York, 14228 

        Attention:
        CGCMT 2017-P8 Transaction Manager, with copies sent contemporaneously via e-mail to notices@pentalphasurveillance.com
        with the deal name in the subject line
	 	 


 





		Re:	Citigroup
                                         Commercial Mortgage Trust 2017-P8, Commercial Mortgage Pass-Through Certificates, Series
                                         2017-P8


 


In
accordance with the requirements for obtaining certain information under the Pooling and Servicing Agreement, dated as of September
1, 2017 (the “Agreement”), between Citigroup Commercial Mortgage Securities Inc., as Depositor, Wells Fargo
Bank, National Association, as Master Servicer, KeyBank National Association, as Special Servicer, Pentalpha Surveillance LLC,
as Operating Advisor and Asset Representations Reviewer, Citibank, N.A., as Certificate Administrator, and Wilmington Trust, National
Association, as Trustee, with respect to the above-referenced certificates (the “Certificates”), the undersigned
hereby certifies and agrees as follows:


 






    M-1B-1 


     


    

 


1.          The
undersigned is [the Controlling Class Representative][a Controlling Class Certificateholder].


 


2.          The
undersigned is not a Borrower 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 will keep the Information
confidential (except from such outside persons as are assisting it in making an evaluation in connection with its holding or 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 Trustee, 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, unless required to do so by law.


 


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 Operating Advisor, the Asset Representations Reviewer, 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.          At
any time the undersigned becomes a Borrower Party with respect to any Mortgage Loan, the undersigned shall deliver the certification
attached as Exhibit M-1C to the Agreement and shall deliver to the applicable parties the notices attached as Exhibit M-1F and
Exhibit M-1G to the Agreement.



 


6.          To
the extent the undersigned receives access to any Excluded Information on the Certificate Administrator’s Website or otherwise
receives access to such Excluded Information, the undersigned hereby agrees that it (i) will not directly or indirectly provide
such Excluded Information to (A) any related Borrower Party, (B) any Excluded Controlling Class Holder, (C) any employees or personnel
of the undersigned, (D) any Affiliate involved in the management of any investment in any related Borrower Party or the related
Mortgaged Property or (E) to its actual knowledge, any non-Affiliate that holds a direct or indirect ownership interest in any
related Borrower Party, and (ii) will maintain sufficient internal controls and appropriate policies and procedures in place in
order to comply with the obligations described in clause (i) above.


 


7.          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.


 






    M-1B-2 


     


    

 


8.          The
undersigned hereby certifies that an executed copy of this certification in paper form has been delivered in accordance with the
notice provisions of the Agreement to each of the addressees listed above (a) by overnight courier or (b) mailed by registered
mail, postage prepaid.


 


9.          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 have caused, or shall be deemed to have
caused, its name to be signed hereto by its duly authorized signatory, as of the day and year written above.


 












	 	[The
                    Controlling Class Representative][a Controlling Class Certificateholder]

	 	 	 
	 	By:	 





	 	Name:	 












	 	Title:	 








	 	Company:	 








 






    M-1B-3 


     


    

 


EXHIBIT
M-1C


 


FORM
OF INVESTOR CERTIFICATION FOR BORROWER PARTY

(FOR THE CONTROLLING CLASS REPRESENTATIVE AND/OR A CONTROLLING CLASS CERTIFICATEHOLDER)


 


[Date]


 


	Wells
                           Fargo Bank, National Association


        Commercial
        Mortgage Servicing


        Three
        Wells Fargo


        MAC
        D1050-084

        401 South Tryon Street, 8th Floor


        Charlotte,
        North Carolina 28202


        Attention:
        CGCMT 2017-P8 Asset Manager

        Email: Commercial.servicing@wellsfargo.com

        	 	Wilmington
                           Trust, National Association,


        as
        Trustee 

        1100
        North Market Street


        Wilmington,
        Delaware 19890


        Attention:
        CMBS Trustee – CGCMT 2017-P8


        Email:
        cmbstrustee@wilmingtontrust.com

        
	 	 	 
	Citibank,
        N.A.


        388
        Greenwich Street


        New
        York, New York 10013


        Attention: Global Transaction Services – CGCMT 2017-P8


        Email:
        ratingagencynotice@citi.com

        	 	KeyBank
        National Association


        11501
        Outlook Street, Suite 300


        Overland
        Park, Kansas 66211


        Attention:
        Alan Williams


        Email:
        Keybank_notices@keybank.com

        
	 	 	 
	Pentalpha
        Surveillance LLC


        375
        N. French Road, Suite 100


        Amherst,
        New York, 14228


        Attention:
        CGCMT 2017-P8 Transaction Manager, with copies sent contemporaneously via e-mail to notices@pentalphasurveillance.com
        with the deal name in the subject line

        	 	 


 





		Re:	Citigroup
                                         Commercial Mortgage Trust 2017-P8, Commercial Mortgage Pass-Through Certificates, Series
                                         2017-P8 


 


In
accordance with the requirements for obtaining certain information under the Pooling and Servicing Agreement, dated as of September
1, 2017 (the “Agreement”), between Citigroup Commercial Mortgage Securities Inc., as Depositor, Wells Fargo
Bank, National Association, as Master Servicer, KeyBank National Association, as Special Servicer, Pentalpha Surveillance LLC,
as Operating Advisor and Asset Representations Reviewer, Citibank, N.A., as Certificate Administrator, and Wilmington Trust, National
Association, as Trustee, with respect to the above-referenced certificates (the “Certificates”), the undersigned
hereby certifies and agrees as follows:


 






    M-1C-1 


     


    

 


1.          The
undersigned is [the Controlling Class Representative][a Controlling Class Certificateholder].


 


2.          The
undersigned is a Borrower Party with respect to the following Mortgage Loans (the “Excluded Controlling Class Mortgage
Loans”):


 


	Mortgage
    Loan Number	Loan
    Name	Borrower
    Name
	 	 	 
	 	 	 
	 	 	 


 


3.          Except
with respect to the Excluded Controlling Class Mortgage Loans, 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 will keep the Information
confidential (except from such outside persons as are assisting it in making an evaluation in connection with its holding or 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 Trustee, 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, unless required to do so by law.


 


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 hereby acknowledges and agrees that it is prohibited from accessing, reviewing and using, and shall not access, review
or use, Excluded Information (as defined in the Agreement) relating to the Excluded Controlling Class Mortgage Loans to the extent
the undersigned receives access to such Excluded Information on the Certificate Administrator’s Website or otherwise receives
access to such Excluded Information in connection with its duties, or exercise of its rights pursuant to the Agreement.


 


5.          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 Operating Advisor, the Asset Representations Reviewer, 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.


 






    M-1C-2 


     


    

 


6.          To
the extent the undersigned receives access to any Excluded Information on the Certificate Administrator’s Website or otherwise
receives access to such Excluded Information, the undersigned hereby agrees that it (i) will not directly or indirectly provide
such Excluded Information to (A) any related Borrower Party, (B) any Excluded Controlling Class Holder, (C) any employees or personnel
of the undersigned, (D) any Affiliate involved in the management of any investment in any related Borrower Party or the related
Mortgaged Property or (E) to its actual knowledge, any non-Affiliate that holds a direct or indirect ownership interest in any
related Borrower Party, and (ii) will maintain sufficient internal controls and appropriate policies and procedures in place in
order to comply with the obligations described in clause (i) above.


 


7.          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.


 


8.          The
undersigned hereby certifies that an executed copy of this certification in paper form has been delivered in accordance with the
notice provisions of the Agreement to each of the addressees listed above (a) by overnight courier or (b) mailed by registered
mail, postage prepaid.


 


9.          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 have caused, or shall be deemed to have
caused, its name to be signed hereto by its duly authorized signatory, as of the day and year written above.


 
















	 	[The
                    Controlling Class Representative] [a Controlling Class Certificateholder]

	 	 	 
	 	By:	 





	 	Name: 	 












	 	Title: 	 








	 	Company: 	 








 






    M-1C-3 


     


    

 


EXHIBIT
M-1D


 


FORM
OF INVESTOR CERTIFICATION for Borrower PartY

(for Persons other than the CONTROLLING CLASS REPRESENTATIVE and/or
a Controlling Class Certificateholder, THE
RISK RETENTION CONSULTATION PARTY OR a Holder of Vertically Retained Certificate(S))


 


[Date]


 


	Wells
                           Fargo Bank, National Association


        Commercial
        Mortgage Servicing


        Three
        Wells Fargo


        MAC
        D1050-084

        401 South Tryon Street, 8th Floor


        Charlotte,
        North Carolina 28202


        Attention:
        CGCMT 2017-P8 Asset Manager

        Email: Commercial.servicing@wellsfargo.com

        	 	Wilmington
                           Trust, National Association,


        as
        Trustee 

        1100
        North Market Street


        Wilmington,
        Delaware 19890


        Attention:
        CMBS Trustee – CGCMT 2017-P8


        Email:
        cmbstrustee@wilmingtontrust.com

        
	 	 	 
	Citibank,
        N.A.


        388
        Greenwich Street


        New
        York, New York 10013


        Attention: Global Transaction Services – CGCMT 2017-P8


        Email:
        ratingagencynotice@citi.com

        	 	KeyBank
        National Association


        11501
        Outlook Street, Suite 300


        Overland
        Park, Kansas 66211


        Attention:
        Alan Williams


        Email:
        Keybank_notices@keybank.com

        
	 	 	 
	Pentalpha
        Surveillance LLC


        375
        N. French Road, Suite 100


        Amherst,
        New York, 14228


        Attention:
        CGCMT 2017-P8 Transaction Manager, with copies sent contemporaneously via e-mail to notices@pentalphasurveillance.com
        with the deal name in the subject line

        	 	 


 





		Re:	Citigroup
                                         Commercial Mortgage Trust 2017-P8, Commercial Mortgage Pass-Through Certificates, Series
                                         2017-P8


 


In
accordance with the requirements for obtaining certain information under the Pooling and Servicing Agreement, dated as of September
1, 2017 (the “Agreement”), between Citigroup Commercial Mortgage Securities Inc., as Depositor, Wells Fargo
Bank, National Association, as Master Servicer, KeyBank National Association, as Special Servicer, Pentalpha Surveillance LLC,
as Operating Advisor and Asset Representations Reviewer, Citibank, N.A., as Certificate Administrator, and Wilmington Trust, National
Association, as Trustee, with respect to the


 






    M-1D-1 


     


    

 


above-referenced
certificates (the “Certificates”), the undersigned hereby certifies and agrees as follows:


 


1.        The
undersigned is [the][a] [[investment advisor or manager of a][Certificateholder][Certificate Owner][prospective purchaser] of
the Class ___ Certificates][Serviced Companion Loan Holder][Companion Loan Holder Representative].


 


2.       The
undersigned is neither the Controlling Class Representative nor a Controlling Class Certificateholder.


 


3.       The
undersigned is not the Risk Retention Consultation Party and is not a Holder of any Vertically Retained Certificate.


 


4.       The
undersigned has received a copy of the Prospectus.7


 


5.       The
undersigned is a Borrower Party.


 


6.       The
undersigned is requesting access pursuant to the Agreement to the Distribution Date Statement (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 will keep the Information
confidential (except from such outside persons as are assisting it in making an evaluation in connection with its holding or purchasing
the related Certificates or the related Companion Loan (as and if applicable), from its accountants and attorneys, and otherwise
from such governmental or banking authorities or agencies to which the undersigned is subject and, if they execute and deliver
a certification substantially similar to this, except from holders, beneficial owners and prospective purchasers of any related
Companion Loan Securities (if applicable)), and such Information will not, without the prior written consent of the Trustee, 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, unless required to do so by law.


 


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.


 


7.       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 Operating Advisor, the Asset Representations Reviewer, 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.


 




 



 


7
Only required for a Certificateholder, a Certificate Owner or a prospective purchaser of a Certificate (or an investment
advisor or manager of the foregoing). 


 






    M-1D-2 


     


    

 


8.       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.


 


9.       The
undersigned hereby certifies that an executed copy of this certification in paper form has been delivered in accordance with the
notice provisions of the Agreement to each of the addressees listed above (a) by overnight courier or (b) mailed by registered
mail, postage prepaid.


 


10.      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 have caused, or shall be deemed to have
caused its name to be signed hereto by its duly authorized signatory, as of the day and year written above.


 


		[[Investment advisor or manager of a]


[Certificateholder][Certificate


Owner][Prospective Purchaser]]


[Serviced Companion Loan Holder][Companion


Loan Holder Representative]



	 	 	 	 
	 	 	By:	 




	 	Name:	 




	 	Title:	 



	 	Company:	 



		Phone:	 




 



    M-1D-3 


     


    

 


EXHIBIT
M-1E


 


FORM
OF INVESTOR CERTIFICATION for Borrower PartY

(for THE Risk Retention Consultation Party OR a Holder of Vertically
Retained Certificate(S))


 


[Date]


 


	Wells
                           Fargo Bank, National Association


        Commercial
        Mortgage Servicing


        Three
        Wells Fargo


        MAC
        D1050-084

        401 South Tryon Street, 8th Floor


        Charlotte,
        North Carolina 28202


        Attention:
        CGCMT 2017-P8 Asset Manager

        Email: Commercial.servicing@wellsfargo.com

        	 	Wilmington
                           Trust, National Association,


        as
        Trustee 

        1100
        North Market Street


        Wilmington,
        Delaware 19890


        Attention:
        CMBS Trustee – CGCMT 2017-P8


        Email:
        cmbstrustee@wilmingtontrust.com

        
	 	 	 
	Citibank,
        N.A.


        388
        Greenwich Street


        New
        York, New York 10013


        Attention: Global Transaction Services – CGCMT 2017-P8


        Email:
        ratingagencynotice@citi.com

        	 	KeyBank
        National Association


        11501
        Outlook Street, Suite 300


        Overland
        Park, Kansas 66211


        Attention:
        Alan Williams


        Email:
        Keybank_notices@keybank.com

        
	 	 	 
	Pentalpha
        Surveillance LLC


        375
        N. French Road, Suite 100


        Amherst,
        New York, 14228


        Attention:
        CGCMT 2017-P8 Transaction Manager, with copies sent contemporaneously via e-mail to notices@pentalphasurveillance.com
        with the deal name in the subject line

        	 	 


 





		Re:	Citigroup
                                         Commercial Mortgage Trust 2017-P8, Commercial Mortgage Pass-Through Certificates, Series
                                         2017-P8	 


 


In
accordance with the requirements for obtaining certain information under the Pooling and Servicing Agreement, dated as of September
1, 2017 (the “Agreement”), between Citigroup Commercial Mortgage Securities Inc., as Depositor, Wells Fargo
Bank, National Association, as Master Servicer, KeyBank National Association, as Special Servicer, Pentalpha Surveillance LLC,
as Operating Advisor and Asset Representations Reviewer, Citibank, N.A., as Certificate Administrator, and Wilmington Trust, National
Association, as Trustee, with respect to the above-referenced certificates (the “Certificates”), the undersigned
hereby certifies and agrees as follows:


 






    M-1E-1 


     


    

 


1.          The
undersigned is the Risk Retention Consultation Party or a Holder of one or more Vertically Retained Certificates.


 


2.          The
undersigned has received a copy of the Prospectus.


 


4.          The
undersigned is a Borrower Party.


 


5.          The
undersigned is requesting access pursuant to the Agreement to the Distribution Date Statement (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 will keep the Information
confidential (except from such outside persons as are assisting it in making an evaluation in connection with its holding or purchasing
the related Certificates or the related Companion Loan (as and if applicable), from its accountants and attorneys, and otherwise
from such governmental or banking authorities or agencies to which the undersigned is subject and, if they execute and deliver
a certification substantially similar to this, except from holders, beneficial owners and prospective purchasers of any related
Companion Loan Securities (if applicable)), and such Information will not, without the prior written consent of the Trustee, 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, unless required to do so by law.


 


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.


 


6.          To
the extent undersigned receives access pursuant to the Agreement to any information relating to an Excluded RRCP Mortgage Loan
(or a Mortgage Loan with respect to which the undersigned is otherwise a Borrower Party) and/or the related Mortgaged Property
(which shall include any Major Decision Reporting Package, Asset Status Reports, Final Asset Status Reports (or summaries thereof),
inspection reports related to Specially Serviced Loans conducted by the Special Servicer or any Excluded Mortgage Loan Special
Servicer and which may include any Operating Advisor reports delivered to the Certificate Administrator regarding the Special
Servicer’s net present value determination, Collateral Deficiency Amount determination or any Appraisal Reduction Amount
calculations, and any Officer’s Certificates delivered by the Trustee, the Master Servicer or the Special Servicer, supporting
any determination that any Advance was (or, if made, would be) a Nonrecoverable Advance, but in each case other than information
with respect to such Mortgage Loan that is aggregated with information of other Mortgage Loans at a pool level), whether on the
Certificate Administrator’s Website or otherwise, the undersigned hereby agrees that it (i) will not provide any such information
to (A) any related Borrower Party, (B) any employees or personnel of the undersigned or any of its Affiliates involved in the
management of any investment in the related Borrower Party or the related Mortgaged Property or (C) to its actual knowledge, any
non-Affiliate that holds a direct or indirect ownership interest in the related Borrower Party, and (ii) will maintain sufficient
internal controls and appropriate policies and procedures in place in


 






    M-1E-2 


     


    

 


order
to comply with the limitations described in clause (i) above. For the avoidance of doubt, any file or report contained
in the CREFC® Investor Reporting Package (CREFC® IRP) (other than the CREFC® Special
Servicer Loan File relating to any such Excluded Mortgage Loan) shall be considered information that is aggregated with information
of other Mortgage Loans at a pool level.


 


7.          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 Operating Advisor, the Asset Representations Reviewer, 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.


 


8.          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.


 


9.          The
undersigned hereby certifies that an executed copy of this certification in paper form has been delivered in accordance with the
notice provisions of the Agreement to each of the addressees listed above (a) by overnight courier or (b) mailed by registered
mail, postage prepaid.


 


10.         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 have caused, or shall be deemed to have
caused its name to be signed hereto by its duly authorized signatory, as of the day and year written above.


 












	 	[Risk Retention Consultation Party][Holder of Vertically Retained Certificate(s)]



	 	 	 	 
	 	 	By:	 





	 	Name: 	 












	 	Title: 	 








	 	Company: 	 








	 	Phone:	 


 






    M-1E-3 


     


    

 


EXHIBIT
M-1F


 


FORM
OF NOTICE OF EXCLUDED CONTROLLING CLASS HOLDER


 


[Date]


 


	Wells
                           Fargo Bank, National Association


        Commercial
        Mortgage Servicing


        Three
        Wells Fargo


        MAC
        D1050-084

        401 South Tryon Street, 8th Floor


        Charlotte,
        North Carolina 28202


        Attention:
        CGCMT 2017-P8 Asset Manager

        Email: Commercial.servicing@wellsfargo.com

        	 	Wilmington
                           Trust, National Association,


        as
        Trustee 

        1100
        North Market Street


        Wilmington,
        Delaware 19890


        Attention:
        CMBS Trustee – CGCMT 2017-P8


        Email:
        cmbstrustee@wilmingtontrust.com

        
	 	 	 
	Citibank,
        N.A.


        388
        Greenwich Street


        New
        York, New York 10013


        Attention: Global Transaction Services – CGCMT 2017-P8


        Email:
        ratingagencynotice@citi.com

        	 	KeyBank
        National Association


        11501
        Outlook Street, Suite 300


        Overland
        Park, Kansas 66211


        Attention:
        Alan Williams


        Email:
        Keybank_notices@keybank.com

        
	 	 	 
	Pentalpha
        Surveillance LLC


        375
        N. French Road, Suite 100


        Amherst,
        New York, 14228


        Attention:
        CGCMT 2017-P8 Transaction Manager, with copies sent contemporaneously via e-mail to notices@pentalphasurveillance.com
        with the deal name in the subject line

        	 	 


 





		Re:	Citigroup
                                         Commercial Mortgage Trust 2017-P8, Commercial Mortgage Pass-Through Certificates, Series
                                         2017-P8	 



 


THIS
NOTICE IDENTIFIES AN “EXCLUDED CONTROLLING CLASS MORTGAGE LOAN” RELATING TO THE CITIGROUP COMMERCIAL MORTGAGE TRUST
2017-P8, COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2017-P8, REQUIRING ACTION BY YOU AS THE RECIPIENT PURSUANT TO SECTION
4.02(A) OF THE POOLING AND SERVICING AGREEMENT.


 


In
accordance with Section 4.02(a) of the Pooling and Servicing Agreement, dated as of September 1, 2017 (the “Agreement”),
between Citigroup Commercial Mortgage Securities Inc., as Depositor, Wells Fargo Bank, National Association, as Master Servicer,
KeyBank National Association, as Special Servicer, Pentalpha Surveillance LLC, as Operating Advisor and Asset Representations
Reviewer, Citibank, N.A., as Certificate Administrator, and


 






    M-1F-1 


     


    

 


Wilmington
Trust, National Association, as Trustee, with respect to the above-referenced certificates (the “Certificates”),
the undersigned (the “Excluded Controlling Class Holder”) hereby certifies and agrees as follows:


 


1.          The
undersigned is [the Controlling Class Representative] [a Controlling Class Certificateholder] as of the date hereof.


 


2.          The
undersigned has become an Excluded Controlling Class Holder with respect to the following Mortgage Loan(s) (“Excluded
Controlling Class Mortgage Loans”):


 


	Mortgage
    Loan Number	Loan
    Name	Borrower
    Name
	 	 	 
	 	 	 
	 	 	 


 


3.          As
of the date above, the undersigned is the beneficial owner of the following Certificates, and is providing the below information
to the addressees hereto for purposes of their compliance with the Pooling and Servicing Agreement, including, among other things,
the Certificate Administrator’s determination as to whether a Consultation Termination Event is in effect with respect to
the Excluded Controlling Class Mortgage Loans listed in paragraph 2 if any such Mortgage Loan is an Excluded Mortgage Loan:


 


	CUSIP	Class	Outstanding
    

    Certificate Balance	Initial
    Certificate Balance
	 	 	 	 
	 	 	 	 
	 	 	 	 


 


4.          The
undersigned is simultaneously providing notice to the Certificate Administrator in the form of Exhibit M-1G to the Pooling and
Servicing Agreement, requesting termination of access to any Excluded Information. The undersigned acknowledges that it is not
permitted to access and shall not access any Excluded Information related to the Excluded Controlling Class Mortgage Loans and
made available on the Certificate Administrator’s Website or otherwise pursuant to the Agreement unless and until it (i)
is no longer an Excluded Controlling Class Holder with respect to such Excluded Controlling Class Mortgage Loans, (ii) has delivered
notice of the termination of the related Excluded Controlling Class Holder status and (iii) has submitted a new Investor Certification
in accordance with Section 4.02(a) of the Agreement.


 






    M-1F-2 


     


    

 


5.          The
undersigned agrees to indemnify and hold harmless each party to the Agreement, the Underwriters, the Initial Purchasers and the
Trust Fund from any damage, loss, cost or liability (including legal fees and expenses and the cost of enforcing this indemnity)
arising out of or resulting from any unauthorized access by the undersigned or any agent, employee, representative or person acting
on its behalf of any Excluded Information relating to the Excluded Controlling Class Mortgage Loans listed in Paragraph 2 above.


 


6.          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.


 


7.          Except
with respect to the Excluded Controlling Class Mortgage Loans, 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 will keep the Information confidential
(except from such outside persons as are assisting it in making an evaluation in connection with its holding or 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 Trustee, 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, unless required to do so by law. 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.


 


8.          To
the extent the undersigned receives access to any Excluded Information on the Certificate Administrator’s Website or otherwise
receives access to such Excluded Information, the undersigned hereby agrees that it (i) will not directly or indirectly provide
such Excluded Information to (A) any related Borrower Party, (B) any Excluded Controlling Class Holder, (C) any employees or personnel
of the undersigned, (D) any Affiliate involved in the management of any investment in any related Borrower Party or the related
Mortgaged Property or (E) to its actual knowledge, any non-Affiliate that holds a direct or indirect ownership interest in any
related Borrower Party, and (ii) will maintain sufficient internal controls and appropriate policies and procedures in place in
order to comply with the obligations described in clause (i) above.


 


9.          The
undersigned hereby certifies that an executed copy of this certification in paper form has been delivered in accordance with the
notice provisions of the Agreement to each of the addressees listed above (a) by overnight courier or (b) mailed by registered
mail, postage prepaid.


 


Capitalized
terms used but not defined herein have the respective meanings given to them in the Agreement.


 






    M-1F-3 


     


    

 


IN
WITNESS WHEREOF, the undersigned has made the representations above and shall have caused, or shall be deemed to have caused,
its name to be signed hereto by its duly authorized signatory, as of the day and year written above.


 





	 	[Controlling Class Representative]
     [a Controlling Class Certificateholder]
	 	 	 	 
	 	 	By:	 
	 	 	 	Name:

    Title:

    Phone:

    Email:

    Address:


 






    M-1F-4 


     


    

 


EXHIBIT
M-1G


 


FORM
OF NOTICE OF EXCLUDED CONTROLLING CLASS HOLDER TO CERTIFICATE ADMINISTRATOR


 


[Date]


 


	Via:
        Email

        Citibank, N.A.

        

        388
        Greenwich Street

        

        New
        York, New York 10013

        

        Attention: Global Transaction Services – CGCMT 2017-P8
Email: ratingagencynotice@citi.com 

         
	 


		Re:	Citigroup
                                         Commercial Mortgage Trust 2017-P8, Commercial Mortgage Pass-Through Certificates, Series
                                         2017-P8	 





 




In
accordance with Section 4.02(a) of the Pooling and Servicing Agreement, dated as of September 1, 2017 (the “Agreement”),
between Citigroup Commercial Mortgage Securities Inc., as Depositor, Wells Fargo Bank, National Association, as Master Servicer,
KeyBank National Association, as Special Servicer, Pentalpha Surveillance LLC, as Operating Advisor and Asset Representations
Reviewer, Citibank, N.A., as Certificate Administrator, and Wilmington Trust, National Association, as Trustee, with respect to
the above-referenced certificates (the “Certificates”), the undersigned (the “Excluded Controlling
Class Holder”) hereby directs you as follows:


 


1.          The
undersigned is [the Controlling Class Representative] [a Controlling Class Certificateholder] as of the date hereof.


 


2.          The
undersigned has become an Excluded Controlling Class Holder with respect to the following Mortgage Loan(s) (“Excluded
Controlling Class Mortgage Loans”):


 


	Mortgage
    Loan Number	Loan
    Name	Borrower
    Name
	 	 	 
	 	 	 
	 	 	 


 


3.          The
following CitiDirect Login USER IDs are affiliated with the undersigned and access to any information on the Certificate Administrator’s
Website with


 






    M-1G-1 


     


    

 


respect
to the Citigroup Commercial Mortgage Trust 2017-P8 securitization should be revoked as to such users:


 





	 
	 
	 


  


4.          The
undersigned acknowledges that it is not permitted to access and shall not access any Excluded Information with respect to such
Excluded Controlling Class Mortgage Loan(s) on the Certificate Administrator’s Website unless and until it (i) is no longer
an Excluded Controlling Class Holder with respect to such Excluded Controlling Class Mortgage Loan(s), (ii) has delivered notice
of the termination of the related Excluded Controlling Class Holder status and (iii) has submitted an investor certification in
the form of Exhibit M-1B to the Pooling and Servicing Agreement.


 


Capitalized
terms used but not defined herein have the respective meanings given to them in the Agreement.


 


IN
WITNESS WHEREOF, the undersigned has made the representations above and shall have caused, or shall be deemed to have caused,
its name to be signed hereto by its duly authorized signatory, as of the day and year written above. 


 


	 	[Controlling Class Representative]
     [a Controlling Class Certificateholder]
	 	 	 	 
	 	 	By:	 
	 	 	 	Name:

    Title:

    Phone:

    Email:

    Address:











 


Dated:
_______


 


cc:
Citigroup Commercial Mortgage Securities Inc.


 


The
undersigned hereby acknowledges that

access to CitiDirect has been revoked for

the users listed in Paragraph 3.


 


CITIBANK,
N.A.,





Certificate
Administrator


 






    M-1G-2 


     


    

 








	 	 


Name:

Title:


 






    M-1G-3 


     


    

 


EXHIBIT
M-1H


 


Form
of Certification of the Controlling Class Representative


 


	Wells
                           Fargo Bank, National Association


        Commercial
        Mortgage Servicing


        Three
        Wells Fargo


        MAC
        D1050-084

        401 South Tryon Street, 8th Floor


        Charlotte,
        North Carolina 28202


        Attention:
        CGCMT 2017-P8 Asset Manager

        Email: Commercial.servicing@wellsfargo.com

        	 	Wilmington
                           Trust, National Association,


        as
        Trustee 

        1100
        North Market Street


        Wilmington,
        Delaware 19890


        Attention:
        CMBS Trustee – CGCMT 2017-P8


        Email:
        cmbstrustee@wilmingtontrust.com

        
	 	 	 
	Citibank,
        N.A.


        388
        Greenwich Street


        New
        York, New York 10013


        Attention:
        Citibank Agency & Trust – CGCMT 2017-P8


        Email:
        ratingagencynotice@citi.com

        	 	KeyBank
        National Association


        11501
        Outlook Street, Suite 300 

        Overland
        Park, Kansas 66211

        Attention:
        Alan Williams


        Email:
        Keybank_notices@keybank.com

        
	 	 	 
	Pentalpha
        Surveillance LLC


        375
        N. French Road, Suite 100


        Amherst,
        New York, 14228


        Attention:
        CGCMT 2017-P8 Transaction Manager, with copies sent contemporaneously via e-mail to notices@pentalphasurveillance.com
        with the deal name in the subject line

        	 	 


 





		Re:	Citigroup
                                         Commercial Mortgage Trust 2017-P8, Commercial Mortgage Pass-Through Certificates, Series
                                         2017-P8	 


 


In
accordance with Section 6.09(d) of the Pooling and Servicing Agreement, dated as of September 1, 2017 (the “Agreement”),
between Citigroup Commercial Mortgage Securities Inc., as Depositor, Wells Fargo Bank, National Association, as Master Servicer,
KeyBank National Association, as Special Servicer, Pentalpha Surveillance LLC, as Operating Advisor and Asset Representations
Reviewer, Citibank, N.A., as Certificate Administrator, and Wilmington Trust, National Association, as Trustee, with respect to
the above-referenced certificates (the “Certificates”), the undersigned hereby certifies and agrees as follows:


 


1.          The
undersigned has been appointed to act as the Controlling Class Representative.


 






    M-1H-1 


     


    

 


2.          The
undersigned is not a Borrower Party.


 


3.          If
the undersigned becomes a Borrower Party with respect to any Mortgage Loan, the undersigned agrees to and shall deliver the certification
attached as Exhibit M-1C to the Pooling and Servicing Agreement and shall deliver to the applicable parties the notices attached
as Exhibit M-1F and Exhibit M-1G to the Pooling and Servicing Agreement.


 


4.          The
undersigned hereby certifies that an executed copy of this certification has been delivered to the Certificate Administrator (which
party is required to forward this notice to each of the other addressees listed above pursuant to Section 6.09(d) of the
Pooling and Servicing Agreement) in accordance with the notice provisions of the Pooling and Servicing Agreement (a) by overnight
courier, (b) mailed by registered mail, postage prepaid, or (c) if the electronic mail address of the Certificate Administrator
is specified in the notice provisions of the Pooling and Servicing Agreement, by electronic mail.


 


5.          Capitalized
terms used but not defined herein shall have the respective meanings assigned thereto in the Pooling and Servicing 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.]


 





	 	[The Controlling Class Representative]
	 	 	 
	 	By:	 
	 	 	Title:

    Company:

    Phone:


 






    M-1H-2 


     


    

 


EXHIBIT
M-1I


 


Form
of Certification of the Risk Retention Consultation Party


 


	Wells
                           Fargo Bank, National Association


        Commercial
        Mortgage Servicing


        Three
        Wells Fargo


        MAC
        D1050-084

        401 South Tryon Street, 8th Floor


        Charlotte,
        North Carolina 28202


        Attention:
        CGCMT 2017-P8 Asset Manager

        Email: Commercial.servicing@wellsfargo.com

        	 	Wilmington
                           Trust, National Association,


        as
        Trustee 

        1100
        North Market Street


        Wilmington,
        Delaware 19890


        Attention:
        CMBS Trustee – CGCMT 2017-P8


        Email:
        cmbstrustee@wilmingtontrust.com

        
	 	 	 
	Citibank,
        N.A.


        388
        Greenwich Street


        New
        York, New York 10013


        Attention: Global Transaction Services – CGCMT 2017-P8


        Email:
        ratingagencynotice@citi.com

        	 	KeyBank
        National Association


        11501
        Outlook Street, Suite 300 

        Overland
        Park, Kansas 66211 

        Attention:
        Alan Williams 

        Email:
        Keybank_notices@keybank.com

	 	 	 
	Pentalpha
        Surveillance LLC


        375
        N. French Road, Suite 100


        Amherst,
        New York, 14228


        Attention:
        CGCMT 2017-P8 Transaction Manager, with copies sent contemporaneously via e-mail to don.simon@pentalphasurveillance.com
        and notices@pentalphasurveillance.com

        	 	Citigroup
        Commercial Mortgage Securities Inc.


        390
        Greenwich Street, 5th Floor

        New York, New York 10013

        Attention: Paul Vanderslice


        Telecopy
        number: (212) 723-8599


        e-mail:
        paul.t.vanderslice@citi.com

        
	 	 	 
	Citigroup
        Commercial Mortgage Securities Inc.


        388
        Greenwich Street, 17th Floor


        New
        York, New York 10013


        Attention:
        Ryan M. O’Connor


        Telecopy
        number: (646) 862-8988


        e-mail:
        ryan.m.oconnor@citi.com

        	 	Citigroup
        Commercial Mortgage Securities Inc.


        390
        Greenwich Street


        New
        York, New York 10013


        Attention:
        Richard Simpson


        Telecopy
        number: (646) 328-2943


        e-mail:
        richard.simpson@citi.com

        


 


		Re:	Citigroup
                                         Commercial Mortgage Trust 2017-P8, Commercial Mortgage Pass-Through Certificates, Series
                                         2017-P8	 


 


In
accordance with Section 6.09(i) of, and the definition of “Risk Retention Consultation Party” in, the Pooling and
Servicing Agreement, the undersigned hereby certifies and agrees as follows:


 






    M-1I-1 


     


    

 


1.          The
undersigned has been appointed to act as the Risk Retention Consultation Party.


 


2.          The
undersigned hereby certifies that an executed copy of this certification in paper form has been delivered in accordance with the
notice provisions of the Pooling and Servicing Agreement to each of the addressees listed above (a) by overnight courier or (b)
mailed by registered mail, postage prepaid.


 


3.          Capitalized
terms used but not defined herein shall have the respective meanings assigned thereto in the Pooling and Servicing Agreement.


 


BY
ITS CERTIFICATION HEREOF, the undersigned shall have caused, or shall be deemed to have caused its name to be signed hereto by
its duly authorized signatory, as of the date certified.


 





	 	[RISK RETENTION CONSULTATION PARTY]
	 	 	 
	 	By:	 
	 	 	Name:

    Title:


 





	Dated: ______________________


 






    M-1I-2 


     


    

 


EXHIBIT
M-2A


 


FORM
OF INVESTOR CERTIFICATION FOR EXERCISING VOTING RIGHTS FOR NON-BORROWER PARTY


 


[Date]


 


Citibank,
N.A., 


as
Certificate Administrator 


388
Greenwich Street 


New
York, New York 10013 


Attention:
Global Transaction Services – CGCMT 2017-P8 


 


		Attention:	Citigroup
                                         Commercial Mortgage Trust 2017-P8, Commercial Mortgage Pass-Through Certificates, Series
                                         2017-P8






 


In
accordance with the requirements for the exercise of Voting Rights pursuant to the Pooling and Servicing Agreement, dated as of
September 1, 2017 (the “Agreement”), between Citigroup Commercial Mortgage Securities Inc., as Depositor, Wells
Fargo Bank, National Association, as Master Servicer, KeyBank National Association, as Special Servicer, Pentalpha Surveillance
LLC, as Operating Advisor and Asset Representations Reviewer, Citibank, N.A., as Certificate Administrator, and Wilmington Trust,
National Association, as Trustee, with respect to the above-referenced certificates (the “Certificates”), the
undersigned hereby certifies and agrees as follows:


 


1.            The
undersigned is a [Certificateholder][Certificate Owner] of the Class ___ Certificates.


 


2.            The
undersigned has received a copy of the Prospectus.


 


3.            The
undersigned is not a Borrower Party.


 


4.            The
undersigned intends to exercise Voting Rights under the Agreement and certifies that (please check one of the following):


 


		___	The
undersigned is the Depositor, the Master Servicer, the Special Servicer, an Excluded Mortgage Loan Special Servicer, the Trustee,
the Certificate
Administrator, the Operating Advisor, the Asset Representations Reviewer or a Mortgage Loan Seller.



 





		___	The
                                         undersigned is an Affiliate of the Depositor, the Master Servicer, the Special Servicer,
                                         an Excluded Mortgage Loan Special Servicer, the Trustee, the 


 






    M-2A-1 


     


    

  


			Certificate Administrator,
                                         the Operating Advisor, the Asset Representations Reviewer or a Mortgage Loan Seller.



 


		___	The
                                         undersigned is not the Depositor, the Master Servicer, the Special Servicer, an Excluded
                                         Mortgage Loan Special Servicer, the Trustee, the Certificate Administrator, the Operating
                                         Advisor, the Asset Representations Reviewer, a Mortgage Loan Seller or an Affiliate of
                                         any of the foregoing.



 


5.            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 (collectively, the “Representatives”) and shall indemnify the Depositor, the Operating
Advisor, the Asset Representations Reviewer, 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.


 


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 day and year written above.


 




 





	 	[Certificateholder] [Certificate Owner] 	 



 


	 	By: 	 



 


	 	Name: 	 


 




	 	Title: 	 


 




	 	Company: 	 


 


	 	Phone: 	 




 






    M-2A-2 


     


    

 


EXHIBIT
M-2B


 


FORM
OF INVESTOR CERTIFICATION FOR EXERCISING VOTING RIGHTS FOR BORROWER PARTY


 


[Date]


 


Citibank,
N.A., 


as
Certificate Administrator 


388
Greenwich Street 


New
York, New York 10013 


Attention:
Global Transaction Services – CGCMT 2017-P8


 





		Attention:	Citigroup
                                         Commercial Mortgage Trust 2017-P8, Commercial Mortgage Pass-Through Certificates, Series
                                         2017-P8	 


 


In
accordance with the requirements for the exercise of Voting Rights pursuant to the Pooling and Servicing Agreement, dated as of
September 1, 2017 (the “Agreement”), between Citigroup Commercial Mortgage Securities Inc., as Depositor, Wells
Fargo Bank, National Association, as Master Servicer, KeyBank National Association, as Special Servicer, Pentalpha Surveillance
LLC, as Operating Advisor and Asset Representations Reviewer, Citibank, N.A., as Certificate Administrator, and Wilmington Trust,
National Association, as Trustee, with respect to the above-referenced certificates (the “Certificates”), the
undersigned hereby certifies and agrees as follows:


 




		1.	The
                                         undersigned is a [Certificateholder][Certificate Owner] of the Class ___ Certificates.



 


		2.	The
                                         undersigned has received a copy of the Prospectus.



 


		3.	The
                                         undersigned is a Borrower Party.



 


		4.	The
                                         undersigned is [not] an Excluded Controlling Class Holder. [IF YES, PLEASE COMPLETE THE
                                         FOLLOWING: The undersigned is an Excluded Controlling Class Holder with respect to the
                                         following Mortgage Loan(s):



 


	Mortgage
    Loan Number	Loan
    Name	Borrower
    Name
	 	 	 
	 	 	 


 


] 


 






    M-2B-1 


     


    

 


5.            The
undersigned intends to exercise Voting Rights under the Agreement and certifies that (please check all that apply):


 


		___	The
                                         undersigned is not the Depositor, the Master Servicer, the Special Servicer, an Excluded
                                         Mortgage Loan Special Servicer, the Trustee, the Certificate Administrator, the Operating
                                         Advisor, the Asset Representations Reviewer, a Mortgage Loan Seller or an Affiliate of
                                         any of the foregoing.



 


		___	The
                                         undersigned is the Depositor, the Master Servicer, the Special Servicer, an Excluded
                                         Mortgage Loan Special Servicer, the Trustee, the Certificate Administrator, the Operating
                                         Advisor, the Asset Representations Reviewer or a Mortgage Loan Seller.



 


		___	The
                                         undersigned is an Affiliate of the Depositor, the Master Servicer, the Special Servicer,
                                         an Excluded Mortgage Loan Special Servicer, the Trustee, the Certificate Administrator,
                                         the Operating Advisor, the Asset Representations Reviewer or a Mortgage Loan Seller.



 


		___	The
                                         undersigned is the Special Servicer and is a Borrower Party with respect to the following
                                         Excluded Special Servicer Mortgage Loans:



 


	Mortgage
    Loan Number	Loan
    Name	Borrower
    Name
	 	 	 
	 	 	 
	 	 	 


 


		6.	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 (collectively,
                                         the “Representatives”) and shall indemnify the Depositor, the Operating
                                         Advisor, the Asset Representations Reviewer, 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.



 


7.            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 day and year written above.


 






    M-2B-2 


     


    

 


	 	[Certificateholder] [Certificate Owner] 	 



 


	 	By: 	 



 


	 	Name: 	 


 




	 	Title: 	 


 




	 	Company: 	 


 


	 	Phone: 	 


 






    M-2B-3 


     


    

 


EXHIBIT
M-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. If you represent a Vendor Provider not listed herein and would like access to the information,
please contact [the Certificate Administrator’s customer service desk at [1-888-855-9695]]


 


In
connection with the Citigroup Commercial Mortgage Trust 2017-P8, Commercial Mortgage Pass-Through Certificates, Series 2017-P8
(the “Certificates”), the undersigned hereby certifies and agrees as follows:


 


1.          The
undersigned is an employee or agent of Bloomberg, L.P., Trepp, LLC, Intex Solutions, Inc., BlackRock Financial Management Inc.,
CMBS.com, Inc., Moody’s Analytics, Markit Group Limited or a market data provider that has been given access to the Distribution
Date Statements, CREFC reports and supplemental notices on www.sf.citidirect.com (“CitiDirect”) by request
of the Depositor.


 


2.          The
undersigned agrees that each time it accesses CitiDirect, the undersigned is deemed to have recertified that the representation
above remains true and correct.


 


3.          The
undersigned acknowledges and agrees that the provision to it of information and/or reports on CitiDirect is for its own use only,
and agrees that it will not disseminate or otherwise make such information available to any other person without the written consent
of the Depositor, and any confidentiality agreement applicable to the undersigned with respect to information obtained from the
Rule 17g-5 Information Provider’s Website shall also be applicable to information obtained from CitiDirect.


 


4.          Capitalized
terms used but not defined herein shall have the respective meanings assigned thereto in the Pooling and Servicing Agreement,
dated as of September 1, 2017, between Citigroup Commercial Mortgage Securities Inc., as depositor (the “Depositor”),
Wells Fargo Bank, National Association, as Master Servicer, KeyBank National Association, as Special Servicer, Pentalpha Surveillance
LLC, as Operating Advisor and Asset Representations Reviewer, Citibank, N.A., as Certificate Administrator, and Wilmington Trust,
National Association, as Trustee.


 



    M-3-1 


     


    

 





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.


 







	 	[                        ] 	 



 





	 	By: 	 



 


	 	Name: 	 


 




	 	Title: 	 


 




	 	Company: 	 


 


	 	Phone: 	 




  




    M-3-2 


     


    


 


EXHIBIT M-4



FORM OF CONFIDENTIALITY AGREEMENT


 


	
        Wells Fargo Bank, National Association

        Commercial Mortgage Servicing

        Three Wells Fargo

        MAC D1050-084

401 South Tryon Street, 8th Floor

        Charlotte, North Carolina 28202

        Attention: CGCMT 2017-P8 Asset Manager

Email:

        Commercial.servicing@wellsfargo.com

         
	 	
        Citigroup Commercial Mortgage Securities Inc.

        390 Greenwich Street, 5th Floor

New York, New York 10013

Attention: Paul Vanderslice

        Telecopy number: (212) 723-8599

        e-mail: paul.t.vanderslice@citi.com

         

         

         

	
        Wilmington Trust, National Association,

        as Trustee

        1100 North Market Street

        Wilmington, Delaware 19890

        Attention: CMBS Trustee – CGCMT 2017-P8

        Email: cmbstrustee@wilmingtontrust.com 

         
	 	
        Citigroup Commercial Mortgage Securities Inc.

        390 Greenwich Street

        New York, New York 10013

        Attention: Richard Simpson

        Telecopy number: (646) 328-2943

        e-mail: richard.simpson@citi.com

	
        Citigroup Commercial Mortgage Securities Inc.

        388 Greenwich Street, 17th Floor

        New York, New York 10013

        Attention: Ryan M. O’Connor

        Telecopy number: (646) 862-8988

        e-mail: ryan.m.oconnor@citi.com 
	 	 


 


		Re:	Citigroup Commercial Mortgage Trust 2017-P8,
                                         Commercial Mortgage Pass-Through Certificates, Series 2017-P8



 


Ladies and Gentlemen:


 


In connection with the
Citigroup Commercial Mortgage Trust 2017-P8, Commercial Mortgage Pass-Through Certificates, Series 2017-P8 (the “Certificates”),
we acknowledge that we will be furnished by Wells Fargo Bank, National Association, as Master Servicer, and KeyBank National Association,
as Special Servicer (and may have been previously furnished) with certain information (the “Information”).
For the purposes of this letter agreement (this “Agreement”),
“Representative” of a Person refers to such
Person’s directors, officers, employees, and agents; and “Person”
refers to any individual, group or entity.


 






    M-4-1


     


    

 


In connection with and
in consideration of our being provided with Information, we hereby acknowledge and agree that we are requesting and will use the
Information solely for purposes of making investment decisions and/or exercising the rights of the [Directing Holder][Serviced
Companion Loan Holder] with respect to the [above-referenced Certificates and the related Mortgage Loans] [[NAME OF SERVICED LOAN
COMBINATION] Loan Combination] and will not disclose such Information to any Person other than (i) our Representatives, (ii) our
auditors and regulators and (iii) any Person contemplating the purchase of [any Certificate][the [NAME OF SERVICED COMPANION
LOAN] Companion Loan] held by the undersigned or of an interest therein (or such outside Persons as are assisting it in making
an evaluation in connection with purchasing the [related Certificates][the [NAME OF SERVICED COMPANION LOAN] Companion Loan] (but
only if such Persons confirm in writing such contemplation of a prospective ownership interest and agree in writing to keep such
Information confidential)), (iv) our accountants and attorneys, and (v) 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 Master Servicer or
the Special Servicer, as applicable, and the Trustee, be otherwise disclosed by the undersigned or by its Representatives in any
manner whatsoever, in whole or in part, unless required to do so by law.


 


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
Operating Advisor, the Asset Representations Reviewer, 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.


 


This Agreement shall
not apply to any of the Information which: (i) is or becomes generally available and known to the public other than as a result
of a disclosure directly or indirectly by us or any of our Representatives; (ii) becomes lawfully available to us on a non-confidential
basis from a source other than you or one of your Representatives, which source is not bound by a contractual or other obligation
of confidentiality to any Person; or (iii) was lawfully known to us on a non-confidential basis prior to its disclosure to
us by you.


 


Capitalized terms used
but not defined herein shall have the meanings assigned thereto in that certain Pooling and Servicing Agreement, dated as of September
1, 2017, between Citigroup Commercial Mortgage Securities Inc., as Depositor, Wells Fargo Bank, National Association, as Master
Servicer, KeyBank National Association, as Special Servicer, Pentalpha Surveillance LLC, as Operating Advisor and Asset Representations
Reviewer, Citibank, N.A., as Certificate Administrator, and Wilmington Trust, National Association, as Trustee.


 






    M-4-2


     


    

 


This Agreement, when
signed by us, will constitute our agreement with respect to the subject matter contained herein.


 

	 	Very truly yours, 	 
	 	 	 
	 	[NAME OF ENTITY]	 



 





	 	By: 	 






	 	Name: 	 








	 	Title: 	 








	 	Company: 	 





	 	Phone: 	 




 


		cc:	Citigroup Commercial Mortgage Securities Inc.

[Trustee]



 






    M-4-3


     


    

 


EXHIBIT M-5


 


FORM OF NRSRO CERTIFICATION


 


Citibank, N.A.,


as Certificate Administrator


388 Greenwich Street


New York, New York 10013


Attention: Global Transaction Services – CGCMT 2017-P8


 


		Re:	Citigroup
                                         Commercial Mortgage Trust 2017-P8, Commercial Mortgage Pass-Through Certificates, Series 2017-P8 



 


Ladies and Gentlemen:


 


In accordance with the requirements for obtaining
certain information pursuant to the Pooling and Servicing Agreement, dated as of September 1, 2017 (the “Pooling and Servicing
Agreement”), between Citigroup Commercial Mortgage Securities Inc., as Depositor, Wells Fargo Bank, National Association,
as Master Servicer, KeyBank National Association, as Special Servicer, Pentalpha Surveillance LLC, as Operating Advisor and Asset
Representations Reviewer, Citibank, N.A., as Certificate Administrator, and Wilmington Trust, National Association, as Trustee,
with respect to the Citigroup Commercial Mortgage Trust 2017-P8, Commercial Mortgage Pass-Through Certificates, Series 2017-P8
(the “Certificates”), the undersigned hereby certifies and agrees as follows:


 


1.            The undersigned,
a Nationally Recognized Statistical Rating Organization (“NRSRO”);


 


(a)          has provided the Depositor with the appropriate certifications under Exchange Act Rule 17g-5(e); and


 


(b)          is requesting access pursuant to the Pooling and Servicing Agreement to certain information (the “Information”)
on the Rule 17g-5 Information Provider’s Website pursuant to the provisions of the Pooling and Servicing Agreement, and in
consideration of the disclosure to the undersigned of the Information, or the access thereto, the undersigned will keep the Information
confidential (except to the extent such information has been made available to the general public), and such Information will not,
without the prior written consent of the Certificate Administrator, 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.


 


2.            The undersigned
agrees that each time it accesses the Rule 17g-5 Information Provider’s Website, it is deemed to have recertified that the
representations herein contained remain true and correct.


 






    M-5-1


     


    


 


Capitalized terms used but not defined herein
shall have the respective meanings assigned thereto in the Pooling and Servicing Agreement.


 


BY ITS CERTIFICATION HEREOF, the undersigned
has made the representations above and shall have caused, or shall be deemed to have caused, its name to be signed hereto by its
duly authorized signatory, as of the day and year first written above.


 



	 	Very truly yours, 
	 	 
	 	[NRSRO Name]



 


	 	By: 	 






	 	Name: 








		Title: 








	 	Phone: 





	 	Email: 



 


Dated:


 






    M-5-2


     


    

 


EXHIBIT N






 


CUSTODIAN CERTIFICATION


 


[DATE]


  


[All Parties to Pooling and Servicing Agreement]

[Applicable Mortgage Loan Seller]

[Each Underwriter]


[Each Initial Purchaser]


[The related Serviced Companion Loan Holder (upon request,
in the case of a Serviced Loan Combination)]




 


		Re:	Pooling and Servicing Agreement (“Pooling and Servicing
                                         Agreement”) relating to Citigroup Commercial Mortgage Trust 2017-P8, Commercial
                                         Mortgage Pass-

                                         Through Certificates, Series 2017-P8 



 


Ladies and Gentlemen:


 


In accordance with the provisions of Section
2.02(b) of the Pooling and Servicing Agreement, the undersigned hereby certifies that, with respect to each Mortgage Loan, and
subject to the exceptions noted in the schedule of exceptions attached hereto, (i) all documents specified in clauses (1),
(2), (3), (4) (other than with respect to an Outside Serviced Mortgage Loan), (5), (6) (provided that the undersigned has been
notified of any related modification), (7), (15) and (20) (for any Mortgage Loan that is part of a Loan Combination) of the definition
of “Mortgage File” are in its possession; (ii) the recordation/filing contemplated by Section 2.01(c) of
the Pooling and Servicing Agreement has been completed (based solely on receipt by the undersigned of the particular recorded/filed
documents); (iii) all documents received by the undersigned with respect to such Mortgage Loan have been reviewed by the undersigned
and (A) appear regular on their face (handwritten additions, changes or corrections shall not constitute irregularities if
initialed by the Mortgagor), (B) appear to have been executed (where appropriate) and (C) purport to relate to such
Mortgage Loan; and (iv) based on the examinations referred to in Section 2.02(a) and Section 2.02(b) of the Pooling and
Servicing Agreement and only as to the foregoing documents (together with any Loan Agreement that has been delivered by the
related Mortgage Loan Seller), the information set forth in the Mortgage Loan Schedule with respect to the items specified in clauses
(iv) and (v)(B) of the definition of “Mortgage Loan Schedule” accurately reflects the information set forth in
the Mortgage File.


 


The undersigned makes no representations as
to: (i) the validity, legality, sufficiency, enforceability or genuineness of any such documents contained in each Mortgage File
or any of the Mortgage Loans identified in the Mortgage Loan Schedule, or (ii) the collectability, insurability, effectiveness
or suitability of any such Mortgage Loan.


 






    N-1


     


    


 


The scope of the Custodian’s review
of the Mortgage Files is limited solely to confirming that certain documents in Mortgage Files have been received and appear regular
on their face and to confirm certain other information as set forth in Section 2.02 of the Pooling and Servicing Agreement. 
The Custodian’s review of the Mortgage Files and any certification with respect thereto is not intended to and shall not
be deemed to constitute “due diligence services” or a “third party due diligence report” as such terms
are defined in Rules 17g-10 and 15Ga-2, respectively, under the Exchange Act.  Any recipient of the Custodian’s certification
or a copy thereof by its receipt thereof is deemed to agree that it shall not share such certification with any rating agency or
any party not addressed on such certification.


 


Capitalized words and phrases used herein
and not otherwise defined herein shall have the respective meanings assigned to them in the Pooling and Servicing Agreement. This
Certificate is subject in all respects to the terms of the Pooling and Servicing Agreement.





	 	
	 	Citibank, N.A.,
as Custodian


	 	 
	 	By:	 
	 	 	Name:
 Title:


 






    N-2


     


    


 


SCHEDULE OF EXCEPTIONS


 


[          ]


 






    N-3


     


    

 


EXHIBIT O


 


SERVICING CRITERIA TO BE ADDRESSED
IN ASSESSMENT OF COMPLIANCE


 


The assessment of compliance
to be delivered by the referenced party shall address, at a minimum, the criteria identified below as “Applicable Servicing
Criteria” applicable to such party, as such criteria may be updated or limited by the Commission or its staff (including,
without limitation, not requiring the delivery of certain of the items set forth on this Exhibit based on interpretive guidance
provided by the Commission or its staff relating to Item 1122 of Regulation AB). For the avoidance of doubt, for purposes of this
Exhibit O, other than with respect to Item 1122(d)(2)(iii), references to Master Servicer below shall include any Sub-Servicer
engaged by a Master Servicer or Special Servicer.


 


	applicable
    Servicing Criteria 	applicable
    party
	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
	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

        Certificate
        Administrator

	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

Custodian (in the case of the Custodian, if such entity is not also the Trustee)

	1122(d)(1)(v)	Aggregation
    of information, as applicable, is mathematically accurate and the information conveyed accurately reflects the information.	Master
        Servicer

        Special
        Servicer

        Certificate
        Administrator

	 	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

        Certificate
        Administrator

	1122(d)(2)(ii)	Disbursements
    made via wire transfer on behalf of an obligor or to an investor are made only by authorized personnel.	Certificate
    Administrator
	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.	Master
    Servicer

    Trustee (in the case of the Trustee, to the extent the Trustee was required to make an advance during the applicable calendar
    year)
	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

    Certificate Administrator



 






    O-1


     


    


 


	applicable
    Servicing Criteria 	applicable
    party
	Reference	Criteria	 
	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 Exchange Act.	Master
    Servicer

    Special Servicer

    Certificate Administrator
	1122(d)(2)(vi)	Unissued
    checks are safeguarded so as to prevent unauthorized access.	Master
    Servicer

    Special Servicer

    Certificate Administrator
	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

    Certificate Administrator
	 	Investor
    Remittances and Reporting	 
	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 Reporting Servicer.	Certificate
    Administrator

    Operating Advisor (excluding clauses (C) and (D) in the case of the Operating Advisor)
	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.	Certificate
    Administrator
	1122(d)(3)(iii)	Disbursements
    made to an investor are posted within two business days to the Reporting Servicer’s investor records, or such other
    number of days specified in the transaction agreements.	Certificate
    Administrator
	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.	Certificate
    Administrator
	 	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

    Certificate Administrator
	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
	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



 






    O-2


     


    

 


	applicable
    Servicing Criteria 	applicable
    party
	Reference	Criteria	 
	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 Advisor
	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
	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


 






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EXHIBIT P



SUPPLEMENTAL SERVICER SCHEDULE


 






    P-1


     


    

 




 


CGCMT 2017-P8 Supplemental Servicer
Schedule


	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 Original 		Original
Amortization	Remaining
Amortization	 	Letter 
	Control
Number	Footnotes	Loan
Number	Mortgage
Loan Seller	Property Name	Borrower Name	General
Property Type	 Balance ($) 	Origination
Date	Term
(Mos.)	Term
(Mos.)	Carve-out Guarantor	of
Credit
	1	(1)	1	Barclays Bank PLC	225 & 233 Park Avenue South	225 Fourth LLC	Office	60,000,000	5/31/2017	0	0	Orda Management Corporation; Morton F. Silver	No
	2	(2)	2	CGMRC	General Motors Building	767 Fifth Partners LLC	Mixed Use	55,200,000	6/7/2017	0	0	NAP	No
	3	(3)	3	SMF V	9-19 9th Avenue	9th Avenue Delaware Owner LLC	Retail	55,000,000	7/20/2017	0	0	Robert Cayre; BRE Properties, LLC	No
	4	(4)	4	CREFI	Corporate Woods Portfolio	Corporate Woods Kansas Realty LP	Various	50,000,000	8/9/2017	360	360	Raymond Massa	No
	4.01	 	4.01	 	Corporate Woods - Building 82	 	Office	 	 	 	 	 	 
	4.02	 	4.02	 	Corporate Woods - Building 40	 	Office	 	 	 	 	 	 
	4.03	 	4.03	 	Corporate Woods - Building 84	 	Office	 	 	 	 	 	 
	4.04	 	4.04	 	Corporate Woods - Building 32	 	Office	 	 	 	 	 	 
	4.05	 	4.05	 	Corporate Woods - Building 34	 	Office	 	 	 	 	 	 
	4.06	 	4.06	 	Corporate Woods - Building 14	 	Office	 	 	 	 	 	 
	4.07	 	4.07	 	Corporate Woods - Building 70	 	Office	 	 	 	 	 	 
	4.08	 	4.08	 	Corporate Woods - Building 9	 	Office	 	 	 	 	 	 
	4.09	 	4.09	 	Corporate Woods - Building 6	 	Office	 	 	 	 	 	 
	4.1	 	4.1	 	Corporate Woods - Building 12	 	Office	 	 	 	 	 	 
	4.11	 	4.11	 	Corporate Woods - Building 27	 	Office	 	 	 	 	 	 
	4.12	 	4.12	 	Corporate Woods - Building 51	 	Office	 	 	 	 	 	 
	4.13	 	4.13	 	Corporate Woods - Building 55	 	Office	 	 	 	 	 	 
	4.14	 	4.14	 	Corporate Woods - Building 65	 	Retail	 	 	 	 	 	 
	4.15	 	4.15	 	Corporate Woods - Building 3	 	Office	 	 	 	 	 	 
	4.16	 	4.16	 	Corporate Woods - Building 75	 	Office	 	 	 	 	 	 
	5	 	5	CREFI	Bank of America Plaza	Troy Beaver Realty LLC; Troy Beaver Holdings I LLC; Troy Beaver Holdings II LLC and Troy Beaver Holdings III LLC	Office	47,600,000	8/8/2017	360	360	Baruch D. Halberstam and Chaim Y. Halberstam	No
	6	(5)	6	CREFI, Barclays Bank PLC	Mall of Louisiana	Mall of Louisiana, LLC and Mall of Louisiana Land, LLC	Retail	47,000,000	7/26/2017	360	360	GGP Real Estate Holding I, Inc.	No
	7	 	7	PCC	The Grove at Shrewsbury	The Grove Fee Owner, LLC	Retail	43,600,000	8/31/2017	0	0	The Grove Fee Owner, LLC	No
	8	(6)	8	Barclays Bank PLC; SMF V	Starwood Capital Group Hotel Portfolio	LL Folsom, L.P.; LL Hillsboro, L.P.; LL Milpitas, L.P.; LL Pleasanton, L.P.; LL Campbell, L.P.; LL South San Francisco, L.P.; LL Roseville, L.P.; LL Bellevue, L.P.; LL Sunnyvale, L.P.; LL Sacramento, L.P.; LL Renton, L.P.; FH-Hotel Bloomington, L.P.; FH-Hotel Kokomo, L.P.; FH-Hotel Oakdale, L.P.; FH-Hotel Ann Arbor, L.P.; FH-Hotel South Bend, L.P.; FH-Hotel Peoria, L.P.; FH-Hotel Maumee, L.P.; FH-Hotel Warrenville, L.P.; FH-Hotel South Franklin, L.P.; FH-Hotel Normal, L.P.; FH-Grandville, L.P.; TXHP Buda 1, L.L.C.; TXHP Paris 2, L.L.C.; TXHP Humble, L.L.C.; TXHP Buda 2, L.L.C.; TXHP Decatur, L.L.C.; TXHP Sweetwater, L.L.C.; TXHP Waco 1, L.L.C.; TXHP Longview 1, L.L.C.; TXHP Altus, L.L.C.; TXHP Arlington, L.L.C.; TXHP Huntsville, L.L.C.; TXHP Tyler 1, L.L.C.; TXHP Texarkana 2, L.L.C.; TXHP Paris 1, L.L.C.; TXHP Terrell, L.L.C.; TXHP Texarkana 1, L.L.C.; TXHP Weatherford, L.L.C.; TXHP Tyler 2, L.L.C.; TXHP Wichita Falls, L.L.C.; TXHP Lufkin 1, L.L.C.; Hotel Fishers, L.P.; Hotel Louisville, L.P.; Hotel Stow, L.P.; Hotel Morehead City, L.P.; IM Chico 1, L.P.; VIII-HII-Valley School Road, L.L.C.; VIII-HII-Stetler Avenue, L.L.C.; VIII-HII-7 Hampton Court, L.L.C.; VIII-HII-Raritan Center Pkwy, L.L.C.; VIII-HII-Laura Blvd., L.L.C.; VIII-HII-Baltimore Avenue, L.L.C.; VIII-HII-Richmond Road, L.L.C.; VIII-HII-Richmond Road 2, L.L.C.; Midwest Heritage Inn of Racine, L.P.; Midwest Heritage Inn of Shawnee, L.P.; Midwest Heritage Inn of Cheyenne, L.P.; F.I. Management of Mankato, L.P.; R.I. Heritage Inn of Peoria AZ, L.P.; H.S. Heritage Inn of Grand Rapids, L.P.; H.S. Heritage Inn of Toledo, L.P.; Heritage Inn Number LII. Limited Partnership; Heritage Inn Number XL. Limited Partnership; LL Folsom Opco, L.L.C.; LL Hillsboro Opco, L.L.C.; LL Milpitas Opco, L.L.C.; LL Pleasanton Opco, L.L.C.; LL Campbell Opco, L.L.C.; LL South San Francisco Opco, L.L.C.; LL Roseville Opco, L.L.C.; LL Bellevue Opco, L.L.C.; LL Sunnyvale Opco, L.L.C.; LL Sacramento Opco, L.L.C.; LL Renton Opco, L.L.C.; FH-Hotel Bloomington Opco, L.L.C.; FH-Hotel Kokomo Opco, L.L.C.; FH-Hotel Oakdale Opco, L.L.C.; FH-Hotel Ann Arbor Opco, L.L.C.; FH-Hotel South Bend Opco, L.L.C.; FH-Hotel Peoria Opco, L.L.C.; FH-Hotel Maumee Opco, L.L.C.; FH-Hotel Warrenville Opco, L.L.C.; FH-Hotel South Franklin Opco, L.L.C.; FH-Hotel Normal Opco, L.L.C.; FH-Hotel Grandville Opco, L.L.C.; TXHP Buda 1 Opco, L.L.C.; TXHP Paris 2 Opco, L.L.C.; TXHP Humble Opco, L.L.C.; TXHP Buda 2 Opco, L.L.C.; TXHP Decatur Opco, L.L.C.; TXHP Sweetwater Opco, L.L.C.; TXHP Waco 1 Opco, L.L.C.; TXHP Longview 1 Opco, L.L.C.; TXHP Altus Opco, L.L.C.; TXHP Arlington Opco, L.L.C.; TXHP Huntsville Opco, L.L.C.; TXHP Tyler 1 Opco, L.L.C.; TXHP Texarkana 2 Opco, L.L.C.; TXHP Paris 1 Opco, L.L.C.; TXHP Terrell Opco, L.L.C.; TXHP Texarkana 1 Opco, L.L.C.; TXHP Weatherford Opco, L.L.C.; TXHP Tyler 2 Opco, L.L.C.; TXHP Wichita Falls Opco, L.L.C.; TXHP Lufkin 1 Opco, L.L.C.; Hotel Fishers Opco, L.L.C.; Hotel Louisville Opco, L.L.C.; Hotel Stow Opco, L.L.C.; Hotel Morehead City Opco, L.L.C.; IM Chico 1 Opco, L.L.C.; VIII-HII-Valley School Road Opco, L.L.C.; VIII-HII-Stetler Avenue Opco, L.L.C.; VIII-HII-7 Hampton Court Opco, L.L.C.; VIII-HII-Raritan Center Pkwy Opco, L.L.C.; VIII-HII-Laura Blvd. Opco, L.L.C.; VIII-HII-Baltimore Avenue Opco, L.L.C.; VIII-HII-Richmond Road Opco, L.L.C.; VIII-HII-Richmond Road 2 Opco, L.L.C.; Midwest Heritage Inn of Racine Opco, L.L.C.; Midwest Heritage Inn of Shawnee Opco, L.L.C.; Midwest Heritage Inn of Cheyenne Opco, L.L.C.; F.I. Management of Mankato Opco, L.L.C.; R.I. Heritage Inn Of Peoria AZ Opco, L.L.C.; H.S. Heritage Inn Of Grand Rapids Opco, L.L.C.; H.S. Heritage Inn of Toledo Opco, L.L.C.; Heritage Inn Number LII. Opco, L.L.C.; Heritage Inn Number XL. Opco, L.L.C.	Hospitality	41,817,500	5/24/2017	0	0	SCG Hotel Investors Holdings, L.P.	No
	8.01	 	8.01	 	Larkspur Landing Sunnyvale	 	Hospitality	 	 	 	 	 	 
	8.02	 	8.02	 	Larkspur Landing Milpitas	 	Hospitality	 	 	 	 	 	 
	8.03	 	8.03	 	Larkspur Landing Campbell	 	Hospitality	 	 	 	 	 	 
	8.04	 	8.04	 	Larkspur Landing San Francisco	 	Hospitality	 	 	 	 	 	 
	8.05	 	8.05	 	Larkspur Landing Pleasanton	 	Hospitality	 	 	 	 	 	 
	8.06	 	8.06	 	Larkspur Landing Bellevue	 	Hospitality	 	 	 	 	 	 
	8.07	 	8.07	 	Larkspur Landing Sacramento	 	Hospitality	 	 	 	 	 	 
	8.08	 	8.08	 	Hampton Inn Ann Arbor North	 	Hospitality	 	 	 	 	 	 
	8.09	 	8.09	 	Larkspur Landing Hillsboro	 	Hospitality	 	 	 	 	 	 
	8.1	 	8.1	 	Larkspur Landing Renton	 	Hospitality	 	 	 	 	 	 
	8.11	 	8.11	 	Holiday Inn Arlington Northeast Rangers Ballpark	 	Hospitality	 	 	 	 	 	 
	8.12	 	8.12	 	Residence Inn Toledo Maumee	 	Hospitality	 	 	 	 	 	 
	8.13	 	8.13	 	Residence Inn Williamsburg	 	Hospitality	 	 	 	 	 	 
	8.14	 	8.14	 	Hampton Inn Suites Waco South	 	Hospitality	 	 	 	 	 	 
	8.15	 	8.15	 	Holiday Inn Louisville Airport Fair Expo	 	Hospitality	 	 	 	 	 	 
	8.16	 	8.16	 	Courtyard Tyler	 	Hospitality	 	 	 	 	 	 
	8.17	 	8.17	 	Hilton Garden Inn Edison Raritan Center	 	Hospitality	 	 	 	 	 	 
	8.18	 	8.18	 	Hilton Garden Inn St Paul Oakdale	 	Hospitality	 	 	 	 	 	 
	8.19	 	8.19	 	Residence Inn Grand Rapids West	 	Hospitality	 	 	 	 	 	 
	8.2	 	8.2	 	Peoria, AZ Residence Inn	 	Hospitality	 	 	 	 	 	 
	8.21	 	8.21	 	Hampton Inn Suites Bloomington Normal	 	Hospitality	 	 	 	 	 	 
	8.22	 	8.22	 	Courtyard Chico	 	Hospitality	 	 	 	 	 	 
	8.23	 	8.23	 	Hampton Inn Suites Kokomo	 	Hospitality	 	 	 	 	 	 
	8.24	 	8.24	 	Hampton Inn Suites South Bend	 	Hospitality	 	 	 	 	 	 
	8.25	 	8.25	 	Courtyard Wichita Falls	 	Hospitality	 	 	 	 	 	 
	8.26	 	8.26	 	Hampton Inn Morehead	 	Hospitality	 	 	 	 	 	 
	8.27	 	8.27	 	Residence Inn Chico	 	Hospitality	 	 	 	 	 	 
	8.28	 	8.28	 	Courtyard Lufkin	 	Hospitality	 	 	 	 	 	 
	8.29	 	8.29	 	Hampton Inn Carlisle	 	Hospitality	 	 	 	 	 	 
	8.3	 	8.3	 	Springhill Suites Williamsburg	 	Hospitality	 	 	 	 	 	 
	8.31	 	8.31	 	Fairfield Inn Bloomington	 	Hospitality	 	 	 	 	 	 
	8.32	 	8.32	 	Waco Residence Inn	 	Hospitality	 	 	 	 	 	 
	8.33	 	8.33	 	Holiday Inn Express Fishers	 	Hospitality	 	 	 	 	 	 
	8.34	 	8.34	 	Larkspur Landing Folsom	 	Hospitality	 	 	 	 	 	 
	8.35	 	8.35	 	Springhill Suites Chicago Naperville Warrenville	 	Hospitality	 	 	 	 	 	 
	8.36	 	8.36	 	Holiday Inn Express & Suites Paris	 	Hospitality	 	 	 	 	 	 
	8.37	 	8.37	 	Toledo Homewood Suites	 	Hospitality	 	 	 	 	 	 
	8.38	 	8.38	 	Grand Rapids Homewood Suites	 	Hospitality	 	 	 	 	 	 
	8.39	 	8.39	 	Cheyenne Fairfield Inn and Suites	 	Hospitality	 	 	 	 	 	 
	8.4	 	8.4	 	Fairfield Inn Laurel	 	Hospitality	 	 	 	 	 	 
	8.41	 	8.41	 	Courtyard Akron Stow	 	Hospitality	 	 	 	 	 	 
	8.42	 	8.42	 	Larkspur Landing Roseville	 	Hospitality	 	 	 	 	 	 
	8.43	 	8.43	 	Towneplace Suites Bloomington	 	Hospitality	 	 	 	 	 	 
	8.44	 	8.44	 	Hampton Inn Danville	 	Hospitality	 	 	 	 	 	 
	8.45	 	8.45	 	Holiday Inn Norwich	 	Hospitality	 	 	 	 	 	 
	8.46	 	8.46	 	Hampton Inn Suites Longview North	 	Hospitality	 	 	 	 	 	 
	8.47	 	8.47	 	Springhill Suites Peoria Westlake	 	Hospitality	 	 	 	 	 	 
	8.48	 	8.48	 	Hampton Inn Suites Buda	 	Hospitality	 	 	 	 	 	 
	8.49	 	8.49	 	Shawnee Hampton Inn	 	Hospitality	 	 	 	 	 	 
	8.5	 	8.5	 	Racine Fairfield Inn	 	Hospitality	 	 	 	 	 	 
	8.51	 	8.51	 	Hampton Inn Selinsgrove Shamokin Dam	 	Hospitality	 	 	 	 	 	 
	8.52	 	8.52	 	Holiday Inn Express & Suites Terrell	 	Hospitality	 	 	 	 	 	 
	8.53	 	8.53	 	Westchase Homewood Suites	 	Hospitality	 	 	 	 	 	 
	8.54	 	8.54	 	Holiday Inn Express & Suites Tyler South	 	Hospitality	 	 	 	 	 	 
	8.55	 	8.55	 	Holiday Inn Express & Suites Huntsville	 	Hospitality	 	 	 	 	 	 
	8.56	 	8.56	 	Hampton Inn Sweetwater	 	Hospitality	 	 	 	 	 	 
	8.57	 	8.57	 	Comfort Suites Buda Austin South	 	Hospitality	 	 	 	 	 	 
	8.58	 	8.58	 	Fairfield Inn & Suites Weatherford	 	Hospitality	 	 	 	 	 	 
	8.59	 	8.59	 	Holiday Inn Express & Suites Altus	 	Hospitality	 	 	 	 	 	 
	8.6	 	8.6	 	Comfort Inn & Suites Paris	 	Hospitality	 	 	 	 	 	 
	8.61	 	8.61	 	Hampton Inn Suites Decatur	 	Hospitality	 	 	 	 	 	 
	8.62	 	8.62	 	Holiday Inn Express & Suites Texarkana East	 	Hospitality	 	 	 	 	 	 
	8.63	 	8.63	 	Mankato Fairfield Inn	 	Hospitality	 	 	 	 	 	 
	8.64	 	8.64	 	Candlewood Suites Texarkana	 	Hospitality	 	 	 	 	 	 
	8.65	 	8.65	 	Country Inn & Suites Houston Intercontinental Airport East	 	Hospitality	 	 	 	 	 	 
	9	 	9	SMF V	Grant Building	McKnight Grant Building Associates, L.P.	Office	38,000,000	7/13/2017	360	360	William C. Rudolph; Charles S. Perlow	No
	10	 	10	CREFI	Ann Arbor Mixed Use Portfolio	Hillside - Liberty Square LLC; Hillside - Liberty Town Center LLC and Hillside - Liberty MT LLC	Mixed Use	34,750,000	8/11/2017	360	360	Jaimey Roth; Marc Gardner; Jason Anstandig and Jason Biber	No
	10.01	 	10.01	 	McKinley Towne Centre	 	Mixed Use	 	 	 	 	 	 
	10.02	 	10.02	 	Liberty Square	 	Mixed Use	 	 	 	 	 	 
	11	(7)	11	SMF V	Visions Hotel Portfolio	Corning Loding Ventures LLC; Binghamton Hotel Ventures LLC; Greece Hotel Ventures LLC; Henrietta Hotel Ventures LLC; Potsdam Hotel Ventures LLC; East Aurora Loding Associates LLC; Buffalo Hotel Associates, LLC; Olean Hotel Group LLC; Albany Lodging Group LLC; Marsh Enterprises, LLC	Hospitality	34,400,000	8/23/2017	360	360	Arun Patel; Hemant Patel	No
	11.01	 	11.01	 	Holiday Inn Express & Suites Buffalo	 	Hospitality	 	 	 	 	 	 
	11.02	 	11.02	 	Hampton Inn Potsdam	 	Hospitality	 	 	 	 	 	 
	11.03	 	11.03	 	Hampton Inn & Suites Utica	 	Hospitality	 	 	 	 	 	 
	11.04	 	11.04	 	Fairfield Inn & Suites Olean	 	Hospitality	 	 	 	 	 	 
	11.05	 	11.05	 	Hampton Inn & Suites East Aurora	 	Hospitality	 	 	 	 	 	 
	11.06	 	11.06	 	Fairfield Inn & Suites Binghamton	 	Hospitality	 	 	 	 	 	 
	11.07	 	11.07	 	Fairfield Inn & Suites Rochester South	 	Hospitality	 	 	 	 	 	 
	11.08	 	11.08	 	Fairfield Inn & Suites Albany	 	Hospitality	 	 	 	 	 	 
	11.09	 	11.09	 	Fairfield Inn & Suites Corning	 	Hospitality	 	 	 	 	 	 
	11.1	 	11.1	 	Fairfield Inn & Suites Rochester West/Greece	 	Hospitality	 	 	 	 	 	 
	12	(8)	12	CREFI	Pleasant Prairie Premium Outlets	Pleasant Prairie Premium Outlets, LLC	Retail	34,000,000	8/16/2017	0	0	Simon Property Group, L.P.	No
	13	(9)	13	Barclays Bank PLC	Lakeside Shopping Center	Causeway LLC	Retail	33,000,000	7/28/2017	0	0	Jeffrey J. Feil	No
	14	 	14	Barclays Bank PLC	440 Mamaroneck Avenue	440-34 Mamaroneck Avenue, LLC	Office	33,000,000	7/12/2017	360	360	Robert P. Weisz	No
	15	 	15	SMF V	Mesa Grand Shopping Center	DSW Mesa Grand/Spectrum LLC	Retail	30,000,000	7/28/2017	360	360	Gurpreet Singh Jaggi	No
	16	(10)	16	Barclays Bank PLC	Long Island Prime Portfolio - Uniondale	333 Earle Ovington Boulevard SPE LLC; Rexcorp Plaza SPE LLC	Office	29,180,000	6/6/2017	0	0	RXR Properties Holdings LLC	No
	16.01	 	16.01	 	RXR Plaza	 	Office	 	 	 	 	 	 
	16.02	 	16.02	 	Omni 	 	Office	 	 	 	 	 	 
	17	 	17	CREFI	Mars Petcare Storage & Distribution Center	SE Columbus SM-1, LLC; SE Columbus SM-2, LLC; SE Columbus SM-3, LLC; SE Columbus SM-4, LLC; SE Columbus SM-5, LLC; SE Columbus SM-6, LLC; SE Columbus SM-7, LLC; SE Columbus MM, LLC	Industrial	23,670,000	8/22/2017	360	360	Billy I. Dippel, Jr; Edward J. Stern; Howard Reiss; Eve Reiss; Matthew Gilbert; Richard Kaplan; Matthew McCulloch and Michael Crandall	No
	18	 	18	PCC	Bradley Business Center 	Bradley Business Center II, LLC	Mixed Use	23,400,000	4/12/2017	360	360	John Hansen Holdings LLC; McLinden Holdings, L.L.C.	No
	19	 	19	PCC	3901 North First Street	3901 North First, LLC	Office	22,800,000	6/29/2017	360	360	Gregory J.  Hartman	No
	20	 	20	CREFI	Canyon Portal	Canyon Portal 3, LLC	Mixed Use	22,500,000	8/17/2017	360	360	Albert B. Spector and the Spector Family Trust	No
	21	(11)	21	PCC	Scripps Center	312 Walnut, LLC	Office	22,000,000	2/1/2017	360	360	Neal H. Mayerson	No
	22	 	22	PCC	Victoria Park Shoppes	London Associates, Ltd.	Retail	20,000,000	6/21/2017	360	358	Gisele Rahael	No
	23	 	23	PCC	1450 Veterans	Redwood City, LLC	Office	17,850,000	7/11/2017	0	0	Thomas J. Rees	No
	24	 	24	PCC	Westerre I and II	TSO Westerre Richmond, LP	Office	17,400,000	8/29/2017	360	360	A. Boyd Simpson	No
	25	(12)	25	Barclays Bank PLC	Atlanta and Anchorage Hotel Portfolio	CP Anchorage Hotel 2, LLC; CP Hartsfield, LLC	Hospitality	17,000,000	3/2/2017	300	294	Columbia Sussex Corporation and CSC Holdings, LLC	No
	25.01	 	25.01	 	Hilton Anchorage	 	Hospitality	 	 	 	 	 	 
	25.02	 	25.02	 	Renaissance Concourse Atlanta Airport Hotel	 	Hospitality	 	 	 	 	 	 
	26	 	26	PCC	The Falls at Snake River Landing	The Falls, LLC	Multifamily	15,750,000	7/12/2017	0	0	Troy Kartchner	No
	27	(13)	27	Barclays Bank PLC	245 Park Avenue	245 Park Avenue Property LLC	Office	15,000,000	5/5/2017	0	0	181 West Madison Holding LLC	No
	28	 	28	PCC	888 Tennessee	888 Tennessee Partners LLC	Industrial	15,000,000	6/29/2017	0	0	Peter S. Hekemian	No
	29	 	29	PCC	Low Country Village	LCVB, LLC	Retail	13,700,000	6/29/2017	0	0	Jeannette L. Allen; Marie E. Rohrs	No
	30	 	30	SMF V	215 & Town Center	Buffalo Properties V LLC	Office	13,650,000	7/19/2017	360	360	Gaymond W. Schultz and Cynthia A. Schultz 2010 Inter Vivos Trust, Gaymond W. Schultz and Cynthia A. Schultz	No
	31	 	31	PCC	Ocean City Shopping Center	Peddlers Square, Inc. and Ocean City Square, L.L.C.	Retail	13,500,000	5/10/2017	360	360	Craig J. Bernstein	No
	32	 	32	SMF V	Pangea 17	PP P17 1, LLC; PP P17 2, LLC; PP P17 3, LLC; PP P17 4, LLC	Multifamily	12,800,000	8/23/2017	0	0	Pangea Properties	No
	32.01	 	32.01	 	1807 South Saint Louis Avenue	 	Multifamily	 	 	 	 	 	 
	32.02	 	32.02	 	1145 North Austin Boulevard	 	Multifamily	 	 	 	 	 	 
	32.03	 	32.03	 	136 East 155th Street	 	Multifamily	 	 	 	 	 	 
	32.04	 	32.04	 	1501 East 68th Street	 	Multifamily	 	 	 	 	 	 
	32.05	 	32.05	 	7300 South Yates Boulevard	 	Multifamily	 	 	 	 	 	 
	32.06	 	32.06	 	14123 South Tracy Avenue	 	Multifamily	 	 	 	 	 	 
	32.07	 	32.07	 	7925 South Phillips Avenue	 	Multifamily	 	 	 	 	 	 
	32.08	 	32.08	 	8000 South Ellis Avenue	 	Multifamily	 	 	 	 	 	 
	32.09	 	32.09	 	13256 South Prairie Avenue	 	Multifamily	 	 	 	 	 	 
	32.1	 	32.1	 	8101 South Justine Street	 	Multifamily	 	 	 	 	 	 
	32.11	 	32.11	 	7135 South Blackstone Avenue	 	Multifamily	 	 	 	 	 	 
	32.12	 	32.12	 	320 North Mason Avenue	 	Multifamily	 	 	 	 	 	 
	32.13	 	32.13	 	410 East 107th Street	 	Multifamily	 	 	 	 	 	 
	32.14	 	32.14	 	1257 South Christiana Avenue	 	Multifamily	 	 	 	 	 	 
	32.15	 	32.15	 	10933 South Vernon Avenue	 	Multifamily	 	 	 	 	 	 
	32.16	 	32.16	 	8040 South Vernon Avenue	 	Multifamily	 	 	 	 	 	 
	32.17	 	32.17	 	12000 South Eggleston Avenue	 	Multifamily	 	 	 	 	 	 
	32.18	 	32.18	 	2041 East 75th Street	 	Multifamily	 	 	 	 	 	 
	32.19	 	32.19	 	219 East 68th Street	 	Multifamily	 	 	 	 	 	 
	32.2	 	32.2	 	8751 South Cottage Grove Avenue	 	Multifamily	 	 	 	 	 	 
	32.21	 	32.21	 	7159 South Wabash Avenue	 	Multifamily	 	 	 	 	 	 
	33	 	33	SMF V	Tampa Bay Industrial	Avistone Tampa Flex H, LLC; Avistone Tampa Flex S, LLC; Tampa Flex 1, LLC; Tampa Flex 2, LLC; Tampa Flex 3, LLC; Tampa Flex 4, LLC	Industrial	11,585,000	8/24/2017	360	360	Jeffrey Katke; Daniel Culler; Richard Kent; Peter R. Denton Revocable Trust; Albert Eugene Engel III Trust; Alan L. Mauldin jointly and severally with Michelle E. Mauldin; Chang Shu Tu jointly and severally with John Kaminar	No
	33.01	 	33.01	 	Bay Tec Center	 	Industrial	 	 	 	 	 	 
	33.02	 	33.02	 	Airport Corporate Center	 	Industrial	 	 	 	 	 	 
	34	 	34	PCC	Springhill Suites Denton	Denton Texas Hotels, LLC	Hospitality	11,100,000	8/21/2017	360	360	John Tampa; Yagnesh "Nash" Patel	No
	35	 	35	CREFI	The Oaks at Palomar	Palomar I, LLC	Industrial	10,020,000	8/14/2017	0	0	Roy Doumani	No
	36	 	36	CREFI	Royal Oaks Shopping Center	Key Partners ROV LLC; Berger ROV LLC and Royal Oaks Valrico, LLC	Retail	10,000,000	8/14/2017	360	360	David Rubin; Scott Jacobson and Thomas Purther	No
	37	 	37	Barclays Bank PLC	Foothills Health Center	Foothills Medical Properties, L.P.	Office	9,200,000	7/31/2017	360	360	Ted L. Barr; Joseph G. Greulich; Benjamin D. Sheridan	No
	38	 	38	Barclays Bank PLC	Lindbergh Plaza	Lindbergh Plaza Owner, LLC	Retail	9,000,000	7/27/2017	360	359	Gregrory P. Forester	No
	39	 	39	PCC	Fox Run Apartments	Fox Run-Ledyard, LLC	Multifamily	7,100,000	5/1/2017	360	360	Fox Run-Ledyard, LLC	No
	40	 	40	SMF V	117 East Washington	117 East Washington, LLC	Mixed Use	6,600,000	8/10/2017	360	360	George P. Broadbent	No
	41	 	41	CREFI	Bryan Woods Apartments	Kashi, LLC	Multifamily	6,500,000	8/23/2017	0	0	Eric Clauson	No
	42	 	42	SMF V	American Mini Storage - Converse	RMLP AMS I Converse Holdings, LP; AMS I Converse Investments, LP	Self Storage	5,700,000	8/23/2017	360	360	Patrick J. Cannon; Peter A. Gordon; Adam Rosenberg	No
	43	 	43	CREFI	The Shops at Fayette Crossing	Fayette Crossing Building Associates, L.L.C.	Retail	5,512,000	7/28/2017	360	360	Lenora J. Petrarca	No
	44	 	44	SMF V	Hampton Inn Richland	Jayjala, Inc.	Hospitality	5,500,000	5/18/2017	360	357	Sanjay Patel; Sunil Patel	No
	45	 	45	Barclays Bank PLC	Ohio Retail Portfolio - Discount Drug Mart Plaza	Drug Mart Plaza - U.S. & P.H., LLC; Drug Mart Holdings, LLC	Retail	5,470,000	8/24/2017	300	300	Richard B. Ferris	No
	45.01	 	45.01	 	Parma Heights Plaza	 	Retail	 	 	 	 	 	 
	45.02	 	45.02	 	Upper Sandusky Plaza	 	Retail	 	 	 	 	 	 
	46	 	46	SMF V	Kohls White Lake	Porter Holdings, LLC	Retail	5,200,000	7/6/2017	360	358	Stephen W. Smith; Vincent L. Pangle	No
	47	 	47	SMF V	Las Brisas Apartments	Las Brisas Estates, LP	Multifamily	5,150,000	6/15/2017	300	298	Thu Xuan Hoang	No
	48	 	48	SMF V	Mountain Cactus Ranch	Sahopopath Yuma, LLC and Northridge Yuma, LLC	Manufactured Housing	5,000,000	8/1/2017	360	360	Marvin Sampson	No
	49	 	49	CREFI	Walgreens Columbia, SC	9001 Two Notch Road Developers LLC	Retail	4,400,000	8/25/2017	0	0	Catherine Quadrozzi	No
	50	 	50	Barclays Bank PLC	1000 South Sherman Street	Central Illinois Associates, LLC	Industrial	4,000,000	8/25/2017	360	360	Stephen Rosen	No
	51	 	51	CREFI	StorQuest Corona	Riordan Corona SP, LLC and Milner Corona SP, LLC	Self Storage	3,500,000	8/22/2017	0	0	Reese L. Milner II and Richard J. Riordan	No
	52	 	52	CREFI	St. Petersburg MHC Portfolio	ILP St Pete LLC and ILP St Pete II LLC	Manufactured Housing	2,156,000	8/23/2017	360	360	James T. Bies, Jr. and Bildor Investments, LTD.	No
	52.01	 	52.01	 	Westgate Manor MHC	 	Manufactured Housing	 	 	 	 	 	 
	52.02	 	52.02	 	Villa Plumosa MHC	 	Manufactured Housing	 	 	 	 	 	 
	53	 	53	CREFI	CSS Rohnert Park	CSS Rohnert Park, A California Limited Partnership	Self Storage	2,100,000	7/31/2017	0	0	Dwight W. Davis and William D. Schmicker	No



 



     


     


    

 


CGCMT 2017-P8 Supplemental Servicer
Schedule



	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	  	 	Upfront RE  	Ongoing RE 	Upfront	Ongoing	 	 	 	Upfront
	Control
Number	Footnotes	Loan
Number	Mortgage
Loan Seller	Property Name	Tax Reserve ($)	Tax Reserve ($)	 Insurance Reserve ($)	 Insurance Reserve ($)	Upfront
Replacement Reserve ($)	Ongoing
Replacement Reserve ($)	Replacement
Reserve Caps ($)	TI/LC Reserve ($)
	1	(1)	1	Barclays Bank PLC	225 & 233 Park Avenue South	0	0	0	0	0	0	0	8,106,455
	2	(2)	2	CGMRC	General Motors Building	0	0	0	0	0	0	0	0
	3	(3)	3	SMF V	9-19 9th Avenue	128,689	64,345	162,734	13,562	0	0	0	0
	4	(4)	4	CREFI	Corporate Woods Portfolio	6,258,114	625,811	0	0	0	38,258	0	7,500,000
	4.01	 	4.01	 	Corporate Woods - Building 82	 	 	 	 	 	 	 	 
	4.02	 	4.02	 	Corporate Woods - Building 40	 	 	 	 	 	 	 	 
	4.03	 	4.03	 	Corporate Woods - Building 84	 	 	 	 	 	 	 	 
	4.04	 	4.04	 	Corporate Woods - Building 32	 	 	 	 	 	 	 	 
	4.05	 	4.05	 	Corporate Woods - Building 34	 	 	 	 	 	 	 	 
	4.06	 	4.06	 	Corporate Woods - Building 14	 	 	 	 	 	 	 	 
	4.07	 	4.07	 	Corporate Woods - Building 70	 	 	 	 	 	 	 	 
	4.08	 	4.08	 	Corporate Woods - Building 9	 	 	 	 	 	 	 	 
	4.09	 	4.09	 	Corporate Woods - Building 6	 	 	 	 	 	 	 	 
	4.1	 	4.1	 	Corporate Woods - Building 12	 	 	 	 	 	 	 	 
	4.11	 	4.11	 	Corporate Woods - Building 27	 	 	 	 	 	 	 	 
	4.12	 	4.12	 	Corporate Woods - Building 51	 	 	 	 	 	 	 	 
	4.13	 	4.13	 	Corporate Woods - Building 55	 	 	 	 	 	 	 	 
	4.14	 	4.14	 	Corporate Woods - Building 65	 	 	 	 	 	 	 	 
	4.15	 	4.15	 	Corporate Woods - Building 3	 	 	 	 	 	 	 	 
	4.16	 	4.16	 	Corporate Woods - Building 75	 	 	 	 	 	 	 	 
	5	 	5	CREFI	Bank of America Plaza	73,312	73,312	27,704	9,235	0	7,317	0	800,000
	6	(5)	6	CREFI, Barclays Bank PLC	Mall of Louisiana	0	0	0	0	0	0	0	0
	7	 	7	PCC	The Grove at Shrewsbury	0	0	0	0	0	0	0	0
	8	(6)	8	Barclays Bank PLC; SMF V	Starwood Capital Group Hotel Portfolio	0	0	0	0	0	727,736	0	0
	8.01	 	8.01	 	Larkspur Landing Sunnyvale	 	 	 	 	 	 	 	 
	8.02	 	8.02	 	Larkspur Landing Milpitas	 	 	 	 	 	 	 	 
	8.03	 	8.03	 	Larkspur Landing Campbell	 	 	 	 	 	 	 	 
	8.04	 	8.04	 	Larkspur Landing San Francisco	 	 	 	 	 	 	 	 
	8.05	 	8.05	 	Larkspur Landing Pleasanton	 	 	 	 	 	 	 	 
	8.06	 	8.06	 	Larkspur Landing Bellevue	 	 	 	 	 	 	 	 
	8.07	 	8.07	 	Larkspur Landing Sacramento	 	 	 	 	 	 	 	 
	8.08	 	8.08	 	Hampton Inn Ann Arbor North	 	 	 	 	 	 	 	 
	8.09	 	8.09	 	Larkspur Landing Hillsboro	 	 	 	 	 	 	 	 
	8.1	 	8.1	 	Larkspur Landing Renton	 	 	 	 	 	 	 	 
	8.11	 	8.11	 	Holiday Inn Arlington Northeast Rangers Ballpark	 	 	 	 	 	 	 	 
	8.12	 	8.12	 	Residence Inn Toledo Maumee	 	 	 	 	 	 	 	 
	8.13	 	8.13	 	Residence Inn Williamsburg	 	 	 	 	 	 	 	 
	8.14	 	8.14	 	Hampton Inn Suites Waco South	 	 	 	 	 	 	 	 
	8.15	 	8.15	 	Holiday Inn Louisville Airport Fair Expo	 	 	 	 	 	 	 	 
	8.16	 	8.16	 	Courtyard Tyler	 	 	 	 	 	 	 	 
	8.17	 	8.17	 	Hilton Garden Inn Edison Raritan Center	 	 	 	 	 	 	 	 
	8.18	 	8.18	 	Hilton Garden Inn St Paul Oakdale	 	 	 	 	 	 	 	 
	8.19	 	8.19	 	Residence Inn Grand Rapids West	 	 	 	 	 	 	 	 
	8.2	 	8.2	 	Peoria, AZ Residence Inn	 	 	 	 	 	 	 	 
	8.21	 	8.21	 	Hampton Inn Suites Bloomington Normal	 	 	 	 	 	 	 	 
	8.22	 	8.22	 	Courtyard Chico	 	 	 	 	 	 	 	 
	8.23	 	8.23	 	Hampton Inn Suites Kokomo	 	 	 	 	 	 	 	 
	8.24	 	8.24	 	Hampton Inn Suites South Bend	 	 	 	 	 	 	 	 
	8.25	 	8.25	 	Courtyard Wichita Falls	 	 	 	 	 	 	 	 
	8.26	 	8.26	 	Hampton Inn Morehead	 	 	 	 	 	 	 	 
	8.27	 	8.27	 	Residence Inn Chico	 	 	 	 	 	 	 	 
	8.28	 	8.28	 	Courtyard Lufkin	 	 	 	 	 	 	 	 
	8.29	 	8.29	 	Hampton Inn Carlisle	 	 	 	 	 	 	 	 
	8.3	 	8.3	 	Springhill Suites Williamsburg	 	 	 	 	 	 	 	 
	8.31	 	8.31	 	Fairfield Inn Bloomington	 	 	 	 	 	 	 	 
	8.32	 	8.32	 	Waco Residence Inn	 	 	 	 	 	 	 	 
	8.33	 	8.33	 	Holiday Inn Express Fishers	 	 	 	 	 	 	 	 
	8.34	 	8.34	 	Larkspur Landing Folsom	 	 	 	 	 	 	 	 
	8.35	 	8.35	 	Springhill Suites Chicago Naperville Warrenville	 	 	 	 	 	 	 	 
	8.36	 	8.36	 	Holiday Inn Express & Suites Paris	 	 	 	 	 	 	 	 
	8.37	 	8.37	 	Toledo Homewood Suites	 	 	 	 	 	 	 	 
	8.38	 	8.38	 	Grand Rapids Homewood Suites	 	 	 	 	 	 	 	 
	8.39	 	8.39	 	Cheyenne Fairfield Inn and Suites	 	 	 	 	 	 	 	 
	8.4	 	8.4	 	Fairfield Inn Laurel	 	 	 	 	 	 	 	 
	8.41	 	8.41	 	Courtyard Akron Stow	 	 	 	 	 	 	 	 
	8.42	 	8.42	 	Larkspur Landing Roseville	 	 	 	 	 	 	 	 
	8.43	 	8.43	 	Towneplace Suites Bloomington	 	 	 	 	 	 	 	 
	8.44	 	8.44	 	Hampton Inn Danville	 	 	 	 	 	 	 	 
	8.45	 	8.45	 	Holiday Inn Norwich	 	 	 	 	 	 	 	 
	8.46	 	8.46	 	Hampton Inn Suites Longview North	 	 	 	 	 	 	 	 
	8.47	 	8.47	 	Springhill Suites Peoria Westlake	 	 	 	 	 	 	 	 
	8.48	 	8.48	 	Hampton Inn Suites Buda	 	 	 	 	 	 	 	 
	8.49	 	8.49	 	Shawnee Hampton Inn	 	 	 	 	 	 	 	 
	8.5	 	8.5	 	Racine Fairfield Inn	 	 	 	 	 	 	 	 
	8.51	 	8.51	 	Hampton Inn Selinsgrove Shamokin Dam	 	 	 	 	 	 	 	 
	8.52	 	8.52	 	Holiday Inn Express & Suites Terrell	 	 	 	 	 	 	 	 
	8.53	 	8.53	 	Westchase Homewood Suites	 	 	 	 	 	 	 	 
	8.54	 	8.54	 	Holiday Inn Express & Suites Tyler South	 	 	 	 	 	 	 	 
	8.55	 	8.55	 	Holiday Inn Express & Suites Huntsville	 	 	 	 	 	 	 	 
	8.56	 	8.56	 	Hampton Inn Sweetwater	 	 	 	 	 	 	 	 
	8.57	 	8.57	 	Comfort Suites Buda Austin South	 	 	 	 	 	 	 	 
	8.58	 	8.58	 	Fairfield Inn & Suites Weatherford	 	 	 	 	 	 	 	 
	8.59	 	8.59	 	Holiday Inn Express & Suites Altus	 	 	 	 	 	 	 	 
	8.6	 	8.6	 	Comfort Inn & Suites Paris	 	 	 	 	 	 	 	 
	8.61	 	8.61	 	Hampton Inn Suites Decatur	 	 	 	 	 	 	 	 
	8.62	 	8.62	 	Holiday Inn Express & Suites Texarkana East	 	 	 	 	 	 	 	 
	8.63	 	8.63	 	Mankato Fairfield Inn	 	 	 	 	 	 	 	 
	8.64	 	8.64	 	Candlewood Suites Texarkana	 	 	 	 	 	 	 	 
	8.65	 	8.65	 	Country Inn & Suites Houston Intercontinental Airport East	 	 	 	 	 	 	 	 
	9	 	9	SMF V	Grant Building	93,536	67,895	44,917	6,417	0	7,683	0	1,000,000
	10	 	10	CREFI	Ann Arbor Mixed Use Portfolio	166,194	110,796	9,678	4,839	0	3,170	114,123	500,000
	10.01	 	10.01	 	McKinley Towne Centre	 	 	 	 	 	 	 	 
	10.02	 	10.02	 	Liberty Square	 	 	 	 	 	 	 	 
	11	(7)	11	SMF V	Visions Hotel Portfolio	1,280,823	137,128	191,325	35,750	0	41,029	0	0
	11.01	 	11.01	 	Holiday Inn Express & Suites Buffalo	 	 	 	 	 	 	 	 
	11.02	 	11.02	 	Hampton Inn Potsdam	 	 	 	 	 	 	 	 
	11.03	 	11.03	 	Hampton Inn & Suites Utica	 	 	 	 	 	 	 	 
	11.04	 	11.04	 	Fairfield Inn & Suites Olean	 	 	 	 	 	 	 	 
	11.05	 	11.05	 	Hampton Inn & Suites East Aurora	 	 	 	 	 	 	 	 
	11.06	 	11.06	 	Fairfield Inn & Suites Binghamton	 	 	 	 	 	 	 	 
	11.07	 	11.07	 	Fairfield Inn & Suites Rochester South	 	 	 	 	 	 	 	 
	11.08	 	11.08	 	Fairfield Inn & Suites Albany	 	 	 	 	 	 	 	 
	11.09	 	11.09	 	Fairfield Inn & Suites Corning	 	 	 	 	 	 	 	 
	11.1	 	11.1	 	Fairfield Inn & Suites Rochester West/Greece	 	 	 	 	 	 	 	 
	12	(8)	12	CREFI	Pleasant Prairie Premium Outlets	0	0	0	0	0	0	0	0
	13	(9)	13	Barclays Bank PLC	Lakeside Shopping Center	0	0	0	0	0	0	1,000,000	0
	14	 	14	Barclays Bank PLC	440 Mamaroneck Avenue	266,729	60,219	0	0	0	3,986	0	1,000,000
	15	 	15	SMF V	Mesa Grand Shopping Center	196,723	32,787	5,100	2,550	0	4,219	0	0
	16	(10)	16	Barclays Bank PLC	Long Island Prime Portfolio - Uniondale	2,049,623	906,920	0	0	0	33,207	0	3,350,000
	16.01	 	16.01	 	RXR Plaza	 	 	 	 	 	 	 	 
	16.02	 	16.02	 	Omni 	 	 	 	 	 	 	 	 
	17	 	17	CREFI	Mars Petcare Storage & Distribution Center	112,738	0	23,442	0	0	3,877	139,578	0
	18	 	18	PCC	Bradley Business Center 	224,401	48,965	81,238	6,774	0	3,919	0	0
	19	 	19	PCC	3901 North First Street	84,706	21,177	9,962	3,321	0	1,086	26,075	1,393,775
	20	 	20	CREFI	Canyon Portal	46,379	9,276	0	2,293	0	2,693	0	1,000
	21	(11)	21	PCC	Scripps Center	392,500	196,250	93,351	9,736	1,300,000	0	324,000	3,700,000
	22	 	22	PCC	Victoria Park Shoppes	162,774	20,347	0	0	0	1,704	0	0
	23	 	23	PCC	1450 Veterans	0	0	0	0	0	1,370	49,290	0
	24	 	24	PCC	Westerre I and II	62,994	15,749	0	0	0	6,667	0	229,068
	25	(12)	25	Barclays Bank PLC	Atlanta and Anchorage Hotel Portfolio	1,033,595	129,199	339,972	32,378	0	190,219	0	0
	25.01	 	25.01	 	Hilton Anchorage	 	 	 	 	 	 	 	 
	25.02	 	25.02	 	Renaissance Concourse Atlanta Airport Hotel	 	 	 	 	 	 	 	 
	26	 	26	PCC	The Falls at Snake River Landing	96,399	32,133	6,693	3,346	0	2,850	34,200	0
	27	(13)	27	Barclays Bank PLC	245 Park Avenue	0	3,878,518	227,000	113,500	47,738	47,738	0	0
	28	 	28	PCC	888 Tennessee	27,535	6,884	0	2,748	0	867	31,200	0
	29	 	29	PCC	Low Country Village	106,208	15,173	0	0	0	2,914	75,000	0
	30	 	30	SMF V	215 & Town Center	12,654	6,327	2,796	1,398	0	956	0	275,000
	31	 	31	PCC	Ocean City Shopping Center	142,270	12,934	71,062	5,531	0	1,825	0	0
	32	 	32	SMF V	Pangea 17	28,822	14,411	19,206	3,841	0	6,125	220,500	0
	32.01	 	32.01	 	1807 South Saint Louis Avenue	 	 	 	 	 	 	 	 
	32.02	 	32.02	 	1145 North Austin Boulevard	 	 	 	 	 	 	 	 
	32.03	 	32.03	 	136 East 155th Street	 	 	 	 	 	 	 	 
	32.04	 	32.04	 	1501 East 68th Street	 	 	 	 	 	 	 	 
	32.05	 	32.05	 	7300 South Yates Boulevard	 	 	 	 	 	 	 	 
	32.06	 	32.06	 	14123 South Tracy Avenue	 	 	 	 	 	 	 	 
	32.07	 	32.07	 	7925 South Phillips Avenue	 	 	 	 	 	 	 	 
	32.08	 	32.08	 	8000 South Ellis Avenue	 	 	 	 	 	 	 	 
	32.09	 	32.09	 	13256 South Prairie Avenue	 	 	 	 	 	 	 	 
	32.1	 	32.1	 	8101 South Justine Street	 	 	 	 	 	 	 	 
	32.11	 	32.11	 	7135 South Blackstone Avenue	 	 	 	 	 	 	 	 
	32.12	 	32.12	 	320 North Mason Avenue	 	 	 	 	 	 	 	 
	32.13	 	32.13	 	410 East 107th Street	 	 	 	 	 	 	 	 
	32.14	 	32.14	 	1257 South Christiana Avenue	 	 	 	 	 	 	 	 
	32.15	 	32.15	 	10933 South Vernon Avenue	 	 	 	 	 	 	 	 
	32.16	 	32.16	 	8040 South Vernon Avenue	 	 	 	 	 	 	 	 
	32.17	 	32.17	 	12000 South Eggleston Avenue	 	 	 	 	 	 	 	 
	32.18	 	32.18	 	2041 East 75th Street	 	 	 	 	 	 	 	 
	32.19	 	32.19	 	219 East 68th Street	 	 	 	 	 	 	 	 
	32.2	 	32.2	 	8751 South Cottage Grove Avenue	 	 	 	 	 	 	 	 
	32.21	 	32.21	 	7159 South Wabash Avenue	 	 	 	 	 	 	 	 
	33	 	33	SMF V	Tampa Bay Industrial	227,134	20,649	18,857	8,525	0	2,898	104,000	100,000
	33.01	 	33.01	 	Bay Tec Center	 	 	 	 	 	 	 	 
	33.02	 	33.02	 	Airport Corporate Center	 	 	 	 	 	 	 	 
	34	 	34	PCC	Springhill Suites Denton	162,065	18,007	24,196	2,420	0	7,076	0	0
	35	 	35	CREFI	The Oaks at Palomar	67,716	8,464	2,029	1,015	0	1,535	0	0
	36	 	36	CREFI	Royal Oaks Shopping Center	82,723	10,340	0	0	0	1,253	0	0
	37	 	37	Barclays Bank PLC	Foothills Health Center	58,753	14,688	945	945	0	889	0	50,000
	38	 	38	Barclays Bank PLC	Lindbergh Plaza	 	0	0	0	0	1,956	0	0
	39	 	39	PCC	Fox Run Apartments	79,592	19,898	62,208	5,691	0	3,583	0	0
	40	 	40	SMF V	117 East Washington	58,398	11,680	19,578	1,958	0	708	0	0
	41	 	41	CREFI	Bryan Woods Apartments	12,168	12,168	31,746	2,886	0	4,106	0	0
	42	 	42	SMF V	American Mini Storage - Converse	146,263	16,252	5,943	743	0	1,095	0	0
	43	 	43	CREFI	The Shops at Fayette Crossing	33,526	4,191	0	0	0	1,137	0	0
	44	 	44	SMF V	Hampton Inn Richland	27,444	5,489	26,336	2,026	0	5,774	0	0
	45	 	45	Barclays Bank PLC	Ohio Retail Portfolio - Discount Drug Mart Plaza	14,823	7,412	0	0	0	870	0	75,000
	45.01	 	45.01	 	Parma Heights Plaza	 	 	 	 	 	 	 	 
	45.02	 	45.02	 	Upper Sandusky Plaza	 	 	 	 	 	 	 	 
	46	 	46	SMF V	Kohls White Lake	0	0	2,209	201	0	0	0	0
	47	 	47	SMF V	Las Brisas Apartments	52,146	7,449	62,838	5,713	0	3,700	0	0
	48	 	48	SMF V	Mountain Cactus Ranch	7,380	1,476	2,139	1,070	0	900	0	0
	49	 	49	CREFI	Walgreens Columbia, SC	0	0	0	0	0	0	0	0
	50	 	50	Barclays Bank PLC	1000 South Sherman Street	3,466	3,466	0	0	0	5,322	0	0
	51	 	51	CREFI	StorQuest Corona	33,826	4,832	0	0	0	875	31,500	0
	52	 	52	CREFI	St. Petersburg MHC Portfolio	45,222	4,111	893	893	0	329	0	0
	52.01	 	52.01	 	Westgate Manor MHC	 	 	 	 	 	 	 	 
	52.02	 	52.02	 	Villa Plumosa MHC	 	 	 	 	 	 	 	 
	53	 	53	CREFI	CSS Rohnert Park	22,291	4,458	0	0	0	0	0	0



 



     


     


    

 


CGCMT 2017-P8 Supplemental Servicer
Schedule



	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	Ongoing	 	Upfront Debt	Ongoing Debt  	Upfront 	Ongoing 	 	 
	Control
Number	Footnotes	Loan
Number	Mortgage
Loan Seller	Property Name	TI/LC Reserve ($)	TI/LC Caps ($)	Service Reserve ($)	Service Reserve ($)	Deferred
Maintenance Reserve ($)	Deferred
Maintenance Reserve ($)	Upfront
Environmental Reserve ($)	Ongoing
Environmental Reserve ($)
	1	(1)	1	Barclays Bank PLC	225 & 233 Park Avenue South	0	0	0	0	0	0	0	0
	2	(2)	2	CGMRC	General Motors Building	0	0	0	0	0	0	0	0
	3	(3)	3	SMF V	9-19 9th Avenue	0	0	0	0	0	0	0	0
	4	(4)	4	CREFI	Corporate Woods Portfolio	0	7,500,000	0	0	620,488	0	0	0
	4.01	 	4.01	 	Corporate Woods - Building 82	 	 	 	 	 	 	 	 
	4.02	 	4.02	 	Corporate Woods - Building 40	 	 	 	 	 	 	 	 
	4.03	 	4.03	 	Corporate Woods - Building 84	 	 	 	 	 	 	 	 
	4.04	 	4.04	 	Corporate Woods - Building 32	 	 	 	 	 	 	 	 
	4.05	 	4.05	 	Corporate Woods - Building 34	 	 	 	 	 	 	 	 
	4.06	 	4.06	 	Corporate Woods - Building 14	 	 	 	 	 	 	 	 
	4.07	 	4.07	 	Corporate Woods - Building 70	 	 	 	 	 	 	 	 
	4.08	 	4.08	 	Corporate Woods - Building 9	 	 	 	 	 	 	 	 
	4.09	 	4.09	 	Corporate Woods - Building 6	 	 	 	 	 	 	 	 
	4.1	 	4.1	 	Corporate Woods - Building 12	 	 	 	 	 	 	 	 
	4.11	 	4.11	 	Corporate Woods - Building 27	 	 	 	 	 	 	 	 
	4.12	 	4.12	 	Corporate Woods - Building 51	 	 	 	 	 	 	 	 
	4.13	 	4.13	 	Corporate Woods - Building 55	 	 	 	 	 	 	 	 
	4.14	 	4.14	 	Corporate Woods - Building 65	 	 	 	 	 	 	 	 
	4.15	 	4.15	 	Corporate Woods - Building 3	 	 	 	 	 	 	 	 
	4.16	 	4.16	 	Corporate Woods - Building 75	 	 	 	 	 	 	 	 
	5	 	5	CREFI	Bank of America Plaza	29,266	1,755,984	0	0	0	0	0	0
	6	(5)	6	CREFI, Barclays Bank PLC	Mall of Louisiana	0	0	0	0	0	0	0	0
	7	 	7	PCC	The Grove at Shrewsbury	0	0	0	0	0	0	0	0
	8	(6)	8	Barclays Bank PLC; SMF V	Starwood Capital Group Hotel Portfolio	0	0	0	0	0	0	0	0
	8.01	 	8.01	 	Larkspur Landing Sunnyvale	 	 	 	 	 	 	 	 
	8.02	 	8.02	 	Larkspur Landing Milpitas	 	 	 	 	 	 	 	 
	8.03	 	8.03	 	Larkspur Landing Campbell	 	 	 	 	 	 	 	 
	8.04	 	8.04	 	Larkspur Landing San Francisco	 	 	 	 	 	 	 	 
	8.05	 	8.05	 	Larkspur Landing Pleasanton	 	 	 	 	 	 	 	 
	8.06	 	8.06	 	Larkspur Landing Bellevue	 	 	 	 	 	 	 	 
	8.07	 	8.07	 	Larkspur Landing Sacramento	 	 	 	 	 	 	 	 
	8.08	 	8.08	 	Hampton Inn Ann Arbor North	 	 	 	 	 	 	 	 
	8.09	 	8.09	 	Larkspur Landing Hillsboro	 	 	 	 	 	 	 	 
	8.1	 	8.1	 	Larkspur Landing Renton	 	 	 	 	 	 	 	 
	8.11	 	8.11	 	Holiday Inn Arlington Northeast Rangers Ballpark	 	 	 	 	 	 	 	 
	8.12	 	8.12	 	Residence Inn Toledo Maumee	 	 	 	 	 	 	 	 
	8.13	 	8.13	 	Residence Inn Williamsburg	 	 	 	 	 	 	 	 
	8.14	 	8.14	 	Hampton Inn Suites Waco South	 	 	 	 	 	 	 	 
	8.15	 	8.15	 	Holiday Inn Louisville Airport Fair Expo	 	 	 	 	 	 	 	 
	8.16	 	8.16	 	Courtyard Tyler	 	 	 	 	 	 	 	 
	8.17	 	8.17	 	Hilton Garden Inn Edison Raritan Center	 	 	 	 	 	 	 	 
	8.18	 	8.18	 	Hilton Garden Inn St Paul Oakdale	 	 	 	 	 	 	 	 
	8.19	 	8.19	 	Residence Inn Grand Rapids West	 	 	 	 	 	 	 	 
	8.2	 	8.2	 	Peoria, AZ Residence Inn	 	 	 	 	 	 	 	 
	8.21	 	8.21	 	Hampton Inn Suites Bloomington Normal	 	 	 	 	 	 	 	 
	8.22	 	8.22	 	Courtyard Chico	 	 	 	 	 	 	 	 
	8.23	 	8.23	 	Hampton Inn Suites Kokomo	 	 	 	 	 	 	 	 
	8.24	 	8.24	 	Hampton Inn Suites South Bend	 	 	 	 	 	 	 	 
	8.25	 	8.25	 	Courtyard Wichita Falls	 	 	 	 	 	 	 	 
	8.26	 	8.26	 	Hampton Inn Morehead	 	 	 	 	 	 	 	 
	8.27	 	8.27	 	Residence Inn Chico	 	 	 	 	 	 	 	 
	8.28	 	8.28	 	Courtyard Lufkin	 	 	 	 	 	 	 	 
	8.29	 	8.29	 	Hampton Inn Carlisle	 	 	 	 	 	 	 	 
	8.3	 	8.3	 	Springhill Suites Williamsburg	 	 	 	 	 	 	 	 
	8.31	 	8.31	 	Fairfield Inn Bloomington	 	 	 	 	 	 	 	 
	8.32	 	8.32	 	Waco Residence Inn	 	 	 	 	 	 	 	 
	8.33	 	8.33	 	Holiday Inn Express Fishers	 	 	 	 	 	 	 	 
	8.34	 	8.34	 	Larkspur Landing Folsom	 	 	 	 	 	 	 	 
	8.35	 	8.35	 	Springhill Suites Chicago Naperville Warrenville	 	 	 	 	 	 	 	 
	8.36	 	8.36	 	Holiday Inn Express & Suites Paris	 	 	 	 	 	 	 	 
	8.37	 	8.37	 	Toledo Homewood Suites	 	 	 	 	 	 	 	 
	8.38	 	8.38	 	Grand Rapids Homewood Suites	 	 	 	 	 	 	 	 
	8.39	 	8.39	 	Cheyenne Fairfield Inn and Suites	 	 	 	 	 	 	 	 
	8.4	 	8.4	 	Fairfield Inn Laurel	 	 	 	 	 	 	 	 
	8.41	 	8.41	 	Courtyard Akron Stow	 	 	 	 	 	 	 	 
	8.42	 	8.42	 	Larkspur Landing Roseville	 	 	 	 	 	 	 	 
	8.43	 	8.43	 	Towneplace Suites Bloomington	 	 	 	 	 	 	 	 
	8.44	 	8.44	 	Hampton Inn Danville	 	 	 	 	 	 	 	 
	8.45	 	8.45	 	Holiday Inn Norwich	 	 	 	 	 	 	 	 
	8.46	 	8.46	 	Hampton Inn Suites Longview North	 	 	 	 	 	 	 	 
	8.47	 	8.47	 	Springhill Suites Peoria Westlake	 	 	 	 	 	 	 	 
	8.48	 	8.48	 	Hampton Inn Suites Buda	 	 	 	 	 	 	 	 
	8.49	 	8.49	 	Shawnee Hampton Inn	 	 	 	 	 	 	 	 
	8.5	 	8.5	 	Racine Fairfield Inn	 	 	 	 	 	 	 	 
	8.51	 	8.51	 	Hampton Inn Selinsgrove Shamokin Dam	 	 	 	 	 	 	 	 
	8.52	 	8.52	 	Holiday Inn Express & Suites Terrell	 	 	 	 	 	 	 	 
	8.53	 	8.53	 	Westchase Homewood Suites	 	 	 	 	 	 	 	 
	8.54	 	8.54	 	Holiday Inn Express & Suites Tyler South	 	 	 	 	 	 	 	 
	8.55	 	8.55	 	Holiday Inn Express & Suites Huntsville	 	 	 	 	 	 	 	 
	8.56	 	8.56	 	Hampton Inn Sweetwater	 	 	 	 	 	 	 	 
	8.57	 	8.57	 	Comfort Suites Buda Austin South	 	 	 	 	 	 	 	 
	8.58	 	8.58	 	Fairfield Inn & Suites Weatherford	 	 	 	 	 	 	 	 
	8.59	 	8.59	 	Holiday Inn Express & Suites Altus	 	 	 	 	 	 	 	 
	8.6	 	8.6	 	Comfort Inn & Suites Paris	 	 	 	 	 	 	 	 
	8.61	 	8.61	 	Hampton Inn Suites Decatur	 	 	 	 	 	 	 	 
	8.62	 	8.62	 	Holiday Inn Express & Suites Texarkana East	 	 	 	 	 	 	 	 
	8.63	 	8.63	 	Mankato Fairfield Inn	 	 	 	 	 	 	 	 
	8.64	 	8.64	 	Candlewood Suites Texarkana	 	 	 	 	 	 	 	 
	8.65	 	8.65	 	Country Inn & Suites Houston Intercontinental Airport East	 	 	 	 	 	 	 	 
	9	 	9	SMF V	Grant Building	38,417	0	0	0	0	0	0	0
	10	 	10	CREFI	Ann Arbor Mixed Use Portfolio	23,776	900,000	0	0	0	0	0	0
	10.01	 	10.01	 	McKinley Towne Centre	 	 	 	 	 	 	 	 
	10.02	 	10.02	 	Liberty Square	 	 	 	 	 	 	 	 
	11	(7)	11	SMF V	Visions Hotel Portfolio	0	0	0	0	0	0	0	0
	11.01	 	11.01	 	Holiday Inn Express & Suites Buffalo	 	 	 	 	 	 	 	 
	11.02	 	11.02	 	Hampton Inn Potsdam	 	 	 	 	 	 	 	 
	11.03	 	11.03	 	Hampton Inn & Suites Utica	 	 	 	 	 	 	 	 
	11.04	 	11.04	 	Fairfield Inn & Suites Olean	 	 	 	 	 	 	 	 
	11.05	 	11.05	 	Hampton Inn & Suites East Aurora	 	 	 	 	 	 	 	 
	11.06	 	11.06	 	Fairfield Inn & Suites Binghamton	 	 	 	 	 	 	 	 
	11.07	 	11.07	 	Fairfield Inn & Suites Rochester South	 	 	 	 	 	 	 	 
	11.08	 	11.08	 	Fairfield Inn & Suites Albany	 	 	 	 	 	 	 	 
	11.09	 	11.09	 	Fairfield Inn & Suites Corning	 	 	 	 	 	 	 	 
	11.1	 	11.1	 	Fairfield Inn & Suites Rochester West/Greece	 	 	 	 	 	 	 	 
	12	(8)	12	CREFI	Pleasant Prairie Premium Outlets	0	0	0	0	0	0	0	0
	13	(9)	13	Barclays Bank PLC	Lakeside Shopping Center	0	0	0	0	0	0	0	0
	14	 	14	Barclays Bank PLC	440 Mamaroneck Avenue	24,912	2,750,000	0	0	156,178	0	0	0
	15	 	15	SMF V	Mesa Grand Shopping Center	14,383	517,786	0	0	0	0	0	0
	16	(10)	16	Barclays Bank PLC	Long Island Prime Portfolio - Uniondale	199,244	0	0	0	0	55,603	0	0
	16.01	 	16.01	 	RXR Plaza	 	 	 	 	 	 	 	 
	16.02	 	16.02	 	Omni 	 	 	 	 	 	 	 	 
	17	 	17	CREFI	Mars Petcare Storage & Distribution Center	0	0	0	0	0	0	0	0
	18	 	18	PCC	Bradley Business Center 	19,570	704,505	0	0	0	0	0	0
	19	 	19	PCC	3901 North First Street	0	0	0	0	0	0	0	0
	20	 	20	CREFI	Canyon Portal	3,603	75,000	0	0	42,750	0	0	0
	21	(11)	21	PCC	Scripps Center	0	1,620,000	0	0	0	0	0	0
	22	 	22	PCC	Victoria Park Shoppes	3,960	0	0	0	0	0	0	0
	23	 	23	PCC	1450 Veterans	0	0	0	0	0	0	0	0
	24	 	24	PCC	Westerre I and II	6,803	400,000	0	0	0	0	0	0
	25	(12)	25	Barclays Bank PLC	Atlanta and Anchorage Hotel Portfolio	0	0	0	0	0	0	0	0
	25.01	 	25.01	 	Hilton Anchorage	 	 	 	 	 	 	 	 
	25.02	 	25.02	 	Renaissance Concourse Atlanta Airport Hotel	 	 	 	 	 	 	 	 
	26	 	26	PCC	The Falls at Snake River Landing	0	0	0	0	0	0	0	0
	27	(13)	27	Barclays Bank PLC	245 Park Avenue	0	0	0	0	0	0	0	0
	28	 	28	PCC	888 Tennessee	0	0	0	0	0	0	0	0
	29	 	29	PCC	Low Country Village	3,500	175,000	0	0	0	0	0	0
	30	 	30	SMF V	215 & Town Center	0	275,000	0	0	0	0	0	0
	31	 	31	PCC	Ocean City Shopping Center	4,600	165,608	0	0	0	0	0	0
	32	 	32	SMF V	Pangea 17	0	0	0	0	0	0	0	0
	32.01	 	32.01	 	1807 South Saint Louis Avenue	 	 	 	 	 	 	 	 
	32.02	 	32.02	 	1145 North Austin Boulevard	 	 	 	 	 	 	 	 
	32.03	 	32.03	 	136 East 155th Street	 	 	 	 	 	 	 	 
	32.04	 	32.04	 	1501 East 68th Street	 	 	 	 	 	 	 	 
	32.05	 	32.05	 	7300 South Yates Boulevard	 	 	 	 	 	 	 	 
	32.06	 	32.06	 	14123 South Tracy Avenue	 	 	 	 	 	 	 	 
	32.07	 	32.07	 	7925 South Phillips Avenue	 	 	 	 	 	 	 	 
	32.08	 	32.08	 	8000 South Ellis Avenue	 	 	 	 	 	 	 	 
	32.09	 	32.09	 	13256 South Prairie Avenue	 	 	 	 	 	 	 	 
	32.1	 	32.1	 	8101 South Justine Street	 	 	 	 	 	 	 	 
	32.11	 	32.11	 	7135 South Blackstone Avenue	 	 	 	 	 	 	 	 
	32.12	 	32.12	 	320 North Mason Avenue	 	 	 	 	 	 	 	 
	32.13	 	32.13	 	410 East 107th Street	 	 	 	 	 	 	 	 
	32.14	 	32.14	 	1257 South Christiana Avenue	 	 	 	 	 	 	 	 
	32.15	 	32.15	 	10933 South Vernon Avenue	 	 	 	 	 	 	 	 
	32.16	 	32.16	 	8040 South Vernon Avenue	 	 	 	 	 	 	 	 
	32.17	 	32.17	 	12000 South Eggleston Avenue	 	 	 	 	 	 	 	 
	32.18	 	32.18	 	2041 East 75th Street	 	 	 	 	 	 	 	 
	32.19	 	32.19	 	219 East 68th Street	 	 	 	 	 	 	 	 
	32.2	 	32.2	 	8751 South Cottage Grove Avenue	 	 	 	 	 	 	 	 
	32.21	 	32.21	 	7159 South Wabash Avenue	 	 	 	 	 	 	 	 
	33	 	33	SMF V	Tampa Bay Industrial	12,559	450,000	0	0	609,166	0	0	0
	33.01	 	33.01	 	Bay Tec Center	 	 	 	 	 	 	 	 
	33.02	 	33.02	 	Airport Corporate Center	 	 	 	 	 	 	 	 
	34	 	34	PCC	Springhill Suites Denton	0	0	0	0	0	0	0	0
	35	 	35	CREFI	The Oaks at Palomar	6,397	0	0	0	97,078	0	0	0
	36	 	36	CREFI	Royal Oaks Shopping Center	7,481	150,000	0	0	0	0	0	0
	37	 	37	Barclays Bank PLC	Foothills Health Center	6,664	0	0	0	0	0	0	0
	38	 	38	Barclays Bank PLC	Lindbergh Plaza	6,520	75,000	0	0	0	0	0	0
	39	 	39	PCC	Fox Run Apartments	0	0	0	0	68,063	0	0	0
	40	 	40	SMF V	117 East Washington	4,167	375,000	0	0	0	0	0	0
	41	 	41	CREFI	Bryan Woods Apartments	0	0	23,732	0	34,126	0	0	0
	42	 	42	SMF V	American Mini Storage - Converse	0	0	0	0	16,875	0	0	0
	43	 	43	CREFI	The Shops at Fayette Crossing	2,583	93,000	0	0	0	0	0	0
	44	 	44	SMF V	Hampton Inn Richland	0	0	0	0	0	0	0	0
	45	 	45	Barclays Bank PLC	Ohio Retail Portfolio - Discount Drug Mart Plaza	7,653	0	0	0	40,239	0	0	0
	45.01	 	45.01	 	Parma Heights Plaza	 	 	 	 	 	 	 	 
	45.02	 	45.02	 	Upper Sandusky Plaza	 	 	 	 	 	 	 	 
	46	 	46	SMF V	Kohls White Lake	0	0	0	0	0	0	0	0
	47	 	47	SMF V	Las Brisas Apartments	0	0	0	0	256,250	0	0	0
	48	 	48	SMF V	Mountain Cactus Ranch	0	0	0	0	0	0	0	0
	49	 	49	CREFI	Walgreens Columbia, SC	0	0	0	0	0	0	0	0
	50	 	50	Barclays Bank PLC	1000 South Sherman Street	7,984	500,000	0	0	0	0	0	0
	51	 	51	CREFI	StorQuest Corona	0	0	0	0	0	0	0	0
	52	 	52	CREFI	St. Petersburg MHC Portfolio	0	0	0	0	0	0	0	0
	52.01	 	52.01	 	Westgate Manor MHC	 	 	 	 	 	 	 	 
	52.02	 	52.02	 	Villa Plumosa MHC	 	 	 	 	 	 	 	 
	53	 	53	CREFI	CSS Rohnert Park	0	0	0	0	0	0	0	0



 



     


     


    

 


CGCMT 2017-P8 Supplemental Servicer
Schedule



	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	Grace	Grace	 	 	 
	 	 	 	 	 	Upfront	Ongoing	Other Reserve	Period-	Period-	Environmental	O&M	Cash
	Control
    Number	Footnotes	Loan
    Number	Mortgage
Loan Seller	Property Name	 Other Reserve ($)	 Other Reserve ($)	Description	Default	Late Fee	Insurance Required	In Place	Management
	1	(1)	1	Barclays Bank PLC	225 & 233 Park Avenue South	26,393,540	0	TI/LC/Tenant Concessions Reserve ($14,864,252); Remaining Base Costs & Fees Reserve ($11,529,288)	0	0	No	Yes	Springing
	2	(2)	2	CGMRC	General Motors Building	0	0	 	0	0	No	Yes	Springing
	3	(3)	3	SMF V	9-19 9th Avenue	0	0	 	0	0	No	No	In Place
	4	(4)	4	CREFI	Corporate Woods Portfolio	1,481,165	0	Unfunded Obligations Reserve	0	0	No	Yes	Springing
	4.01	 	4.01	 	Corporate Woods - Building 82	 	 	 	 	 	No	Yes	 
	4.02	 	4.02	 	Corporate Woods - Building 40	 	 	 	 	 	No	Yes	 
	4.03	 	4.03	 	Corporate Woods - Building 84	 	 	 	 	 	No	Yes	 
	4.04	 	4.04	 	Corporate Woods - Building 32	 	 	 	 	 	No	Yes	 
	4.05	 	4.05	 	Corporate Woods - Building 34	 	 	 	 	 	No	Yes	 
	4.06	 	4.06	 	Corporate Woods - Building 14	 	 	 	 	 	No	Yes	 
	4.07	 	4.07	 	Corporate Woods - Building 70	 	 	 	 	 	No	Yes	 
	4.08	 	4.08	 	Corporate Woods - Building 9	 	 	 	 	 	No	Yes	 
	4.09	 	4.09	 	Corporate Woods - Building 6	 	 	 	 	 	No	Yes	 
	4.1	 	4.1	 	Corporate Woods - Building 12	 	 	 	 	 	No	Yes	 
	4.11	 	4.11	 	Corporate Woods - Building 27	 	 	 	 	 	No	Yes	 
	4.12	 	4.12	 	Corporate Woods - Building 51	 	 	 	 	 	No	Yes	 
	4.13	 	4.13	 	Corporate Woods - Building 55	 	 	 	 	 	No	Yes	 
	4.14	 	4.14	 	Corporate Woods - Building 65	 	 	 	 	 	No	Yes	 
	4.15	 	4.15	 	Corporate Woods - Building 3	 	 	 	 	 	No	Yes	 
	4.16	 	4.16	 	Corporate Woods - Building 75	 	 	 	 	 	No	Yes	 
	5	 	5	CREFI	Bank of America Plaza	539,519	0	Horizon TI/LC Reserve ($286,719); Free Rent Reserve ($252,800)	0	0	No	Yes	Springing
	6	(5)	6	CREFI, Barclays Bank PLC	Mall of Louisiana	0	0	 	0	0	No	No	Springing
	7	 	7	PCC	The Grove at Shrewsbury	0	0	 	0	5	No	No	Springing
	8	(6)	8	Barclays Bank PLC; SMF V	Starwood Capital Group Hotel Portfolio	12,268,991	0	Larkspur Landing Capital Work/FF&E Reserve (Upfront: 6,385,000); Capital Work Reserve (Upfront: 5,883,991)	0	0	Various	Various	Springing
	8.01	 	8.01	 	Larkspur Landing Sunnyvale	 	 	 	 	 	No	No	 
	8.02	 	8.02	 	Larkspur Landing Milpitas	 	 	 	 	 	No	No	 
	8.03	 	8.03	 	Larkspur Landing Campbell	 	 	 	 	 	No	No	 
	8.04	 	8.04	 	Larkspur Landing San Francisco	 	 	 	 	 	No	No	 
	8.05	 	8.05	 	Larkspur Landing Pleasanton	 	 	 	 	 	No	No	 
	8.06	 	8.06	 	Larkspur Landing Bellevue	 	 	 	 	 	No	No	 
	8.07	 	8.07	 	Larkspur Landing Sacramento	 	 	 	 	 	No	No	 
	8.08	 	8.08	 	Hampton Inn Ann Arbor North	 	 	 	 	 	No	No	 
	8.09	 	8.09	 	Larkspur Landing Hillsboro	 	 	 	 	 	No	No	 
	8.1	 	8.1	 	Larkspur Landing Renton	 	 	 	 	 	No	No	 
	8.11	 	8.11	 	Holiday Inn Arlington Northeast Rangers Ballpark	 	 	 	 	 	No	No	 
	8.12	 	8.12	 	Residence Inn Toledo Maumee	 	 	 	 	 	No	No	 
	8.13	 	8.13	 	Residence Inn Williamsburg	 	 	 	 	 	No	No	 
	8.14	 	8.14	 	Hampton Inn Suites Waco South	 	 	 	 	 	No	No	 
	8.15	 	8.15	 	Holiday Inn Louisville Airport Fair Expo	 	 	 	 	 	No	No	 
	8.16	 	8.16	 	Courtyard Tyler	 	 	 	 	 	No	No	 
	8.17	 	8.17	 	Hilton Garden Inn Edison Raritan Center	 	 	 	 	 	No	No	 
	8.18	 	8.18	 	Hilton Garden Inn St Paul Oakdale	 	 	 	 	 	No	No	 
	8.19	 	8.19	 	Residence Inn Grand Rapids West	 	 	 	 	 	No	No	 
	8.2	 	8.2	 	Peoria, AZ Residence Inn	 	 	 	 	 	No	No	 
	8.21	 	8.21	 	Hampton Inn Suites Bloomington Normal	 	 	 	 	 	No	No	 
	8.22	 	8.22	 	Courtyard Chico	 	 	 	 	 	No	No	 
	8.23	 	8.23	 	Hampton Inn Suites Kokomo	 	 	 	 	 	No	No	 
	8.24	 	8.24	 	Hampton Inn Suites South Bend	 	 	 	 	 	No	No	 
	8.25	 	8.25	 	Courtyard Wichita Falls	 	 	 	 	 	No	No	 
	8.26	 	8.26	 	Hampton Inn Morehead	 	 	 	 	 	Yes	No	 
	8.27	 	8.27	 	Residence Inn Chico	 	 	 	 	 	No	No	 
	8.28	 	8.28	 	Courtyard Lufkin	 	 	 	 	 	No	No	 
	8.29	 	8.29	 	Hampton Inn Carlisle	 	 	 	 	 	Yes	No	 
	8.3	 	8.3	 	Springhill Suites Williamsburg	 	 	 	 	 	No	No	 
	8.31	 	8.31	 	Fairfield Inn Bloomington	 	 	 	 	 	No	No	 
	8.32	 	8.32	 	Waco Residence Inn	 	 	 	 	 	No	No	 
	8.33	 	8.33	 	Holiday Inn Express Fishers	 	 	 	 	 	No	No	 
	8.34	 	8.34	 	Larkspur Landing Folsom	 	 	 	 	 	No	No	 
	8.35	 	8.35	 	Springhill Suites Chicago Naperville Warrenville	 	 	 	 	 	No	No	 
	8.36	 	8.36	 	Holiday Inn Express & Suites Paris	 	 	 	 	 	No	No	 
	8.37	 	8.37	 	Toledo Homewood Suites	 	 	 	 	 	No	No	 
	8.38	 	8.38	 	Grand Rapids Homewood Suites	 	 	 	 	 	No	No	 
	8.39	 	8.39	 	Cheyenne Fairfield Inn and Suites	 	 	 	 	 	No	No	 
	8.4	 	8.4	 	Fairfield Inn Laurel	 	 	 	 	 	No	Yes	 
	8.41	 	8.41	 	Courtyard Akron Stow	 	 	 	 	 	No	No	 
	8.42	 	8.42	 	Larkspur Landing Roseville	 	 	 	 	 	No	No	 
	8.43	 	8.43	 	Towneplace Suites Bloomington	 	 	 	 	 	No	No	 
	8.44	 	8.44	 	Hampton Inn Danville	 	 	 	 	 	No	No	 
	8.45	 	8.45	 	Holiday Inn Norwich	 	 	 	 	 	No	Yes	 
	8.46	 	8.46	 	Hampton Inn Suites Longview North	 	 	 	 	 	No	No	 
	8.47	 	8.47	 	Springhill Suites Peoria Westlake	 	 	 	 	 	No	No	 
	8.48	 	8.48	 	Hampton Inn Suites Buda	 	 	 	 	 	No	No	 
	8.49	 	8.49	 	Shawnee Hampton Inn	 	 	 	 	 	No	No	 
	8.5	 	8.5	 	Racine Fairfield Inn	 	 	 	 	 	No	No	 
	8.51	 	8.51	 	Hampton Inn Selinsgrove Shamokin Dam	 	 	 	 	 	No	No	 
	8.52	 	8.52	 	Holiday Inn Express & Suites Terrell	 	 	 	 	 	No	No	 
	8.53	 	8.53	 	Westchase Homewood Suites	 	 	 	 	 	No	No	 
	8.54	 	8.54	 	Holiday Inn Express & Suites Tyler South	 	 	 	 	 	No	No	 
	8.55	 	8.55	 	Holiday Inn Express & Suites Huntsville	 	 	 	 	 	No	No	 
	8.56	 	8.56	 	Hampton Inn Sweetwater	 	 	 	 	 	No	No	 
	8.57	 	8.57	 	Comfort Suites Buda Austin South	 	 	 	 	 	No	No	 
	8.58	 	8.58	 	Fairfield Inn & Suites Weatherford	 	 	 	 	 	No	No	 
	8.59	 	8.59	 	Holiday Inn Express & Suites Altus	 	 	 	 	 	No	No	 
	8.6	 	8.6	 	Comfort Inn & Suites Paris	 	 	 	 	 	No	No	 
	8.61	 	8.61	 	Hampton Inn Suites Decatur	 	 	 	 	 	No	No	 
	8.62	 	8.62	 	Holiday Inn Express & Suites Texarkana East	 	 	 	 	 	No	No	 
	8.63	 	8.63	 	Mankato Fairfield Inn	 	 	 	 	 	No	No	 
	8.64	 	8.64	 	Candlewood Suites Texarkana	 	 	 	 	 	No	No	 
	8.65	 	8.65	 	Country Inn & Suites Houston Intercontinental Airport East	 	 	 	 	 	No	No	 
	9	 	9	SMF V	Grant Building	489,983	0	Huntington Bank Outstanding TI Reserve ($262,500); Balzarini & Watson Prepaid Rent Reserve ($227,483)	0	0	No	Yes	Springing
	10	 	10	CREFI	Ann Arbor Mixed Use Portfolio	149,224	0	Unfunded Obligations Reserve ($129,969); CAM Reserve ($19,255)	0	0	No	Yes	Springing
	10.01	 	10.01	 	McKinley Towne Centre	 	 	 	 	 	No	Yes	 
	10.02	 	10.02	 	Liberty Square	 	 	 	 	 	No	Yes	 
	11	(7)	11	SMF V	Visions Hotel Portfolio	31,475	0	Ground Rent Reserve	0	0	No	No	Springing
	11.01	 	11.01	 	Holiday Inn Express & Suites Buffalo	 	 	 	 	 	No	No	 
	11.02	 	11.02	 	Hampton Inn Potsdam	 	 	 	 	 	No	No	 
	11.03	 	11.03	 	Hampton Inn & Suites Utica	 	 	 	 	 	No	No	 
	11.04	 	11.04	 	Fairfield Inn & Suites Olean	 	 	 	 	 	No	No	 
	11.05	 	11.05	 	Hampton Inn & Suites East Aurora	 	 	 	 	 	No	No	 
	11.06	 	11.06	 	Fairfield Inn & Suites Binghamton	 	 	 	 	 	No	No	 
	11.07	 	11.07	 	Fairfield Inn & Suites Rochester South	 	 	 	 	 	No	No	 
	11.08	 	11.08	 	Fairfield Inn & Suites Albany	 	 	 	 	 	No	No	 
	11.09	 	11.09	 	Fairfield Inn & Suites Corning	 	 	 	 	 	No	No	 
	11.1	 	11.1	 	Fairfield Inn & Suites Rochester West/Greece	 	 	 	 	 	No	No	 
	12	(8)	12	CREFI	Pleasant Prairie Premium Outlets	0	0	 	0	0	No	Yes	Springing
	13	(9)	13	Barclays Bank PLC	Lakeside Shopping Center	8,820,522	0	Outstanding TI/LC Reserve ($7,606,095); Rent Concession Reserve ($1,214,427)	5	5	No	Yes	Springing
	14	 	14	Barclays Bank PLC	440 Mamaroneck Avenue	840,048	0	Transamerica Rent Reserve ($790,213); Weissman Rent Reserve ($49,835)	0	0	No	Yes	Springing
	15	 	15	SMF V	Mesa Grand Shopping Center	0	36,445	Interest Only Funds	0	0	No	Yes	In Place
	16	(10)	16	Barclays Bank PLC	Long Island Prime Portfolio - Uniondale	11,709,151	0	Unfunded Obligations ($11,598,911); Ground Rent ($110,240)	0	0	Yes	No	Springing
	16.01	 	16.01	 	RXR Plaza	 	 	 	 	 	Yes	No	 
	16.02	 	16.02	 	Omni 	 	 	 	 	 	Yes	No	 
	17	 	17	CREFI	Mars Petcare Storage & Distribution Center	0	0	 	0	0	No	Yes	Springing
	18	 	18	PCC	Bradley Business Center 	520,012	0	TI Holdback: ($81,025); Rent Escrow: ($160,746); LC Holdback: ($28,241); Permit Holdback: ($250,000)	0	5	No	Yes	Springing
	19	 	19	PCC	3901 North First Street	948,006	0	CAS Free Rent Period	5	0	Yes	No	Springing
	20	 	20	CREFI	Canyon Portal	83,965	0	Ground Rent Reserve	0	0	No	Yes	Springing
	21	(11)	21	PCC	Scripps Center	1,633,783	0	Outstanding TI/LC: ($1,292,241); Outstanding Free Rent: $341,542	0	5	No	No	Springing
	22	 	22	PCC	Victoria Park Shoppes	56,909	0	TI Holdback: ($30,463); Rent Escrow: ($26,446)	4	5	No	No	Springing
	23	 	23	PCC	1450 Veterans	0	0	 	0	5	No	No	Springing
	24	 	24	PCC	Westerre I and II	691,284	0	Outstanding TI/LC Escrow ($617,793); Free Rent Reserve($73,491)	0	5	No	No	Springing
	25	(12)	25	Barclays Bank PLC	Atlanta and Anchorage Hotel Portfolio	5,089,582	0	Atlanta PIP Reserve ($2,500,000); Anchorage PIP Reserve ($2,500,000); Ground Rent Reserve ($89,582)	0	0	No	Various	Springing
	25.01	 	25.01	 	Hilton Anchorage	 	 	 	 	 	No	Yes	 
	25.02	 	25.02	 	Renaissance Concourse Atlanta Airport Hotel	 	 	 	 	 	No	No	 
	26	 	26	PCC	The Falls at Snake River Landing	0	0	 	0	5	No	No	Springing
	27	(13)	27	Barclays Bank PLC	245 Park Avenue	11,431,608	0	Outstanding Rollover Reserve ($10,298,441); Free Rent Reserve ($1,133,167)	0	0	No	Yes	Springing
	28	 	28	PCC	888 Tennessee	0	0	 	0	5	No	Yes	Springing
	29	 	29	PCC	Low Country Village	500,000	0	Anchor Tenant TI/LC Reserve	0	5	No	No	Springing
	30	 	30	SMF V	215 & Town Center	742,785	0	Outstanding Tis ($383,873); Free Rent Reserve ($358,912)	0	0	No	No	Springing
	31	 	31	PCC	Ocean City Shopping Center	45,670	20,833	TI Holdback: ($22,730); Rent Escrow: ($8,250); LC Holdback: ($14,690); Ongoing Other Anchor TI & LC ($20,833)	4	5	No	Yes	Springing
	32	 	32	SMF V	Pangea 17	0	0	 	0	0	No	Yes	None
	32.01	 	32.01	 	1807 South Saint Louis Avenue	 	 	 	 	 	No	 	 
	32.02	 	32.02	 	1145 North Austin Boulevard	 	 	 	 	 	No	 	 
	32.03	 	32.03	 	136 East 155th Street	 	 	 	 	 	No	 	 
	32.04	 	32.04	 	1501 East 68th Street	 	 	 	 	 	No	 	 
	32.05	 	32.05	 	7300 South Yates Boulevard	 	 	 	 	 	No	 	 
	32.06	 	32.06	 	14123 South Tracy Avenue	 	 	 	 	 	No	 	 
	32.07	 	32.07	 	7925 South Phillips Avenue	 	 	 	 	 	No	 	 
	32.08	 	32.08	 	8000 South Ellis Avenue	 	 	 	 	 	No	 	 
	32.09	 	32.09	 	13256 South Prairie Avenue	 	 	 	 	 	No	 	 
	32.1	 	32.1	 	8101 South Justine Street	 	 	 	 	 	No	 	 
	32.11	 	32.11	 	7135 South Blackstone Avenue	 	 	 	 	 	No	 	 
	32.12	 	32.12	 	320 North Mason Avenue	 	 	 	 	 	No	 	 
	32.13	 	32.13	 	410 East 107th Street	 	 	 	 	 	No	 	 
	32.14	 	32.14	 	1257 South Christiana Avenue	 	 	 	 	 	No	 	 
	32.15	 	32.15	 	10933 South Vernon Avenue	 	 	 	 	 	No	 	 
	32.16	 	32.16	 	8040 South Vernon Avenue	 	 	 	 	 	No	 	 
	32.17	 	32.17	 	12000 South Eggleston Avenue	 	 	 	 	 	No	 	 
	32.18	 	32.18	 	2041 East 75th Street	 	 	 	 	 	No	 	 
	32.19	 	32.19	 	219 East 68th Street	 	 	 	 	 	No	 	 
	32.2	 	32.2	 	8751 South Cottage Grove Avenue	 	 	 	 	 	No	 	 
	32.21	 	32.21	 	7159 South Wabash Avenue	 	 	 	 	 	No	 	 
	33	 	33	SMF V	Tampa Bay Industrial	0	0	 	0	0	No	No	Springing
	33.01	 	33.01	 	Bay Tec Center	 	 	 	 	 	No	 	 
	33.02	 	33.02	 	Airport Corporate Center	 	 	 	 	 	No	 	 
	34	 	34	PCC	Springhill Suites Denton	0	0	 	0	5	No	No	Springing
	35	 	35	CREFI	The Oaks at Palomar	59,254	0	Rent Credit Reserve ($46,500); Laurelwood TI Reserve ($12,754)	0	0	No	Yes	Springing
	36	 	36	CREFI	Royal Oaks Shopping Center	31,424	0	Unfunded Tenant Obligations Reserve	0	0	No	Yes	Springing
	37	 	37	Barclays Bank PLC	Foothills Health Center	33,743	0	Free Rent Reserve Fund	0	0	No	No	Springing
	38	 	38	Barclays Bank PLC	Lindbergh Plaza	0	0	 	0	0	No	Yes	Springing
	39	 	39	PCC	Fox Run Apartments	201,600	0	Breaker Panel Replacement	0	5	No	Yes	Springing
	40	 	40	SMF V	117 East Washington	0	0	 	0	0	Yes	No	In Place
	41	 	41	CREFI	Bryan Woods Apartments	0	0	 	0	0	No	Yes	Springing
	42	 	42	SMF V	American Mini Storage - Converse	0	0	 	0	0	No	No	None
	43	 	43	CREFI	The Shops at Fayette Crossing	128,584	0	Unfunded Obligations Reserve ($110,775); Free Rent Reserve ($17,809)	0	0	No	No	Springing
	44	 	44	SMF V	Hampton Inn Richland	0	0	 	0	0	No	No	Springing
	45	 	45	Barclays Bank PLC	Ohio Retail Portfolio - Discount Drug Mart Plaza	7,145	0	Rent Abatement Reserve Fund	0	0	No	No	Springing
	45.01	 	45.01	 	Parma Heights Plaza	 	 	 	 	 	No	No	 
	45.02	 	45.02	 	Upper Sandusky Plaza	 	 	 	 	 	No	No	 
	46	 	46	SMF V	Kohls White Lake	0	0	 	0	0	No	No	Springing
	47	 	47	SMF V	Las Brisas Apartments	0	0	 	0	0	No	Yes	Springing
	48	 	48	SMF V	Mountain Cactus Ranch	0	0	 	0	0	No	No	Springing
	49	 	49	CREFI	Walgreens Columbia, SC	0	0	 	0	0	No	No	Springing
	50	 	50	Barclays Bank PLC	1000 South Sherman Street	0	0	 	0	0	No	Yes	Springing
	51	 	51	CREFI	StorQuest Corona	0	0	 	0	0	No	Yes	Springing
	52	 	52	CREFI	St. Petersburg MHC Portfolio	0	0	 	0	0	No	Various	Springing
	52.01	 	52.01	 	Westgate Manor MHC	 	 	 	 	 	No	Yes	 
	52.02	 	52.02	 	Villa Plumosa MHC	 	 	 	 	 	No	No	 
	53	 	53	CREFI	CSS Rohnert Park	0	0	 	0	0	No	No	Springing



 



     


     


    

 


CGCMT 2017-P8 Supplemental Servicer
Schedule



	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	Monthly	Interest	 	 	 
	 	 	 	 	 	 	Units, Pads,	Unit	Debt	Accrual	Administrative	Ground	 
	Control
Number	Footnotes	Loan
Number	Mortgage
Loan Seller	Property Name	Lockbox	Rooms, Sq Ft	Description	Service ($)	Method	Fee Rate (%)	Lease Y/N	Prepayment Provision
	1	(1)	1	Barclays Bank PLC	225 & 233 Park Avenue South	Hard	675,756	SF	185,105.69	Actual/360	0.0115%	No	Lockout/27_Defeasance/88_0%/5
	2	(2)	2	CGMRC	General Motors Building	Hard	1,989,983	SF	159,971.39	Actual/360	0.0103%	No	Lockout/27_Defeasance/86_0%/7
	3	(3)	3	SMF V	9-19 9th Avenue	Hard	61,038	SF	191,967.19	Actual/360	0.0131%	No	Lockout/25_Defeasance/91_0%/4
	4	(4)	4	CREFI	Corporate Woods Portfolio	Hard	2,033,179	SF	251,859.38	Actual/360	0.0131%	No	Lockout/24_Defeasance/90_0%/6
	4.01	 	4.01	 	Corporate Woods - Building 82	 	245,413	SF	 	 	 	No	 
	4.02	 	4.02	 	Corporate Woods - Building 40	 	300,043	SF	 	 	 	No	 
	4.03	 	4.03	 	Corporate Woods - Building 84	 	241,573	SF	 	 	 	No	 
	4.04	 	4.04	 	Corporate Woods - Building 32	 	208,244	SF	 	 	 	No	 
	4.05	 	4.05	 	Corporate Woods - Building 34	 	97,023	SF	 	 	 	No	 
	4.06	 	4.06	 	Corporate Woods - Building 14	 	120,385	SF	 	 	 	No	 
	4.07	 	4.07	 	Corporate Woods - Building 70	 	100,809	SF	 	 	 	No	 
	4.08	 	4.08	 	Corporate Woods - Building 9	 	99,400	SF	 	 	 	No	 
	4.09	 	4.09	 	Corporate Woods - Building 6	 	108,395	SF	 	 	 	No	 
	4.1	 	4.1	 	Corporate Woods - Building 12	 	98,648	SF	 	 	 	No	 
	4.11	 	4.11	 	Corporate Woods - Building 27	 	96,518	SF	 	 	 	No	 
	4.12	 	4.12	 	Corporate Woods - Building 51	 	89,789	SF	 	 	 	No	 
	4.13	 	4.13	 	Corporate Woods - Building 55	 	89,221	SF	 	 	 	No	 
	4.14	 	4.14	 	Corporate Woods - Building 65	 	28,612	SF	 	 	 	No	 
	4.15	 	4.15	 	Corporate Woods - Building 3	 	60,950	SF	 	 	 	No	 
	4.16	 	4.16	 	Corporate Woods - Building 75	 	48,156	SF	 	 	 	No	 
	5	 	5	CREFI	Bank of America Plaza	Hard	438,996	SF	228,750.56	Actual/360	0.0131%	No	Lockout/24_Defeasance/55_0%/5
	6	(5)	6	CREFI, Barclays Bank PLC	Mall of Louisiana	Hard	776,789	SF	223,951.87	Actual/360	0.0115%	No	Lockout/25_Defeasance/91_0%/4
	7	 	7	PCC	The Grove at Shrewsbury	Hard	147,878	SF	138,879.12	Actual/360	0.0306%	No 	Lockout/24_Defeasance/92_0%/4
	8	(6)	8	Barclays Bank PLC; SMF V	Starwood Capital Group Hotel Portfolio	Soft Springing	6,366	Rooms	158,498.97	Actual/360	0.0115%	Various	Lockout/12_YM1%/105_0%/3
	8.01	 	8.01	 	Larkspur Landing Sunnyvale	 	126	Rooms	 	 	 	No	 
	8.02	 	8.02	 	Larkspur Landing Milpitas	 	124	Rooms	 	 	 	No	 
	8.03	 	8.03	 	Larkspur Landing Campbell	 	117	Rooms	 	 	 	No	 
	8.04	 	8.04	 	Larkspur Landing San Francisco	 	111	Rooms	 	 	 	No	 
	8.05	 	8.05	 	Larkspur Landing Pleasanton	 	124	Rooms	 	 	 	No	 
	8.06	 	8.06	 	Larkspur Landing Bellevue	 	126	Rooms	 	 	 	No	 
	8.07	 	8.07	 	Larkspur Landing Sacramento	 	124	Rooms	 	 	 	No	 
	8.08	 	8.08	 	Hampton Inn Ann Arbor North	 	129	Rooms	 	 	 	No	 
	8.09	 	8.09	 	Larkspur Landing Hillsboro	 	124	Rooms	 	 	 	No	 
	8.1	 	8.1	 	Larkspur Landing Renton	 	127	Rooms	 	 	 	No	 
	8.11	 	8.11	 	Holiday Inn Arlington Northeast Rangers Ballpark	 	147	Rooms	 	 	 	No	 
	8.12	 	8.12	 	Residence Inn Toledo Maumee	 	108	Rooms	 	 	 	No	 
	8.13	 	8.13	 	Residence Inn Williamsburg	 	108	Rooms	 	 	 	No	 
	8.14	 	8.14	 	Hampton Inn Suites Waco South	 	123	Rooms	 	 	 	No	 
	8.15	 	8.15	 	Holiday Inn Louisville Airport Fair Expo	 	106	Rooms	 	 	 	No	 
	8.16	 	8.16	 	Courtyard Tyler	 	121	Rooms	 	 	 	No	 
	8.17	 	8.17	 	Hilton Garden Inn Edison Raritan Center	 	132	Rooms	 	 	 	Yes	 
	8.18	 	8.18	 	Hilton Garden Inn St Paul Oakdale	 	116	Rooms	 	 	 	No	 
	8.19	 	8.19	 	Residence Inn Grand Rapids West	 	90	Rooms	 	 	 	No	 
	8.2	 	8.2	 	Peoria, AZ Residence Inn	 	90	Rooms	 	 	 	No	 
	8.21	 	8.21	 	Hampton Inn Suites Bloomington Normal	 	128	Rooms	 	 	 	No	 
	8.22	 	8.22	 	Courtyard Chico	 	90	Rooms	 	 	 	No	 
	8.23	 	8.23	 	Hampton Inn Suites Kokomo	 	105	Rooms	 	 	 	No	 
	8.24	 	8.24	 	Hampton Inn Suites South Bend	 	117	Rooms	 	 	 	No	 
	8.25	 	8.25	 	Courtyard Wichita Falls	 	93	Rooms	 	 	 	No	 
	8.26	 	8.26	 	Hampton Inn Morehead	 	118	Rooms	 	 	 	No	 
	8.27	 	8.27	 	Residence Inn Chico	 	78	Rooms	 	 	 	No	 
	8.28	 	8.28	 	Courtyard Lufkin	 	101	Rooms	 	 	 	No	 
	8.29	 	8.29	 	Hampton Inn Carlisle	 	97	Rooms	 	 	 	No	 
	8.3	 	8.3	 	Springhill Suites Williamsburg	 	120	Rooms	 	 	 	No	 
	8.31	 	8.31	 	Fairfield Inn Bloomington	 	105	Rooms	 	 	 	No	 
	8.32	 	8.32	 	Waco Residence Inn	 	78	Rooms	 	 	 	No	 
	8.33	 	8.33	 	Holiday Inn Express Fishers	 	115	Rooms	 	 	 	No	 
	8.34	 	8.34	 	Larkspur Landing Folsom	 	84	Rooms	 	 	 	No	 
	8.35	 	8.35	 	Springhill Suites Chicago Naperville Warrenville	 	128	Rooms	 	 	 	No	 
	8.36	 	8.36	 	Holiday Inn Express & Suites Paris	 	84	Rooms	 	 	 	No	 
	8.37	 	8.37	 	Toledo Homewood Suites	 	78	Rooms	 	 	 	No	 
	8.38	 	8.38	 	Grand Rapids Homewood Suites	 	78	Rooms	 	 	 	No	 
	8.39	 	8.39	 	Cheyenne Fairfield Inn and Suites	 	60	Rooms	 	 	 	No	 
	8.4	 	8.4	 	Fairfield Inn Laurel	 	109	Rooms	 	 	 	No	 
	8.41	 	8.41	 	Courtyard Akron Stow	 	101	Rooms	 	 	 	No	 
	8.42	 	8.42	 	Larkspur Landing Roseville	 	90	Rooms	 	 	 	No	 
	8.43	 	8.43	 	Towneplace Suites Bloomington	 	83	Rooms	 	 	 	No	 
	8.44	 	8.44	 	Hampton Inn Danville	 	71	Rooms	 	 	 	No	 
	8.45	 	8.45	 	Holiday Inn Norwich	 	135	Rooms	 	 	 	No	 
	8.46	 	8.46	 	Hampton Inn Suites Longview North	 	91	Rooms	 	 	 	No	 
	8.47	 	8.47	 	Springhill Suites Peoria Westlake	 	124	Rooms	 	 	 	No	 
	8.48	 	8.48	 	Hampton Inn Suites Buda	 	74	Rooms	 	 	 	No	 
	8.49	 	8.49	 	Shawnee Hampton Inn	 	63	Rooms	 	 	 	No	 
	8.5	 	8.5	 	Racine Fairfield Inn	 	62	Rooms	 	 	 	No	 
	8.51	 	8.51	 	Hampton Inn Selinsgrove Shamokin Dam	 	75	Rooms	 	 	 	No	 
	8.52	 	8.52	 	Holiday Inn Express & Suites Terrell	 	68	Rooms	 	 	 	No	 
	8.53	 	8.53	 	Westchase Homewood Suites	 	96	Rooms	 	 	 	No	 
	8.54	 	8.54	 	Holiday Inn Express & Suites Tyler South	 	88	Rooms	 	 	 	No	 
	8.55	 	8.55	 	Holiday Inn Express & Suites Huntsville	 	87	Rooms	 	 	 	No	 
	8.56	 	8.56	 	Hampton Inn Sweetwater	 	72	Rooms	 	 	 	No	 
	8.57	 	8.57	 	Comfort Suites Buda Austin South	 	72	Rooms	 	 	 	No	 
	8.58	 	8.58	 	Fairfield Inn & Suites Weatherford	 	86	Rooms	 	 	 	No	 
	8.59	 	8.59	 	Holiday Inn Express & Suites Altus	 	68	Rooms	 	 	 	No	 
	8.6	 	8.6	 	Comfort Inn & Suites Paris	 	56	Rooms	 	 	 	No	 
	8.61	 	8.61	 	Hampton Inn Suites Decatur	 	74	Rooms	 	 	 	No	 
	8.62	 	8.62	 	Holiday Inn Express & Suites Texarkana East	 	88	Rooms	 	 	 	No	 
	8.63	 	8.63	 	Mankato Fairfield Inn	 	61	Rooms	 	 	 	No	 
	8.64	 	8.64	 	Candlewood Suites Texarkana	 	80	Rooms	 	 	 	No	 
	8.65	 	8.65	 	Country Inn & Suites Houston Intercontinental Airport East	 	62	Rooms	 	 	 	No	 
	9	 	9	SMF V	Grant Building	Hard	461,006	SF	197,082.37	Actual/360	0.0431%	No	Lockout/25_Defeasance/91_0%/4
	10	 	10	CREFI	Ann Arbor Mixed Use Portfolio	Springing	190,205	SF	174,908.48	Actual/360	0.0131%	No	Lockout/24_Defeasance/89_0%/7
	10.01	 	10.01	 	McKinley Towne Centre	 	130,824	SF	 	 	 	No	 
	10.02	 	10.02	 	Liberty Square	 	59,381	SF	 	 	 	No	 
	11	(7)	11	SMF V	Visions Hotel Portfolio	Springing	839	Rooms	173,891.19	Actual/360	0.0131%	Various	Lockout/24_Defeasance/92_0%/4
	11.01	 	11.01	 	Holiday Inn Express & Suites Buffalo	 	146	Rooms	 	 	 	No	 
	11.02	 	11.02	 	Hampton Inn Potsdam	 	94	Rooms	 	 	 	No	 
	11.03	 	11.03	 	Hampton Inn & Suites Utica	 	83	Rooms	 	 	 	No	 
	11.04	 	11.04	 	Fairfield Inn & Suites Olean	 	76	Rooms	 	 	 	Yes	 
	11.05	 	11.05	 	Hampton Inn & Suites East Aurora	 	80	Rooms	 	 	 	No	 
	11.06	 	11.06	 	Fairfield Inn & Suites Binghamton	 	82	Rooms	 	 	 	No	 
	11.07	 	11.07	 	Fairfield Inn & Suites Rochester South	 	62	Rooms	 	 	 	No	 
	11.08	 	11.08	 	Fairfield Inn & Suites Albany	 	75	Rooms	 	 	 	No	 
	11.09	 	11.09	 	Fairfield Inn & Suites Corning	 	63	Rooms	 	 	 	No	 
	11.1	 	11.1	 	Fairfield Inn & Suites Rochester West/Greece	 	78	Rooms	 	 	 	Yes	 
	12	(8)	12	CREFI	Pleasant Prairie Premium Outlets	Hard	402,615	SF	114,763.77	Actual/360	0.0131%	No	Lockout/24_Defeasance/89_0%/7
	13	(9)	13	Barclays Bank PLC	Lakeside Shopping Center	Hard	1,211,349	SF	105,114.93	Actual/360	0.0115%	Yes	Lockout/25_Defeasance/90_0%/5
	14	 	14	Barclays Bank PLC	440 Mamaroneck Avenue	Hard	239,156	SF	176,707.70	Actual/360	0.0131%	No	Lockout/25_Defeasance/91_0%/4
	15	 	15	SMF V	Mesa Grand Shopping Center	Soft	229,766	SF	155,627.41	Actual/360	0.0431%	No	Lockout/25_Defeasance/91_0%/4
	16	(10)	16	Barclays Bank PLC	Long Island Prime Portfolio - Uniondale	Hard	1,750,761	SF	109,712.07	Actual/360	0.0165%	Yes	Lockout/27_Defeasance/86_0%/7
	16.01	 	16.01	 	RXR Plaza	 	1,085,298	SF	 	 	 	Yes	 
	16.02	 	16.02	 	Omni 	 	665,463	SF	 	 	 	Yes	 
	17	 	17	CREFI	Mars Petcare Storage & Distribution Center	Hard	465,256	SF	113,140.70	Actual/360	0.0131%	No	Lockout/24_Defeasance/92_0%/4
	18	 	18	PCC	Bradley Business Center 	Hard	313,493	SF	119,260.56	Actual/360	0.0206%	No 	Lockout/28_Defeasance/88_0%/4
	19	 	19	PCC	3901 North First Street	Hard	65,188	SF	120,037.49	Actual/360	0.0206%	No 	Lockout/26_Defeasance/90_0%/4
	20	 	20	CREFI	Canyon Portal	Soft Springing	47,511	SF	116,558.31	Actual/360	0.0431%	Yes	Lockout/24_Defeasance/93_0%/3
	21	(11)	21	PCC	Scripps Center	Hard	538,243	SF	113,571.99	Actual/360	0.0190%	No 	Lockout/31_Defeasance or YM1%/85_0%/4
	22	 	22	PCC	Victoria Park Shoppes	Springing	63,275	SF	105,174.99	Actual/360	0.0206%	No 	Lockout/26_Defeasance/90_0%/4
	23	 	23	PCC	1450 Veterans	Springing	53,000	SF	61,382.10	Actual/360	0.0506%	No 	Lockout/25_Defeasance/88_0%/7
	24	 	24	PCC	Westerre I and II	Springing	163,261	SF	86,721.76	Actual/360	0.0206%	No 	Lockout/24_YM1%/92_0%/4
	25	(12)	25	Barclays Bank PLC	Atlanta and Anchorage Hotel Portfolio	Hard	993	Rooms	106,742.72	Actual/360	0.0115%	Various	Lockout/30_Defeasance/86_0%/4
	25.01	 	25.01	 	Hilton Anchorage	 	606	Rooms	 	 	 	No	 
	25.02	 	25.02	 	Renaissance Concourse Atlanta Airport Hotel	 	387	Rooms	 	 	 	Yes	 
	26	 	26	PCC	The Falls at Snake River Landing	Springing	228	Units	52,963.02	Actual/360	0.0406%	No 	Lockout/25_YM1%/91_0%/4
	27	(13)	27	Barclays Bank PLC	245 Park Avenue	Hard	1,723,993	SF	46,504.55	Actual/360	0.0103%	No	Lockout/27_Defeasance/89_0%/4
	28	 	28	PCC	888 Tennessee	Hard	40,000	SF	49,807.29	Actual/360	0.0406%	No 	Lockout/26_Defeasance/90_0%/4
	29	 	29	PCC	Low Country Village	Springing	139,859	SF	49,310.49	Actual/360	0.0506%	No 	Lockout/26_Defeasance/90_0%/4
	30	 	30	SMF V	215 & Town Center	Springing	67,423	SF	69,040.94	Actual/360	0.0131%	No	Lockout/25_Defeasance or YM1%/90_0%/5
	31	 	31	PCC	Ocean City Shopping Center	Hard	109,513	SF	70,748.24	Actual/360	0.0506%	No 	Lockout/27_Defeasance/89_0%/4
	32	 	32	SMF V	Pangea 17	None	294	Units	48,017.78	Actual/360	0.0131%	No	Lockout/24_Defeasance/90_0%/6
	32.01	 	32.01	 	1807 South Saint Louis Avenue	 	24	Units	 	 	 	No	 
	32.02	 	32.02	 	1145 North Austin Boulevard	 	25	Units	 	 	 	No	 
	32.03	 	32.03	 	136 East 155th Street	 	27	Units	 	 	 	No	 
	32.04	 	32.04	 	1501 East 68th Street	 	18	Units	 	 	 	No	 
	32.05	 	32.05	 	7300 South Yates Boulevard	 	16	Units	 	 	 	No	 
	32.06	 	32.06	 	14123 South Tracy Avenue	 	18	Units	 	 	 	No	 
	32.07	 	32.07	 	7925 South Phillips Avenue	 	26	Units	 	 	 	No	 
	32.08	 	32.08	 	8000 South Ellis Avenue	 	18	Units	 	 	 	No	 
	32.09	 	32.09	 	13256 South Prairie Avenue	 	11	Units	 	 	 	No	 
	32.1	 	32.1	 	8101 South Justine Street	 	13	Units	 	 	 	No	 
	32.11	 	32.11	 	7135 South Blackstone Avenue	 	12	Units	 	 	 	No	 
	32.12	 	32.12	 	320 North Mason Avenue	 	12	Units	 	 	 	No	 
	32.13	 	32.13	 	410 East 107th Street	 	11	Units	 	 	 	No	 
	32.14	 	32.14	 	1257 South Christiana Avenue	 	8	Units	 	 	 	No	 
	32.15	 	32.15	 	10933 South Vernon Avenue	 	9	Units	 	 	 	No	 
	32.16	 	32.16	 	8040 South Vernon Avenue	 	6	Units	 	 	 	No	 
	32.17	 	32.17	 	12000 South Eggleston Avenue	 	10	Units	 	 	 	No	 
	32.18	 	32.18	 	2041 East 75th Street	 	10	Units	 	 	 	No	 
	32.19	 	32.19	 	219 East 68th Street	 	6	Units	 	 	 	No	 
	32.2	 	32.2	 	8751 South Cottage Grove Avenue	 	8	Units	 	 	 	No	 
	32.21	 	32.21	 	7159 South Wabash Avenue	 	6	Units	 	 	 	No	 
	33	 	33	SMF V	Tampa Bay Industrial	Springing	231,726	SF	58,493.17	Actual/360	0.0131%	No	Lockout/24_Defeasance/92_0%/4
	33.01	 	33.01	 	Bay Tec Center	 	124,186	SF	 	 	 	No	 
	33.02	 	33.02	 	Airport Corporate Center	 	107,540	SF	 	 	 	No	 
	34	 	34	PCC	Springhill Suites Denton	Springing	129	Rooms	55,847.04	Actual/360	0.0206%	No 	Lockout/24_Defeasance/92_0%/4
	35	 	35	CREFI	The Oaks at Palomar	Hard	76,767	SF	34,964.47	Actual/360	0.0131%	No	Lockout/24_Defeasance/93_0%/3
	36	 	36	CREFI	Royal Oaks Shopping Center	Hard	89,766	SF	51,443.88	Actual/360	0.0131%	No	Lockout/24_Defeasance/92_0%/4
	37	 	37	Barclays Bank PLC	Foothills Health Center	Springing	53,310	SF	47,405.51	Actual/360	0.0131%	No	Lockout/25_Defeasance/91_0%/4
	38	 	38	Barclays Bank PLC	Lindbergh Plaza	Springing	156,478	SF	46,267.17	Actual/360	0.0131%	No	Lockout/25_Defeasance/91_0%/4
	39	 	39	PCC	Fox Run Apartments	Springing	172	Units	37,380.10	Actual/360	0.0206%	No 	Lockout/28_YM1%/88_0%/4
	40	 	40	SMF V	117 East Washington	Hard	48,702	SF	34,388.95	Actual/360	0.0131%	No	Lockout/24_Defeasance/92_0%/4
	41	 	41	CREFI	Bryan Woods Apartments	Springing	160	Units	23,285.65	Actual/360	0.0131%	No	Lockout/24_YM1%/93_0%/3
	42	 	42	SMF V	American Mini Storage - Converse	None	87,620	SF	28,881.06	Actual/360	0.0131%	No	Lockout/6_YM1%/108_0%/6
	43	 	43	CREFI	The Shops at Fayette Crossing	Springing	37,954	SF	26,633.89	Actual/360	0.0131%	No	Lockout/25_Defeasance/91_0%/4
	44	 	44	SMF V	Hampton Inn Richland	Springing	78	Rooms	29,592.45	Actual/360	0.0131%	No	Lockout/27_Defeasance/89_0%/4
	45	 	45	Barclays Bank PLC	Ohio Retail Portfolio - Discount Drug Mart Plaza	Hard	69,574	SF	31,311.40	Actual/360	0.0131%	No	Lockout/24_Defeasance/92_0%/4
	45.01	 	45.01	 	Parma Heights Plaza	 	32,294	SF	 	 	 	No	 
	45.02	 	45.02	 	Upper Sandusky Plaza	 	37,280	SF	 	 	 	No	 
	46	 	46	SMF V	Kohls White Lake	Hard	88,800	SF	27,787.74	Actual/360	0.0131%	No	Lockout/26_Defeasance/89_0%/5
	47	 	47	SMF V	Las Brisas Apartments	Springing	148	Units	29,065.61	Actual/360	0.0131%	No	Lockout/26_Defeasance/90_0%/4
	48	 	48	SMF V	Mountain Cactus Ranch	Springing	217	Pads	26,203.05	Actual/360	0.0631%	No	Lockout/24_YM1%/92_0%/4
	49	 	49	CREFI	Walgreens Columbia, SC	Hard	14,820	SF	17,658.56	Actual/360	0.0131%	No	Lockout/24_Defeasance/92_0%/4
	50	 	50	Barclays Bank PLC	1000 South Sherman Street	Hard	638,682	SF	20,267.41	Actual/360	0.0131%	No	Lockout/24_Defeasance/91_0%/5
	51	 	51	CREFI	StorQuest Corona	Springing	62,813	SF	12,449.71	Actual/360	0.0131%	No	Lockout/24_Defeasance/92_0%/4
	52	 	52	CREFI	St. Petersburg MHC Portfolio	Springing	79	Pads	11,481.81	Actual/360	0.0131%	No	Lockout/24_Defeasance/93_0%/3
	52.01	 	52.01	 	Westgate Manor MHC	 	41	Pads	 	 	 	No	 
	52.02	 	52.02	 	Villa Plumosa MHC	 	38	Pads	 	 	 	No	 
	53	 	53	CREFI	CSS Rohnert Park	Springing	81,037	SF	6,760.10	Actual/360	0.0131%	No	Lockout/25_Defeasance/91_0%/4



 



     


     


    

 


CGCMT 2017-P8 Supplemental Servicer
Schedule



	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Serviced Companion Loan	Serviced Companion Loan
	Control	 	Loan	Mortgage 	 	Serviced Companion	Monthly Debt	Interest Accrual
	Number	Footnotes	Number	Loan Seller	Property Name	Loan Flag	Service ($)	Method
	1	(1)	1	Barclays Bank PLC	225 & 233 Park Avenue South	 	 	 
	2	(2)	2	CGMRC	General Motors Building	 	 	 
	3	(3)	3	SMF V	9-19 9th Avenue	Yes	$174,515.63	Actual/360
	4	(4)	4	CREFI	Corporate Woods Portfolio	Yes	$862,618.38	Actual/360
	4.01	 	4.01	 	Corporate Woods - Building 82	 	 	 
	4.02	 	4.02	 	Corporate Woods - Building 40	 	 	 
	4.03	 	4.03	 	Corporate Woods - Building 84	 	 	 
	4.04	 	4.04	 	Corporate Woods - Building 32	 	 	 
	4.05	 	4.05	 	Corporate Woods - Building 34	 	 	 
	4.06	 	4.06	 	Corporate Woods - Building 14	 	 	 
	4.07	 	4.07	 	Corporate Woods - Building 70	 	 	 
	4.08	 	4.08	 	Corporate Woods - Building 9	 	 	 
	4.09	 	4.09	 	Corporate Woods - Building 6	 	 	 
	4.1	 	4.1	 	Corporate Woods - Building 12	 	 	 
	4.11	 	4.11	 	Corporate Woods - Building 27	 	 	 
	4.12	 	4.12	 	Corporate Woods - Building 51	 	 	 
	4.13	 	4.13	 	Corporate Woods - Building 55	 	 	 
	4.14	 	4.14	 	Corporate Woods - Building 65	 	 	 
	4.15	 	4.15	 	Corporate Woods - Building 3	 	 	 
	4.16	 	4.16	 	Corporate Woods - Building 75	 	 	 
	5	 	5	CREFI	Bank of America Plaza	 	 	 
	6	(5)	6	CREFI, Barclays Bank PLC	Mall of Louisiana	 	 	 
	7	 	7	PCC	The Grove at Shrewsbury	 	 	 
	8	(6)	8	Barclays Bank PLC; SMF V	Starwood Capital Group Hotel Portfolio	 	 	 
	8.01	 	8.01	 	Larkspur Landing Sunnyvale	 	 	 
	8.02	 	8.02	 	Larkspur Landing Milpitas	 	 	 
	8.03	 	8.03	 	Larkspur Landing Campbell	 	 	 
	8.04	 	8.04	 	Larkspur Landing San Francisco	 	 	 
	8.05	 	8.05	 	Larkspur Landing Pleasanton	 	 	 
	8.06	 	8.06	 	Larkspur Landing Bellevue	 	 	 
	8.07	 	8.07	 	Larkspur Landing Sacramento	 	 	 
	8.08	 	8.08	 	Hampton Inn Ann Arbor North	 	 	 
	8.09	 	8.09	 	Larkspur Landing Hillsboro	 	 	 
	8.1	 	8.1	 	Larkspur Landing Renton	 	 	 
	8.11	 	8.11	 	Holiday Inn Arlington Northeast Rangers Ballpark	 	 	 
	8.12	 	8.12	 	Residence Inn Toledo Maumee	 	 	 
	8.13	 	8.13	 	Residence Inn Williamsburg	 	 	 
	8.14	 	8.14	 	Hampton Inn Suites Waco South	 	 	 
	8.15	 	8.15	 	Holiday Inn Louisville Airport Fair Expo	 	 	 
	8.16	 	8.16	 	Courtyard Tyler	 	 	 
	8.17	 	8.17	 	Hilton Garden Inn Edison Raritan Center	 	 	 
	8.18	 	8.18	 	Hilton Garden Inn St Paul Oakdale	 	 	 
	8.19	 	8.19	 	Residence Inn Grand Rapids West	 	 	 
	8.2	 	8.2	 	Peoria, AZ Residence Inn	 	 	 
	8.21	 	8.21	 	Hampton Inn Suites Bloomington Normal	 	 	 
	8.22	 	8.22	 	Courtyard Chico	 	 	 
	8.23	 	8.23	 	Hampton Inn Suites Kokomo	 	 	 
	8.24	 	8.24	 	Hampton Inn Suites South Bend	 	 	 
	8.25	 	8.25	 	Courtyard Wichita Falls	 	 	 
	8.26	 	8.26	 	Hampton Inn Morehead	 	 	 
	8.27	 	8.27	 	Residence Inn Chico	 	 	 
	8.28	 	8.28	 	Courtyard Lufkin	 	 	 
	8.29	 	8.29	 	Hampton Inn Carlisle	 	 	 
	8.3	 	8.3	 	Springhill Suites Williamsburg	 	 	 
	8.31	 	8.31	 	Fairfield Inn Bloomington	 	 	 
	8.32	 	8.32	 	Waco Residence Inn	 	 	 
	8.33	 	8.33	 	Holiday Inn Express Fishers	 	 	 
	8.34	 	8.34	 	Larkspur Landing Folsom	 	 	 
	8.35	 	8.35	 	Springhill Suites Chicago Naperville Warrenville	 	 	 
	8.36	 	8.36	 	Holiday Inn Express & Suites Paris	 	 	 
	8.37	 	8.37	 	Toledo Homewood Suites	 	 	 
	8.38	 	8.38	 	Grand Rapids Homewood Suites	 	 	 
	8.39	 	8.39	 	Cheyenne Fairfield Inn and Suites	 	 	 
	8.4	 	8.4	 	Fairfield Inn Laurel	 	 	 
	8.41	 	8.41	 	Courtyard Akron Stow	 	 	 
	8.42	 	8.42	 	Larkspur Landing Roseville	 	 	 
	8.43	 	8.43	 	Towneplace Suites Bloomington	 	 	 
	8.44	 	8.44	 	Hampton Inn Danville	 	 	 
	8.45	 	8.45	 	Holiday Inn Norwich	 	 	 
	8.46	 	8.46	 	Hampton Inn Suites Longview North	 	 	 
	8.47	 	8.47	 	Springhill Suites Peoria Westlake	 	 	 
	8.48	 	8.48	 	Hampton Inn Suites Buda	 	 	 
	8.49	 	8.49	 	Shawnee Hampton Inn	 	 	 
	8.5	 	8.5	 	Racine Fairfield Inn	 	 	 
	8.51	 	8.51	 	Hampton Inn Selinsgrove Shamokin Dam	 	 	 
	8.52	 	8.52	 	Holiday Inn Express & Suites Terrell	 	 	 
	8.53	 	8.53	 	Westchase Homewood Suites	 	 	 
	8.54	 	8.54	 	Holiday Inn Express & Suites Tyler South	 	 	 
	8.55	 	8.55	 	Holiday Inn Express & Suites Huntsville	 	 	 
	8.56	 	8.56	 	Hampton Inn Sweetwater	 	 	 
	8.57	 	8.57	 	Comfort Suites Buda Austin South	 	 	 
	8.58	 	8.58	 	Fairfield Inn & Suites Weatherford	 	 	 
	8.59	 	8.59	 	Holiday Inn Express & Suites Altus	 	 	 
	8.6	 	8.6	 	Comfort Inn & Suites Paris	 	 	 
	8.61	 	8.61	 	Hampton Inn Suites Decatur	 	 	 
	8.62	 	8.62	 	Holiday Inn Express & Suites Texarkana East	 	 	 
	8.63	 	8.63	 	Mankato Fairfield Inn	 	 	 
	8.64	 	8.64	 	Candlewood Suites Texarkana	 	 	 
	8.65	 	8.65	 	Country Inn & Suites Houston Intercontinental Airport East	 	 	 
	9	 	9	SMF V	Grant Building	 	 	 
	10	 	10	CREFI	Ann Arbor Mixed Use Portfolio	 	 	 
	10.01	 	10.01	 	McKinley Towne Centre	 	 	 
	10.02	 	10.02	 	Liberty Square	 	 	 
	11	(7)	11	SMF V	Visions Hotel Portfolio	Yes	$100,846.78	Actual/360
	11.01	 	11.01	 	Holiday Inn Express & Suites Buffalo	 	 	 
	11.02	 	11.02	 	Hampton Inn Potsdam	 	 	 
	11.03	 	11.03	 	Hampton Inn & Suites Utica	 	 	 
	11.04	 	11.04	 	Fairfield Inn & Suites Olean	 	 	 
	11.05	 	11.05	 	Hampton Inn & Suites East Aurora	 	 	 
	11.06	 	11.06	 	Fairfield Inn & Suites Binghamton	 	 	 
	11.07	 	11.07	 	Fairfield Inn & Suites Rochester South	 	 	 
	11.08	 	11.08	 	Fairfield Inn & Suites Albany	 	 	 
	11.09	 	11.09	 	Fairfield Inn & Suites Corning	 	 	 
	11.1	 	11.1	 	Fairfield Inn & Suites Rochester West/Greece	 	 	 
	12	(8)	12	CREFI	Pleasant Prairie Premium Outlets	Yes	$374,669.97	Actual/360
	13	(9)	13	Barclays Bank PLC	Lakeside Shopping Center	 	 	 
	14	 	14	Barclays Bank PLC	440 Mamaroneck Avenue	 	 	 
	15	 	15	SMF V	Mesa Grand Shopping Center	 	 	 
	16	(10)	16	Barclays Bank PLC	Long Island Prime Portfolio - Uniondale	 	 	 
	16.01	 	16.01	 	RXR Plaza	 	 	 
	16.02	 	16.02	 	Omni 	 	 	 
	17	 	17	CREFI	Mars Petcare Storage & Distribution Center	 	 	 
	18	 	18	PCC	Bradley Business Center 	 	 	 
	19	 	19	PCC	3901 North First Street	 	 	 
	20	 	20	CREFI	Canyon Portal	 	 	 
	21	(11)	21	PCC	Scripps Center	 	 	 
	22	 	22	PCC	Victoria Park Shoppes	 	 	 
	23	 	23	PCC	1450 Veterans	 	 	 
	24	 	24	PCC	Westerre I and II	 	 	 
	25	(12)	25	Barclays Bank PLC	Atlanta and Anchorage Hotel Portfolio	 	 	 
	25.01	 	25.01	 	Hilton Anchorage	 	 	 
	25.02	 	25.02	 	Renaissance Concourse Atlanta Airport Hotel	 	 	 
	26	 	26	PCC	The Falls at Snake River Landing	 	 	 
	27	(13)	27	Barclays Bank PLC	245 Park Avenue	 	 	 
	28	 	28	PCC	888 Tennessee	 	 	 
	29	 	29	PCC	Low Country Village	 	 	 
	30	 	30	SMF V	215 & Town Center	 	 	 
	31	 	31	PCC	Ocean City Shopping Center	 	 	 
	32	 	32	SMF V	Pangea 17	 	 	 
	32.01	 	32.01	 	1807 South Saint Louis Avenue	 	 	 
	32.02	 	32.02	 	1145 North Austin Boulevard	 	 	 
	32.03	 	32.03	 	136 East 155th Street	 	 	 
	32.04	 	32.04	 	1501 East 68th Street	 	 	 
	32.05	 	32.05	 	7300 South Yates Boulevard	 	 	 
	32.06	 	32.06	 	14123 South Tracy Avenue	 	 	 
	32.07	 	32.07	 	7925 South Phillips Avenue	 	 	 
	32.08	 	32.08	 	8000 South Ellis Avenue	 	 	 
	32.09	 	32.09	 	13256 South Prairie Avenue	 	 	 
	32.1	 	32.1	 	8101 South Justine Street	 	 	 
	32.11	 	32.11	 	7135 South Blackstone Avenue	 	 	 
	32.12	 	32.12	 	320 North Mason Avenue	 	 	 
	32.13	 	32.13	 	410 East 107th Street	 	 	 
	32.14	 	32.14	 	1257 South Christiana Avenue	 	 	 
	32.15	 	32.15	 	10933 South Vernon Avenue	 	 	 
	32.16	 	32.16	 	8040 South Vernon Avenue	 	 	 
	32.17	 	32.17	 	12000 South Eggleston Avenue	 	 	 
	32.18	 	32.18	 	2041 East 75th Street	 	 	 
	32.19	 	32.19	 	219 East 68th Street	 	 	 
	32.2	 	32.2	 	8751 South Cottage Grove Avenue	 	 	 
	32.21	 	32.21	 	7159 South Wabash Avenue	 	 	 
	33	 	33	SMF V	Tampa Bay Industrial	 	 	 
	33.01	 	33.01	 	Bay Tec Center	 	 	 
	33.02	 	33.02	 	Airport Corporate Center	 	 	 
	34	 	34	PCC	Springhill Suites Denton	 	 	 
	35	 	35	CREFI	The Oaks at Palomar	 	 	 
	36	 	36	CREFI	Royal Oaks Shopping Center	 	 	 
	37	 	37	Barclays Bank PLC	Foothills Health Center	 	 	 
	38	 	38	Barclays Bank PLC	Lindbergh Plaza	 	 	 
	39	 	39	PCC	Fox Run Apartments	 	 	 
	40	 	40	SMF V	117 East Washington	 	 	 
	41	 	41	CREFI	Bryan Woods Apartments	 	 	 
	42	 	42	SMF V	American Mini Storage - Converse	 	 	 
	43	 	43	CREFI	The Shops at Fayette Crossing	 	 	 
	44	 	44	SMF V	Hampton Inn Richland	 	 	 
	45	 	45	Barclays Bank PLC	Ohio Retail Portfolio - Discount Drug Mart Plaza	 	 	 
	45.01	 	45.01	 	Parma Heights Plaza	 	 	 
	45.02	 	45.02	 	Upper Sandusky Plaza	 	 	 
	46	 	46	SMF V	Kohls White Lake	 	 	 
	47	 	47	SMF V	Las Brisas Apartments	 	 	 
	48	 	48	SMF V	Mountain Cactus Ranch	 	 	 
	49	 	49	CREFI	Walgreens Columbia, SC	 	 	 
	50	 	50	Barclays Bank PLC	1000 South Sherman Street	 	 	 
	51	 	51	CREFI	StorQuest Corona	 	 	 
	52	 	52	CREFI	St. Petersburg MHC Portfolio	 	 	 
	52.01	 	52.01	 	Westgate Manor MHC	 	 	 
	52.02	 	52.02	 	Villa Plumosa MHC	 	 	 
	53	 	53	CREFI	CSS Rohnert Park	 	 	 



 



		(1)	The Cut-Off Date Balance of $60,000,000 represents note
A-2 of a Loan Combination evidenced by 4 pari passu notes.



		(2)	The Cut-Off Date Balance of $55,200,000 represents notes
A-3-A2-1 and A-3-A3 of a Loan Combination evidenced by 34 senior pari passu notes and four subordinate notes.



		(3)	The Cut-Off Date Balance of $55,000,000 represents note
A-1 of a Loan Combination evidenced by two pari passu notes.



		(4)	The Cut-Off Date Balance of $50,000,000 represents notes
A-1-A and A-3 of a Loan Combination evidenced by six pari passu notes.



		(5)	The Cut-Off Date Balance of $47,000,000 is represented
by notes A-3-1 and A-5-2 of a Loan Combination evidenced by nine pari passu notes.



		(6)	The Cut-Off Date Balance of $41,817,500 represents notes
A-16-2 and A-17 of a Loan Combination evidenced by 21 pari passu notes.



		(7)	The Cut-Off Date Balance of $34,400,000 represents note
A-1 of a Loan Combination evidenced by two pari passu notes.



		(8)	The Cut-Off Date Balance of $34,000,000 represents note
A-1 of a Loan Combination evidenced by four pari passu notes.



		(9)	The Cut-Off Date Balance of $33,000,000 represents note
A-3-1 of a Loan Combination evidenced by four pari passu notes.



		(10)	The Cut-Off Date Balance of $29,180,000 represents note
A-2-2 of a Loan Combination evidenced by four pari passu notes.



		(11)	The Cut-Off Date Balance of $22,000,000 represents note
A-2 of a Loan Combination evidenced by two pari passu notes.



		(12)	The Cut-Off Date Balance of $16,855,648 represents note
A-3-B of a Loan Combination evidenced by six pari passu notes.



		(13)	The Cut-Off Date Balance of $15,000,000 represents note
A-2-E-2 of a Loan Combination evidenced by 22 senior pari passu notes and five subordinate notes.




 






     


     


    



 


EXHIBIT Q


 


RETAINED DEFEASANCE RIGHTS AND OBLIGATIONS
MORTGAGE LOANS


 


	Loan Number	Mortgage Loan/ Property Name	Mortgage Loan Seller
	3	9-19 9th Avenue	SMF V
	7	The Grove at Shrewsbury	PCC
	9	Grant Building	SMF V
	11	Visions Hotel Portfolio	SMF V
	15	Mesa Grand Shopping Center	SMF V
	18	Bradley Business Center	PCC
	19	3901 North First Street	PCC
	21	Scripps Center	PCC
	22	Victoria Park Shoppes	PCC
	23	1450 Veterans	PCC
	24	Westerre I and II	PCC
	26	The Falls at Snake River Landing	PCC
	28	888 Tennessee	PCC
	29	Low Country Village	PCC
	30	215 & Town Center	SMF V
	31	Ocean City Shopping Center	PCC
	32	Pangea 17	SMF V
	33	Tampa Bay Industrial	SMF V
	34	Springhill Suites Denton	PCC
	39	Fox Run Apartments	PCC



 






    Q-1


     


    

 


	Loan Number	Mortgage Loan/ Property Name	Mortgage Loan Seller
	40	117 East Washington	SMF V
	42	American Mini Storage - Converse	SMF V
	44	Hampton Inn Richland	SMF V
	46	Kohls White Lake	SMF V
	47	Las Brisas Apartments	SMF V
	48	Mountain Cactus Ranch	SMF V


 






    Q-2


     


    

 


EXHIBIT R


 


FORM OF OPERATING ADVISOR ANNUAL REPORT1


 


Report Date: This report will be delivered annually
no later than 120 days of the end of the prior calendar year, pursuant to the terms and conditions of the Pooling and Servicing
Agreement, dated as of September 1, 2017 (the “Pooling and Servicing Agreement”), among Citigroup Commercial Mortgage
Securities Inc., as depositor, Wells Fargo Bank, National Association, as master servicer, KeyBank National Association, as special
servicer, Pentalpha Surveillance LLC, as operating advisor, Pentalpha Surveillance LLC, as asset representations reviewer, Citibank,
N.A., as certificate administrator, and Wilmington Trust, National Association, as Trustee.


Transaction: Citigroup Commercial Mortgage Trust 2017-P8,
Commercial Mortgage Pass-Through Certificates, Series 2017-P8

Operating Advisor: Pentalpha Surveillance LLC

Special Servicer as of December 31: [_______]

Directing Holder: [_______]


 


		I.	Population of Mortgage Loans that Were Considered
in Compiling this Report



 


		1.	The Special Servicer has notified the Operating Advisor that [●] Specially Serviced Loans were transferred to special
servicing in the prior calendar year [INSERT YEAR].



 


(a) [●] of those Specially
Serviced Loans are still being analyzed by the Special Servicer as part of the development of an Asset Status Report.


 


(b) Asset Status Reports were
issued with respect to [●] of such Specially Serviced Loans. Final Asset Status Reports were issued with respect to [●]
of such Specially Serviced Loans. The Asset Status Reports may not yet be fully implemented.


 


		2.	[●] Serviced Loans were the subject of a Major Decision as to which the operating advisor has consultation rights pursuant
to the Pooling and Servicing Agreement.



 


		II.	Executive Summary



 


Based on the requirements and qualifications
set forth in the Pooling 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 Pooling and Servicing Agreement) has undertaken a review of
the Special Servicer’s actions and decisions in respect of (A) Specially Serviced Loans and (B) Major Decisions with respect
to Serviced Loans as to which the Operating Advisor has consultation rights following the occurrence and during the continuance
of a Control Termination Event, in each case in light of (1) the Servicing Standard and (2) the


 





 



 


1      This report is an
indicative report and does not reflect the final form of annual report to be used in any particular year. The Operating Advisor
will have the ability to modify or alter the organization and content of any particular report, subject to the compliance with
the terms of the Pooling and Servicing Agreement, including, without limitation, provisions relating to Privileged Information.


 






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requirements
of the Pooling and Servicing Agreement. Based solely on such review and subject to the assumptions, limitations and qualifications
set forth herein, the Operating Advisor believes, in its sole discretion exercised in good faith, that the Special Servicer [is/is
not] performing its duties in compliance with (1) the Servicing Standard and (2) the Special Servicer’s obligations under
the Pooling and Servicing Agreement during the prior calendar year. [The Operating Advisor believes, in its sole discretion exercised
in good faith, that the Special Servicer has failed to materially comply with the Servicing Standard or the Special Servicer’s
obligations under the Pooling and Servicing Agreement as a result of the following material deviations.]


 


		●	[LIST OF MATERIAL DEVIATION ITEMS]



 


In addition, the Operating Advisor notes
the following: [PROVIDE SUMMARY OF ANY ADDITIONAL MATERIAL INFORMATION].


 


[ADD RECOMMENDATION OF REPLACEMENT
OF SPECIAL SERVICER, IF APPLICABLE]


 


		III.	Specific Items of Review



 


In rendering our assessment
herein, we examined and (with the exception of the items listed in paragraph no. 7 below) relied upon the accuracy and completeness
of the items listed below:


 


		1.	Information available to Privileged Persons on the Certificate Administrator’s Website with respect to the Special Servicer,
assets on the CREFC® Servicer Watch List, Specially Serviced Loans and, if a Control Termination Event existed,
Major Decisions on Serviced Loans.



 


		2.	Each Final Asset Status Report and, during the existence of a Control Termination Event, each other Asset Status Report delivered
by the Special Servicer to the Operating Advisor pursuant to the Pooling and Servicing Agreement. The Operating Advisor reviewed
Final Asset Status Reports with respect to the following Serviced Loans: [LIST]. The Operating Advisor reviewed Asset Status Reports
with respect to the following Serviced Loans: [LIST].



 


		3.	Each Major Decision Reporting Package delivered by the Special Servicer to the Operating Advisor pursuant to the Pooling and
Servicing Agreement in connection with the Operating Advisor’s consultation rights with respect to Major Decisions regarding
Serviced Loans if a Control Termination Event existed. The Operating Advisor reviewed Major Decision Reporting Packages with respect
to the following Serviced Loans: [LIST]



 


		4.	[LIST OTHER REVIEWED INFORMATION]



 


		5.	During the prior year, if a Control Termination Event existed, the Operating Advisor consulted with the Special Servicer regarding
Major Decisions related to the following Serviced Loans: [LIST]. The Operating Advisor participated in discussions and 



 






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recommended
alternative courses of action to the extent it deemed such recommendations appropriate.


 


		6.	During the prior year, if a Control Termination Event existed, the Operating Advisor consulted with the Special Servicer regarding
Asset Status Reports related to the following Serviced Loans: [LIST]. The Operating Advisor participated in discussions and recommended
alternative courses of action to the extent it deemed such recommendations appropriate.



 


		7.	Appraisal Reduction Amount calculations, Collateral Deficiency Amount calculations and net present value calculations.



 


		8.	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 Amount, Collateral Deficiency Amount 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 material 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.



 


		9.	The following is a general discussion of certain concerns raised by the Operating Advisor discussed in this report: [LIST CONCERNS].



 


		10.	In addition to the other information presented herein, the Operating Advisor notes the following additional items, if any:
[LIST ADDITIONAL ITEMS].



 


NOTE: The Operating Advisor’s review
of the above materials should be considered a limited review and not be considered a full or limited audit, legal review or legal
conclusion. For instance, we did not review each page of the Special Servicer’s policy and procedure manuals (including amendments
and appendices), review underlying lease agreements or similar underlying documents, visit any related property, visit the Special
Servicer, visit the Directing Holder or interact with any borrower. In addition, our review of the net present value 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.


 






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		IV.	Assumptions, Qualifications and Disclaimers Related
to the Work Product Undertaken and Opinions Related to this Report



 


		1.	As provided in the Pooling and Servicing Agreement, the Operating Advisor is not required to report on instances of non-compliance
with, or deviations from, the Servicing Standard or the special servicer’s obligations under the Pooling and Servicing Agreement
that the Operating Advisor determines, in its sole discretion exercised in good faith, to be immaterial.



 


		2.	In rendering our assessment herein, we have assumed that all executed factual statements, instruments, and other documents
that we have relied upon in rendering this assessment have been executed by persons with legal capacity to execute such documents.



 


		3.	Other than receipt of any Asset Status Report that is delivered or made available to the Operating Advisor pursuant to the
terms of the Pooling and Servicing Agreement, the Operating Advisor did not participate in, or have access to, the Special Servicer’s
and applicable Directing Holder’s discussion(s) regarding any Specially Serviced Loan. The Operating Advisor does not have
authority to speak with the applicable Directing Holder or borrower directly. As such, the Operating Advisor relied upon the information
made available to it pursuant to the Pooling and Servicing Agreement or 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. The services that
we perform are not designed and cannot be relied upon to detect fraud or illegal acts should any exist.



 


		4.	The Special Servicer has the legal authority and responsibility to service any Specially Serviced Loans pursuant to the Pooling
and Servicing Agreement. The Operating Advisor has no responsibility or authority to alter the standards set forth therein or direct
the actions of the Special Servicer.



 


		5.	Confidentiality and other contractual limitations limit the Operating Advisor’s ability to outline the details or substance
of any communications held between it and the Special Servicer regarding any Specially Serviced Loans and certain information it
reviewed in connection with its duties under the Pooling 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.



 


		6.	The Operating Advisor is not empowered to directly communicate with any investors pursuant to the Pooling and Servicing Agreement.
If the investors have questions regarding this report, they should address such questions to the Certificate Administrator through
the Certificate Administrator’s Website.



 


		7.	This report does not constitute recommendations to buy, sell or hold any security, nor does the Operating Advisor take into
account market prices of securities or financial markets generally when performing its limited review of the Special Servicer as
described above. The Operating Advisor does not have a fiduciary relationship with any Certificateholder or any other party or
individual. Nothing is intended to or should be 



 






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construed
as creating a fiduciary relationship between the Operating Advisor and any Certificateholder, party or individual.


 


Terms used but not defined herein have the meaning set forth
in the Pooling and Servicing Agreement.


 






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EXHIBIT S


 


SUBSERVICING AGREEMENTS


 


	Mortgage Loan/Property Name	Sub-Servicer Name
	Bradley Business Center	Principal Real Estate Investors, LLC
	3901 North First Street	Principal Real Estate Investors, LLC
	Victoria Park Shoppes	Principal Real Estate Investors, LLC
	Westerre I and II	Principal Real Estate Investors, LLC
	Springhill Suites Denton	Principal Real Estate Investors, LLC
	Fox Run Apartments	Principal Real Estate Investors, LLC
	The Grove at Shrewsbury	Principal Real Estate Investors, LLC
	The Falls at Snake River Landing	Principal Real Estate Investors, LLC
	888 Tennessee	Principal Real Estate Investors, LLC
	1450 Veterans	Principal Real Estate Investors, LLC
	Low Country Village	Principal Real Estate Investors, LLC
	Ocean City Shopping Center	Principal Real Estate Investors, LLC
	Canyon Portal	Berkadia Commercial Mortgage LLC
	Grant Building	Holliday Fenoglio Fowler, L.P.
	Mesa Grand Shopping Center	NRC Group, Inc.
	Mountain Cactus Ranch	NRC Group, Inc.


 






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EXHIBIT T


 


FORM OF RECOMMENDATION OF SPECIAL SERVICER
TERMINATION


 


Wilmington Trust, National Association, as Trustee


1100 North Market Street


Wilmington, Delaware 19890


Attention: CMBS Trustee – CGCMT 2017-P8


 


Citibank, N.A., as Certificate Administrator


388 Greenwich Street


New York, New York 10013


Attention: Global Transaction Services – CGCMT 2017-P8


 


KeyBank National Association


11501 Outlook Street, Suite
300


Overland Park, Kansas 66211


Attention: Alan Williams


 


		Re:	Citigroup Commercial
                                         Mortgage Trust 2017-P8, Commercial Mortgage Pass-Through Certificates, Series 2017-P8 	



 


Ladies and Gentlemen:


 


This letter is delivered
pursuant to Section 6.08(b) of the Pooling and Servicing Agreement, dated as of September 1, 2017 (the “Pooling and
Servicing Agreement”), between Citigroup Commercial Mortgage Securities Inc., as Depositor, Wells Fargo Bank, National
Association, as Master Servicer, KeyBank National Association, as Special Servicer, Pentalpha Surveillance LLC, as Operating Advisor
and Asset Representations Reviewer, Citibank, N.A., as Certificate Administrator, and Wilmington Trust, National Association, as
Trustee, on behalf of the holders Citigroup Commercial Mortgage Trust 2017-P8, Commercial Mortgage Pass-Through Certificates, Series
2017-P8 (the “Certificates”) regarding the replacement of the Special Servicer. Capitalized terms used and not
otherwise defined herein shall have the respective meanings ascribed to such terms in the Pooling and Servicing Agreement.


 


Based upon our review
of the operational practices of [_______], in its current capacity as Special Servicer [with respect to [IF SUBJECT PARTY IS NOT
THE SPECIAL SERVICER FOR ALL SERVICED LOANS, SPECIFY APPLICABLE SERVICED LOAN OR GROUP OF SERVICED LOANS FOR WHICH IT SO ACTS]],
conducted pursuant to and in accordance with the Pooling and Servicing Agreement, it is our determination, in our sole discretion
exercised in good faith, that (1) [________], in its current capacity as Special Servicer [with respect to [IF SUBJECT PARTY IS
NOT THE SPECIAL SERVICER FOR ALL SERVICED LOANS, SPECIFY APPLICABLE SERVICED LOAN OR GROUP OF SERVICED LOANS FOR WHICH IT SO ACTS]],
has failed to comply with the Servicing Standard and (2) a replacement of the Special Servicer would be in the best interest of
the


 






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Certificateholders
(as a collective whole). The following factors support our determination: [________].


 






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Based upon such determination,
we further hereby recommend that [_______] be removed as Special Servicer and that [________] be appointed its successor in such
capacity.





	 	 	 
	 	Very truly yours,
	 	 
	 	[The Operating Advisor]
	 	 	 
	 	By:	 	 
	 	 	Name:

Title:


 


Dated:


 






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EXHIBIT U



ADDITIONAL FORM 10-D DISCLOSURE


 


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 10.04 of the Pooling
and Servicing Agreement to disclose to the Depositor, the Certificate Administrator, each Other Depositor and Other Exchange Act
Reporting Party to which such Additional Form 10-D Disclosure is relevant for Exchange Act reporting purposes, 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 net operating income, financial statements, budgets and/or rent rolls required to be provided
in connection with Item 6 below, possession) (in each case, after complying with its affirmative obligations, if any, under the
Pooling and Servicing Agreement to obtain such information) of such information (other than information as to such party itself
which such party is obligated to provide). Each of the Certificate Administrator, the Trustee, the Master Servicer and the Special
Servicer shall be entitled to rely on the accuracy of the Prospectus (other than information with respect to itself that is set
forth in or omitted from the Prospectus), in the absence of specific written notice to the contrary from the Depositor or Mortgage
Loan Sellers. Each of the Certificate Administrator, the Trustee, the Master Servicer and the Special Servicer (in its capacity
as such) shall be entitled to conclusively assume that there is no “significant obligor” other than a party identified
as such in the Prospectus. For this CGCMT 2017-P8 Pooling and Servicing Agreement, each of the Certificate Administrator, the Trustee,
the Master Servicer and the Special Servicer (in its capacity as such) 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 Prospectus.


 


	Item on Form 10-D	Party Responsible 
	
        Item 1: Distribution and Pool Performance
Information

         

        Any information required by Item 1121 of
        Regulation AB which is NOT included on the Distribution Date Statement

         
	
        Certificate Administrator

        Depositor

        Master Servicer (only with respect
to Item 1121(a)(12) of Regulation AB as to Performing Serviced Loans)

        Special Servicer (only with respect
to Item 1121(a)(12) of Regulation AB as to Specially Serviced Loans)

Each Mortgage Loan Seller (only with respect to Item 1121(c)(2) of Regulation AB as to 




 






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	Item on Form 10-D	Party Responsible 
	 	itself)
	
        Item 1A: Asset-Level Information

        disclosure per Items 1111(h) and
1125 of Regulation AB 
	Master Servicer1
	
        Item 1B: Asset Representations Reviewer
        and Investor Communication

         

         

         
	
        Asset Representations Reviewer
(with respect to Item 1121(d) of Regulation AB)

         

        Certificate Administrator (with
respect to Item 1121(e) of Regulation AB )

         

	
        Item 2: Legal Proceedings

          

        per Item 1117 of Regulation AB

        
	(i) All parties to the Pooling and Servicing Agreement (as to themselves), (ii) any other Reporting Servicer (as to itself), (iii) the Trustee, the Certificate Administrator, the Master Servicer and the Special Servicer, in each case as to the Trust (in the case of the Master Servicer and the Special Servicer, to be reported by the party controlling such litigation), (iv) each Mortgage Loan Seller as to itself and as to each Regulation AB Item 1110(b) originator with respect to such Mortgage Loan Seller’s Mortgage Loans and as to each Regulation AB Item 1100(d)(1) party either affiliated with or retained by such Mortgage Loan Seller, or with whom such Mortgage Loan Seller contracts
	Item 3:  Sale of Securities and Use of Proceeds	Depositor
	Item 4:  Defaults Upon Senior Securities	Certificate Administrator
	Item 5:  Submission of Matters to a Vote of Security Holders2	
        Certificate Administrator

        Trustee

	Item 6:  Significant Obligors of Pool Assets	
        Master Servicer (excluding information
for which the Special Servicer is the “Party Responsible”)

        Special Servicer (as to Specially
Serviced Loans and REO Properties)

	Item 7: Change in Sponsor Interest in the Securities	Each Mortgage Loan Seller as to itself and its affiliates



 





 



 


1
For the avoidance of doubt, the Certificate Administrator, not the Master Servicer, shall be responsible for filing any Additional
Form 10-D Disclosure required by Item 1A on Form 10-D in accordance with Section 10.04 of this Agreement.


 


 2 No disclosure
is required for so long as Item 5 of Form 10-D requires the inclusion of information related to mine safety disclosures.



 






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	Item on Form 10-D	Party Responsible 
	Item 8:  Significant Enhancement Provider Information	Depositor
	
        Item 9: Other Information

         

        (i) Balances of the Distribution Account, the Interest
Reserve Account, the Excess Interest Distribution Account, Excess Liquidation Proceeds Reserve Account, the Exchangeable Distribution
Account, Collection Account, any Loan Combination Custodial Account and each REO Account as of the related Distribution Date and
the preceding Distribution Date; and

         

        (ii) information other than those specified in clause
(i) above, but only to the extent of any information that meets all the following conditions: (a) such information constitutes
“Form 8-K Disclosure” pursuant to Exhibit Z, (b) such information is required to be reported as “Form 8-K Disclosure”
during the period to which the Form 10-D relates, and (c) such information was not previously reported as “Form 8-K Disclosure”.
	
        Any party responsible for disclosure
items on Form 8-K to the extent of such items

         

        Certificate Administrator (with
respect to the balances of the Distribution Account, the Interest Reserve Account, the Excess Interest Distribution Account, Excess
Liquidation Proceeds Reserve Account and the Exchangeable Distribution Account as of the related Distribution Date and the preceding
Distribution Date)

         

        Master Servicer (with respect to
the balances of the Collection Account and any Loan Combination Custodial Account as of the related Distribution Date and the
preceding Distribution Date)

         

        Special Servicer (with respect
to the balance of each REO Account as of the related Distribution Date and the preceding Distribution Date)

	Item 10:  Exhibits	
        Certificate Administrator

        Depositor



 






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EXHIBIT V



ADDITIONAL FORM 10-K DISCLOSURE


 


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 10.05 of the Pooling and Servicing Agreement to disclose to the Depositor, the Certificate Administrator, each Other
Depositor and Other Exchange Act Reporting Party to which such Additional Form 10-K Disclosure is relevant for Exchange Act reporting
purposes, 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 net operating income, financial statements, budgets and/or rent
rolls required to be provided in connection with the Additional Item below consisting of disclosure per Item 1112(b) of Regulation
AB, possession) (in each case, after complying with its affirmative obligations, if any, under the Pooling and Servicing Agreement
to obtain such information) of such information (other than information as to such party itself which such party is obligated to
provide). Each of the Certificate Administrator, the Trustee, the Master Servicer and the Special Servicer shall be entitled to
rely on the accuracy of the Prospectus (other than information with respect to itself that is set forth in or omitted from the
Prospectus), in the absence of specific written notice to the contrary from the Depositor or Mortgage Loan Sellers. Each of the
Certificate Administrator, the Trustee, the Master Servicer and
the Special Servicer (in its capacity as such) shall be entitled to conclusively assume that there is no “significant obligor”
other than a party identified as such in the Prospectus. For this CGCMT 2017-P8 Pooling and Servicing Agreement, each of the Certificate
Administrator, the Trustee, the Master Servicer and the Special Servicer (in its capacity as such) 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 Prospectus.


 


	Item on Form 10-K	Party Responsible 
	
        Item 1B: Unresolved Staff Comments

         
	Depositor
	Item 9B:  Other Information	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 1117 of Regulation AB

         
	(i) All parties to the Pooling and Servicing Agreement (as to themselves), (ii) any other Reporting Servicer (as to itself), (iii) the Trustee, the Certificate Administrator, the Master Servicer, the Depositor and the Special Servicer, in each case as to the Trust (in the case of the Master Servicer, the Depositor and the Special Servicer, to be reported by the party controlling such 



 






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	Item on Form 10-K	Party Responsible 
	 	litigation), (iv) each Mortgage Loan Seller as to itself and as to each Regulation AB Item 1110(b) originator with respect to such Mortgage Loan Seller’s Mortgage Loans and as to each Regulation AB Item 1100(d)(1) party either affiliated with or retained by such Mortgage Loan Seller, or with whom such Mortgage Loan Seller contracts
	
        Additional Item:

        Disclosure per Item 1119 of Regulation AB

         
	
        (i) All parties to the Pooling
and Servicing Agreement as to themselves (in the case of the Master Servicer, only as to 1119(a) affiliations with Significant
Obligors identified in the Pooling and Servicing Agreement, the Trustee, the Certificate
Administrator, the Special Servicer or a sub-servicer described in 1108(a)(3) and, in the case of the Special Servicer,
only as to 1119(a) affiliations with Significant Obligors identified in the Pooling and Servicing Agreement, the Trustee, the
Certificate Administrator, the Master

        Servicer or a sub-servicer described
in 1108(a)(3)), (ii) each Mortgage Loan Seller as to itself and as to each Regulation AB Item 1110 originator with respect
to such Mortgage Loan Seller’s Mortgage Loans and as to each Regulation AB Item 1100(d)(1) party either affiliated with
or retained by such Mortgage Loan Seller, or with whom such Mortgage Loan Seller contracts, (iii) the Depositor as to the
enhancement or support provider

	
        Additional Item:

        Disclosure per Item 1112(b) of Regulation
        AB

         
	
        Master Servicer (excluding information
for which the Special Servicer is the “Party Responsible”)

        Special Servicer (as to REO Properties)

	
        Additional Item:

        Disclosure per Items 1114(b)(2)
and 1115(b) of Regulation AB
	Depositor



 






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EXHIBIT W-1



FORM OF ADDITIONAL DISCLOSURE NOTIFICATION


 


**SEND VIA FAX TO [ 212-816-5527]
AND VIA EMAIL TO THE E-MAIL ADDRESSES IMMEDIATELY BELOW AND VIA OVERNIGHT MAIL TO THE PHYSICAL ADDRESSES IMMEDIATELY BELOW**


 


	
        Citibank, N.A.,

               as Certificate Administrator 

        388 Greenwich Street

        New York, New York 10013

        Attention: Global Transaction Services – CGCMT
2017-P8

        Email: ratingagencynotice@citi.com

         
	 	
        Citigroup Commercial Mortgage Securities Inc.

        390 Greenwich Street

        New York, New York 10013

        Attention: Richard Simpson

        Telecopy number: (646) 328-2943

        e-mail: richard.simpson@citi.com

         

	
        Citigroup Commercial Mortgage Securities Inc.

        390 Greenwich Street, 5th Floor

New York, New York 10013

Attention: Paul Vanderslice

        Telecopy number: (212) 723-8599

        e-mail: paul.t.vanderslice@citi.com

         
	 	
        Citigroup Commercial Mortgage Securities Inc.

        388 Greenwich Street, 17th Floor

        New York, New York 10013

        Attention: Ryan M. O’Connor

        Telecopy number: (646) 862-8988

        e-mail: ryan.m.oconnor@citi.com



RE: **Additional Form [10-D][10-K][8-K]
Disclosure** Required


 


Ladies and Gentlemen:


 


In accordance with Section [  ]
of the Pooling and Servicing Agreement, dated as of September 1, 2017 (the “Pooling and Servicing Agreement”),
between Citigroup Commercial Mortgage Securities Inc., as depositor, Wells Fargo Bank, National Association, as Master Servicer,
KeyBank National Association, as Special Servicer, Pentalpha Surveillance LLC, as Operating Advisor and Asset Representations Reviewer,
Citibank, N.A., as Certificate Administrator, and Wilmington Trust, National Association, as Trustee, 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:


 


List of any Attachments hereto to be
included in the Additional Form [10-D][10-K][8-K] Disclosure:


 






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Any inquiries related
to this notification should be directed to [                                 ], phone number: [               ]; email address: [                                  ].


 





	 	[NAME OF PARTY],
	 	 	as [role]
	 	 	 
		By:	 
	 	 	Name:
	 	 	Title:


 






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EXHIBIT W-2



FORM OF ADDITIONAL DISCLOSURE NOTIFICATION (ACCOUNTS)


 


Citibank, N.A.,

               as Certificate Administrator 


388 Greenwich Street


New York, New York 10013


Attention: Global Transaction Services – CGCMT 2017-P8 


 


RE: **Additional Form [10-D][10-K][8-K] Disclosure** Required


 


Ladies and Gentlemen:


 


In accordance with Section 10.04
of the Pooling and Servicing Agreement, dated as of September 1, 2017 (the “Pooling and Servicing Agreement”),
between Citigroup Commercial Mortgage Securities Inc., as depositor, Wells Fargo Bank, National Association, as Master Servicer,
KeyBank National Association, as Special Servicer, Pentalpha Surveillance LLC, as Operating Advisor and Asset Representations Reviewer,
Citibank, N.A., as Certificate Administrator, and Wilmington Trust, National Association, as Trustee, 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:


 


[With respect to the securitization accounts balance information:


 


	Account Name	
        Beginning Balance as of 

        MM/DD/YYYY
	
        Ending Balance as of 

        MM/DD/YYYY

	Collection Account	 	 
	
        Loan Combination Custodial Account(s) :

        [_____________] Loan Combination

        [_____________] Loan Combination

        [_____________] Loan Combination

        [_____________] Loan Combination

        [_____________] Loan Combination
	 	 
	REO Account(s)	 	 


 






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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:


 






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EXHIBIT W-3


 


Form
of Notice of ADDITIONAL 


INDEBTEDNESS
NOTIFICATION


 


Citibank, N.A.,

                as Certificate Administrator 


388 Greenwich Street


New York, New York 10013


Attention: Global Transaction Services – CGCMT 2017-P8


 


Ref: CGCMT 2017-P8, Additional Debt Notice for Form 10-D


 


The following information is being furnished to you for inclusion
on Form 10-D pursuant to Section 10.04(c) of the Pooling and Servicing Agreement


 


	 	Portfolio
    Name	Mortgage
    Loan	Position
    in Debt Stack	Additional
    Debt	OPB	OPB
    Date	Appraised
    Value	Appraised
    Value Date	Aggregate
    LTV	Aggregate
    NCF DSCR	Aggregate
    NCF DSCR Date	Primary
    Servicer	Master
    Servicer	Lead
    Servicer	Prospectus
    ID
	1	CGCMT 2017-P8	 	 	$	 	 	$	 	%	 	 	 	 	 	 
	 	Outside the Trust	 	 	$	 	 	$	 	%	 	 	 	 	 	 
	 	Outside the Trust	 	 	$
	 	 	$	 	%	 	 	 	 	 	 
	 	Total	 	 	$	 	 	 	 	 	 	 	 	 	 	 
	2	CGCMT 2017-P8	 	 	$	 	 	$	 	%	 	 	 	 	 	 
	 	Outside the Trust	 	 	$	 	 	$	 	%	 	 	 	 	 	 
	 	Outside the Trust	 	 	$
	 	 	$	 	%	 	 	 	 	 	 
	 	Total	 	 	$	 	 	 	 	 	 	 	 	 	 	 
	3	CGCMT 2017-P8	 	 	$	 	 	$	 	%	 	 	 	 	 	 
	 	Outside the Trust	 	 	$	 	 	$	 	%	 	 	 	 	 	 
	 	Outside the Trust	 	 	$
	 	 	$	 	%	 	 	 	 	 	 
	 	Total	 	 	$	 	 	 	 	 	 	 	 	 	 	 


 






    W-3-1


     


    

 


EXHIBIT X



FORM OF CERTIFICATION TO BE PROVIDED WITH FORM 10-K


 


CERTIFICATIONS


 


I, [identifying the certifying
individual], certify that:


 


		1.	I have reviewed this report on Form 10-K, and all reports on Form 10-D required to be filed in
respect of the period covered by this report on Form 10-K, of Citigroup Commercial Mortgage Trust 2017-P8 (the “Exchange
Act Periodic Reports”);



 


		2.	Based on my knowledge, the Exchange Act Periodic Reports, taken as a whole, do not contain any
untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances
under which such statements were made, not misleading with respect to the period covered by this report;



 


		3.	Based on my knowledge, all of the distribution, servicing and other information required to be
provided under Form 10-D for the period covered by this report is included in the Exchange Act Periodic Reports;



 


		4.	Based on my knowledge and the servicer compliance statement(s) required in this report under Item
1123 of Regulation AB, and except as disclosed in the Exchange Act Periodic Reports, the servicers have fulfilled their obligations
under the servicing agreement(s) in all material respects; and



 


		5.	All of the reports on assessment of compliance with servicing criteria for asset-backed securities
and their related attestation reports on assessment of compliance with servicing criteria for asset-backed securities required
to be included in this report in accordance with Item 1122 of Regulation AB and Exchange Act Rules 13a-18 and 15d-18 have been
included as an exhibit to this report, except as otherwise disclosed in this report. Any material instances of noncompliance described
in such reports have been disclosed in this report on Form 10-K.



 


In giving the certifications above, I have
reasonably relied on information provided to me by the following unaffiliated parties: [Master Servicer][Special Servicer][Certificate
Administrator][Trustee][Custodian][Operating Advisor][Outside Servicer][Outside Special Servicer]


 


	Date:	 	


 


	 	 
	[Signature]	 
	[Title]	 



 






    X-1


     


    

 


EXHIBIT Y-1



FORM OF CERTIFICATION TO BE PROVIDED

TO DEPOSITOR BY THE CERTIFICATE ADMINISTRATOR


 


		Re:	Citigroup
                                         Commercial Mortgage Trust 2017-P8 (the “Trust”), Commercial Mortgage
                                         Pass-Through Certificates, Series 2017-P8 (the “Certificates”), issued
                                         pursuant to the Pooling and Servicing Agreement, dated as of September 1, 2017 (the “Pooling
                                         and Servicing Agreement”), between Citigroup Commercial Mortgage Securities
                                         Inc., as depositor, Wells Fargo Bank, National Association, as master servicer, KeyBank
                                         National Association, as special servicer, Pentalpha Surveillance LLC, as operating advisor
                                         and asset representations reviewer, Citibank, N.A., as certificate administrator (in
                                         such capacity, the “Certificate Administrator”), and Wilmington Trust, National
                                         Association, as trustee. 	



 


I, [identifying the certifying
individual], a [title] of [CERTIFICATE ADMINISTRATOR], certify to Citigroup Commercial Mortgage Securities Inc. and its officers,
directors and affiliates, and with the knowledge and intent that they will rely upon this certification, that:


 


1.          I have reviewed the annual report on Form 10-K for the fiscal year 20__, and all reports on Form 10-D and Form 8-K required
to be filed in respect of periods covered by that annual report on Form 10-K, of the Trust (the “Exchange
Act Periodic Reports”);


 


2.          Based on my knowledge, the distribution information in Exchange Act Periodic 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, in light of the
circumstances under which such statements were made, not misleading with respect to the period covered by that report on Form 10-K;


 


3.          Based on my knowledge, all of the distribution, servicing and other information required to be provided by the Certificate
Administrator pursuant to the Pooling and Servicing Agreement for inclusion in the Exchange Act Periodic Reports is included
in such reports; and


 


4.          The report on assessment of compliance with servicing criteria for asset-backed securities and the related attestation report
on assessment of compliance with servicing criteria for asset-backed securities required to be delivered by the Certificate
Administrator in accordance with Section 10.09 and Section 10.10 of the Pooling and Servicing Agreement discloses all material
instances of noncompliance with the Relevant Servicing Criteria (as defined in the Pooling and Servicing Agreement).


 






    Y-1-1


     


    

 


In giving the certifications
above, I have reasonably relied on information provided to me by the following unaffiliated parties: [list applicable transaction
parties].


 


	Date:	 	





 


[                               ]


 


	By:	 	 
	 	[Name]	



 






    Y-1-2


     


    

 


EXHIBIT Y-2



FORM OF CERTIFICATION TO BE PROVIDED TO DEPOSITOR

BY THE MASTER SERVICER


 


		Re:	Citigroup
                                         Commercial Mortgage Trust 2017-P8 (the “Trust”), Commercial Mortgage
                                         Pass-Through Certificates, Series 2017-P8 (the “Certificates”), issued
                                         pursuant to the Pooling and Servicing Agreement, dated as of September 1, 2017 (the “Pooling
                                         and Servicing Agreement”), between Citigroup Commercial Mortgage Securities
                                         Inc., as depositor, Wells Fargo Bank, National Association, as master servicer (in such
                                         capacity, the “Master Servicer”), KeyBank National Association, as
                                         special servicer (in such capacity, the “Special Servicer”), Pentalpha
                                         Surveillance LLC, as operating advisor and asset representations reviewer, Citibank,
                                         N.A., as certificate administrator (in such capacity, the “Certificate Administrator”),
                                         and Wilmington Trust, National Association, as trustee 	



 


I, [identify the certifying
individual], a [title] of [MASTER SERVICER], certify to Citigroup Commercial Mortgage Securities Inc. and its officers, directors
and affiliates, and with the knowledge and intent that they will rely upon this certification in delivering the certification required
by the Pooling and Servicing Agreement relating to the Certificates (capitalized terms used herein without definition shall have
the meanings assigned to such terms in the Pooling and Servicing Agreement), that:


 


		(1)	I have (or a Servicing Officer under my supervision has) reviewed the servicing reports relating
to the Trust delivered by the Master Servicer to the Certificate Administrator
covering the fiscal year 20__;



 


		(2)	Based on my knowledge, and assuming the accuracy of the statements required to be made in the corresponding
certificate of the Special Servicer (to the extent such statements are relevant to the statements made in this certification by
the Master Servicer), the servicing information in these 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, in light of the circumstances under which
such statements were made, not misleading with respect to the period covered by these servicing reports;



 


		(3)	Based on my knowledge, and assuming the accuracy of the statements required to be made in the corresponding
certificate of the Special Servicer (to the extent such statements are relevant to the statements made in this certification by
the Master Servicer), the servicing information required to be provided in these servicing reports to the Certificate
Administrator by the Master Servicer under the Pooling and Servicing Agreement is included in the servicing reports delivered
by the Master Servicer to the Certificate Administrator;



 


		(4)	I am, or an employee under my supervision is, responsible for reviewing the activities performed
by the Master Servicer under the Pooling and Servicing Agreement and based 



 






    Y-2-1


     


    

 


upon
my knowledge and the compliance review conducted in preparing the servicer compliance statement required under Section 10.08 of
the Pooling and Servicing Agreement with respect to the Master Servicer, and except as disclosed in such compliance statement
delivered by the Master Servicer under Section 10.08 of the Pooling and Servicing Agreement, the Master Servicer has fulfilled
its obligations under the Pooling and Servicing Agreement in all material respects in the year to which such review applies; and


 


		(5)	The report on assessment of compliance with servicing criteria for asset-backed securities and
the related attestation report on assessment of compliance with servicing criteria for asset-backed securities required to be delivered
in accordance with Section 10.09 and Section 10.10 of the Pooling and Servicing Agreement discloses all material instances of noncompliance
with the Relevant Servicing Criteria.



 


Further, notwithstanding
the foregoing certifications, the Master Servicer does not make any certification under the foregoing clauses 1 through 5 that
is in turn dependent upon information required to be provided by any sub-servicer acting under a sub-servicing agreement that the
Master Servicer entered into in connection with the issuance of the Certificates, or upon the performance by any such sub-servicer
of its obligations pursuant to any such sub-servicing agreement, in each case beyond the respective backup certifications actually
provided by such sub-servicer to the Master Servicer with respect to the information that is subject of such certification.


 


	Date:	 	 





 





[                               ]


 





	By:	 	 
	[Name]	 


 






    Y-2-2


     


    

 


EXHIBIT Y-3



FORM OF CERTIFICATION TO BE PROVIDED TO DEPOSITOR

BY THE SPECIAL SERVICER


 


		Re:	Citigroup
                                         Commercial Mortgage Trust 2017-P8 (the “Trust”), Commercial Mortgage
                                         Pass-Through Certificates, Series 2017-P8 (the “Certificates”), issued
                                         pursuant to the Pooling and Servicing Agreement, dated as of September 1, 2017 (the “Pooling
                                         and Servicing Agreement”), between Citigroup Commercial Mortgage Securities
                                         Inc., as depositor, Wells Fargo Bank, National Association, as master servicer (in such
                                         capacity, the “Master Servicer”), KeyBank National Association, as
                                         special servicer (in such capacity, the “Special Servicer”), Pentalpha
                                         Surveillance LLC, as operating advisor and asset representations reviewer, Citibank,
                                         N.A., as certificate administrator (in such capacity, the “Certificate Administrator”),
                                         and Wilmington Trust, National Association, as trustee 	



 


I, [identify the certifying
individual], a [title] of [SPECIAL SERVICER], certify to Citigroup Commercial Mortgage Securities Inc. and its officers, directors
and affiliates, and with the knowledge and intent that they will rely upon this certification in delivering the certification required
by the Pooling and Servicing Agreement relating to the Certificates (capitalized terms used herein without definition shall have
the meanings assigned to such terms in the Pooling and Servicing Agreement), that:


 


1.     
Based on my knowledge, the servicing information in the servicing reports or information relating to the Trust delivered
by the Special Servicer to the Master Servicer covering the fiscal year 20__, 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, in light of the circumstances under
which such statements were made, not misleading with respect to the period covered by these servicing reports;


 


2.     
Based on my knowledge, the servicing information required to be provided to the Master Servicer by the Special Servicer
under the Pooling and Servicing Agreement for inclusion in the reports to be filed by the Certificate
Administrator is included in the servicing reports delivered by the Special Servicer to the Master Servicer;


 


3.     
I am, or an employee under my supervision is, responsible for reviewing the activities performed by the Special Servicer
under the Pooling and Servicing Agreement and based upon my knowledge and the compliance review conducted in preparing the servicer
compliance statement required under Section 10.08 of the Pooling and Servicing Agreement with respect to the Special Servicer,
and except as disclosed in such compliance statement delivered by the Special Servicer under Section 10.08 of the Pooling and Servicing
Agreement, the Special Servicer has fulfilled its obligations under the Pooling and Servicing Agreement in all material respects
in the year to which such review applies; and


 






    Y-3-1


     


    

 


4.     
The report on assessment of compliance with servicing criteria for asset-backed securities and the related attestation report
on assessment of compliance with servicing criteria for asset-backed securities required to be delivered in accordance with Section
10.09 and Section 10.10 of the Pooling and Servicing Agreement discloses all material instances of noncompliance with the Relevant
Servicing Criteria.


 


	Date:	 	 





 





[                               ]


 





	By:	 	 
	[Name]	 
	[Title]	 


 






    Y-3-2


     


    

 


EXHIBIT Y-4



FORM OF CERTIFICATION TO BE PROVIDED TO DEPOSITOR

BY THE OPERATING ADVISOR


 


		Re:	Citigroup
                                         Commercial Mortgage Trust 2017-P8 (the “Trust”), Commercial Mortgage
                                         Pass-Through Certificates, Series 2017-P8 (the “Certificates”), issued
                                         pursuant to the Pooling and Servicing Agreement, dated as of September 1, 2017 (the “Pooling
                                         and Servicing Agreement”), between Citigroup Commercial Mortgage Securities
                                         Inc., as depositor, Wells Fargo Bank, National Association, as master servicer (in such
                                         capacity, the “Master Servicer”), KeyBank National Association, as
                                         special servicer (in such capacity, the “Special Servicer”), Pentalpha
                                         Surveillance LLC, as operating advisor (in such capacity, the “Operating Advisor”)
                                         and asset representations reviewer, Citibank, N.A., as certificate administrator (in
                                         such capacity, the “Certificate Administrator”), and Wilmington Trust,
                                         National Association, as trustee 	



 


I, [identify the certifying
individual], a [title] of [OPERATING ADVISOR], certify to Citigroup Commercial Mortgage Securities Inc. and its officers, directors
and affiliates, and with the knowledge and intent that they will rely upon this certification in delivering the Sarbanes-Oxley
Certification required by Section 10.06 of the Pooling and Servicing Agreement relating to the Certificates (capitalized terms
used herein without definition shall have the meanings assigned to such terms in the Pooling and Servicing Agreement), that:


 


1.     
Based on my knowledge, the information required by the Pooling and Servicing Agreement to be provided to the Certificate
Administrator by the Operating Advisor covering the fiscal year 20__, 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, in light of the circumstances under
which such statements were made, not misleading with respect to the period covered by these reports;


 


2.     
Based on my knowledge, the information required to be provided to the Certificate
Administrator by the Operating Advisor under the Pooling and Servicing Agreement for inclusion in the Exchange Act reports
to be filed by the Certificate Administrator is included in the
reports delivered by the Operating Advisor to the Certificate Administrator;


 


3.     
I am, or an officer under my supervision is, responsible for reviewing the activities performed by the Operating Advisor
under the Pooling and Servicing Agreement and based upon my knowledge the Operating Advisor has, except as described in any information
provided to the Certificate Administrator by the Operating Advisor covering the fiscal year 20[__], fulfilled its obligations under
the Pooling and Servicing Agreement in all material respects in the year to which such review applies; and


 


4.     
The report on assessment of compliance with servicing criteria for asset-backed securities and the related attestation report
on assessment of compliance with servicing


 






    Y-4-1


     


    


 


criteria
for asset-backed securities required to be delivered in accordance with Section 10.09 and Section 10.10 of the Pooling and Servicing
Agreement discloses all material instances of noncompliance with the Relevant Servicing Criteria.


 


[In giving the certifications
above, I have reasonably relied on information provided to me by the following unaffiliated parties: [list applicable transaction
parties].]


 


	Date:	 	 





 





[                               ]


 





	By:	 	 
	[Name]	 
	[Title]	 



 






    Y-4-2


     


    

 



EXHIBIT Y-5



FORM OF CERTIFICATION TO BE PROVIDED TO DEPOSITOR

BY THE CUSTODIAN


 


		Re:	Citigroup
                                         Commercial Mortgage Trust 2017-P8 (the “Trust”), Commercial Mortgage
                                         Pass-Through Certificates, Series 2017-P8 (the “Certificates”), issued
                                         pursuant to the Pooling and Servicing Agreement, dated as of September 1, 2017 (the “Pooling
                                         and Servicing Agreement”), between Citigroup Commercial Mortgage Securities
                                         Inc., as depositor, Wells Fargo Bank, National Association, as master servicer (in such
                                         capacity, the “Master Servicer”), KeyBank National Association, as
                                         special servicer (in such capacity, the “Special Servicer”), Pentalpha
                                         Surveillance LLC, as operating advisor (in such capacity, the “Operating Advisor”)
                                         and asset representations reviewer, Citibank, N.A., as certificate administrator (in
                                         such capacity, the “Certificate Administrator”) and custodian (in
                                         such capacity, the “Custodian”), and Wilmington Trust, National Association,
                                         as trustee (in such capacity, the “Trustee”)



 


I, [identify the certifying
individual], a [title] of [CUSTODIAN], certify to Citigroup Commercial Mortgage Securities Inc. and its officers, directors and
affiliates, and with the knowledge and intent that they will rely upon this certification in delivering the Sarbanes-Oxley Certification
required by Section 10.06 of the Pooling and Servicing Agreement relating to the Certificates (capitalized terms used herein
without definition shall have the meanings assigned to such terms in the Pooling and Servicing Agreement), that:


 


1.     
Based on my knowledge, the information required by the Pooling and Servicing Agreement to be provided to the Certificate
Administrator by the Custodian covering the fiscal year 20__, 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, in light of the circumstances under which
such statements were made, not misleading with respect to the period covered by these reports;


 


2.     
Based on my knowledge, the information required to be provided to the Certificate
Administrator by the Custodian under the Pooling and Servicing Agreement for inclusion in the Exchange Act reports to be
filed by the Certificate Administrator is included in the reports
delivered by the Custodian to the Certificate Administrator;


 


3.     
I am, or an officer under my supervision is, responsible for reviewing the activities performed by the Custodian under the
Pooling and Servicing Agreement and based upon my knowledge the Custodian has, except as described in any information provided
to the Certificate Administrator by the Custodian covering the fiscal year 20[__], fulfilled its obligations under the Pooling
and Servicing Agreement in all material respects in the year to which such review applies; and


 






    Y-5-1 


     


    

 


4.     
The report on assessment of compliance with servicing criteria for asset-backed securities and the related attestation report
on assessment of compliance with servicing criteria for asset-backed securities required to be delivered in accordance with Section
10.09 and Section 10.10 of the Pooling and Servicing Agreement discloses all material instances of noncompliance with the Relevant
Servicing Criteria.


 


In giving the certifications
above, I have reasonably relied on information provided to me by the following unaffiliated parties: [list applicable transaction
parties].


 





	Date:	 	 





 





[                               ]


 





	By:	 	 
	[Name]	 
	[Title]	 


 






    Y-5-2 


     


    




 


EXHIBIT Y-6



FORM OF CERTIFICATION TO BE PROVIDED TO DEPOSITOR

BY THE TRUSTEE


 


		Re:	Citigroup
                                         Commercial Mortgage Trust 2017-P8 (the “Trust”), Commercial Mortgage Pass-Through
                                         Certificates, Series 2017-P8 (the “Certificates”), issued pursuant
                                         to the Pooling and Servicing Agreement, dated as of September 1, 2017 (the “Pooling
                                         and Servicing Agreement”), between Citigroup Commercial Mortgage Securities
                                         Inc., as depositor, Wells Fargo Bank, National Association, as master servicer (in such
                                         capacity, the “Master Servicer”), KeyBank National Association, as
                                         special servicer (in such capacity, the “Special Servicer”), Pentalpha
                                         Surveillance LLC, as operating advisor (in such capacity, the “Operating Advisor”)
                                         and asset representations reviewer, Citibank, N.A., as certificate administrator (in
                                         such capacity, the “Certificate Administrator”), and Wilmington Trust,
                                         National Association, as trustee (in such capacity, the “Trustee”)



 


I, [identify the certifying
individual], a [title] of [TRUSTEE], certify to Citigroup Commercial Mortgage Securities Inc. and its officers, directors and affiliates,
and with the knowledge and intent that they will rely upon this certification in delivering the Sarbanes-Oxley Certification required
by Section 10.06 of the Pooling and Servicing Agreement relating to the Certificates (capitalized terms used herein without
definition shall have the meanings assigned to such terms in the Pooling and Servicing Agreement), that:


 


1.     
Based on my knowledge, the information required by the Pooling and Servicing Agreement to be provided to the Certificate
Administrator by the Trustee covering the fiscal year 20__, 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, in light of the circumstances under which
such statements were made, not misleading with respect to the period covered by these reports;


 


2.     
Based on my knowledge, the information required to be provided to the Certificate
Administrator by the Trustee under the Pooling and Servicing Agreement for inclusion in the Exchange Act reports to be filed
by the Certificate Administrator is included in the reports delivered
by the Trustee to the Certificate Administrator;


 


3.     
I am, or an officer under my supervision is, responsible for reviewing the activities performed by the Trustee under the
Pooling and Servicing Agreement and based upon my knowledge the Trustee has, except as described in any information provided to
the Certificate Administrator by the Trustee covering the fiscal year 20[__], fulfilled its obligations under the Pooling and Servicing
Agreement in all material respects in the year to which such review applies; and


 


4.     
The report on assessment of compliance with servicing criteria for asset-backed securities and the related attestation report
on assessment of compliance with servicing


 






    Y-6-1 


     


    

 


criteria for asset-backed securities required to be delivered in accordance with Section
10.09 and Section 10.10 of the Pooling and Servicing Agreement discloses all material instances of noncompliance with the Relevant
Servicing Criteria.


 


In giving the certifications
above, I have reasonably relied on information provided to me by the following unaffiliated parties: [list applicable transaction
parties].


  





	Date:	 	 





 





[                               ]


 





	By:	 	 
	[Name]	 
	[Title]	 


 






    Y-6-2 


     


    

 


EXHIBIT Y-7



FORM OF CERTIFICATION TO BE PROVIDED TO DEPOSITOR

BY THE ASSET REPRESENTATIONS REVIEWER


 


		Re:	Citigroup
                                         Commercial Mortgage Trust 2017-P8 (the “Trust”), Commercial Mortgage
                                         Pass-Through Certificates, Series 2017-P8 (the “Certificates”), issued
                                         pursuant to the Pooling and Servicing Agreement, dated as of September 1, 2017 (the “Pooling
                                         and Servicing Agreement”), between Citigroup Commercial Mortgage Securities
                                         Inc., as depositor, Wells Fargo Bank, National Association, as master servicer (in such
                                         capacity, the “Master Servicer”), KeyBank National Association, as
                                         special servicer (in such capacity, the “Special Servicer”), Pentalpha
                                         Surveillance LLC, as operating advisor (in such capacity, the “Operating Advisor”)
                                         and asset representations reviewer, Citibank, N.A., as certificate administrator (in
                                         such capacity, the “Certificate Administrator”), and Wilmington Trust,
                                         National Association, as trustee (in such capacity, the “Trustee”)



 


I, [identify the certifying
individual], a [title] of [ASSET REPRESENTATIONS REVIEWER], certify to Citigroup Commercial Mortgage Securities Inc. and its officers,
directors and affiliates, and with the knowledge and intent that they will rely upon this certification in delivering the Sarbanes-Oxley
Certification required by Section 10.06 of the Pooling and Servicing Agreement relating to the Certificates (capitalized terms
used herein without definition shall have the meanings assigned to such terms in the Pooling and Servicing Agreement), that:


 


1.     
Based on my knowledge, with respect to the period ending [December 31, 20__] (the “Relevant Period”),
all information required to be submitted by the Asset Representations Reviewer to the Master Servicer, the Depositor, Trustee or
Certificate Administrator, as applicable, pursuant to the Pooling 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”)
(such information provided by the Asset Representations Reviewer, collectively, the “Asset Representations Reviewer Periodic
Information”) have been submitted by the Asset Representations Reviewer to the Master Servicer, the Depositor, the Trustee
or the Certificate Administrator, as applicable, for inclusion in the Reports;


 


2.     
Based on my knowledge, the Asset Representations Reviewer Periodic 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,
in light of the circumstances under which such statements were made, not misleading with respect to the period covered by the Form
10-K;


 


3.     
I am, or an officer under my supervision is, responsible for reviewing the activities performed by the Asset Representations
Reviewer under the Pooling and Servicing Agreement and based upon my knowledge the Asset Representations Reviewer has, except as


 






    Y-7-1 


     


    

 


described in any information provided to the Certificate Administrator by the Asset Representations Reviewer covering the fiscal
year 20[__], fulfilled its obligations under the Pooling and Servicing Agreement in all material respects in the year to which
such review applies; and


 


[In giving the certifications
above, I have reasonably relied on information provided to me by the following unaffiliated parties: [list applicable transaction
parties].]


  





	Date:	 	 





 





[                               ]


 





	By:	 	 
	[Name]	 
	[Title]	 


 






    Y-7-2 


     


    

 


EXHIBT Y-8



FORM OF CERTIFICATION TO BE PROVIDED TO DEPOSITOR

BY A SUB-SERVICER


  


		Re:	Citigroup Commercial Mortgage Trust 2017-P8 (the “Trust”),
Commercial Mortgage Pass-Through Certificates, Series 2017-P8 (the “Certificates”), issued pursuant to the Pooling
and Servicing Agreement, dated as of September 1, 2017 (the “Pooling and Servicing Agreement”), between Citigroup
Commercial Mortgage Securities Inc., as depositor, Wells Fargo Bank, National Association, as master servicer (in such capacity,
the “Master Servicer”), KeyBank National Association, as special servicer (in such capacity, the “Special
Servicer”), Pentalpha Surveillance LLC, as operating advisor (in such capacity, the “Operating Advisor”)
and asset representations reviewer, Citibank, N.A., as certificate administrator (in such capacity, the “Certificate Administrator”),
and Wilmington Trust, National Association, as trustee (in such capacity, the “Trustee”)



and



Sub-servicing agreement, dated as of [______], 2017 (the “Sub-Servicing Agreement”) between [_____________]
and [SUB-SERVICER], as sub-servicer (the “Sub-Servicer”),





 


I, [identify the certifying
individual], a [title] of [SUB-SERVICER], certify to Citigroup Commercial Mortgage Securities Inc. and its officers, directors
and affiliates, and with the knowledge and intent that they will rely upon this certification in delivering the certification required
by the Pooling and Servicing Agreement relating to the Certificates (capitalized terms used herein without definition shall have
the meanings assigned to such terms in the Pooling and Servicing Agreement), that:


 


		(1)	I have (or a Servicing Officer under my supervision has) reviewed the servicing reports submitted
by the Sub-Servicer to the Master Servicer and/or the Certificate Administrator pursuant to the Sub-Servicing Agreement (the “Sub-Servicer
Reports”) for inclusion in the annual report on Form 10-K or any report on Form 10-D with respect to the Trust covering
the fiscal year 20__ ;



 


		(2)	Based on my knowledge, and assuming the accuracy of the statements required to be made in the corresponding
certificate of the Special Servicer (to the extent such statements are relevant to the statements made in this certification by
the Sub-Servicer), the servicing information in the Sub-Servicer 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, in light of the circumstances under
which such statements were made, not misleading with respect to the period covered by the Sub-Servicer Reports;



 






    Y-8-1 


     


    

 


		(3)	Based on my knowledge, and assuming the accuracy of the statements required to be made in the corresponding
certificate of the Special Servicer (to the extent such statements are relevant to the statements made in this certification by
the Sub-Servicer), the servicing information required to be provided in the Sub-Servicer Reports to the Master Servicer and/or
the Certificate Administrator by the Sub-Servicer under the Sub-Servicing
Agreement is included in the Sub-Servicer Reports delivered by the Sub-Servicer to the Master Servicer and/or the Certificate
Administrator;



 


		(4)	I am, or an employee under my supervision is, responsible for reviewing the activities performed
by the Sub-Servicer under the Sub-Servicing Agreement and based upon my knowledge and the compliance review conducted in preparing
the servicer compliance statement required under Section 10.08 of the Pooling and Servicing Agreement with respect to the Sub-Servicer,
and except as disclosed in such compliance statement delivered by the Sub-Servicer under Section 10.08 of the Pooling and Servicing
Agreement, the Sub-Servicer has fulfilled its obligations under the Sub-Servicing Agreement in all material respects in the year
to which such review applies; and



 


		(5)	The report on assessment of compliance with servicing criteria for asset-backed securities and
the related attestation report on assessment of compliance with servicing criteria for asset-backed securities required to be delivered
in accordance with Section 10.09 and Section 10.10 of the Pooling and Servicing Agreement discloses all material instances of noncompliance
with the Relevant Servicing Criteria.



 





	Date:	 	 





 





[                               ]


 





	By:	 	 
	[Name]	 


 






    Y-8-2 


     


    

 


EXHIBIT Z



FORM 8-K DISCLOSURE INFORMATION


 


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 10.07 of the Pooling and Servicing Agreement to disclose to the Depositor, the Certificate Administrator, each Other
Depositor and Other Exchange Act Reporting Party to which such Form 8-K Disclosure Information is relevant for Exchange Act reporting
purposes, 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 (after
complying with its affirmative obligations, if any, under the Pooling and Servicing Agreement to obtain such information) of such
information (other than information as to such party itself which such party is obligated to provide). Each of the Certificate
Administrator, the Trustee, the Master Servicer and the Special Servicer shall be entitled to rely on the accuracy of the Prospectus
(other than information with respect to itself that is set forth in or omitted from the Prospectus), in the absence of specific
written notice to the contrary from the Depositor or Mortgage Loan Sellers. Each of the Certificate Administrator, the Trustee,
the Master Servicer and the Special Servicer (in its capacity as such) shall be entitled to conclusively assume that there is no
“significant obligor” other than a party identified as such in the Prospectus. For this CGCMT 2017-P8 Pooling and Servicing
Agreement, each of the Certificate Administrator, the Trustee, the Master Servicer and the Special Servicer (in its capacity as
such) 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 Prospectus.


  


	Item on Form 8-K	Party Responsible 
	Item 1.01- Entry into a Material Definitive Agreement	
        Master Servicer, Special Servicer
and the Trustee (in the case of the Master Servicer, Special Servicer, and the Trustee, only as to agreements it is a party to
or entered into on behalf of the Trust)

Certificate Administrator (other than as to agreements to which
the Depositor (and no other party to the Pooling and Servicing Agreement) is a party) 

        Depositor 

	Item 1.02- Termination of a Material Definitive Agreement	
        Master Servicer, Special Servicer and the
        Trustee (in the case of the Master Servicer, Special Servicer and the Trustee, only as to agreements it is a party to or entered
        into on behalf of the Trust)

        

        Certificate
Administrator (other than as to agreements to which the Depositor (and no other party to the Pooling and Servicing Agreement)
is a party)




 






    Z-1 


     


    

 


	Item on Form 8-K	Party Responsible 
	 	Depositor 
	Item 1.03- Bankruptcy or Receivership	Depositor

Each Mortgage Loan Seller as to itself

Each other party to the Pooling and Servicing Agreement (as to itself)
	Item 2.04- Triggering Events that Accelerate or Increase a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement	Depositor

Certificate Administrator
	Item 3.03- Material Modification to Rights of Security Holders	Certificate Administrator
	Item 5.03- Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year	Depositor
	Item 5.07:  Submission of Matters to a Vote of Security Holders	
        Certificate Administrator 

        Trustee 

	Item 6.01- ABS Informational and Computational Material	Depositor
	Item 6.02- Change of Master Servicer, Special Servicer or Trustee	
        Master Servicer (as to itself or
a servicer retained by it) 

        Special Servicer (as to itself
or a servicer retained by it) 

        Trustee

Certificate Administrator

Depositor 

	Item 6.03- Change in Credit Enhancement or Other External Support	Depositor

Certificate Administrator
	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	Depositor
	Item 9.01 – Financial Statements and Exhibits	Depositor


 






    Z-2 


     


    




 


EXHIBIT AA-1



FORM OF POWER OF ATTORNEY FOR MASTER SERVICER


  


LIMITED POWER OF ATTORNEY


 


KNOW ALL
MEN BY THESE PRESENTS, that Wilmington Trust, National Association, a national banking association, incorporated and existing under
the laws of the United States, having its usual place of business at 1100 North Market Street, Wilmington, Delaware 19890, as Trustee
(the “Trustee”) for Citigroup Commercial Mortgage Trust 2017-P8 pursuant to that Pooling and Servicing Agreement,
dated as of September 1, 2017 (the “Agreement”) between Citigroup Commercial Mortgage Securities Inc., as depositor,
Wells Fargo Bank, National Association, as master servicer, KeyBank National Association, as special servicer, Pentalpha Surveillance
LLC, as operating advisor and asset representations reviewer, Citibank, N.A., as certificate administrator, and Wilmington Trust,
National Association, as Trustee, hereby constitutes and appoints Wells Fargo Bank, National Association (the “Servicer”),
by and through the Servicer’s officers, the Trustee’s true and lawful Attorney-in-Fact, in the Trustee’s name,
place and stead and for the Trustee’s benefit, in connection with all mortgage loans (the “Mortgage Loans”)
serviced by the Servicer and all properties (“Properties”) administered by the Servicer pursuant to the Agreement,
to execute and acknowledge in writing or by facsimile stamp all documents customarily and reasonably necessary and appropriate
to effectuate the enumerated transactions described in items (1) through (12) below with respect to the Mortgage Loans and Properties;
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 Agreement. Capitalized terms used herein and not otherwise defined herein have the meanings
set forth in the Agreement.


  


		1.	The endorsement on behalf of the Trustee of all checks, drafts and/or other negotiable instruments
made payable to the Trustee and draw upon, replace, substitute, release or amend letters of credit standing as collateral securing
any Mortgage Loan.



  


		2.	The modification or re-recording of a Mortgage or deed of trust, where said modification or re-recording
is solely for the purpose of correcting such Mortgage or deed of trust to conform same to the original intent of the parties thereto
or to correct title errors discovered after such title insurance was issued; provided that said modification or re-recording,
in either instance, (i) does not adversely affect the lien of the Mortgage or deed of trust as insured and (ii) otherwise
conforms to the provisions of the Agreement.



  


		3.	The subordination of the lien of a Mortgage or deed of trust to an easement in favor of a public
utility company or a government agency or unit with powers of eminent domain; this section shall include, without limitation, the
execution of partial satisfactions/releases, partial reconveyances or the execution of requests to trustees to accomplish same.






 






    AA-1-1 


     


    

 


		4.	The conveyance of the properties to the mortgage insurer, or the closing of the title to the property
to be acquired as real estate owned, or conveyance of title to real estate owned.



  


		5.	The completion of loan assumption agreements.



 


		6.	The full satisfaction/release of a Mortgage or deed of trust or full conveyance upon payment and
discharge of all sums secured thereby, including, without limitation, cancellation of the related Mortgage Note.



  


		7.	The assignment of any Mortgage or deed of trust and the related Mortgage Note, in connection with
the repurchase of the mortgage loan secured and evidenced thereby.



  


		8.	The full assignment of a Mortgage or deed of trust upon payment and discharge of all sums secured
thereby in conjunction with the refinancing thereof, including, without limitation, the assignment of the related Mortgage Note.



 


		9.	The full enforcement of and preservation of the Trustee’s interests in the Mortgage Notes,
Mortgages or deeds of trust, and in the proceeds thereof, by way of, including but not limited to, foreclosure, the taking of a
deed-in-lieu of foreclosure, or the completion of judicial or non-judicial foreclosure or the termination, cancellation or rescission
of any such foreclosure, the initiation, prosecution and completion of eviction actions or proceedings with respect to, or the
termination, cancellation or rescission of any such eviction actions or proceedings, and the pursuit of title insurance, hazard
insurance and claims in bankruptcy proceedings, including, without limitation, any and all of the following acts:



  


		a.	the substitution of trustee(s) serving under a deed of trust, in accordance with state law and such deed of trust;



  


		b.	the preparation and issuance of statements of breach or non-performance;



  


		c.	the preparation and filing of notices of default and/or notices of sale;



  


		d.	the cancellation/rescission of notices of default and/or notices of sale;



  


		e.	the taking of deed in lieu of foreclosure;



  


		f.	the filing, prosecution and defense of claims, and to appear on behalf of the Trustee, in bankruptcy cases affecting Mortgage
Notes, Mortgages or Deeds of Trust;



  






    AA-1-2 


     


    

 


		g.	the preparation and service of notices to quit and all other documents necessary to initiate, prosecute and complete eviction
actions or proceedings;



  


		h.	the tendering, filing, prosecution and defense, as applicable, of hazard insurance and title insurance claims, including but
not limited to appearing on behalf of the Trustee in quiet title actions; and



  


		i.	the preparation and execution of such other documents and performance of such other actions as may be necessary under the terms
of the Mortgage, deed of trust or state law to expeditiously complete said transactions in paragraphs 9.a. through 9.h. above.



  


		10.	With respect to the sale of property acquired through a foreclosure or deed-in lieu of foreclosure,
including, without limitation, the execution of the following documentation:






		a.	listing agreements;






		b.	purchase and sale agreements;






		c.	grant/warranty/quit claim deeds or any other deed causing the transfer of title of the property to a party contracted to purchase
same;






		d.	escrow instructions; and






		e.	any and all documents necessary to effect the transfer of property.



  


		11.	The modification or amendment of escrow agreements established for repairs to the mortgaged property
or reserves for replacement of personal property.



  


		12.	The execution and delivery of the following:



  


		a.	any and all financing statements, continuation statements and other documents or instruments necessary
to maintain the lien created by the Mortgage, deed of trust or other security document in the related Mortgage File or the related
Mortgaged Property and other related collateral;



  


		b.	any and all instruments of satisfaction or cancellation, or of partial or full release or discharge,
or of partial or full defeasance, and all other comparable instruments; and



  


		c.	any and all assumptions, modifications, waivers, substitutions, extensions, amendments, consents
to transfers of interests in borrowers, consents to any subordinate financings to be secured by any related Mortgaged Property,
consents to any mezzanine financing to be secured by the ownership interests in a borrower, consents to and monitoring of the application
of any proceeds of insurance policies or condemnation awards to the restoration of the related Mortgaged Property, or otherwise,
documents relating to the management, operation, maintenance, repair, 



  



    AA-1-3 


     


    

 





leasing and marketing of the related Mortgaged Properties
(including agreements and requests by any borrower with respect to modifications of the standards of operation and management of
such Mortgaged Properties or the replacement of asset managers), documents exercising any or all of the rights, powers and privileges
granted or provided to the holder of any Mortgage Loan under the related loan documents, lease subordination agreements, non-disturbance
and attornment agreements or other leasing or rental arrangements, any easements, covenants, conditions, restrictions, equitable
servitudes, or land use or zoning requirements with respect to the Mortgaged Properties, instruments relating to the custody of
any collateral that now secures or hereafter may secure any Mortgage Loan and any other consents.


 


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, and hereby does ratify and confirm to all that said Attorney-in-Fact shall be effective as of [EXECUTION DATE OF POA].


  


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.


  


Solely to the extent that the Servicer
has the power to delegate its rights or obligations under the Agreement, the Servicer also has the power to delegate the authority
given to it by Wilmington Trust, National Association, as Trustee, under this Limited Power of Attorney, for purposes of performing
its obligations and duties by executing such additional powers of attorney in favor of its attorneys-in-fact as are necessary for
such purpose. The Servicer’s attorneys-in-fact shall have no greater authority than that held by the Servicer.


  


Nothing contained herein shall: (i) limit
in any manner any indemnification provided to the Trustee under the Agreement, (ii) limit in any manner the rights and protections
afforded the Trustee under the Agreement, or (iii) be construed to grant the Servicer the power to initiate or defend any
suit, litigation or proceeding in the name of Wilmington Trust, National Association except as specifically provided for herein.
If the Servicer receives any notice of suit, litigation or proceeding in the name of Wilmington Trust, National Association, then
the Servicer shall promptly forward a copy of same to the Trustee.


  


This limited power of attorney is not intended
to extend the powers granted to the Servicer under the Agreement or to allow the Servicer to take any action with respect to Mortgages,
deeds of trust or Mortgage Notes not authorized by the Agreement.


  


The 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 reason or result of the negligent use, or negligent or willful


 






    AA-1-4 


     


    

 


misuse, of this Limited Power of Attorney by the 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.


  


This Limited Power of Attorney is entered
into and shall be governed by the laws of the State of New York, without regard to conflicts of law principles of such state.


  


Third parties without actual notice may
rely upon the exercise of the power granted under this Limited Power of Attorney; and may be satisfied that this Limited Power
of Attorney shall continue in full force and effect and has not been revoked unless an instrument of revocation has been made in
writing by the undersigned.


  


IN WITNESS WHEREOF, Wilmington Trust, National
Association, as Trustee for Citigroup Commercial Mortgage Trust 2017-P8 has caused its corporate seal to be hereto affixed and
these presents to be signed and acknowledged in its name and behalf by a duly elected and authorized signatory this ___________
day of ____________.


 











	 	Wilmington Trust, National Association, as Trustee
for Citigroup Commercial Mortgage Trust 2017-P8
	 	 	 	 
	 	By:		 
	 	 	Name:	 
	 	 	Title:	 


 








	Witness:	 
	 	 
	 	 
	Witness:	 
	 	 
	 	 
	Prepared by:	 
	 	 
	Name:	 
	Title:	 









 


		Address:	Wilmington Trust, National Association

                                                                                1100 North Market Street

                                                                                Wilmington, Delaware 19890




 










    AA-1-5 


     


    

 


 


	A notary public or other officer completing this certificate
verifies only the identity of the individual who signed the document to which this certificate is attached, and not the truthfulness,
accuracy, or validity of that document.








 


STATE OF DELAWARE 


COUNTY OF NEW CASTLE


 


On _____________before me, ____________________________, a Notary
Public, personally appeared _____________________, who proved to me on the basis of satisfactory evidence to be the person(s) whose
name(s) is/are subscribed to the within instrument and acknowledged to me that he/she/they executed that same in his/her/their
authorized capacity(ies), and that by his/her/their signature(s) on the instrument the person(s), or the entity upon behalf of
which the person(s) acted, executed the instrument.


 


I certify under PENALTY OF PERJURY under the laws of the State
of Delaware that the foregoing paragraph is true and correct.


 


WITNESS my hand and official seal. 


(SEAL)


 


	 	 
	 	Signature
of Notary Public





 






    AA-1-6 


     


    

 





EXHIBIT AA-2



FORM OF POWER OF ATTORNEY FOR SPECIAL SERVICER 


LIMITED POWER OF ATTORNEY


 


KNOW ALL
MEN BY THESE PRESENTS, that Wilmington Trust, National Association, a national banking association, incorporated and existing under
the laws of the United States, having its usual place of business at 1100 North Market Street, Wilmington, Delaware 19890, as Trustee
(the “Trustee”) pursuant to that Pooling and Servicing Agreement, dated as of September 1, 2017 (the “Agreement”)
between Citigroup Commercial Mortgage Securities Inc., as depositor, Wells Fargo Bank, National Association, as master servicer,
KeyBank National Association, as special servicer (the “Servicer”), Pentalpha Surveillance LLC, as operating
advisor and asset representations reviewer, Citibank, N.A., as certificate administrator, and Wilmington Trust, National Association,
as trustee, relating to the Citigroup Commercial Mortgage Trust 2017-P8, Commercial Mortgage Pass-Through Certificates, Series
2017-P8, hereby constitutes and appoints the Servicer, by and through the Servicer’s officers, the Trustee’s
true and lawful Attorney-in-Fact, in the Trustee’s name, place and stead and for the Trustee’s benefit, in connection
with all mortgage loans (the “Mortgage Loans”) serviced by the Servicer and all properties (“REO Properties”)
administered by the Servicer pursuant to the Agreement, to execute and acknowledge in writing or by facsimile stamp all documents
customarily and reasonably necessary and appropriate to effectuate the enumerated transactions described in items (1) through (12)
below with respect to the Mortgage Loans and REO Properties; 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 Agreement. Capitalized
terms used herein and not otherwise defined herein have the meanings set forth in the Agreement.


  


		1.	The endorsement on behalf of the Trustee of all checks, drafts and/or other negotiable instruments
made payable to the Trustee and to draw upon, replace, substitute, release or amend letters of credit standing as collateral securing
any Mortgage Loan.



  


		2.	The modification or re-recording of a Mortgage or deed of trust, where said modification or re-recording
is solely for the purpose of correcting the Mortgage or deed of trust to conform same to the original intent of the parties thereto
or to correct title errors discovered after such title insurance was issued; provided that said modification or re-recording,
in either instance, (i) does not adversely affect the lien of the Mortgage or deed of trust as insured and (ii) otherwise
conforms to the provisions of the Agreement.



 


		3.	The subordination of the lien of a Mortgage or deed of trust to an easement in favor of a public
utility company or a government agency or unit with powers of eminent domain; this section shall include, without limitation, the
execution of partial satisfactions/releases, partial reconveyances or the execution of requests to trustees to accomplish same.



 






    AA-2-1 


     


    

 


		4.	The conveyance of the properties to the mortgage insurer, or the closing of the title to the property
to be acquired as real estate owned, or conveyance of title to real estate owned.



 


		5.	The completion of loan assumption agreements.



  


		6.	The full satisfaction/release of a Mortgage or deed of trust or full conveyance upon payment and
discharge of all sums secured thereby, including, without limitation, cancellation of the related Mortgage Note.



  


		7.	The assignment of any Mortgage or deed of trust and the related Mortgage Note, in connection with
the repurchase of the mortgage loan secured and evidenced thereby.



  


		8.	The full assignment of a Mortgage or deed of trust upon payment and discharge of all sums secured
thereby in conjunction with the refinancing thereof, including, without limitation, the assignment of the related Mortgage Note.



  


		9.	The full enforcement of and preservation of the Trustee’s interests in the Mortgage Notes,
Mortgages or deeds of trust, and in the proceeds thereof, by way of, including but not limited to, foreclosure, the taking of a
deed in lieu of foreclosure, or the completion of judicial or non-judicial foreclosure or the termination, cancellation or rescission
of any such foreclosure, the initiation, prosecution and completion of eviction actions or proceedings with respect to, or the
termination, cancellation or rescission of any such eviction actions or proceedings, and the pursuit of title insurance, hazard
insurance and claims in bankruptcy proceedings, including, without limitation, any and all of the following acts:



  


		a.	the substitution of trustee(s) serving under a deed of trust, in accordance with state law and the deed of trust;



  


		b.	the preparation and issuance of statements of breach or non-performance;



 


		c.	the preparation and filing of notices of default and/or notices of sale;



 


		d.	the cancellation/rescission of notices of default and/or notices of sale;



  


		e.	the taking of deed in lieu of foreclosure;



  


		f.	the filing, prosecution and defense of claims, and to appear on behalf of the Trustee, in bankruptcy cases affecting Mortgage
Notes, Mortgages or Deeds of Trust;



  






    AA-2-2 


     


    

 


		g.	the preparation and service of notices to quit and all other documents necessary to initiate, prosecute and complete eviction
actions or proceedings;



  


		h.	the tendering, filing, prosecution and defense, as applicable, of hazard insurance and title insurance claims, including but
not limited to appearing on behalf of the Trustee in quiet title actions; and



  


		i.	the preparation and execution of such other documents and performance of such other actions as may be necessary under the terms
of the Mortgage, deed of trust or state law to expeditiously complete said transactions in paragraphs 9.a. through 9.h. above.



  


		10.	With respect to the sale of property acquired through a foreclosure or deed-in lieu of foreclosure,
including, without limitation, the execution of the following documentation:






		a.	listing agreements;






		b.	purchase and sale agreements;






		c.	grant/warranty/quit claim deeds or any other deed causing the transfer of title of the property to a party contracted to purchase
same;






		d.	escrow instructions; and






		e.	any and all documents necessary to effect the transfer of property.






 


		11.	The modification or amendment of escrow agreements established for repairs to the mortgaged property
or reserves for replacement of personal property.






 


		12.	The execution and delivery of the following:






 


		a.	any and all financing statements, continuation statements and other documents or instruments necessary
to maintain the lien created by the Mortgage, deed of trust or other security document in the related Mortgage File or the related
Mortgaged Property and other related collateral;






 


		b.	any and all instruments of satisfaction or cancellation, or of partial or full release or discharge,
or of partial or full defeasance, and all other comparable instruments; and






 


		c.	any and all assumptions, modifications, waivers, substitutions, extensions, amendments, consents
to transfers of interests in borrowers, consents to any subordinate financings to be secured by any related Mortgaged Property,
consents to any mezzanine financing to be secured by the ownership interests in a borrower, consents to and monitoring of the application
of any proceeds of insurance policies or condemnation awards to the restoration of the related Mortgaged Property, REO Property
or otherwise, documents relating to the management, operation, maintenance, repair, leasing and marketing of the related Mortgaged
Properties 



 






    AA-2-3 


     


    

 


 (including agreements and requests by any borrower with respect to modifications of the standards of operation and management
of such Mortgaged Properties or the replacement of asset managers) or REO Properties, documents exercising any or all of the rights,
powers and privileges granted or provided to the holder of any Mortgage Loan under the related loan documents, lease subordination
agreements, non-disturbance and attornment agreements or other leasing or rental arrangements, any easements, covenants, conditions,
restrictions, equitable servitudes, or land use or zoning requirements with respect to the Mortgaged Properties or REO Properties,
instruments relating to the custody of any collateral that now secures or hereafter may secure any Mortgage Loan and any other
consents.


 


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, and hereby does ratify and confirm to all that said Attorney-in-Fact shall be effective as of [EXECUTION DATE OF POA].


  


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.


  


Solely to the extent that the Servicer
has the power to delegate its rights or obligations under the Agreement, the Servicer also has the power to delegate the authority
given to it by Wilmington Trust, National Association, as Trustee, under this Limited Power of Attorney, for purposes of performing
its obligations and duties by executing such additional powers of attorney in favor of its attorneys-in-fact as are necessary for
such purpose. The Servicer’s attorneys-in-fact shall have no greater authority than that held by the Servicer.


 


Nothing contained herein shall: (i) limit
in any manner any indemnification provided to the Trustee under the Agreement, (ii) limit in any manner the rights and protections
afforded the Trustee under the Agreement, or (iii) be construed to grant the Servicer the power to initiate or defend any
suit, litigation or proceeding in the name of Wilmington Trust, National Association except as specifically provided for herein.
If the Servicer receives any notice of suit, litigation or proceeding in the name of Wilmington Trust, National Association, then
the Servicer shall promptly forward a copy of same to the Trustee.


 


This limited power of attorney is not intended
to extend the powers granted to the Servicer under the Agreement or to allow the Servicer to take any action with respect to Mortgages,
Deeds of Trust or Mortgage Notes not authorized by the Agreement.


 


The 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 reason or result of the negligent use, or negligent or willful


 






    AA-2-4 


     


    

 


misuse, of this Limited Power of Attorney by the 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.


  


This Limited Power of Attorney is entered
into and shall be governed by the laws of the State of New York, without regard to conflicts of law principles of such state.


 


Third parties without actual notice may
rely upon the exercise of the power granted under this Limited Power of Attorney; and may be satisfied that this Limited Power
of Attorney shall continue in full force and effect and has not been revoked unless an instrument of revocation has been made in
writing by the undersigned.


  


IN WITNESS WHEREOF, Wilmington Trust, National
Association, as Trustee for Citigroup Commercial Mortgage Trust 2017-P8 has caused its corporate seal to be hereto affixed and
these presents to be signed and acknowledged in its name and behalf by a duly elected and authorized signatory this ___________
day of ____________.


 














	 	Wilmington Trust, National Association, as Trustee
for Citigroup Commercial Mortgage Trust 2017-P8
	 	 	 	 
	 	By:		 
	 	 	Name:	 
	 	 	Title:	 


 








	Witness:	 
	 	 
	 	 
	Witness:	 
	 	 
	 	 
	Prepared by:	 
	 	 
	Name:	 
	Title:	 









 


		Address:	Wilmington Trust, National Association

                                                                                1100 North Market Street

                                                                                Wilmington, Delaware 19890




 






    AA-2-5 


     


    

 






	A notary public or other officer completing this certificate
verifies only the identity of the individual who signed the document to which this certificate is attached, and not the truthfulness,
accuracy, or validity of that document.


  





STATE OF DELAWARE 


COUNTY OF NEW CASTLE


  


On _____________before me, ____________________________, a Notary
Public, personally appeared _____________________, who proved to me on the basis of satisfactory
evidence to be the person(s) whose name(s) is/are subscribed to the within instrument and acknowledged to me that he/she/they executed
that same in his/her/their authorized capacity(ies), and that by his/her/their signature(s) on the instrument the person(s), or
the entity upon behalf of which the person(s) acted, executed the instrument.


  


I certify under PENALTY OF PERJURY under the laws of the State
of Delaware that the foregoing paragraph is true and correct.


 


WITNESS my hand and official seal. 


(SEAL)


 


	 	 
	 	Signature
of Notary Public





 






    AA-2-6 


     


    

 





EXHIBIT BB



CLASS A-AB SCHEDULED PRINCIPAL BALANCE


 


	Distribution
                                         Date 
	 	Balance 
	 	Distribution
                                         Date 
	 	Balance 

	10/15/2017	 	$48,700,000.00	 	7/15/2022	 	$48,700,000.00
	11/15/2017	 	$48,700,000.00	 	8/15/2022	 	$48,700,000.00
	12/15/2017	 	$48,700,000.00	 	9/15/2022	 	$47,914,111.09
	1/15/2018	 	$48,700,000.00	 	10/15/2022	 	$47,009,970.77
	2/15/2018	 	$48,700,000.00	 	11/15/2022	 	$46,172,417.44
	3/15/2018	 	$48,700,000.00	 	12/15/2022	 	$45,261,681.16
	4/15/2018	 	$48,700,000.00	 	1/15/2023	 	$44,417,286.01
	5/15/2018	 	$48,700,000.00	 	2/15/2023	 	$43,569,586.92
	6/15/2018	 	$48,700,000.00	 	3/15/2023	 	$42,509,838.68
	7/15/2018	 	$48,700,000.00	 	4/15/2023	 	$41,654,671.66
	8/15/2018	 	$48,700,000.00	 	5/15/2023	 	$40,726,822.71
	9/15/2018	 	$48,700,000.00	 	6/15/2023	 	$39,864,677.05
	10/15/2018	 	$48,700,000.00	 	7/15/2023	 	$38,930,047.96
	11/15/2018	 	$48,700,000.00	 	8/15/2023	 	$38,060,869.44
	12/15/2018	 	$48,700,000.00	 	9/15/2023	 	$37,188,289.33
	1/15/2019	 	$48,700,000.00	 	10/15/2023	 	$36,243,522.61
	2/15/2019	 	$48,700,000.00	 	11/15/2023	 	$35,363,828.59
	3/15/2019	 	$48,700,000.00	 	12/15/2023	 	$34,412,150.31
	4/15/2019	 	$48,700,000.00	 	1/15/2024	 	$33,525,287.10
	5/15/2019	 	$48,700,000.00	 	2/15/2024	 	$32,634,952.63
	6/15/2019	 	$48,700,000.00	 	3/15/2024	 	$31,604,739.91
	7/15/2019	 	$48,700,000.00	 	4/15/2024	 	$30,706,885.36
	8/15/2019	 	$48,700,000.00	 	5/15/2024	 	$29,737,563.12
	9/15/2019	 	$48,700,000.00	 	6/15/2024	 	$28,832,398.28
	10/15/2019	 	$48,700,000.00	 	7/15/2024	 	$27,855,973.68
	11/15/2019	 	$48,700,000.00	 	8/15/2024	 	$26,943,441.75
	12/15/2019	 	$48,700,000.00	 	9/15/2024	 	$26,000,260.97
	1/15/2020	 	$48,700,000.00	 	10/15/2024	 	$25,093,248.90
	2/15/2020	 	$48,700,000.00	 	11/15/2024	 	$24,245,437.06
	3/15/2020	 	$48,700,000.00	 	12/15/2024	 	$23,331,711.22
	4/15/2020	 	$48,700,000.00	 	1/15/2025	 	$22,476,935.11
	5/15/2020	 	$48,700,000.00	 	2/15/2025	 	$21,618,779.87
	6/15/2020	 	$48,700,000.00	 	3/15/2025	 	$20,570,549.33
	7/15/2020	 	$48,700,000.00	 	4/15/2025	 	$19,704,855.25
	8/15/2020	 	$48,700,000.00	 	5/15/2025	 	$18,773,755.19
	9/15/2020	 	$48,700,000.00	 	6/15/2025	 	$17,900,956.61
	10/15/2020	 	$48,700,000.00	 	7/15/2025	 	$16,962,953.87
	11/15/2020	 	$48,700,000.00	 	8/15/2025	 	$16,082,995.06
	12/15/2020	 	$48,700,000.00	 	9/15/2025	 	$15,199,556.94
	1/15/2021	 	$48,700,000.00	 	10/15/2025	 	$14,251,216.91
	2/15/2021	 	$48,700,000.00	 	11/15/2025	 	$13,360,535.12
	3/15/2021	 	$48,700,000.00	 	12/15/2025	 	$12,405,157.20
	4/15/2021	 	$48,700,000.00	 	1/15/2026	 	$11,507,174.92
	5/15/2021	 	$48,700,000.00	 	2/15/2026	 	$10,605,641.62
	6/15/2021	 	$48,700,000.00	 	3/15/2026	 	$9,518,075.05
	7/15/2021	 	$48,700,000.00	 	4/15/2026	 	$8,608,673.86
	8/15/2021	 	$48,700,000.00	 	5/15/2026	 	$7,635,108.32
	9/15/2021	 	$48,700,000.00	 	6/15/2026	 	$6,718,259.79
	10/15/2021	 	$48,700,000.00	 	7/15/2026	 	$5,737,458.47
	11/15/2021	 	$48,700,000.00	 	8/15/2026	 	$4,813,104.17
	12/15/2021	 	$48,700,000.00	 	9/15/2026	 	$3,885,093.93
	1/15/2022	 	$48,700,000.00	 	10/15/2026	 	$2,893,447.97
	2/15/2022	 	$48,700,000.00	 	11/15/2026	 	$1,957,844.39
	3/15/2022	 	$48,700,000.00	 	12/15/2026	 	$958,820.80
	4/15/2022	 	$48,700,000.00	 	1/15/2027	 	$15,564.31
	5/15/2022	 	$48,700,000.00	 	2/15/2027	 	$0.00
	6/15/2022	 	$48,700,000.00	 	and
    thereafter	 	 


 






    BB-1 


     


    

 


EXHIBIT CC-1


 


FORM OF TRANSFEROR CERTIFICATE

FOR TRANSFER OF THE EXCESS SERVICING FEE RIGHTS


 


[Date]


  


	
        Citigroup Commercial Mortgage Securities Inc.

        

        390 Greenwich Street, 5th Floor

New York, New York 10013

Attention: Paul Vanderslice 

        Telecopy number: (212) 723-8599 

        e-mail: paul.t.vanderslice@citi.com
	 	
        Citigroup Commercial Mortgage Securities Inc.

        

        390 Greenwich Street 

        New York, New York 10013 

        Attention: Richard Simpson 

        Telecopy number: (646) 328-2943 

        e-mail: richard.simpson@citi.com

	 	 	 
	
        Citigroup Commercial Mortgage Securities Inc. 

        388 Greenwich Street, 17th Floor 

        New York, New York 10013 

        Attention: Ryan M. O’Connor 

        Telecopy number: (646) 862-8988 

        e-mail: ryan.m.oconnor@citi.com 
	 	 


 





		Re:	Citigroup Commercial
                                         Mortgage Trust 2017-P8, Commercial Mortgage Pass-Through Certificates, Series 2017-P8



 


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 (as defined below) established under the Pooling and Servicing Agreement, dated as of September
1, 2017 (the “Pooling and Servicing Agreement”), between Citigroup Commercial Mortgage Securities Inc., as Depositor,
Wells Fargo Bank, National Association, as Master Servicer, KeyBank National Association, as Special Servicer, Pentalpha Surveillance
LLC, as Operating Advisor and Asset Representations Reviewer, Citibank, N.A., as Certificate Administrator, and Wilmington Trust,
National Association, as Trustee. All capitalized terms used but not otherwise defined herein shall have the respective meanings
set forth in the Pooling and Servicing Agreement. The Transferor 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 (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


 






    CC-1-1 


     


    

 


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.


 


	 	Very truly yours,
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:








 







    CC-1-2 


     


    

 


EXHIBIT CC-2


 


FORM OF TRANSFEREE CERTIFICATE

FOR TRANSFER OF THE EXCESS SERVICING FEE RIGHTS


 


[Date]


 


	
        Wells Fargo Bank, National Association


        Commercial Mortgage Servicing


        Three Wells Fargo


        MAC D1050-084

        401 South Tryon Street, 8th Floor


        Charlotte, North Carolina 28202


        Attention: CGCMT 2017-P8 Asset Manager

        Email: Commercial.servicing@wellsfargo.com



        	 	
        Citigroup Commercial Mortgage Securities Inc.


        388 Greenwich Street, 17th Floor


        New York, New York 10013


        Attention: Ryan M. O’Connor


        Telecopy number: (646) 862-8988


        e-mail: ryan.m.oconnor@citi.com

        
	 	 	 
	
        Citigroup Commercial Mortgage Securities Inc.


        390 Greenwich Street, 5th Floor

        New York, New York 10013

        Attention: Paul Vanderslice


        Telecopy number: (212) 723-8599


        e-mail: paul.t.vanderslice@citi.com



        	 	
        Citigroup Commercial Mortgage Securities Inc.


        390 Greenwich Street


        New York, New York 10013


        Attention: Richard Simpson


        Telecopy number: (646) 328-2943


        e-mail: richard.simpson@citi.com



        


  


		Re:	Citigroup Commercial
                                         Mortgage Trust 2017-P8, Commercial Mortgage Pass-Through Certificates, Series 2017-P8



 


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 Pooling and Servicing Agreement, dated as of September 1, 2017 (the “Pooling
and Servicing Agreement”), between Citigroup Commercial Mortgage Securities Inc., as Depositor, Wells Fargo Bank, National
Association, as Master Servicer, KeyBank National Association, as Special Servicer, Pentalpha Surveillance LLC, as Operating Advisor
and Asset Representations Reviewer, Citibank, N.A., as Certificate Administrator, and Wilmington Trust, National Association, as
Trustee. All capitalized terms used but not otherwise defined herein shall have the respective meanings set forth in the Pooling
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 (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


 






    CC-2-1 


     


    

 


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 CC-1 to the Pooling and Servicing Agreement, and (B) each of Wells Fargo Bank, National Association and the Depositor
has received a certificate from the prospective transferee substantially in the form attached as Exhibit CC-2 to the Pooling 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 Pooling 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 Pooling and Servicing Agreement and the Trust Fund created pursuant thereto, (d) the nature, performance and servicing
of the Mortgage Loans, 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),


 






    CC-2-2 


     


    

 


(2), (3) and (7) of Rule 501(a) under the Securities
Act or an entity in which all of the equity owners come within such paragraphs. 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 Pooling 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 such information, and to cause its officers, directors, partners, employees,
agents or representatives (collectively, “Representatives”) not to disclose such information, in any manner
whatsoever, in whole or in part, to any other Person other than the Transferee’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 Person or has become generally available to the public other than as a
result of disclosure by such Person; provided, however, that the Transferee or any of its Representatives 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 other 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 other Person’s 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 Pooling and Servicing
Agreement except as set forth in Section 3.12 of the Pooling and Servicing Agreement, and that the Excess Servicing Fee Rate may
be reduced to the extent provided in the Pooling and Servicing Agreement.


 


	 	Very truly yours,
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:








 







    CC-2-3 


     


    

 


EXHIBIT DD


 


FORM OF NOTICE AND CERTIFICATION REGARDING
DEFEASANCE OF MORTGAGE LOAN


 


		To:	Moody’s Investors Service, Inc.

7 World Trade Center

New York, New York 10007

Attention: Commercial Mortgage Surveillance Group

Facsimile No: (212) 553-0300



 


Fitch Ratings,
Inc.

33 Whitehall Street

New York, New York 10004

Attention: Commercial Mortgage Surveillance Group

Facsimile No: (212) 635-0295


 


DBRS, Inc.

333 West Wacker Drive, Suite 1800

Chicago, Illinois 60606

Attention: CMBS Surveillance

Facsimile No: (312) 332-3492


  


S&P Global Ratings 


55 Water Street, 41st Floor 


New York, New York 10041 


Attention: CMBS Surveillance Group 


Email: cmbs_info_17g5@standardpoors.com


 


		From:	Wells Fargo Bank, National Association, in its capacity as Master Servicer (the “Master Servicer”)
under the Pooling and Servicing Agreement, dated as of September 1, 2017 (the “Pooling and Servicing Agreement”),
between Citigroup Commercial Mortgage Securities Inc., as Depositor, the Master Servicer, KeyBank National Association, as Special
Servicer, Pentalpha Surveillance LLC, as Operating Advisor and Asset Representations Reviewer, Citibank, N.A., as Certificate Administrator,
and Wilmington Trust, National Association, as Trustee.



 


		Date:	____________, 20___



 


		Re:	Citigroup Commercial Mortgage Trust 2017-P8, Commercial Mortgage Pass-Through Certificates, Series
2017-P8 Mortgage Loan (the “Subject Mortgage Loan”) heretofore secured by real property known as ____________
[Include the following, with appropriate modification, if there is pari passu or AB debt: as evidenced by that certain Promissory
Note [A-[_]][A] in the amount of $____________, which Promissory Note [A-[_]][A] is owned by the Trust, and Promissory Note [___]
in the amount of $_____________, which Promissory Note [___] is owned by ________________.]



 






    DD-1 


     


    

 


Capitalized terms used
but not defined herein have the meanings assigned to such terms in the Pooling and Servicing Agreement.


 


THE STATEMENTS SET
FORTH BELOW ARE MADE (A) TO THE BEST KNOWLEDGE OF THE UNDERSIGNED BASED UPON DUE DILIGENCE CONSISTENT WITH THE SERVICING STANDARD
SPECIFIED IN THE POOLING AND SERVICING AGREEMENT (THE “SERVICING STANDARD”), AND (B) WITHOUT INTENDING TO WARRANT
THE ACCURACY THEREOF OR UNDERTAKE ANY DUTY OR STANDARD OF CARE GREATER THAN THE DUTIES OF SERVICER UNDER THE POOLING AND SERVICING
AGREEMENT AND THE SERVICING STANDARD.


 


We hereby notify you
and confirm that each of the following is true, subject to those exceptions, if any, set forth on Exhibit A hereto, which exceptions
the Master Servicer has determined, consistent with the Servicing Standard, will have no material adverse effect on the Subject
Mortgage Loan or the defeasance transaction:


 


1.        The Mortgagor has consummated a defeasance of the Subject Mortgage Loan of the type checked below:**


 


____   a full defeasance
of the entire outstanding principal balance ($____________) of the Subject Mortgage Loan; or


 


____   a partial
defeasance of a portion ($____________) of the Subject Mortgage Loan that represents ___% of the entire principal balance of the
Subject Mortgage Loan ($____________).


 


2.        The defeasance was consummated on ____________, 20__.


 


3.        The defeasance was completed in all material respects in accordance with the conditions for defeasance specified in the
Loan Documents and in accordance with the Servicing Standard.


 


[Include the following if
there is pari passu or AB debt:


 


4.       
In accordance with the Loan Documents, the defeasance occurred such that:


 


____  
Promissory Notes [A-[__]][A] and [___] were defeased simultaneously in their entirety; or


 


____   Promissory
Note [___] was paid off in full.]


 


5.        To the knowledge of the Master Servicer any other debt related to the Subject Mortgage Loan (including mezzanine debt, senior
secured debt, pari passu debt or subordinate secured debt was either paid off in full or defeased. Such debt consists of the following:
[Describe debt and holder of the debt and if it was paid off or defeased].


 






    DD-2 


     


    

 


6.           The defeasance collateral consists only of one or more of the following: (i) direct debt obligations of the U.S. Treasury,
(ii) direct debt obligations of the Federal National Mortgage Association, (iii) direct debt obligations of the Federal Home Loan
Mortgage Corporation, (iv) interest-only direct debt obligations of the Resolution Funding Corporation, (v) consolidated debt obligations
of the Federal Home Loan Bank or (vi) securities covered by the Federal Deposit Insurance Corporation’s (the “FDIC”)
Temporary Liquidity Guarantee Program (“TLGP”). Based upon a written report from an independent certified accountant,
such defeasance collateral consists of securities that (i) if they include a principal obligation, the principal due at maturity
cannot vary or change, (ii) provide for interest at a fixed rate and (iii) are not callable prior to their respective maturity
dates. In addition, if the defeasance collateral contains any TLGP securities, then:


 


		●	Such securities are eligible under TLGP;



 


		●	The master servicer (and the trustee, if it serves as the back-up advancing agent for the transaction)
has waived its right to (i) collect interest on advances made on behalf of the borrower holding TLGP securities, and (ii) collect
for expenses incurred in making demand on the FDIC;



 


		●	If the TLGP debt is to be used to satisfy a balloon payment, a reserve conforming to the criteria
for eligible accounts was funded with a minimum of 90 days interest on the defeasance collateral to cover potential delays in receipt
of the balloon payment;



 


		●	The TLGP securities mature before June 30, 2012; and



 


		●	The master servicer’s error and omissions insurance policy covers losses to the CMBS trust
caused by the master servicer’s failure to make timely demand on the FDIC’s guarantee.



 


7.           After the defeasance, the defeasance collateral will be owned by an entity (the “Defeasance Obligor”)
that: (i) is the original Mortgagor, (ii) is a Single-Purpose Entity (as described in S&P’s criteria), (iii) is subject
to restrictions in its organizational documents substantially similar to those contained in the organizational documents of the
original Mortgagor with respect to bankruptcy remoteness and single purpose, (iv) has been designated as the Defeasance Obligor
by the originator of the Subject Mortgage Loan pursuant to the terms of the Loan Documents, or (v) has previously received confirmation
from Standard & Poor’s that the organizational documents of such Defeasance Obligor conform with applicable Standard
& Poor’s criteria. The Defeasance Obligor owns no assets other than defeasance collateral and (only in the case of the
original Mortgagor) real property securing one or more Mortgage Loans included in the pool under the Pooling and Servicing Agreement
(the “Pool”).


 


8.           If such Defeasance Obligor (together with its affiliates) holds more than one defeased loan, it does not (together with
its affiliates) hold defeased loans aggregating more than $35 Million or more than five percent (5%) of the aggregate certificate
balance of the Certificates, as of the date of the most recent Certificate Administrator’s Distribution Date Statement received
by the Master Servicer (the “Current Report”), except to the extent the


 






    DD-3 


     


    

 


Defeasance Obligor is of the type specified
in paragraph 7(v) above or the original Loan Documents do not limit the amount of defeased loans that it may hold.


 


9.         The defeasance documents require that the defeasance collateral be credited to an eligible account (as defined in S&P’s
criteria) that must be maintained as a securities account by a securities intermediary that is at all times an Eligible Institution
(as defined in S&P’s criteria). The securities intermediary may reinvest proceeds of the defeasance collateral only in
Permitted Investments (as defined in the Pooling and Servicing Agreement or as defined in the documents evidencing defeasance).


 


10.       The securities intermediary is obligated to pay from the proceeds of the defeasance collateral, directly to the Master Servicer’s
collection account, all scheduled payments on the Subject Mortgage Loan or, in a partial defeasance, the portion of such scheduled
payments attributed to the allocated loan amount for the real property defeased including any defeasance premiums set forth in
the loan documents (the “Scheduled Payments”).


 


11.       The Master Servicer received written confirmation from an independent certified public accountant stating that (i) revenues
from the defeasance collateral (without taking into account any earnings on reinvestment of such revenues) will be sufficient to
timely pay each of the Monthly Payments including the payment in full of the Subject Mortgage Loan (or the allocated portion thereof
in connection with a partial defeasance) on its Maturity Date (or, in the case of an ARD Loan, on its Anticipated Repayment Date),
(ii) except as otherwise disclosed in the written report from an independent certified public accountant, [and disclosed below,]
the revenues received in any month from the defeasance collateral will be applied to make Monthly Payments within four (4) months
after the date of receipt, (iii) the defeasance collateral is not callable prior to their respective maturity dates, and (iv) interest
income from the defeasance collateral to the Defeasance Obligor in any tax year will not exceed such Defeasance Obligor’s
interest expense for the Subject Mortgage Loan (or the allocated portion thereof in a partial defeasance) for such year, other
than in the year in which the Maturity Date or Anticipated Repayment Date will occur, when interest income will exceed interest
expense.


 


12.       The Master Servicer received opinions of counsel that, subject to customary qualifications, (i) the defeasance will not
cause either Trust REMIC to fail to qualify as a REMIC for purpose of the Code, (ii) the agreements executed by the Mortgagor and
the Defeasance Obligor in connection with the defeasance are enforceable against them in accordance with their terms, [and] (iii)
the Trustee will have a perfected, first priority security interest in the defeasance collateral.


 


13.       The agreements executed in connection with the defeasance (i) prohibit subordinate liens against the defeasance collateral,
(ii) provide for payment from sources other than the defeasance collateral of all fees and expenses of the securities intermediary
for administering the defeasance and the securities account and all fees and expenses of maintaining the existence of the Defeasance
Obligor, (iii) permit release of surplus defeasance collateral and earnings on reinvestment to the Defeasance Obligor only after
the Subject Mortgage Loan has been paid in full, (iv) include representations and/or covenants of the Mortgagor and/or securities
intermediary substantially as set forth on Exhibit B hereto, (v) provide for survival of such representations; and (vi) do not
permit waiver of such representations and covenants.


 






    DD-4 


     


    

 


14.       At the time of the defeasance of the Subject Mortgage Loan, the Subject Mortgage Loan is (x) not one of the ten largest
Mortgage Loans by Stated Principal Balance, (y) a Mortgage Loan with a Stated Principal Balance equal to or less than $35,000,000
and (z) a Mortgage Loan that represents less than 5% of the Stated Principal Balance of all Mortgage Loans.


 


15.       Copies of all material agreements, instruments, organizational documents, opinions of counsel, accountant’s report
and other items delivered in connection with the defeasance will be provided to you upon request.


 


16.       The individual executing this notice is an authorized officer or a servicing officer of the Master Servicer.


  


IN WITNESS WHEREOF,
the Master Servicer has caused this notice to be executed as of the date captioned above.


 


	 	[MASTER
SERVICER]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:








 










    DD-5 


     


    




 


EXHIBIT A


 


Exceptions





 






    DD-6 


     


    

 


EXHIBIT B


 


Sample Perfected Security
Interest Representations


 


General:


 


1.         [The defeasance agreements] create a valid and continuing security interest (as defined in the applicable UCC) in the [Collateral,
Securities Account and Deposit Account] in favor of the [Secured Party], which security interest is prior to all other [Liens],
and is enforceable as such as against creditors of and purchasers from [Debtor].


 


Note that “Collateral”
means securities, permitted investments and other assets credited to securities accounts.


 


1.         The [Deposit Account] constitutes a “deposit account” within the meaning of the applicable UCC.


 


2.         All of the [Collateral] has been and will have been credited to a [Securities Account]. The securities intermediary for
the [Securities Account] has agreed to treat all assets credited to the [Securities Account] as “financial assets”
within the meaning of the UCC.


 


Creation:


 


1.          The Defeasance Account Agreement provides that the Pledgee shall have “control” (as defined in the applicable
UCC).


 


2.          [Debtor] has received all consents and approvals required by the terms of the [Collateral] to the transfer to the [Secured
Party] of its interest and rights in the [Collateral] hereunder.


 


Perfection:


 


1.          [Debtor] has caused or will have caused, within ten (10) days, the filing of all appropriate financing statements in the
proper filing office in the appropriate jurisdictions under applicable law in order to perfect the security interest granted in
the [Collateral, Securities Account and Deposit Account] to the [Secured Party] hereunder.


 


2.          [Debtor] has delivered to[Secured Party] a fully executed agreement pursuant to which the securities intermediary or the
account bank has agreed to comply with all instructions originated by the [Secured Party] relating to the [Securities Account]
or directing disposition of the funds in the [Deposit Account] without further consent by the [Debtor].


 


3.          [Debtor] has taken all steps necessary to cause the securities intermediary to identify in its records the [Secured Party]
as the person having a security entitlement against the securities intermediary in the [Securities Account].


 


4.          To the extent a Deposit Account exists, [Debtor] has taken all steps necessary to cause [Secured Party] to become the account
holder of the [Deposit Account].


 






    DD-7 


     


    

 


Priority:


 


1.          Other than the security interest granted to the [Secured Party] pursuant to this Agreement, [Debtor] has not pledged, assigned,
sold, granted a security interest in, or otherwise conveyed any of the [Collateral, Securities Account and Deposit Account]. [Debtor]
has not authorized the filing of and is not aware of any financing statements against [Debtor] that include a description of collateral
covering the [Collateral, Securities Account and Deposit Account] other than any financing statement relating to the security interest
granted to the [Secured Party] hereunder or that has been terminated. Debtor is not aware of any judgment or tax lien filings against
[Debtor].


 


2.          The [Securities Account and Deposit Account] are not in the name of any person other than the [Debtor] or the [Secured Party].
The [Debtor] has not consented to the securities intermediary of any [Securities Account] or the account bank of any [Deposit Account]
to comply with entitlement orders or instructions of any person other than the [Secured Party].





 



    DD-8 


     


    

 





EXHIBIT EE


 


[reserved]


 






    EE-1 


     


    

 


EXHIBIT FF-1





 


FORM OF NOTICE REGARDING OUTSIDE 


SERVICED MORTGAGE LOAN


(225 & 233 Park Avenue South)


 


[Date]




 


	
        Wilmington Trust, National Association


        1100 North Market Street


        Wilmington, Delaware 19890


        Attention: CMBS Trustee WFCM 2017-C39

         




        with a copy to:

         




        CMBSTrustee@wilmingtontrust.com


        Facsimile No.: (302) 636-4140

        	
        Wells Fargo Bank, National Association


        9062 Old Annapolis Road


        Columbia, Maryland 21045


        Attention: Corporate Trust Services – WFCM 2017-C39

         




        with a copy to:

         




        cts.cmbs.bond.admin@wellsfargo.com


        trustadministrationgroup@wellsfargo.com

        
	
         

        Wells Fargo Bank, National Association


        Commercial Mortgage Servicing


        Three Wells Fargo


        MAC D1050-084


        401 South Tryon Street, 8th Floor


        Charlotte, North Carolina 28202


        Attention: WFCM 2017-C39 Asset Manager


        Email: commercial.servicing@wellsfargo.com

         




        and a copy to:

         




        Mayer Brown LLP


        214 North Tryon Street, Suite 3800


        Charlotte, North Carolina 28202


        Attention: Christopher J. Brady, Esq.



        	
        LNR Partners, LLC


        1601 Washington Avenue, Suite 700


        Miami Beach, Florida 33139


        Attention: Thomas F. Nealon, III, Esq.,

        Andrew J. Sossen, Esq.
        and Job Warshaw


        Facsimile number: (305) 695-5601


        Email: tnealon@lnrproperty.com, asossen@starwood.com, jwarshaw@lnrproperty.com
        and lnr.cmbs.notices@lnrproperty.com

        
	 	 
	
        Trimont Real Estate Advisors, LLC


        One Alliance Center


        3500 Lenox Road, Suite G1


        Atlanta, Georgia 30326,


        Attention: Operating Advisor


        Facsimile No.: (404) 420-5610


        Email: operatingadvisor@trimontrea.com;

         




        with a copy to:

         




        Carlton Fields Jorden Burt


        One Atlanta Center


        

        	 


 






    FF-1-1 


     


    

	 

                                                                                                                                                                    1201 W. Peachtree Street NW, Suite 3000


        Atlanta, Georgia 30309


        Attention: W. Gregory Null


        Email: gnull@cfjblaw.com





 





		Re:	Wells
                                         Fargo Commercial Mortgage Trust 2017-C39, Commercial Mortgage Pass-Through Certificates,
                                         Series 2017-C39



 





Ladies and Gentlemen:


 


Reference is hereby
made to the Pooling and Servicing Agreement, dated and effective as of August 1, 2017 (the “WFCM 2017-C39 PSA”),
between Wells Fargo Commercial Mortgage Securities, Inc., as depositor, Wells Fargo Bank, National Association, as master servicer,
LNR Partners, LLC, as special servicer, Wells Fargo Bank, National Association, as certificate administrator, Wilmington Trust,
National Association, as trustee, and Trimont Real Estate Advisors, LLC, as operating advisor and as asset representations reviewer.
Capitalized terms used but not defined herein shall have the meanings given to them in the WFCM 2017-C39 PSA.


 


The undersigned is
the certificate administrator under the Pooling and Servicing Agreement, dated as of September 1, 2017 (the “P8 PSA”),
between Citigroup Commercial Mortgage Securities Inc., as depositor (the “P8 Depositor”), Wells Fargo Bank,
National Association, as master servicer (in such capacity, the “P8 Master Servicer”), KeyBank National Association,
as special servicer (in such capacity, the “P8 Special Servicer”), Pentalpha Surveillance LLC, as operating
advisor (in such capacity, the “P8 Operating Advisor”) and asset representations reviewer (in such capacity,
the “P8 Asset Representations Reviewer”), Citibank, N.A., as certificate administrator (in such capacity, the
“P8 Certificate Administrator”), and Wilmington Trust, National Association, as trustee (in such capacity, the
“P8 Trustee”), pursuant to which the Citigroup Commercial Mortgage Trust 2017-P8 (the “P8 Trust”)
was established and the 225 & 233 Park Avenue South Pari Passu Companion Loan evidenced by promissory note A-2 was transferred
to the P8 Trust as of September 29, 2017 (the “Closing Date”).


 


The undersigned hereby
notifies you that, as of the Closing Date:


 


1.             Wilmington
Trust, National Association, as trustee under the P8 PSA, is the holder of the 225 & 233 Park Avenue South Pari Passu Companion
Loan evidenced by promissory note A-2. You are directed to remit to Wells Fargo Bank, National Association, as master servicer
under the P8 PSA, all amounts payable to, and to forward, deliver or otherwise make available, as the case may be, to Wells Fargo
Bank, National Association, as master servicer under the P8 PSA, all reports, statements, documents, communications and other information
that are to be forwarded, delivered or otherwise made available to the related Companion Holder with respect to the 225 & 233
Park Avenue South Pari Passu Companion Loan evidenced by promissory note A-2 under the WFCM 2017-C39 PSA and the 225 & 233
Park Avenue South Intercreditor Agreement. The wire instructions for Wells Fargo Bank, National Association, as P8 Master Servicer,
are as follows:


 


Bank: Wells Fargo Bank, National Association


 






    FF-1-2 


     


    

 


 


Account Name: REAM as Trustee
for Various Investors – Incoming Wires


ABA: 121000248


Account #: 5077594011216





Reference: Wells Fargo CMS Loan
Number __________________


 


2.             The
contact information for the P8 Trustee, the P8 Certificate Administrator, the P8 Master Servicer, the P8 Special Servicer, the
P8 Operating Advisor, the P8 Asset Representations Reviewer and the P8 Depositor with respect to the 225 & 233 Park Avenue
South Pari Passu Companion Loan evidenced by promissory note A-2 is as follows:


 





	P8 Trustee:	
        Wilmington Trust, National Association

        1100 North Market Street


        Wilmington, Delaware 19890


        Attention: CMBS Trustee – CGCMT 2017-P8

        Fax number (302) 636-4140


        Email: cmbstrustee@wilmingtontrust.com

        
	P8 Certificate Administrator:	
        Citibank,
N.A.

388 Greenwich Street

New York, New York 10013

Attention: Citibank Agency & Trust - CGCMT 2017-P8

Fax number: (212) 816-5527 

        Email:
        ratingagencynotice@citi.com

	P8 Master Servicer:	
        Wells Fargo Bank, National Association


        Commercial Mortgage Servicing


        Three Wells Fargo


        MAC D1050-084

        401 South Tryon Street, 8th Floor


        Charlotte, North Carolina 28202


        Attention: CGCMT 2017-P8 Asset Manager


        Fax number: (704) 715-0036


        Email: Commercial.servicing@wellsfargo.com

         




        with a copy to

         




        Wells Fargo Bank, National Association


        Legal Department


        301 South College Street


        TW-30, D1053-300


        Charlotte, North Carolina 28202-6000


        Attention: Commercial Mortgage Servicing Legal Support


        Fax number: (704) 383-3663 




 






    FF-1-3 


     


    

 


	 	with a copy to

                                                                                                                                        

        


        K&L Gates LLP


        Hearst Tower


        214 North Tryon Street


        Charlotte, North Carolina 28202


        Attention: Stacy G. Ackermann


        Fax
number: (704) 353-3190

	P8 Special Servicer:	
        KeyBank National Association 

        11501 Outlook Street,
Suite 300 

        Overland Park, Kansas
66211 

        Attention: Alan Williams 

        Fax number: (877) 379-1625


        Email: Keybank_notices@keybank.com

         




        with a copy to

         




        Ballard Spahr LLP


        1735 Market Street


        Philadelphia, PA 19103


        Attention: Jere G. Thompson


        Fax number: (215) 864-8999


        Email: thompsonj@ballardspahr.com 

	P8 Operating Advisor and P8 Asset Representations Reviewer:	
        Pentalpha Surveillance LLC


        375 N. French Road, Suite 100


        Amherst, New York, 14228


        Attention: CGCMT 2017-P8 Transaction Manager, with copies sent
        contemporaneously via e-mail to notices@pentalphasurveillance.com with the deal name in the subject line

        
	P8 Depositor	
        Citigroup Commercial Mortgage Securities Inc.

        390 Greenwich Street, 5th Floor

        New York, New York 10013

        Attention: Paul Vanderslice

        Fax number (212) 723-8599

         




        and

         




        Citigroup Commercial Mortgage Securities Inc.


        390 Greenwich Street


        New York, New York 10013


        Attention: Richard Simpson


        Fax number (646) 328-2943




        

        


 


 






    FF-1-4 


     


    

 





		



        and




         

        Citigroup Commercial Mortgage Securities Inc.


        388 Greenwich Street, 17th Floor


        New York, New York 10013


        Attention: Ryan M. O’Connor


        Fax number (646) 862-8988




         

        and




         

        with an electronic copy e-mailed to Richard Simpson
        at richard.simpson@citi.com and to Ryan M. O’Connor at ryan.m.oconnor@citi.com

        


 


 



3.             The
P8 Trust is subject to the reporting requirements of the Securities Exchange Act of 1934, as amended.


  


4.             Enclosed
herewith is a copy of an executed version of the P8 PSA.


  


5.             As
of the date hereof, the Controlling Class Representative (as defined in the P8 PSA) under the P8 PSA is Prime Finance CMBS B-Piece
Holdco X, L.P.


 


	 	Very
truly yours,
	 	 
	 	CITIBANK,
N.A.
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:





 






    FF-1-5 


     


    




 


EXHIBIT FF-2


  


FORM OF NOTICE REGARDING OUTSIDE  


SERVICED MORTGAGE LOAN 


(General Motors Building)


 


[Date]









	
        Wilmington Trust, National Association


        1100 North Market Street


        Wilmington, Delaware 19890


        Attention: CMBS Trustee BXP 2017-GM

         




        with a copy to:

         




        CMBSTrustee@wilmingtontrust.com


        Facsimile No.: (302) 636-4140



        	
        Wells Fargo Bank, National Association


        9062 Old Annapolis Road


        Columbia, Maryland 21045-1951


        Attention: Corporate Trust Services (CMBS)


        BXP 2017-GM

         




        with a copy to be sent contemporaneously via email to: cts.cmbs.bond.admin@wellsfargo.com,
        and to trustadministrationgroup@wellsfargo.com



        
	 	 
	
        Wells Fargo Bank, National Association


        Commercial Mortgage Servicing


        Three Wells Fargo


        401 South Tryon Street, 8th Floor


        MAC D1050-084


        Charlotte, North Carolina 28202


        Attention: BXP 2017-GM Asset Manager


        Facsimile number: (704) 715-0036

         




        With a copy by email to:

        commercial.servicing@wellsfargo.com




         

        with a copy to:




         

        Wells Fargo Bank, National Association


        Legal Department


        301 South College Street


        Charlotte, North Carolina 28202-0166


        Attention: Commercial Mortgage Servicing Legal Support


        Facsimile number: (704) 383-0353


        Reference: BXP 2017-GM Trust

         




        with a copy to:

         




        K&L Gates LLP


        Hearst Tower, 47th Floor


        



        	
        AEGON USA Realty Advisors, LLC


        4333 Edgewood Road NE


        Cedar Rapids, IA 52499


        Attention: Greg Dryden, Senior Vice President


        Telephone: 319-355-8734


        Email: gdryden@aegonusa.com




         

        with a copy to:

         




        Email: Specialservicing@aegonusa.com





        


 






    FF-2-1 


     


    

 








214 North Tryon Street 28202 


Attention: Stacy G. Ackermann


 







		Re:	BXP Trust 2017-GM, Commercial Mortgage Pass-Through
Certificates, Series 2017-GM



 


Ladies and Gentlemen:


 


Reference is hereby
made to the Trust and Servicing Agreement, dated as of June 9, 2017 (the “BXP 2017-GM TSA”), between Morgan
Stanley Capital I Inc., as depositor, Wells Fargo Bank, National Association, as servicer, AEGON USA Realty Advisors, LLC, as special
servicer, Wells Fargo Bank, National Association, as certificate administrator and custodian, and Wilmington Trust, National Association,
as trustee. Capitalized terms used but not defined herein shall have the meanings given to them in the BXP 2017-GM TSA.


 


The undersigned is
the certificate administrator under the Pooling and Servicing Agreement, dated as of September 1, 2017 (the “P8 PSA”),
between Citigroup Commercial Mortgage Securities Inc., as depositor (the “P8 Depositor”), Wells Fargo Bank,
National Association, as master servicer (in such capacity, the “P8 Master Servicer”), KeyBank National Association,
as special servicer (in such capacity, the “P8 Special Servicer”), Pentalpha Surveillance LLC, as operating
advisor (in such capacity, the “P8 Operating Advisor”) and asset representations reviewer (in such capacity,
the “P8 Asset Representations Reviewer”), Citibank, N.A., as certificate administrator (in such capacity, the
“P8 Certificate Administrator”), and Wilmington Trust, National Association, as trustee (in such capacity, the
“P8 Trustee”), pursuant to which the Citigroup Commercial Mortgage Trust 2017-P8 (the “P8 Trust”)
was established and the Companion Loans evidenced by promissory notes A-3-A2-1 and A-3-A3 were transferred to the P8 Trust as of
September 29, 2017 (the “Closing Date”).


 


The undersigned hereby
notifies you that, as of the Closing Date:


 


1.             Wilmington
Trust, National Association, as trustee under the P8 PSA, is the holder of the Companion Loans evidenced by promissory notes A-3-A2-1
and A-3-A3. You are directed to remit to Wells Fargo Bank, National Association, as master servicer under the P8 PSA, all amounts
payable to, and to forward, deliver or otherwise make available, as the case may be, to Wells Fargo Bank, National Association,
as master servicer under the P8 PSA, all reports, statements, documents, communications and other information that are to be forwarded,
delivered or otherwise made available to the related Companion Loan Holders with respect to the Companion Loans evidenced by promissory
notes A-3-A2-1 and A-3-A3 under the BXP 2017-GM TSA and the Intercreditor Agreement. The wire instructions for Wells Fargo Bank,
National Association, as P8 Master Servicer, are as follows:


  


Bank: Wells Fargo Bank, National Association


 


Account Name: REAM as Trustee
for Various Investors – Incoming Wires





ABA: 121000248





Account #: 5077594011216


 






    FF-2-2 


     


    

 


Reference: Wells Fargo CMS Loan
Number __________________


 


2.            The
contact information for the P8 Trustee, the P8 Certificate Administrator, the P8 Master Servicer, the P8 Special Servicer, the
P8 Operating Advisor, the P8 Asset Representations Reviewer and the P8 Depositor with respect to the Companion Loans evidenced
by promissory notes A-3-A2-1 and A-3-A3 is as follows:


  


	P8 Trustee:	
        Wilmington Trust, National Association

1100 North Market Street 

        Wilmington, Delaware 19890 

        Attention: CMBS Trustee – CGCMT 2017-P8

Fax number (302) 636-4140 

        Email: cmbstrustee@wilmingtontrust.com

        

	P8 Certificate Administrator:	
        Citibank,
N.A.

388 Greenwich Street

New York, New York 10013

Attention: Citibank Agency & Trust - CGCMT 2017-P8

Fax number: (212) 816-5527 

        Email:
        ratingagencynotice@citi.com 

	P8 Master Servicer:	
        Wells Fargo Bank, National Association 

        Commercial Mortgage Servicing 

        Three Wells Fargo 

        MAC D1050-084

401 South Tryon Street, 8th Floor 

        Charlotte, North Carolina 28202 

        Attention: CGCMT 2017-P8 Asset Manager 

        Fax number: (704) 715-0036 

        Email: Commercial.servicing@wellsfargo.com

         

        with a copy to

         

        Wells Fargo Bank, National Association 

        Legal Department 

        301 South College Street 

        TW-30, D1053-300 

        Charlotte, North Carolina 28202-6000 

        Attention: Commercial Mortgage Servicing Legal Support

        Fax number: (704) 383-3663 

         

        with a copy to

        

         

        K&L Gates LLP

        




 






    FF-2-3 


     


    

 


	 	        Hearst Tower 

        214 North Tryon Street 

        Charlotte, North Carolina 28202 

        Attention: Stacy G. Ackermann 

        Fax
number: (704) 353-3190 

	P8 Special Servicer:	
        KeyBank National Association


        11501 Outlook Street, Suite
        300


        Overland Park, Kansas 66211


        Attention: Alan Williams


        Fax number: (877) 379-1625


        Email: Keybank_notices@keybank.com




         

        with a copy to

         




        Ballard Spahr LLP


        1735 Market Street


        Philadelphia, PA 19103


        Attention: Jere G. Thompson


        Fax number: (215) 864-8999


        Email: thompsonj@ballardspahr.com 

	P8 Operating Advisor and P8 Asset Representations Reviewer:	
        Pentalpha Surveillance LLC 

        375 N. French Road, Suite 100 

        Amherst, New York, 14228 

        Attention: CGCMT 2017-P8 Transaction Manager, with
copies sent contemporaneously via e-mail to notices@pentalphasurveillance.com with the deal name in the subject line 

	P8 Depositor	
        Citigroup Commercial Mortgage Securities Inc.

390 Greenwich Street, 5th Floor

New York, New York 10013

Attention: Paul Vanderslice

Fax number (212) 723-8599 

         

        and

          

        Citigroup Commercial Mortgage Securities Inc. 

        390 Greenwich Street 

        New York, New York 10013 

        Attention: Richard Simpson 

        Fax number (646) 328-2943 

         

        and

         

        Citigroup Commercial Mortgage Securities Inc.

        





 






    FF-2-4 


     


    

 


	 	        388 Greenwich Street, 17th Floor 

        New York, New York 10013 

        Attention: Ryan M. O’Connor 

        Fax number (646) 862-8988

         

        and

          

        with an electronic copy e-mailed to Richard Simpson
        at richard.simpson@citi.com and to Ryan M. O’Connor at ryan.m.oconnor@citi.com 



  


3.             The
P8 Trust is subject to the reporting requirements of the Securities Exchange Act of 1934, as amended.


 


4.             Enclosed
herewith is a copy of an executed version of the P8 PSA.


 


5.             As
of the date hereof, the Controlling Class Representative (as defined in the P8 PSA) under the P8 PSA is Prime Finance CMBS B-Piece
Holdco X, L.P.


  





	 	Very
truly yours,
	 	 
	 	CITIBANK,
N.A.
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:


 






    FF-2-5 


     


    

 


EXHIBIT FF-3 


 


FORM OF NOTICE REGARDING OUTSIDE  


SERVICED MORTGAGE LOAN 


(Mall of Louisiana)


 


[Date]





	
        Wilmington Trust, National Association 

        1100 North Market Street 

        Wilmington, Delaware 19890 

        Attention: CMBS Trustee BANK 2017-BNK7

         

        with a copy to:

         

        CMBSTrustee@wilmingtontrust.com 

        Facsimile No.: (302) 636-4140
	 	
        Wells Fargo Bank, National Association

         9062 Old Annapolis Road

         Columbia, Maryland 21045

         Attention: Corporate Trust Services (CMBS) –
BANK 2017-BNK7 

         

        with a copy to:

         

        cts.cmbs.bond.admin@wellsfargo.com 

        trustadministrationgroup@wellsfargo.com 

	
         

        Wells Fargo Bank, National Association 

        Commercial Mortgage Servicing 

        Three Wells Fargo 

        MAC D1050-084 

        401 South Tryon Street, 8th Floor 

        Charlotte, North Carolina 28202 

        Attention: BANK 2017-BNK7 Asset Manager 

        Email: commercial.servicing@wellsfargo.com

         

        and a copy to:

         

        Mayer Brown LLP 

        Hearst Tower, 38th Floor 

        214 North Tryon Street 

        Charlotte, North Carolina 28202 

        Attention: Christopher J. Brady 

        Facsimile Number: (704) 377-2033

         
	 	
        Rialto Capital Advisors, LLC 

        790 NW 107th Avenue, 4th Floor 

        Miami, Florida 33172 

        Attention: Liat Heller 

        Facsimile number: (305) 229-6425 

        E-mail: liat.heller@rialtocapital.com

         

        with copies to:

         

        Jeff Krasnoff

        

        Facsimile number: (305) 229-6425

        

        E-mail: jeff.krasnoff@rialtocapital.com;

         

        Niral Shah 

        Facsimile number: (305) 229-6425 

        Email: niral.shah@rialtocapital.com; 

         

        Adam Singer 

        facsimile number: (305) 229-6425 

        Email: adam.singer@rialtocapital.com 

	
        Pentalpha Surveillance LLC 

        375 N. French Road, Suite 100 

        Amherst, New York, 14228 

        Attention: BANK 2017-BNK7 Transaction Manager 

        With a copy sent via email to: notices@pentalphasurveillance.com
with BANK 2017-BNK7 in the subject line 
	 	 
	 	 	 



  



    FF-3-1 


     


    




  


	with a copy to:

                            

                           Bass, Berry & Sims PLC

                           150 Third Avenue South

                           Suite 2800 

                           Nashville, Tennessee 37201

                           Attention: Jay H. Knight

                           Email: jknight@bassberry.com 
	 	 



 


	




 


		Re:	BANK
                                         2017-BNK7, Commercial Mortgage Pass-Through Certificates, Series 2017-BNK7



 


Ladies and Gentlemen:


 


Reference is hereby
made to the Pooling and Servicing Agreement, dated and effective as of September 1, 2017 (the “BANK 2017-BNK7 PSA”),
among Wells Fargo Commercial Mortgage Securities, Inc., as depositor, Wells Fargo Bank, National Association, as general master
servicer, Rialto Capital Advisors, LLC, as general special servicer, National Cooperative Bank, N.A., as NCB master servicer and
as NCB special servicer, Wells Fargo Bank, National Association, as certificate administrator, Wilmington Trust, National Association,
as trustee, and Pentalpha Surveillance LLC, as operating advisor and as asset representations reviewer. Capitalized terms used
but not defined herein shall have the meanings given to them in the BANK 2017-BNK7 PSA.


 


The undersigned is
the certificate administrator under the Pooling and Servicing Agreement, dated as of September 1, 2017 (the “P8 PSA”),
between Citigroup Commercial Mortgage Securities Inc., as depositor (the “P8 Depositor”), Wells Fargo Bank,
National Association, as master servicer (in such capacity, the “P8 Master Servicer”), KeyBank National Association,
as special servicer (in such capacity, the “P8 Special Servicer”), Pentalpha Surveillance LLC, as operating
advisor (in such capacity, the “P8 Operating Advisor”) and asset representations reviewer (in such capacity,
the “P8 Asset Representations Reviewer”), Citibank, N.A., as certificate administrator (in such capacity, the
“P8 Certificate Administrator”), and Wilmington Trust, National Association, as trustee (in such capacity, the
“P8 Trustee”), pursuant to which the Citigroup Commercial Mortgage Trust 2017-P8 (the “P8 Trust”)
was established and the Pari Passu Companion Loans with respect to the Mall of Louisiana Whole Loan evidenced by promissory notes
A-3-1 and A-5-2 were transferred to the P8 Trust as of September 29, 2017 (the “Closing Date”).


 


The undersigned hereby
notifies you that, as of the Closing Date:


 


1.       Wilmington
Trust, National Association, as trustee under the P8 PSA, is the holder of the Pari Passu Companion Loans with respect to the Mall
of Louisiana Whole Loan evidenced by promissory notes A-3-1 and A-5-2. You are directed to remit to Wells Fargo Bank, National
Association, as master servicer under the P8 PSA, all amounts payable to, and to forward, deliver or otherwise make available,
as the case may be, to Wells Fargo Bank, National Association, as master servicer under the P8 PSA, all reports, statements, documents,


 






    FF-3-2 


     


    

 


communications and other information that are to be forwarded, delivered or otherwise made available to the related Pari Passu
Companion Loan Holders with respect to the Pari Passu Companion Loans with respect to the Mall of Louisiana Whole Loan evidenced
by promissory notes A-3-1 and A-5-2 under the BANK 2017-BNK7 PSA and the Mall of Louisiana Intercreditor Agreement. The wire instructions
for Wells Fargo Bank, National Association, as P8 Master Servicer, are as follows:


 


Bank: Wells Fargo Bank, National Association


 


Account Name: REAM as Trustee
for Various Investors – Incoming Wires 


ABA: 121000248 


Account #: 5077594011216 


Reference: Wells Fargo CMS Loan
Number __________________


 


2.       The
contact information for the P8 Trustee, the P8 Certificate Administrator, the P8 Master Servicer, the P8 Special Servicer, the
P8 Operating Advisor, the P8 Asset Representations Reviewer and the P8 Depositor with respect to the Pari Passu Companion Loans
with respect to the Mall of Louisiana Whole Loan evidenced by promissory notes A-3-1 and A-5-2 is as follows:


 


	P8 Trustee:	
        Wilmington Trust, National Association

1100 North Market Street 

        Wilmington, Delaware 19890 

        Attention: CMBS Trustee – CGCMT 2017-P8

Fax number (302) 636-4140 

        Email: cmbstrustee@wilmingtontrust.com 

	P8 Certificate Administrator:	
        Citibank,
N.A.

388 Greenwich Street

New York, New York 10013

Attention: Citibank Agency & Trust - CGCMT 2017-P8

Fax number: (212) 816-5527 

        Email:
        ratingagencynotice@citi.com 

	P8 Master Servicer:	Wells
Fargo Bank, National Association  


Commercial Mortgage Servicing  


Three Wells Fargo  


MAC D1050-084

401 South Tryon Street, 8th Floor  


Charlotte, North Carolina 28202 


Attention: CGCMT 2017-P8 Asset Manager  


Fax number: (704) 715-0036  


Email: Commercial.servicing@wellsfargo.com 








 






    FF-3-3 


     


    




 


		
        

        with a copy to

         

        Wells Fargo Bank, National Association 

        Legal Department 

        301 South College Street 

        TW-30, D1053-300 

        Charlotte, North Carolina 28202-6000 

        Attention: Commercial Mortgage Servicing Legal Support 

        Fax number: (704) 383-3663

         

        with a copy to

         

        K&L Gates LLP 

        Hearst Tower 

        214 North Tryon Street 

        Charlotte, North Carolina 28202 

        Attention: Stacy G. Ackermann 

        Fax
number: (704) 353-3190 

	P8 Special Servicer:	
        KeyBank National Association 

        11501 Outlook Street,
Suite 300 

        Overland Park, Kansas
66211 

        Attention: Alan Williams 

        Fax number: (877)
379-1625 

        Email: Keybank_notices@keybank.com

         

        with a copy to

         

        Ballard Spahr LLP 

        1735 Market Street 

        Philadelphia, PA 19103 

        Attention: Jere G.
Thompson 

        Fax number: (215)
864-8999 

        Email: thompsonj@ballardspahr.com 

	P8 Operating Advisor and P8 Asset Representations Reviewer:	
        Pentalpha Surveillance LLC 

        375 N. French Road, Suite 100 

        Amherst, New York, 14228 

        Attention: CGCMT 2017-P8 Transaction Manager, with
copies sent contemporaneously via e-mail to notices@pentalphasurveillance.com with the deal name in the subject line 

	P8 Depositor	Citigroup Commercial Mortgage Securities Inc.

        390 Greenwich Street, 5th Floor

        New York, New York 10013



 






    FF-3-4 


     


    




 


		
        Attention: Paul Vanderslice

Fax number (212) 723-8599 

         

        and

         

        Citigroup Commercial Mortgage Securities Inc. 

        390 Greenwich Street 

        New York, New York 10013 

        Attention: Richard Simpson 

        Fax number (646) 328-2943

         

        and 

         

        Citigroup Commercial Mortgage Securities Inc. 

        388 Greenwich Street, 17th Floor 

        New York, New York 10013 

        Attention: Ryan M. O’Connor 

        Fax number (646) 862-8988 

         

        and

         

        with an electronic copy e-mailed to Richard Simpson
        at richard.simpson@citi.com and to Ryan M. O’Connor at ryan.m.oconnor@citi.com



 


 


3.       The
P8 Trust is subject to the reporting requirements of the Securities Exchange Act of 1934, as amended.


  


4.       Enclosed
herewith is a copy of an executed version of the P8 PSA.


  


5.       As
of the date hereof, the Controlling Class Representative (as defined in the P8 PSA) under the P8 PSA is Prime Finance CMBS B-Piece
Holdco X, L.P.


 





	 	Very truly yours,
	 	 
	 	CITIBANK, N.A.
	 	 	 
	 	By:	 
	 	 	Name:

Title:



 






    FF-3-5 


     


    




 





EXHIBIT FF-4


 


FORM OF NOTICE REGARDING OUTSIDE  


SERVICED MORTGAGE LOAN 


(Starwood Capital Group Hotel Portfolio)


 


[Date]




 


	
        Wells Fargo Bank, National Association 

        9062 Old Annapolis Road 

        Columbia, Maryland 21045 

        Attention: Corporate Trust Services — DBJPM 2017-C6

         

        with copies to: 

         

        ct.cmbs.bond.admin@wellsfargo.com; and 

        trustadministrationgroup@wellsfargo.com
	 	
        Wells Fargo Bank, National Association 

        9062 Old Annapolis Road 

        Columbia, Maryland 21045 

        Attention: Corporate Trust Services — DBJPM 2017-C6

         

        with copies to:

         

        ct.cmbs.bond.admin@wellsfargo.com; and 

        trustadministrationgroup@wellsfargo.com

         

	
        Midland Loan Services, a Division of PNC Bank, National
Association 

        10851 Mastin Street, Suite 700 

        Overland Park, Kansas 66210 

        Attention: Executive Vice President – Division
Head 

        Fax Number: (888) 706-3565

         

        with a copy to:

         

        Stinson Leonard Street LLP 

        1201 Walnut Street, Suite 2900 

        Kansas City, Missouri 64106-2150 

        Fax Number: (816) 412-9338 

        Attention: Kenda K. Tomes 
	 	
        Pentalpha Surveillance LLC 

        375 N. French Road, Suite 100 

        Amherst, New York 14228 

        Attention: DBJPM 2017-C6 Transaction Manager 

         

        With a copy sent via email to:

        notices@pentalphasurveillance.com
with the deal name on the subject line

         

        with a copy to:

         

        Bass, Berry & Sims PLC 

        150 Third Avenue South 

        Suite 2800 

        Nashville, Tennessee 37201 

        Attention: Jay H. Knight 

        Email: jknight@bassberry.com 



 


		Re:	DBJPM 2017-C6 Mortgage Trust Commercial Mortgage
                                         Pass-Through Certificates, Series 2017-C6



 


Ladies and Gentlemen:


 


Reference is hereby
made to the Pooling and Servicing Agreement, dated as of June 1, 2017 (the “DBJPM 2017-C6 PSA”), between Deutsche
Mortgage & Asset Receiving Corporation, as depositor, Midland Loan Services, a Division of PNC Bank, National


 



    FF-4-1 


     


    

 


Association,
as master servicer and special servicer, Wells Fargo Bank, National Association, as trustee, certificate administrator, paying
agent and custodian, and Pentalpha Surveillance LLC, as operating advisor and asset representations reviewer. Capitalized terms
used but not defined herein shall have the meanings given to them in the DBJPM 2017-C6 PSA.


 


The undersigned is
the certificate administrator under the Pooling and Servicing Agreement, dated as of September 1, 2017 (the “P8 PSA”),
between Citigroup Commercial Mortgage Securities Inc., as depositor (the “P8 Depositor”), Wells Fargo Bank,
National Association, as master servicer (in such capacity, the “P8 Master Servicer”), KeyBank National Association,
as special servicer (in such capacity, the “P8 Special Servicer”), Pentalpha Surveillance LLC, as operating
advisor (in such capacity, the “P8 Operating Advisor”) and asset representations reviewer (in such capacity,
the “P8 Asset Representations Reviewer”), Citibank, N.A., as certificate administrator (in such capacity, the
“P8 Certificate Administrator”), and Wilmington Trust, National Association, as trustee (in such capacity, the
“P8 Trustee”), pursuant to which the Citigroup Commercial Mortgage Trust 2017-P8 (the “P8 Trust”)
was established and the Companion Loans evidenced by promissory notes A-16-2 and A-17 was transferred to the P8 Trust as of September
29, 2017 (the “Closing Date”).


 


The undersigned hereby
notifies you that, as of the Closing Date:


 


1.       Wilmington
Trust, National Association, as trustee under the P8 PSA, is the holder of the Starwood Capital Group Hotel Portfolio Companion
Loans evidenced by promissory notes promissory notes A-16-2 and A-17. You are directed to remit to Wells Fargo Bank, National Association,
as master servicer under the P8 PSA, all amounts payable to, and to forward, deliver or otherwise make available, as the case may
be, to Wells Fargo Bank, National Association, as master servicer under the P8 PSA, all reports, statements, documents, communications
and other information that are to be forwarded, delivered or otherwise made available to the related Companion Loan Noteholders
with respect to the Starwood Capital Group Hotel Portfolio Companion Loans evidenced by promissory notes A-16-2 and A-17 under
the DBJPM 2017-C6 PSA and the Intercreditor Agreement with respect to the Starwood Capital Group Hotel Portfolio Whole Loan. The
wire instructions for Wells Fargo Bank, National Association, as P8 Master Servicer, are as follows:


  


Bank: Wells Fargo Bank, National Association 


 


Account Name: REAM as Trustee
for Various Investors – Incoming Wires 


ABA: 121000248 


Account #: 5077594011216 


Reference: Wells Fargo CMS Loan
Number __________________


 


2.       The
contact information for the P8 Trustee, the P8 Certificate Administrator, the P8 Master Servicer, the P8 Special Servicer, the
P8 Operating Advisor, the P8 Asset Representations Reviewer and the P8 Depositor with respect to the Companion Loans evidenced
by promissory notes promissory notes A-16-2 and A-17 is as follows:


  


	P8 Trustee:	Wilmington Trust, National Association



 






    FF-4-2 


     


    

  


		
        1100 North Market Street 

        Wilmington, Delaware 19890 

        Attention: CMBS Trustee – CGCMT 2017-P8

        Fax number (302) 636-4140 

        Email: cmbstrustee@wilmingtontrust.com 

	P8 Certificate Administrator:	
        Citibank,
N.A.

388 Greenwich Street

New York, New York 10013

Attention: Citibank Agency & Trust - CGCMT 2017-P8

Fax number: (212) 816-5527 

        Email:
        ratingagencynotice@citi.com

        

	P8 Master Servicer:	
        Wells Fargo Bank, National Association 

        Commercial Mortgage Servicing 

        Three Wells Fargo 

        MAC D1050-084

401 South Tryon Street, 8th Floor 

        Charlotte, North Carolina 28202 

        Attention: CGCMT 2017-P8 Asset Manager 

        Fax number: (704) 715-0036 

        Email: Commercial.servicing@wellsfargo.com

           

        with a copy to 

         

        Wells Fargo Bank, National Association 

        Legal Department 

        301 South College Street 

        TW-30, D1053-300 

        Charlotte, North Carolina 28202-6000 

        Attention: Commercial Mortgage Servicing Legal Support 

        Fax number: (704) 383-3663

         

        with a copy to

        

         

        K&L Gates LLP 

        Hearst Tower 

        214 North Tryon Street 

        Charlotte, North Carolina 28202 

        Attention: Stacy G. Ackermann 

        Fax
number: (704) 353-3190 

	P8 Special Servicer:	 KeyBank National Association  

11501 Outlook Street, Suite 300



 






    FF-4-3 


     


    




 


		
        

         Overland Park,
Kansas 66211 

        Attention: Alan Williams 

        Fax number: (877)
379-1625 

        Email: Keybank_notices@keybank.com

          

        with a copy to

         

        Ballard Spahr LLP 

        1735 Market Street 

        Philadelphia, PA 19103 

        Attention: Jere G.
Thompson 

        Fax number: (215)
864-8999 

        Email: thompsonj@ballardspahr.com

        

	P8 Operating Advisor and P8 Asset Representations Reviewer:	
        Pentalpha Surveillance LLC 

        375 N. French Road, Suite 100 

        Amherst, New York, 14228 

        Attention: CGCMT 2017-P8 Transaction Manager, with
copies sent contemporaneously via e-mail to notices@pentalphasurveillance.com with the deal name in the subject line 

	P8 Depositor	
        Citigroup Commercial Mortgage Securities Inc.

        390 Greenwich Street, 5th Floor

        New York, New York 10013

        Attention: Paul Vanderslice

        Fax number (212) 723-8599

          

        and

         

        Citigroup Commercial Mortgage Securities Inc. 

        390 Greenwich Street 

        New York, New York 10013 

        Attention: Richard Simpson 

        Fax number (646) 328-2943

         

        and

         

        Citigroup Commercial Mortgage Securities Inc. 

        388 Greenwich Street, 17th Floor 

        New York, New York 10013 

        Attention: Ryan M. O’Connor 

        Fax number (646) 862-8988 

         

        and 




 






    FF-4-4 


     


    




 


	 	with
    an electronic copy e-mailed to Richard Simpson at richard.simpson@citi.com and to Ryan M. O’Connor at
    ryan.m.oconnor@citi.com


  


3.       The
P8 Trust is subject to the reporting requirements of the Securities Exchange Act of 1934, as amended. 


 


4.       Enclosed
herewith is a copy of an executed version of the P8 PSA.


 


5.       As
of the date hereof, the Controlling Class Representative (as defined in the P8 PSA) under the P8 PSA is Prime Finance CMBS B-Piece
Holdco X, L.P. 


  


	 	Very truly yours,
	 	 
	 	CITIBANK, N.A.
	 	 	 
	 	By:	 
	 	 	Name:

Title:






 






    FF-4-5 


     


    







 


EXHIBIT FF-5 


 


FORM OF NOTICE REGARDING OUTSIDE  


SERVICED MORTGAGE LOAN 


(Lakeside Shopping Center)


 


[Date]


 


	Deutsche Bank Trust Company Americas

1761 East St. Andrew Place

Santa Ana, California 92705-4934

Attention: Trust Administration – CI17B1

Fax number (714) 247-6022	 	
        Citibank,
N.A.

388 Greenwich Street

New York, New York 10013

Attention: Citibank Agency & Trust - CGCMT 2017-B1

Fax number: (212) 816-5527 

        Email: ratingagencynotice@citi.com 

	
        Wells Fargo Bank, National Association 

        Commercial Mortgage Servicing 

        Three Wells Fargo 

        MAC D1050-084

401 South Tryon Street, 8th Floor 

        Charlotte, North Carolina 28202 

        Attention: CGCMT 2017-B1 Asset Manager 

        Fax number: (704) 715-0036 

        Email: Commercial.servicing@wellsfargo.com 

         

        with a copy to

         

        Wells Fargo Bank, National Association 

        Legal Department 

        301 South College Street 

        TW-30, D1053-300 

        Charlotte, North Carolina 28202-6000 

        Attention: Commercial Mortgage Servicing Legal Support 

        Fax number: (704) 383-3663

         

        with a copy to

        

         

        K&L Gates LLP 

        Hearst Tower 

        214 North Tryon Street 

        Charlotte, North Carolina 28202 

        Attention: Stacy G. Ackermann 

        Fax number: (704) 353-3190 
	 	
        LNR Partners, LLC 

        1601 Washington
Avenue, Suite 700 

        Miami Beach, Florida
33139 

        Attention: Thomas
F. Nealon III, Esq., Andrew J. Sossen and Job Warshaw 

        Fax number: (305)
695-5601 

        Email: tnealon@lnrproperty.com, asossen@starwood.com,
        jwarshaw@lnrpartners.com and lnr.cmbs.notices@lnrproperty.com

          

         

         

         

         

        Trimont Real Estate Advisors, LLC 

        One Alliance Center 

        3500 Lenox Road, Suite G1 

        Atlanta, Georgia 30326 

        Attention: Operating Advisor 

        Facsimile No.: (404) 420-5610 

        Email: operatingadvisor@trimontrea.com 

         

         



 






    FF-5-1 


     


    




 


		Re:	Citigroup Commercial Mortgage Trust 2017-B1,
                                         Commercial Mortgage Pass-Through Certificates, Series 2017-B1



 


Ladies and Gentlemen:


 


Reference is hereby
made to the Pooling and Servicing Agreement, dated as of August 1, 2017 (the “CGCMT 2017-B1 PSA”), between Citigroup
Commercial Mortgage Securities Inc., as depositor, Wells Fargo Bank, National Association, as master servicer, LNR Partners, LLC,
as special servicer, Trimont Real Estate Advisors, LLC, as operating advisor, Trimont Real Estate Advisors, LLC, as asset representations
reviewer, Citibank, N.A., as certificate administrator, and Deutsche Bank Trust Company Americas, as trustee. Capitalized terms
used but not defined herein shall have the meanings given to them in the CGCMT 2017-B1 PSA.


 


The undersigned is
the certificate administrator under the Pooling and Servicing Agreement, dated as of September 1, 2017 (the “P8 PSA”),
between Citigroup Commercial Mortgage Securities Inc., as depositor (the “P8 Depositor”), Wells Fargo Bank,
National Association, as master servicer (in such capacity, the “P8 Master Servicer”), KeyBank National Association,
as special servicer (in such capacity, the “P8 Special Servicer”), Pentalpha Surveillance LLC, as operating
advisor (in such capacity, the “P8 Operating Advisor”) and asset representations reviewer (in such capacity,
the “P8 Asset Representations Reviewer”), Citibank, N.A., as certificate administrator (in such capacity, the
“P8 Certificate Administrator”), and Wilmington Trust, National Association, as trustee (in such capacity, the
“P8 Trustee”), pursuant to which the Citigroup Commercial Mortgage Trust 2017-P8 (the “P8 Trust”)
was established and the Lakeside Shopping Center Companion Loan evidenced by promissory note A-3-1 was transferred to the P8 Trust
as of September 29, 2017 (the “Closing Date”).


 


The undersigned hereby
notifies you that, as of the Closing Date:


 


1.       Wilmington
Trust, National Association, as trustee under the P8 PSA, is the holder of the Lakeside Shopping Center Companion Loan evidenced
by promissory note A-3-1. You are directed to remit to Wells Fargo Bank, National Association, as master servicer under the P8
PSA, all amounts payable to, and to forward, deliver or otherwise make available, as the case may be, to Wells Fargo Bank, National
Association, as master servicer under the P8 PSA, all reports, statements, documents, communications and other information that
are to be forwarded, delivered or otherwise made available to the Companion Loan Holder with respect to the Lakeside Shopping Center
Companion Loan evidenced by promissory note A-3-1 under the CGCMT 2017-B1 PSA and the Lakeside Shopping Center Co-Lender Agreement.
The wire instructions for Wells Fargo Bank, National Association, as P8 Master Servicer, are as follows:


  


Bank: Wells Fargo Bank, National Association


 


Account Name: REAM as Trustee
for Various Investors – Incoming Wires 


ABA: 121000248 


Account #: 5077594011216 


Reference: Wells Fargo CMS Loan
Number __________________


 






    FF-5-2 


     


    




 


2.       The
contact information for the P8 Trustee, the P8 Certificate Administrator, the P8 Master Servicer, the P8 Special Servicer, the
P8 Operating Advisor, the P8 Asset Representations Reviewer and the P8 Depositor with respect to the Lakeside Shopping Center Companion
Loan evidenced by promissory note A-3-1 is as follows:


  


	P8 Trustee:	
        Wilmington Trust, National Association

1100 North Market Street 

        Wilmington, Delaware 19890 

        Attention: CMBS Trustee – CGCMT 2017-P8

Fax number (302) 636-4140 

        Email: cmbstrustee@wilmingtontrust.com 

	P8 Certificate Administrator:	
        Citibank,
N.A.

388 Greenwich Street

New York, New York 10013

Attention: Citibank Agency & Trust - CGCMT 2017-P8

Fax number: (212) 816-5527 

        Email:
        ratingagencynotice@citi.com 

	P8 Master Servicer:	
        Wells Fargo Bank, National Association 

        Commercial Mortgage Servicing 

        Three Wells Fargo 

        MAC D1050-084

401 South Tryon Street, 8th Floor 

        Charlotte, North Carolina 28202 

        Attention: CGCMT 2017-P8 Asset Manager 

        Fax number: (704) 715-0036 

        Email: Commercial.servicing@wellsfargo.com 

         

        with a copy to 

         

        Wells Fargo Bank, National Association 

        Legal Department 

        301 South College Street 

        TW-30, D1053-300 

        Charlotte, North Carolina 28202-6000 

        Attention: Commercial Mortgage Servicing Legal Support 

        Fax number: (704) 383-3663

         

        with a copy to

        

         

        K&L Gates LLP 

        Hearst Tower 

        214 North Tryon Street 

        




 






    FF-5-3 


     


    




 


	 	Charlotte, North Carolina 28202 

                                                                                Attention: Stacy G. Ackermann 

                                                                                Fax
number: (704) 353-3190

	P8 Special Servicer:	
        KeyBank National Association 

        11501 Outlook Street,
Suite 300 

        Overland Park, Kansas
66211 

        Attention: Alan Williams 

        Fax number: (877)
379-1625 

        Email: Keybank_notices@keybank.com

         

        with a copy to

         

        Ballard Spahr LLP 

        1735 Market Street 

        Philadelphia, PA 19103 

        Attention: Jere G.
Thompson 

        Fax number: (215)
864-8999 

        Email: thompsonj@ballardspahr.com 

	P8 Operating Advisor and P8 Asset Representations Reviewer:	
        Pentalpha Surveillance LLC 

        375 N. French Road, Suite 100 

        Amherst, New York, 14228 

        Attention: CGCMT 2017-P8 Transaction Manager, with
copies sent contemporaneously via e-mail to notices@pentalphasurveillance.com with the deal name in the subject line 

	P8 Depositor	
        Citigroup Commercial Mortgage Securities Inc.

        390 Greenwich Street, 5th Floor

        New York, New York 10013

        Attention: Paul Vanderslice

        Fax number (212) 723-8599

          

        and

         

        Citigroup Commercial Mortgage Securities Inc. 

        390 Greenwich Street 

        New York, New York 10013 

        Attention: Richard Simpson 

        Fax number (646) 328-2943

         

        and

         

        Citigroup Commercial Mortgage Securities Inc. 

        388 Greenwich Street, 17th Floor 

        New York, New York 10013 

        

        




  



    FF-5-4 


     


    




 


	 	Attention: Ryan M. O’Connor 

Fax number (646) 862-8988 

                                                                                and 

                                                                                 

                                                                                with
                                         an electronic copy e-mailed to Richard Simpson at richard.simpson@citi.com
                                         and to Ryan M. O’Connor at ryan.m.oconnor@citi.com





 


3.       The
P8 Trust is subject to the reporting requirements of the Securities Exchange Act of 1934, as amended.


  


4.       Enclosed
herewith is a copy of an executed version of the P8 PSA.


  


5.       As
of the date hereof, the Controlling Class Representative (as defined in the P8 PSA) under the P8 PSA is Prime Finance CMBS B-Piece
Holdco X, L.P.


 





	 	Very truly yours,
	 	 
	 	CITIBANK, N.A.
	 	 	 
	 	By:	 
	 	 	Name:

Title:


 






    FF-5-5 


     


    




 


EXHIBIT FF-6 


 


FORM OF NOTICE REGARDING OUTSIDE 





SERVICED MORTGAGE LOAN 


(Long Island Prime Portfolio - Uniondale)


 


[Date]




 


	
        Wilmington Trust, National Association 

        1100 North Market Street 

        Wilmington, Delaware, 19890 

        Attention: CMBS Trustee – GS 2017-GS7

         

        with a copy to:

         

        Facsimile number: (302) 636-4140 

        Email: cmbstrustee@wilmingtontrust.com
	 	
        Wells Fargo Bank, National Association 

        9062 Old Annapolis Road 

        Columbia, Maryland 21045-1951 

        Attention: Corporate Trust Services (CMBS) 

        GS Mortgage Securities Trust 2017-GS7 

        Fax number: (410) 715-2380 

         

        with a copy to:

         

        E-Mail: cts.cmbs.bond.admin@wellsfargo.com, and to
        trustadministrationgroup@wellsfargo.com

         

	
        Wells Fargo Bank, National Association 

        Commercial Mortgage Servicing 

        Three Wells Fargo 

        401 S. Tryon Street, 8th Floor 

        MAC D1050-084 

        Charlotte, North Carolina 28202 

        Attention: GS 2017-GS7 Asset Manager 

        Telecopy Number: (704) 715-0036 

        E-mail: commercial.servicing@wellsfargo.com

         

        with a copy to:

         

        Wells Fargo Bank, National Association Legal Department 

        301 S. College St., TW-30 

        Charlotte, North Carolina 28202 

        Attention: Commercial Mortgage Servicing Legal Support 

        Reference: GS 2017-GS7

         

        with a copy to:

         

        K&L Gates LLP

        Hearst Tower, 47th Floor 

        214 North Tryon Street 
	 	
        Rialto Capital Advisors, LLC 

        790 NW 107th Avenue, 4th Floor 

        Miami, Florida 33172 

        Attention: Liat Heller 

        Fax number: (305) 229-6425 

        E-mail: liat.heller@rialtocapital.com

         

        with copies to:

         

        Jeff Krasnoff 

        Fax number: (305) 229-6425 

        E-mail: jeff.krasnoff@rialtocapital.com; 

          

        Niral Shah 

        Facsimile number: (305) 229-6425 

        E-mail: niral.shah@rialtocapital.com;

          

        Adam Singer 

        Fax number (305) 229-6425 

        E-mail: adam.singer@rialtocapital.com

         

        Park Bridge Lender Services LLC 

        600 Third Avenue, 40th Floor 

        New York, New York 10016 




 






    FF-6-1 


     


    




 


	Charlotte, North Carolina 28202 

                           Attention: Stacy G. Ackermann 

                           Facsimile Number: (704) 353-3190 
	Attention: GS 2017-GS7-Surveillance Manager (with a copy sent
        contemporaneously via email to cmbs.notices@parkbridgefinancial.com)


 


		Re:	GS Mortgage Securities Corporation II, Commercial
                                         Mortgage Pass-Through Certificates, Series 2017-GS7



 


Ladies and Gentlemen:


 


Reference is hereby
made to the Pooling and Servicing Agreement, dated as of August 1, 2017 (the “GSMS 2017-GS7 PSA”), between GS
Mortgage Securities Corporation II, as depositor, Wells Fargo Bank, National Association, as master servicer, Rialto Capital Advisors,
LLC, as special servicer, Wells Fargo Bank, National Association, as certificate administrator and cayman agent, Wilmington Trust,
National Association, as trustee, and Park Bridge Lender Services LLC, as operating advisor and as asset representations reviewer.
Capitalized terms used but not defined herein shall have the meanings given to them in the GSMS 2017-GS7 PSA.


 


The undersigned is
the certificate administrator under the Pooling and Servicing Agreement, dated as of September 1, 2017 (the “P8 PSA”),
between Citigroup Commercial Mortgage Securities Inc., as depositor (the “P8 Depositor”), Wells Fargo Bank,
National Association, as master servicer (in such capacity, the “P8 Master Servicer”), KeyBank National Association,
as special servicer (in such capacity, the “P8 Special Servicer”), Pentalpha Surveillance LLC, as operating
advisor (in such capacity, the “P8 Operating Advisor”) and asset representations reviewer (in such capacity,
the “P8 Asset Representations Reviewer”), Citibank, N.A., as certificate administrator (in such capacity, the
“P8 Certificate Administrator”), and Wilmington Trust, National Association, as trustee (in such capacity, the
“P8 Trustee”), pursuant to which the Citigroup Commercial Mortgage Trust 2017-P8 (the “P8 Trust”)
was established and the Long Island Prime Portfolio - Uniondale Pari Passu Companion Loan evidenced by promissory note A-2-2 was
transferred to the P8 Trust as of September 29, 2017 (the “Closing Date”).


 


The undersigned hereby
notifies you that, as of the Closing Date:


 


1.       Wilmington
Trust, National Association, as trustee under the P8 PSA, is the holder of the Long Island Prime Portfolio - Uniondale Pari Passu
Companion Loan evidenced by promissory note A-2-2. You are directed to remit to Wells Fargo Bank, National Association, as master
servicer under the P8 PSA, all amounts payable to, and to forward, deliver or otherwise make available, as the case may be, to
Wells Fargo Bank, National Association, as master servicer under the P8 PSA, all reports, statements, documents, communications
and other information that are to be forwarded, delivered or otherwise made available to the Companion Holder with respect to the
Long Island Prime Portfolio - Uniondale Pari Passu Companion Loan evidenced by promissory note A-2-2 under the GSMS 2017-GS7 PSA
and the Long Island Prime Portfolio - Uniondale Co-Lender Agreement. The wire instructions for Wells Fargo Bank, National Association,
as P8 Master Servicer, are as follows:


  


Bank: Wells Fargo Bank, National Association


 






    FF-6-2 


     


    




 


Account Name: REAM as Trustee
for Various Investors – Incoming Wires 


ABA: 121000248 


Account #: 5077594011216 


Reference: Wells Fargo CMS Loan
Number __________________


 


2.       The
contact information for the P8 Trustee, the P8 Certificate Administrator, the P8 Master Servicer, the P8 Special Servicer, the
P8 Operating Advisor, the P8 Asset Representations Reviewer and the P8 Depositor with respect to the Long Island Prime Portfolio
- Uniondale Pari Passu Companion Loan evidenced by promissory note A-2-2 is as follows: 


 


	P8 Trustee:	
        Wilmington Trust, National Association

1100 North Market Street 

        Wilmington, Delaware 19890 

        Attention: CMBS Trustee – CGCMT 2017-P8

Fax number (302) 636-4140 

        Email: cmbstrustee@wilmingtontrust.com 

	P8 Certificate Administrator:	
        Citibank,
N.A.

388 Greenwich Street

New York, New York 10013

Attention: Citibank Agency & Trust - CGCMT 2017-P8

Fax number: (212) 816-5527 

        Email:
        ratingagencynotice@citi.com

	P8 Master Servicer:	
        Wells Fargo Bank, National Association 

        Commercial Mortgage Servicing 

        Three Wells Fargo 

        MAC D1050-084

401 South Tryon Street, 8th Floor 

        Charlotte, North Carolina 28202 

        Attention: CGCMT 2017-P8 Asset Manager 

        Fax number: (704) 715-0036 

        Email: Commercial.servicing@wellsfargo.com 

         

        with a copy to

         

        Wells Fargo Bank, National Association

        

        Legal Department 

        301 South College Street 

        TW-30, D1053-300 

        Charlotte, North Carolina 28202-6000 

        Attention: Commercial Mortgage Servicing Legal Support 

        Fax number: (704) 383-3663

        




 






    FF-6-3 


     


    




 


	 	with
a copy to


 


K&L Gates LLP





Hearst Tower  


214 North Tryon Street  


Charlotte, North Carolina 28202  


Attention: Stacy G. Ackermann  


Fax number: (704) 353-3190  





	P8 Special Servicer:	
        KeyBank National Association 

        11501 Outlook Street,
Suite 300 

        Overland Park, Kansas
66211 

        Attention: Alan Williams 

        Fax number: (877)
379-1625 

        Email: Keybank_notices@keybank.com

         

        with a copy to 

         

        Ballard Spahr LLP 

        1735 Market Street 

        Philadelphia, PA 19103 

        Attention: Jere G.
Thompson 

        Fax number: (215)
864-8999 

        Email: thompsonj@ballardspahr.com 

	P8 Operating Advisor and P8 Asset Representations Reviewer:	
        Pentalpha Surveillance LLC 

        375 N. French Road, Suite 100 

        Amherst, New York, 14228 

        Attention: CGCMT 2017-P8 Transaction Manager, with
copies sent contemporaneously via e-mail to notices@pentalphasurveillance.com with the deal name in the subject line 

	P8 Depositor	Citigroup Commercial Mortgage Securities Inc.

390 Greenwich Street, 5th Floor

New York, New York 10013

Attention: Paul Vanderslice

Fax number (212) 723-8599


	 	and

                                                                                                


Citigroup Commercial Mortgage Securities Inc.  


390 Greenwich Street  


New York, New York 10013  


Attention: Richard Simpson 


Fax number (646) 328-2943 








  









    FF-6-4 


     


    




 


		  and

         

        Citigroup Commercial Mortgage Securities Inc. 

        388 Greenwich Street, 17th Floor 

        New York, New York 10013 

        Attention: Ryan M. O’Connor 

        Fax number (646) 862-8988

         

        and

         

        with an electronic copy e-mailed to Richard Simpson
        at richard.simpson@citi.com and to Ryan M. O’Connor at ryan.m.oconnor@citi.com

        



  


3.       The
P8 Trust is subject to the reporting requirements of the Securities Exchange Act of 1934, as amended.





 


4.       Enclosed
herewith is a copy of an executed version of the P8 PSA.


 


5.       As
of the date hereof, the Controlling Class Representative (as defined in the P8 PSA) under the P8 PSA is Prime Finance CMBS B-Piece
Holdco X, L.P.


  


	 	Very truly yours,
	 	 
	 	CITIBANK, N.A.
	 	 	 
	 	By:	 
	 	 	Name:

Title:





 






    FF-6-5 


     


    







 


EXHIBIT FF-7


  


FORM OF NOTICE REGARDING OUTSIDE 


SERVICED MORTGAGE LOAN 


(Scripps Center)


 


[Date]




 


	Deutsche Bank Trust Company Americas

1761 East St. Andrew Place

Santa Ana, California 92705-4934

Attention: Trust Administration – CI17P7

Fax number (714) 247-6022	 	
        Citibank,
N.A.

388 Greenwich Street

New York, New York 10013

Attention: Citibank Agency & Trust - CGCMT 2017-P7

Fax number: (212) 816-5527 

        Email: ratingagencynotice@citi.com

	
        Wells Fargo Bank, National Association 

        Commercial Mortgage Servicing 

        Three Wells Fargo 

        MAC D1050-084

401 South Tryon Street, 8th Floor 

        Charlotte, North Carolina 28202 

        Attention: CGCMT 2017-P7 Asset Manager 

        Fax number: (704) 715-0036 

        Email: Commercial.servicing@wellsfargo.com 

         

        with a copy to

         

        Wells Fargo Bank, National Association 

        Legal Department 

        301 South College Street 

        TW-30, D1053-300 

        Charlotte, North Carolina 28202-6000 

        Attention: Commercial Mortgage Servicing Legal Support 

        Fax number: (704) 383-3663

         

        with a copy to

        

         

        K&L Gates LLP 

        Hearst Tower 

        214 North Tryon Street 

        Charlotte, North Carolina 28202 

        Attention: Stacy G. Ackermann 

        Fax number: (704) 353-3190 
	 	
        Rialto Capital
Advisors, LLC 

        790 NW 107th Avenue,
4th Floor 

        Miami, Florida
33172 

        Attention: Liat
Heller 

        Facsimile number:
(305) 229-6425 

        E-mail: liat.heller@rialtocapital.com

          

        with copies to:

         

        Rialto Capital
Advisors, LLC 

        790 NW 107th Avenue,
4th Floor 

        Miami, Florida
33172 

        Attention: Jeff
Krasnoff, Niral Shah and Adam Singer 

        Facsimile number:
(305) 229-6425 

        E-mail: niral.shah@rialtocapital.com, adam.singer@rialtocapital.com
        and jeff.krasnoff@rialtocapital.com

         

        Park Bridge Lender Services LLC 

        600 Third Avenue, 40th Floor 

        New York, New York 10016 

        Attention: CGCMT 2017-P7 – Surveillance Manager

         

        with copies sent contemporaneously via email to cmbs.notices@parkbridgefinancial.com

         



 






    FF-7-1 


     


    




 


		Re:	Citigroup Commercial Mortgage Trust 2017-P7,
                                         Commercial Mortgage Pass-Through Certificates, Series 2017-P7



 


Ladies and Gentlemen:


 


Reference is hereby
made to the Pooling and Servicing Agreement, dated as of April 1, 2017 (the “CGCMT 2017-P7 PSA”), between Citigroup
Commercial Mortgage Securities Inc., as depositor, Wells Fargo Bank, National Association, as master servicer, Rialto Capital Advisors,
LLC, as special servicer, Park Bridge Lender Services LLC, as operating advisor, Park Bridge Lender Services LLC, as asset representations
reviewer, Citibank, N.A., as certificate administrator, and Deutsche Bank Trust Company Americas, as trustee. Capitalized terms
used but not defined herein shall have the meanings given to them in the CGCMT 2017-P7 PSA.


 


The undersigned is
the certificate administrator under the Pooling and Servicing Agreement, dated as of September 1, 2017 (the “P8 PSA”),
between Citigroup Commercial Mortgage Securities Inc., as depositor (the “P8 Depositor”), Wells Fargo Bank,
National Association, as master servicer (in such capacity, the “P8 Master Servicer”), KeyBank National Association,
as special servicer (in such capacity, the “P8 Special Servicer”), Pentalpha Surveillance LLC, as operating
advisor (in such capacity, the “P8 Operating Advisor”) and asset representations reviewer (in such capacity,
the “P8 Asset Representations Reviewer”), Citibank, N.A., as certificate administrator (in such capacity, the
“P8 Certificate Administrator”), and Wilmington Trust, National Association, as trustee (in such capacity, the
“P8 Trustee”), pursuant to which the Citigroup Commercial Mortgage Trust 2017-P8 (the “P8 Trust”)
was established and the Scripps Center Companion Loan evidenced by promissory note A-2 was transferred to the P8 Trust as of September
29, 2017 (the “Closing Date”).


 


The undersigned hereby
notifies you that, as of the Closing Date:


 


1.       Wilmington
Trust, National Association, as trustee under the P8 PSA, is the holder of the Scripps Center Companion Loan evidenced by promissory
note A-2. You are directed to remit to Wells Fargo Bank, National Association, as master servicer under the P8 PSA, all amounts
payable to, and to forward, deliver or otherwise make available, as the case may be, to Wells Fargo Bank, National Association,
as master servicer under the P8 PSA, all reports, statements, documents, communications and other information that are to be forwarded,
delivered or otherwise made available to the Companion Loan Holder with respect to the Scripps Center Companion Loan evidenced
by promissory note A-2 under the CGCMT 2017-P7 PSA and the Scripps Center Co-Lender Agreement. The wire instructions for Wells
Fargo Bank, National Association, as P8 Master Servicer, are as follows:


  


Bank: Wells Fargo Bank, National Association 


 


Account Name: REAM as Trustee
for Various Investors – Incoming Wires 


ABA: 121000248 


Account #: 5077594011216 


Reference: Wells Fargo CMS Loan
Number __________________


 






    FF-7-2 


     


    




 


2.       The
contact information for the P8 Trustee, the P8 Certificate Administrator, the P8 Master Servicer, the P8 Special Servicer, the
P8 Operating Advisor, the P8 Asset Representations Reviewer and the P8 Depositor with respect to the Scripps Center Companion Loan
evidenced by promissory note A-2 is as follows:


  


	P8 Trustee:	
        Wilmington Trust, National Association

1100 North Market Street 

        Wilmington, Delaware 19890 

        Attention: CMBS Trustee – CGCMT 2017-P8

Fax number (302) 636-4140 

        Email: cmbstrustee@wilmingtontrust.com 

	P8 Certificate Administrator:	
        Citibank,
N.A.

388 Greenwich Street

New York, New York 10013

Attention: Citibank Agency & Trust - CGCMT 2017-P8

Fax number: (212) 816-5527 

        Email:
        ratingagencynotice@citi.com 

	P8 Master Servicer:	
        Wells Fargo Bank, National Association 

        Commercial Mortgage Servicing 

        Three Wells Fargo 

        MAC D1050-084

401 South Tryon Street, 8th Floor 

        Charlotte, North Carolina 28202 

        Attention: CGCMT 2017-P8 Asset Manager 

        Fax number: (704) 715-0036 

        Email: Commercial.servicing@wellsfargo.com

         

        with a copy to

         

        Wells Fargo Bank, National Association 

        Legal Department 

        301 South College Street 

        TW-30, D1053-300 

        Charlotte, North Carolina 28202-6000 

        Attention: Commercial Mortgage Servicing Legal Support 

        Fax number: (704) 383-3663 

         

        with a copy to

         

        


K&L Gates LLP 


Hearst Tower   


214 North Tryon Street

        




 






    FF-7-3 


     


    

  


	 	 Charlotte,
North Carolina 28202  


Attention: Stacy G. Ackermann  


Fax number: (704) 353-3190  





	P8 Special Servicer:	
        KeyBank National Association 

        11501 Outlook Street,
Suite 300 

        Overland Park, Kansas
66211 

        Attention: Alan Williams 

        Fax number: (877)
379-1625 

        Email: Keybank_notices@keybank.com

         

        with a copy to

         

        Ballard Spahr LLP 

        1735 Market Street 

        Philadelphia, PA 19103 

        Attention: Jere G.
Thompson 

        Fax number: (215)
864-8999 

        Email: thompsonj@ballardspahr.com 

	P8 Operating Advisor and P8 Asset Representations Reviewer:	
        Pentalpha Surveillance LLC 

        375 N. French Road, Suite 100 

        Amherst, New York, 14228 

        Attention: CGCMT 2017-P8 Transaction Manager, with
copies sent contemporaneously via e-mail to notices@pentalphasurveillance.com with the deal name in the subject line 

	P8 Depositor	
        Citigroup Commercial Mortgage Securities Inc.

390 Greenwich Street, 5th Floor

New York, New York 10013

Attention: Paul Vanderslice

Fax number (212) 723-8599

         

        and 

         

        Citigroup Commercial Mortgage Securities Inc. 

        390 Greenwich Street 

        New York, New York 10013 

        Attention: Richard Simpson 

        Fax number (646) 328-2943 

          

        and 

         

        Citigroup Commercial Mortgage Securities Inc. 

        388 Greenwich Street, 17th Floor 

        New York, New York 10013 

        




 






    FF-7-4 


     


    




	 	Attention:
Ryan M. O’Connor 


Fax number (646) 862-8988 


 


and 


 


with an electronic copy e-mailed to Richard Simpson at richard.simpson@citi.com
and to Ryan M. O’Connor at ryan.m.oconnor@citi.com 










  


 


3.       The
P8 Trust is subject to the reporting requirements of the Securities Exchange Act of 1934, as amended.


 


4.       Enclosed
herewith is a copy of an executed version of the P8 PSA.





 


5.       As
of the date hereof, the Controlling Class Representative (as defined in the P8 PSA) under the P8 PSA is Prime Finance CMBS B-Piece
Holdco X, L.P.


 


	 	Very truly yours,
	 	 
	 	CITIBANK, N.A.
	 	 	 
	 	By:	 
	 	 	Name:

Title:





 






    FF-7-5 


     


    




 


EXHIBIT FF-8 


 


FORM OF NOTICE REGARDING OUTSIDE  


SERVICED MORTGAGE LOAN 


(Atlanta and Anchorage Hotel Portfolio) 


 


[Date]




 


	
        Wilmington Trust, National Association 

        1100 North Market Street 

        Wilmington, Delaware 19890 

        Attention: CMBS Trustee CFCRE 2017-C8 

        Telecopy number: (302) 636-4140 

        Email: CMBSTrustee@wilmingtontrust.com 

         
	 	
        Wells Fargo Bank, National Association 

        Corporate Trust Services 

        9062 Old Annapolis Road 

        Columbia, Maryland 21045 

        Attention: Corporate Trust Services - CFCRE 2017-C8 

	
        Wells Fargo Bank, National Association 

        Commercial Mortgage Servicing 

        Three Wells Fargo 

        401 S. Tryon Street, 8th Floor 

        MAC D1050-084 

        Charlotte, North Carolina 28202 

        Attention: CFCRE 2017-C8 Asset Manager 

         

        with a copy sent contemporaneously via email to commercial.servicing@wellsfargo.com

         

        with a copy to: 

         

        Wells Fargo Bank, National Association 

        Legal Department 

        301 South College Street 

        D1053-300 

        Charlotte, North Carolina 28202 

        Attention: Commercial Mortgage Servicing Legal Support 

          

        with a copy to:

          

        K&L Gates LLP 

        Hearst Tower 

        214 North Tryon Street 

        Charlotte, North Carolina 28202 

        Attention: Stacy G. Ackermann

         
	 	
        Rialto Capital Advisors, LLC 

        790 NW 107th Avenue, 4th Floor 

        Miami, Florida 33172 

        Attention: Liat Heller 

        Facsimile number: (305) 229-6425 

        E-mail: liat.heller@rialtocapital.com 

          

        with copies to:

         

        Jeff Krasnoff 

        Facsimile number: (305) 229-6425 

        E-mail: jeff.krasnoff@rialtocapital.com; 

        Niral Shah 

        Facsimile number: (305) 229-6425 

        Email: niral.shah@rialtocapital.com; 

        Adam Singer 

        facsimile number (305) 229-6425 

        Email: adam.singer@rialtocapital.com

         




 






    FF-8-1 


     


    




 


	
        Park Bridge Lender Services LLC 

        600 Third Avenue, 40th Floor 

        New York, New York 10016 

        Attention: CFCRE 2017-C8-Surveillance Manager (with
a copy sent contemporaneously via email to cmbs.notices@parkbridgefinancial.com)
	 	
        Park Bridge Lender Services LLC 

        600 Third Avenue, 40th Floor 

        New York, New York 10016 

        Attention: CFCRE 2017-C8-Surveillance Manager (with
a copy sent contemporaneously via email to cmbs.notices@parkbridgefinancial.com) 



 


		Re:	CFCRE 2017-C8 Mortgage Trust Commercial Mortgage
                                         Pass-Through Certificates, Series 2017-C8



 


Ladies and Gentlemen:


 


Reference is hereby
made to the Pooling and Servicing Agreement, dated as of June 1, 2017 (the “CFCRE 2017-C8 PSA”), between CCRE
Commercial Mortgage Securities, L.P., as depositor, Wells Fargo Bank, National Association, as master servicer, Rialto Capital
Advisors, LLC, as special servicer, Wilmington Trust, National Association, as trustee, Wells Fargo Bank, National Association,
as certificate administrator, paying agent and custodian, Park Bridge Lender Services LLC, as operating advisor, and Park Bridge
Lender Services LLC, as asset representations reviewer. Capitalized terms used but not defined herein shall have the meanings given
to them in the CFCRE 2017-C8 PSA.


 


The undersigned is
the certificate administrator under the Pooling and Servicing Agreement, dated as of September 1, 2017 (the “P8 PSA”),
between Citigroup Commercial Mortgage Securities Inc., as depositor (the “P8 Depositor”), Wells Fargo Bank,
National Association, as master servicer (in such capacity, the “P8 Master Servicer”), KeyBank National Association,
as special servicer (in such capacity, the “P8 Special Servicer”), Pentalpha Surveillance LLC, as operating
advisor (in such capacity, the “P8 Operating Advisor”) and asset representations reviewer (in such capacity,
the “P8 Asset Representations Reviewer”), Citibank, N.A., as certificate administrator (in such capacity, the
“P8 Certificate Administrator”), and Wilmington Trust, National Association, as trustee (in such capacity, the
“P8 Trustee”), pursuant to which the Citigroup Commercial Mortgage Trust 2017-P8 (the “P8 Trust”)
was established and the Atlanta and Anchorage Hotel Portfolio Companion Loan evidenced by promissory note A-3-B was transferred
to the P8 Trust as of September 29, 2017 (the “Closing Date”).


 


The undersigned hereby
notifies you that, as of the Closing Date:


 


1.       Wilmington
Trust, National Association, as trustee under the P8 PSA, is the holder of the Atlanta and Anchorage Hotel Portfolio Companion
Loan evidenced by promissory note A-3-B. You are directed to remit to Wells Fargo Bank, National Association, as master servicer
under the P8 PSA, all amounts payable to, and to forward, deliver or otherwise make available, as the case may be, to Wells Fargo
Bank, National Association, as master servicer under the P8 PSA, all reports, statements, documents, communications and other information
that are to be forwarded, delivered or otherwise made available to the Companion Loan Noteholder with respect to the Atlanta and
Anchorage Hotel Portfolio Companion Loan evidenced by promissory note A-3-B under the CFCRE 2017-C8 PSA and the Intercreditor


 



    FF-8-2 


     


    

 


Agreement with respect to the Atlanta
and Anchorage Hotel Portfolio Whole Loan. The wire instructions for Wells Fargo Bank, National Association, as P8 Master Servicer,
are as follows:


 


Bank: Wells Fargo Bank, National Association 


 


Account Name: REAM as Trustee
for Various Investors – Incoming Wires 


ABA: 121000248 


Account #: 5077594011216 


Reference: Wells Fargo CMS Loan
Number __________________


 


2.       The
contact information for the P8 Trustee, the P8 Certificate Administrator, the P8 Master Servicer, the P8 Special Servicer, the
P8 Operating Advisor, the P8 Asset Representations Reviewer and the P8 Depositor with respect to the Atlanta and Anchorage Hotel
Portfolio Companion Loan evidenced by promissory note A-3-B is as follows:





 


	P8 Trustee:	
        Wilmington Trust, National Association

1100 North Market Street 

        Wilmington, Delaware 19890 

        Attention: CMBS Trustee – CGCMT 2017-P8

Fax number (302) 636-4140 

        Email: cmbstrustee@wilmingtontrust.com 

	P8 Certificate Administrator:	
        Citibank,
N.A.

388 Greenwich Street

New York, New York 10013

Attention: Citibank Agency & Trust - CGCMT 2017-P8

Fax number: (212) 816-5527 

        Email:
        ratingagencynotice@citi.com 

	P8 Master Servicer:	
        Wells Fargo Bank, National Association 

        Commercial Mortgage Servicing 

        Three Wells Fargo 

        MAC D1050-084

401 South Tryon Street, 8th Floor 

        Charlotte, North Carolina 28202 

        Attention: CGCMT 2017-P8 Asset Manager 

        Fax number: (704) 715-0036 

        Email: Commercial.servicing@wellsfargo.com

          

        with a copy to

         

        Wells Fargo Bank, National Association 

        Legal Department 

        301 South College Street 

        TW-30, D1053-300 

        




  



    FF-8-3 


     


    




 


	 	Charlotte,
North Carolina 28202-6000  


Attention: Commercial Mortgage Servicing Legal Support 


Fax number: (704) 383-3663  


 


with a copy to 


 


K&L Gates LLP  


Hearst Tower  


214 North Tryon Street  


Charlotte, North Carolina 28202 


Attention: Stacy G. Ackermann


Fax number: (704) 353-3190 





	P8 Special Servicer:	
        KeyBank National Association 

        11501 Outlook Street,
Suite 300 

        Overland Park, Kansas
66211 

        Attention: Alan Williams 

        Fax number: (877)
379-1625 

        Email: Keybank_notices@keybank.com

         

        with a copy to

         

        Ballard Spahr LLP 

        1735 Market Street 

        Philadelphia, PA 19103 

        Attention: Jere G.
Thompson 

        Fax number: (215)
864-8999 

        Email: thompsonj@ballardspahr.com

	P8 Operating Advisor and P8 Asset Representations Reviewer:	
        Pentalpha Surveillance LLC 

        375 N. French Road, Suite 100 

        Amherst, New York, 14228 

        Attention: CGCMT 2017-P8 Transaction Manager, with
copies sent contemporaneously via e-mail to notices@pentalphasurveillance.com with the deal name in the subject line 

	P8 Depositor	
        Citigroup Commercial Mortgage Securities Inc.

390 Greenwich Street, 5th Floor

New York, New York 10013

Attention: Paul Vanderslice

Fax number (212) 723-8599

         

        and

         

        Citigroup Commercial Mortgage Securities Inc.  




 






    FF-8-4 


     


    

 





	 	390
Greenwich Street  


New York, New York 10013  


Attention: Richard Simpson





Fax number (646) 328-2943 


 


and 


 


Citigroup Commercial Mortgage Securities Inc.  


388 Greenwich Street, 17th Floor  


New York, New York 10013  


Attention: Ryan M. O’Connor  


Fax number (646) 862-8988 


 


and


 


with an electronic copy e-mailed to Richard Simpson at richard.simpson@citi.com
and to Ryan M. O’Connor at ryan.m.oconnor@citi.com 






  


3.       The
P8 Trust is subject to the reporting requirements of the Securities Exchange Act of 1934, as amended.





 


4.       Enclosed
herewith is a copy of an executed version of the P8 PSA.





 


5.       As
of the date hereof, the Controlling Class Representative (as defined in the P8 PSA) under the P8 PSA is Prime Finance CMBS B-Piece
Holdco X, L.P.





 





	 	Very truly yours,
	 	 
	 	CITIBANK, N.A.
	 	 	 
	 	By:	 
	 	 	Name:

Title:


 






    FF-8-5 


     


    




 


EXHIBIT FF-9 


 


FORM OF NOTICE REGARDING OUTSIDE  


SERVICED MORTGAGE LOAN 


(245 Park Avenue)


 


[Date]




 


	
        Wilmington Trust, National Association 

        1100 North Market Street 

        Wilmington, Delaware 19890 

        Attention: CMBS JPMCC 2017-245P 

         

        with a copy to: 

         

        Facsimile: 302-636-4140 

        E-mail: cmbstrustee@wilmingtontrust.com
	 	
        Wells Fargo Bank, National Association 

        9062 Old Annapolis Road 

        Columbia, Maryland 21045 

        Attention: Corporate Trust Services – 245 2017-245P

         

        with a copy to:

         

        Facsimile: (410) 715-2380 

        E-mail: trustadministrationgroup@wellsfargo.com and 

        cts.cmbs.bond.admin@wellsfargo.com

         

	
        Wells Fargo Bank, National Association 

        Commercial Mortgage Servicing 

        Three Wells Fargo 

        401 S. Tryon Street, 8th Floor 

        MAC D1050-084 

        Charlotte, North Carolina 28202 

        Attention: JPMCC 2017-245P Asset Manager 

        Facsimile: (704) 715-0036 

        Email: commercial.servicing@wellsfargo.com

         

        with a copy to:

         

        Wells Fargo Bank, National Association 

        Legal Department, D1053-300 

        301 South College Street, 30th Floor 

        Charlotte, North Carolina 28202 

        Attention: Commercial Mortgage Servicing Legal Support 

        Facsimile: (704) 383-0353

         

        with an additional copy to: 

         

        K&L Gates LLP  
	 	
        AEGON USA Realty Advisors, LLC, 

        4333 Edgewood Road NE, 

        Cedar Rapids, IA 52499 

        Attention: Greg Dryden, Senior Vice President, Special
Servicing 

        Fax Number: (319) 355-8030 

        Email: gdryden@aegonusa.com 

        specialservicing@aegonusa.com

         

        Trimont Real Estate Advisors, LLC 

        One Alliance Center 

        3500 Lenox Road, Suite G1 

        Atlanta, Georgia 30326, 

        Attention: Operating Advisor 

        Facsimile No.: (404) 420 5610 

        Email: operatingadvisor@trimontrea.com;

         

        with a copy to: 

         

        Carlton Fields Jorden Burt 

        One Atlanta Center 

        1201 W. Peachtree Street NW, Suite 3000 

        Atlanta, Georgia 30309 





  


    FF-9-1 


     


    

 


	Hearst Tower 


 214 North Tryon Street  


Charlotte, North Carolina 28202  


Attention: Stacy G. Ackermann  


Reference: JPMCC 2017-245P  


Fax Number: (704) 353-3190  


Email: stacy.ackermann@klgates.com 



	 	Attention: W. Gregory Null  


Email: gnull@cfjblaw.com


 






 


		Re:	245 Park Avenue Trust 2017-245P, Commercial
                                         Mortgage Pass-Through Certificates, Series 2017-245P



 


Ladies and Gentlemen:


 


Reference is hereby
made to the Trust and Servicing Agreement, dated as of May 30, 2017 (the “245 Park Avenue Trust 2017-245P TSA”),
between J.P. Morgan Chase Commercial Mortgage Securities Corp., as depositor, Wells Fargo Bank, National Association, as servicer,
AEGON USA Realty Advisors, LLC, as special servicer, Wells Fargo Bank, National Association, certificate administrator, Wilmington
Trust, National Association, as trustee, and Trimont Real Estate Advisors, LLC, as operating advisor. Capitalized terms used but
not defined herein shall have the meanings given to them in the 245 Park Avenue Trust 2017-245P TSA.


 


The undersigned is
the certificate administrator under the Pooling and Servicing Agreement, dated as of September 1, 2017 (the “P8 PSA”),
between Citigroup Commercial Mortgage Securities Inc., as depositor (the “P8 Depositor”), Wells Fargo Bank,
National Association, as master servicer (in such capacity, the “P8 Master Servicer”), KeyBank National Association,
as special servicer (in such capacity, the “P8 Special Servicer”), Pentalpha Surveillance LLC, as operating
advisor (in such capacity, the “P8 Operating Advisor”) and asset representations reviewer (in such capacity,
the “P8 Asset Representations Reviewer”), Citibank, N.A., as certificate administrator (in such capacity, the
“P8 Certificate Administrator”), and Wilmington Trust, National Association, as trustee (in such capacity, the
“P8 Trustee”), pursuant to which the Citigroup Commercial Mortgage Trust 2017-P8 (the “P8 Trust”)
was established and the Companion Loan evidenced by promissory note A-2-E-2 was transferred to the P8 Trust as of September 29,
2017 (the “Closing Date”).


 


The undersigned hereby
notifies you that, as of the Closing Date:


 


1.       Wilmington
Trust, National Association, as trustee under the P8 PSA, is the holder of the Companion Loan evidenced by promissory note A-2-E-2.
You are directed to remit to Wells Fargo Bank, National Association, as master servicer under the P8 PSA, all amounts payable to,
and to forward, deliver or otherwise make available, as the case may be, to Wells Fargo Bank, National Association, as master servicer
under the P8 PSA, all reports, statements, documents, communications and other information that are to be forwarded, delivered
or otherwise made available to the related Companion Loan Holder with respect to the Companion Loan evidenced by promissory note
A-2-E-2 under the 245 Park Avenue Trust 2017-245P TSA and the Co-Lender Agreement. The wire instructions for Wells Fargo Bank,
National Association, as P8 Master Servicer, are as follows:


 






    FF-9-2 


     


    




 


Bank: Wells Fargo Bank, National Association 


 


Account Name: REAM as Trustee
for Various Investors – Incoming Wires 


ABA: 121000248 


Account #: 5077594011216 


Reference: Wells Fargo CMS Loan
Number __________________


 


2.       The
contact information for the P8 Trustee, the P8 Certificate Administrator, the P8 Master Servicer, the P8 Special Servicer, the
P8 Operating Advisor, the P8 Asset Representations Reviewer and the P8 Depositor with respect to the Companion Loan evidenced
by promissory note A-2-E-2 is as follows: 


 


	P8 Trustee:	
        Wilmington Trust, National Association

1100 North Market Street 

        Wilmington, Delaware 19890 

        Attention: CMBS Trustee – CGCMT 2017-P8

Fax number (302) 636-4140 

        Email: cmbstrustee@wilmingtontrust.com 

	P8 Certificate Administrator:	
        Citibank,
N.A.

388 Greenwich Street

New York, New York 10013

Attention: Citibank Agency & Trust - CGCMT 2017-P8

Fax number: (212) 816-5527 

        Email:
ratingagencynotice@citi.com

	P8 Master Servicer:	
        Wells Fargo Bank, National Association 

        Commercial Mortgage Servicing 

        Three Wells Fargo 

        MAC D1050-084

401 South Tryon Street, 8th Floor 

        Charlotte, North Carolina 28202 

        Attention: CGCMT 2017-P8 Asset Manager 

        Fax number: (704) 715-0036 

        Email: Commercial.servicing@wellsfargo.com 

         

        with a copy to 

         

        Wells Fargo Bank, National Association 

        Legal Department 

        301 South College Street 

        TW-30, D1053-300 

        Charlotte, North Carolina 28202-6000 

        Attention: Commercial Mortgage Servicing

        




 






    FF-9-3 


     


    




 


	 	Legal
Support  


Fax number: (704) 383-3663 


 


with a copy to

 


K&L Gates LLP  


Hearst Tower  


214 North Tryon Street  


Charlotte, North Carolina 28202  


Attention: Stacy G. Ackermann  


Fax number: (704) 353-3190 





	P8 Special Servicer:	
        KeyBank National Association 

        11501 Outlook Street,
Suite 300 

        Overland Park, Kansas
66211 

        Attention: Alan Williams 

        Fax number: (877)
379-1625 

        Email: Keybank_notices@keybank.com

         

        with a copy to 

        

         

        Ballard Spahr LLP 

        1735 Market Street 

        Philadelphia, PA 19103 

        Attention: Jere G.
Thompson 

        Fax number: (215)
864-8999 

        Email: thompsonj@ballardspahr.com 

	P8 Operating Advisor and P8 Asset Representations Reviewer:	
        Pentalpha Surveillance LLC 

        375 N. French Road, Suite 100 

        Amherst, New York, 14228 

        Attention: CGCMT 2017-P8 Transaction Manager, with
copies sent contemporaneously via e-mail to notices@pentalphasurveillance.com with the deal name in the subject line 

	P8 Depositor	
        Citigroup Commercial Mortgage Securities Inc.

390 Greenwich Street, 5th Floor

New York, New York 10013

Attention: Paul Vanderslice

Fax number (212) 723-8599 

          

        and

         

        Citigroup Commercial Mortgage Securities Inc. 

        390 Greenwich Street 

        New York, New York 10013 

        




 






    FF-9-4 


     


    




 


	 	Attention:
Richard Simpson  


Fax number (646) 328-2943


 


and


 


Citigroup Commercial Mortgage Securities Inc.  


388 Greenwich Street, 17th Floor  


New York, New York 10013  


Attention: Ryan M. O’Connor  


Fax number (646) 862-8988


 


and

 


with an electronic copy e-mailed to Richard Simpson at richard.simpson@citi.com and to
Ryan M. O’Connor at ryan.m.oconnor@citi.com







 


3.       The
P8 Trust is subject to the reporting requirements of the Securities Exchange Act of 1934, as amended. 


  


4.       Enclosed
herewith is a copy of an executed version of the P8 PSA. 


 


5.       As
of the date hereof, the Controlling Class Representative (as defined in the P8 PSA) under the P8 PSA is Prime Finance CMBS B-Piece
Holdco X, L.P.





 


	 	Very truly yours,
	 	 
	 	CITIBANK, N.A.
	 	 	 
	 	By:	 
	 	 	Name:

Title:





 






    FF-9-5 


     


    




 





EXHIBIT GG 


 


SPECIFIED MORTGAGE LOANS


 


None


 






    GG-1 


     


    




 


EXHIBIT HH


 


FORM OF ASSET REVIEW REPORT BY THE

ASSET REPRESENTATIONS REVIEWER11


  


 


To: [Addresses of Recipients] 


 


		Re:	Citigroup Commercial Mortgage Trust 2017-P8, Commercial Mortgage Pass-Through Certificates, Series 2017-P8



  


Ladies and Gentlemen:


 


In accordance with
Section 11.01 of the Pooling and Servicing Agreement, dated as of September 1, 2017 (the “Pooling and Servicing Agreement”),
the undersigned, as asset representations reviewer (the “Asset Representations Reviewer”), has performed an
Asset Review on each Delinquent Loan identified by the Certificate Administrator, and is hereby issuing the following Asset Review
Report.


 


		1.	As described in the detailed scorecard attached hereto as Exhibit A, we have performed an Asset
Review on each Delinquent Loan identified by the Certificate Administrator and our conclusion is that there is [no evidence of
a Test failure/evidence of [•] Test failures] with respect to the Delinquent Loans.



 


		2.	A conclusion by the Asset Representations Reviewer of a Test pass or a Test failure shall not constitute
a determination by the Asset Representations Reviewer of (i) the existence or nonexistence of a Material Defect, or (ii) whether
the Trust should enforce any rights it may have against the applicable Mortgage Loan Seller. In addition, the Tests may not be
sufficient to determine every instance of noncompliance.



 


		3.	The Asset Representations Reviewer, other than forwarding this report to the persons listed above,
will not be required to take or participate in any other or further action with respect to the aforementioned Asset Review Report.



 


		4.	Capitalized words and phrases used herein shall have the respective meanings assigned to them in
the Pooling and Servicing Agreement.



 





	 	PENTALPHA SURVEILLANCE LLC,
	 	as Asset Representations Reviewer
	 	 	 
	 	By:	 
	 	 	Name:

Title:








 






11
This report is an indicative report, and the Asset Representations Reviewer will have the ability to modify or alter
the organization and content of this report, subject to compliance with the terms of the Pooling and Servicing Agreement, including
without limitation, provisions relating to Privileged Information.


  






    HH-1 


     


    




 


Exhibit A


 


Detailed Scorecard

[Template Example Below]


 


	
        Test failures

         

	Loan #	Loan Name	R&W #	R&W Name	Test #	Test Description	Findings
	[Insert Loan Number]	[Insert Loan Name]	30	Due on Sale or Encumbrance	30b	[Insert Test Description]	[Insert Test findings]
	 	 	 	 	 


 






    HH-2 


     


    




 


EXHIBIT II


 


FORM OF ASSET REVIEW REPORT SUMMARY

BY THE ASSET REPRESENTATIONS REVIEWER12





 


To: [Addresses of Recipients] 


 


		Re:	Citigroup Commercial Mortgage Trust 2017-P8, Commercial Mortgage Pass-Through Certificates, Series 2017-P8



  


Ladies and Gentlemen:


 


In accordance with
Section 11.01 of the Pooling and Servicing Agreement, dated as of September 1, 2017 (the “Pooling and Servicing Agreement”),
the undersigned, as asset representations reviewer (the “Asset Representations Reviewer”), has performed an
Asset Review on each Delinquent Loan identified by the Certificate Administrator, and is hereby issuing the following Asset Review
Report Summary.


 


		1.	As described in the summary scorecard attached hereto as Exhibit A, we have performed an Asset Review on each Delinquent Loan
identified by the Certificate Administrator and our conclusion is that there is [no evidence of a Test failure/evidence of [•]
Test failures] with respect to the Delinquent Loans.



 


		2.	A conclusion by the Asset Representations Reviewer of a Test pass or a Test failure shall not constitute a determination by
the Asset Representations Reviewer of (i) the existence or nonexistence of a Material Defect, or (ii) whether the Trust should
enforce any rights it may have against the applicable Mortgage Loan Seller. In addition, the Tests may not be sufficient to determine
every instance of noncompliance.



 


		3.	The Asset Representations Reviewer, other than forwarding this Asset Review Report Summary to the parties listed above, will
not be required to take or participate in any other or further action with respect to the aforementioned Asset Review Report Summary.



 


		4.	Capitalized words and phrases used herein shall have the respective meanings assigned to them in the Pooling and Servicing
Agreement.









 






12 This
report is an indicative report, and the Asset Representations Reviewer will have the ability to modify or alter the
organization and content of this report, subject to compliance with the terms of the Pooling and Servicing Agreement,
including without limitation, provisions relating to Privileged Information.





 






    II-1 


     


    




 








	 	


PENTALPHA SURVEILLANCE LLC,

as Asset Representations Reviewer


	 	 	 
	 	By:	 
	 	 	Name:

Title:


 






    II-2 


     


    




 


Exhibit A


 


Summary Scorecard

[Template Example Below]


 


	
        Test failures

         

	Loan #	Loan Name	Mortgage Loan Seller	Representations and Warranty #	Representation and Warranty Name	Test #
	[Insert Loan #]	[Insert Loan Name]	[Insert Mortgage Loan Seller]	21	Compliance with Usury Laws	[21]
	31	Single-Purpose Entity	[31]


 






    II-3 


     


    

 


EXHIBIT JJ


 


ASSET REVIEW PROCEDURES 


 


 






    JJ-1 


     


    




 










Pursuant
to the terms and subject to the conditions set forth in the Pooling and Servicing Agreement , dated as of September 1, 2017 (the
“PSA”), between Citigroup Commercial Mortgage Securities Inc., as depositor, Wells Fargo Bank, National Association,
as master servicer, KeyBank National Association, as special servicer, Pentalpha Surveillance LLC, as operating advisor and asset
representations reviewer (in such capacity, the “Asset Representations Reviewer”), Citibank, N.A., as certificate
administrator, and Wilmington Trust, National Association, as trustee, the Asset Representations Reviewer shall perform an Asset
Review with respect to each representation and warranty made by the related Mortgage Loan Seller only with respect to each Delinquent
Loan in accordance with the procedures set forth below (each such procedure, a “Test”). Capitalized terms used
herein but not defined herein have the meaning set forth in the PSA or, solely with respect to a representation and warranty, the
meaning set forth in the related mortgage loan purchase agreement (the “Mortgage Loan Purchase Agreement”).
For the avoidance of doubt, in connection with the performance of the following Tests:


 


		(A)	With respect to any representation and warranty that includes a knowledge qualifier (e.g.,
to the Mortgage Loan Seller’s knowledge, etc.), the Asset Representations Reviewer shall not be responsible for any investigation
or review beyond that set forth in the applicable Test related to such representation and warranty;



 


		(B)	With respect to any representation and warranty that includes the examination of an insurance
policy, or Title Policy, the Asset Representations Reviewer will be permitted to engage a qualified consultant to perform a review
of the applicable insurance policy or Title Policy, and will be allowed to rely upon the conclusions of the consultant for the
purpose of determining a Test pass or fail;



 


		(C)	The Asset Representations Reviewer shall be under no duty to provide or obtain a legal opinion,
legal review or legal conclusion;



 


		(D)	Unless otherwise provided in the Test, the “as of” date for the testing of a representation
and warranty is as of the Closing Date;



 


		(E)	Unless otherwise provided in the Test, if there is more than one version of the same document with
respect to a particular Mortgage Loan or Mortgaged Property, the document that will be used by the Asset Representations Reviewer
in testing is the document that is dated as of the Closing Date or, if none, the document closest prior to the Closing Date;



 


		(F)	With respect to each representation and warranty and its related Test(s), the Asset Representations
Reviewer shall take into account any exceptions to such representation and warranty described in a Mortgage Loan Purchase Agreement
with respect to a Mortgage Loan, and a Test pass shall be deemed to have occurred with respect to such Test if the sole reason
for not satisfying the applicable Test is caused by such exception(s);



 


		(G)	Evidence of a failure of a Test could result from (i) an affirmative determination by the Asset
Representations Reviewer that the Test failed to achieve a Test pass, or (ii) a determination by the Asset Representations Reviewer
that the documentation included in the Review Materials (after making such request for any missing documents in the manner provided
for in the PSA) is not sufficient to perform the Test; and



 


		(H)	A determination by the Asset Representations Reviewer of a Test pass or a Test failure shall
not constitute a determination by the Asset Representations Reviewer of (i) the existence or nonexistence of a Material



 




    JJ-1


     


    

 


Defect, or (ii) whether the Trust should enforce any
rights it may have against the applicable Mortgage Loan Seller.


 


The Asset Representations
Reviewer will only be required to perform the Tests described in this Exhibit JJ, and will not be obligated to perform additional
procedures on any Delinquent Loan, even if a different set of procedures or Review Materials could produce a different outcome.
Notwithstanding the required Tests, the Asset Representations Reviewer will not be required to review any information other than
(1) the Review Materials specified in the related Test and (2) if applicable, Unsolicited Information. The Asset Representations
Reviewer may, but is under no obligation to, consider Unsolicited Information relevant to the Tests subject to the terms of the
PSA. If the Asset Representations Reviewer considers Unsolicited Information, the Asset Representations Reviewer shall take into
account such Unsolicited Information, in addition to the Review Materials referred to in the applicable Test(s) procedure when
making a determination as to whether there is a Test pass.


 




    JJ-2


     


    

 


	
        Representations and Warranties
	
        Test #
	
        Test
	
        Review Materials

	
        1.       Whole Loan; Ownership of
        Mortgage Loans. Except with respect to a Mortgage Loan that is part of a Loan Combination, each Mortgage Loan is a
        whole loan and not a participation interest in a Mortgage Loan. Each Mortgage Loan that is part of a Loan Combination is a
        senior or pari passu portion of a whole loan evidenced by a senior or pari passu note. At the time of the sale, transfer and
        assignment to Depositor, no Mortgage Note or Mortgage was subject to any assignment (other than assignments to the Mortgage
        Loan Seller), participation or pledge, and the Mortgage Loan Seller had good title to, and was the sole owner of, each
        Mortgage Loan free and clear of any and all liens, charges, pledges, encumbrances, participations, any other ownership
        interests on, in or to such Mortgage Loan other than any servicing rights appointment or similar agreement, any Outside
        Servicing Agreement with respect to an Outside Serviced Mortgage Loan and rights of the holder of a related Companion Loan
        pursuant to a Co-Lender Agreement. The Mortgage Loan Seller has full right and authority to sell, assign and transfer each
        Mortgage Loan, and the assignment to Depositor constitutes a legal, valid and binding assignment of such Mortgage Loan free
        and clear of any and all liens, pledges, charges or security interests of any nature encumbering such Mortgage Loan other
        than the rights of the holder of a related Companion Loan pursuant to a Co-Lender Agreement.

         
	1a	
        Except with respect to a Mortgage Loan that is
        part of a Loan Combination, review the amounts listed on the original Mortgage Note and Mortgage for an indication that
        they match the amounts listed on the Mortgage Loan Schedule. If the amounts are the same, then such Mortgage Loan would be
        considered a whole loan. If there is more than one property then the Mortgage for each Mortgaged Property would need to be
        aggregated. If identified as such, it will be a Test pass.

         
	
        Mortgage; Mortgage Note; loan agreement related
to the Mortgage Loan (“Loan Agreement”); Mortgage Loan guaranty; Assignment of Leases; and any environmental
indemnity (collectively, the “Mortgage Loan Documents”); Mortgage Loan Schedule

	1b	
        If a Mortgage Loan is part of a Loan Combination,
review the Co-Lender Agreement and the Mortgage(s), Mortgage Note, Loan Agreement, and Mortgage Loan Documents for an indication
that it is a senior portion (or a pari passu portion) of a whole loan. If identified as such, it will be a Test pass.
	
        Mortgage Loan Documents; Co-Lender Agreement

         

	1c	
        Review all Asset Status Reports and Final Asset
Status Reports to the extent previously prepared by the Special Servicer (collectively referred to in this Exhibit JJ as “Asset
Status Reports”) for notation of any Mortgage Note or Mortgage that was subject to any assignment (other than assignments
to the Mortgage Loan Seller), participation or pledge, or that the Mortgage Loan Seller did not have good title to, and was not
the sole owner of, each Mortgage Loan free and clear of any and all liens, charges, pledges, encumbrances, participations, any
other ownership interests on, in or to such Mortgage Loan other than any servicing rights appointment or similar agreement, any
Outside Servicing Agreement with respect to an Outside Serviced Mortgage Loan and rights of the holder of a related Companion
Loan pursuant to a Co-Lender Agreement. If no such notation is found, it will be a Test pass.
	Asset Status Reports
	1d	
        Review the Asset Status Reports for notation
of any claim or assertion regarding the Mortgage Loan Seller not having the full right and authority to sell, assign and transfer
the Mortgage Loan. If such notation is not found, it will be a Test pass.
	Asset Status Reports
	1e	
        Review the Asset Status Reports for notation
of any claim or assertion regarding the assignment to the Depositor not constituting a legal, valid and binding assignment of
the Mortgage Loan free and clear of any and all liens, pledges, charges or security interests of any nature encumbering the Mortgage
Loan other than the rights of the holder of a related
	Asset Status Reports


 



    JJ-2


     


    
 


	
        Representations and Warranties
	
        Test #
	
        Test
	
        Review Materials

	 	 	
        Companion Loan pursuant to a Co-Lender Agreement.
If such notation is not found, it will be a Test pass.
	 
	
        2.       Loan Document Status. Each
        related Mortgage Note, Mortgage, Assignment of Leases (if a separate instrument), guaranty and other agreement executed by or
        on behalf of the related Mortgagor, guarantor or other obligor in connection with such Mortgage Loan is the legal, valid and
        binding obligation of the related Mortgagor, guarantor or other obligor (subject to any non-recourse provisions contained in
        any of the foregoing agreements and any applicable state anti-deficiency or market value limit deficiency legislation), as
        applicable, and is enforceable in accordance with its terms, except (i) as such enforcement may be limited by (a) bankruptcy,
        insolvency, fraudulent transfer, reorganization, moratorium or other similar 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) and (ii) that certain provisions in such Loan Documents (including, without limitation,
        provisions requiring the payment of default interest, late fees or prepayment/yield maintenance fees, charges and/or
        premiums) are, or may be, further limited or rendered unenforceable by or under applicable law, but (subject to the
        limitations set forth in clause (i) above) such limitations or unenforceability will not render such Loan Documents invalid
        as a whole or materially interfere with the Mortgagee’s realization of the principal benefits and/or security provided
        thereby (clauses (i) and (ii) collectively, the “Standard Qualifications”).

         

        Except as set forth in the immediately
preceding sentence, there is no valid offset, defense, counterclaim or right of rescission available to the related Mortgagor
with respect to any of the related Mortgage Notes, Mortgages or other Loan Documents, including, without limitation, any such
valid offset, defense, counterclaim or right based on intentional fraud by the Mortgage Loan Seller in connection with the origination
of the Mortgage Loan, that would deny the Mortgagee the principal benefits intended to be provided by the Mortgage Note, Mortgage
or other Loan Documents.
	2a	
        Review the opinion of Mortgagor’s counsel
(“Mortgagor’s Counsel Opinion”) for an indication that it contains language that the related Mortgage
Note, Mortgage, Assignment of Leases (if a separate instrument), guaranty and other agreement executed by or on behalf of the
related Mortgagor, guarantor or other obligor in connection with such Mortgage Loan is the legal, valid and binding obligation
of the related Mortgagor, guarantor or other obligor (subject to any non-recourse provisions contained in any of the foregoing
agreements and any applicable state anti-deficiency or market value limit deficiency legislation), as applicable, and is enforceable
in accordance with its terms, except as specified in representation and warranty 2. If such indication exists, it will be a Test
pass.
	Mortgagor’s Counsel Opinion
	2b	
        Review the Asset Status Reports for notation
of any valid offset, defense, counterclaim or right of rescission available to the related Mortgagor with respect to any of the
related Mortgage Notes, Mortgages or other Mortgage Loan Documents, including, without limitation, any such valid offset, defense,
counterclaim or right based on intentional fraud by the Mortgage Loan Seller in connection with the origination of the Mortgage
Loan, that would deny the Mortgagee (as defined in the related Mortgage Loan Purchase Agreement) the principal benefits intended
to be provided by the Mortgage Note, Mortgage or other Mortgage Loan Documents. If no such notation is found, it will be a Test
pass.
	Asset Status Reports
	
        3.      
Mortgage Provisions. The Loan Documents for each Mortgage Loan contain provisions that render the rights and remedies of
the holder thereof adequate for the practical realization against the Mortgaged
	3a	
        Review the Mortgage Loan Documents and Mortgagor’s
Counsel Opinion for an indication that the Mortgage Loan Documents contain provisions that render the rights and
	
        Mortgage Loan Documents; Mortgagor’s
Counsel Opinion



 



    JJ-3


     


    
 


	
        Representations and Warranties
	
        Test #
	
        Test
	
        Review Materials

	
        Property of the principal benefits of
        the security intended to be provided thereby, including realization by judicial or, if applicable, nonjudicial foreclosure
        subject to the limitations set forth in the Standard Qualifications.

         
	 	
        remedies of the holder thereof adequate for
the practical realization against the Mortgaged Property of the principal benefits of the security intended to be provided thereby,
including realization by judicial or, if applicable, nonjudicial foreclosure subject to the limitations set forth in the Standard
Qualifications (as defined in representation and warranty 2). If such indication exists, it will be a Test pass.
	 
	
        4.       Mortgage Status; Waivers and
        Modifications. Since origination and except by written instruments set forth in the related Mortgage File (a) the
        material terms of such Mortgage, Mortgage Note, Mortgage Loan guaranty, and related Loan Documents have not been waived,
        impaired, modified, altered, satisfied, canceled, subordinated or rescinded in any respect which materially interferes with
        the security intended to be provided by such Mortgage; (b) no related Mortgaged Property or any portion thereof has been
        released from the lien of the related Mortgage in any manner which materially interferes with the security intended to be
        provided by such Mortgage or the use or operation of the remaining portion of such Mortgaged Property; and (c) neither the
        related Mortgagor nor the related guarantor has been released from its material obligations under the Mortgage Loan.

         
	4a	
        Review the Mortgage Loan Documents and the
Asset Status Reports for an indication that the material terms of the Mortgage Loan Documents have been waived, impaired, modified,
altered, satisfied, cancelled, subordinated or rescinded in any respect which materially interferes with the security intended
to be provided by such Mortgage since origination, except by written instruments set forth in the related Mortgage File. If no
such indication is found, it will be a Test pass.
	
        Mortgage Loan Documents; Asset Status Reports

         

	4b	
        Review the Asset Status Reports and Mortgage
Loan Documents for an indication that a related Mortgaged Property, or any portion thereof, has been released from the lien of
the related Mortgage in any manner which materially interferes with the security intended to be provided by such Mortgage or the
use or operation of the remaining portion of such Mortgaged Property since origination except by written instruments set forth
in the related Mortgage File. If no such indication is found, it will be a Test pass.
	
        Asset Status Reports; Mortgage Loan Documents

         

	4c	
        Review the Asset Status Reports and Mortgage Loan
        Documents for notation that the related Mortgagor and/or the related guarantor has been released from its or their
        material obligations under the Mortgage Loan since origination except by written instruments set forth in the related
        Mortgage File. If no such notation is found, it will be a Test pass.
	
        Asset Status Reports; Mortgage Loan Documents

         

	
        5.      
Lien; Valid Assignment. Subject to the Standard Qualifications, each assignment of Mortgage and assignment of Assignment
of Leases to the Trust Fund constitutes a legal, valid and binding assignment to the Trust Fund. Each related Mortgage and Assignment
of Leases is freely assignable without the consent of the related Mortgagor. Each related Mortgage is a legal, valid and enforceable
first lien on the related Mortgagor’s fee (or if identified on the Mortgage Loan Schedule, leasehold) interest in the Mortgaged
	5a	
        Review the Asset Status Reports for notation
that any assignment of Mortgage and assignment of Assignment of Leases to the Trust Fund does not constitute a legal, valid and
binding assignment to the Trust Fund, subject to the Standard Qualifications. If no such notation is found, it will be a Test
pass.
	Asset Status Reports
	5b	
        Review the Mortgage for each Mortgaged Property
and the Assignment of Leases for each Mortgaged Property for an
	Mortgage; Assignment of Leases


 



    JJ-4


     


    
 


	
        Representations and Warranties
	
        Test #
	
        Test
	
        Review Materials

	
        Property in the principal amount of
        such Mortgage Loan or allocated loan amount (subject only to Permitted Encumbrances (as defined below) and the exceptions to
        representation and warranty 6 set forth on Exhibit C of the related Mortgage Loan Purchase Agreement (each such
        exception, a “Title Exception”)), except as the enforcement thereof may be limited by the Standard
        Qualifications. Such Mortgaged Property (subject to and excepting Permitted Encumbrances and the Title Exceptions) as of
        origination was, and as of the Cut-Off Date, to the Mortgage Loan Seller’s knowledge, is free and clear of any recorded
        mechanics’ liens, recorded materialmen’s liens and other recorded encumbrances which are prior to or equal with
        the lien of the related Mortgage, except those which are bonded over, escrowed for or insured against by a lender’s
        title insurance policy (as described below), and, to the Mortgage Loan Seller’s knowledge and subject to the rights of
        tenants (as tenants only) (subject to and excepting Permitted Encumbrances and the Title Exceptions), no rights exist which
        under law could give rise to any such lien or encumbrance that would be prior to or equal with the lien of the related
        Mortgage, except those which are bonded over, escrowed for or insured against by a lender’s title insurance policy (as
        described below). Notwithstanding anything herein to the contrary, no representation is made as to the perfection of any
        security interest in rents or other personal property to the extent that possession or control of such items or actions other
        than the filing of Uniform Commercial Code financing statements is required in order to effect such perfection.

         
	 	
        indication that the related Mortgage and Assignment
of Leases is not freely assignable without the consent of the related Mortgagor. If no such indication is found, it will be a
Test pass.
	 
	5c	
        Review the Title Policy (as defined in representation
and warranty 6) for an indication that each related Mortgage is a legal, valid and enforceable first lien on the related Mortgagor’s
fee (or if identified on the Mortgage Loan Schedule, leasehold) interest in the Mortgaged Property in the principal amount of
such Mortgage Loan or allocated loan amount (subject only to Permitted Encumbrances (as defined in representation and warranty
6) and the exceptions to representation and warranty 6 set forth on Exhibit C to the related Mortgage Loan Purchase Agreement
(each such exception, a “Title Exception”)), except as the enforcement thereof may be limited by the Standard Qualifications.
Compare the amount of the Title Policy to the principal amount of the Mortgage Loan or allocated loan amount to confirm they are
equivalent. If such indication and evidence is found, it will be a Test pass.
	Title Policy
	5d	
        Review the Asset Status Reports for notation
that each Mortgaged Property (subject to and excepting Permitted Encumbrances and the Title Exceptions) as of origination, and
as of the Cut-Off Date, was not to the Mortgage Loan Seller’s knowledge, free and clear of any recorded mechanics’
liens, recorded materialmen’s liens and other recorded encumbrances which are prior to or equal with the lien of the related
Mortgage, except those which are bonded over, escrowed for or insured against by a lender’s title insurance policy (as described
in representation and warranty 6). If no such notation is found, it will be a Test pass.
	Asset Status Reports


 



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	 	5e	
        Review the Asset Status Reports for notation
that to the Mortgage Loan Seller’s knowledge, and subject to the rights of tenants (as tenants only) (subject to and excepting
Permitted Encumbrances and the Title Exceptions), rights exist which under law could give rise to any such lien or encumbrance
that would be prior to or equal with the lien of the related Mortgage, except those which are bonded over, escrowed for or insured
against by a lender’s title insurance policy (as described in representation and warranty 6). If no such notation is found,
it will be a Test pass.
	Asset Status Reports
	
        6.      
Permitted Liens; Title Insurance. Each Mortgaged Property securing a Mortgage Loan is covered by an American Land Title
Association loan title insurance policy or a comparable form of loan title insurance policy approved for use in the applicable
jurisdiction (or, if such policy is yet to be issued, by a pro forma policy, a preliminary title policy with escrow instructions
or a “marked up” commitment, in each case binding on the title insurer) (the “Title Policy”) in
the original principal amount of such Mortgage Loan (or with respect to a Mortgage Loan secured by multiple properties, an amount
equal to at least the allocated loan amount with respect to the Title Policy for each such property) after all advances of principal
(including any advances held in escrow or reserves), that insures for the benefit of the owner of the indebtedness secured by
the Mortgage, the first priority lien of the Mortgage, which lien is subject only to (a) the lien of current real property taxes,
water charges, sewer rents and assessments due and payable but not yet delinquent; (b) covenants, conditions and restrictions,
rights of way, easements and other matters of public record; (c) the exceptions (general and specific) and exclusions set forth
in such Title Policy; (d) other matters to which like properties are commonly subject; (e) the rights of tenants (as tenants only)
under leases (including subleases) pertaining to the related Mortgaged Property and condominium declarations; (f) if the related
Mortgage Loan constitutes a Cross-Collateralized Mortgage Loan, the lien of the Mortgage for another Mortgage Loan contained in
the same Cross-Collateralized Group; and (g) if the related Mortgage Loan is part of a Loan Combination, the rights of the holder(s)
of the related Companion Loan(s) pursuant to the related Co-Lender Agreement; provided that none of items (a) through (g), individually
or in the aggregate, materially and adversely interferes
	6a	
        Review the Title Policy for an indication that
it is an American Land Title Association loan title insurance policy or another comparable form of loan title insurance policy
approved for use in the applicable jurisdiction (or, if such policy is yet to be issued, by a pro forma policy, a preliminary
title policy with escrow instructions or a “marked up” commitment, in each case binding on the title insurer), and
that the amount of the policy covers the original principal amount of the Mortgage Loan or, for multiple properties, an amount
equal to at least the allocated loan amount with respect to the Title Policy for each such property after all advances of principal
(including any advances held in escrow or reserves). If such indication exists, it will be a Test pass.
	
        Title Policy; Mortgage Loan Documents

         

	6b	
        Review the Title Policy for an indication that
it insures for the benefit of the owner of the indebtedness secured by the Mortgage, and represents a first priority lien of the
Mortgage, which lien may be subject only to clauses (a) through (g) of representation and warranty 6. If such indication exists,
it will be a Test pass.
	Title Policy
	6c	
        Review the Title Policy for an indication that,
except as contemplated by clauses (f) and (g) of representation and warranty 6, none of the Permitted Encumbrances are mortgage
liens that are senior to or coordinate and co-equal with the lien of the related Mortgage. If such an indication is found, it
will be a Test pass.
	Title Policy
	6d	
        Review the Title Policy for an indication that
the Title Policy (or, if it has yet to be issued, the coverage to be provided thereby) is in full force and effect, all premiums
thereon have been paid and no claims have been made by the Mortgage Loan
	Title Policy


 



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        with the value or current use of the Mortgaged
Property or the security intended to be provided by such Mortgage or the Mortgagor’s ability to pay its obligations when
they become due (collectively, the “Permitted Encumbrances”). Except as contemplated by clauses (f) and (g)
of the preceding sentence, none of the Permitted Encumbrances are mortgage liens that are senior to or coordinate and co-equal
with the lien of the related Mortgage. Such Title Policy (or, if it has yet to be issued, the coverage to be provided thereby)
is in full force and effect, all premiums thereon have been paid and no claims have been made by the Mortgage Loan Seller thereunder
and no claims have been paid thereunder. Neither the Mortgage Loan Seller, nor to the Mortgage Loan Seller’s knowledge,
any other holder of the Mortgage Loan, has done, by act or omission, anything that would materially impair the coverage under
such Title Policy.
	 	
        Seller thereunder and no claims have been paid
thereunder. If such indication is found, it will be a Test pass.
	 
	6e	
        Review the Asset Status Reports for notation
that either the Mortgage Loan Seller or, to the Mortgage Loan Seller’s knowledge, any other holder of the Mortgage Loan,
has done, by act or omission, anything that would materially impair the coverage under the related Title Policy. If no such notation
is found, it will be a Test pass.
	Asset Status Reports
	
        7.       Junior Liens.
It being understood that B notes secured by the same Mortgage as a Mortgage Loan are not subordinate mortgages or junior liens,
except for any Mortgage Loan that is cross-collateralized and cross-defaulted with another Mortgage Loan, there are no subordinate
mortgages or junior liens securing the payment of money encumbering the related Mortgaged Property (other than Permitted Encumbrances
and the Title Exceptions, taxes and assessments, mechanics’ and materialmen’s liens (which are the subject of representation
and warranty 5 above), and equipment and other personal property financing). Except as set forth on Exhibit B-30-1 of the related
Mortgage Loan Purchase Agreement, the Mortgage Loan Seller has no knowledge of any mezzanine debt secured directly by interests
in the related Mortgagor.
	7a	
        Review the Title Policy for an indication,
except for any Mortgage Loan that is cross-collateralized and cross-defaulted with another Mortgage Loan, of subordinate mortgages
or junior liens securing the payment of money encumbering the Mortgaged Property (other than Permitted Encumbrances and the Title
Exceptions, taxes and assessments, mechanics’ and materialmen’s liens (which are the subject of representation and
warranty 5), and equipment and other personal property financing). If no such indication is found, it will be a Test pass.
	Title Policy
	7b	
        Review the Asset Status Reports for notation
that the Mortgage Loan Seller had knowledge of any mezzanine debt secured directly by interests in the related Mortgagor (except
as set forth on Exhibit B-30-1 to the related Mortgage Loan Purchase Agreement). If no such notation is found it will be
a Test pass.
	
        Asset Status Reports; Mortgage Loan Purchase
Agreement

         

	
        8.       Assignment
of Leases and Rents. There exists as part of the related Mortgage File an Assignment of Leases (either as a separate instrument
or incorporated into the related Mortgage). Subject to the Permitted Encumbrances and the Title Exceptions, each related
	8a	
        Review the Mortgage File for an indication
that an Assignment of Leases (either as a separate instrument or incorporated into the related Mortgage) exists as part of the
Mortgage File. If such indication is found, it will be a Test pass.
	
        Mortgage File; Assignment of Leases

         



 



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        Assignment of Leases creates a valid
        first-priority collateral assignment of, or a valid first-priority lien or security interest in, rents and certain rights
        under the related lease or leases, subject only to a license granted to the related Mortgagor to exercise certain rights and
        to perform certain obligations of the lessor under such lease or leases, including the right to operate the related leased
        property, except as the enforcement thereof may be limited by the Standard Qualifications. The related Mortgage or related
        Assignment of Leases, subject to applicable law, provides that, upon an event of default under the Mortgage Loan, a receiver
        is permitted to be appointed for the collection of rents or for the related Mortgagee to enter into possession to collect the
        rents or for rents to be paid directly to the Mortgagee.

         
	 	 	 
	8b	
        Review the Title Policy for an indication that,
subject to the Permitted Encumbrances and the Title Exceptions, each related Assignment of Leases creates a valid first-priority
collateral assignment of, or a valid first-priority lien or security interest in, rents and certain rights under the related lease
or leases, subject only to a license granted to the related Mortgagor to exercise certain rights and to perform certain obligations
of the lessor under such lease or leases, including the right to operate the related leased property, except as the enforcement
thereof may be limited by the Standard Qualifications. If each is confirmed, it will be a Test pass.
	
        Title Policy; Assignment of Leases

         

	8c	
        Review the Mortgage Loan Documents for an indication
that, subject to applicable law, upon an event of default under the Mortgage Loan, a receiver is permitted to be appointed for
the collection of rents or for the related Mortgagee to enter into possession to collect the rents or for rents to be paid directly
to the Mortgagee. If such indication is found, it will be a Test pass.
	Mortgage Loan Documents
	
        9.       UCC Filings. If the related Mortgaged
Property is operated as a hospitality property, the Mortgage Loan Seller has filed and/or recorded or caused to be filed and/or
recorded (or, if not filed and/or recorded, submitted in proper form for filing and/or recording), UCC financing statements in
the appropriate public filing and/or recording offices necessary at the time of the origination of the Mortgage Loan to perfect
a valid security interest in all items of physical personal property reasonably necessary to operate such Mortgaged Property owned
by such Mortgagor and located on the related Mortgaged Property (other than any non-material personal property, any personal property
subject to a purchase money security interest, a sale and leaseback financing arrangement as permitted under the terms of the
related Loan Documents or any other personal property leases applicable to such personal property), to the extent perfection may
be effected pursuant to applicable law by recording or filing, as the case may be. Subject to the Standard Qualifications, each
related Mortgage (or equivalent document) creates a valid and enforceable lien and security interest on the items of personalty
described above. No representation is made as to the perfection of any security interest in rents or other personal property to
the extent that possession or
	9a	
        Review the Appraisal to determine if the Mortgaged
Property is a hospitality property. If so, review the Asset Status Reports for notation that the Mortgage Loan Seller has not
filed and/or recorded, or has not caused to be filed and/or recorded (or, if not filed and/or recorded, has not submitted in proper
form for filing and/or recording), UCC financing statements in the appropriate public filing and/or recording offices necessary
at the time of the origination of the Mortgage Loan to perfect a valid security interest in all items of physical personal property
reasonably necessary to operate such Mortgaged Property owned by such Mortgagor and located on the related Mortgaged Property
(other than any non-material personal property, any personal property subject to a purchase money security interest, a sale and
leaseback financing arrangement as permitted under the terms of the related Mortgage Loan documents or any other personal property
leases applicable to such personal property), to the extent perfection may be effected pursuant to applicable law by recording
or filing, as the case may be. If no such notation is found, it will be a Test pass.
	Appraisal; Asset Status Reports


 



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        control of such items or actions other
than the filing of UCC financing statements are required in order to effect such perfection.

         
	 	 	 
	9b	
        Review the Mortgage (or equivalent document)
for an indication that, subject to the Standard Qualifications, each related Mortgage (or equivalent document) creates a valid
and enforceable lien and security interest on the items of personalty described in representation and warranty 9. If such indication
is found, it will be a Test pass.
	Mortgage
	
        10.     Condition of Property. The
        Mortgage Loan Seller or the originator of the Mortgage Loan inspected or caused to be inspected each related Mortgaged
        Property within six months of origination of the Mortgage Loan and within thirteen months of the Cut-Off Date.

         

        An engineering report or
        property condition assessment was prepared in connection with the origination of each Mortgage Loan no more than thirteen
        months prior to the Cut-Off Date. To the Mortgage Loan Seller’s knowledge, based solely upon due diligence customarily
        performed in connection with the origination of comparable mortgage loans, as of the Closing Date, each related Mortgaged
        Property was free and clear of any material damage (other than deferred maintenance for which escrows were established at
        origination) that would affect materially and adversely the use or value of such Mortgaged Property as security for the
        Mortgage Loan.

         
	10a	
        Review the property inspection report in the
Diligence File for an indication that it is dated within six months of the origination date, and within thirteen (13) months of
the Cut-Off Date. If such indication is found, it will be a Test pass.
	Property Inspection Report
	10b	
        Review the engineering report (the “Engineering
Report”) or property condition assessment (the “Property Condition Assessment”) in the Diligence
File for an indication that it was dated no more than thirteen (13) months prior to the Cut-Off Date. If such indication is found,
it will be a Test pass.
	
        Engineering Report; Property Condition
        Assessment

         

	10c	
        Review the Asset Status Reports for a notation
that, to the Mortgage Loan Seller’s knowledge, based solely upon due diligence customarily performed in connection with
the origination of comparable mortgage loans, as of the Closing Date, a related Mortgaged Property was not free and clear of any
material damage (other than deferred maintenance for which escrows were established at origination) that would affect materially
and adversely the use or value of such Mortgaged Property as security for the Mortgage Loan. If no such notation is found, it
will be a Test pass.
	Asset Status Reports
	
        11.    
Taxes and Assessments. All taxes, governmental assessments and other outstanding governmental charges (including, without
limitation, water and sewage charges), or installments thereof, which could be a lien on the related Mortgaged Property that would
be of equal or superior priority to the lien of the Mortgage and that prior to the Cut-Off Date have become delinquent in respect
of each related Mortgaged Property have been paid, or an escrow of funds has been established in an amount sufficient to cover
such payments and reasonably estimated interest and penalties, if any, thereon. For
	11a	
        Review the Asset Status Reports for notation
that any taxes, governmental assessments and other outstanding governmental charges (including, without limitation, water and
sewage charges), or installments thereof that could be a lien on the related Mortgaged Property that would be of equal or superior
priority to the lien of the Mortgage and that prior to the Cut-Off Date have become delinquent in respect of each related Mortgaged
Property have not been paid, or an escrow of funds has not been established in an amount sufficient to cover such
	Asset Status Reports


 



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        purposes of this representation and
        warranty, real estate taxes and governmental assessments and other outstanding governmental charges and installments thereof
        shall not be considered delinquent until the earlier of (a) the date on which interest and/or penalties would first be
        payable thereon and (b) the date on which enforcement action is entitled to be taken by the related taxing authority.

         
	 	
        payments and reasonably estimated interest
and penalties, if any, thereon; provided that, real estate taxes and governmental assessments and other outstanding governmental
charges and installments thereof shall not be considered delinquent until the earlier of (a) the date on which interest and/or
penalties would first be payable thereon and (b) the date on which enforcement action is entitled to be taken by the related taxing
authority. If such no such notation is found, it will be a Test pass.
	 
	
        12.    
Condemnation. As of the date of origination and to the Mortgage Loan Seller’s knowledge as of the Cut-Off Date, there
is no proceeding pending, and, to the Mortgage Loan Seller’s knowledge as of the date of origination and as of the Cut-Off
Date, there is no proceeding threatened, for the total or partial condemnation of such Mortgaged Property that would have a material
adverse effect on the value, use or operation of the Mortgaged Property.
	12a	
        Review the Asset Status Reports for notation
of any proceeding pending, as of the origination date and to the Mortgage Loan Seller’s knowledge as of the Cut-Off Date,
or threatened, to the Mortgage Loan Seller’s knowledge, as of the origination date and as of the Cut-Off Date, for the total
or partial condemnation of such Mortgaged Property. If no such notation is found, it will be a Test pass.
	Asset Status Reports
	
        13.     Actions Concerning Mortgage Loan.
As of the date of origination and to the Mortgage Loan Seller’s knowledge as of the Cut-Off Date, there was no pending or
filed action, suit or proceeding, arbitration or governmental investigation involving any Mortgagor, guarantor, or Mortgagor’s
interest in the Mortgaged Property, an adverse outcome of which would reasonably be expected to materially and adversely affect
(a) such Mortgagor’s title to the Mortgaged Property, (b) the validity or enforceability of the Mortgage, (c) such Mortgagor’s
ability to perform under the related Mortgage Loan, (d) such guarantor’s ability to perform under the related guaranty,
(e) the principal benefit of the security intended to be provided by the Loan Documents or (f) the current principal use of the
Mortgaged Property.

         
	13a	
        Review the Mortgagor’s Counsel Opinion
and Asset Status Reports for an indication of a pending or filed action, suit or proceeding, arbitration or governmental investigation
involving any Mortgagor, guarantor, or Mortgagor’s interest in the Mortgaged Property that existed on the origination date,
and review the Asset Status Reports for notation that the Mortgage Loan Seller had knowledge of same as of the Closing Date. If
such indication or notation is not found, it will be a Test pass.
	
        Mortgagor’s Counsel Opinion; Asset Status
Reports

         

	13b	
        Review the Asset Status Reports for notation
of adverse outcome of any such pending, filed or threatened action, suit or proceeding, arbitration or governmental investigation
involving any Mortgagor, guarantor, or Mortgaged Property would adversely affect the matters set forth in clauses (a)-(f) of representation
and warranty 13. If no such notation is found, it will be a Test pass.
	Asset Status Reports
	
        14.    
Escrow Deposits. All escrow deposits and payments required to be escrowed with Mortgagee pursuant to each Mortgage Loan
are in the possession, or under the control, of the Mortgage Loan Seller or its servicer, and there are no deficiencies (subject
to any applicable
	14a	
        Review the Asset Status Reports for an indication
of any escrow deposits and payments required to be escrowed with the Mortgagee pursuant to the Mortgage Loan not in the Mortgage
Loan Seller’s or its servicer’s possession or control. If no such
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        grace or cure periods) in connection
        therewith, and all such escrows and deposits (or the right thereto) that are required to be escrowed with Mortgagee under the
        related Loan Documents are being conveyed by the Mortgage Loan Seller to Depositor or its servicer.

         
	 	notation is found, it will be a Test pass.	 
	14b	
        Review the Asset Status Reports for notation
of any deficiencies (subject to any applicable grace or cure periods) in connection with escrow deposits and payments required
to be escrowed with the Mortgagee pursuant to the Mortgage Loan, or that such escrows and deposits (or the right thereto) that
are required to be escrowed with the Mortgagee under the related Mortgage Loan Documents have not been conveyed by the Mortgage
Loan Seller to Depositor or its servicer. If no such notation is found, it will be a Test pass.
	Asset Status Reports
	
        15.     No Holdbacks. The principal amount of
        the Mortgage Loan stated on the Mortgage Loan Schedule has been fully disbursed as of the Closing Date and there is no
        requirement for future advances thereunder (except in those cases where the full amount of the Mortgage Loan has been
        disbursed but a portion thereof is being held in escrow or reserve accounts pending the satisfaction of certain conditions
        relating to leasing, repairs or other matters with respect to the related Mortgaged Property, the Mortgagor or other
        considerations determined by the Mortgage Loan Seller to merit such holdback).

         
	15a	
        Review the Mortgage Loan Documents, the Mortgage
Loan Schedule and the related closing settlement statement (the “Closing Settlement Statement”) for an indication
that the principal amount of the Mortgage Loan stated on the Mortgage Loan Schedule was fully disbursed as of the Closing Date.
If such an indication is found, it will be a Test pass.
	
        Mortgage Loan Documents; Mortgage Loan Schedule;
Closing Settlement Statement

         

	15b	
        Review the Mortgage Loan Documents for an indication
that there is a requirement for future advances under the Mortgage Loan (except in those cases where the full amount of the Mortgage
Loan has been disbursed but a portion thereof is being held in escrow or reserve accounts pending the satisfaction of certain
conditions relating to leasing, repairs or other matters with respect to the related Mortgaged Property, the Mortgagor or other
considerations determined by the Mortgage Loan Seller to merit such holdback). If no such indication is found, it will be a Test
pass.
	Mortgage Loan Documents
	
        16.     Insurance.
Each related Mortgaged Property is, and is required pursuant to the related Mortgage to be, insured by a property insurance policy
providing coverage for loss in accordance with coverage found under a “special cause of loss form” or “all risk
form” that includes replacement cost valuation issued by an insurer meeting the requirements of the related Loan Documents
and having a claims-paying or financial strength rating of at least “A-:VIII” from A.M. Best Company or “A3”
(or the equivalent) from Moody’s Investors Service, Inc. or “A-” from S&P Global Ratings
	16a	
        Review the insurance summary report (the “Insurance
Summary Report”) for an indication that the Mortgaged Property is insured by a property insurance policy providing coverage
for loss in accordance with coverage found under a “special cause of loss form” or “all-risk form” that
includes replacement cost valuation issued by an insurer meeting the requirements of the Mortgage Loan Documents and Insurance
Rating Requirements, in an amount (subject to a customary deductible) not less than the lesser of (1) the original principal balance
of the Mortgage
	Insurance Summary Report


 



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        (collectively the “Insurance
        Rating Requirements”), in an amount (subject to a customary deductible) not less than the lesser of (1) the
        original principal balance of the Mortgage Loan and (2) the full insurable value on a replacement cost basis of the
        improvements, furniture, furnishings, fixtures and equipment owned by the Mortgagor and included in the Mortgaged Property
        (with no deduction for physical depreciation), but, in any event, not less than the amount necessary or containing such
        endorsements as are necessary to avoid the operation of any coinsurance provisions with respect to the related Mortgaged
        Property.

         

        Each related Mortgaged Property is also covered,
        and required to be covered pursuant to the related Loan Documents, by business interruption or rental loss insurance which (subject
        to a customary deductible) covers a period of not less than 12 months (or with respect to each Mortgage Loan on a single asset
        with a principal balance of $50 million or more, 18 months).

         

        If any material part of the improvements,
exclusive of a parking lot, located on a Mortgaged Property is in an area identified in the Federal Register by the Federal Emergency
Management Agency as a “Special Flood Hazard Area,” the related Mortgagor is required to maintain insurance in the
maximum amount available under the
         National Flood Insurance Program, plus
such additional excess flood coverage in an amount as is generally required by prudent institutional commercial mortgage lenders
originating mortgage loans for securitization.

         

        If the Mortgaged Property is located within
        25 miles of the coast of the Gulf of Mexico or the Atlantic coast of Florida, Georgia, South Carolina or North Carolina, the related
        Mortgagor is required to maintain coverage for windstorm and/or windstorm related perils and/or “named storms” issued
        by an insurer meeting the Insurance Rating Requirements or endorsement covering damage from windstorm and/or windstorm related
        perils and/or named storms, in an amount not less than the lesser of (1) the original principal balance of the Mortgage Loan and
        (2) the full insurable value on a replacement cost basis of the improvements, furniture, furnishings, fixtures and equipment owned
        by the Mortgagor and included in the

         
	 	
        Loan and (2) the full insurable value on a
replacement cost basis of the improvements, furniture, furnishings, fixtures and equipment owned by the Mortgagor and included
in the Mortgaged Property (with no deduction for physical depreciation), but, in any event, not less than the amount necessary
or containing such endorsements as are necessary to avoid the operation of any coinsurance provisions with respect to the Mortgaged
Property. If such indication is found, it will be a Test pass.
	 
	16b	
        Review the Mortgage Loan Documents for provisions
requiring the insurance coverage as stated in Test 16a above. If such provisions are found, it will be a Test pass.
	Mortgage Loan Documents
	16c	
        Review the Insurance Summary Report for an
indication that each related Mortgaged Property is covered by business interruption or rental loss insurance which covers (subject
to a customary deductible) a period of not less than 12 months (or with respect to each Mortgage Loan on a single asset with a
principal balance of $50 million or more, 18 months). If such indication is found, it will be a Test pass.
	Insurance Summary Report
	16d	
        Review the Mortgage Loan Documents for provisions
requiring the insurance coverage as stated in Test 16c above. If such provisions are found, it will be a Test pass.
	Mortgage Loan Documents
	16e	
        Review the Mortgage Loan Documents to determine
if any material part of the improvements, exclusive of a parking lot, located on a Mortgaged Property is in an area identified
in the Federal Register by the Federal Emergency Management Agency as a “Special Flood Hazard Area.” If so, review
the Mortgage Loan Documents for provisions that require the related Mortgagor to maintain insurance in the maximum 
	Mortgage Loan Documents


 


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        Mortgaged Property (with no deduction for
physical depreciation), but, in any event, not less than the amount necessary or containing such endorsements as are necessary
to avoid the operation of any coinsurance provisions with respect to the related Mortgaged Property by an insurer meeting the
Insurance Rating Requirements.

         

        The Mortgaged Property is covered, and required
        to be covered pursuant to the related Loan Documents, by a commercial general liability insurance policy issued by an insurer meeting
        the Insurance Rating Requirements including coverage for property damage, contractual damage and personal injury (including bodily
        injury and death) in amounts as are generally required by prudent institutional commercial mortgage lenders, and in any event not
        less than $1 million per occurrence and $2 million in the aggregate.

         

        An architectural or engineering consultant
has performed an analysis of each of the Mortgaged Properties located in seismic zones 3 or 4 in order to evaluate the structural
and seismic condition of such property, for the sole purpose of assessing the scenario expected limit (“SEL”)
for the Mortgaged Property in the event of an earthquake. In such instance, the SEL was based on a 475-year return period, an
exposure period of 50 years and a 10% probability of exceedance. If the resulting report concluded that the SEL would exceed 20%
of the amount of the replacement costs of the improvements, earthquake insurance on such Mortgaged Property was obtained from
an insurer rated at least “A:VIII” by A.M. Best Company or “A3” (or the equivalent) from Moody’s
Investors Service, Inc. or “A-” by S&P Global Ratings in an amount not less than 100% of the SEL.

         

        The Loan Documents require insurance
proceeds in respect of a property loss to be applied either (a) to the repair or restoration of all or part of the related Mortgaged
Property, with respect to all property losses in excess of 5% of the then outstanding principal amount of the related Mortgage
Loan (or related Loan Combination), the Mortgagee (or a trustee appointed by it) having the right to hold and disburse such proceeds
as the repair or restoration progresses, or (b) to the payment of the outstanding principal balance of such

         
	 	
        amount available under the National Flood Insurance
Program, plus such additional excess flood coverage in an amount as is generally required by prudent institutional commercial
mortgage lenders originating mortgage loans for securitization. If such provisions are found, it will be a Test pass.
	 
	16f	
        Review the Mortgage Loan Documents to determine
if the Mortgaged Property is located within 25 miles of the coast of the Gulf of Mexico or the Atlantic coast of Florida, Georgia,
South Carolina or North Carolina. If so, review the Mortgage Loan Documents for provisions that require the related Mortgagor
to maintain coverage for windstorm and/or windstorm related perils and/or “named storms” issued by an insurer meeting
the Insurance Rating Requirements or endorsement covering damage from windstorm and/or windstorm related perils and/or named storms,
in an amount not less than the lesser of (1) the original principal balance of the Mortgage Loan and (2) the full insurable value
on a replacement cost basis of the improvements, furniture, furnishings, fixtures and equipment owned by the Mortgagor and included
in the Mortgaged Property (with no deduction for physical depreciation), but, in any event, not less than the amount necessary
or containing such endorsements as are necessary to avoid the operation of any coinsurance provisions with respect to the related
Mortgaged Property by an insurer meeting the Insurance Rating Requirements. If such provisions are found, it will be a Test pass.
	Mortgage Loan Documents
	16g	
        Review the Insurance Summary Report for an
indication that the Mortgaged Property is covered by a commercial general liability insurance policy issued by an insurer meeting
the Insurance Rating Requirements including coverage for property damage, contractual damage and personal injury (including bodily
injury and death) in amounts as are generally required by prudent institutional commercial mortgage lenders, and in any event
not less than $1 million per occurrence and $2 million in the aggregate. If such indication is found, it will be a Test pass.

         
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        Mortgage Loan together with any accrued interest
        thereon.

         

        All premiums on all insurance policies
referred to in this section required to be paid as of the Cut-Off Date have been paid, and such insurance policies name the Mortgagee
under the Mortgage Loan and its successors and assigns as a loss payee under a mortgagee endorsement clause or, in the case of
the general liability insurance policy, as named or additional insured. Such insurance policies will inure to the benefit of the
Trustee. Each related Mortgage Loan obligates the related Mortgagor to maintain all such insurance and, at such Mortgagor’s
failure to do so, authorizes the Mortgagee to maintain such insurance at the Mortgagor’s reasonable cost and expense and
to charge such Mortgagor for related premiums. All such insurance policies (other than commercial liability policies) require
at least 10 days’ prior notice to the Mortgagee of termination or cancellation arising because of nonpayment of a premium
and at least 30 days’ prior notice to the Mortgagee of termination or cancellation (or such lesser period, not less than
10 days, as may be required by applicable law) arising for any reason other than non-payment of a premium and no such notice
has been received by the Mortgage Loan Seller.

         
	 	 	 
	16h	
        Review the Mortgage Loan Documents for provisions
requiring the insurance coverage as stated in Test 16g above. If such provisions are found, it will be a Test pass.
	Mortgage Loan Documents
	16i	
        Review the Diligence File for an architectural
or engineering analysis of each of the Mortgaged Properties located in seismic zones 3 or 4 in order to evaluate the structural
and seismic condition of such property, for the sole purpose of assessing the SEL for the Mortgaged Property in the event of an
earthquake. In such instance, the SEL was based on a 475-year return period, an exposure period of 50 years and a 10% probability
of exceedance. If such a report is found, it will be a Test pass.
	
        Architectural or engineering analysis assessing
the SEL.

         

	16j	
        If the resulting report referenced in Test
16i concluded that the SEL would exceed 20% of the amount of the replacement costs of the improvements, review the Insurance Summary
Report for an indication that earthquake insurance on such Mortgaged Property was obtained from an insurer rated at least “A:VIII”
by A.M. Best Company or “A3” (or the equivalent) from Moody’s Investors Service, Inc. or “A-” by
S&P Global Ratings in an amount not less than 100% of the SEL. If such indication is found, it will be a Test pass.
	Insurance Summary Report
	16k	
        Review the Mortgage Loan Documents for provisions
that require insurance proceeds in respect of a property loss to be applied either (a) to the repair or restoration of all or
part of the related Mortgaged Property, with respect to all property losses in excess of 5% of the then outstanding principal
amount of the related Mortgage Loan (or related Loan Combination), the Mortgagee (or a trustee appointed by it) having the right
to hold and disburse such proceeds as the repair or restoration progresses, or (b) to the payment of the outstanding principal
balance of such Mortgage Loan together with any accrued interest thereon. If such provisions are found, it will be a Test
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	 	 	pass.	 
	16l	
        Review the Insurance Summary Report for an
indication that all premiums on all insurance policies referred to in representation and warranty 16 required to be paid as of
the Cut-Off Date have been paid, and such insurance policies name the Mortgagee under the Mortgage Loan and its successors and
assigns as a loss payee under a mortgagee endorsement clause or, in the case of the general liability insurance policy, as named
or additional insured. If such evidence is found, it will be a Test pass.
	Insurance Summary Report
	16m	
        Review the Insurance Summary Report to the
benefit of the Trustee. If such indication is found, it will be a Test pass.
	Insurance Summary Report
	16n	
        Review the Mortgage Loan Documents for an indication
that any Mortgage Loan obligates the Mortgagor to maintain all such insurance and, at such Mortgagor’s failure to do so,
authorizes the Mortgagee to maintain such insurance at the Mortgagor’s cost and expense and to charge such Mortgagor for
related premiums. If such indication is found, it will be a Test pass.
	Mortgage Loan Documents
	16o	
        Review the Insurance Summary Report for an
indication that the insurance policies (other than commercial liability policies) require at least 10 days’ prior notice
to the Mortgagee of termination or cancellation arising because of nonpayment of a premium and at least 30 days’ prior notice
to the Mortgagee of termination or cancellation (or such lesser period, not less than 10 days, as may be required by applicable
law) arising for any reason other than non-payment of a premium. If such indication is found, it will be a Test pass.

         
	Insurance Summary Report
	16p	
        Review the Asset Status Reports for notation
that any notice described in Test 16o may have been received by the Mortgage Loan Seller. If no such notation is found, it will
be a Test pass.

         
	Asset Status Reports
	
        17.     Access; Utilities; Separate Tax Lots.
Each Mortgaged Property (a) is located on or adjacent to a public road and has direct legal access to such road, or has access
via an irrevocable easement or irrevocable right of way permitting ingress and egress to/from a public road, (b) is served by
or has uninhibited access rights to public or private water and sewer (or well and septic) and all required utilities, all of
which are appropriate for the current use of the Mortgaged Property, and (c) constitutes one or more separate tax parcels which
do not
	17a	
        Review the zoning report (the “Zoning
Report”) for an indication that each Mortgaged Property is located on or adjacent to a public road and has direct legal
access to such road, or has access via an irrevocable easement or irrevocable right of way permitting ingress and egress to/from
a public road. If such indication is found, it will be a Test pass.
	Zoning Report
	17b	
        Review the Zoning Report for an indication
that each Mortgaged Property is served by or has uninhibited access rights
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        include any property which is not part
of the Mortgaged Property or is subject to an endorsement under the related Title Policy insuring the Mortgaged Property, or in
certain cases, an application has been, or will be, made to the applicable governing authority for creation of separate tax lots,
in which case the Mortgage Loan requires the Mortgagor to escrow an amount sufficient to pay taxes for the existing tax parcel
of which the Mortgaged Property is a part until the separate tax lots are created.
	 	
        to public or private water and sewer (or well
and septic) and all required utilities, all of which are appropriate for the current use of the Mortgaged Property. If such indication
is found, it will be a Test pass.
	 
	17c	
        Review the Title Policy for an indication that
each Mortgaged Property constitutes one or more separate tax parcels and does not include any property which is not part of the
Mortgaged Property or is subject to an endorsement under the most recently dated Title Policy insuring the Mortgaged Property,
or in certain cases, an application has been or will be made to the applicable governing authority for creation of separate tax
lots, in which case any Mortgage Loan requires the Mortgagor to escrow an amount sufficient to pay taxes for the existing tax
parcel of which the Mortgaged Property is a part until the separate tax lots are created. If such indication is found, it will
be a Test pass.
	Title Policy
	
        18.     No Encroachments. To the Mortgage
Loan Seller’s knowledge based solely on surveys obtained in connection with origination and the Mortgagee’s Title
Policy (or, if such policy is not yet issued, a pro forma title policy, a preliminary title policy with escrow instructions or
a “marked up” commitment) obtained in connection with the origination of each Mortgage Loan, all material improvements
that were included for the purpose of determining the appraised value of the related Mortgaged Property at the time of the origination
of such Mortgage Loan are within the boundaries of the related Mortgaged Property, except encroachments that do not materially
and adversely affect the value or current use of such Mortgaged Property or for which insurance or endorsements were obtained
under the Title Policy. No improvements on adjoining parcels encroach onto the related Mortgaged Property except for encroachments
that do not materially and adversely affect the value or current use of such Mortgaged Property or for which insurance or endorsements
were obtained under the Title Policy. No improvements encroach upon any easements except for encroachments the removal of which
would not materially and adversely affect the value or current use of such Mortgaged Property or for which insurance or endorsements
were obtained under the Title Policy.

         
	18a	
        Review the survey (the “Survey”)
and Title Policy (or, if such policy is not yet issued, a pro forma title policy, a preliminary title policy with escrow instructions
or a “marked up” commitment) for an indication that all material improvements that were included for the purpose of
determining the appraised value of the Mortgaged Property at the time of the origination of such Mortgage Loan are within the
boundaries of the related Mortgaged Property, except encroachments that do not materially and adversely affect the value or current
use of such Mortgaged Property, or are insured by applicable provisions of the most recently dated Title Policy. If such an indication
is found, it will be a Test pass.

         
	Survey; Title Policy
	18b	
        Review the Survey and Title Policy for an
        indication that there exist improvements on adjoining parcels that encroach onto the Mortgaged Property that could materially
        and adversely affect the value or current use of such Mortgaged Property, which are not insured by applicable provisions of
        the most recently dated Title Policy. If no such indication is found, it will be a Test pass.

         
	Survey; Title Policy
	18c	
        Review the Survey or Title Policy for an indication
that there exist improvements that encroach upon any easements and the
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        removal of such encroachments could materially
and adversely affect the value or current use of such Mortgaged Property and are not insured by applicable provisions of the most
recently dated Title Policy. If no such indication is found, it will be a Test pass.

         
	 
	
        19.     No Contingent Interest or Equity Participation.
No Mortgage Loan has a shared appreciation feature, any other contingent interest feature or a negative amortization feature or
an equity participation by the Mortgage Loan Seller (except that any ARD Mortgage Loan may provide for the accrual of the portion
of interest in excess of the rate in effect prior to its related Anticipated Repayment Date).

         
	19a	
        Review the Asset Status Reports for notation
of shared appreciation or any other contingent interest provisions. Review the Mortgage Loan Documents for an indication of any
negative amortization feature (other than the accrual of the portion of interest on any ARD Mortgage Loan in excess of the rate
in effect prior to its related Anticipated Repayment Date), or an equity participation provision by the Mortgage Loan Seller.
If no such notation or indication is found, it will be a Test pass.

         
	
        Asset Status Reports; Mortgage Loan Documents

         

	
        20.     REMIC. The Mortgage Loan is a
“qualified mortgage” within the meaning of Section 860G(a)(3) of the Code (but determined without regard to the rule
in Treasury Regulations Section 1.860G-2(f)(2) that treats certain defective mortgage loans as qualified mortgages), and, accordingly,
(A) the issue price of the Mortgage Loan to the related Mortgagor at origination did not exceed the non-contingent principal amount
of the Mortgage Loan and (B) either: (a) such Mortgage Loan is secured by an interest in real property (including permanently
affixed buildings and structural components, such as wiring, plumbing systems and central heating and air-conditioning systems,
that are integrated into such buildings, serve such buildings in their passive functions and do not produce or contribute to the
production of income other than consideration for the use or occupancy of space, but excluding personal property) having a fair
market value (i) at the date the Mortgage Loan (or related Loan Combination) was originated at least equal to 80% of the adjusted
issue price of the Mortgage Loan (or related Loan Combination) on such date or (ii) at the Closing Date at least equal to 80%
of the adjusted issue price of the Mortgage Loan (or related Loan Combination) on such date, provided that for purposes hereof,
the fair market value of the real property interest must first be reduced by (A) the amount of any lien on the real property interest
that is senior to the Mortgage Loan and (B) a proportionate amount of any lien that is in parity with the Mortgage Loan; or (b)
substantially all
	20a	
        Review the Closing Settlement Statement and
Mortgage Note for an indication that the proceeds advanced by the lender did not exceed the stated principal amount of the Mortgage
Note. If such an indication is found, it will be a Test pass.
	
        Closing Settlement Statement; Mortgage Note

         

	20b	
        Review the most recent Appraisal and Mortgage
Loan Documents for an indication that either (a) the Mortgage Loan or Loan Combination is secured by an interest in real property
(including permanently affixed buildings and structural components, but excluding personal property such as wiring, plumbing systems
and central heating and air conditioning systems, that are integrated into such buildings, serve such buildings in their passive
functions and do not produce or contribute to the production of income other than consideration for the use or occupancy of space)
having a fair market value (i) at the date such Mortgage Loan or Loan Combination was originated at least equal to 80% of the
initial principal amount of the Mortgage Loan or Loan Combination on such date or (ii) at the Closing Date at least equal to 80%
of the outstanding principal amount of the Mortgage Loan or Loan Combination on such date, provided that for purposes of clauses
(i) and (ii) above, the fair market value of the real property interest must first be reduced by (A) the amount of any lien on
the real property interest that is senior to such Mortgage Loan and (B) a proportionate amount of any lien that is in parity with
such
	
        Appraisal; Mortgage Loan 

        Documents

         



 


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        of the proceeds of such Mortgage Loan were
used to acquire, improve or protect the real property which served as the only security for such Mortgage Loan (other than a recourse
feature or other third-party credit enhancement within the meaning of Treasury Regulations Section 1.860G-2(a)(1)(ii)). If the
Mortgage Loan was “significantly modified” prior to the Closing Date so as to result in a taxable exchange under Section
1001 of the Code, it either (x) was modified as a result of the default or reasonably foreseeable default of such Mortgage Loan
or (y) satisfies the provisions of either sub-clause (B)(a)(i) above (substituting the date of the last such modification for
the date the Mortgage Loan was originated) or sub-clause (B)(a)(ii), including the proviso thereto. Any prepayment premium and
yield maintenance charges applicable to the Mortgage Loan constitute “customary prepayment penalties” within the meaning
of Treasury Regulations Section 1.860G-1(b)(2). All terms used in this representation and warranty shall have the same meanings
as set forth in the related Treasury Regulations.

         
	 	
        Mortgage Loan, or (b) substantially all of
the proceeds of such Mortgage Loan were used to acquire, improve or protect the real property which served as the only security
for such Mortgage Loan (other than a recourse feature or other third-party credit enhancement within the meaning of Treasury Regulations
Section 1.860G-2(a)(1)(ii)). If such an indication is found, it will be a Test pass.
	 
	20c	
        Review the Asset Status Reports for a notation
that the Mortgage Loan was modified prior to the Closing Date, and if so, if the modification was made so as to result in a taxable
exchange under Section 1001 of the Code, it either (x) was modified as a result of the default or reasonably foreseeable default
of such Mortgage Loan or (y) satisfies the provisions of either sub-clause (B)(a)(i) in the first sentence of representation and
warranty 20 (substituting the date of the last such modification for the date any Mortgage Loan was originated) or sub-clause
(B)(a)(ii) in the first sentence of representation and warranty 20, including the proviso thereto. If there were any such modifications,
and they satisfy the above conditions, it will be a Test pass.
	Asset Status Reports
	20d	
        Review the Asset Status Reports for a notation
of any claim or assertion to the effect that the prepayment premium or yield maintenance charges applicable to any Mortgage Loan
do not constitute “customary prepayment penalties”. If no such notation is found, it will be a Test pass.

         
	Asset Status Reports
	
        21.     Compliance with Usury Laws. The
Mortgage Rate (exclusive of any default interest, late charges, yield maintenance charge, or prepayment premiums) of such Mortgage
Loan complied as of the date of origination with, or was exempt from, applicable state or federal laws, regulations and other
requirements pertaining to usury.

         
	21a	
        Review the Asset Status Reports for a notation
of any claim or assertion to the effect that the Mortgage Rate (exclusive of any default interest, late charges, yield maintenance
charge, or prepayment premiums) of such Mortgage Loan did not comply as of the date of origination with, or was not exempt from,
applicable state or federal laws, regulations or other requirements pertaining to usury. If no such notation is found, it will
be a Test pass.

         
	Asset Status Reports
	22. Authorized to do Business. To the extent required under applicable	22a	Review the Asset Status Reports for any notation that as of the	Asset Status Reports


 


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        law, as of the Cut-Off Date or as of the
date that such entity held the Mortgage Note, each holder of the Mortgage Note was authorized to originate, acquire and/or hold
(as applicable) the Mortgage Note in the jurisdiction in which each related Mortgaged Property is located, or the failure to be
so authorized does not materially and adversely affect the enforceability of such Mortgage Loan by the Trust.

         
	 	
        Cut-Off Date or as of the date that such entity
held the Mortgage Note, any holder of the Mortgage Note was not authorized to originate, acquire and/or hold (as applicable) the
Mortgage Note in the jurisdiction in which each related Mortgaged Property is located, or the failure to be so authorized materially
and adversely affects the enforceability of such Mortgage Loan by the Trust. If no such notation is found, it will be a Test pass.

         
	 
	
        23.     Trustee under Deed of Trust. With
respect to each Mortgage which is a deed of trust, as of the date of origination and, to the Mortgage Loan Seller’s knowledge,
as of the Closing Date, a trustee, duly qualified under applicable law to serve as such, currently so serves and is named in the
deed of trust or has been substituted in accordance with the Mortgage and applicable law or may be substituted in accordance with
the Mortgage and applicable law by the related Mortgagee.

         
	23a	
        Review the Mortgage Loan Documents for an indication
that as of the date of origination, a trustee, duly qualified under applicable law to serve as such, currently so serves and is
named in the deed of trust or has been substituted in accordance with the Mortgage and applicable law or may be substituted in
accordance with the Mortgage and applicable law by the related Mortgagee. If such an indication is found, it will be a Test pass.

         
	Mortgage Loan Documents
	23b	
        Review the Asset Status Reports for any notation
that, to the Mortgage Loan Seller’s knowledge, as of the Closing Date, no trustee duly qualified under applicable law to
serve as such, currently so serves and is named in the deed of trust or has been substituted in accordance with the Mortgage and
applicable law or may be substituted in accordance with the Mortgage and applicable law by the related Mortgagee. If no such notation
is found, it will be a Test pass.

         
	Asset Status Reports
	
        24.     Local Law Compliance. To the Mortgage
Loan Seller’s knowledge, based upon any of a letter from any governmental authorities, a legal opinion, an architect’s
letter, a zoning consultant’s report, an endorsement to the related Title Policy, a survey or other affirmative investigation
of local law compliance consistent with the investigation conducted by the Mortgage Loan Seller for similar commercial and multifamily
mortgage loans intended for securitization, there are no material violations of applicable zoning ordinances, building codes and
land laws (collectively “Zoning Regulations”) with respect to the improvements located on or forming part of
each Mortgaged Property securing a Mortgage Loan as of the date of origination of such Mortgage Loan (or related Loan Combination,
as applicable) or as of the Cut-Off Date, other than
	24a	
        Review the Zoning Report, Title Policy and
Survey for an indication that there are no material violations of Zoning Regulations with respect to the improvements located
on or forming part of each Mortgaged Property securing a Mortgage Loan as of the date of origination of such Mortgage Loan (or
related Loan Combination, as applicable) or as of the Cut-Off Date, other than those which (i) are insured by the Title Policy
or a law and ordinance insurance policy or (ii) would not have a material adverse effect on the value, operation or net operating
income of the Mortgaged Property. If such indication is found, it will be a Test pass.

         
	
        Zoning Report; Title Policy; Survey

         

	24b	Review the Mortgage Loan Documents for provisions that	Mortgage Loan Documents


 


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        those which (i) are insured by the Title
Policy or a law and ordinance insurance policy or (ii) would not have a material adverse effect on the value, operation or net
operating income of the Mortgaged Property. The terms of the Loan Documents require the Mortgagor to comply in all material respects
with all applicable governmental regulations, zoning and building laws.

         
	 	
        require the Mortgagor to comply in all material
respects with all applicable governmental regulations, zoning and building laws. If such provisions are found, it will be a Test
pass.

         
	 
	
        25.     Licenses and Permits. Each Mortgagor
covenants in the Loan Documents that it shall keep all material licenses, permits and applicable governmental authorizations necessary
for its operation of the Mortgaged Property in full force and effect, and to the Mortgage Loan Seller’s knowledge based
upon any of a letter from any government authorities or other affirmative investigation of local law compliance consistent with
the investigation conducted by the Mortgage Loan Seller for similar commercial and multifamily mortgage loans intended for securitization,
all such material licenses, permits and applicable governmental authorizations are in effect. The Mortgage Loan requires the related
Mortgagor to be qualified to do business in the jurisdiction in which the related Mortgaged Property is located.

         
	25a	
        Review the Mortgage Loan Documents for an indication
that each Mortgagor has covenanted to keep all material licenses, permits and applicable governmental authorizations necessary
for its operation of the Mortgaged Property in full force and effect. If such an indication is found, it will be a Test pass.

         
	Mortgage Loan Documents
	25b	
        Review the Asset Status Reports for notation
that, to the Mortgage Loan Seller’s knowledge, any material licenses, permits and applicable governmental authorizations
are not in effect. If no such notation is found, it will be a Test pass.

         
	Asset Status Reports
	25c	
        Review the Mortgage
Loan Documents for provisions requiring the Mortgagor to be qualified to do business in the jurisdiction in which the Mortgaged
Property is located. If such provisions are found, it will be a Test pass.

         
	Mortgage Loan Documents
	
        26.     Recourse Obligations. The Loan
Documents for each Mortgage Loan provide that such Mortgage Loan (a) becomes full recourse to the Mortgagor and guarantor (which
is a natural person or persons, or an entity distinct from the Mortgagor (but may be affiliated with the Mortgagor) that has assets
other than equity in the related Mortgaged Property that are not de minimis) in any of the following events: (i) if any
voluntary petition for bankruptcy, insolvency, dissolution or liquidation pursuant to federal bankruptcy law, or any similar federal
or state law, shall be filed by the Mortgagor; (ii) the Mortgagor or guarantor shall have colluded with (or, alternatively, solicited
or caused to be solicited) other creditors to cause an involuntary bankruptcy filing with respect to the Mortgagor or (iii) voluntary
transfers of either the Mortgaged Property or equity interests in Mortgagor made in violation of the Loan Documents; and (b) contains
provisions providing for recourse against the Mortgagor and guarantor (which is a natural person or persons, or an entity
	26a	
        Review the Mortgage Loan Documents for provisions
permitting full recourse to the Mortgagor and guarantor in connection with the events or circumstances set forth in clauses (a)(i)
through (a)(iii) of representation and warranty 26. If such provisions are found, it will be a Test pass.

         
	Mortgage Loan Documents
	26b	
        Review the Mortgage Loan Documents for provisions
permitting recourse against the Mortgagor and guarantor in connection with the events or circumstances set forth in clauses (b)(i)
through (b)(v) of representation and warranty 26. If such provisions are found, it will be a Test pass.

         
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        distinct from the Mortgagor (but may be
affiliated with the Mortgagor) that has assets other than equity in the related Mortgaged Property that are not de minimis),
for losses and damages sustained by reason of Mortgagor’s (i) misappropriation of rents after the occurrence of an event
of default under the Mortgage Loan; (ii) misappropriation of (A) insurance proceeds or condemnation awards or (B) security deposits
or, alternatively, the failure of any security deposits to be delivered to Mortgagee upon foreclosure or action in lieu thereof
(except to the extent applied in accordance with leases prior to a Mortgage Loan event of default); (iii) fraud or intentional
material misrepresentation; (iv) breaches of the environmental covenants in the Loan Documents; or (v) commission of intentional
material physical waste at the Mortgaged Property (but, in some cases, only to the extent there is sufficient cash flow generated
by the related Mortgaged Property to prevent such waste).
	 	 	 
	
        27.     Mortgage Releases. The terms of
the related Mortgage or related Loan Documents do not provide for release of any material portion of the Mortgaged Property from
the lien of the Mortgage except (a) a partial release, accompanied by principal repayment, of not less than a specified percentage
at least equal to the lesser of (i) 110% of the related allocated loan amount of such portion of the Mortgaged Property and (ii)
the outstanding principal balance of the Mortgage Loan, (b) upon payment in full of such Mortgage Loan, (c) upon a Defeasance
defined in (32) below, (d) releases of out-parcels that are unimproved or other portions of the Mortgaged Property which will
not have a material adverse effect on the underwritten value of the Mortgaged Property and which were not afforded any material
value in the appraisal obtained at the origination of the Mortgage Loan and are not necessary for physical access to the Mortgaged
Property or compliance with zoning requirements, or (e) as required pursuant to an order of condemnation or taking by a State
or any political subdivision or authority thereof. With respect to any partial release under the preceding clauses (a) or (d),
either: (x) such release of collateral (i) would not constitute a “significant modification” of the subject Mortgage
Loan within the meaning of Treasury Regulations Section 1.860G-2(b)(2) and (ii) would not cause the subject Mortgage Loan to fail
to be a “qualified mortgage” within the meaning of Section 860G(a)(3)(A) of the Code; or (y) the Mortgagee or servicer
can, in accordance with the related Loan Documents,

         
	27a	
        Review the Mortgage Loan Documents for provisions
stating that the only conditions under which a property may be released during the life of the Mortgage Loan are as set forth
in clauses (a) through (e) of the first sentence of representation and warranty 27. If such provisions are found, it will be a
Test pass.
	Mortgage Loan Documents
	27b	
        Review the Mortgage Loan Documents for provisions
stating that with respect to any partial release described in clauses (a) or (d) of the first sentence of representation and warranty
27 either: (x) such release of collateral (i) would not constitute a “significant modification” of the subject Mortgage
Loan within the meaning of Treasury Regulations Section 1.860G-2(b)(2) and (ii) would not cause the subject Mortgage Loan to fail
to be a “qualified mortgage” within the meaning of Section 860G(a)(3)(A) of the Code; or (y) the Mortgagee or servicer
can, in accordance with the related Mortgage Loan Documents, condition such release of collateral on the related Mortgagor’s
delivery of an opinion of tax counsel to the effect specified in the immediately preceding clause (x). For purposes of the preceding
clause (x), for all Mortgage Loans originated after December 6, 2010, if the fair market value of the real property constituting
such Mortgaged Property (reduced by (1) the amount of any lien on the real property that is senior to the Mortgage Loan and (2)
a proportionate amount of any lien on the real property that is in parity with the Mortgage Loan) after
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        condition such release of collateral on
the related Mortgagor’s
         delivery of
        an opinion of tax counsel to the effect specified in the immediately preceding clause (x). For purposes of the preceding
        clause (x), for all Mortgage Loans originated after December 6, 2010, if the fair market value of the real property
        constituting such Mortgaged Property (reduced by (1) the amount of any lien on the real property that is senior to the
        Mortgage Loan and (2) a proportionate amount of any lien on the real property that is in parity with the Mortgage Loan) after
        the release is not equal to at least 80% of the principal balance of the Mortgage Loan (or related Loan
         Combination) outstanding after the
        release, the Mortgagor is required to make a payment of principal in an amount not less than the amount required by the REMIC
        Provisions.

         

        With respect to any partial release under the
        preceding clause (e), for all Mortgage Loans originated after December 6, 2010, the Mortgagor can be required to pay down the principal
        balance of the Mortgage Loan (or related Loan Combination) in an amount not less than the amount required by the REMIC Provisions
        and, to such extent, such amount may not be required to be applied to the restoration of the Mortgaged Property or released to
        the Mortgagor, if, immediately after the release of such portion of the Mortgaged Property from the lien of the Mortgage (but taking
        into account the planned restoration) the fair market value of the real property constituting the remaining Mortgaged Property
        (reduced by (1) the amount of any lien on the real property that is senior to the Mortgage Loan and (2) a proportionate amount
        of any lien on the real property that is in parity with the Mortgage Loan) is not equal to at least 80% of the remaining principal
        balance of the Mortgage Loan (or related Loan Combination).

         

        No Mortgage Loan that is secured by more
        than one Mortgaged Property or that is cross-collateralized with another Mortgage Loan permits the release of
        cross-collateralization of the related Mortgaged Properties or a portion thereof, including due to partial condemnation,
        other than in compliance with the REMIC Provisions.

         
	 	
        the release is not equal to at least 80% of the principal
        balance


        of the Mortgage Loan (or related Loan Combination)
outstanding after the release, the Mortgagor is required to make a payment of principal in an amount not less than the amount
required by the REMIC Provisions. If such provisions are found, it will be a Test pass.
	 
	27c	
        Review the Mortgage Loan Documents for provisions stating


        that with respect to any partial release
described in clauses (e) of the first sentence of representation and warranty 27, for all Mortgage Loans originated after December
6, 2010, the Mortgagor can be required to pay down the principal balance of the Mortgage Loan in an amount not less than the amount
required by the REMIC Provisions and, to such extent, such amount may not be required to be applied to the restoration of the
Mortgaged Property or released to the Mortgagor, if, immediately after the release of such portion of the Mortgaged Property from
the lien of the Mortgage (but taking into account the planned restoration) the fair market value of the real property constituting
the remaining Mortgaged Property (reduced by (1) the amount of any lien on the real property that is senior to the Mortgage Loan
and (2) a proportionate amount of any lien on the real property that is in parity with the Mortgage Loan) is not equal to at least
80% of the remaining principal balance of the Mortgage Loan (or related Loan Combination). If such provisions are found, it will
be a Test pass.
	Mortgage Loan Documents
	27d	
        Review the Mortgage Loan Documents for provisions stating


        that, no Mortgage Loan that is secured by more
        than one Mortgaged Property or that is cross-collateralized with another Mortgage Loan permits the release of cross-collateralization
        of the related Mortgaged Properties or a portion thereof, including due to partial condemnation, other than in compliance with
        the REMIC Provisions. If such provisions are found, it will be a Test pass.

         
	Mortgage Loan Documents
	
        28.   Financial Reporting and Rent Rolls.
The Loan Documents for each 

        Mortgage Loan require the Mortgagor to provide
        the owner or holder of the Mortgage with quarterly (other than for single-tenant

         
	28a	
        Review the Mortgage Loan Documents for provisions that


        require the Mortgagor to provide the owner or holder
        of the


        Mortgage with quarterly (other than for single-tenant
        properties)

	Mortgage Loan Documents


 


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        properties) and annual operating
        statements, and quarterly (other than for single-tenant properties) rent rolls for properties that have leases contributing
        more than 5% of the in-place base rent and annual financial statements, which annual financial statements with respect to
        each Mortgage Loan with more than one Mortgagor are in the form of an annual combined balance sheet of the Mortgagor entities
        (and no other entities), together with the related combined statements of operations, members’ capital and cash flows,
        including a combining balance sheet and statement of income for the Mortgaged Properties on a combined basis.

         
	 	
        and annual operating statements. If such provisions
are found, it will be a Test pass.
	 
	28b	
        Review the Mortgage Loan Documents for provisions
that require the Mortgagor to provide the owner or holder of the Mortgage with quarterly (other than for single-tenant properties)
rent rolls for properties that have leases contributing more than 5% of the in-place base rent and annual financial statements,
which annual financial statements with respect to each Mortgage Loan with more than one Mortgagor are in the form of an annual
combined balance sheet of the Mortgagor entities (and no other entities), together with the related combined statements of operations,
members’ capital and cash flows, including a combining balance sheet and statement of income for the Mortgaged Properties
on a combined basis. If such provisions are found, it will be a Test pass.
	Mortgage Loan Documents
	
        29.     Acts of Terrorism Exclusion.
        With respect to each Mortgage Loan over $20 million, the related special-form all-risk insurance policy and business
        interruption policy (issued by an insurer meeting the Insurance Rating Requirements) do not specifically exclude Acts of
        Terrorism, as defined in the Terrorism Risk Insurance Act of 2002, as amended by the Terrorism Risk Insurance Program
        Reauthorization Act of 2007, and as amended by the Terrorism Risk Insurance Program Reauthorization Act of 2015 (collectively
        referred to as “TRIA”), from coverage, or if such coverage is excluded, it is covered by a separate
        terrorism insurance policy.

         With respect to each other Mortgage Loan,
        the related special all-risk insurance policy and business interruption policy (issued by an insurer meeting the
        Insurance Rating Requirements) did not, as of the date of origination of the Mortgage Loan, and, to the Mortgage Loan
        Seller’s knowledge, do not, as of the Cut-Off Date, specifically exclude Acts of Terrorism, as defined in TRIA, from
        coverage, or if such coverage is excluded, it is covered by a separate terrorism insurance policy. With respect to each
        Mortgage Loan, the related Loan Documents do not expressly waive or prohibit the Mortgagee from requiring coverage for Acts
        of Terrorism, as defined in TRIA, or damages related thereto; provided, however, that if TRIA or a similar or subsequent
        statute is not in effect, then, provided that terrorism insurance is commercially available, the Mortgagor under each
        Mortgage Loan is required to carry terrorism insurance, but in

         
	29a	
        Review the Mortgage Loan Documents to determine
if the original principal balance was greater than $20 million. If so, review the Insurance Summary Report for an indication that
the special-form all-risk insurance policy and business interruption policy (issued by an insurer meeting the Insurance Rating
Requirements) do not specifically exclude Acts of Terrorism as defined in TRIA (as defined in representation and warranty 29),
from coverage, or if they do, there exists a separate terrorism insurance policy related to the Mortgaged Property. If such an
indication is found, it will be a Test pass.
	
        Mortgage Loan Documents;



        Insurance Summary Report

         

	29b	
        Review the Mortgage Loan Documents to determine
if the original principal balance was $20 million or less at origination. If so, review the Insurance Summary Report for an indication
that the related special all-risk insurance policy and business interruption policy (issued by an insurer meeting the Insurance
Rating Requirements) did not, as of the date of origination of the Mortgage Loan, and, based on a review of the Asset Status Reports
for lack of notation that to the Mortgage Loan Seller’s knowledge, do not, as of the Cut-Off Date, specifically exclude
Acts of Terrorism, as defined in TRIA (as defined in representation and warranty 29), from coverage, or if such coverage is excluded,
it is covered by a separate terrorism insurance policy. If such conditions are found to exist, it will be a Test pass.
	
        Mortgage Loan Documents;

        Insurance Summary Report; Asset Status Reports

         



 


    JJ-23


     


    
 

	
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        such event the Mortgagor shall not be
        required to spend more than the Terrorism Cap Amount on terrorism insurance coverage, and if the cost of terrorism insurance
        exceeds the Terrorism Cap Amount, the Mortgagor is required to purchase the maximum amount of terrorism insurance available
        with funds equal to the Terrorism Cap Amount. The “Terrorism Cap Amount” is the specified percentage
        (which is at least equal to 200%) of the amount of the insurance premium that is payable at such time in respect of the
        property and business interruption/rental loss insurance required under the related Loan Documents (without giving effect to
        the cost of terrorism and earthquake components of such casualty and business interruption/rental loss insurance).

         
	29c	
        Review the Mortgage Loan Documents for
        provisions that do not expressly waive or prohibit the Mortgagee from requiring coverage for Acts of Terrorism, as defined in
        TRIA (as defined in representation and warranty 29), or damages related thereto; provided, however, that if TRIA or a similar
        or subsequent statute is not in effect, then, provided that terrorism insurance is commercially available, the Mortgagor
        under each Mortgage Loan is required to carry terrorism insurance, but in such event the Mortgagor shall not be required to
        spend more than the Terrorism Cap Amount (as defined in representation and warranty 29) on terrorism insurance coverage, and
        if the cost of terrorism insurance exceeds the Terrorism Cap Amount, the Mortgagor is required to purchase the maximum amount
        of terrorism insurance available with funds equal to the Terrorism Cap Amount.

         
	
        Mortgage Loan Documents;

        

        Insurance Policy

         

	
        30.   Due on Sale or Encumbrance. Subject
to specific exceptions set
         forth below, each Mortgage Loan contains
a “due on sale” or other such provision for the acceleration of the payment of the unpaid principal balance of such
Mortgage Loan if, without the consent of the holder of the Mortgage (which consent, in some cases, may not be unreasonably withheld)
and/or complying with the requirements of the related Loan Documents (which provide for transfers without the consent of the Mortgagee
which are customarily acceptable to prudent commercial and multifamily mortgage lending institutions lending on the security of
property comparable to the related Mortgaged Property, including, without limitation, transfers of worn-out or obsolete furnishings,
fixtures, or equipment promptly replaced with property of equivalent value and functionality and transfers by leases entered into
in accordance with the Loan Documents), (a) the related Mortgaged Property, or any equity interest of greater than
         50% in the related Mortgagor, is directly
or indirectly pledged, transferred or sold, other than as related to (i) family and estate planning transfers or transfers upon
death or legal incapacity, (ii) transfers to certain affiliates as defined in the related Loan
	30a	
        Review the Mortgage Loan Documents for “due-on-sale”
or
         other such provisions for the acceleration
of the payment of the unpaid principal balance of such Mortgage Loan under the circumstances described in the first sentence of
representation and warranty 30. If such provisions are found, it will be a Test pass. 
	Mortgage Loan Documents
	30b	
        Review the Mortgage Loan Documents for provisions
that
         require that if Rating Agency fees are incurred
        in connection with the review of and consent to any transfer or encumbrance, the Mortgagor is responsible for such payment along
        with all other reasonable out-of-pocket fees and expenses incurred by the Mortgagee relative to such transfer or encumbrance. If
        such provisions are found, it will be a Test pass.

         
	Mortgage Loan Documents


 


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        Documents, (iii) transfers of less than, or
        other than, a controlling interest in the related Mortgagor, (iv) transfers to another holder of direct or indirect equity in
        the Mortgagor, a specific Person designated in the related Loan Documents or a Person satisfying specific criteria
        identified in the related Loan Documents, such as a qualified equityholder, (v) transfers of stock or similar equity units in
        publicly traded companies or (vi) a substitution or release of collateral within the parameters of representations and
        warranties 27 and 32 of Exhibit B to the related Mortgage Loan Purchase Agreement or the exceptions thereto set forth on
        Exhibit C of the related Mortgage Loan Purchase Agreement, or (vii) as set forth on Exhibit B-30-1 of the related Mortgage
        Loan Purchase Agreement by reason of any mezzanine debt that existed at the origination of the related Mortgage Loan, or
        future permitted mezzanine debt as set forth on Exhibit B-30-2 of the related Mortgage Loan Purchase Agreement or (b) the
        related Mortgaged Property is encumbered with a subordinate lien or security interest against the related Mortgaged Property,
        other than (i) any Companion Loan of any Mortgage Loan or any subordinate debt that existed at origination and is permitted
        under the related Loan Documents, (ii) purchase money security interests (iii) any Mortgage Loan that is cross-collateralized
        and cross-defaulted with another Mortgage Loan, as set forth on Exhibit B 30-3 of the related Mortgage Loan Purchase
        Agreement or (iv) Permitted Encumbrances. The Mortgage or other Loan Documents provide that to the extent any Rating Agency
        fees are incurred in connection with the review of and consent to any transfer or encumbrance, the Mortgagor is responsible
        for such payment along with all other reasonable out-of-pocket fees and expenses incurred by the Mortgagee relative to such
        transfer or encumbrance.

         
	 	 	 
	
        31.   Single-Purpose Entity.
Each Mortgage Loan requires the Mortgagor

        to be a Single-Purpose Entity for at least
        as long as the Mortgage Loan is outstanding. Both the Loan Documents and the organizational documents of the Mortgagor with respect
        to each Mortgage Loan with a Cut-Off Date Balance in excess of $5 million provide that the Mortgagor is a Single-Purpose Entity,
        and each Mortgage Loan with a Cut-Off Date Balance of $20 million or more has a counsel’s opinion regarding non-consolidation
        of the Mortgagor. For this purpose, a “Single-Purpose Entity” shall mean

         
	31a	
        Review the Mortgage Loan Documents for provisions
that

        require the Mortgagor to be a Single-Purpose Entity
        (as defined in representation and warranty 31) for at least as long as the related Mortgage Loan is outstanding. If such provisions
        are found, it will be a Test pass.

         
	Mortgage Loan Documents
	31b	
        Review the Mortgage Loan Schedule for the Cut-Off
Date

        Balance of the Mortgage Loan. If the Mortgage
Loan had a Cut-Off Date Principal Balance in excess of $5 million, review the
	
        Mortgage Loan Schedule;

        Mortgage Loan Documents; Mortgagor’s
organizational



 


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        an entity, other than an individual,
        whose organizational documents (or if the Mortgage Loan has a Cut-Off Date Balance equal to $5 million or less, its
        organizational documents or the related Loan Documents) provide substantially to the effect that it was formed or organized
        solely for the purpose of owning and operating one or more of the Mortgaged Properties securing the Mortgage Loans and
        prohibit it from engaging in any business unrelated to such Mortgaged Property or Properties, and whose organizational
        documents further provide, or which entity represented in the related Loan Documents, substantially to the effect that it
        does not have any assets other than those related to its interest in and operation of such Mortgaged Property or Properties,
        or any indebtedness other than as permitted by the related Mortgage(s) or the other related Loan Documents, that it has its
        own books and records and accounts separate and apart from those of any other person (other than a Mortgagor for a Mortgage
        Loan that is cross-collateralized and cross-defaulted with the related Mortgage Loan), and that it holds itself out as a
        legal entity, separate and apart from any other person or entity.

         
	 	
        Mortgage Loan Documents and the Mortgagor’s
organizational documents for provisions that require the Mortgagor to be a Single-Purpose Entity. If the provisions exist, it
will be a Test pass. 
	documents
	31c	
        Review the Mortgage Loan Schedule for the Cut-Off
Date

        Balance of the Mortgage Loan. If the Mortgage
Loan had a Cut-Off Date Balance of $20 million or more, review the Mortgagor’s Counsel Opinion regarding non-consolidation
of the Mortgagor. If such an opinion is found, it will be a Test

        pass.

         
	
        Mortgage Loan Schedule;

        Mortgagor’s Counsel Opinion

         

	
        32.     Defeasance.
With respect to any Mortgage Loan that, pursuant to the Loan Documents, can be defeased (a “Defeasance”), (i)
the Loan Documents provide for defeasance as a unilateral right of the Mortgagor, subject to satisfaction of conditions specified
in the Loan Documents; (ii) the Mortgage Loan cannot be defeased within two years after the Closing Date; (iii) the Mortgagor
is permitted to pledge only United States “government securities” within the meaning of Treasury Regulations Section
1.860G-2(a)(8)(ii), the revenues from which will, in the case of a full Defeasance, be sufficient to make all scheduled payments
under the Mortgage Loan when due, including the entire remaining principal balance on the maturity date (or on or after the first
date on which payment may be made without payment of a yield maintenance charge or prepayment penalty) or, if the Mortgage Loan
is an ARD Mortgage Loan, the entire principal balance outstanding on the related Anticipated Repayment Date (or on or after the
first date on which payment may be made without payment of a yield maintenance charge or prepayment penalty), and if the Mortgage
Loan permits partial
	32a	
        Review the Mortgage Loan Documents for
        provisions allowing the Defeasance (as defined in representation and warranty 32) of the Mortgage Loan, and if so, whether
        such Mortgage Loan Documents contain the provisions described in clauses (i) through (vii) of representation and warranty 32.
        If such provisions are found, it will be a Test pass.

         
	Mortgage Loan Documents


 


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        releases of real property in connection with
        partial defeasance, the revenues from the collateral will be sufficient to pay all such scheduled payments calculated on a
        principal amount equal to a specified percentage at least equal to the lesser of (A) 110% of the allocated loan amount for
        the real property to be released and (B) the outstanding principal balance of the Mortgage Loan; (iv) the Mortgagor is
        required to provide a certification from an independent certified public accountant that the collateral is sufficient to make
        all scheduled payments under the Mortgage Note as set forth in (iii) above; (v) if the Mortgagor would continue to own assets
        in addition to the defeasance collateral, the portion of the Mortgage Loan secured by defeasance collateral is required to be
        assumed (or the Mortgagee may require such assumption) by a Single-Purpose Entity; (vi) the Mortgagor is required to provide
        an opinion of counsel that the Mortgagee has a perfected security interest in such collateral prior to any other claim or
        interest; and (vii) the Mortgagor is required to pay all rating agency fees associated with defeasance (if rating
        confirmation is a specific condition precedent thereto) and all other reasonable out-of-pocket expenses associated with
        defeasance, including, but not limited to, accountant’s fees and opinions of counsel.

         
	 	 	 
	
        33.     Fixed Interest Rates. Each
        Mortgage Loan bears interest at a rate that remains fixed throughout the remaining term of such Mortgage Loan, except in the
        case of ARD Mortgage Loans and in situations where default interest is imposed.

         
	33a	
        Review the Mortgage Loan Documents for an
        indication that the Mortgage Loan bears interest at a rate that remains fixed throughout the term of such Mortgage Loan,
        except in the case of ARD Mortgage Loans and in situations where default interest is imposed. If such an indication is found,
        it will be a Test pass.

         
	
        Mortgage Loan Documents;

        

        Mortgage Note; Loan

        

        Agreement

         

	
        34.    
Ground Leases. For purposes of Exhibit B of the related Mortgage Loan Purchase Agreement, a “Ground Lease”
shall mean a lease creating a leasehold estate in real property where the fee owner as the ground lessor conveys for a term
or terms of years its entire interest in the land and buildings and other improvements, if any, comprising the premises demised
under such lease to the ground lessee (who may, in certain circumstances, own the building and improvements on the land), subject
to the reversionary interest of the ground lessor as fee owner and does not include industrial
	34a	
        Review the Appraisal to determine if the
        Mortgage Loan is secured by a leasehold estate under a Ground Lease (as defined in representation and warranty 34), in whole
        or in part. If so, review the Title Policy and Mortgage Loan Documents for an indication that the related Mortgage does not
        also encumber the lessor’s fee interest in the Mortgaged Property. If such an indication exists, proceed to Tests 34b
        through 34r.

         
	
        Appraisal; Mortgage Loan

        Documents; Title Policy

         



 


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        development agency (IDA) or similar leases
for purposes of conferring a tax abatement or other benefit.

         

        With respect to any Mortgage Loan where the
        Mortgage Loan is secured by a leasehold estate under a Ground Lease in whole or in part, and the related Mortgage does not also
        encumber the related lessor’s fee interest in such Mortgaged Property, based upon the terms of the Ground Lease and any estoppel
        or other agreement received from the ground lessor in favor of the Mortgage Loan Seller, its successors and assigns, the Mortgage
        Loan Seller represents and warrants that:

         

        (a)       The
Ground Lease or a memorandum regarding such Ground Lease has been duly recorded or submitted for recordation in a form that is
acceptable for recording in the applicable jurisdiction. The Ground Lease or an estoppel or other agreement received from the
ground lessor permits the interest of the lessee to be encumbered by the related Mortgage and does not restrict the use of the
related Mortgaged Property by such lessee, its successors or assigns in a manner that would materially adversely affect the security
provided by the related Mortgage. No material change in the terms of the Ground Lease had occurred since the origination of the
Mortgage Loan, except as reflected in any written instruments which are included in the related Mortgage File;

         

        (b)       The lessor under such Ground Lease has
        agreed in a writing included in the related Mortgage File (or in such Ground Lease) that the Ground Lease may not be
        amended or modified, or canceled or terminated by agreement of lessor and lessee, without the prior written consent of the
        Mortgagee;

         

        (c)       The
        Ground Lease has an original term (or an original term plus one or more optional renewal terms, which, under all circumstances,
        may be exercised, and

         
	34b	
        Review the Title Policy and Mortgage Loan Documents
for an indication that the Ground Lease or a memorandum regarding such Ground Lease has been recorded or submitted for recordation
in the applicable jurisdiction. If such indication is found, it will be a Test pass.
	
        Title Policy; Mortgage Loan

        

        Documents

         

	34c	
        Review the Ground Lease and the ground lessor’s
estoppel (or other agreement received from the ground lessor) (the “Ground Lease Documents”) for an indication
that the interest of the lessee is permitted to be encumbered by the Mortgage and does not restrict the use of the Mortgaged Property
by such lessee, its successors or assigns in a manner that would adversely affect the security provided by the Mortgage. If such
indication is found, it will be a Test pass.
	Ground Lease Documents
	34d	
        Review the Asset Status Reports for notation that,
        since the origination of the Mortgage Loan, there was a material change in the terms of the Ground Lease. If no such
        notation is found, it will be a Test pass.

        

        If such notation is found, review the
Mortgage File for a modification agreement or other such instrument is in the Mortgage File. If the modification agreement or
instrument is in the Mortgage File, it will be a Test pass. 
	
        Asset Status Reports; Mortgage File

         

	34e	
        Review the Ground Lease Documents for a
        provision that the Ground Lease may not be amended or modified, or canceled or terminated by agreement of ground lessor and
        lessee, without the prior written consent of the Mortgagee. If such a provision is found, it will be a Test pass.

         
	Ground Lease Documents


 


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        will be enforceable, by either Mortgagor or
        the Mortgagee) that extends not less than 20 years beyond the stated maturity of the related Mortgage Loan, or 10 years
        past the stated maturity if such Mortgage Loan fully amortizes by the stated maturity (or with respect to a Mortgage Loan
        that accrues on an Actual/360 Basis, substantially amortizes);

         

        (d)       The Ground Lease either (i) is not subject
        to any liens or encumbrances superior to, or of equal priority with, the Mortgage, except for the related fee interest of the ground
        lessor and the Permitted Encumbrances, or (ii) is subject to a subordination, non-disturbance and attornment agreement to which
        the Mortgagee on the lessor’s fee interest in the Mortgaged Property is subject;

         

        (e)       The
        Ground Lease does not place commercially unreasonable restrictions on the identity of the Mortgagee and the Ground Lease is assignable
        to the holder of the Mortgage Loan and its successors and assigns without the consent of the lessor thereunder (provided that proper
        notice is delivered to the extent required in accordance with the Ground Lease), and in the event it is so assigned, it is further
        assignable by the holder of the Mortgage Loan and its successors and assigns without the consent of (but with prior notice to)
        the lessor;

         

        (f)       The
        Mortgage Loan Seller has not received any written notice of material default under or notice of termination of such Ground Lease.
        To the Mortgage Loan Seller’s knowledge, there is no material default under such Ground Lease and no condition that, but
        for the passage of time or giving of notice, would result in a material default under the terms of such Ground Lease and to the
        Mortgage Loan Seller’s knowledge, such Ground Lease is in full force and effect as of the Closing Date;

         
	34f	
        Review the Ground Lease Documents for an indication
that it has an original term (or an original term plus one or more optional renewal terms, which, under all circumstances, may
be exercised, and will be enforceable, by either Mortgagor or the Mortgagee) that extends not less than 20 years beyond the stated
maturity of the related Mortgage Loan, or ten years past the stated maturity if such Mortgage Loan fully amortizes by the stated
maturity (or with respect to a Mortgage Loan that accrues on an Actual/360 Basis, substantially amortizes). If such an indication
is found, it will be a Test pass.
	Ground Lease Documents
	34g	
        Review the Title Policy for an indication that
the Ground Lease either (i) is not subject to any liens or encumbrances superior to, or of equal priority with, the Mortgage,
except for the related fee interest of the ground lessor and the Permitted Encumbrances, or (ii) is subject to a subordination,
non-disturbance and attornment agreement (the “SNDA”) to which the Mortgagee on the lessor’s fee interest
in the Mortgaged Property is subject. If either indication is found, it will be a Test pass.
	Title Policy; SNDA
	34h	
        Review the Ground Lease Documents for an indication
that the Ground Lease does not place commercially unreasonable restrictions on the identity of the Mortgagee and the Ground Lease
is assignable to the holder of the Mortgage Loan and its successors and assigns without the consent of the lessor thereunder (provided
that proper notice is delivered to the extent required in accordance with the Ground Lease). If such indication is found, it will
be a Test pass.

         
	Ground Lease Documents
	34i	
        Review the Ground Lease Documents for an indication
that in the event it is so assigned, it is further assignable by the holder of the Mortgage Loan and its successors and assigns
without the consent of (but with prior notice to) the lessor. If such indication is found, it will be a Test pass.
	Ground Lease Documents
	34j	
        Review the Asset Status Reports for notation that
        the Mortgage Loan Seller has received any written notice of material default under or notice of termination of such
        Ground Lease. If no such notation is found, it will be a Test pass.

         
	Asset Status Reports


 


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        (g)       The
        Ground Lease or ancillary agreement between the lessor and the lessee requires the lessor to give to the Mortgagee written notice
        of any default, and provides that no notice of default or termination is effective against the Mortgagee unless such notice is
        given to the Mortgagee;

         

        (h)       The
        Mortgagee is permitted a reasonable opportunity (including, where necessary, sufficient time to gain possession of the interest
        of the lessee under the Ground Lease through legal proceedings) to cure any

         default under the Ground Lease which is curable
        after the Mortgagee’s receipt of notice of any default before the lessor may terminate the Ground Lease;

         

        (i)       The
        Ground Lease does not impose any restrictions on subletting that would be viewed as commercially unreasonable by a prudent commercial
        mortgage lender;

         

        (j)       Under
        the terms of the Ground Lease, an estoppel or other agreement received from the ground lessor and the related Mortgage (taken together),
        any related insurance proceeds or the portion of the condemnation award allocable to the ground lessee’s interest (other
        than (i) de minimis amounts for minor casualties or (ii) in respect of a total or substantially total loss or taking as addressed
        in subpart (k)) will be applied either to the repair or to restoration of all or part of the related Mortgaged Property with (so
        long as such proceeds are in excess of the threshold amount specified in the related

         Loan Documents) the Mortgagee or a trustee
        appointed by it having the right to hold and disburse such proceeds as repair or restoration progresses, or to the payment of the
        outstanding principal balance of the Mortgage Loan, together with any accrued interest;

         

        (k)       In
        the case of a total or substantially total taking or loss, under the terms of the Ground Lease, an estoppel or

         
	34k	
        Review the Asset Status Reports for a
        notation that, to the Mortgage Loan Seller’s knowledge, there is a material default under such Ground Lease or
        condition that, but for the passage of time or giving of notice, would result in a material default under the terms of such
        Ground Lease. If no such notation is found, it will be a Test pass.

         
	Asset Status Reports
	34l	
        Review the Asset Status Reports for a notation
that, to the Mortgage Loan Seller’s knowledge, such Ground Lease was not in full force and effect as of the Closing Date.
If no such notation is found, it will be a Test pass.
	Asset Status Reports
	34m	
        Review the Ground Lease Documents for provisions
that the lessor is required to give to the Mortgagee written notice of any default, and provides that no notice of default or
termination is effective against the Mortgagee unless such notice is given to the Mortgagee. If such provisions are found, it
will be a Test pass. 
	Ground Lease Documents
	34n	
        Review the Ground Lease Documents for provisions
that the Mortgagee is permitted a reasonable opportunity (including, where necessary, sufficient time to gain possession of the
interest of the lessee under the Ground Lease through legal proceedings) to cure any default under the Ground Lease which is curable
after the Mortgagee’s receipt of notice of any default before the lessor may terminate the Ground Lease. If such provisions
are found, it will be a Test pass. 
	Ground Lease Documents
	34o	
        Review the Ground Lease for provisions that
impose any restrictions on subletting that would be viewed as commercially unreasonable by a prudent commercial mortgage lender.
If no such provisions are found, it will be a Test pass. 
	Ground Lease
	34p	
        Review the Ground Lease Documents and Mortgage
Loan Documents for an indication that any related insurance proceeds or the portion of the condemnation award allocable to the
ground lessee’s interest (other than (i) de minimis amounts for minor casualties or (ii) in respect of a total or substantially
total loss or taking as addressed in representation and warranty 34 subpart (k)) will be applied either to the repair or to restoration
of all or part of the related Mortgaged Property with (so long as such proceeds are in excess of the threshold amount specified
in 
	
        Ground Lease Documents;

        

        Mortgage Loan Documents

         



 


    JJ-30


     


    

 


	
        Representations and Warranties

        
	
        Test #
	
        Test
	
        Review Materials

	
        other agreement and the related
        Mortgage (taken together), any related insurance proceeds, or portion of the condemnation award allocable to the ground
        lessee’s interest in respect of a total or substantially total loss or taking of the related Mortgaged Property to the
        extent not applied to restoration, will be applied first to the payment of the outstanding principal balance of the Mortgage
        Loan, together with any accrued interest; and

         

        (l)       Provided
        that the Mortgagee cures any defaults which are susceptible to being cured, the ground lessor has agreed to enter into a new lease
        with the Mortgagee upon termination of the Ground Lease for any reason, including rejection of the Ground Lease in a bankruptcy
        proceeding.

         
	 	
        the related Mortgage
Loan Documents) the Mortgagee or a trustee appointed by it having the right to hold and disburse such proceeds as repair or restoration
progresses, or to the payment of the outstanding principal balance of the Mortgage Loan, together with any accrued interest.
If such indications are found, it will be a Test pass.

        
	 
	34q	
        Review the Ground Lease Documents and Mortgage
Loan Documents for an indication that, in the case of a total or substantially total taking or loss, under the terms of the Ground
Lease Documents and the related Mortgage (taken together), any related insurance proceeds, or portion of the condemnation award
allocable to the ground lessee’s interest in respect of a total or substantially total loss or taking of the related Mortgaged
Property to the extent not applied to restoration, will be applied first to the payment of the outstanding principal balance of
the Mortgage Loan, together with any accrued interest. If such an indication is found, it will be a Test pass.

        
	
        Ground Lease Documents;

        Mortgage Loan Documents

         

	34r	
        Review the Ground Lease Documents for provisions
that, provided that the Mortgagee cures any defaults which are susceptible to being cured, the ground lessor has agreed to enter
into a new lease with the Mortgagee upon termination of the Ground Lease for any reason, including rejection of the Ground Lease
in a bankruptcy proceeding. If such provisions are found, it will be a Test pass.
	Ground Lease Documents
	
        35.   Servicing. The servicing and collection
practices used by the

        Mortgage Loan Seller with respect to the Mortgage
        Loan have been, in all respects, legal and have met customary industry standards for servicing of commercial loans for conduit
        loan programs.

         
	35a	
        Review the Asset Status Reports for notation
to the effect that the servicing and collection practices used by the Mortgage Loan Seller with respect to the Mortgage Loan
have not been, in all respects, legal and have not met customary industry standards for servicing of commercial loans for
conduit loan programs. If no such notation is found, it will be a Test pass.
	Asset Status Reports
	
         36.  Origination and Underwriting.
The origination practices of the Mortgage Loan Seller (or the related originator if the Mortgage Loan

        
	36a	
        Review the Asset Status Reports for notation
to the effect that  the origination practices of the Mortgage Loan Seller (or the

        
	Asset Status Reports



 



    JJ-31


     


    


 


	
        Representations and Warranties
	
        Test #
	
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        Seller was not the originator) with respect to
        each Mortgage Loan   have been, in all material respects, legal and as of the date of its origination, such Mortgage
        Loan (or the related Loan Combination, as applicable) and the origination thereof complied in all material respects with, or
        was exempt from, all requirements of federal, state or local law relating to the origination of such Mortgage Loan; provided
        that such representation and warranty does not address or otherwise cover any matters with respect to federal, state
        or local law otherwise covered in Exhibit B of the related Mortgage Loan Purchase Agreement.

         
	 	
        related originator if the Mortgage Loan Seller was
        not the originator) with respect to each Mortgage Loan have not been, in all material respects, legal or as of the date
        of its origination, such Mortgage Loan (or the related Loan Combination, as applicable), and the origination thereof did not
        comply in all material respects with, or was not exempt from, all requirements of federal, state or local law relating to the
        origination of such Mortgage Loan; provided that the representation and warranty does not address or otherwise cover any
        matters with respect to federal, state or local law otherwise covered in Exhibit B to the related Mortgage Loan
        Purchase Agreement. If no such notation is found, it will be a Test pass.

         
	 
	
        37.   No Material Default;
        Payment Record. No Mortgage Loan has been more than 30 days delinquent, without giving effect to any grace or cure
        period, in making required debt service payments since origination and, as of the Cut-Off Date, no Mortgage Loan is more than
        30 days delinquent (beyond any applicable grace or cure period) in making required payments as of the Closing Date. To the
        Mortgage Loan Seller’s knowledge, there is (a) no material default, breach, violation or event of acceleration existing
        under the related Mortgage Loan, or (b) no event (other than payments due but not yet delinquent) which, with the passage of
        time or with notice and the expiration of any grace or cure period, would constitute a material default, breach, violation or
        event of acceleration, which default, breach, violation or event of acceleration, in the case of either (a) or (b),
        materially and adversely affects the value of the Mortgage Loan or the value, use or operation of the related Mortgaged
        Property, provided, however, that this representation and warranty does not cover any default, breach, violation or event of
        acceleration that specifically pertains to or arises out of an exception scheduled to any other representation and warranty
        made by the Mortgage Loan Seller in Exhibit B of the related Mortgage Loan Purchase Agreement (including, but not
        limited to, the prior sentence). No person other than the holder of such Mortgage Loan may declare any event of default under
        the Mortgage Loan or accelerate any indebtedness under the Mortgage Loan Documents.

         
	37a	
        Review the Asset Status Reports for notation that
        (i) the Mortgage Loan has been more than 30 days delinquent, giving effect to any grace or cure period, in making
        required debt service payments since origination, or (ii) the Mortgage Loan was delinquent (beyond any applicable grace or
        cure periods) as of the Cut-Off Date. If no such notation is found, it will be a Test pass.

         
	Asset Status Reports
	37b	
        Review the Asset Status Reports for notation of
        the Mortgage Loan Seller’s knowledge of (a) a material default, breach, violation or event of acceleration existing
        under the related Mortgage Loan, or (b) an event (other than payments due but not yet delinquent) which, with the passage of
        time or with notice and the expiration of any grace or cure period, would constitute a material default, breach, violation or
        event of acceleration, which default, breach, violation or event of acceleration, in the case of either (a) or (b),
        materially and adversely affects the value of the Mortgage Loan or the value, use or operation of the related Mortgaged
        Property, provided, however, that representation and warranty 37 does not cover any default, breach, violation or event of
        acceleration that specifically pertains to or arises out of an exception scheduled to any other representation and
        warranty made by the Mortgage Loan Seller in Exhibit B of the related Mortgage Loan Purchase Agreement (including, but
        not limited to, the prior sentence). If no such notation is found, it will be a Test pass.

        
	Asset Status Reports



 



    JJ-32


     


    


 


	
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        Test #
	
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	37c	
        Review the Asset Status Reports for a
        notation that a person other than the holder of such Mortgage Loan may declare any event of default under the Mortgage Loan
        or accelerate any indebtedness under the Mortgage Loan Documents. If no such notation is found, it will be a Test pass.

         
	Asset Status Reports
	
        38.   Bankruptcy. As of the date
        of origination of the related Mortgage Loan and to the Mortgage Loan Seller’s knowledge as of the Cut-Off Date, neither
        the Mortgaged Property (other than any tenants of such Mortgaged Property), nor any portion thereof, is the subject of,
        and  no Mortgagor, guarantor or tenant occupying a single-tenant property is a debtor in a state or federal bankruptcy,
        insolvency or similar proceeding.

         
	38a	
        Review the Lexis/Nexis (or comparable platform)
search and the Asset Status Reports for an indication that the Mortgaged Property (other than any tenants of such Mortgaged
Property), or any portion thereof, is the subject of, and the Mortgagor, guarantor or tenant occupying a single-tenant property
is a debtor in a state or federal bankruptcy, insolvency or similar proceeding. If no such indication or notation is found, it
will be a Test pass.

         
	
        Lexis/Nexis (or comparable platform) search;
Asset Status Reports

         

	
        39.   Organization of Mortgagor.
        With respect to each Mortgage Loan, in reliance on certified copies of the organizational documents of the Mortgagor
        delivered by the Mortgagor in connection with the origination of such Mortgage Loan (or related Loan Combination, as
        applicable), the Mortgagor is an entity organized under the laws of a state of the United States of America, the District of
        Columbia or the Commonwealth of Puerto Rico. Except with respect to any Mortgage Loan that is cross-collateralized
        and cross-defaulted with another Mortgage Loan, no Mortgage Loan has a Mortgagor that is an affiliate of another Mortgagor
        under another Mortgage Loan.

         
	39a	
        Review the certified copies of the
        organizational documents of  the Mortgagor (the “Organizational Documents”) for an indication that
        the Mortgagor is an entity organized under the laws of a state of the United States of America, the District of Columbia or
        the Commonwealth of Puerto Rico. If such indication is found, it will be a Test pass.

         
	Organizational Documents
	39b	
        Review the certified copies of the Organizational
Documents for an indication that, except with respect to any Mortgage Loan that is cross-collateralized and cross-defaulted
with another Mortgage Loan, no Mortgage Loan has a Mortgagor that is an affiliate of another Mortgagor under another Mortgage
Loan. If such an indication is found, it will be a Test pass.

        
	Organizational Documents
	
        40.   Environmental
        Conditions. A Phase I environmental site assessment (or update of a previous Phase I and or Phase II site
        assessment) and, with respect to certain Mortgage Loans, a Phase II environmental site assessment (collectively, an
        “ESA”) meeting ASTM requirements were conducted by a reputable environmental consultant in connection with
        such Mortgage Loan within 12 months prior to its origination date (or an update of a previous ESA was prepared), and

        
	40a	
        Review the Diligence File to determine if an
ESA (as defined in  representation and warranty 40) meeting ASTM requirements is included. If so, review the ESA for an indication
that it was conducted within 12 months prior to the origination date (or an update of a previous ESA was prepared) of the Mortgage
Loan. If such an indication is found, it will be a Test pass.
	Diligence File; ESA



 



    JJ-33


     


    


 


	
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        Test #
	
        Test
	
        Review Materials

        

	
        such ESA (i) did not identify the existence
of recognized environmental conditions (as such term is defined in ASTM E1527-05 or its successor, an “Environmental
Condition”) at the related Mortgaged Property or the need for further investigation, or (ii) if the existence of an
Environmental Condition or need for further investigation was indicated in any such ESA, then at least one of the following statements
is true: (A) an amount reasonably estimated by a reputable environmental consultant to be sufficient to cover the estimated cost
to cure any material noncompliance with applicable Environmental Laws or the Environmental Condition has been escrowed by the
related Mortgagor and is held or controlled by the related Mortgagee; (B) if the only Environmental Condition relates to
the presence of asbestos-containing materials, radon in indoor air, lead based paint or lead in drinking water, the only recommended
action in the ESA is the institution of such a plan, an operations or maintenance plan has been required to be instituted by the
related Mortgagor that, based on the ESA, can reasonably be expected to mitigate the identified risk; (C) the Environmental Condition
identified in the related environmental report was remediated or abated in all material respects prior to the date hereof, and,
if and as appropriate, a no further action or closure letter was obtained from the applicable governmental regulatory authority
(or the environmental issue affecting the related Mortgaged Property was otherwise listed by such governmental authority as “closed”
or a reputable environmental consultant has concluded that no further action is required); (D) an environmental policy or a lender’s pollution
legal liability insurance policy meeting the requirements set forth below that covers liability for the identified circumstance
or condition was obtained from an insurer rated no less than A- (or the equivalent) by Moody’s Investors Service, Inc.,
S&P Global Ratings and/or Fitch Ratings, Inc.; (E) a party not related to the Mortgagor was identified as the responsible
party for such condition or circumstance and such responsible party has financial resources reasonably estimated to be adequate
to address the situation; or (F) a party related to the Mortgagor having financial resources reasonably estimated to be adequate
to address the situation is required to take action. To the Mortgage Loan Seller’s knowledge, except as set forth in
the ESA, there is no Environmental Condition (as such term is defined in ASTM E1527-05 or its successor) at the related
	40b	
        Review the ESA for an indication that it identified
(i) the existence of a recognized Environmental Condition (as defined in representation and warranty 40) at the related Mortgaged
Property or (ii) the need for further investigation. If no such indication is found, it will be a Test pass.

         
	ESA
	40c	
        Review the ESA for an indication that it identified
(i) the existence of a recognized Environmental Condition (as defined in representation and warranty 40) at the related Mortgaged
Property or (ii) the need for further investigation. If such an indication is found, the following Test procedures (subparts 40c-1
through 40c-6) will be performed. If any of the subparts indications are found, it will be a Test pass.

         

        1. Review escrow statements (the “Escrow
        Statements”) for an indication that an amount reasonably estimated by a reputable environmental consultant to be sufficient
        to cover the estimated cost to cure any material noncompliance with applicable environmental laws or the Environmental Condition
        has been escrowed by the Mortgagor and is held by the related Mortgagee.

         

        2. Review the ESA for an indication that if the
        only Environmental Condition (as defined in representation and warranty 40) relates to the presence of asbestos-containing materials,
        radon in indoor air or lead-based paint or lead in drinking water, the only recommended action in the ESA is the institution of
        such a plan, and if so, a review of the Mortgage Loan Documents indicates that an operations or maintenance plan has been required
        to be instituted by the related Mortgagor that, based on the ESA, can reasonably be expected to mitigate the identified risk.

         

        3. Review the Diligence File for an indication
        that any Environmental Condition (as defined in representation and warranty 40) identified in the ESA was remediated or abated
        in all material respects prior to the Cut-Off Date, and if evidenced by a no further action or closure letter that was obtained
        from

         
	
        ESA; Escrow Statements; Mortgage Loan
Documents; Diligence File; Insurance Summary Report

         

         

         

	 	 	 




    JJ-34


     


    


  


	
        Representations and Warranties
	
        Test #
	
        Test
	
        Review Materials

	Mortgaged Property.	 	
        the applicable governmental regulatory authority
(or the environmental issue affecting the related Mortgaged Property was otherwise listed by such governmental authority
as “closed” or a reputable environmental consultant has concluded that no further action is required).

         

        4. Review the Insurance Summary Report for an indication
        that an environmental policy or a lender’s pollution legal liability insurance policy meeting the requirements set forth
        below that covers liability for the identified circumstance or condition was obtained from an insurer rated no less than “A-”
        (or the equivalent) by Moody’s Investors Service, Inc., S&P Global Ratings and/or Fitch Ratings, Inc.

         

        5. Review the Diligence File for an indication
        that a party not related to the Mortgagor was identified as the responsible party for such condition or circumstance and such responsible
        party has financial resources reasonably estimated to be adequate to address the situation.

         

        6. Review the Diligence File for an indication
        that a party related to the Mortgagor having financial resources reasonably estimated to be adequate to address the situation is
        required to take action.

         
	 
	
        41.   Appraisal. The Mortgage File
        contains an appraisal of the related Mortgaged Property with an appraisal date within six (6) months of the Mortgage Loan
        origination date, and within 12 months of the Closing Date. The appraisal is signed by an appraiser who is a Member of the
        Appraisal Institute (“MAI”) and, to the Mortgage Loan Seller’s knowledge, had no interest, direct or
        indirect, in the Mortgaged Property or the Mortgagor or in any loan made on the security thereof, and whose compensation is
        not affected by the approval or disapproval of the Mortgage Loan. Each appraiser has represented in such appraisal or in a
        supplemental letter that the appraisal satisfies the requirements of the “Uniform Standards of Professional Appraisal
        Practice” as adopted by the Appraisal Standards Board of the Appraisal Foundation. Each appraisal contains a statement,
        or is accompanied by a letter from the

         
	41a	
        Review the Appraisal for an indication that
it was dated within six (6) months of the Mortgage Loan origination date and within twelve (12) months of the Closing Date.
If such an indication is found, it will be a Test pass.

         
	Appraisal
	41b	
        Review the Appraisal
for an indication that it was signed by an appraiser represented to be an MAI (as defined in representation and warranty
41). If such an indication is found, it will be a Test pass.

         
	Appraisal
	41c	
        Review the Asset Status Reports for notation
that, to the Mortgage Loan Seller’s knowledge, the appraiser had an interest, direct or indirect, in the Mortgaged
Property or the Mortgagor or in any loan made on the security thereof, or whose compensation is affected by the approval or disapproval
of the

         
	Asset Status Reports



 



    JJ-35


     


    


  


	
        Representations and Warranties
	
        Test #
	
        Test
	
        Review Materials

	
        appraiser, to the effect that the appraisal
was performed in accordance with the requirements of the Financial Institutions Reform, Recovery and Enforcement Act of 1989,
as in effect on the date such Mortgage Loan was originated.

         
	 	
        Mortgage Loan. If no such notation is found,
it will be a Test pass.

         
	 
	41d	
        Review the Appraisal for an indication that
it includes a statement or a supplemental letter from the appraiser that the Appraisal satisfies the requirements of the
“Uniform Standards of Professional Appraisal Practice” as adopted by the Appraisal Standards Board of the Appraisal
Foundation and was performed in accordance with the requirements of the Financial Institutions Reform, Recovery and Enforcement
Act of 1989, as in effect on the date such Mortgage Loan was originated. If such indications are found, it will be a Test
pass.

         
	Appraisal
	
        42.  Mortgage Loan Schedule. The information
pertaining to each Mortgage Loan which is set forth in the Mortgage Loan Schedule is true and correct in all material respects
as of the Cut-Off Date and contains all information required by the Pooling and Servicing Agreement to be contained therein.

         
	42a	
        Review the Mortgage Loan Schedule attached
as an exhibit to the related Mortgage Loan Purchase Agreement and compare it to the corresponding information in (i) Annex
A to the Prospectus, (ii) Mortgage Loan Documents, (iii) Pooing and Servicing Agreement, and (iv) Asset Summary Report to determine
if there are discrepancies between the documents as of the Cut-Off Date. If there are no such discrepancies, it will be a Test
pass.

         
	
        Mortgage Loan Purchase Agreement; Annex
A to Prospectus; Mortgage Loan Documents; Pooling and Servicing Agreement; Asset Summary Report

         

	42b	
        Compare the information in the Mortgage Loan
Schedule to the requirements of the Pooling and Servicing Agreement to determine if they match. If there are no discrepancies,
it will be a Test pass.

         
	
        Mortgage Loan Schedule; Pooling and Servicing Agreement

         

	
        43.   Cross-Collateralization. Except with
        respect to a Mortgage Loan that is part of a Loan Combination, no Mortgage Loan is cross-collateralized or
        cross-defaulted with any other Mortgage Loan that is outside the Mortgage Pool, except as set forth on Exhibit B-30-3
        of the related Mortgage Loan Purchase Agreement.

         
	43a	
        Except for any Mortgage Loan that is part of
a Loan Combination or any Mortgage Loan otherwise set forth on Exhibit B-30-3 of the related Mortgage Loan Purchase
Agreement, review the Asset Status Reports for notation that the Mortgage Loan is cross-collateralized or cross-defaulted with
any other Mortgage Loan that is outside the Mortgage Pool. If no such notation is found, it will be a Test pass.

         
	Asset Status Reports
	
        44.   Advance of
Funds by the Mortgage Loan Seller. After origination, no advance of funds has been made by the Mortgage Loan Seller to
the related Mortgagor other than in accordance with the Loan Documents, and, to the Mortgage Loan Seller’s knowledge, no
funds have been received from any person other than the related Mortgagor
	44a	
        Review the Asset Status Reports for notation
that, after origination, an advancement of funds has been made by the Mortgage Loan Seller to the related Mortgagor other
than in accordance with the Mortgage Loan Documents, or, to the Mortgage Loan Seller’s knowledge, funds have been received
	Asset Status Reports



 



    JJ-36


     


    


 


	
        Representations and Warranties
	
        Test #
	
        Test
	
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        or an affiliate for, or on account
        of, payments due on the Mortgage Loan (other than as contemplated by the Loan Documents, such as, by way of example and not
        in limitation of the foregoing, amounts paid by the tenant(s) into a Mortgagee-controlled lockbox if required or contemplated
        under the related lease or Loan Documents). Neither the Mortgage Loan Seller nor any affiliate thereof has any obligation to
        make any capital contribution to any Mortgagor under a Mortgage Loan, other than contributions made on or prior to the date
        hereof.

         
	 	
        from any person other than the related Mortgagor
or an affiliate for, or on account of, payments due on the Mortgage Loan (other than as contemplated by the Mortgage Loan
Documents, such as, by way of example and not in limitation of the foregoing, amounts paid by the tenant(s) into a Mortgagee-controlled lockbox if required or contemplated under the related lease or Mortgage Loan Documents). If no such notation is found,
it will be a Test pass.

         
	 
	44b	
        Review the Asset Status Reports for notation
that the Mortgage Loan Seller, or an affiliate has an obligation to make any capital contribution to any Mortgagor under
a Mortgage Loan, other than contributions made on or prior to the Closing Date. If no such notation is found, it will be a Test
pass.

         
	Asset Status Reports
	
        45.   Compliance with Anti-Money Laundering
Laws. The Mortgage Loan Seller has complied in all material respects with all applicable anti-money laundering laws and
regulations, including without limitation the USA Patriot Act of 2001 with respect to the origination of the Mortgage Loan.

         
	45a	
        Review the Asset Status Reports for notation
that the Mortgage Loan Seller has not complied in all material respects with all applicable anti-money laundering laws and
regulations, including without limitation the USA Patriot Act of 2001 with respect to the origination of the Mortgage Loan. If
no such notation is found, it will be a Test pass.

         
	Asset Status Reports


 






    JJ-37


     


    

 









 


EXHIBIT KK


 


CERTIFICATION TO CERTIFICATE ADMINISTRATOR
REQUESTING ACCESS TO SECURE DATA ROOM


 





Citibank, N.A.

388 Greenwich Street 


New York, New York 10013 


Attention: Global Transaction Services – CGCMT 2017-P8


 


	Attention:	Citigroup Commercial Mortgage Trust 2017-P8, Commercial Mortgage Pass-Through
                                         Certificates, Series 2017-P8



  


In accordance with
the requirements for obtaining access to the Secure Data Room pursuant to the Pooling and Servicing Agreement, dated as of September
1, 2017 (the “Pooling and Servicing Agreement”), between Citigroup Commercial Mortgage Securities Inc., as Depositor,
Wells Fargo Bank, National Association, as Master Servicer, KeyBank National Association, as Special Servicer, Pentalpha Surveillance
LLC, as Operating Advisor and Asset Representations Reviewer, Citibank, N.A., as Certificate Administrator, and Wilmington Trust,
National Association, as Trustee, with respect to the certificates (the “Certificates”), the undersigned hereby
certifies and agrees as follows:





 





		1.	The undersigned is an authorized representative of [________________________].



  


		2.	The undersigned acknowledges and agrees that (a) access to the Secure Data
Room is being granted to it solely for purposes of the undersigned carrying out its obligations under the Pooling and Servicing
Agreement, (b) it will not disseminate or otherwise make information contained on the Secure Data Room available to any other person
except in accordance with the Pooling and Servicing Agreement or otherwise with the written consent of the Depositor and (c) it
will only access information relating to the Mortgage Loans to which the Asset Review relates.



  


		3.	The undersigned agrees that each time it accesses the Secure Data Room, the
undersigned is deemed to have recertified that the representations above remains true and correct.



  


		4.	[The undersigned is not a Certificateholder, a beneficial owner or a prospective
purchaser of any Certificate.]1



  





 








1 Required
to the extent that a party other than the Asset Representations Reviewer is identified by the Depositor as needing access to the
Secure Data Room.


 






    KK-1 


     


    

  


BY ITS CERTIFICATION HEREOF, the undersigned
has made the representations above and shall have 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:





 


Dated: ______________





 


[Citigroup Commercial Mortgage
Securities Inc. 


as Depositor]1


 


	By:	 	 
		[Name]

[Title]	



 






    KK-2 


     


    




 


EXHIBIT LL


 


FORM OF NOTICE OF [ADDITIONAL DELINQUENT
MORTGAGE LOAN][CESSATION OF DELINQUENT MORTGAGE LOAN][CESSATION OF ASSET REVIEW TRIGGER]


 


[Date]


 


	
        Wells Fargo Bank, National Association 

        Commercial Mortgage Servicing 

        Three Wells Fargo 

        MAC D1050-084

401 South Tryon Street, 8th Floor 

        Charlotte, North Carolina 28202 

        Attention: CGCMT 2017-P8 Asset Manager

        Email: Commercial.servicing@wellsfargo.com
	
        KeyBank National Association 

        11501 Outlook Street,
Suite 300 

        Overland Park, Kansas
66211 

        Attention: Alan Williams 

        Email: Keybank_notices@keybank.com

	 	 
	
        Pentalpha Surveillance LLC 

        375 N. French Road, Suite 100 

        Amherst, New York, 14228 

        Attention: CGCMT 2017-P8 Transaction Manager, with
copies sent contemporaneously via e-mail to notices@pentalphasurveillance.com with the deal name in the subject line 
	 


 


		Attention:	Citigroup Commercial Mortgage Trust 2017-P8,
                                         Commercial Mortgage Pass-Through Certificates, Series 2017-P8



 


In accordance with
Section 11.01(a) of the Pooling and Servicing Agreement, dated as of September 1, 2017 (the “Pooling and Servicing Agreement”),
between Citigroup Commercial Mortgage Securities Inc., as Depositor, Wells Fargo Bank, National Association, as Master Servicer,
KeyBank National Association, as Special Servicer, Pentalpha Surveillance LLC, as Operating Advisor and Asset Representations Reviewer,
Citibank, N.A., as Certificate Administrator, and Wilmington Trust, National Association, as Trustee, the Certificate Administrator
hereby notifies you that as of [RELATED DISTRIBUTION DATE]:





 


		1.	_____ An additional Mortgage Loan has become a Delinquent Loan.



  


		2.	_____ A Mortgage Loan has ceased to be a Delinquent Loan.



 


		3.	_____ An Asset Review Trigger has ceased to exist.






(check all that apply)


 


Capitalized terms used
but not defined herein have the respective meanings given to them in the Pooling and Servicing Agreement.


 






    LL-1 


     


    

 


	 	Citibank, N.A., as Certificate
Administrator for the Holders of the Citigroup Commercial Mortgage Trust 2017-P8, Commercial Mortgage Pass-Through Certificates,
Series 2017-P8
	 	 	 
	 	By:	 
	 	 	[Name]

[Title]





 






    LL-2 


     


    




 


EXHIBIT MM


 


Form
of Certificate Administrator Receipt in Respect of Certificates Evidencing Some or All of the VRR Interest


 


[Date]


  


[Name and Address of Retaining Party]


 


		Re:	Citigroup Commercial Mortgage Trust 2017-P8, Commercial
                                                               Mortgage Pass-Through Certificates, Series 2017-P8 (Citigroup Commercial Mortgage Securities Inc. as Depositor)



  


In accordance with Section 5.02(f)
of the Pooling and Servicing Agreement, dated as of September 1, 2017 (the “Agreement”), pursuant to which the
captioned series of commercial mortgage pass-through certificates (the “Certificates”) were issued, the undersigned,
as Certificate Administrator, hereby acknowledges receipt and possession of, and further agrees that it will hereafter hold in
the Retained Interest Safekeeping Account, the Certificates identified on Schedule I attached hereto (the “Subject Certificates”),
which constitute some or all of the VRR Interest, for the benefit of [Name of Retaining Party], the registered holder of the Subject
Certificates, pursuant to the Agreement. Payments on the Subject Certificates will be made to the registered holder thereof in
accordance with the Agreement, including pursuant to any written wiring instructions provided in accordance with the Agreement.


 


This receipt is solely
for the benefit of the addressee and is non-transferable. Possession of this receipt by any other Person will not entitle such
Person to delivery of, or any rights in respect of, the Subject Certificates. The Subject Certificates are subject to the restrictions
on transfer set forth in, and may not be released from the Retained Interest Safekeeping Account except in accordance with, the
Agreement.


 


Capitalized terms used
but not defined herein shall the respective meanings set forth in the Agreement.


 





	 	Citibank,
n.a.,

not in its individual capacity

but solely as Certificate Administrator
	 	 	 
	 	By:	 
	 	 	Name:

Title:


 






    MM-1 


     


    




 





Schedule I


 


Certificates Registered in the Name of
[Retaining Party]


 


	
        Class

(CUSIP) 
	
        Certificate

No. 
	
        Initial

Certificate Balance 



 






    MM-2 


     


    

 


EXHIBIT
NN


 


Form
of Notice of Exchange of Exchangeable Groups of Certificates


 


[Date]


 


[Certificateholder
Letterhead]


 


Citibank,
N.A.

388 Greenwich Street 


New
York, New York 10013 


Attention:
Global Transaction Services – CGCMT 2017-P8


 


		Re:	Citigroup
                                         Commercial Mortgage Securities Inc., Commercial Mortgage Pass-Through Certificates,
                                         Citigroup Commercial Mortgage Trust 2017-P8



 


Ladies
and Gentlemen:


 


Pursuant
to the terms of the Pooling and Servicing Agreement, dated as of September 1, 2017 (the “Pooling and Servicing Agreement”),
entered into and executed in connection with the above referenced transaction, we hereby (i) certify that as of the date above,
the undersigned is the beneficial owner of the Exchangeable Group of Certificates identified on the attached Schedule I as “Certificates
to be Surrendered”, is duly authorized to deliver this notice to the Certificate Administrator and that such power has not
been granted or assigned to any other Person and the Certificate Administrator may conclusively rely upon this notice and (ii)
give notice of our intent to present and surrender the Exchangeable Group of Certificates identified on the attached Schedule
I as “Certificates to be Surrendered” and all of our right, title and interest in and to such Certificates, including
all payments of interest thereon received after [_____________], in exchange for the corresponding Exchange Group of Certificates
identified on the attached Schedule I as “Certificates to be Received”. We propose an Exchange Date of [______].


 


We
agree that upon such exchange, our interests in the portions of the Certificates surrendered in exchange shall be reduced and
our interest in the portion of the Certificate received in such exchange shall be increased.


 


The
Certificate Balances specified on the attached Schedule I satisfy the requirements of Section 5.13 of the Pooling and Servicing
Agreement.


 


[[If
Applicable] Our Depository participant number is [________].]


 






     NN-3


     


    

 


Capitalized
terms used in this notice but not defined herein have the meanings assigned to them in the Pooling and Servicing Agreement.


 






     NN-4


     


    

 


Sincerely,


 


[_____________]


 





	By:	 	 
	 	Name:	 
	 	Title:	 



 


[Medallion
Stamp Guarantee]


 






     NN-5


     


    

 


Schedule
I to Exhibit NN


  


	Certificates
                                         to be Surrendered 

	 
	CUSIP 
	 	Outstanding
                                         

Certificate Balance 
	 	Initial
                                         Certificate

 Balance 



 





	Certificates
                                         to be Received

	 
	CUSIP 
	 	Outstanding
                                         

Certificate Balance 
	 	Initial
                                         Certificate

 Balance 



 






     NN-6