Document:

Executive Management Cash Bonus Plan

 Exhibit 10.1 
 EXECUTIVE MANAGEMENT 
 CASH BONUS PLAN 
 NORTHSTAR NEUROSCIENCE, INC. 
  

			
	Overview:	  	This Executive Management Cash Bonus Plan (the “Plan”) of Northstar Neuroscience, Inc. (“Northstar” or the “Company”) is designed to provide a
method for determining cash bonuses to certain members of the Company’s management team, and other eligible employees. The purpose of the Plan is to increase shareholder value by providing an incentive to such persons for positively influencing
the Company’s business.
		
	Plan Year:	  	Northstar’s fiscal year, which ends on December 31.
		
	Participants:	  	Northstar’s Section 16 reporting officers, and other personnel of the Company as designated by the Compensation Committee, are eligible to participate in the Plan (the
“Participants”).
		
		  	The Chief Executive Officer (the “CEO”) and the Chief Operating Officer (the “COO”) have the authority to recommend Participants. The Compensation Committee has
the sole authority to designate Participants.
		
		  	Eligibility will cease upon termination of the Participant’s employment, withdrawal of designation by the Compensation Committee, transfer to a position compensated otherwise than as
provided in the Plan, termination of the Plan by the Compensation Committee, or if the Participant engages, directly or indirectly, in any activity that is in conflict with the Participant’s employment, confidentiality, non-compete or
non-solicitation agreements (as applicable).
		
		  	If a Participant changes from an eligible position to an ineligible position during the Plan Year, eligibility to participate will be at the discretion of the Compensation
Committee.
		
	Target Bonus:	  	The Target Bonus for each Participant shall be established for the Participant by the Compensation Committee (or in the case of the CEO, by the Board of Directors upon the recommendation of the
Compensation Committee) no later than ninety (90) days after the beginning of the Plan Year. The Target Bonus shall be the amount that would be paid to the Participant under the Plan if 100% of the Corporate Performance Goals (defined below) were
met and if the assessment of individual performance was at 100%. The Target Bonus may be established as a percentage of Base Pay, a specific dollar amount, or according to another method established by the Compensation Committee. The amount of the
Target Bonus earned by the Participant shall be based on the achievement of Corporate Performance Goals, and evaluation of overall performance of the individual.
		
	Base Pay:	  	Base Pay is the annual pay rate established for the Participant by Northstar and in effect on the last day of the Plan Period or, in the case of a deceased or disabled Participant, on the last
day of participation in the Plan. Northstar, in conjunction with the Compensation Committee, may at any time, in its sole discretion, prospectively revise the Participant’s Base Pay.
		
	 Corporate
 Performance
 Goals:
	  	In accordance with Section 162(m) of the Internal Revenue Code, the Compensation Committee shall select one or more corporate performance goal measures (the “Corporate Performance
Goals”) from among: clinical trial milestones, including enrollment; investigational device exemption filings and related FDA consents; intellectual property filings and patent issuances; product development milestones; clinical trial data
analyses and results; financings and licensing agreements; financial results in comparison to budget; and other significant corporate milestones. The Compensation Committee shall select the Corporate Performance Goals no later than ninety (90) days
after the beginning of the Plan Year.

			
		  	The Compensation Committee shall select the amount of the Target Bonus for each Participant that will be determined by achievement of the Corporate Performance Goals.
		
		  	If the Corporate Performance Goals approved by the Compensation Committee are not met, no bonus will be payable under the Plan.
		
		  	The Compensation Committee may establish any special adjustments that will be applied in calculating whether the Corporate Performance Goals have been met to account for extraordinary
items.
		
		  	The maximum performance level for each Corporate Performance Goal is 100%.
		
	 Individual
 Performance:
	  	Individual performance shall be assessed by considering the participant’s overall performance, including consideration of individual goals and achievements, as well as goals and
achievements of the staff and functions for which the participant is directly responsible.
		
	Bonus Payout:	  	The Bonus Payout for each Participant is based on the achievement of Corporate Performance Goals and an assessment of individual performance. A Bonus Payout under this Plan is earned upon the
Compensation Committee’s review and approval in accordance with the Plan, and will be paid according to the Plan if the Participant:
		
		  	1) remains an employee of the Company through the date of payment of the bonus, unless employment is terminated prior to the payment date due to death or disability, and
		
		  	2) refrains from engaging in any activity that is competitive with the Participant’s employment, confidentiality, non-compete or non-solicitation agreements (as
applicable).
		
		  	The Compensation Committee, in its discretion, may determine that the Bonus Payout for any Participant will be less than (but not greater than) the amount earned by such Participant under the
Plan.
		
	 Bonus Payout
 Prorations:
	  	For any Participant who meets eligibility criteria after the start of the Plan Year or whose employment with Northstar is terminated prior to the date of payment because of disability or death,
the Compensation Committee, at its discretion, may prorate the Bonus Payout. If the Participant is on a leave of absence for a portion of the Plan Year, the Compensation Committee at its discretion may reduce the Participant’s Bonus Payout on a
pro-rata basis.
		
		  	Upon a change in control involving ownership of 50% or greater of the Company, through the date of such transaction, the Committee shall review the achievement of Corporate Performance Goals and
assess individual performance for the purpose of determining potential pro-rata bonus payouts.

  

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	Bonus Payout Calculation:	  	Within ninety (90) days after the end of the Plan Year, the Compensation Committee shall review and approve for each Participant the level of achievement of the Corporate Performance Goals and
each participant’s individual performance. This evaluation will be used to calculate the Bonus Payout for each Participant. The Compensation Committee shall review the Bonus Payout Calculation for each Participant.
		
		  	The Bonus Payout will be determined by multiplying (a) the Participant’s Target Bonus by (b) the level of Corporate Performance Goals achieved, as determined by the Compensation Committee,
to arrive at the maximum payout under the plan. This amount may then be maintained or reduced (but not increased) by the Committee based on review and approval of an assessment of individual performance, but in no event will a Participant’s
Bonus Payout exceed the Target Bonus.
		
		  	By way of example only, if the Compensation Committee established the Participant’s Target Bonus at $50,000, and the Compensation Committee determined that 70% of the Corporate Performance
Goals were satisfied, then the maximum bonus payout for that participant would be $35,000. This maximum payout could then be adjusted lower based on assessment of the participant’s overall individual performance. If this secondary assessment
was determined to be at the 80% level, then the Bonus Payout would be set at 80% of $35,000, or $28,000.
		
	Administration:	  	The Compensation Committee is responsible for administering the Plan, approving the Corporate Performance Goals and the level of achievement of the Corporate Performance Goals, and assessment of
individual performance, and otherwise determining all Bonus Payouts under the Plan.
		
		  	The Compensation Committee shall have the sole authority to interpret and construe the terms of this Plan. All determinations by the Compensation Committee shall be final and
conclusive.
		
	Termination of Employment:	  	The Plan is not a contract of employment for any period of time. Any Participant may resign or be terminated at any time for any or no reason. Employment and termination of employment are
governed by Northstar policy and not by the Plan.
		
	Revisions to the Plan:	  	The Plan will be reviewed by the CEO, the Chief Operating Officer, and the Compensation Committee on a periodic basis for revisions. Northstar reserves the right at its discretion with or
without notice, to review, change, amend or cancel the Plan, at any time.

  

 3Collateral Management Agreement

 Exhibit 10.1 
 COLLATERAL MANAGEMENT AGREEMENT 
 COLLATERAL MANAGEMENT AGREEMENT, dated as of April 2, 2007
(this “Agreement”), between CBRE Realty Finance CDO 2007-1, Ltd., an exempted company incorporated under the laws of the Cayman Islands (the “Issuer”) and CBRE Realty Finance Management, LLC, a Delaware limited
liability company (“CBRERM”). 
 WHEREAS, the Issuer desires to engage CBRERM (the “Collateral Manager”,
until a successor Person becomes the collateral manager hereunder, and thereafter “Collateral Manager” shall mean such successor Person) to provide the services described herein and CBRERM desires to provide such services; and

 WHEREAS, capitalized terms used herein that are not otherwise defined herein shall have the respective meanings ascribed thereto in the
Indenture, dated as of April 2, 2007 (the “Indenture”), among the Issuer, CBRE Realty Finance CDO 2007-1, LLC, as co-issuer (the “Co-Issuer”), CBRE Realty Finance, Inc. as advancing agent and LaSalle Bank
National Association, as trustee (in such capacity, the “Trustee,” until a successor Person becomes the trustee under the Indenture, and thereafter “Trustee” shall mean such successor Person), paying agent,
calculation agent, transfer agent, custodial securities intermediary, backup advancing agent and notes registrar. 
 NOW, THEREFORE, in
consideration of the mutual covenants and agreements herein, the parties hereto hereby agree as follows: 
 Section 1. Acceptance
of Appointment and other Matters Relating to CBRERM. 
 (a) The Issuer hereby appoints CBRERM to act as the Collateral Manager under
this Agreement and to manage the Collateral Interests in accordance with the limitations described herein, the Servicing Agreement and in the Indenture and CBRERM accepts such appointment. In furtherance of the foregoing, the Issuer appoints the
Collateral Manager as its representative to take actions permitted or required in accordance with this Agreement, the Servicing Agreement and the Indenture. The Issuer hereby agrees to comply with all directions of the Collateral Manager made in
accordance with the terms of this Agreement and the Indenture. 
 (b) The Collateral Manager shall have full power and authority, acting
alone or through any party properly designated by it, to do any and all things in connection with its servicing and management duties which it may deem necessary or desirable and are permitted or not expressly prohibited by this Agreement, the
Servicing Agreement or the Indenture. 
 (c) In providing the services hereunder, the Collateral Manager may, without the prior consent of
the Issuer, the Trustee or any Noteholder, employ third parties, including its Affiliates, to render advice (including advice with respect to the exercise of remedies under the Collateral Interests) and assistance to the Issuer, subject in each case
to the terms hereof and of the Indenture; provided, however, that the Collateral Manager shall not be relieved of any of its duties or liabilities hereunder regardless of the performance of any services by third parties. 

 (d) The Collateral Manager shall comply with and perform its administration and management obligations
with respect to the Collateral Interests in accordance with applicable requirements of law. 
 (e) Subject to any directions of the Issuer to
the Collateral Manager in writing and subject to the terms of the Indenture and the provisions hereof, the Issuer hereby irrevocably (except as provided below) appoints the Collateral Manager as its true and lawful agent and attorney-in-fact (with
the power of substitution) in its name, place and stead, in connection with the performance of its duties provided for in this Agreement, including, without limitation, the following powers: (A) to give any necessary receipts or acquittance for
amounts collected or received hereunder, (B) to make all necessary transfers of the Collateral Interests and the Eligible Investments in connection with any sale or other disposition made pursuant hereto, (C) to execute (under hand, under
seal or as a deed) and deliver on behalf of the Issuer all necessary or appropriate bills of sale, assignments, agreements and other instruments in connection with any such sale or other disposition and (D) to execute (under hand, under seal or
as a deed) and deliver on behalf of the Issuer any agreements, instruments, orders or other documents in connection with or pursuant to this Agreement and relating to any Collateral Interest or Eligible Investment. The Issuer hereby ratifies and
confirms all that such attorney-in-fact (or any substitute) shall lawfully do hereunder and pursuant to this Agreement. Nevertheless, if so requested by the Collateral Manager or by a purchaser of any Collateral Interest or Eligible Investment, the
Issuer shall ratify and confirm any such sale or other disposition by executing and delivering to the Collateral Manager or such purchaser all proper bills of sale, assignments, releases and other instruments as may reasonably be designated in any
such request. The appointment herein of the Collateral Manager as the Issuer’s agent and attorney-in-fact shall automatically cease and terminate upon any termination of this Agreement or the resignation, termination or removal of the
Collateral Manager pursuant to Section 13 of this Agreement. 
 Section 2. Management Services. The Collateral
Manager will provide the Issuer with the following services (in accordance with and subject to the applicable requirements of the Indenture and Servicing Agreement): 
 (a) identifying Collateral Interests to be sold and additional Collateral Interests to be purchased by the Issuer during the Ramp-Up Period and the Reinvestment Period in accordance with the provisions of this
Agreement and the Indenture (including, without limitation, the Eligibility Criteria and the Reinvestment Criteria), and the timing thereof with a view to maximizing the recovery on such Collateral Interests and taking into consideration the payment
obligations of the Issuer under the Indenture; provided, however, that the Collateral Manager does not hereby guarantee the timely performance of such payment obligations; 
 (b) determining whether Collateral Interests have become Defaulted Interests, Credit Risk Interests, Buy/Sell Interests or Spread Appreciated Interests;

 (c) making determinations and taking action, or advising the Trustee with respect to the actions to be taken, with respect to the
Issuer’s exercise of or waiver of any rights, including but not limited to voting rights, or remedies in connection with the Collateral Interests; 
  

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 (d) (i) with respect to Collateral Interests that are CMBS Securities or CRE CDO Securities, for each
such Collateral Interest as to which the Issuer has the right to select (or to vote on the selection of) on behalf of the Issuer, an Operating Advisor or a Controlling Class Representative or similar entity, to exercise such right on behalf of the
Issuer in accordance with the terms of the documents providing such rights and (ii) with respect to Collateral Interests that are Whole Loans, Mezzanine Loans, B Notes and Participations, to consult with and advise the applicable CDO Servicer
with respect to such CDO Servicer’s exercise of the Issuer’s voting or control rights with respect to such Collateral Interests pursuant to the related Servicing Agreement; 
 (e) (i) with respect to Collateral Interests that are CMBS Securities or CRE CDO Securities, determining whether to approve or consent to any amendment,
modification, sale or liquidation, or forgiveness of any payment on, the Collateral Interests or whether to give any other approval or consent permitted or required under the applicable Underlying Instrument, to the extent such approval is required
or permitted and delivering such approval or consent, as applicable and (ii) with respect to certain Collateral Interests that are Whole Loans, Mezzanine Loans, B Notes and Participations, consulting with, and advising the applicable CDO
Servicer with respect to such CDO Servicer’s exercise of the Issuer’s approval or consent rights pursuant to the related Servicing Agreement; 
 (f) with respect to all Collateral Interests, for each such Collateral Interest as to which the Issuer has the right to select (or to vote on the selection of) on behalf of the Issuer, the special servicer, to
exercise such right on behalf of the Issuer in accordance with the terms of the documents providing such rights; provided, however, that if any such special servicer is appointed other than in the context of a rated securitization, the Rating Agency
Condition shall be satisfied with respect to such special servicer; provided, further, that the Collateral Manager may serve as such special servicer as long as it either meets the requirements specified in the Servicing Agreement relating to such
special servicer qualifications or receives Ratings Confirmation. 
 (g) consulting with any rating agencies rating any Class of Notes (the
“Rating Agencies”) at such times as may be reasonably requested by the Rating Agencies and providing the Rating Agencies with any information in its possession reasonably requested in connection with the Rating Agencies’
monitoring of the Collateral Interests; 
 (h) subject to confirmation from the CDO Special Servicer, advancing, on behalf of the Issuer, any
Cure Advance to cure an Event of Default pursuant to Section 17.3 of the Indenture; 
 (i) subject to confirmation from the CDO Special
Servicer, determining whether a Nonrecoverable Cure Advance has been made, or if a proposed Cure Advance if made would constitute a Nonrecoverable Cure Advance, pursuant to Section 17.3 of the Indenture; 
 (j) on or prior to any day which is a Redemption Date for the Notes, directing the Trustee to dispose of the Collateral Interests and any other
Collateral pursuant to the Indenture and otherwise comply with all redemption procedures and certification requirements in the Indenture in order to allow the Trustee to effect such redemption; 
  

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 (k) monitoring the Collateral Interests on an ongoing basis to the extent necessary to fulfill its duties
under this Agreement and, upon request, providing to the Issuer or the Trustee information with respect to the Collateral Interests in its possession as may be required to enable the Issuer and the Trustee to prepare the reports required under
Section 10.14 of the Indenture; 
 (l) selecting Eligible Investments for purchase by the Trustee in accordance with the Indenture and
participating in the committees (official or otherwise) or other groups formed by creditors of an issuer of CMBS Securities; and 
 (m)
complying with the other duties and responsibilities of the Collateral Manager expressly assigned to the Collateral Manager under the Indenture. 
 In addition, during the Reinvestment Period the Collateral Manager shall, subject to the conditions and under the limited circumstances set forth in the Indenture, be permitted to, and is hereby authorized to, direct the Trustee to sell
certain Collateral Interests in Discretionary Sales. 
 For the avoidance of doubt, notwithstanding anything to the contrary herein or in the
Indenture, Collateral Manager shall not have any obligation whatsoever for the making of any advances, including Cure Advances and Interest Advances. Any such obligation to make Cure Advances shall be the exclusive responsibility of the Income
Noteholders and any such obligation to make Interest Advances shall be the exclusive responsibility of CBRE Realty Finance, Inc., and any successor thereto as Advancing Agent under the Indenture. 
 The Collateral Manager shall, in rendering its services in accordance with this Agreement, use a degree of skill and attention no less than that which
the Collateral Manager exercises with respect to comparable assets that it manages for itself and for others in accordance with applicable law, the specific laws of the Underlying Instruments relating to the Collateral Interests, its existing
practices and procedures relating to assets of the nature and character of the Collateral Interests, except as expressly provided otherwise in this Agreement or the Indenture. The Collateral Manager shall follow its customary standards, policies and
procedures and practices and procedures followed by prudent institutional managers of national standing managing assets of the nature and character of the Collateral Interests in performing its duties hereunder. The Collateral Manager shall comply
with and perform all the duties and functions that have been specifically delegated to it under this Agreement. The Collateral Manager shall cause any sale of any Collateral Interest to be conducted in accordance with the procedures set forth in the
Indenture. 
 The Collateral Manager shall have the right to obtain any information relating to the Collateral Interests directly from the
applicable lender, borrower or issuer and is hereby authorized to take all reasonable actions necessary to accomplish the foregoing. 
 The
Collateral Manager agrees and consents to the provisions contained in Section 15.1(f) of the Indenture. 
 Any purchase or sale of any
Collateral Interest or Eligible Investment shall be conducted in accordance with the provisions of the Indenture and shall be on arm’s-length terms. 
  

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 The Collateral Manager shall render its services hereunder without regard to: 
 (a) the potential conflicts set forth in Section 9 hereof including any relationship that the Collateral Manager or any Affiliate of the Collateral
Manager may have with any borrower of any mortgage loans underlying the Collateral Interests, any other parties to this Agreement or the Indenture or any of their respective Affiliates, including any lending relationship with or equity interest in
such borrower; 
 (b) the Collateral Manager’s obligation to incur expenses with respect to its obligations hereunder or under the
Indenture; 
 (c) the Collateral Manager’s right to receive compensation for its services hereunder or with respect to any particular
transaction; 
 (d) the ownership or servicing or management for others, by the Collateral Manager, or any of its Affiliates of any other
assets of similar nature to the Collateral Interests; 
 (e) any repurchase or indemnity obligation on the part of the Seller; 
 (f) the Person that originated any Collateral Interests; 
 (g) the repayment of any Cure Advances made by it or any affiliate thereof; or 
 (h) ownership by it or any
affiliate thereof of any loans made to an obligor of a Collateral Interest or its affiliate or any preferred equity in such obligor. 
 The
Collateral Manager shall comply with all the terms and conditions of the Indenture affecting the duties and functions that have been delegated to it thereunder and hereunder. However, the Collateral Manager shall not be bound to follow any amendment
to the Indenture until it has received written notice thereof and until it has received a copy of the amendment from the Issuer or the Trustee; provided, however, that with respect to any amendment to the Indenture which affects the
rights, obligations or compensation of the Collateral Manager, the Collateral Manager shall not be bound thereby unless the Collateral Manager shall have expressly consented thereto in writing. 
 Section 3. Brokerage. The Collateral Manager shall seek to obtain the best commercially reasonable execution for all orders placed
with respect to the Collateral Interests, considering all circumstances and the procedures set forth in the Indenture. The Issuer acknowledges that such determination by the Collateral Manager is subjective and represents the Collateral
Manager’s evaluation at the time that the Issuer may be benefited by relatively better prices, lower expenses and beneficial timing of transactions or a combination of these and other factors. The Collateral Manager may (but shall not be
required to) aggregate orders of securities placed with respect to the Collateral Interests with similar orders being made simultaneously for its own account and other accounts managed by the Collateral Manager or with accounts of the Collateral
Manager and of the Affiliates of the Collateral Manager, if in the Collateral Manager’s sole judgment in accordance with the standard herein such aggregation may be expected to result in an overall economic benefit to the Issuer taking into
consideration the selling price, brokerage commission and other expenses. 
  

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 All sales of Collateral Interests by the Collateral Manager on behalf of the Issuer shall be in
accordance with its reasonable and customary business practices and in compliance with applicable laws. 
 Section 4.
Representations and Warranties of the Issuer. The Issuer represents and warrants to the Collateral Manager that: 
 (a) the Issuer
is an exempted company duly incorporated, validly existing and in good standing under the laws of the Cayman Islands, has the full power and authority to own its assets and to transact the business in which it is presently engaged and is duly
qualified under the laws of each jurisdiction where its ownership or lease of property or the conduct of its business requires, or the performance of its obligations under this Agreement would require, such qualification, except for failures to be
so qualified, authorized or licensed which would not in the aggregate have a material adverse effect on the business, operations, assets or financial condition of the Issuer; 
 (b) the Issuer has full power and authority to execute, deliver and perform this Agreement and all obligations imposed upon it hereunder; 
 (c) this Agreement has been duly authorized, executed and delivered by it and, when executed and delivered by CBRERM, constitutes its legal, valid and
binding obligation, enforceable against it in accordance with its terms except that the enforceability thereof may be subject to (i) bankruptcy, insolvency, reorganization, moratorium, receivership, conservatorship or other similar laws now or
hereafter in effect relating to creditors’ rights and (ii) general principles of equity (regardless of whether such enforcement is considered in a proceeding in equity or at law); 
 (d) no consent, approval, authorization or order of or declaration or filing with any government, governmental instrumentality or court or other Person
is required for the performance by the Issuer of its duties hereunder, except such as have been duly made or obtained; 
 (e) neither the
execution and delivery of this Agreement nor the fulfillment of the terms hereof conflicts with or results in a material breach or violation of any of the material terms or provisions of or constitutes a material default under (i) the
Issuer’s memorandum and articles of association and organizational documents, (ii) the terms of any material indenture, contract, lease, mortgage, deed of trust, note agreement or other evidence of indebtedness or other material agreement,
obligation, condition, covenant or instrument to which the Issuer is a party or is bound, (iii) any statute applicable to the Issuer, or (iv) any law, decree, order, rule or regulation applicable to the Issuer of any court or regulatory,
administrative or governmental agency, body or authority or arbitrator having or asserting jurisdiction over the Issuer or its properties, which would have a material adverse effect upon the performance by the Issuer of its duties under this
Agreement; and 
 (f) the Issuer is not in violation of any U.S. federal or state securities law or regulation promulgated thereunder and
there is no charge, investigation, action, suit or proceeding before or by any court or regulatory agency pending or, to the best knowledge of the Issuer, threatened that would have a material adverse effect upon the performance by the Issuer of its
duties under this Agreement. 
  

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 Section 5. Representations and Warranties of the Collateral Manager. The Collateral
Manager represents and warrants to the Issuer that: 
 (a) the Collateral Manager is a limited liability company duly organized and validly
existing and in good standing under the laws of the State of Delaware, has the full corporate power and authority to own its assets and transact the business in which it is presently engaged and is duly qualified under the laws of each jurisdiction
where its ownership or lease of property or the conduct of its business requires, or the performance of its obligations under this Agreement would require, such qualification, except for failures to be so qualified, authorized or licensed which
would not in the aggregate have a material adverse effect on the business, operations, assets or financial condition of the Collateral Manager; 
 (b) the Collateral Manager has full corporate power and authority to execute and deliver this Agreement and to perform all of its obligations hereunder; 
 (c) this Agreement has been duly authorized, executed and delivered by the Collateral Manager and constitutes a valid and binding agreement of the Collateral Manager, enforceable against it in accordance with its
terms, except that the enforceability thereof may be subject to (i) bankruptcy, insolvency, reorganization, moratorium, receivorship, conservatorship or other similar laws now or hereafter in effect relating to creditors’ rights and
(ii) general principles of equity (regardless of whether such enforcement is considered in a proceeding in equity or at law); 
 (d) no
consent, approval, authorization or order of or declaration or filing with any government, governmental instrumentality or court or other Person is required for the performance by it of its duties hereunder, except such as have been duly made or
obtained; 
 (e) neither the execution and delivery of this Agreement, nor the fulfillment of the terms hereof by the Collateral Manager,
conflicts with or results in a material breach or violation of any of the material terms or provisions of, or constitutes a material default under, (i) its limited liability company agreement and other organizational documents, (ii) the
terms of any indenture, contract, lease, mortgage, deed of trust, note agreement or other evidence of indebtedness or other material agreement, obligation, condition, covenant or instrument to which the Collateral Manager is a party, (iii) any
statute applicable to the Collateral Manager or (iv) any law, decree, order, rule or regulation applicable to the Collateral Manager of any court or regulatory, administrative or governmental agency, body or authority or arbitrator having or
asserting jurisdiction over the Collateral Manager or its properties, which breach, violation or default would have a material adverse effect upon the performance by the Collateral Manager of its duties under this Agreement; 
 (f) it is not in material violation of any U.S. federal or state securities law or regulation promulgated thereunder and there is no charge,
investigation, action, suit or proceeding before or by any court or regulatory agency pending or, to the best knowledge of the Collateral Manager, threatened, that in either case would have a material adverse effect upon the performance by the
Collateral Manager of its duties under this Agreement; and 
  

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 (g) the statements set forth in the Offering Circular, dated March 29, 2007 relating to the Notes
(the “Offering Circular”), under the caption “The Collateral Manager,” do not contain any untrue statement of a material fact with respect to the Collateral Manager and its Affiliates or omit to state a material
fact with respect to the Collateral Manager and its Affiliates required to be stated therein or necessary to make the statements contained therein with respect to the Collateral Manager and its Affiliates, in light of the circumstances under which
they were made, not misleading. 
 (h) the Collateral Manager is not required to be registered as an investment advisor under the Advisers
Act. 
 Section 6. Expenses. The Collateral Manager shall pay all expenses and costs incurred by it in connection with its
services under this Agreement; provided however, that the Collateral Manager shall not be liable for and the Issuer shall be responsible for the payment of (i) expenses and costs including fees and disbursements of in-house or outside
counsel, and accountants retained by the Issuer or by the Collateral Manager, on behalf of the Issuer, in connection with the negotiation and preparation of and the initial execution of the Collateral Management Agreement, all matters incidental
thereto and the services provided by the Collateral Manager pursuant to Section 2 hereof; (ii) any extraordinary expenses incurred by the Collateral Manager in the performance of its obligations; (iii) travel expenses (airfare, other
transportation, meals, and lodging) incurred by the Collateral Manager as is reasonably necessary in connection with monitoring or enforcing (whether or not in connection with a default or restructuring) any Collateral Interest that is, or that the
Collateral Manager believes is reasonably likely to become, a Defaulted Interest, a Credit Risk Interest or otherwise a problem credit (including site visits and meetings with management and other relevant personnel); (iv) the reasonable
expenses of exercising observation rights (including through a representative) pursuant to the Collateral Management Agreement; (v) the fees and disbursements of employing outside counsel incurred by the Collateral Manger in connection with its
engagement hereunder and (vi) brokerage commissions, transfer fees, registration costs, taxes and other similar costs and transaction-related expenses and fees arising out of transactions effected for the Issuer’s account, and the fees and
expenses of the Company Administrator; provided that to the extent such amounts remain unpaid on any Payment Date, such amounts shall be paid from funds available therefor in the Collection Account established under the Indenture on the next
succeeding Payment Dates until paid in full. Expenses and costs payable to the Collateral Manager under this Section 6 shall be paid as part of Company Administrative Expenses only to the extent of available funds in the Collection Account and
shall be subject to the conditions, times and priority of distribution set forth in the Indenture. 
 Section 7. Fees; Non-Petition. In consideration of the performance of its obligations hereunder and under the Indenture, the Collateral Manager shall be entitled to receive, at the times set forth
in the Indenture and subject to the conditions and the priority of distribution provisions thereof, to the extent funds are available therefor, for so long as CBRE Realty Finance Management, LLC is the Collateral Manager, a senior management fee
(which fee may be waived or deferred in whole or in part by the Collateral Manager) equal to  1/4 of

  

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0.15% (15 basis points) of the Aggregate Principal Amount of the Collateral Interests, Eligible Investments purchased with Principal Proceeds, cash
representing Principal Proceeds outstanding immediately following the prior Payment Date, or outstanding on the Closing Date, in the case of the first Payment Date and the Aggregate Class AR Undrawn Amount (without duplication) for such Payment Date
to the extent such funds are available, computed on the basis of a 360 day year and the actual number of days elapsed in the related Interest Accrual Period (the “Senior Collateral Management Fee”) payable on each Payment Date or,
to the extent there are not sufficient funds available therefor on such Payment Date, on a subsequent Payment Date. 
 The Collateral Manager
will also be entitled to receive, subject to the conditions and the Priority of Payments set out in the Indenture, on each Payment Date a subordinate fee (which fee may be waived or deferred in whole or in part by the Collateral Manager) as
specified in the Priority of Payments equal to 1/4 of 0.20% (20 basis points), of the Aggregate Principal Amount of the Collateral Interests, Eligible Investments purchased with Principal Proceeds, cash representing Principal Proceeds outstanding
immediately following the prior Payment Date, or outstanding on the Closing Date, in the case of the first Payment Date and the Aggregate Class AR Undrawn Amount (without duplication) for such Payment Date to the extent such funds are available,
computed on the basis of a 360 day year and the actual number of days elapsed in the related Interest Accrual Period (the “Subordinate Collateral Management Fee” and, together with the Senior Collateral Management Fee, the
“Collateral Management Fee”) payable on each Payment Date or, to the extent there are not sufficient funds available therefor on such Payment Date, on a subsequent Payment Date. 
 The Collateral Manager is authorized to waive or defer up to 100% of the Collateral Management Fee (without interest) with respect to any Payment Date,
and if it so elects to waive or defer, such waiver or deferral will continue unless and until the Collateral Manager provides written notice to the Issuer and the Trustee, at least 3 Business Days prior to the Determination Date relating to the
Payment Date on which such fee is to be paid, that it no longer waives or defers all or the portion set forth in such notice, of the Collateral Management Fee. Any such waived fees shall be distributed by the Trustee to the Paying Agent in
accordance with the terms of the Indenture. Until further notice from the Collateral Manager, the Collateral Manager hereby waives its right to receive the Collateral Management Fee hereunder. 
 The Collateral Manager agrees not to institute against, or join any other Person in instituting against the Issuer or the Co-Issuer any bankruptcy,
reorganization, arrangement, insolvency, moratorium, liquidation or similar proceedings or other proceedings under Cayman Islands, U.S. federal or state bankruptcy or similar laws of any jurisdiction until at least one year and one day (or, if
applicable, such longer preference period as may be in effect) after the payment in full of all Notes issued under the Indenture or the applicable preference period if longer; provided, that nothing in this Section 7 shall preclude, or
be deemed to estop, the Collateral Manager (A) from taking any other action prior to the expiration of such period in (i) any case or proceeding voluntarily filed or commenced by the Issuer or the Co-Issuer, or (ii) any involuntary
insolvency proceeding filed or commenced against the Issuer or the Co-Issuer, by a Person other than the Collateral Manager, or (B) from commencing against the Issuer or any properties of the Issuer any legal action which is not a bankruptcy,
reorganization, arrangement, insolvency, moratorium, liquidation or similar proceeding. The provisions of this Section 7 shall survive termination of this Agreement for any reason whatsoever. 
  

 -9- 

 Section 8. Non-Exclusivity. The services of the Collateral Manager to the Issuer are
not to be deemed to be exclusive and nothing herein shall prevent the Collateral Manager or any of its Affiliates from engaging in any other businesses or providing investment management, advisory or other types of services to any Persons,
including, without limitation, the Issuer, the Trustee and the Noteholders, including other investment companies and clients having investment objectives similar to the Issuer. It is understood and agreed that the members, officers, directors and
Affiliates of the Collateral Manager may engage in any other business activity or render services for its own account or to any other person or serve as partners, employees, officers or directors of any other firm or corporation. 
 Section 9. Conflicts of Interest. The Collateral Manager shall not direct the Issuer to sell a Collateral Interest to the Collateral
Manager or any of its Affiliates as principal (any such acquisition or sale of an obligation, a “Transaction”) except in accordance with the Indenture. 
 The Issuer acknowledges that various potential and actual conflicts of interest may arise from the overall investment activities of the Collateral Manager and its Affiliates, as described in the Offering Circular.
Affiliates of the Collateral Manager are Sellers of the Initial Collateral Interests and one or more Affiliates of the Collateral Manager may be the Seller of other Collateral Interests in the future. The Collateral Manager and its affiliates may
have economic interests in or other relationships with respect to the borrowers or obligors under the Collateral Interests or the underlying commercial mortgage loans, the issuers, sellers, servicers or depositors of the related senior
securitizations or others. In particular, such persons may make and/or hold an investment that may be pari passu, senior or junior in ranking to an investment in the Collateral Interests held by the Issuer or serve as servicer, master
servicer, special servicer or collateral manager or otherwise have ongoing relationships. The Collateral Manager and its affiliates may lend to borrowers or their affiliates under the commercial mortgage loans underlying a Collateral Interest, on a
recourse, non-recourse, secured or unsecured basis or may have interests in or other business relationships with such borrowers or their affiliates. Each of such ownership and other relationships may create conflicts of interest. Affiliates of the
Collateral Manager may serve as servicer, master servicer or special servicer with respect to other loans or issuances of CMBS Securities, the underlying mortgage loans of which are similar to, have affiliated or related borrowers or are secured by
real estate located in the same market as the Collateral Interests or mortgage loans underlying the CMBS Securities and may serve as collateral manager with respect to other issues of collateralized debt obligations. In such instances, the
Collateral Manager and its affiliates may in their discretion make investment recommendations and decisions that may be the same as or different from those made with respect to the Issuer’s investments. 
 It is anticipated that CBRE Realty Finance Holdings, LLC, an indirect wholly owned subsidiary of CBRE Realty Finance, Inc. for which the Collateral
Manager is the external manager, will purchase all of the Junior Notes and the Income Notes issued on the Closing Date and the ordinary shares of the Issuer issued on or prior to the Closing Date. In certain circumstances, the interests of the
Issuer, the Co-Issuer, and/or the Noteholders with respect to matters as to which the Collateral Manager is advising the Issuer may conflict with the interests of the Collateral Manager or CBRE Realty Finance, Inc. The Issuer hereby acknowledges and
consents to various potential and actual conflicts of interest that may exist with respect to the Collateral Manager as described above; provided, however, that nothing in this Section 9 shall be construed as altering the duties
or liabilities of the Collateral Manager as set forth herein. 
  

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 The Issuer consents and agrees that, in any “principal trades” with respect to the Collateral
Manager, the disclosure and consent requirements of Section 206(3) of the Investment Advisers Act of 1940, as amended (“Advisers Act”) will be satisfied with respect to the Issuer and all securityholders thereof if disclosure
is given to, and consent obtained from, an advisory committee or similar body established by the Issuer to satisfy such requirements of the Advisers Act and to address any other conflict of interest issues. Any such consent of the advisory committee
or similar body must be given by the vote or written consent of a majority of the members of the advisory committee including the vote or written consent of at least one independent member. For these purposes, a member shall be deemed to be
“independent” if such member is not an officer, director or affiliate of (i) the Collateral Manager or (ii) the client of the Collateral Manager involved in the transaction. 
 Section 10. Delivery of Collateral Interests. The Collateral Manager shall cause any Collateral Interest purchased by it or on behalf
of the Issuer and any Eligible Investment, an order for the acquisition of which is originated by the Collateral Manager for the account of the Trustee, to be settled to an Account or otherwise meet the requirements of Section 3.3 of the
Indenture, and the Collateral Manager shall promptly provide to the Trustee and the Securities Intermediary a true copy of any trade ticket, order or other similar document relating to the origination and settlement of such order for acquisition. No
part of the Collateral shall be acquired by the Collateral Manager. Notwithstanding the foregoing, the Collateral Manager shall have no obligation to file or cause the filing of any financing statements in connection with the Delivery of any item of
Collateral on the Closing Date, it being understood that the only financing statements to be filed after the Closing Date are those required to be filed by the Issuer pursuant to Section 3.3 of the Indenture. 
 Section 11. Records; Confidentiality. The Collateral Manager shall maintain appropriate books of account and records relating to
services performed hereunder, and such books of account and records shall be accessible for inspection by a representative of the Issuer, the Co-Issuer and the Trustee. 
 The Collateral Manager shall, and shall cause its Affiliates to, keep confidential any and all information obtained in connection with the services rendered hereunder and shall not disclose any such information to
non-affiliated third parties except (i) with the prior written consent of the Issuer, (ii) such information as the Rating Agencies shall reasonably request in connection with the acquisition and disposition of Collateral Interests,
(iii) as requested by a regulatory authority or otherwise required by law, regulation, court order or the rules or regulations of any self-regulating organization, body or official having jurisdiction over the Collateral Manager, (iv) such
information as shall have been publicly disclosed other than in violation of this Agreement, (v) general information regarding the performance of the Collateral Interests for use in disclosure documents for future transactions involving the
Collateral Manager, (vi) such information as is requested by advisors or other service providers hired by the Collateral Manager in connection with the performance of its duties under this Agreement or as otherwise required in the reasonable
judgment of the Collateral Manager, or (vii) such information that was or is obtained by the Collateral Manager on a non-confidential basis; 

  

 -11- 

 
provided that the Collateral Manager does not know of any breach by such source of any confidentiality obligations with respect thereto. For purposes
of this Section 11, the Noteholders, Holders of the Income Notes, prospective purchasers of Notes and/or Income Notes, prospective sellers and purchasers of Collateral Interests, each Hedge Counterparty, all parties to the Indenture, the Income
Notes Agreement and this Agreement, and any of their directors, officers, members, employees, professional advisors or agents shall in no event be considered “non-affiliated third parties.” 
 Section 12. Term. This Agreement shall become effective on the date hereof and shall continue unless terminated as hereinafter
provided. 
 Section 13. Termination. 
 (a) This Agreement may be terminated, and the Collateral Manager may be removed, without payment to the Collateral Manager of any penalty, for cause upon 10 Business Days’ prior written notice, by the Issuer or
the Controlling Class or, if MBIA is no longer the Controlling Class, the holders of a majority in principal amount of the Controlling Class, which notice shall set forth with reasonable particularity the basis for such cause; provided,
however, that (x) this Agreement shall terminate automatically, without the necessity of notice, upon occurrence of an event specified in clause (iii) of this Section 13(a) and (y) the requirements for such notice may be
waived by the Collateral Manager. In determining whether Noteholders of the requisite percentage of Notes have given such notice of removal for cause, Notes owned by the Collateral Manager or any Affiliate thereof and any account managed by the
Collateral Manager or any Affiliate shall be disregarded and deemed not outstanding. For this purpose, “cause” will mean (i) the Collateral Manager willfully breaches or violates in any material respect any provision of this Agreement
or any terms of the Indenture applicable to it; (ii) the Collateral Manager breaches or violates in any material respect any provision of this Agreement or any terms of the Indenture applicable to it which breach is reasonably likely to have a
material adverse effect on the Noteholders of any Class of Notes and is not cured within 30 days after the earlier of (x) the date on which any professional employee of the Collateral Manager directly involved in the performance by the
Collateral Manager of its duties under the Collateral Management Agreement has actual knowledge of it and (y) the Collateral Manager’s receipt from the Issuer or the Trustee of notice of such failure; or if such breach or violation is not
capable of cure within 30 days, the Collateral Manager fails to cure such breach or violation within the period in which a reasonably diligent person could cure such breach (not to exceed 90 days); (iii) the Collateral Manager (A) files,
or consents by answer or otherwise to the filing against it of, a petition for relief or reorganization or arrangement or any other petition in bankruptcy, for liquidation or to take advantage of any bankruptcy, insolvency, reorganization,
moratorium or other similar law of any jurisdiction, or proceedings to such end are commenced or filed without such consent and continue undismissed for 60 days, (B) makes an assignment for the benefit of its creditors, (C) consents to the
appointment of a custodian, receiver, trustee or other officer with similar powers with respect to it or with respect to any substantial part of its property or proceedings, to such end are commenced or filed without such consent and continue
undismissed for 60 days, or (D) is adjudicated as insolvent or to be liquidated; (iv) the occurrence of an act by the Collateral Manager that constitutes fraud or criminal activity in the performance of its obligations under this Agreement
or the indictment of the Collateral Manager or any of its officers or directors for a criminal offense involving an investment or investment- 

  

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related business, fraud, false statements or omissions; (v) failure by the Collateral Manager on any Payment Date to pay principal or interest due on
the most senior Class of Notes; or (vi) so long as the Class A-1 Notes are the Controlling Class, the Class A/B Par Value Ratio is less than 83.0% on any Measurement Date. If any such event occurs, the Collateral Manager shall give prompt
written notice thereof to the Issuer, the Co-Issuer, each Hedge Counterparty, the Upfront Swap Counterparty and the Trustee promptly upon the Collateral Manager’s becoming aware of the occurrence of such event. In no event will the Trustee be
required to determine whether “cause” exists for the removal of the Collateral Manager. 
 (b) The Collateral Manager may not assign (within the meaning of the Advisers Act) its rights or responsibilities hereunder without the consent of the Issuer, which consent will be given only with the consent of
(i) MBIA, if MBIA is the Controlling Class, and (ii) the Holders of not less than 66- 2/3%, in
principal amount, of the Senior Notes outstanding, acting collectively (not including any of the Notes held by the Collateral Manager and any affiliate thereof), and unless the successor Collateral Manager satisfies the requirements for a successor
set forth below and the Rating Agency Condition is satisfied; provided that the Collateral Manager may assign its rights and responsibilities to an affiliate that meets the requirements for a successor set forth below with the consent of the
Issuer but without the consent of the Noteholders. The Collateral Manager shall have the right to terminate this Agreement only upon 90 days’ prior written notice to the Issuer, the Trustee, each Hedge Counterparty, the Upfront Swap
Counterparty and the Rating Agencies. 
 (c) No termination or resignation shall be effective unless a successor has agreed in writing
to assume all of the Collateral Manager’s duties and obligations under this Agreement. In connection with any resignation or removal of the Collateral Manager, subject to satisfaction of the Rating Agency Condition with respect to S&P and
Moody’s, the Collateral Manager will be entitled to propose a successor and will appoint such proposed entity as successor thirty (30) days thereafter, unless the Controlling Class or, if MBIA is no longer the Controlling Class, a majority
of any Class of Notes (excluding any Collateral Manager Notes) objects to such appointment within such thirty (30) day period, in which case the Controlling Class will be entitled to propose a successor and will appoint such proposed entity as
successor thirty (30) days thereafter unless a majority of any other Class of Notes (excluding any Collateral Manager Notes) objects to such appointment within such thirty (30) day period. In the event a proposed successor collateral
manager is not appointed pursuant to the foregoing procedures, the resigning or removed collateral manager, subject to satisfaction of the Rating Agency Condition with respect to S&P and Moody’s, may petition any court of competent
jurisdiction for the appointment of a successor collateral manager, which appointment will not require the consent of, or be subject to the disapproval of, the Issuer, any Noteholder or any Holder of the Income Notes. Upon appointment of a successor
collateral manager by a court of competent jurisdiction, the Controlling Class may, by written notice delivered on a date no fewer than 30 days and no more than 60 days after the date of receipt of notice of the appointment of such successor, elect
to terminate the Reinvestment Period effective as of the date of such notice. If the Controlling Class so elects to terminate the Reinvestment Period, the Controlling Class may identify and appoint a successor collateral manager whose
responsibilities will be appropriately limited to activities associated with managing a static portfolio including, but not limited to, disposing of Defaulted Interests, Credit Risk Interests, Buy/Sell Interests and Spread Appreciated Interests and
otherwise managing the Collateral Interests, all in accordance with the Indenture. Upon 

  

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expiration of the applicable notice period with respect to any such termination set forth herein, and upon acceptance of such appointment by a replacement
collateral manager, all authority and power of the Collateral Manager under this Agreement and the Indenture, whether with respect to the Collateral Interests or otherwise, will automatically and without further action by any person or entity pass
to and be vested in the successor collateral manager upon the appointment thereof. 
 (d) Upon any resignation or removal of the Collateral
Manager, the Issuer shall appoint an institution which (i) has demonstrated an ability to professionally and competently perform duties similar to those imposed upon the Collateral Manager, (ii) is legally qualified and has the capacity to
act as Collateral Manager, (iii) the appointment of which meets the Rating Agency Condition and (iv) in the event that MBIA is the Controlling Class, the appointment of which has been consented to by MBIA. No compensation payable to a
successor from payments on the Collateral Interests shall be greater than that payable to the Collateral Manager unless the prior written consent of (a) MBIA, if MBIA is the Controlling Class, has been obtained, and (b) a majority, in
principal amount, of the Noteholders of each Class of Notes outstanding has been obtained and unless the Rating Agency Condition has been satisfied. Upon expiration of the applicable notice period with respect to termination specified in this
Section 13, and upon acceptance of such appointment by a replacement collateral manager, all authority and power of the Collateral Manager hereunder, whether with respect to the Collateral Interests or otherwise, shall automatically and without
further action by any person or entity pass to and be vested in the successor Collateral Manager upon acceptance of the appointment thereof. Upon such acceptance by the successor Collateral Manager, the resigning or removed Collateral Manager shall
cooperate fully in such succession, including by delivering or making available books and records necessary for the ongoing administration of the Collateral Interests as set forth herein. Any successor Collateral Manager appointed pursuant to this
Section 13 shall give prompt written notice of such succession to each Hedge Counterparty and the Upfront Swap Counterparty. 
 (e) If
the Collateral Manager is removed or resigns for any reason, the Collateral Manger will be entitled to receive any Collateral Management Fee accrued and payable with respect to any Payment Date occurring on or immediately prior to the date of such
removal or resignation, as Collateral Management Fees in accordance with the Priority of Payments in the Indenture. 
 Section 14.
Liability of Collateral Manager; Delegation. 
 (a) The Collateral Manager assumes no responsibility under this Agreement other
than to render the services called for hereunder (including the duties expressly assigned to the Collateral Manager in the Indenture and Servicing Agreement). The Indemnified Parties (defined below) shall have no liability to the holders of the
Notes, the Trustee, the Issuer or the Issuer’s creditors, or the Co-Issuer or the Co-Issuer’s creditors for any error of judgment, mistake of law, or for any claim, loss, liability, damage, settlement, costs, or other expense (including
reasonable attorneys’ fees and court costs) arising out of any investment, or for any other act or omission in the performance of its obligations to the Issuer except for liability to which they would be subject by reason of the Indemnified
Parties’ willful misconduct, bad faith, gross negligence or reckless disregard of its duties and obligations hereunder. The Collateral Manager 

  

 -14- 

 
may delegate to an agent any or all of the duties assigned to the Collateral Manager hereunder and may employ third parties (including affiliates) to render
advice (including investment advice and assistance to the Issuer); provided that no delegation by the Collateral Manager of any of its duties hereunder shall relieve the Collateral Manager of any of its duties hereunder nor relieve the
Collateral Manager of any liability with respect to the performance of such duties. The Collateral Manager shall not be liable for any consequential, punitive, exemplary or treble damages or lost profits hereunder. 
 (b) The Issuer and Co-Issuer shall reimburse, indemnify and hold harmless the Collateral Manager, its directors, officers, members, managers, agents and
employees and any affiliate of the Collateral Manager and its directors, officers, stockholders, partners, members, managers, agents, designees and employees (the Collateral Manager and such other persons, collectively the “Indemnified
Parties”), for any and all expenses, losses, damages, liabilities, demands, charges and claims of any nature whatsoever (including reasonable attorneys’ fees and expenses) incurred in investigating, preparing, pursuing or defending any
claim, action, proceeding or investigation with respect to any pending or threatened litigation (whether or not such Indemnified Party is a party) caused by, or arising from its position as Collateral Manager, this Agreement, and the transactions
contemplated hereby or any acts or omissions of any Indemnified Parties made in good faith in the performance of its duties under this Agreement and not constituting bad faith, willful misconduct, gross negligence or reckless disregard. Such
indemnification will be payable from the Collateral in accordance with the Priority of Payments. Subject to Section 14(c) hereof, the Collateral Manager, its directors, officers, members, managers, agents and employees may consult with counsel
and accountants with respect to the affairs of the Issuer and shall be fully protected and justified, to the extent allowed by law, in acting, or failing to act, if such action or failure to act is taken or made in good faith and is in accordance
with the advice or opinion of such counsel or accountants. Notwithstanding anything contained herein to the contrary, the obligations of the Issuer under this Section 14(b) shall be payable from the Collateral, but only after payment on each
Payment Date of amounts due under each Class of Notes in accordance with the conditions and priority of distribution set forth in the Indenture and subject to the availability of funds of the Issuer. 
 (c) The Collateral Manager shall reimburse, indemnify and hold harmless the Issuer from and against any and all expenses, losses, damages, liabilities,
demands, charges and claims (including reasonable attorneys’ fees) in respect of or arising out of (a) the information relating to the Collateral Manager set forth under “The Collateral Manager” in the Offering Circular, and
(b) any acts or omissions of the Collateral Manager constituting gross negligence, bad faith, or willful misconduct, in the performance, or reckless disregard, of the duties of the Collateral Manager hereunder or under the Indenture or
Servicing Agreement. 
 (d) Notwithstanding anything herein to the contrary, federal and state securities laws (and ERISA, if applicable)
impose liability under certain circumstances on persons who act in good faith, and therefore nothing herein shall in any way constitute a waiver or limitation of any rights which a party may have under federal or state securities laws of the United
States of America or under any other applicable law (including ERISA if applicable). 
  

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 Section 15. Obligations of Collateral Manager. 
 (a) Unless otherwise required by any provision of this Agreement or by applicable law, the Collateral Manager shall not intentionally take any action,
which it knows or should know would (i) materially and adversely affect the status of the Issuer or the Co-Issuer for purposes of United States federal or state law or any other law known to the Collateral Manager to be applicable to the Issuer
or the Co-Issuer, (ii) not be permitted under the Issuer’s memorandum and articles of association or other organization documents, or the Co-Issuer’s certificate of formation, limited liability company agreement or other organization
documents, (iii) require registration of the Issuer, the Co-Issuer or the trust fund established under the Indenture as an “investment company” under the Investment Company Act, (iv) cause the Issuer to fail to qualify as a
qualified REIT subsidiary (as defined in section 856(i)(2) of the Code) unless the Issuer has received an Opinion of Counsel that the Issuer will not be treated as a foreign corporation that is not engaged in a trade or business in the United States
or otherwise subject to U.S. federal income tax on a net basis or (v) cause the Issuer to violate any material terms of the Indenture, including without limitation any representations of the Issuer given pursuant to the Indenture in respect of
the Collateral. The Collateral Manager covenants that it shall comply in all material respects with all laws and regulations applicable to it in connection with the performance of its duties under this Agreement and the Indenture. Notwithstanding
anything in this Agreement, the Collateral Manager shall not take any discretionary action that would reasonably be expected to cause an Event of Default under the Indenture. 
 Section 16. No Partnership or Joint Venture. The Issuer and the Collateral Manager are not partners or joint venturers with each other
and nothing herein shall be construed to make them such partners or joint venturers or impose any liability as such on either of them. The Collateral Manager’s relation to the Issuer shall be deemed to be that of an independent contractor and
the Collateral Manager shall not have a fiduciary duty to the Issuer hereunder. 
 Section 17. Notices. Any notice under
this Agreement shall be in writing and sent by facsimile, confirmed by telephonic communication, or addressed and delivered or mailed postage paid to the other party at such address as such other party may designate for the receipt of such notice.

 (a) Until further notice to the other party, it is agreed that the address of the Issuer for this purpose shall be: CBRE Realty Finance
CDO 2007-1, Ltd., c/o Maples Finance Limited, P.O. Box 1093 G.T., Queensgate House, South Church Street, George Town, Grand Cayman, Cayman Islands; 
 (b) the address of the Collateral Manager for this purpose shall be: CBRE Realty Finance
Management, LLC, City Place 1, 185 Asylum Street, 37th Floor, Hartford, Connecticut 06103, Attention: Ann Marie
O’Rourke; 
 (c) the address of the Trustee for this purpose shall be: LaSalle
Bank National Association, 181 West Madison Street, 32nd Floor, Chicago, Illinois 60602, Attention: CDO Trust
Services Group, CBRE Realty Finance CDO 2007-1, LLC; 
 (d) the address of S&P for this purpose shall be: Standard & Poor’s
Ratings Service, a division of The McGraw-Hill Companies, Inc., 55 Water Street, 41st Floor, New York, New York 10041, facsimile number: (212) 438-2664, Attention: Structured Finance Ratings, Asset-Backed Securities CBO/CLO Surveillance (and by
electronic mail at cdosurveillance@standardandpoors.com); 
  

 -16- 

 (e) the address of Fitch for this purpose shall be
Fitch, Inc., One State Street Plaza, 28th Floor, New York, New York 10004, facsimile (212) 558-2618, Attention:
Commercial Real Estate CDO Surveillance (or by electronic mail at cdo.surveillance@derivativefitch.com); 
 (f) the address of Moody’s
for this purpose shall be Moody’s Investors Service, Inc., 99 Church Street, New York, New York 10007, facsimile (212) 553-0355, Attention: CMBS Surveillance (or by electronic mail at moodys_cre_cdo_monitoring@moodys.com); and 

(g) the address of MBIA for this purpose shall be LaCrosse Financial Products, LLC, c/o MBIA Insurance Corporation, 113 King Street, Armonk, New York
10504, telephone: (914) 765-3740, facsimile number: (914) 765-3605, Attention: Michael Murtagh and Matthew Dugan, or at any other address previously furnished in writing to the Collateral Manager by MBIA. 
 Section 18. Succession; Third-Party Beneficiaries. This Agreement shall inure to the benefit of and be binding upon the successors to
the parties hereto. No delegation of obligation or duties of the Collateral Manager shall relieve the Collateral Manager from any liability hereunder or referenced herein. No assignment (within the meaning of the Advisers Act) of this Agreement
shall be made without the consent of the other party and, in the case of an assignment by the Collateral Manager, subject to satisfaction of the conditions with respect to the appointment of a successor Collateral Manager under Section 13(c)
and (d); provided, that the Collateral Manager may delegate or assign its rights and/or obligations to an affiliate with the consent of the Issuer but without the consent of the Noteholders, subject to satisfaction of the conditions set forth
in Section 13(d). The Collateral Manager acknowledges the assignment of the Issuer’s rights hereunder to the Trustee under the Indenture. The Trustee, each Hedge Counterparty and the Co-Issuer shall be considered third-party beneficiaries
of this Agreement and may enforce this Agreement directly against the Collateral Manager. 
 Section 19. [Reserved].

 Section 20. Miscellaneous. 
 (a) This Agreement shall be governed by and construed in accordance with the laws of the State of New York. 
 (b) The captions in this Agreement are included for convenience only and in no way define or limit any of the provisions hereof or otherwise affect their construction or effect. 
 (c) In the event any provision of this Agreement shall be held invalid or unenforceable by any court of competent jurisdiction, such holding shall not
invalidate or render unenforceable any other provisions hereof. 
  

 -17- 

 (d) This Agreement may not be amended or modified
(other than amendments required to correct any inconsistency, cure any ambiguity or correct any typographical error) or any provision thereof waived except (i) by an instrument in writing signed by each of the parties hereto, (ii) if such
amendment would materially and adversely affect the Senior Notes, with the consent of the Noteholders of not less than 66- 2/3% in principal amount of each affected Class of Notes, (iii) if such amendment, modification or waiver would materially and adversely affect the rights and obligations of a Hedge Counterparty under a Hedge Agreement, with the
consent of the related Hedge Counterparty (which consent shall not be unreasonably withheld), (iv) with the consent of MBIA, if MBIA is the Controlling Class, and (v) if the Rating Agency Condition is satisfied with respect to such
amendment. 
 (e) This Agreement and the Indenture and Servicing Agreement constitute the entire understanding and agreement between
the parties and supersede all other prior understandings and agreements, whether written or oral, between the parties concerning this subject matter. 
 (f) This Agreement may be executed in any number of counterparts, each of which so executed shall be deemed an original, but all such counterparts shall together constitute but one and the same instrument. 

(g) Notwithstanding any other provision of this Agreement, the Collateral Manager acknowledges that the obligations of the Issuer under this Agreement
will be limited recourse obligations of the Issuer payable solely from the Collateral in accordance with the payment priorities in the Indenture. Following realization of the Collateral and its application in accordance with the Indenture and the
Income Notes Agreement, any outstanding obligations of, or claims against, the Issuer hereunder or arising in connection herewith shall be extinguished and shall not thereafter revive. None of the Issuer’s agents, partners, beneficiaries,
officers, directors, employees, members, shareholders, affiliates or any of their respective successors or assigns shall be personally liable for any amount payable or performance due under this Agreement. The provisions of this Section 20(g)
shall survive termination of this Agreement for any reason whatsoever. 
 (h) The Collateral Manager irrevocably submits to the non-exclusive
jurisdiction of the courts of the State of New York and the federal courts located in the Southern District of New York in any action or proceeding arising out of or relating to the Notes, the Indenture or this Agreement, and the Collateral Manager
irrevocably agrees that all claims in respect of such action or proceeding may be heard and determined in such courts. The Collateral Manager irrevocably waives, to the fullest extent it may legally do so, the defense of an inconvenient forum to the
maintenance of such action or proceeding. The Collateral Manager agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by
law. 
  

 -18- 

 IN WITNESS WHEREOF, the parties hereto have caused this Collateral Management Agreement to be executed by
their respective authorized representatives on the day and year first above written. 
  

			
	CBRE REALTY FINANCE CDO 2007-1, LTD., as Issuer
		
	By:	 	 /s/     Paul Martin

	Name:	 	 Paul Martin
	Title:	 	 Authorized Signatory
	
	 CBRE REALTY FINANCE MANAGEMENT, LLC,
 as
Collateral Manager

		
	By:	 	 /s/    Thomas Podgorski

	Name:	 	 Thomas Podgorski
	Title: 	 	Managing Director

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