Document:

EX-10.191

 Exhibit 10.191 

Execution Version 

SERVICING AGREEMENT 
 Dated
as of July 13, 2015 
 Between 

PENNYMAC CORP., 
 PENNYMAC
HOLDINGS, LLC, 
 and 
 New
Owner 
 collectively, as the “Owner,” 

PENNYMAC LOAN SERVICES, LLC 
 in
certain cases, a “Special Servicer” 
 and 

MIDLAND LOAN SERVICES, A DIVISION OF PNC BANK, NATIONAL ASSOCIATION, 

“Master Servicer” and in certain cases, a “Special Servicer” 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	 ARTICLE I. Definitions
	  	 	2	 
			
	 Section 1.01.
	 	 Defined Terms
	  	 	2	 
		
	 ARTICLE II. RETENTION AND AUTHORITY OF MASTER SERVICER & SPECIAL SERVICERS
	  	 	12	 
			
	 Section 2.01.
	 	 Engagement; Servicing Standard
	  	 	12	 
	 Section 2.02.
	 	 Subservicing
	  	 	13	 
	 Section 2.03.
	 	 Authority of the Master Servicer
	  	 	13	 
		
	 ARTICLE III. SERVICES TO BE PERFORMED
	  	 	14	 
			
	 Section 3.01.
	 	 Services as Loan Servicer
	  	 	14	 
	 Section 3.02.
	 	 Escrow Accounts; Collection of Taxes, Assessments and Similar Items
	  	 	17	 
	 Section 3.03.
	 	 Collection Accounts
	  	 	17	 
	 Section 3.04.
	 	 Permitted Investments
	  	 	18	 
	 Section 3.05.
	 	 Maintenance of Insurance Policies
	  	 	19	 
	 Section 3.06.
	 	 Delivery and Possession of Servicing Files
	  	 	20	 
	 Section 3.07.
	 	 Inspections
	  	 	21	 
	 Section 3.08.
	 	 “Due-on-Sale” Clauses; Assumption Agreements
	  	 	21	 
	 Section 3.09.
	 	 Realization Upon Mortgaged Properties
	  	 	21	 
	 Section 3.10.
	 	 Sale of Specially Serviced Mortgage Loans and REO Properties
	  	 	24	 
	 Section 3.11.
	 	 Management of REO Property
	  	 	24	 
	 Section 3.12.
	 	 Modifications, Waivers, Amendments and Consents
	  	 	25	 
	 Section 3.13.
	 	 Transfers of Servicing Between Master Servicer and the Special Servicer
	  	 	25	 
	 Section 3.14.
	 	 Preparation of Asset Status Reports
	  	 	26	 
		
	 ARTICLE IV. STATEMENTS AND REPORTS
	  	 	27	 
			
	 Section 4.01.
	 	 Reporting by the Master Servicer
	  	 	27	 
		
	 ARTICLE V. SERVICER’S COMPENSATION AND EXPENSES
	  	 	28	 
			
	 Section 5.01.
	 	 Servicing Compensation
	  	 	28	 
	 Section 5.02.
	 	 Servicing Expenses
	  	 	29	 
		
	 ARTICLE VI. THE MASTER SERVICER AND THE OWNER
	  	 	30	 
			
	 Section 6.01.
	 	 Master Servicer Not to Assign; Merger or Consolidation of the Master Servicer
	  	 	30	 
	 Section 6.02.
	 	 Liability and Indemnification of the Master Servicer and the Owner
	  	 	30	 

  
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 TABLE OF CONTENTS (continued) 

 

							
	 	 	 	  	Page	 
	 ARTICLE VII. REPRESENTATIONS AND WARRANTIES; DEFAULT
	  	 	32	 
			
	 Section 7.01.
	 	 Representations and Warranties
	  	 	32	 
	 Section 7.02.
	 	 Events of Default
	  	 	36	 
	 Section 7.03.
	 	 Closing Conditions; Owner Covenants
	  	 	39	 
	 Section 7.04.
	 	 Post Closing Performance Conditions
	  	 	41	 
		
	 ARTICLE VIII. TERMINATION; TRANSFER OF MORTGAGE LOANS
	  	 	41	 
			
	 Section 8.01.
	 	 Termination of Agreement
	  	 	41	 
	 Section 8.02.
	 	 Transfer of Mortgage Loans
	  	 	42	 
	 Section 8.03.
	 	 Cooperation of Master Servicer with a Reconstitution
	  	 	42	 
		
	 ARTICLE IX. MISCELLANEOUS PROVISIONS
	  	 	44	 
			
	 Section 9.01.
	 	 Amendment; Waiver
	  	 	44	 
	 Section 9.02.
	 	 Governing Law
	  	 	44	 
	 Section 9.03.
	 	 Notices
	  	 	45	 
	 Section 9.04.
	 	 Severability of Provisions
	  	 	46	 
	 Section 9.05.
	 	 Inspection and Audit Rights
	  	 	46	 
	 Section 9.06.
	 	 Binding Effect; No Partnership; Counterparts
	  	 	47	 
	 Section 9.07.
	 	 Protection of Confidential Information
	  	 	47	 
	 Section 9.08.
	 	 WAIVER OF JURY TRIALS
	  	 	48	 
	 Section 9.09.
	 	 General Interpretive Principles
	  	 	48	 
	 Section 9.10.
	 	 Further Agreements
	  	 	48	 
	 Section 9.11.
	 	 Addition or Removal of an Owner
	  	 	49	 

 EXHIBIT “A” (Initial Mortgage Loan Schedule) 

EXHIBIT “B” (Statements, Reports and/or Information) 

EXHIBIT “C” (Servicing Fee Schedule) 
 EXHIBIT
“D” (Asset Management Fee Schedule) 
 EXHIBIT “E” (Loan Servicing Responsibilities Matrix) 

EXHIBIT “F-1” Form of Notice to Servicer Adding New Owner 

EXHIBIT “F-2” Form of Notice to Servicer Deleting Owner 

  
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 THIS SERVICING AGREEMENT dated as of July 13, 2015, is between PennyMac Corp., a Delaware
corporation, PennyMac Holdings, LLC, a Delaware limited liability company, any other parties signing this Agreement as an owner of Mortgage Loans as listed in Schedule I and any New Owners (collectively as the “Owner”), PennyMac Loan
Services, LLC, a Delaware limited liability company (“PennyMac Loan Servicer” and in certain cases, a “Special Servicer”), and Midland Loan Services, a Division of PNC Bank, National Association, a national banking association
(“Master Servicer” and in certain cases, a “Special Servicer”). 
 PRELIMINARY STATEMENT 

The Owner desires to engage Midland as Master Servicer, and Midland desires to accept the Owner’s engagement as Master Servicer, to
service the Mortgage Loans that the Owner acquires from time to time in accordance with the provisions of this Agreement. 
 With respect to
Freddie Mac multifamily Mortgage Loans (“Freddie Mortgage Loans”), Owner desires to engage Midland as the Special Servicer, and Midland desires to accept the Owner’s engagement as the Special Servicer, to service the Freddie Mortgage
Loans that the Owner acquires from time to time in accordance with the provisions of this Agreement. 
 With respect to certain Mortgage
Loans which are not Freddie Mortgage Loans as identified by Owner (“PMSS Mortgage Loans”), Owner has appointed PennyMac Loan Servicer, as the Special Servicer. 

With respect to certain other Mortgage Loans which are not Freddie Mortgage Loans as identified by Owner (“MSS Mortgage Loans”),
Owner desires to engage Midland as the Special Servicer, and Midland desires to accept the Owner’s engagement as the Special Servicer, to service the MSS Mortgage Loans that the Owner acquires from time to time in accordance with the provisions
of this Agreement. 
 In the future, Owner may elect to enter Public Securitization Transactions or Private Securitization Transactions with
respect to certain Mortgage Loans, for which Master Servicer may act as the master servicer or primary servicer and enter a separate pooling and servicing agreement with a trust and other parties respecting such Mortgage Loans. 

The Master Servicer is an independent contractor in the business of servicing mortgage loans, and is not an Affiliate of the Owner. 

This Agreement shall become effective with respect to each Mortgage Loan, or appropriate group or portfolio of Mortgage Loans, upon the
related Servicing Transfer Date. 

  
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 NOW, THEREFORE, in consideration of the recitals in this Preliminary Statement which are made a
contractual part hereof, and of the mutual promises contained herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto 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 following meanings:

 “Accepted Servicing Practices”: As defined in Section 2.01. 

“Accounts”: The Escrow Accounts, REO Accounts, and the Collection Accounts. 

“Additional Collateral”: Any non-real property collateral (including any letters of credit or reserve funds) pledged and/or
delivered by or on behalf of the Borrower and held by the Mortgagee to secure payment on any Mortgage Loan. 
 “Additional Servicing
Compensation”: (a) amounts collected for checks or other items returned for insufficient funds, (b) late payment charges (but not default interest) with respect to the Mortgage Loans, (c) reserve or escrow administration fees
with respect to the Mortgage Loans, (d) subject to Section 3.04 of the Agreement, all income and gain realized from the investment of funds deposited in the Accounts, (e) Asset Management Fee; (f) any Deconversion Fee;
(g) in exchange of processing Borrower’s draw request and subject to Section 5.01, Reserve Administration Fee; (h) Program Set-Up Fee; (i) Loan Set-Up Fee; and (j) Property Inspection Fee. 

“Affiliate”: With respect to any specified Person, any other Person controlling or controlled by or under common control with
such specified Person; provided, however, that in respect of Owner, the term “Affiliate” shall include only PennyMac Mortgage Investment Trust and its wholly owned subsidiaries and, in respect of PennyMac Loan Servicer, as Special
Servicer, the term “Affiliate” shall include only Private National Mortgage Acceptance Company, LLC and its wholly owned subsidiaries. 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. 
 “Agreement”: This Servicing Agreement, as the same may be modified, supplemented or
amended from time to time. 
 “Anti-Terrorism Laws”: shall mean any Laws relating to terrorism, trade sanctions programs
and embargoes, import/export licensing, money laundering or bribery, and any regulation, order, or directive promulgated, issued or enforced pursuant to such Laws, all as amended, supplemented or replaced from time to time. 

“Asset Management Fee”: shall mean defeasance fees, modification, waiver, amendment, extension or forbearance fees,
assumption fees, assumption application fees, consent fees, loan process fees and other similar fees related to Borrower requests or other transactions 

  
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listed on the Asset Management Fee Schedule attached hereto as Exhibit “D”. Such fees shall be paid by the relevant Borrower to the Master Servicer or the Special Servicer, as
applicable, at the inception of the related transaction. If such fees are not paid by the Borrower, the Owner shall pay such mutually agreed fees determined from time to time by the Master Servicer or the Special Servicer, as applicable, and the
Owner. 
 “Borrower”: The obligor on a Note. 

“Business Day”: Any day other than (a) a Saturday or Sunday, or (b) a day in which depository institutions or trust
companies in the States of Kansas or Pennsylvania or in any of the States in which the Accounts or any accounts used by the Owner for remittance purposes are located, are authorized or obligated by law, regulation or executive order to remain
closed. 
 “Collection Account”: As defined in Section 3.03. 

“Corrected Mortgage Loan”: Any Mortgage Loan which is no longer a Specially Serviced Mortgage Loan pursuant to the second
sentence of the definition of “Specially Serviced Mortgage Loan”. 
 “Covered Entity”: shall mean (a) Owner
and its subsidiaries and (b) each Person that, directly or indirectly, is in control of a Person described in clause (a) above. For purposes of this definition, control of a Person shall mean the direct or indirect (x) ownership of,
or power to vote, 25% or more of the issued and outstanding equity interests having ordinary voting power for the election of directors of such Person or other Persons performing similar functions for such Person, or (y) power to direct or
cause the direction of the management and policies of such Person whether by ownership of equity interests, contract or otherwise. 

“Deconversion Fee”: Subject to Section 8.01(c), an amount equal to $250 per Mortgage Loan if such Mortgage Loan is not
serviced by the Master Servicer or the Special Servicer, as applicable, for at least twelve (12) months. 
 “Deleted
Owner”: As defined in Section 9.11(b). 
 “Determination Date”: The 5th day (or if such day is not a Business Day, the Business Day immediately preceding such day) of the month, beginning in August, 2015. 

“Disposition Fee”: The fee payable to the Special Servicer in connection with the transfer, sale, foreclosure, deed in lieu
of foreclosure or other liquidation of a Specially Serviced Mortgage Loan or REO Property pursuant to Section 3.10 of this Agreement (if such sale is effected by the Special Servicer). The fee payable to the Special Servicer shall be in an
amount equal to the product of (x) the net sales price or proceeds received or collected (or the appraised value of the Mortgage Property recovered by deed in lieu) and (y) (i) 1.00% for any Mortgage Loan with an outstanding principal
balance greater than $5 million dollars as of the date such payment is received or (ii) 2.00% for any Mortgage Loan with an outstanding principal balance equal to or less than $5 million dollars as of the date such payment is received. 

“Eligible Account”: An account maintained with PNC Bank, National Association. 

  
 3 

 “Environmental Laws”: Any environmental law, ordinance, rule, regulation or
order of a federal, state or local governmental authority, including, without limitation, the Comprehensive Environmental Response, Compensation and Liability Act of 1980, as amended (42 U.S.C. §§ 9601 et seq.), the Hazardous
Material Transportation Act, as amended (49 U.S.C. §§ 1801 et seq.), the Resource Conservation and Recovery Act, as amended (42 U.S.C. §§ 6901 et seq.), the Federal Water Pollution Control Act, as amended (33 U.S.C.
§§ 1251 et seq.), the Clean Air Act, as amended (42 U.S.C. §§ 7401 et seq.) and the regulations, whether currently in existence or hereafter enacted. 

“Escrow Account”: As defined in Section 3.02. 

“Escrow Payment”: Any amount received by the Master Servicer or the Special Servicer for the account of the Borrowers for
application toward the payment of taxes, insurance premiums, assessments, ground rents, deferred maintenance, environmental remediation, rehabilitation costs, capital expenditures, and similar items in respect of the related Mortgaged Property. 

“Freddie Mac”: The Federal Home Loan Mortgage Corporation or any successor thereto. 

“Freddie Mac Guide”: The Freddie Mac Multifamily Seller/Servicer Guide, as amended or supplemented from time to time. To the
extent the Freddie Mac Multifamily Seller/Servicer Guide is no longer published by Freddie Mac, either directly or indirectly, “Freddie Mac Guide” shall refer to any successor guide as prescribed by Freddie Mac; provided, however, that in
the event that no successor guide is prescribed by Freddie Mac within 30 days of the date on which the Freddie Mac Multifamily Seller/Servicer Guide is no longer published by Freddie Mac, all references to the “Freddie Mac Guide” in this
Agreement shall be disregarded and the Freddie Mac Guide shall no longer be applicable. 
 “Freddie Mortgage Loans”: The
Mortgage Loans identified as such on Exhibit A hereto. 
 “Governmental Body”: shall mean any nation or government, any
state or other political subdivision thereof or any entity, authority, agency, division or department exercising the executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to a government
(including any supra-national bodies such as the European Union or the European Central Bank) and any group or body charged with setting financial accounting or regulatory capital rules or standards (including, without limitation, the Financial
Accounting Standards Board, the Bank for International Settlements or the Basel Committee on Banking Supervision or any successor or similar authority to any of the foregoing). 

“Law”: shall mean any law(s) (including common law), constitution, statute, treaty, regulation, rule, ordinance, opinion,
issued guidance, release, ruling, order, executive order, injunction, writ, decree, bond, judgment, authorization or approval, lien or award of or any settlement arrangement, by agreement, consent or otherwise, with any Governmental Body, foreign or
domestic. 
 “Loan Servicing”: As defined in Section 3.01. 

  
 4 

 “Loan Set-Up Fee”: shall mean a one-time, up-front payment of $250.00 per each
Mortgage Loan. 
 “Master Servicer”: Midland Loan Services, a Division of PNC Bank, National Association, or any successor
servicer as herein provided, including when it also acts as a Special Servicer. 
 “Midland”: Midland Loan Services, a
Division of PNC Bank, National Association, or any successor Servicer as herein provided, including when it also acts as the Special Servicer of the MSS Mortgage Loans and Freddie Mortgage Loans. 

“Monthly Payment”: With respect to any Mortgage Loan, the scheduled monthly payment of interest or the scheduled monthly
payment of principal and interest, as the case may be, on such Mortgage Loan which is payable by a Borrower on the due date under the related Note. 

“Mortgage”: With respect to each Mortgage Loan, the mortgage, deed of trust or other instrument securing the related Note,
which creates a lien on the real property securing such Note. 
 “Mortgage Loan”: Each of the Freddie Mortgage Loans, MSS
Mortgage Loans and PMSS Mortgage Loans identified on the Mortgage Loan Schedule. 
 “Mortgage Loan Documents”: With respect
to each Mortgage Loan, the related Note, the related Mortgage and any and all other documents executed and delivered in connection with the origination or subsequent modification of such Mortgage Loan. 

“Mortgage Loan Schedule”: A schedule of certain mortgage loans owned and held by the Owner which sets forth information with
respect to such mortgage loans, as amended from time to time by the parties pursuant to Section 4.01(a). An initial Mortgage Loan Schedule shall be attached hereto as Exhibit “A”. 

“Mortgaged Property”: The real property and improvements thereon securing repayment of the debt evidenced by the related
Note. Such term shall also include any REO Property. 
 “MSS Mortgage Loans”: The Mortgage Loans identified as such on
Exhibit A hereto. 
 “Net Liquidation Proceeds”: The amount of proceeds received in connection with the liquidation or sale
of any Specially Serviced Mortgage Loan or REO Property net of the amount of any liquidation expenses (including, without limitation, legal fees and expenses, brokerage commissions and conveyance taxes) incurred with respect to such liquidation or
sale. 
 “New Owner”: As defined in Section 9.11(a). 

“Non-Exempt Person”: shall mean any Person other than a Person who is either (a) a U.S. Person or (b) has provided
to Midland for the relevant year such duly-executed form(s) or statement(s) which may, from time to time, be prescribed by law and which, pursuant to applicable provisions of (1) any income tax treaty between the United States and the country
of 

  
 5 

 
residence of such Person, (2) the Internal Revenue Code of 1986, as amended from time to time and any successor statute, or (3) any applicable rules or regulations in effect under
clauses (1) or (2) above, permit Midland to make such payments free of any obligation or liability for withholding; provided, that duly executed form(s) provided to the Master Servicer pursuant to Section 7.01(b)(ii) hereof,
shall be sufficient to qualify the Owner as not a Non-Exempt Person. 
 “Note”: With respect to any Mortgage Loan, the
promissory note or other evidence of indebtedness or agreements evidencing the indebtedness of a Borrower under such Mortgage Loan. 

“Owner”: As defined in the first paragraph of this Agreement. 

“Owner Event of Default”: As defined in Section 7.02(b). 

“Permitted Investments”: Any one or more of the following obligations or securities having at the time of purchase, or at
such other time as may be specified, the required ratings, if any, provided for in this definition: 
 (a) direct obligations
of, or guaranteed as to timely payment of principal and interest by, the United States of America or any agency or instrumentality thereof provided that such obligations are backed by the full faith and credit of the United States of America; 

(b) direct obligations of, or guaranteed as to timely payment of principal and interest by, the Federal Home Loan Mortgage
Corporation, the Federal Home Loan Bank, the Federal National Mortgage Association or the Federal Farm Credit System, provided that any such obligation, at the time of purchase or contractual commitment providing for the purchase thereof, is
qualified by any Rating Agency as an investment of funds backing securities rated “AAA” (or such comparable rating); 

(c) 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, provided that, in the case of obligations that are not fully insured by the Federal Deposit Insurance Corporation, the commercial paper and/or long- or short-term unsecured debt obligations of
such depository institution or trust company (or in the case of the principal depository institution in a holding company system, the commercial paper or long- or short-term unsecured debt obligations of such holding company) have the highest rating
available for such securities by any Rating Agency; 
 (d) general obligations of or obligations guaranteed by any state of
the United States or the District of Columbia receiving the highest long-term debt rating available for such securities by any Rating Agency; 

(e) commercial or finance company 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 acquisition thereof) that is rated by any Rating Agency in its highest short-term unsecured debt rating category at the time of such investment or
contractual commitment providing for such investment, and is issued by a corporation the outstanding senior long-term debt obligations of which are then rated by any such Rating Agency in its highest long-term unsecured debt rating category; 

  
 6 

 (f) guaranteed reinvestment agreements issued by any bank, insurance company or
other corporation rated in one of the two highest long-term unsecured debt rating levels available to such issuers by any Rating Agency at the time of such investment, provided that any such agreement must by its terms provide that it is terminable
by the purchaser without penalty in the event any such rating is at any time lower than such level; 
 (g) repurchase
obligations with respect to any security described in clause (a) or (b) above entered into with a depository institution or trust company (acting as principal) described in clause (c) above; 

(h) securities bearing interest or sold at a discount that are issued by any corporation incorporated under the laws of the
United States of America or any state thereof and rated by any Rating Agency in its highest long-term unsecured rating category at the time of such investment or contractual commitment providing for such investment; 

(i) units of taxable money market funds which funds are regulated investment companies, seek to maintain a constant net asset
value per share and invest solely in obligations backed by the full faith and credit of the United States, and have been approved in writing by the Owner as Permitted Investments with respect to this definition; and 

(j) such other obligations as are acceptable as Permitted Investments to the Owner. 

“PennyMac Loan Servicer”: means PennyMac Loan Services, LLC, a Delaware limited liability company, the Special Servicer of
the PMSS Mortgage Loans. 
 “Person”: Any individual, corporation, limited liability company, partnership, joint venture,
estate, association, joint-stock company, trust, unincorporated organization or government or any agency or political subdivision thereof. 

“PMSS Mortgage Loans”: The Mortgage Loans identified as such on Exhibit A hereto. 

“Private Securitization Transaction”: Any transaction involving either (1) a sale of some or all of the Mortgage Loans
directly or indirectly to an entity that issues privately offered, rated mortgage-backed securities or (2) an issuance of privately offered, rated securities, the payments of which are determined primarily by reference to one or more portfolios
of mortgage loans consisting, in whole or in part, of some or all of the Mortgage Loans, in each case, in a transaction exempt from registration under federal, state and local securities laws. 

“Program Set-Up Fee”: A one-time, up-front fee of $7,500.00 to be paid to the Master Servicer prior to the date hereof which
includes 15.00 hours of the Master Servicer’s outside legal counsel time in negotiation and execution of this Agreement; provided, however, that if legal negotiations exceed 15.00 hours, the Owner shall be responsible for any
additional legal fees and expenses in accordance with Section 6.03. 

  
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 “Property Inspection Fee”: To the extent the Master Servicer or the Special
Servicer, as applicable, is engaged by the Owner to perform site inspections under Section 3.07 hereof, the Master Servicer or the Special Servicer, as applicable, will bill all inspection costs back to the Owner under a separate billing
statement on a “cost plus 30% basis.” 
 “Public Securitization Transaction”: Any transaction subject to
Regulation AB involving either (1) a sale or other transfer of some or all of the Mortgage Loans directly or indirectly to an issuing entity in connection with an issuance of publicly offered, rated mortgage-backed securities or (2) an
issuance of publicly offered, rated securities, the payments on which are determined primarily by reference to one or more portfolios of residential mortgage loans consisting, in whole or in part, of some or all of the Mortgage Loans. 

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

“Rating Agency”: Each of Standard & Poor’s Ratings Services, a division of McGraw-Hill, Inc., Moody’s
Investors Service, Inc., Fitch, Inc., Duff and Phelps Credit Rating Co., or any other nationally recognized statistical rating agency. 

“Reasonable Efforts”: As determined by the Owner, the Master Servicer or the Special Servicer, as applicable, commercially
reasonable efforts by the Owner or the Master Servicer or the Special Servicer, as the case may be, in light of Accepted Servicing Practices, which efforts do not require the Owner or the Master Servicer or the Special Servicer, as the case may be,
to enter into any litigation, arbitration or other legal or quasi-legal proceeding. 
 “Remittance Date”: With respect to
each Determination Date, the date which is two (2) Business Days after such Determination Date. 
 “REO Account”: As
defined in Section 3.11(a). 
 “REO Mortgage Loan”: A Mortgage Loan deemed for the purposes hereof to be outstanding
with respect to each REO Property, as more particularly described in Section 3.09(b). 
 “REO Property”: A Mortgaged
Property acquired by the Owner through acquisition or the Special Servicer on behalf of the Owner through foreclosure or by deed in lieu of foreclosure. 

“Reportable Compliance Event”: shall mean that any Covered Entity becomes a Sanctioned Person, or is charged by indictment,
criminal complaint or similar charging instrument, arraigned, or custodially detained in connection with any Anti-Terrorism Law or any predicate crime to any Anti-Terrorism Law, or has knowledge of facts or circumstances to the effect that it is
reasonably likely that any aspect of its operations is in actual or probable violation of any Anti-Terrorism Law. 

  
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 “Responsible Officer”: Any officer or employee of the Owner or the Master
Servicer or the Special Servicer, as the case may be, involved in or responsible for the administration, supervision or management of this Agreement and whose name and specimen signature appear on a list prepared by each party and delivered to the
other party, as such list may be amended from time to time by either party. 
 “Reserve Administration Fee”: shall mean
$250.00 per draw paid by the relevant Borrower to the Master Servicer or the Special Servicer, as applicable. 
 “Sanctioned
Country”: shall mean a country subject to a sanctions program maintained under any Anti-Terrorism Law. 
 “Sanctioned
Person”: shall mean any individual person, group, regime, entity or thing listed or otherwise recognized as a specially designated, prohibited, sanctioned or debarred person, group, regime, entity or thing, or subject to any limitations or
prohibitions (including but not limited to the blocking of property or rejection of transactions), under any Anti-Terrorism Law. 

“Servicer Event of Default”: As defined in Section 7.02(a). 

“Servicing Expenses”: All customary, reasonable and necessary out-of-pocket costs and expenses paid or incurred in connection
with the Master Servicer’s and the Special Servicer’s obligations hereunder, including without limitation: 
 (a)
real estate taxes, assessments and similar charges; 
 (b) insurance premiums; 

(c) any expense necessary in order to prevent or cure any violation of applicable laws, regulations, codes, ordinances, rules,
orders, judgments, decrees, injunctions or restrictive covenants; 
 (d) any cost or expense necessary in order to maintain
or release the lien on each Mortgaged Property and related collateral, including any mortgage registration taxes, release fees, or recording or filing fees; 

(e) customary expenses for the collection, enforcement or foreclosure of the Mortgage Loans and the collection of deficiency
judgments against Borrowers and guarantors (including but not limited to the fees and expenses of any trustee under a deed of trust, foreclosure title searches and other lien searches); 

(f) subject to Section 3.07, costs and expenses of any appraisals, valuations, inspections, environmental assessments
(including but not limited to the fees and expenses of environmental consultants), audits or consultations, engineers, architects, accountants, on-site property managers, market studies, title and survey work and financial investigating services;

  
 9 

 (g) customary expenses for liquidation, restructuring, modification or loan
workouts, such as sales brokerage expenses and other costs of conveyance; 
 (h) costs and expenses related to travel and
lodging, subject to Section 3.07 with respect to property inspections; and 
 (i) any other reasonable costs and
expenses, including without limitation, legal fees and expenses, incurred by the Master Servicer or the Special Servicer, as applicable, under this Agreement in connection with the enforcement, collection, foreclosure, disposition, condemnation or
destruction of the Mortgage Loans or related Mortgaged Properties, the maintenance, leasing, operation, management and sale of the REO Properties, and the performance of Loan Servicing by the Master Servicer or the Special Servicer under this
Agreement; 
 provided, however, any and all “Servicing Expenses” listed in this definition shall be paid by the Master Servicer or the Special
Servicer, as applicable, in accordance with Sections 3.03 and 5.02. 
 “Servicing Fee”: With respect to each Mortgage Loan,
an amount equal to the applicable fees set forth on and calculated in accordance with the attached Exhibit “C.”. 

“Servicing File”: With respect to each Mortgage Loan or REO Mortgage Loan, all documents, information and records relating to
the Mortgage Loan and Additional Collateral that are necessary to enable the Master Servicer or the Special Servicer to perform its duties and service the Mortgage Loan in compliance with the terms of this Agreement, and any additional documents or
information related thereto maintained or created by the Master Servicer or the Special Servicer. Documents or information in the Servicing File may be maintained by the Master Servicer or the Special Servicer in any commonly used electronic format
in lieu of paper. For the avoidance of doubt, Original Mortgage Loan Documents held by Owner’s designated document custodian shall not be considered part of the Servicing File but the copies of such originals shall be considered part of the
Servicing File. 
 “Servicing Transfer Date”: With respect to each Mortgage Loan or REO Mortgage Loan, the first Business
Day of the month following delivery by Owner to the Master Servicer of a Mortgage Loan Schedule and the related Servicing File or such other date as agreed in writing between the parties. 

“Specially Serviced Mortgage Loan”: Any Mortgage Loan with respect to which: 

(a) the related Borrower is at least two months delinquent in the payment of a Monthly Payment; 

(b) the related Borrower has expressed to the Master Servicer an inability to pay or a hardship in paying the Mortgage Loan in
accordance with its terms; 

  
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 (c) the Master Servicer has received notice that the related Borrower has become
the subject of any bankruptcy, insolvency or similar proceeding, or has admitted in writing the inability to pay its debts as they come due or made an assignment for the benefit of creditors; 

(d) the Master Servicer has received notice of a foreclosure or threatened foreclosure of any lien (other than the Mortgage
Loan) on the related Mortgaged Property; 
 (e) a default of which the Master Servicer has notice (other than a failure by
the related Borrower to pay principal or interest) and which materially and adversely affects the interests of the Owner has occurred and remains unremedied for the applicable grace period specified in the Mortgage Loan; or 

(f) the related Borrower has failed to make a balloon payment as and when due and such default has not been cured within 30
days after such due date and the Borrower has not delivered to Master Servicer or the Special Servicer, on or before the due date of such balloon payment, a written and fully executed refinancing commitment from an acceptable lender (subject only to
customary final closing conditions) and reasonably satisfactory in form and substance to Master Servicer or the Special Servicer, which provides that such refinancing will occur within 120 days after the date on which such balloon payment is due;

 provided, however, that with respect to the circumstances described in clauses (b), (d) and (e), the Master Servicer has received
written confirmation from the Owner that such Mortgage Loan shall be a Specially Serviced Mortgage Loan, and in the event such confirmation is not received, the Master Servicer shall not be obligated or required to perform any foreclosure, workout,
restructuring, liquidation or disposition of such Mortgage Loan, or management or disposition of the related Mortgaged Property, pursuant to Sections 3.09, 3.10, 3.11 or 3.12, notwithstanding anything herein to the contrary. To the extent no other
circumstances identified in clauses (a) through (f) above exist that would cause the Mortgage Loan to continue to be characterized as a Specially Serviced Mortgage Loan, a Mortgage Loan will cease to be a Specially Serviced Mortgage Loan:

 (g) with respect to the circumstances described in clauses (a) or (f) above, when the related Borrower has
brought the Mortgage Loan current (or, with respect to the circumstances described in clause (f), pursuant to any work-out of the Mortgage Loan) and thereafter made three consecutive full and timely Monthly Payments (including pursuant to such
workout); or 
 (h) with respect to the circumstances described in clauses (b), (c), (d) and (e) above, when such
circumstances cease to exist or such default is cured, as applicable, in the good faith judgment of the Master Servicer (as confirmed in writing by the Owner). 

“Special Servicer”: With respect to Freddie Mortgage Loans and MSS Mortgage Loans, Midland or any successor special servicer
as herein provided. With respect to PMSS Mortgage Loans, PennyMac Loan Servicer or any successor special servicer as herein provided. 

  
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 “Special Servicing Fee”: With respect to each Specially Serviced Mortgage Loan
or REO Mortgage Loan, an amount equal to the greater of (a) $2,250 per month per Specially Serviced Mortgage Loan or REO Mortgage Loan and (b) the product of (i) the Special Servicing Fee Rate and (ii) the outstanding principal
balance of such Specially Serviced Mortgage Loan or REO Mortgage Loan, as calculated in accordance with Section 5.01. 

“Special Servicing Fee Rate”: A rate equal to 0.35% (35.0 basis points). 

“Taxes” shall mean any income or other taxes (including withholding taxes), levies, imposts, duties, fees, assessments or
other charges of whatever nature, now or hereafter imposed by any jurisdiction or by any department, agency, state or other political subdivision thereof or therein. 

“U.S. Person”: A citizen or resident of the United States, a corporation, partnership (except to the extent provided in
applicable Treasury Regulations), or other entity created or organized in or under the laws of the United States, any state thereof or the District of Columbia, including any entity treated as a corporation or partnership for federal income tax
purposes, an estate whose income is subject to United States federal income tax regardless of its source, or a trust if a court within the United States is able to exercise primary supervision over the administration of such trust, and one or more
such U.S. Persons have the authority to control all substantial decisions of such trust (or, to the extent provided in applicable Treasury Regulations, certain trusts in existence on August 20, 1996 which have elected to be treated as U.S.
Persons). 
 “Whole Loan Transfer”: The sale or transfer by Owner of some or all of the Mortgage Loans in a whole loan or
participation format other than a Private Securitization Transaction or a Public Securitization Transaction. 
 “Workout
Fee”: In connection with the curing of any event of default under any Specially Serviced Mortgage Loan through a modification, restructuring or work-out of such Mortgage Loan effected by the Special Servicer and evidenced by a writing
executed by the related Borrower, the fee payable to the Special Servicer in an amount equal to the product of (x) the amount of any payments received by the Special Servicer on account of principal or interest on such Mortgage Loan (including
any prepayment premiums) and (y) (i) 1.00% for any Mortgage Loan with an outstanding principal balance greater than $5 million dollars as of the date such payment is received or (ii) 2.00% for any Mortgage Loan with an outstanding
principal balance equal to or less than $5 million dollars as of the date such payment is received. 
 ARTICLE II. 

RETENTION AND AUTHORITY OF MASTER SERVICER & SPECIAL SERVICERS 

Section 2.01. Engagement; Servicing Standard. 

The Owner hereby engages the Master Servicer and each of the Special Servicers to perform, and the Master Servicer and each of the Special
Servicers hereby agree to perform, Loan Servicing with respect to each of the Mortgage Loans throughout the term of this Agreement, upon and subject to the terms, covenants and provisions hereof. 

  
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 The Master Servicer and each Special Servicer shall perform its services hereunder (a) in
accordance with (i) applicable federal, state, and local laws, regulations, and ordinances, and investor requirements (ii) the terms and provisions of the Mortgage Loan Documents, (iii) the express terms hereof, and (iv) the
customary and usual standards of practice of prudent institutional commercial mortgage loan servicers, and (b) to the extent consistent with the foregoing requirements, in the same manner in which the Master Servicer or each Special Servicer
services commercial mortgage loans for itself, its Affiliates, or other third party portfolios of mortgage loans similar to the Mortgage Loans, but without regard to any relationship which the Master Servicer or each Special Servicer or any
Affiliate of the Master Servicer or the Special Servicer may have with the related Borrower or any Affiliate of such Borrower or to the Master Servicer’s or each Special Servicer’s right to receive compensation for its services hereunder.
The servicing standards described in the preceding sentence are herein referred to as “Accepted Servicing Practices”. 
 Section 2.02.
Subservicing. 
 To the extent necessary for the Master Servicer to comply with any applicable laws, regulations, codes or ordinances
relating to the Master Servicer’s Loan Servicing obligations hereunder, the Master Servicer may subservice to any Person any of its Loan Servicing obligations hereunder; provided, however, that the Master Servicer shall provide
oversight and supervision with regard to the performance of all subcontracted services and any subservicing agreement shall be consistent with and subject to the provisions of this Agreement. Neither the existence of any subservicing agreement nor
any of the provisions of this Agreement relating to subservicing shall relieve the Master Servicer of its obligations to the Owner hereunder. Notwithstanding any such subservicing agreement, the Master Servicer shall be obligated to the same extent
and under the same terms and conditions as if the Master Servicer alone was servicing the related Mortgage Loans in accordance with the terms of this Agreement. The Master Servicer shall be solely liable for all fees owed by it to any subservicer,
regardless of whether the Master Servicer’s compensation hereunder is sufficient to pay such fees. Master Servicer shall each deliver to the Owner copies of all subservicing agreements, and any amendments or modifications, promptly upon
execution and delivery of such documents. 
 Section 2.03. Authority of the Master Servicer. 

(a) In performing its Loan Servicing obligations hereunder, the Master Servicer shall, except as otherwise provided herein and subject to the
terms of this Agreement, have full power and authority, acting alone or through others, to take any and all actions in connection with such Loan Servicing that it deems necessary or appropriate. Without limiting the generality of the foregoing, the
Master Servicer is hereby authorized and empowered by the Owner when the Master Servicer deems it appropriate in its reasonable judgment, to execute and deliver, on behalf of the Owner, (i) any and all financing statements, continuation
statements and other documents or instruments necessary to maintain the lien of each Mortgage on the related Mortgaged Property and any other Additional Collateral; and (ii) any and all instruments of satisfaction or cancellation, or of partial
or full release or discharge and all other comparable instruments with respect to each of the Mortgage Loans; provided, however, that the Master Servicer shall notify the Owner in writing in the event that the Master Servicer intends
to execute and deliver any such instrument referred to in clause (i) above, and, except in connection with 

  
 13 

 
any payment in full of any Mortgage Loan, shall proceed with such course of action only upon receipt of the Owner’s written approval thereof. The Owner agrees to cooperate with the Master
Servicer by either executing and delivering to the Master Servicer from time to time (i) powers of attorney evidencing the Master Servicer’s authority and power under this Section, or (ii) such documents or instruments deemed
necessary or appropriate by the Master Servicer to enable the Master Servicer to carry out its Loan Servicing obligations hereunder. 
 (b)
In the performance of its Loan Servicing obligations hereunder, the Master Servicer shall take any action that is directed by the Owner which relates to the Master Servicer’s or Special Servicer’s Loan Servicing obligations under this
Agreement; provided, however, that the Master Servicer shall not be obligated to take, or to refrain from taking, any action which the Owner requests that the Master Servicer take or refrain from taking to the extent that the Master
Servicer determines in its reasonable and good faith judgment that such action or inaction (i) may cause a violation of applicable laws, regulations, codes, ordinances, court orders or restrictive covenants with respect to any Mortgage Loan,
Borrower, Mortgaged Property or REO Property; (ii) may cause a violation of any provision of a Mortgage Loan Document; or (iii) may be a violation of the Accepted Servicing Practices. 

ARTICLE III. 
 SERVICES TO
BE PERFORMED 
 Section 3.01. Services as Loan Servicer. 

The Master Servicer and each of the Special Servicers hereby agree to serve as the loan servicers with respect to each of the Mortgage Loans
and to perform Loan Servicing as described below and as otherwise provided herein, upon and subject to the terms of this Agreement. Subject to any limitation of authority under Section 2.03, “Loan Servicing” shall mean those
services pertaining to the Mortgage Loans which, applying Accepted Servicing Practices, are required hereunder to be performed by the Master Servicer or the Special Servicer, and which shall include but not be limited to: 

(i) as the Master Servicer, reviewing all available documents pertaining to the Mortgage Loans, organizing, administering and
maintaining the Servicing Files, forwarding any originals of Mortgage Loan Documents received to the document custodian of Owner, as designed by Owner from time to time, and inputting all relevant information into the Master Servicer’s loan
servicing computer system; 
 (ii) as the Master Servicer, preparing and filing or recording all financing statements,
continuation statements and other documents or instruments and taking such other action necessary to maintain or, when appropriate, release the lien of any Mortgage on the related Mortgaged Property and security interest in the Additional
Collateral; 
 (iii) as the Master Servicer, monitoring each Borrower’s maintenance of insurance coverage on each
Mortgaged Property as required by the related Mortgage Loan Documents and causing to be maintained adequate insurance coverage on each Mortgaged Property in accordance with Section 3.05; 

  
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 (iv) as the Master Servicer or a Special Servicer, as applicable, collecting,
analyzing, and spreading promptly from each Borrower quarterly and annual operating statements, budgets and rent rolls (if applicable) and annual financial statements of such Borrower as may be required under the Mortgage Loan Documents; 

(v) as the Master Servicer or a Special Servicer, as applicable, monitoring the status of real estate taxes, assessments and
other similar items and verifying the payment of such items for each Mortgaged Property in accordance with Section 3.02; 

(vi) as the Master Servicer or a Special Servicer, as applicable, preparing and delivering all reports and information required
hereunder; 
 (vii) as the Master Servicer or a Special Servicer, as applicable, procuring and supervising the services of
third parties (other than subservicers pursuant to Section 2.02) necessary or appropriate in connection with the servicing of the Mortgage Loans; 

(viii) as the Master Servicer, performing payment processing, record keeping, administration of escrow and other accounts,
interest rate adjustment, and other routine customer service functions; 
 (ix) as the Master Servicer, monitoring any
casualty losses or condemnation proceedings and administering any proceeds related thereto in accordance with the related Mortgage Loan Documents; 

(x) as the Master Servicer, notifying all Borrowers of the appropriate place for communications and payments, and collecting
and monitoring all payments made with respect to the Mortgage Loans; 
 (xi) as requested by Owner in writing from time to
time, as the Master Servicer or a Special Servicer, as applicable, performing a physical inspection of each Mortgaged Property or REO Property in accordance with Section 3.07; 

(xii) as the Master Servicer or a Special Servicer, as applicable, administering any requests for assumptions of a Mortgage
Loan or transfers of ownership of or placement of subordinate financing on a Mortgaged Property in accordance with Section 3.08; 

(xiii) as a Special Servicer, commencing on behalf of the Owner any litigation or proceeding relating to the restructuring,
assumptions or substitutions, foreclosure or other realization upon the collateral under any of the Mortgage Loans, including seeking deficiency judgments if deemed advisable and permitted by applicable law and the Mortgage Loan Documents, defending
any action brought against any party to this Agreement with respect to the servicing of any Mortgage Loan while subject to this Agreement, and retaining legal counsel in connection therewith, all in accordance with Section 3.09; 

(xiv) as a Special Servicer, accepting deeds-in-lieu of foreclosure or performing asset management, with respect to any
Mortgage Loan or Mortgage Property; 

  
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 (xv) as a Special Servicer, selling or disposing of each Specially Serviced
Mortgage Loan or REO Property in accordance with Section 3.10; 
 (xvi) as a Special Servicer, managing and operating
each REO Property in accordance with Section 3.11; 
 (xvii) as the Master Servicer or a Special Servicer, as
applicable, administering any proposals for modifications, waivers, amendments or consents with respect to any term of a Mortgage Loan in accordance with Section 3.12; 

(xviii) as the Master Servicer, to the extent required by the related Mortgage Loan Documents, determining and notifying each
Borrower of the amount of each payment of principal and interest due under the terms of the related Mortgage Loan, including determining and, if applicable, notifying the related Borrower of the interest rate for any floating or adjustable rate
Mortgage Loan; 
 (xix) as the Master Servicer or a Special Servicer, as applicable, with respect to each Mortgage Loan
requiring the Borrower to establish and maintain one or more lockbox, cash management or similar accounts, establishing, maintaining and applying the funds deposited in such accounts in accordance with terms of the Mortgage Loan Documents, any
lock-box, cash management or similar agreement, and Accepted Servicing Practices; 
 (xx) as the Master Servicer or a Special
Servicer, as applicable, maintaining and drawing on any letter of credit, if any, provided as Additional Collateral for the Mortgage Loan, and making Reasonable Efforts to recover any expenses incurred to enable such draw from the Borrower to the
extent Borrower is required to pay such expenses under the terms of the Mortgage Loan; 
 (xxi) as the Master Servicer, at
least ninety (90) days prior to the due date of any balloon payment, sending a notice to the Borrower of such due date (with a copy to Special Servicer) and requesting confirmation that the balloon payment will be paid by such maturity date;

 (xxii) as the Master Servicer or a Special Servicer, as applicable, establishing and maintaining an effective OFAC
compliance and anti-money laundering program respecting the Borrowers and the Mortgage Loans and coordinating with Owner regarding the filing of suspicious activity reports; 

(xxiii) as a Special Servicer, preparing Asset Status Reports and timely delivering such reports to Owner in accordance with
Section 3.13; and 
 (xxiv) as the Master Servicer or a Special Servicer, as applicable, any services that are set forth
on Exhibit “E” attached to this Agreement (other than those identified with an “x” as to be performed by Owner) and made a part hereof by reference. 

  
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 Section 3.02. Escrow Accounts; Collection of Taxes, Assessments and Similar Items. 

(a) With respect to the Mortgage Loans described in the Mortgage Loan Schedule, and subject to and as required by the terms of the related
Mortgage Loan Documents, the Master Servicer shall establish and maintain one or more Eligible Accounts (each, an “Escrow Account”) into which any or all Escrow Payments shall be deposited promptly after receipt and identification.
Escrow Accounts shall be denominated “Escrow Account, Midland Loan Services, a Division of PNC Bank, National Association for the benefit of PennyMac Corp. and Various Borrowers” or in such other manner as the Owner prescribes. The Master
Servicer shall notify the Owner in writing of the location and account number of each Escrow Account it establishes and shall notify the Owner prior to any change thereof. Withdrawals of amounts from an Escrow Account may be made, subject to any
express provisions to the contrary herein, applicable laws, and to the terms of the related Mortgage Loan Documents governing the use of the Escrow Payments, only: (i) to effect payment of taxes, assessments, insurance premiums, ground rents
and other items required or permitted to be paid from escrow; (ii) to refund to the Borrowers any sums determined to be in excess of the amounts required to be deposited therein; (iii) to pay interest, if required under the Mortgage Loan
Documents, to the Borrowers on balances in the Escrow Accounts; (iv) to pay to the Master Servicer from time to time any interest or investment income earned on funds deposited therein pursuant to Section 3.04; (v) to apply funds to
the indebtedness of the Mortgage Loan in accordance with the terms thereof; (vi) to reimburse the Owner for any Servicing Expense for which Escrow Payments should have been made by the Borrowers, but only from amounts received on the Mortgage
Loan which represent late collections of Escrow Payments thereunder; (vii) to withdraw any amount deposited in the Escrow Accounts which was not required to be deposited therein; or (viii) to clear and terminate the Escrow Accounts at the
termination of this Agreement. 
 (b) The Master Servicer shall maintain accurate records with respect to each Mortgaged Property reflecting
the status of taxes, assessments and other similar items that are or may become a lien thereon and the status of insurance premiums payable with respect thereto as well as the payment of ground rents with respect to each ground lease (to the extent
such information is reasonably available). To the extent that the related Mortgage Loan Documents require Escrow Payments to be made by a Borrower, the Master Servicer shall use Reasonable Efforts to obtain, from time to time, all bills for the
payment of such items, and shall effect payment prior to the applicable penalty or termination date, employing for such purpose Escrow Payments paid by the Borrower pursuant to the terms of the Mortgage Loan and deposited in the related Escrow
Account by the Master Servicer. Subject to Section 3.05 with respect to the payment of insurance premiums, if a Borrower fails to make any such payment on a timely basis or collections from the Borrower are insufficient to pay any such item
when due, the amount of any shortfall shall be paid by the Master Servicer as a Servicing Expense in accordance with Sections 3.03 and 5.02, provided that the Master Servicer has consulted with the Owner regarding the timing for payment of taxes,
assessments and other similar items. 
 Section 3.03. Collection Accounts. 

(a) With respect to the Mortgage Loans, the Master Servicer shall establish and maintain one or more Eligible Accounts (each, a
“Collection Account”) for the benefit of the Owner for the purposes set forth herein. Collection Accounts shall be denominated “Collection 

  
 17 

 
Account, Midland Loan Services, a Division of PNC Bank, National Association for the benefit of PennyMac Corp.” or in such other manner as the Owner prescribes. The Master Servicer shall
deposit into the Collection Accounts within one (1) Business Day after receipt all payments and collections received by it on or after the date hereof with respect to the Mortgage Loans, other than payments and collections with respect to any
REO Property (which shall be deposited into the REO Account from amounts withdrawn from the related REO Account pursuant to Section 3.11(a)), Escrow Payments or payments in the nature of Additional Servicing Compensation. 

(b) The Master Servicer shall make withdrawals from the Collection Accounts only as follows (the order set forth below not constituting an
order of priority for such withdrawals): 
 (i) to withdraw any amount deposited in the Collection Accounts which was not
required to be deposited therein; 
 (ii) pursuant to Section 5.01, to pay to the Master Servicer or the Special
Servicer the Servicing Fee, Special Servicing Fee, Additional Servicing Compensation, Workout Fee and Disposition Fee on each Remittance Date; 

(iii) pursuant to Section 5.02, to pay any Servicing Expenses; 

(iv) to pay to the Master Servicer from time to time any interest or investment income earned on funds deposited in the
Collection Accounts pursuant to Section 3.04; 
 (v) to remit to the Owner on each Remittance Date, pursuant to wiring
instructions from the Owner, all amounts on deposit in the Collection Accounts (that represent good funds) as of the close of business on the Determination Date, net of any withdrawals from the Collection Account pursuant to this Section; and 

(vi) to clear and terminate the Collection Accounts upon the termination of this Agreement. 

Section 3.04. Permitted Investments. 

The Master Servicer may direct any depository institution or trust company in which the Accounts are maintained to invest the funds held
therein in one or more Permitted Investments; provided, however, that such funds shall be either (a) immediately available or (b) available in accordance with a schedule which will permit the Master Servicer to meet its
payment obligations hereunder. The Master Servicer shall be entitled to all income and gain realized from the investment of funds deposited in the Accounts. The Master Servicer shall deposit from its own funds in the applicable Account the amount of
any loss incurred in respect of any such investment of funds immediately upon the realization of such loss. Notwithstanding the foregoing, the Master Servicer shall not direct the investment of funds held in any Escrow Account and retain the income
and gain realized therefrom if the related Mortgage Loan Documents or applicable law permits the Borrower to be entitled to the income and gain realized from the investment of funds deposited therein. In such event, the Master Servicer shall direct
the depository institution or trust company in which such Escrow Accounts are maintained to invest the funds held therein (1) in accordance with the Borrower’s written investment instructions, if the Mortgage Loan Documents or applicable
law require such funds to be 

  
 18 

 
invested in accordance with the Borrower’s direction; and (2) in accordance with the Owner’s written investment instructions, if the Mortgage Loan Documents and applicable law do
not permit the Borrower to direct the investment of such funds; provided, however, that in either event (i) such funds shall be either (y) immediately available or (z) available in accordance with a schedule which will
permit the Master Servicer to meet the payment obligations for which the Escrow Account was established; (ii) the Master Servicer shall have no liability for any loss in investments of such funds that are invested pursuant to such written
instructions; and (iii) Master Servicer will not be responsible for paying interest to any Borrower at a rate in excess of a reasonable and customary rate earned on similar accounts. The Master Servicer may maintain the funds in an
interest-bearing Eligible Account. 
 Section 3.05. Maintenance of Insurance Policies. 

(a) The Master Servicer shall use Reasonable Efforts to cause the Borrower of each Mortgage Loan to maintain for each Mortgage Loan such
insurance as is required to be maintained pursuant to the related Mortgage Loan Documents. If the Borrower fails to maintain such insurance, then the Master Servicer shall notify the Owner of such breach and, to the extent available at commercially
reasonable rates and the Owner, as mortgagee, has an insurable interest, cause to be maintained (i) fire and hazard insurance with extended coverage in an amount which is at least equal to the lesser of the current principal balance of such
Mortgage Loan and the replacement cost of the improvements which are a part of the related Mortgaged Property and (ii) to the extent that the Mortgaged Property is located in a federally designated special flood hazard area, flood insurance in
respect thereof. Such flood insurance shall be in an amount equal to the lesser of (y) the unpaid principal balance of the related Mortgage Loan or (z) the maximum amount of such insurance as is available for the related Mortgaged Property
under the National Flood Insurance Act. After notifying the Owner pursuant to the second preceding sentence, the Master Servicer shall take such action as the Owner reasonably requests with respect to the maintenance of any other forms of insurance
which are required to be maintained pursuant to the related Mortgage Loan Documents, except to the extent that such insurance is not available at commercially reasonable rates or the Owner, as mortgagee, does not have an insurable interest. The
Master Servicer shall, to the extent available at commercially reasonable rates and the Owner, as mortgagee, has an insurable interest, maintain for each REO Property no less insurance coverage than was previously required with respect to the
related Mortgaged Property or as may be required at any time by the Owner in writing. All such policies shall be endorsed with standard mortgagee clauses with loss payable to the Owner, and shall be in an amount sufficient to avoid the application
of any co-insurance clause. The costs of maintaining the insurance policies which the Master Servicer is required to maintain pursuant to this Section shall be paid by the Master Servicer as a Servicing Expense in accordance with Sections 3.03 and
5.02, provided, that the cost of maintaining insurance with respect to each REO Property shall be paid pursuant to Section 3.11. 
 (b)
The Master Servicer may fulfill its obligation to maintain insurance, as provided in Section 3.05(a), through a master force placed insurance policy, the cost of which shall be paid by the Master Servicer as a Servicing Expense in accordance
with Sections 3.03 and 5.02, provided that such cost is limited to the incremental cost of such policy allocable 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 is then covered thereby, which shall be 

  
 19 

 
paid by the Master Servicer). Such master force placed insurance policy may contain a deductible clause, in which case the Master Servicer shall, in the event that there shall not have been
maintained on the related Mortgaged Property or REO Property a policy otherwise complying with the provisions of Section 3.05(a), and 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 related Collection Account from its own funds the amount not otherwise payable under the master force placed insurance policy because of such deductible to the extent that such deductible exceeds the
deductible limitation required under the related Mortgage Loan Documents, or, in the absence of such deductible limitation, the deductible limitation which is consistent with Accepted Servicing Practices. 

(c) The Master Servicer shall maintain at its own expense a fidelity bond in form and amount that is consistent with Accepted Servicing
Practices. In addition, the Master Servicer shall keep in force, at its own expense during the term of this Agreement, a policy or policies of insurance in form and amounts that are consistent with Accepted Servicing Practices, covering loss
occasioned by the errors and omissions of the Master Servicer’s officers and employees in connection with its obligations hereunder. 

(d) As long as Master Servicer has a corporate rating of “A-” (or such comparable rating), Master Servicer may comply with this
Section of the Agreement by purchasing such bond or insurance, by self-insuring for these items or a combination of the above. 
 Section 3.06.
Delivery and Possession of Servicing Files. 
 On or before the related Servicing Transfer Date, the Owner shall deliver or cause to
be delivered to the Master Servicer (a) a Servicing File with respect to each Mortgage Loan; and (b) the amounts, if any, received by the Owner representing Escrow Payments previously made by the Borrowers. The Master Servicer shall
promptly acknowledge receipt of the Servicing File and Escrow Payments for the Mortgage Loans and shall promptly deposit such Escrow Payments in the Escrow Accounts established pursuant to this Agreement. The contents of each Servicing File
delivered to the Master Servicer shall be held by the Master Servicer for the benefit of the Owner as the owner thereof; the Master Servicer’s possession of the contents of each Servicing File so delivered is for the sole purpose of servicing
the related Mortgage Loan; and such possession by the Master Servicer shall be in a custodial capacity only. The Master Servicer shall release its custody of the contents of any Servicing File only in accordance with written instructions from the
Owner, and upon request of the Owner, the Master Servicer shall deliver to the Owner the Servicing File or a copy of any document contained therein; provided, however, that if the Master Servicer is unable to perform its Loan Servicing
obligations with respect to the related Mortgage Loan after any such release or delivery of the Servicing File, then the Master Servicer shall not be liable to the Owner or any third party while the related Servicing File is not in the Master
Servicer’s possession for any inability of the Master Servicer to perform any such obligation hereunder and Master Servicer may terminate this Agreement with respect to such Mortgage Loan immediately upon written notice to the Owner. 

  
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 Section 3.07. Inspections. 

For a Property Inspection Fee, the Master Servicer or the Special Servicer, as applicable, shall perform a physical inspection in accordance
with Accepted Servicing Practices of each Mortgaged Property or REO Property if the Owner requests such an inspection in writing. The Master Servicer shall prepare a written report of each such inspection and shall promptly deliver a copy of such
report to the Owner. Property Inspection Fee shall be paid as a Servicing Expense in accordance with Sections 3.03 and 5.02. 
 Section 3.08.
“Due-on-Sale” Clauses; Assumption Agreements. 
 When any Borrower proposes to convey or encumber all or any portion of its
interests in a Mortgaged Property, or if such conveyance or encumbrance has actually occurred, to the extent that the Master Servicer has actual knowledge of such conveyance or encumbrance, the Master Servicer shall immediately give notice thereof
to the Owner and take such related actions as the Owner reasonably directs, including (a) waiving or enforcing any due-on-sale clause or due-on-encumbrance clause contained in the related Mortgage Loan Documents, to the extent permitted under
the terms of the related Mortgage Loan Documents, Freddie Mac Guide, and applicable law, (b) taking or entering into an assumption or substitution agreement from or with the Person to whom such Mortgaged Property has been or shall be conveyed,
and (c) releasing the original Borrower from liability upon the related Mortgage Loan and substituting the new Borrower as the obligor thereon. 

To the extent the Master Servicer is engaged by the Owner to perform analysis, processing and administrative functions in connection with any
request by a Borrower to waive any such due-on-sale clause or due-on-encumbrance clause and/or to enter into any such assumption or substitution agreement, the Master Servicer may, as a condition to granting any such request require (to the extent
permitted by applicable law) that such Borrower pay to it, as Additional Servicing Compensation, a reasonable and customary fee consistent with Accepted Servicing Practices in connection with such request, together with any related costs and
expenses incurred by the Master Servicer; provided, however, that in the event that the Borrower fails or is unable to pay any such costs and expenses, or the Owner directs the Master Servicer to waive any requirement that the Borrower
pay any such fees, costs or expenses, the same shall be paid by the Master Servicer as a Servicing Expense in accordance with Sections 3.03 and 5.02. 

Section 3.09. Realization Upon Mortgaged Properties. 

(a) Upon the failure of any Borrower to make any required payment of principal, interest or other amounts due under a Mortgage Loan, or
otherwise to perform fully any material obligations under any of the related Mortgage Loan Documents, in either case within any applicable grace period, the Master Servicer shall, upon discovery of such failure, promptly notify the Owner in writing.
As directed in writing by the Owner in each instance, the Master Servicer or the Special Servicer shall issue notices of default, declare events of default, declare due the entire outstanding principal balance, and otherwise take all reasonable
actions under the related Mortgage Loan in preparation for the Owner to realize upon the underlying collateral, including the Mortgage Property and the Additional Collateral. With respect to any Specially Serviced Mortgage Loan, the Special Servicer
shall, as permitted under the provisions of the 

  
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related Mortgage Loan Documents, and subject to the Owner’s prior written consent, foreclose upon or otherwise comparably convert the ownership of the related Mortgaged Property. In
connection with such foreclosure or other conversion, the Special Servicer shall, subject to the consent or direction of the Owner, follow such practices and procedures as it shall deem necessary or advisable and as shall be consistent with Accepted
Servicing Practices. All costs and expenses incurred by the Special Servicer in any such proceedings shall be paid by the Master Servicer as a Servicing Expense in accordance with Sections 3.03 and 5.02. Master Servicer or the Special Servicer, as
applicable, shall consult with Owner regarding the selection and retention of legal counsel. 
 (b) If title to any Mortgaged Property is
acquired in foreclosure or by deed in lieu of foreclosure, the deed or certificate of sale shall be taken in the name of the Owner or its nominee, but in no event shall such deed or certificate be taken in the name of the Master Servicer or the
Special Servicer. Notwithstanding any such acquisition of title and cancellation of the related Mortgage Loan, such Mortgage Loan shall be considered to be an REO Mortgage Loan held by the Owner until such time as the related REO Property shall be
sold, transferred or conveyed by the Owner. Consistent with the foregoing, for purposes of all calculations hereunder, so long as such REO Mortgage Loan shall be considered to be an outstanding Mortgage Loan, payments and collections with respect to
the related REO Property received in any month (net of related expenses) shall be applied to amounts which would have been payable under the related Note in accordance with the terms of such Note. 

(c) Except as otherwise provided in written instructions delivered to the Master Servicer or the Special Servicer by the Owner, the Master
Servicer or the Special Servicer shall not obtain title to any Mortgaged Property as a result or in lieu of foreclosure or otherwise, and shall not otherwise acquire possession of, or take other action with respect to, any Mortgaged Property, if, as
a result of any such action, the Owner would be considered to hold title to, to be a “mortgagee-in-possession” of, or to be an “owner” or “operator” of such Mortgaged Property within the meaning of any Environmental
Law, or a “discharger” or “responsible party” thereunder, unless the Master Servicer or the Special Servicer has also previously determined, based on a report prepared by a Person who regularly conducts environmental site
assessments, that: 
 (i) such Mortgaged Property is in compliance with applicable Environmental Laws or, if not, that taking
such actions as are necessary to bring such Mortgaged Property into compliance therewith is reasonably likely to produce a greater recovery on a present value basis than not taking such actions; and 

(ii) there are no circumstances present on 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 applicable Environmental Law, or that, if any such hazardous materials are present for which such action could be required,
taking such actions with respect to the affected Mortgaged Property is reasonably likely to produce a greater recovery on a present value basis than not taking such actions. 

  
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 If the Master Servicer or the Special Servicer, as applicable, has so determined based on
satisfaction of the criteria in clauses (i) and (ii) above that it would be in the best economic interest of the Owner to take any such actions, the Master Servicer or the Special Servicer, as applicable, shall notify the Owner of such
proposed action. The Master Servicer or the Special Servicer, as applicable, shall take such action only if authorized by the Owner in writing. The costs of any such compliance, containment, clean-up or remediation shall be paid by the Master
Servicer as a Servicing Expense in accordance with Sections 3.03 and 5.02. 
 If the environmental assessment first obtained by the Master
Servicer or the Special Servicer with respect to a Mortgaged Property indicates that such Mortgaged Property may not be in compliance with applicable Environmental Laws but does not definitively establish such fact, the Master Servicer or the
Special Servicer, subject to the Owner’s prior written consent, shall cause such further environmental assessments to be conducted. 

(d) The environmental site assessments contemplated by Section 3.09(c) shall be prepared by any Person who is recommended by the Master
Servicer or the Special Servicer and approved in writing by the Owner or such other Person as directed in writing by the Owner, which Person shall be a qualified independent person (the precise scope and timing to be mutually agreed upon by the
Owner and the Master Servicer or the Special Servicer). The report of the environmental assessment shall be delivered to the Owner, with a copy to the Master Servicer or the Special Servicer, and shall include an estimate of the cost to investigate
and remediate the Mortgage Property and environmental hazard, or to otherwise address any noncompliance with applicable Environmental Laws or health and safety law and regulations or environmental condition (such as the presence of
asbestos-containing materials). The Master Servicer, the Special Servicer or its agent shall provide a separate recommendation to the Owner as to whether it is advisable for the Owner or any REO Subsidiary to take title or otherwise become in
possession of, assume the operation of (including appointment of a receiver) or take any other action with respect to the Mortgaged Property given the conclusions and information set forth in such environmental assessment report taking into account
unique property features or characteristics. Such recommendations should identify the factual and legal basis for the recommendations and the applicable provisions of the Environmental Laws, the health and safety laws and regulations and other
authorities relevant thereto, including a description of any reasonable steps required to avoid or minimize the potential of environmental liability regarding the environmental conditions on the Mortgaged Property in the event the Owner comes into
possession, ownership or operation of the Mortgaged Property. The cost of preparation of any environmental assessment shall be paid by the Master Servicer as a Servicing Expense in accordance with Sections 3.03 and 5.02. If the Master Servicer or
the Special Servicer determines, pursuant to Section 3.09(c), that taking such actions as are necessary to bring any Mortgaged Property into compliance with applicable Environmental Laws, or taking such actions with respect to the containment,
clean-up, removal or remediation of hazardous substances, hazardous materials, hazardous wastes, or petroleum-based materials affecting any such Mortgaged Property, is not reasonably likely to produce a greater recovery on a present value basis than
not taking such actions, then the Master Servicer or the Special Servicer shall take such action as directed in writing by the Owner, including, without limitation, releasing the lien of the related Mortgage with respect to the affected Mortgaged
Property. 

  
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 Section 3.10. Sale of Specially Serviced Mortgage Loans and REO Properties. 

(a) With respect to any Specially Serviced Mortgage Loan or REO Property, when and if directed in writing by the Owner, the Special Servicer
shall use Reasonable Efforts to sell to any Person such Specially Serviced Mortgage Loan, REO Property or Additional Collateral on commercially reasonable terms which are consistent with Accepted Servicing Practices; provided, however,
that any such sale must be approved in writing by the Owner. 
 (b) Subject to Sections 3.10(a), the Special Servicer shall act on behalf of
the Owner in negotiating and taking any such action necessary or appropriate in connection with the sale of any Specially Serviced Mortgage Loan, REO Property or Additional Collateral, including the collection of all amounts payable in connection
therewith. The Net Liquidation Proceeds (after deduction of the Disposition Fee) shall be promptly remitted within one (1) Business Day after receipt by the Special Servicer to the Master Servicer for deposit by the Master Servicer in the
related Collection Account. 
 Section 3.11. Management of REO Property. 

(a) Upon the acquisition by the Owner of any REO Property, the Special Servicer shall have full power and authority, subject to the specific
requirements and prohibitions of this Agreement, to do or authorize to be done any and all things in connection therewith as are consistent with Accepted Servicing Practices, all on terms and for such period as the Special Servicer deems to be in
the best economic interest of the Owner. 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 one or more Eligible Accounts (each, an “REO Account”) for the purposes set forth herein. REO Accounts shall be denominated “REO Account, Midland Loan Services, a Division of PNC Bank, National
Association for the benefit of PennyMac Corp.” or in such other manner as the Owner prescribes. Pursuant to Section 3.04, the Special Servicer may invest the funds in the REO Account and shall be entitled to any interest or investment
income earned on such funds. In connection therewith, the Special Servicer shall deposit or cause to be deposited in the REO Account on a daily basis within one (1) Business Day after receipt all revenues received by it with respect to any REO
Property (except for any Net Liquidation Proceeds), and shall withdraw therefrom funds necessary for the proper maintenance, leasing, operation, management and sale of any REO Property, including: 

(i) all insurance premiums due and payable in respect of such REO Property; 

(ii) all taxes and assessments in respect of such REO Property that could result or have resulted in the imposition of a lien
thereon; 
 (iii) all ground rental payments, if applicable, with respect to such REO Property; and 

(iv) all costs and expenses necessary to maintain, lease, operate, manage and sell such REO Property, including the management
fee payable to the property manager engaged by Master Servicer pursuant to Section 3.11(b). 

  
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 To the extent that amounts on deposit in any REO Account are insufficient for the purposes set
forth above, the Master Servicer shall pay the amount of such shortfall as a Servicing Expense in accordance with Sections 3.03 and 5.02. The Master Servicer shall withdraw from each REO Account and deposit into the related Collection Account on a
monthly basis on or prior to the related Remittance Date the income, net of expenses, received or collected from each REO Property; provided, however, that the Special Servicer may retain in each REO Account funds sufficient for the
payment of the items set forth in clauses (i) through (iv) above, including, without limitation, the creation of reasonable reserves for repairs, replacements, and necessary capital improvements and other related expenses. 

(b) The Special Servicer may contract with any Person as a property manager for the operation and management of any REO Property;
provided, however, that: 
 (i) the terms and conditions of any such contract shall not be inconsistent
herewith and the Owner has provided its written consent (which shall not be unreasonably withheld) with respect to such property manager; and 

(ii) none of the provisions of this Section relating to any such contract or to actions taken through any such Person shall be
deemed to relieve the Special Servicer of any of its duties and obligations to the Owner with respect to the operation and management of such REO Property. 

Section 3.12. Modifications, Waivers, Amendments and Consents. 

(a) When any Borrower proposes any modification, waiver or amendment of any term of any Mortgage Loan or requests any consents related thereto,
the Master Servicer or the Special Servicer shall immediately give notice thereof to the Owner and take such related actions as the Owner reasonably directs, except with respect to any Borrower proposal or request which involves any required payment
from the Borrower in the nature of Additional Servicing Compensation to which the Master Servicer is properly entitled. All modifications, waivers or amendments of any Mortgage Loan or consents related thereto shall be in writing. 

(b) To the extent the Master Servicer or the Special Servicer is engaged by the Owner to perform analysis, processing and administrative
functions in connection with any request by a Borrower for any consent, modification, waiver or amendment, the Master Servicer or the Special Servicer may, as a condition to granting any such request require (to the extent permitted by applicable
law) that such Borrower pay to it, as Additional Servicing Compensation, a reasonable and customary fee consistent with Accepted Servicing Practices in connection with such request, together with any related costs and expenses incurred by the Master
Servicer or the Special Servicer; provided, however, that in the event that the Borrower fails or is unable to pay any such costs and expenses, or the Owner directs the Master Servicer or the Special Servicer to waive any requirement
that the Borrower pay any such fees, costs or expenses, the same shall be paid by the Master Servicer as a Servicing Expense in accordance with Sections 3.03 and 5.02. 

Section 3.13. Transfers of Servicing Between Master Servicer and the Special Servicer. 

(a) Upon determining that a Mortgage Loan has become a Specially Serviced Mortgage Loan, the Master Servicer shall promptly give notice thereof
to the Owner, and if the 

  
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Master Servicer is not also the Special Servicer, the Master Servicer shall (i) also promptly give notice to the Special Servicer; (ii) deliver the Servicing File to the Special
Servicer and use its Reasonable Efforts to provide the Special Servicer with all information, documents (or copies thereof) and records (including records stored electronically on computer tapes, magnetic discs and the like) relating to such
Mortgage Loan and reasonably requested by the Special Servicer to enable the Special Servicer to assume its functions. The Master Servicer shall use its best reasonable efforts to comply with this Section 3.13(a) within five (5) Business
Days of the Mortgage Loan becoming a Specially Serviced Mortgage Loan. 
 (b) Upon determining that a Specially Serviced Mortgage Loan has
become a Corrected Mortgage Loan, and if the Master Servicer is not also the Special Servicer, the Special Servicer shall immediately give notice thereof to the Master Servicer and the Owner and shall return the Servicing File within five
(5) Business Days to the Master Servicer. Upon giving such notice and returning such Servicing File to the Master Servicer, Special Servicer’s obligation to service such Mortgage Loan and Special Servicer’s right to receive the
Special Servicing Fee with respect to such Mortgage Loan, shall terminate (provided, however, that such termination shall be without prejudice to any rights to the payment of Special Servicing Fees or other compensation due under the terms of this
Agreement through and including the date of such termination) and the obligations of the Master Servicer to service and administer such Mortgage Loan shall resume. 

(c) In servicing any Specially Serviced Mortgage Loan, if the Special Servicer is not also the Master Servicer, the Special Servicer shall
provide to the Master Servicer for inclusion in the Servicing File copies of any additional Mortgage Loan Documents and Mortgage Loan information, including but not limited to correspondence with the Borrower, complaints and responses, loss
mitigation applications, modification agreements, assumption applications and agreements, appraisals, brokers’ opinions of value, and litigation files generated while the Mortgage Loan is a Specially Serviced Mortgage Loan. 

Section 3.14. Preparation of Asset Status Reports. 

(a) No later than sixty (60) days after a Mortgage Loan becomes a Specially Serviced Mortgage Loan or a borrower seeks approval of a
material action requiring Owner approval, the Special Servicer shall deliver in electronic format a report (the “Asset Status Report”) with respect to such Mortgage Loan and the related Mortgaged Property to the Owner with a copy to
the Master Servicer if the Special Servicer is not also the Master Servicer. Such Asset Status Report shall set forth the following information to the extent reasonably determinable based on the information in the Special Servicer’s possession:

 (i) A summary of the borrower request with respect to a non-Specially Serviced Loan and the Special Servicer’s
recommendations with respect to such request; 
 (ii) A summary of the status of the applicable Specially Serviced Mortgage
Loan and any negotiations with the related Borrower, including: 
 (A) a discussion of the legal and environmental
considerations reasonably known to the Special Servicer that are applicable to the exercise of 

  
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Owner’s remedies and to the enforcement of any related guaranties or other collateral for the related Mortgage Loan and whether outside legal counsel needs to be or has been retained; 

(B) the most current rent roll and income or operating statement available for the related Mortgaged Property; 

(C) the Special Servicer’s recommendations on how such Specially Serviced Mortgage Loan might be returned to performing
status and returned to the Master Servicer for regular servicing or otherwise realized upon; 
 (D) a copy of the last
obtained appraisal of the Mortgaged Property and the most recent brokers’ opinion of value; and 
 (E) such other
information as the Special Servicer deems relevant in light of Accepted Servicing Practices. 
 (b) Prior to taking any action with respect
to a Specially Serviced Mortgage Loan, Special Servicer shall obtain the Owner’s approval of the related Asset Status Report. No direction or disapproval of the Owner hereunder or failure of the Owner to consent to or approve (including any
deemed consents or approvals) any request of the Special Servicer, shall (i) require or cause the Special Servicer to violate the terms of a Specially Serviced Mortgage Loan, applicable law or any provision of this Agreement, including the
Special Servicer’s obligation to act in accordance with the Accepted Servicing Practices, or (ii) expose the Special Servicer or their respective officers, directors, members, employees or agents to any claim, suit or liability or
(iii) materially expand the scope of the Special Servicer’s responsibilities under this Agreement. Notwithstanding the foregoing, if Special Servicer has made commercially reasonable efforts to contact the Owner for such approval and
determines in accordance with Accepted Servicing Practices that emergency action is necessary to protect the Mortgaged Property or the interests of the Owner, or that a failure to take any such action at such time would be inconsistent with Accepted
Servicing Practices, Special Servicer shall take the recommended actions with respect to the Mortgaged Property before Owner provides such approval; provided; however, that the Master Servicer or the Special Servicer shall not be obligated to make
any advance. 
 ARTICLE IV. 

STATEMENTS AND REPORTS 
 Section 4.01.
Reporting by the Master Servicer. 
 (a) Master Servicer shall prepare and/or provide the statements, reports and/or information
listed on Exhibit “B” hereto to Owner or such other Person designated by Owner and on such date as indicated thereon. On the Remittance Date, the Master Servicer shall also prepare and/or provide a remittance report in a form reasonably
agreed upon by the parties hereto. The delivery by the Master Servicer to the Owner of such remittance report shall be deemed to be an acknowledgment by the parties hereto that, as of the related Determination Date, the Mortgage Loans listed on such
report are the Mortgage Loans being serviced by the Master Servicer pursuant to this Agreement. 

  
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 (b) Midland will provide the Owner with immediate online Internet website access to Portfolio
Investor Insight®, subject to such reasonable policies, procedures and limitations as the parties may agree upon from time to time. 

(c) Unless otherwise specifically stated herein, if the Master Servicer is required to deliver any statement, report or information under any
provisions of this Agreement, the Master Servicer may satisfy such obligation by (x) physically delivering a paper copy of such statement, report or information, (y) delivering such statement, report or information in a commonly used
electronic format, or (z) making such statement, report or information available on the Master Servicer’s Internet website, unless this Agreement expressly specifies a particular method of delivery. 

ARTICLE V. 

SERVICER’S COMPENSATION AND EXPENSES 

Section 5.01. Servicing Compensation. 

As consideration for servicing the Mortgage Loans subject to this Agreement, the Master Servicer shall be entitled to a Servicing Fee for each
Mortgage Loan remaining subject to this Agreement during any calendar month or part thereof. Such Servicing Fee shall be payable monthly on the Remittance Date and shall be computed on the basis of the number of Mortgage Loans serviced during the
calendar month as more specifically set forth in Exhibit “C.” The Master Servicer may pay itself the Servicing Fee on each Remittance Date from amounts on deposit in the related Collection Account. 

As further compensation for its activities hereunder, the Master Servicer, or the Special Servicer, as applicable, shall be entitled to retain
any interest or investment income earned on funds deposited in the Accounts to the extent permitted hereunder and by the Mortgage Documents, subject to any loss payable by the Master Servicer or the Special Servicer, as applicable, pursuant to
Section 3.04 and to any other amount or collections received by it which are in the nature of Additional Servicing Compensation. For Reserve Administration Fee, the relevant Borrower shall pay such fees to the Master Servicer or Special
Servicer, as applicable, at the time of the draw. If the relevant Borrower fails to pay such fees, Owner shall pay such fees to the Master Servicer or the Special Servicer, as applicable. 

As compensation for its special servicing activities hereunder, the Special Servicer shall be entitled to the Special Servicing Fee for each
Specially Serviced Mortgage Loan or REO Property remaining subject to this Agreement during any calendar month or part thereof. Such Special Servicing Fee shall be payable monthly on the Remittance Date and shall be computed on the basis of the same
outstanding principal balance and for the period with respect to which any related interest payment on the related Mortgage Loan is computed. The Master Servicer may pay itself or such other Special Servicer the Special Servicing Fee on each
Remittance Date from amounts on deposit in the related Collection Account. 

  
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 In addition to the other servicing compensation provided for in this Agreement, and not in lieu
thereof, the Special Servicer shall be entitled to (a) the Disposition Fee, which shall be payable out of Net Proceeds prior to the deposit of Net Proceeds into the Collection Account in the event of a transfer, sale, foreclosure, a deed in
lieu of foreclosure or other liquidation of a Specially Serviced Mortgage Loan or REO Property and (b) the Workout Fee, which shall be payable from amounts on deposit in the related Collection Account in the event of the curing of any monetary
event of default under any Mortgage Loan through modification, assumption, restructure or work-out of such Mortgage Loan (if such modification, assumption, restructure or work-out is effected by the Special Servicer). If the Master Servicer is
terminated, it shall retain the right to receive any and all Disposition Fees otherwise payable to it with respect to any Mortgage Loan or REO Property, as applicable, that (A) became a Corrected Mortgage Loan during the period that Master
Servicer acted as such and that was a Corrected Mortgage Loan at the time of such termination, (B) becomes a Corrected Mortgage Loan subsequent to the time of such termination if Master Servicer resolved the circumstances and/or conditions
(including by way of a modification of such Mortgage Loan) which caused such Mortgage Loan to become a Specially Serviced Mortgage Loan but such Mortgage Loan had not, when the Master Servicer was terminated, become a Corrected Mortgage Loan because
the related Borrower had not then made three (3) consecutive monthly debt service payments (but the related Borrower then makes those three (3) monthly debt service payments, and such Mortgage Loan subsequently becomes a Corrected Mortgage
Loan as a result of the Borrower making those three (3) monthly debt service payments); (C) the Master Servicer has identified a buyer or transferee of a Mortgage Loan or REO Property and a sale of such Mortgage Loan or REO Property to
such buyer or transferee, an Affiliate or related party is closed within six (6) months of termination or resignation of the Master Servicer; or (D) notice of a judicial or non-judicial sale has been provided to the Borrower and the
Mortgaged Property is sold to a third-party purchaser at a judicial or non-judicial sale. 
 To the extent that amounts on deposit in the
Collection Account are insufficient for the payment of the Servicing Fee, Special Servicing Fee or Workout Fee, the Owner shall pay any such shortfall to the Master Servicer or the Special Servicer, as applicable, within ten (10) Business Days
after the Owner’s receipt of an itemized invoice therefor. 
 The Master Servicer or the Special Servicer shall be required to pay all
expenses incurred by it in connection with its servicing activities hereunder, such as costs for office space, office equipment, supplies and related expenses, employee salaries and related expenses and similar internal costs, overhead and expenses,
and shall not be entitled to reimbursement thereof except as specifically provided for herein. Owner shall not be obligated to pay any Servicing Fee, Additional Servicing Compensation, or Special Servicing Fee, unless the amount of such fee or basis
for calculation of such fee is specifically set forth in this Agreement as amended from time to time. 
 Section 5.02. Servicing Expenses. 

Notwithstanding any other provision hereof, the Master Servicer or the Special Servicer shall obtain the written approval of the Owner prior to
incurring any Servicing Expense that is over $5,000.00 per item, except for any Servicing Expense which is (a) incurred by the Master Servicer or the Special Servicer pursuant to Sections 3.02(b) or 3.05 or (b) made for any

  
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purposes other than those described in item (a) above, and is not over $25,000.00 and is made in an emergency situation to preserve and protect the Mortgaged Property or the safety of the
public in connection with such Mortgaged Property. 
 The Master Servicer or the Special Servicer shall not advance its own funds for the
payment of any Servicing Expenses. The Master Servicer may cause any Servicing Expenses to be paid directly from the related Collection Account. In the event that there are insufficient funds in the related Collection Account to permit the payment
of Servicing Expenses, the Owner shall deposit the necessary funds in the related Collection Account or promptly and directly pay for all such Servicing Expenses. If the Master Servicer has provided written notice of such Servicing Expenses to the
Owner, and funds are subsequently deposited into the related Collection Account from sources other than the Owner, the Master Servicer may pay such expenses from the related Collection Account, in which event the Master Servicer shall promptly
notify the Owner of such payment. If there are insufficient funds on deposit in the related Collection Account and Owner does not deposit the necessary funds into the related Collection Account or promptly and directly pay for such Servicing
Expense, Master Servicer shall have no obligation to pay such Servicing Expense. 
 ARTICLE VI. 

THE MASTER SERVICER AND THE OWNER 

Section 6.01. Master Servicer Not to Assign; Merger or Consolidation of the Master Servicer. 

(a) Except as otherwise provided for in this Section or in Section 2.02, the Master Servicer may not assign this Agreement or any of its
rights, powers, duties or obligations hereunder without the written consent of the Owner; provided, however, that the Master Servicer may assign this Agreement to a Qualified Affiliate without the written consent of the Owner. 

(b) The Master Servicer may be merged or consolidated with or into any Person, or transfer all or substantially all of its assets to any
Person, in which case any Person 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 hereunder, and shall be deemed to have assumed all of
the liabilities of the Master Servicer hereunder. Following notice of such merger or consolidation, Owner may terminate this Agreement without cause upon thirty (30) days’ written notice to the Master Servicer and without the payment of
any Deconversion Fee if such notice is given within sixty (60) days of receiving such notice of merger or consolidation; provided, however, that Master Servicer shall be entitled to the pro rata share of minimum annual Servicing
Fee set forth on Exhibit “C” for the period during which it services the Mortgage Loans under this Agreement. For the avoidance of doubt, to the extent the Owner has paid a portion of minimum annual Servicing Fee before such termination,
the Owner would only owe the remaining amount to reach the pro rata share of the minimum annual Servicing Fee. 
 Section 6.02. Liability and
Indemnification of the Master Servicer and the Owner. 
 (a) Neither the Master Servicer nor its Affiliates nor any of the directors,
officers, employees or agents thereof shall be under any liability to the Owner or any third party for 

  
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taking or refraining from taking any action, using its reasonable judgment pursuant to or in connection with this Agreement, or for errors in judgment; provided, however, that this
provision shall not protect the Master Servicer or any such Person against any liability which would otherwise be imposed on the Master Servicer or any such Person by reason of the Master Servicer’s willful misfeasance, bad faith or negligence
(except to the extent such liability is related to the Master Servicer’s performance of Special Services, in which event a gross negligence standard shall apply) in the performance of its duties hereunder. The Master Servicer and any director,
officer, employee or agent thereof 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. 

(b) The Master Servicer and any director, officer, employee or agent thereof shall be indemnified and held harmless by the Owner against any
loss, liability or expense incurred, including reasonable attorneys’ fees, in connection with any claim, legal action, investigation or proceeding relating to this Agreement, the Master Servicer’s performance hereunder, or any specific
action which the Owner authorized or requested the Master Servicer to perform pursuant to this Agreement, as such are incurred, except for any loss, liability or expense incurred by reason of the Master Servicer’s willful misfeasance, bad
faith, negligence (except to the extent such loss, liability or expense is related to the Master Servicer’s performance of Special Services, in which event a gross negligence standard shall apply) or breach of the Master Servicer’s
representations and warranties set forth in Section 7.01. Notwithstanding the exception set forth in the preceding sentence, in the event that the Master Servicer sustains any loss, liability or expense by reason of such exception and which
results from any overcharges to Borrowers under the Mortgage Loans, to the extent that such overcharges were collected by the Master Servicer and remitted to the Owner, the Owner shall promptly remit such overcharge to the related Borrower after the
Owner’s receipt of written notice from the Master Servicer regarding such overcharge. 
 (c) The Owner and any director, officer,
employee or agent thereof shall be indemnified and held harmless by the Master Servicer or the Special Servicer, as applicable, against any loss, liability or expense incurred, including reasonable attorneys’ fees, by reason of (i) the
Master Servicer’s or Special Servicer’s willful misfeasance, bad faith or negligence (except to the extent such loss, liability or expense is related to the Master Servicer’s or Special Servicer’s performance of Special Services,
in which event a gross negligence standard shall apply) in the performance of its duties hereunder or (ii) a breach of the Master Servicer’s representations and warranties set forth in Section 7.01. 

(d) IN NO EVENT SHALL EITHER PARTY BE LIABLE FOR INDIRECT, EXEMPLARY, INCIDENTAL, SPECIAL OR CONSEQUENTIAL DAMAGES TO THE OTHER PARTY ARISING
FROM THIS AGREEMENT, INCLUDING DAMAGES OR COSTS INCURRED AS A RESULT OF LOSSES OF DATA, TIME, SAVINGS, PROPERTY, PROFITS OR GOODWILL, EVEN IF IT HAS BEEN ADVISED OF THE POSSIBILITY OR LIKELIHOOD OF SUCH DAMAGES, REGARDLESS OF WHETHER SUCH CLAIMS ARE
BASED OR REMEDIES ARE SOUGHT IN CONTRACT, NEGLIGENCE, EQUITY, STRICT LIABILITY, TORT, PRODUCTS LIABILITY OR OTHERWISE. NOTWITHSTANDING ANY OTHER PROVISION HEREIN TO THE CONTRARY, THE LIABILITY OF MIDLAND UNDER THIS AGREEMENT SHALL BE LIMITED TO THE
AGGREGATE AMOUNT OF THE SERVICING FEES RECEIVED BY MIDLAND HEREUNDER DURING THE TWELVE (12) MONTH PERIOD PRECEDING THE ACTION GIVING RISE TO ANY CLAIM. 

  
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 The provisions of this Section shall survive any termination of the rights and obligations of the
Master Servicer hereunder. 
 ARTICLE VII. 

REPRESENTATIONS AND WARRANTIES; DEFAULT 

Section 7.01. Representations and Warranties. 

(a) Midland, as the Master Servicer and a Special Servicer, hereby makes the following representations and warranties to the Owner: 

(i) Due Organization, Qualification and Authority. Midland is a division of a national bank association duly organized,
validly existing and in good standing under the laws of the United States of America, and has and shall maintain all requisite licenses to the extent necessary to ensure the enforceability of each Mortgage Loan and to perform its duties and
obligations under this Agreement in accordance with the terms of this Agreement; Midland has the full power, authority and legal right to execute and deliver this Agreement and to perform in accordance herewith; Midland has duly authorized the
execution, delivery and performance of this Agreement and has duly executed and delivered this Agreement; this Agreement constitutes the valid, legal, binding obligation of Midland, except as enforceability may be limited by bankruptcy, insolvency,
reorganization, receivership, moratorium or other laws relating to or affecting the rights of creditors generally and by general principles of equity (regardless of whether such enforcement is considered in a proceeding in equity or at law); 

(ii) No Conflicts. Neither the execution and delivery of this Agreement, nor the fulfillment of or compliance with the
terms and conditions of this Agreement by Midland (1) conflicts with or results in a breach of any of the terms, conditions or provisions of Midland’s organizational documents; (2) conflicts with or results in a breach of any
agreement or instrument to which Midland is now a party or by which it (or any of its properties) is bound, or constitutes a default or results in an acceleration under any of the foregoing if compliance therewith is necessary (A) to ensure the
enforceability of any Mortgage Loan, or (B) for Midland to perform its obligations under this Agreement in accordance with the terms hereof; (3) conflicts with or results in a breach of any legal restriction if compliance therewith is
necessary (A) to ensure the enforceability of any Mortgage Loan, or (B) for Midland to perform its obligations under this Agreement in accordance with the terms hereof; (4) results in the violation of any law, rule, regulation, order,
judgment or decree to which Midland is subject if compliance therewith is necessary (A) to ensure the enforceability of any Mortgage Loan, or (B) for Midland to perform its obligations under this Agreement in accordance with the terms
hereof; or (5) results in the creation or imposition of any lien, charge or encumbrance that would have a material adverse effect upon any of its properties pursuant to the terms of any mortgage, contract, deed of trust or other instrument, or
materially impairs the ability of (A) the Owner to realize on the Mortgage Loans, or (B) Midland to perform its obligations hereunder; 

  
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 (iii) No Litigation Pending. There is no action, suit, or proceeding
pending or to Midland’s knowledge threatened against Midland, which, either in any one instance or in the aggregate, would draw into question the validity of this Agreement or the Mortgage Loans, or would be likely to impair materially the
ability of Midland to perform its duties and obligations under the terms of this Agreement; 
 (iv) No Consent
Required. No consent, approval, authorization or order of, or registration or filing with, or notice to, any court or governmental agency or body having jurisdiction or regulatory authority over Midland is required for (A) Midland’s
execution and delivery of, this Agreement, or (B) the consummation of the transactions contemplated by this Agreement, or, to the extent required, such consent, approval, authorization, order, registration, filing or notice has been obtained,
made or given (as applicable), except that Midland may not be duly qualified to transact business or licensed in one or more states if such qualification or licensing is not necessary (1) to ensure the enforceability of any Mortgage Loan, or
(2) for Midland to perform its obligations under this Agreement in accordance with the terms hereof. 
 (b) PennyMac Loan Servicer, as
a Special Servicer, hereby makes the following representations and warranties to the Owner: 
 (i) Due Organization,
Qualification and Authority. PennyMac Loan Servicer is a Delaware limited liability company duly organized, validly existing and in good standing under the laws of the United States of America, and has and shall maintain all requisite licenses
to the extent necessary to ensure the enforceability of each Mortgage Loan and to perform its duties and obligations under this Agreement in accordance with the terms of this Agreement; PennyMac Loan Servicer has the full power, authority and legal
right to execute and deliver this Agreement and to perform in accordance herewith; PennyMac Loan Servicer has duly authorized the execution, delivery and performance of this Agreement and has duly executed and delivered this Agreement; this
Agreement constitutes the valid, legal, binding obligation of PennyMac Loan Servicer, except as enforceability may be limited by bankruptcy, insolvency, reorganization, receivership, moratorium or other laws relating to or affecting the rights of
creditors generally and by general principles of equity (regardless of whether such enforcement is considered in a proceeding in equity or at law); 

(ii) No Conflicts. Neither the execution and delivery of this Agreement, nor the fulfillment of or compliance with the
terms and conditions of this Agreement by PennyMac Loan Servicer (1) conflicts with or results in a breach of any of the terms, conditions or provisions of PennyMac Loan Servicer’s organizational documents; (2) conflicts with or
results in a breach of any agreement or instrument to which PennyMac Loan Servicer is now a party or by which it (or any of its properties) is bound, or constitutes a default or results in an acceleration under any of the foregoing if compliance
therewith is necessary (A) to ensure the enforceability of any Mortgage Loan, or (B) for PennyMac Loan Servicer to perform its obligations under this Agreement in accordance 

  
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with the terms hereof; (3) conflicts with or results in a breach of any legal restriction if compliance therewith is necessary (A) to ensure the enforceability of any Mortgage Loan, or
(B) for PennyMac Loan Servicer to perform its obligations under this Agreement in accordance with the terms hereof; (4) results in the violation of any law, rule, regulation, order, judgment or decree to which PennyMac Loan Servicer is
subject if compliance therewith is necessary (A) to ensure the enforceability of any Mortgage Loan, or (B) for PennyMac Loan Servicer to perform its obligations under this Agreement in accordance with the terms hereof; or (5) results
in the creation or imposition of any lien, charge or encumbrance that would have a material adverse effect upon any of its properties pursuant to the terms of any mortgage, contract, deed of trust or other instrument, or materially impairs the
ability of (A) the Owner to realize on the Mortgage Loans, or (B) PennyMac Loan Servicer to perform its obligations hereunder; 

(iii) No Litigation Pending. There is no action, suit, or proceeding pending or to PennyMac Loan Servicer’s
knowledge threatened against PennyMac Loan Servicer, which, either in any one instance or in the aggregate, would draw into question the validity of this Agreement or the Mortgage Loans, or would be likely to impair materially the ability of Midland
to perform its duties and obligations under the terms of this Agreement; 
 (iv) No Consent Required. No consent,
approval, authorization or order of, or registration or filing with, or notice to, any court or governmental agency or body having jurisdiction or regulatory authority over PennyMac Loan Servicer is required for (A) PennyMac Loan
Servicer’s execution and delivery of, this Agreement, or (B) the consummation of the transactions contemplated by this Agreement, or, to the extent required, such consent, approval, authorization, order, registration, filing or notice has
been obtained, made or given (as applicable), except that PennyMac Loan Servicer may not be duly qualified to transact business or licensed in one or more states if such qualification or licensing is not necessary (1) to ensure the
enforceability of any Mortgage Loan, or (2) for PennyMac Loan Servicer to perform its obligations under this Agreement in accordance with the terms hereof. 

(v) Non-Exempt Person. PennyMac Loan Servicer is not a Non-Exempt Person. 

(vi) Anti-Money Laundering/International Trade Law Compliance. As of the date of this Agreement, each Remittance Date or
payment date under Section 3.02 or Section 3.03, and at all times until the Agreement has been terminated and all amounts hereunder have been paid in full, that: (A) no Covered Entity (1) is a Sanctioned Person; (2) has any
of its assets in a Sanctioned Country or in the possession, custody or control of a Sanctioned Person in violation of any Anti-Terrorism Law; (3) does business in or with, or derives any of its income from investments in or transactions with,
any Sanctioned Country or Sanctioned Person in violation of any Anti-Terrorism Law; or (4) engages in any dealings or transactions prohibited by any Anti-Terrorism Law; (B) the proceeds of this Agreement will not be used to fund any
operations in, finance any investments or activities in, or, make any payments to, a Sanctioned Country or Sanctioned Person in violation of any Law; (C) the funds used to pay the Master Servicer

  
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are not derived from any unlawful activity; and (D) each Covered Entity is in compliance with, and no Covered Entity engages in any dealings or transactions prohibited by, any Laws,
including but not limited to any Anti-Terrorism Laws. PennyMac Loan Servicer covenants and agrees that it shall immediately notify the Master Servicer in writing upon the occurrence of a Reportable Compliance Event. 

(c) The Owner hereby makes the following representations and warranties to the Master Servicer and each of the Special Servicers: 

(i) Due Authority. The Owner has the full power, authority and legal right to execute and deliver this Agreement and to
perform in accordance herewith; the Owner has duly authorized the execution, delivery and performance of this Agreement and has duly executed and delivered this Agreement; the Owner is the owner and the holder of the Mortgage Loans and has the right
to authorize the Master Servicer to perform the actions contemplated herein; this Agreement constitutes the valid, legal, binding obligation of the Owner, except as enforceability may be limited by bankruptcy, insolvency, reorganization,
receivership, moratorium or other laws relating to or affecting the rights of creditors generally and by general principles of equity (regardless of whether such enforcement is considered in a proceeding in equity or at law). 

(ii) Non-Exempt Person. The Owner is not a Non-Exempt Person. 

(iii) Anti-Money Laundering/International Trade Law Compliance. As of the date of this Agreement, each Remittance Date
or payment date under Section 3.02 or Section 3.03, and at all times until the Agreement has been terminated and all amounts hereunder have been paid in full, that: (A) no Covered Entity (1) is a Sanctioned Person; (2) has
any of its assets in a Sanctioned Country or in the possession, custody or control of a Sanctioned Person in violation of any Anti-Terrorism Law; (3) does business in or with, or derives any of its income from investments in or transactions
with, any Sanctioned Country or Sanctioned Person in violation of any Anti-Terrorism Law; or (4) engages in any dealings or transactions prohibited by any Anti-Terrorism Law; (B) the proceeds of this Agreement will not be used to fund any
operations in, finance any investments or activities in, or, make any payments to, a Sanctioned Country or Sanctioned Person in violation of any Law; (C) the funds used to pay the Master Servicer are not derived from any unlawful activity; and
(D) each Covered Entity is in compliance with, and no Covered Entity engages in any dealings or transactions prohibited by, any Laws, including but not limited to any Anti-Terrorism Laws. Owner covenants and agrees that it shall immediately
notify the Master Servicer in writing upon the occurrence of a Reportable Compliance Event. 

  
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 Section 7.02. Events of Default. 

(a) “Master Servicer Event of Default”, wherever used herein, means any one of the following events: 

(i) any failure by the Master Servicer to remit to the Owner any payment required to be so remitted by the Master Servicer
under the terms of this Agreement when and as due which continues unremedied by the Master Servicer for a period of one (1) Business Day after the date on which Master Servicer receives written notice of such failure; or 

(ii) any failure by the Master Servicer to timely pay Servicing Expenses from the related Collection Account when sufficient
funds are on deposit and Owner has approved such payments in writing, which Servicing Expenses remain unpaid for a period of five (5) Business Days following the date on which written notice of such failure is given to the Master Servicer; or

 (iii) any failure on the part of the Master Servicer duly to observe or perform in any material respect any other of the
covenants or agreements on the part of the Master Servicer contained in this Agreement, or any representation or warranty set forth by the Master Servicer in Section 7.01 shall be untrue or incorrect in any material respect, and, in either
case, such failure or breach materially and adversely affects the value of any Mortgage Loan or Mortgaged Property or the priority of the lien on any Mortgaged Property or the interest of the Owner therein, which in either case continues unremedied
for a period of thirty (30) days after the date on which written notice of such failure or breach, requiring the same to be remedied, shall have been given to the Master Servicer by the Owner (or such extended period of time reasonably approved
by the Owner provided that the Master Servicer is diligently proceeding in good faith to cure such failure or breach); or 

(iv) a decree or order of a court or agency or supervisory authority having jurisdiction in respect of the Master Servicer for
the commencement of 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, marshalling of assets
and liabilities or similar proceedings, or for the winding-up or liquidation of its affairs shall have been entered against the Master Servicer, and such decree or order shall remain in force undischarged or
unstayed for a period of 90 days; or 
 (v) the Master Servicer shall consent to the appointment of a conservator or receiver
or liquidator in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings of or relating to the Master Servicer or of or relating to all or substantially all of its property; or 

(vi) the Master Servicer shall admit in writing its inability to pay its debts generally as they become due, file a petition to
take advantage of any applicable federal or state bankruptcy, insolvency or similar law, make an assignment for the benefit of its creditors or voluntarily suspend payment of its obligations; 

then, and in each and every case, so long as a Master Servicer Event of Default shall not have been remedied, the Owner may, by notice in writing to the
Master Servicer, in addition to whatever rights the Owner may have at law or in equity, including injunctive relief and specific 

  
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performance, terminate all of the rights and obligations of the Master Servicer under this Agreement and in and to the Mortgage Loans and the proceeds thereof, without the Owner incurring any
penalty or fee of any kind whatsoever in connection therewith; provided, however, that such termination shall be without prejudice to any rights of the Master Servicer relating to the payment of any earned and unpaid Servicing Fees
along with the pro rata share of minimum annual Servicing Fee set forth on Exhibit “C” (for the avoidance of doubt, to the extent the Owner has paid a portion of minimum annual Servicing Fee before such termination, the Owner would only
owe the remaining amount to reach the pro rata share of the minimum annual Servicing Fee), any earned and unpaid Special Servicing Fees, any earned and unpaid Disposition Fees, Workout Fees and any earned and unpaid Additional Servicing Compensation
under the terms of this Agreement through and including the date of such termination. Except as otherwise expressly provided in this Agreement, no remedy provided for by this Agreement shall be exclusive of any other remedy, and each and every
remedy shall be cumulative and in addition to any other remedy, and no delay or omission to exercise any right or remedy shall impair any such right or remedy or shall be deemed to be a waiver of any Master Servicer Event of Default. On or after the
receipt by the Master Servicer of such written notice of termination from the Owner, all authority and power of the Master Servicer under this Agreement, whether with respect to the Mortgage Loans or otherwise, shall pass to and be vested in the
Owner, and the Master Servicer agrees to cooperate with the Owner in effecting the termination of the Master Servicer’s responsibilities and rights hereunder, including, without limitation, the transfer of the Servicing Files and the funds held
in the Accounts as set forth in Section 8.01. 
 The Owner may waive, which waiver shall be in writing, any default by the Master
Servicer in the performance of its obligations hereunder and its consequences. Upon any such waiver of a past default, such default shall cease to exist, and any Master Servicer Event of Default 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 except to the extent expressly so waived. 

(b) “Special Servicer Event of Default”, wherever used herein with respect to each Special Servicer, means any one of the following
events: 
 (i) any failure by the Special Servicer to remit to the Master Servicer any payment required to be so remitted by
the Special Servicer under the terms of this Agreement when and as due which continues unremedied by the Special Servicer for a period of one (1) Business Day after the date on which Special Servicer receives written notice of such failure; or

 (ii) any failure by the Special Servicer to timely pay Servicing Expenses from the related Collection Account when
sufficient funds are on deposit and Owner approved such payments in writing, which Servicing Expenses remain unpaid for a period of five (5) Business Days following the date on which written notice of such failure is given to the Special
Servicer; or 
 (iii) any failure on the part of the Special Servicer duly to observe or perform in any material respect any
other of the covenants or agreements on the part of the Special Servicer contained in this Agreement, or any representation or warranty set forth by the Special Servicer in Section 7.01 shall be untrue or incorrect in any material

  
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respect, and, in either case, such failure or breach materially and adversely affects the value of any Mortgage Loan or Mortgaged Property or the priority of the lien on any Mortgaged Property or
the interest of the Owner therein, which in either case continues unremedied for a period of thirty (30) days after the date on which written notice of such failure or breach, requiring the same to be remedied, shall have been given to the
Special Servicer by the Owner (or such extended period of time reasonably approved by the Owner provided that the Special Servicer is diligently proceeding in good faith to cure such failure or breach); or 

(iv) a decree or order of a court or agency or supervisory authority having jurisdiction in respect of the Special Servicer for
the commencement of 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, marshalling of assets
and liabilities or similar proceedings, or for the winding up or liquidation of its affairs shall have been entered against the Special Servicer, and such decree or order shall remain in force undischarged or unstayed for a period of 90 days; or

 (v) the Special Servicer shall consent to the appointment of a conservator or receiver or liquidator in any insolvency,
readjustment of debt, marshalling of assets and liabilities or similar proceedings of or relating to the Special Servicer or of or relating to all or substantially all of its property; or 

(vi) the Special Servicer shall admit in writing its inability to pay its debts generally as they become due, file a petition
to take advantage of any applicable federal or state bankruptcy, insolvency or similar law, make an assignment for the benefit of its creditors or voluntarily suspend payment of its obligations; 

then, and in each and every case, so long as a Special Servicer Event of Default shall not have been remedied, the Owner may, by notice in writing to the
Special Servicer, in addition to whatever rights the Owner may have at law or in equity, including injunctive relief and specific performance, terminate all of the rights and obligations of the Special Servicer under this Agreement and in and to the
Mortgage Loans and the proceeds thereof, without the Owner incurring any penalty or fee of any kind whatsoever in connection therewith; provided, however, that such termination shall be without prejudice to any rights of the Special Servicer
relating to the payment of any earned and unpaid Special Servicing Fees, Disposition Fees, Workout Fees and Additional Servicing Compensation through and including the date of such termination. 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 Special Servicer Event of Default. On or after the receipt by the Special Servicer of such written notice of termination from the Owner, all authority and power of the Special Servicer
under this Agreement, whether with respect to the Mortgage Loans or otherwise, shall pass to and be vested in the Owner, and the Special Servicer agrees to cooperate with the Owner in effecting the termination of the Special Servicer’s
responsibilities and rights hereunder, including, without limitation, the transfer of the Servicing Files and the funds held in the Accounts as set forth in Section 8.01. 

  
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 The Owner may waive, which waiver shall be in writing, any default by the Special Servicer in the
performance of its obligations hereunder and its consequences. Upon any such waiver of a past default, such default shall cease to exist, and any Special Servicer Event of Default 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 except to the extent expressly so waived. 

(c) “Owner Event of Default”, wherever used herein with respect to the Owner, means any one of the following events: 

(i) Breach of AML Representations – Any representation or warranty contained in Section 7.01(b)(ii) or (iii) is
or becomes false or misleading at any time; or 
 (ii) Breach of AML Covenants – Owner fails to comply with the covenant
contained in Section 7.03(b) at any time; 
 then, and in each and every case of an Owner Event of Default, the Master Servicer may, by notice in
writing to the Owner, in addition to whatever rights the Master Servicer may have at law or in equity, including injunctive relief and specific performance, terminate this Agreement, without the Master Servicer incurring any penalty or fee of any
kind whatsoever in connection therewith. 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 Owner Event of Default. On or after the receipt by the Owner of such written notice of termination
from the Master Servicer, the Master Servicer’s obligations under this Agreement, whether with respect to the Mortgage Loans or otherwise, shall terminate and immediately pass to and be vested in the Owner. Notwithstanding the foregoing, upon
any such termination, the Master Servicer will be entitled to receive all accrued and unpaid Servicing Fees and Additional Servicing Compensation through the date of termination. 

Upon discovery by the Owner of any Owner Event of Default (but regardless of whether any notice has been given as provided in this Agreement
or any cure period provided herein has expired), the Owner shall give prompt written notice thereof to the Master Servicer. 
 Section 7.03. Closing
Conditions; Owner Covenants. 
 (a) The obligations of the Owner and Master Servicer to effect the transactions contemplated hereby shall
be subject to the following conditions: 
 (i) (A) Master Servicer shall have completed its due diligence with respect
to the Owner in order to satisfy compliance with laws and regulations applicable to financial institutions in connection with this transaction (e.g., the USA PATRIOT Act, OFAC and related regulations), and (B) the Master Servicer shall have
been satisfied with the results of such due diligence in its sole discretion; 

  
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 (ii) Contemporaneously with the execution of this Agreement and from time to time
as necessary during the term of the Agreement, the Owner shall deliver to the Master Servicer evidence satisfactory to the Master Servicer substantiating that it is not a Non-Exempt Person and that the Master Servicer is not obligated under
applicable law to withhold Taxes on sums paid to it with respect to the Mortgage Loans or otherwise under this Agreement. Without limiting the effect of the foregoing, (A) if the Owner is created or organized under the laws of the United
States, any state thereof or the District of Columbia, it shall satisfy the requirements of the preceding sentence by furnishing to the Master Servicer an Internal Revenue Service Form W-9 and (B) if the Owner is not created or organized under
the laws of the United States, any state thereof or the District of Columbia, and if the payment of interest or other amounts by the Mortgage Loan Borrowers is treated for United States income tax purposes as derived in whole or part from sources
within the United States, the Owner shall satisfy the requirements of the preceding sentence by furnishing to the Master Servicer an Internal Revenue Service Form W-8ECI, Form W-8EXP, Form W-8IMY (with appropriate attachments) or Form W-8BEN, or
successor forms, as may be required from time to time, duly executed by the Owner, as evidence of such Owner ‘s exemption from the withholding of United States tax with respect thereto. The Master Servicer shall not be obligated to make any
payment hereunder to the Owner until the Owner shall have furnished to the Master Servicer the requested forms, certificates, statements or documents. For the purposes of this Section 7.03(a)(ii), “Owner” shall include any loan
participants and/or other recipients of payments on the Mortgage Loans as directed by the Owner to the Master Servicer; and 
 (b) AML
Covenants. The obligations of Master Servicer to effect any transaction contemplated hereby shall be subject to Owner’s compliance with all Laws, including Anti- Terrorism Laws, and the continued truthfulness and completeness of Owner’s
representations and warranties found in Section 7.01(b)(ii) and (iii). 
 (c) The obligations of the Master Servicer to effect the
transactions contemplated hereby shall be subject to the following conditions: 
 (i) Unless Owner has notified Master
Servicer in writing prior to the Servicing Transfer Date that any tax is due within 30 days of the Servicing Transfer Date in connection with a Mortgage Loan (“30-Day Taxes”) and has provided the Master Servicer with specific
information as to the amount of the 30-Day Taxes, to whom the payment is to be made, when the payment is due and any other reasonably requested information regarding such 30-Day Taxes, the Owner shall pay all 30-Day Taxes prior to the Servicing
Transfer Date and shall be responsible for any penalty or interest due as a result of such 30-Day Taxes not being timely paid to the appropriate Person. 

(ii) Owner has paid Master Servicer a Set-up Fee per each Mortgage Loan. 

  
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 (iii) Owner shall pay all of Master Servicer’s legal fees (in excess of
15.00 hours of legal fees) and expenses related to negotiation and execution of this Agreement within ten (10) days of receipt of invoice from Master Servicer or its legal counsel. 

Section 7.04. Post Closing Performance Conditions. 

The Master Servicer and Owner agree to cooperate with reasonable requests made by the Master Servicer or Owner, as applicable, after signing
this Agreement to the extent reasonably necessary for the other to comply with laws and regulations applicable to financial institutions in connection with this transaction (e.g., the USA PATRIOT Act, OFAC and related regulations). 

ARTICLE VIII. 

TERMINATION; TRANSFER OF MORTGAGE LOANS 

Section 8.01. Termination of Agreement. 

(a) The initial term of this Agreement shall be three (3) years. This Agreement may be terminated by the Owner with respect to any
Mortgage Loan without cause upon thirty (30) days’ written notice to the Master Servicer. This Agreement may be terminated by the Master Servicer with respect to the Mortgage Loans without cause upon ninety (90) days written notice to
the Owner; provided, however, that if the minimum annual Servicing Fee set forth on Exhibit “C” is not reached at the end of the second year, the Master Servicer can terminate this Agreement immediately upon written notice to
the Owner. 
 (b) Termination pursuant to this Section or as otherwise provided herein shall be without prejudice to any rights of the Owner
or the Master Servicer which may have accrued through the date of termination hereunder. Upon such termination, the Master Servicer shall (i) remit all funds in the related Accounts to the Owner or such other Person designated by the Owner, net
of accrued Servicing Fees, Special Servicing Fees, Disposition Fees, Workout Fees and Additional Servicing Compensation through the termination date to which the Master Servicer would be entitled to payment hereunder (but excluding the minimum
annual Servicing Fee set forth on Exhibit “C”); (ii) deliver all related Servicing Files to the Owner or to Persons designated by the Owner; and (iii) fully cooperate with the Owner and any new servicer to effectuate an orderly
transition of Loan Servicing of the related Mortgage Loans. Upon such termination, any Servicing Fees and Additional Servicing Compensation which remain unpaid after the Master Servicer has netted out such amounts pursuant to the preceding sentence
shall be remitted by the Owner to the Master Servicer within ten (10) Business Days after the Owner’s receipt of an itemized invoice therefor. 

(c) With respect to a termination of this Agreement by the Owner without cause as to any or all of the Mortgage Loans, the Owner shall pay the
Deconversion Fee to the Master Servicer within ten (10) Business Days after the effective date of such termination. If Owner enters into a contract with Master Servicer or its Affiliate for the license of its commercially available software
system for use in servicing commercial mortgage loans for a minimum term of one (1) year or more, then no Deconversion Fee shall apply. 

  
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 Section 8.02. Transfer of Mortgage Loans. 

(a) The Master Servicer acknowledges that any or all of the Mortgage Loans may be sold, transferred, assigned or otherwise conveyed by the
Owner to any third party without the consent or approval of the Master Servicer or the Special Servicer. Except as provided in Section 8.03, any such transfer shall constitute a termination of this Agreement with respect to such Mortgage Loans,
subject to the Owner’s notice requirements under Section 8.01(a). The Owner acknowledges that the Master Servicer shall not be obligated to perform Loan Servicing with respect to such transferred Mortgage Loans for any third party unless
and until the Master Servicer and such third party execute a servicing agreement having terms which are mutually agreeable to the Master Servicer and such third party. 

(b) Until the Master Servicer or the Special Servicer, as applicable, receives written notice from the Owner of the sale, transfer, assignment
or conveyance of one or more Mortgage Loans, the Owner shall be presumed to be the owner and holder of such Mortgage Loans, the Master Servicer or the Special Servicer, as applicable, shall continue to earn Servicing Fees, Special Servicing Fees and
Additional Servicing Compensation with respect to such Mortgage Loans and the Master Servicer or the Special Servicer, as applicable, shall continue to remit payments and other collections in respect of such Mortgage Loans to the Owner pursuant to
the terms and provisions hereof. 
 Section 8.03. Cooperation of Master Servicer with a Reconstitution. 

(a) The Master Servicer and the Owner agree that with respect to some or all of the Mortgage Loans, on one or more dates (each a
“Reconstitution Date”), at the Owner’s sole option, the Owner may effect a sale (each, a “Reconstitution”) of some or all of the Mortgage Loans then subject to this Servicing Agreement, without recourse, to: 

(i) Freddie Mac in one or more Whole Loan Transfers with respect to multifamily Mortgage Loans; 

(ii) one or more other third-party purchasers in one or more Whole Loan Transfers; 

(iii) one or more trusts or other entities to be formed as part of one or more Private Securitization Transactions; or 

(iv) one or more trusts or other entities to be formed as part of one or more Public Securitization Transactions. 

(b) With respect to each Whole Loan Transfer, Private Securitization Transaction or Public Securitization Transaction, as the case may be,
entered into by the Owner, the Master Servicer shall: 
 (i) upon a mutual agreement between the Owner and the Master
Servicer, which agreement shall not be unreasonably withheld, service the Mortgage Loans included in such Reconstitution pursuant to the relevant pooling and servicing agreement or other agreement with substantially similar or higher compensation
and similar scope of services; 

  
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 (ii) if the Master Servicer or the Special Servicer will continue servicing the
Mortgage Loans included in the Reconstitution, provide as applicable: 
 (A) information pertaining to the Master Servicer or the Special
Servicer of the type and scope customarily included in offering documents for commercial mortgage-backed securities transactions involving single or multiple loan originators including information regarding financial condition and mortgage loan
delinquency, foreclosure and loss experience or other information as is otherwise reasonably requested by the Owner, and to deliver to the Owner any non-public, unaudited financial information, in which case the Owner shall bear the cost of having
such information audited by certified public accountants if the Owner desires such an audit, or as is otherwise reasonably requested by the Owner and which the Master Servicer or the Special Servicer is capable of providing without unreasonable
effort or expense (collectively “Servicer Information”), and to indemnify the Owner and its affiliates for material misstatements or omissions contained in the Servicer Information in any offering document; provided, however,
Owner shall indemnify and hold harmless the Master Servicer or the Special Servicer and its Affiliates for material misstatements or omissions contained in all other information in any offering document, other than Servicer Information; and 

(B) such opinions of counsel, letters from auditors, and certificates of public officials or officers of the Master Servicer or the Special
Servicer as are reasonably necessary by the depositor, the issuer, the trustee or any Rating Agency rating the securities or the Owner, as the case may be, in connection with such Private Securitization Transaction or Public Securitization
Transaction. The Owner shall pay all third party costs associated with the preparation of the information described in clause (ii)(A) above and the delivery of any opinions (other than opinions by in-house counsel), letters or certificates described
in this clause (ii)(B). 
 (c) if the Master Servicer or the Special Servicer will continue servicing the Mortgage Loans included in the
Reconstitution, the Master Servicer or the Special Servicer shall (i) cooperate fully with the Owner, any prospective purchaser, any Rating Agency rating the securities or any party to any agreement to be executed in connection with such Whole
Loan Transfer, Private Securitization Transaction or Public Securitization Transaction, with respect to all reasonable requests and due diligence procedures, including participating in meetings with the relevant Rating Agencies, bond insurers and
such other parties as the Owner shall designate and participating in meetings with prospective purchasers of the Mortgage Loans or interests therein and providing information reasonably requested by such purchasers; (ii) to execute, deliver and
perform all reconstitution agreements required by the Owner, and to use its Reasonable Efforts to facilitate such Whole Loan Transfer, Private Securitization Transaction or Public Securitization Transaction, as the case may be;
(iii) (A) to restate the representations and warranties set forth in 

  
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this Agreement as of the Reconstitution Date which shall not be materially more onerous than those required under this Agreement or (B) make the representations and warranties with respect
to the servicing of the Mortgage Loans stating that while servicing the Mortgage Loans, the Mortgage Loans were serviced in accordance with this Agreement. The Master Servicer or the Special Servicer shall use its Reasonable Efforts to provide to
such master servicer or issuer, as the case may be, and any other participants in such Reconstitution: (x) any and all information and appropriate verification of information which may be reasonably available to the Master Servicer or the
Special Servicer or its affiliates, whether through letters of its auditors and counsel or otherwise, as the Owner or any such other participant shall reasonably request and (y) subject to the provisions of this Section 8.03, to execute,
deliver and satisfy all conditions set forth in any indemnity agreement reasonably required by the Owner or any such participant related to information about the Master Servicer or the Special Servicer, as applicable, in the related offering
documents; provided that Master Servicer or the Special Servicer is given an opportunity to review and reasonably negotiate in good faith provisions of such indemnity. 

(d) Any execution of a pooling and servicing agreement or reconstitution agreement by the Master Servicer or the Special Servicer shall be
conditioned on the Master Servicer or the Special Servicer receiving the Master Servicing Fee, Additional Servicing Compensation, and the Special Servicing Fee, as applicable, or such other servicing fee acceptable to the Master Servicer or the
Special Servicer. All Mortgage Loans not sold or transferred pursuant to a Whole Loan Transfer, Private Securitization Transaction or Public Securitization Transaction shall be subject to this Agreement and shall continue to be serviced in
accordance with the terms of this Agreement, which shall remain in full force and effect. Notwithstanding any provision to the contrary in this Agreement, if the Master Servicer or the Special Servicer is the servicer with respect to a
Reconstitution, the Owner agrees that in such Reconstitution any servicing performance termination triggers, servicing compensation and scope of services shall be substantially similar to those contained in this Agreement or otherwise subject to
approval by the Master Servicer or the Special Servicer in its reasonable discretion. 
 ARTICLE IX. 

MISCELLANEOUS PROVISIONS 
 Section 9.01.
Amendment; Waiver. 
 This Agreement contains the entire agreement between the parties relating to the subject matter hereof, and no
term or provision hereof may be amended or waived unless such amendment or waiver is in writing and signed by the party against whom such amendment or waiver is sought to be enforced. 

Section 9.02. Governing Law. 
 This
Agreement shall be construed in accordance with the laws of the State of Kansas, and the obligations, rights and remedies of the parties hereunder shall be determined in accordance with such laws, without giving effect to principles of conflicts of
laws. 

  
 44 

 Section 9.03. Notices. 

All demands, notices and communications hereunder shall be in writing and addressed in each case as follows: 

 

	 	(i)	if to the Owner, at: 

 PennyMac Corp. 

6101 Condor Drive 
 Moorpark, CA
93021 
 Attention: Chief Legal Officer 

Facsimile No.: (818) 224-7393 
  

	 	(ii)	if to the Master Servicer, by U.S. Mail at: 

 Midland Loan Services, 

a Division of PNC Bank, National Association 

P.O. Box 25965 
 Shawnee
Mission, KS 66225-5965 
 Attention: Executive Vice President - Division Head 

Facsimile No.: (913) 253-9001 

or by delivery to: 
 Midland
Loan Services, 
 a Division of PNC Bank, National Association 

10851 Mastin, Suite 300 

Overland Park, KS 66210 

Attention: Executive Vice President - Division Head 

with a copy to: 
 Stinson
Leonard Street LLP 
 1201 Walnut Street 

Kansas City, Missouri 64106 

Attention: Kenda K. Tomes 

Facsimile No.: (816) 691-3495 
 Any of the
above-referenced Persons may change its address for notices hereunder by giving notice of such change to the other Persons. All notices and demands shall be deemed to have been given at the time of the delivery at the address of such Person for
notices hereunder if personally delivered, mailed by certified or registered mail, postage prepaid, return receipt requested, or sent by overnight courier or telecopy; provided, however, that any notice delivered after normal business
hours of the recipient or on a day which is not a Business Day shall be deemed to have been given on the next succeeding Business Day. 
 To
the extent that any demand, notice or communication hereunder is given to the Master Servicer by a Responsible Officer of the Owner, such Responsible Officer shall be deemed to 

  
 45 

 
have the requisite power and authority to bind the Owner with respect to such communication, and the Master Servicer may conclusively rely upon and shall be protected in acting or refraining from
acting upon any such communication. To the extent that any demand, notice or communication hereunder is given to the Owner by a Responsible Officer of the Master Servicer, such Responsible Officer shall be deemed to have the requisite power and
authority to bind the Master Servicer with respect to such communication, and the Owner may conclusively rely upon and shall be protected in acting or refraining from acting upon any such communication. 

Section 9.04. Severability of Provisions. 

If one or more of the provisions of this Agreement shall be for any reason whatever held invalid or unenforceable, such provisions shall be
deemed severable from the remaining covenants, agreements and provisions of this Agreement and such invalidity or unenforceability shall in no way affect the validity or enforceability of such remaining provisions or the rights of any parties
thereunder. To the extent permitted by law, the parties hereto hereby waive any provision of law that renders any provision of this Agreement invalid or unenforceable in any respect. 

Section 9.05. Inspection and Audit Rights. 

(a) The Master Servicer shall at its expense deliver, or otherwise make available, to the Owner annually during the term of this Agreement a
report, by an independent third party audit firm registered with the Public Company Accounting Oversight Board and of good repute in the financial services industry, that describes the Master Servicer’s security and control policies and
procedures and is in the form as described in the then-current Statement on Standards for Attestation Engagements 16 Report (the “SSAE 16 Report”), which report shall be no more than one (1) year old. The Master Servicer shall
also provide to the Owner, upon request, a “roll forward” certification of Master Servicer’s management assertion (unattested by the Master Servicer’s auditor), relative to the SSAE 16 Report, for the recent reporting period
covered by the SSAE 16 Report through and including December 31 of the most recent previous calendar year. 
 (b) The Master Servicer
agrees that, on reasonable prior notice, it will permit any agent or representative of the Owner, during the Master Servicer’s normal business hours, to audit and examine all the books of account, records, reports and other documents of the
Master Servicer specifically relating to the Mortgage Loans, to make copies and extracts therefrom, to cause such books to be audited by an audit firm selected by the Owner, and to discuss matters relating to the Mortgage Loans with the Master
Servicer’s officers and employees. All audits carried out in accordance with this paragraph shall be at the expense of the Owner, and any support from the Master Servicer required by the Owner relative to any such audit (including the
completion of any required forms) shall be compensated by the Owner at the standard time and materials rates customarily charged by the Master Servicer; provided, however, that any remediation, or support required to demonstrate issue remediation,
shall not be charged to the Owner, and shall be at the Master Servicer’s sole cost and expense. The Owner understands and agrees that in conducting such audits, its agents and/or representatives shall be subject to all reasonable security
policies and procedures relative to any facility of the Master Servicer. 

  
 46 

 Section 9.06. Binding Effect; No Partnership; Counterparts. 

The provisions of this Agreement shall be binding upon and inure to the benefit of the respective successors and permitted assigns of the
parties hereto. Nothing herein contained shall be deemed or construed to create a partnership or joint venture between the parties hereto and the services of the Master Servicer and Special Servicer shall be rendered as an independent contractor for
the Owner. For the purpose of facilitating the execution of this Agreement as herein provided and for other purposes, 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. 
 Section 9.07. Protection of Confidential Information. 

(a) The Master Servicer or the Special Servicer, as applicable, shall keep confidential and shall not divulge to any party, without the
Owner’s prior written consent, any information pertaining to the Mortgage Loans, the Mortgaged Properties, the Additional Collateral, or the Borrowers except to the extent that (i) it is appropriate for the Master Servicer or the Special
Servicer, as applicable, to do so (1) in working with legal counsel, auditors, other advisors, investors, taxing authorities or other governmental agencies, (2) in accordance with Accepted Servicing Practices or (3) when required by
any law, regulation, ordinance, court order or subpoena or (ii) the Master Servicer or the Special Servicer, as applicable, is disseminating general statistical information relating to the mortgage loans being serviced by the Master Servicer or
the Special Servicer, as applicable (including the Mortgage Loans), so long as the Master Servicer does not identify the Owner or the Borrowers. 

(b) Subject to Section 9.07(a) above, each party hereto agrees that during the term of this Agreement and at all times thereafter it
shall not disclose any information pertaining to the terms and provisions of this Agreement (“Confidential Information”), to any person or entity, except (i) to such party’s own employees, contractors, officers, directors,
affiliates, agents and representatives (collectively, the “Representatives”) having a “need to know”, (ii) as it is appropriate for the Master Servicer or the Special Servicer, as applicable, to do so (A) in working
with legal counsel, auditors, other advisors, taxing authorities or other governmental agencies, (B) in accordance with Accepted Servicing Practices or (C) when required by any law, regulation, ordinance, court order or subpoena. Each
party agrees that it will not use or permit its Representatives to use any Confidential Information for purposes other than in connection with performance of its duties under this Agreement. Each party shall use at least the same degree of care in
safeguarding Confidential Information as it uses in safeguarding the confidential information it has, but in no event shall such party use less than reasonable diligence and care. Notwithstanding the foregoing, such party may disclose Confidential
Information pursuant to a requirement or request of a governmental agency or pursuant to a court or administrative subpoena, order or other such legal process or requirement of law, or in defense of any claims or causes of action asserted against
it. Nothing herein shall require such party to fail to honor a subpoena, court or administrative order or requirement on a timely basis, provided, however, that such party shall promptly notify the other party of any such requirement to the extent
such notification is not prohibited by law or court or administrative order. 

  
 47 

 Section 9.08. WAIVER OF JURY TRIALS. 

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 OF THE TRANSACTIONS CONTEMPLATED HEREBY. 
 Section 9.09.
General Interpretive Principles. 
 For purposes of this Agreement, except as otherwise expressly provided or unless the context
otherwise requires: 
 (a) the terms defined in this Agreement have the meanings assigned to them in this Agreement and include the plural
as well as the singular, and the use of any gender herein shall be deemed to include the other gender; 
 (b) accounting terms not otherwise
defined herein have the meanings assigned to them in accordance with generally accepted accounting principles in the United States; 
 (c)
references herein to an “Article,” “Section,” or other subdivision without reference to a document are to the designated Article, Section or other applicable subdivision of this Agreement; 

(d) reference to a Section, subsection, paragraph or other subdivision without further reference to a specific Section is a reference to such
Section, subsection, paragraph or other subdivision, as the case may be, as contained in the same Section in which the reference appears; 

(e) the words “herein,” “hereof,” “hereunder” and other words of similar import refer to this Agreement as a
whole and not to any particular provision; 
 (f) the term “include” or “including” shall mean without limitation by
reason of enumeration; and 
 (g) the Article, Section and subsection headings herein are for convenience of reference only, and shall not
limit or otherwise affect the meaning of the provisions contained therein. 
 Section 9.10. Further Agreements. 

The Master Servicer, Special Servicer and the Owner each agree to execute and deliver to each other such additional documents, instruments or
agreements as may be reasonably requested by the others and as may be necessary or appropriate to effectuate the purposes of this Agreement. 

  
 48 

 Section 9.11. Addition or Removal of an Owner. 

(a) The parties hereto further acknowledge and agree that from time to time this Agreement may be amended to add as a new Owner hereunder
certain affiliates of the Owner (“New Owner”) by prior written notice to the Master Servicer from such New Owner in the form of the attached Exhibit F-1. Whereupon, without further action by any party hereto, upon receipt of such notice by
the Master Servicer and the occurrence of the first Servicing Transfer Date after receipt of such notice: (i) this Agreement shall be deemed to be amended to add such New Owner to this Agreement as a party hereto, (ii) such New Owner shall
have all rights and obligations of an “Owner” hereunder, and (iii) the Master Servicer shall be bound to such New Owner under the terms of the Agreement, as if such New Owner executed this Agreement. 

(b) The parties hereto acknowledge and agree that from time to time this Agreement may be amended by the deletion of any Owner or Owners
listed thereon by prior written notice to the Master Servicer from each such deleted Owner on behalf of each such deleted Owner in the form of the attached Exhibit F-2 (each a “Deleted Owner”). Whereupon, without further action by any
party hereto, upon thirty (30) days after receipt of such notice by the Master Servicer if the Master Servicer at that time is providing Loan Servicing in connection with Mortgage Loans owned by such Deleted Owner, and immediately upon receipt
of such notice by the Master Servicer if the Master Servicer is not then providing any Loan Servicing in connection with any Mortgage Loans owned by such Deleted Owner: (i) this Agreement shall be deemed to be amended to delete such Deleted
Owner or Deleted Owners from this Agreement as a party hereto, and (ii) such Deleted Owner(s) shall have no further rights or obligations hereunder except for those that survive termination or accrued prior thereto. 

[Signature Page Follows] 

  
 49 

 IN WITNESS WHEREOF, the Owner and the Master Servicer have caused this Agreement to be duly
executed by their respective officers thereunto duly authorized as of the date first above written. 
  

			
	PENNYMAC CORP., A DELAWARE CORPORATION
		
	By:	 	 /s/ Steven Skolnik

	Name:	 	Steven Skolnik
	Title:	 	Chief Commercial Lending Officer
		
		 	(“Owner”)
	
	PENNYMAC HOLDINGS, LLC
	By:	 	 /s/ Steven Skolnik

	Name:	 	Steven Skolnik
	Title:	 	Chief Commercial Lending Officer
		
		 	(“Owner”)
	
	PENNYMAC LOAN SERVICES, LLC, A DELAWARE LIMITED LIABILITY COMPANY
		
	By:	 	 /s/ Steven Skolnik

	Name:	 	Steven Skolnik
	Title:	 	Chief Commercial Lending Officer
		
		 	(A “Special Servicer”)
	
	MIDLAND LOAN SERVICES, A DIVISION OF PNC BANK, NATIONAL ASSOCIATION
		
	By:	 	 /s/ Cynthia A. Bicknell

	Name:	 	Cynthia A. Bicknell
	Title:	 	Senior Vice President
		
		 	(“Master Servicer” and a “Special Servicer”)

  
 50 

[PennyMac – Midland Servicing Agreement – Signature Page] 

 EXHIBIT “A” 

(Initial Mortgage Loan Schedule) 
  

									
	 Loan Number
	 	 Mortgaged

Property
	 	 Borrower
	 	 Outstanding Principal
Balance
	 	 Names of

Special

Servicer

	 Freddie Mortgage Loans
	 		 		 		 	Midland
		 		 		 		 
		 		 		 		 
		 		 		 		 
		 		 		 		 
		 		 		 		 
		 		 		 		 
		 		 		 		 
	 PMSS Mortgage Loans
	 		 		 		 	 PennyMac Loan

Servicer

		 		 		 		 
		 		 		 		 
		 		 		 		 
		 		 		 		 
		 		 		 		 
		 		 		 		 
		 		 		 		 
		 		 		 		 
		 		 		 		 
	 MSS Mortgage Loans
	 		 		 		 	Midland
		 		 		 		 
		 		 		 		 
		 		 		 		 
		 		 		 		 
		 		 		 		 
		 		 		 		 
		 		 		 		 
		 		 		 		 
		 		 		 		 

  
 A-1 

 EXHIBIT “B” 

(Statements, Reports and/or Information) 
  

 

  
 B-1 

 EXHIBIT “C” 

(Servicing Fee Schedule) 
  

					
	 Monthly Servicing Fee:
	  	Loans 1 to 250:	  	$250 per loan
		  	Loans 251 to 500:	  	$225 per loan
		  	Loans over 500:	  	$200 per loan
		
	 Minimum Annual Servicing Fee:
	  	$150,000 (waived during 1st year of Agreement)

  
 C-1 

 EXHIBIT “D” 

(Asset Management Fee Schedule) 

ASSET MANAGEMENT FEES 
 The following
represents a schedule of asset management fees customarily charged. The fees are guidelines and are assessed relative to each request, the relevant loan documents, and the negotiated Servicing Agreement. Approximately 50% of any processing fee
related to substantive borrower requests is collected at the inception of the borrower’s request to cover direct and indirect costs in the event the transaction does not consummate. All requested actions are individually subject to appropriate
delegated authority and if applicable, Midland’s Legal Department concurrence. 
 Transfer/Assumption fee: 

1% of the principal balance or the fee specified by the relevant loan documents. The 1% fee is negotiable for loans with a principal balance
exceeding $10,000,000 but should not be less than .25%. The minimum assumption fee regardless of principal balance is $2,500. A $2,500-$5,000 non-refundable application fee should be collected at the time of receiving the assumption package. 

Transfer of title or interest without change of beneficial ownership: 
  

					
	 Loan balances under $500,000:
	  	$	1,500-$2,500	  
	 Loan balances between $500,000 and $1,000,000:
	  	$	2,500-$5,000	  
	 Loan balances between $1,000,000 and $10,000,000:
	  	$	5,000-$10,000	  
	 Loan balances of $10,000,000 or greater:
	  	$	10,000-$25,000	  

 Secondary Financing: 

 

					
	 Loan balances under $500,000:
	  	$	2,000-$2,500	  
	 Loan balances between $500,000 and $1,000,000:
	  	$	2,500-$5,000	  
	 Loan balances between $1,000,000 and $10,000,000:
	  	$	5,000-$10,000	  
	 Loan balances of $10,000,000 or greater:
	  	$	10,000-$25,000	  

 Collateral Release without Substitution 

 

					
	 (not identified in the loan documents):
	  			
	 Loan balances under $500,000:
	  	$	1,500-$2,500	  
	 Loan balances under $1,000,000:
	  	$	2,500-$5,000	  
	 Loan balances between $1,000,000 and $10,000,000:
	  	$	5,000-$7,500	  
	 Loan balances of $10,000,000 or greater:
	  	$	7,500-$20,000	  

 Collateral Release with Substitution 

 

					
	 (provided for in the loan documents):
	  	$	7,500-$15,000/Property	  

  
 D-1 

 Conditional Collateral Release 
  

					
	 (provided for in the loan document):
	  	$	1,500-$5,000/Property	  

 Defeasance: 

 

					
	 Loan $2,000,000 or less
	  	-	  	$ 7,500 + $15,000 legal retainer
	 $ 2,000,001 - $10,000,000
	  	-	  	$10,000 + $15,000 legal retainer
	 $10,000,001 - $20,000,000
	  	-	  	$15,000 + $15,000 legal retainer
	 $20,000,001 - $30,000,000
	  	-	  	$20,000 + $15,000 legal retainer
	 $30,000,001 - $40,000,000
	  	-	  	$25,000 + $15,000 legal retainer
	 $40,000,001 - $50,000,000
	  	-	  	$30,000 + $15,000 legal retainer
	 Loan $50,000,001 and up
	  	-	  	Negotiable, but not less than 30,000 +
		  		  	$15,000 legal retainer

 Property Management/Facility Operator Change: 

 

							
	 Loan balances under $1,000,000:
	  	$	500 - $1,500	  
	 Loan balances between $1,000,000 and $10,000,000:
	  	$	1,500-$3,500	  
	 Loan balances of $10,000,000 or greater:
	  	$	3,500-$5,000	  

 Subordination of Mortgage: 

 

							
	 Routine, under 4 hours work:
	  	$	750	  
	 Complex:
	  	$	1,500	  
	 Very Complex, over 8 hours:
	  	$	3,000	  

 Easement or Condemnation: 

 

							
	 Routine, under 4 hours work:
	  	$	500	  
	 Complex:
	  	$	1,500	  
	 Very Complex, over 8 hours:
	  	$	3,000	  

 Lease
approval/ratification 
  

							
	 Routine, under 4 hours work:
	  	$	250	  
	 Complex:
	  	$	500	  
	 Very Complex, over 8 hours:
	  	$	1,000	  

 Subordination,
non-disturbance, attornment, or quiet enjoyment provisions, (SNDA) related to a commercial lease: 
  

							
	 Routine, under 4 hours work:
	  	$	350	  
	 Complex:
	  	$	600	  
	 Very Complex, over 8 hours:
	  	$	1,000	  
		
	 Release of Liability:
	  	$	3,000-$7,500	  
		
	 Loan Extension provided for in the loan documents:
	  	$	750-$1,500	  

  
 D-2 

			
	 Credit Report/Lexis Nexis:
	  	$100-Individual
		  	$150-Corporate
		
	 Architectural and/or Engineering Reports:
	  	Actual Costs Incurred
	 Environmental Site Assessments:
	  	Actual Costs Incurred
	 Appraisal Reports:
	  	Actual Costs Incurred
	 Property Inspection Reports:
	  	Actual Costs Incurred
	 Travel Costs:
	  	Actual Costs Incurred
	 Legal Fees:
	  	Actual Costs Incurred
	 Title and Recording Charges:
	  	Actual Costs Incurred

  
 D-3 

 EXHIBIT “E” 

(Loan Servicing Responsibilities Matrix) 

See attached 

  
 E-1-1 

 EXHIBIT “F-1” 

FORM OF NOTICE TO SERVICER ADDING NEW OWNER 

Midland Loan Services 
 P.O. Box 25965 

Shawnee Mission, KS 66225-5695 
 Attention: Executive Vice
President - Division Head 
  

	 	Re:	Addition of New Owner to the Servicing Agreement and as a Party to the Servicing Agreement 

Please refer to that certain Servicing Agreement for Mortgage Loans, dated as of July 13, 2015 (the “Agreement”), between
PennyMac Corp., a Delaware corporation, PennyMac Holdings, LLC, a Delaware limited liability company, any other parties signing this Agreement as an owner of Mortgage Loans as listed in Schedule I (collectively as the “Owner”), PennyMac
Loan Services, LLC, a Delaware limited liability company (“PennyMac Loan Servicer” and in certain cases, a “Special Servicer”), and Midland Loan Services, a Division of PNC Bank, National Association, a national banking
association (“Master Servicer” and in certain cases, a “Special Servicer”) and any New Owners. Capitalized terms used but not defined herein shall have the meanings ascribed to them under the Agreement. 

Pursuant to Section 9.11(a) of the Agreement, the following entity is hereby added as an Owner to the Agreement and as a party to
the Agreement: 
 [INSERT NAME OF NEW OWNER] (“New Owner”) 

New Owner hereby agrees to be bound by the terms of the Agreement and makes the representations contained in Section 7.01(b)
therein with respect to the Agreement, as well as with respect to execution and delivery of this notice, as if fully set forth herein. 

The parties to the Agreement have agreed that pursuant to Section 9.11(a) of the Agreement, upon the Effective Date (as herein
defined), (i) the Agreement is hereby deemed to be amended to add New Owner as a party to the Agreement, (ii) New Owner hereby has all rights and obligations of an “Owner” under the Agreement, and (iii) Servicer is
hereby bound to such New Owner under the terms of the Agreement, as if such New Owner executed the Agreement. 
 The “Effective
Date” shall be the latter of the date of this Exhibit or the date upon which Servicer completed its due diligence with respect to each New Owner in order to satisfy compliance with laws and regulations applicable to financial institutions in
connection with this transaction (e.g., the USA PATRIOT Act and related regulations) and satisfaction of any other closing conditions in the Agreement. 

  
 F-1-1 

 [THE REST OF THIS PAGE INTENTIONALLY LEFT BLANK] 

 

			
	[INSERT NAME OF NEW OWNER]
		
	By:	 	  

	Name:	 	
	Title:	 	
		
	Date:	 	

  
 F-1-2 

 EXHIBIT “F-2” 

FORM OF NOTICE TO SERVICER DELETING OWNER 

Midland Loan Services 
 P.O. Box 25965 

Shawnee Mission, KS 66225-5695 
 Attention: Executive Vice
President - Division Head 
  

	 	Re:	Deletion of Owner from Servicing Agreement 

 Please refer to that certain Servicing
Agreement for Mortgage Loans, dated as of July 13, 2015 (the “Agreement”), between PennyMac Corp., a Delaware corporation, PennyMac Holdings, LLC, a Delaware limited liability company, any other parties signing this Agreement
as an owner of Mortgage Loans as listed in Schedule I and any New Owners (collectively as the “Owner”), PennyMac Loan Services, LLC, a Delaware limited liability company (“PennyMac Loan Servicer” and in certain cases, a
“Special Servicer”), and Midland Loan Services, a Division of PNC Bank, National Association, a national banking association (“Master Servicer” and in certain cases, a “Special Servicer”). Capitalized terms used but not
defined herein shall have the meanings ascribed to them under the Agreement. 
 Pursuant to Section 9.11(b) of the Agreement,
the following entity is hereby deleted as an Owner to the Agreement and as a party to the Agreement: 
 [INSERT NAME OF DELETED OWNER]
(“Deleted Owner”) 
 The parties to the Agreement have agreed that pursuant to Section 9.11(b) of the
Agreement, upon thirty (30) days after receipt of this notice if Master Servicer is at that time providing Loan Servicing in connection with Mortgage Loans owned by such Deleted Owner and immediately upon receipt of such notice by Master
Servicer if Master Servicer is not then providing any Loan Servicing in connection with any Mortgage Loans owned by such Deleted Owner, with no further action on the part of Deleted Owner or any other party to the Agreement,
(i) the Agreement is hereby deemed to be amended to delete Deleted Owner, and (ii) Deleted Owner hereby has no further rights or obligations of an “Owner” under the Agreement except for those that survive termination or accrued
prior thereto. 
  

			
	[INSERT NAME OF DELETED OWNER]
		
	By:	 	  

	Name:	 	
	Title:	 	
		
	Date:	 	

  
 F-2-1EX-10.192

 Exhibit 10.192 
  

	
	PENNYMAC CORP., as an Owner,
	
	PENNYMAC HOLDINGS, LLC, as an Owner, and
	
	 PENNYMAC LOAN SERVICES, LLC
 as Oversight
Servicer,

	
	  

	COMMERCIAL MORTGAGE SERVICING OVERSIGHT AGREEMENT
	
	Dated as of December 15, 2015

  
 1 

 This Commercial Mortgage Servicing Oversight Agreement (“Agreement”), is dated and effective as of
December 15, 2015, among PENNYMAC CORP., as Owner, PENNYMAC HOLDINGS, LLC, as Owner, and PENNYMAC LOAN SERVICES, LLC, as PLS or Oversight Servicer. 

PRELIMINARY STATEMENT 
 WHEREAS,
Owner has entered a Servicing Agreement dated July 13, 2015 with Midland Loan Services, a Division of PNC Bank, National Association “(Midland”) and PLS, under which Owner engaged Midland to act as the Master Servicer of Mortgage
Loans that the Owner acquires from time to time and as the Special Servicer with respect to certain Mortgage Loans, and engaged PLS to act as Special Servicer for certain other Mortgage Loans; 

WHEREAS, Owner has requested that PLS oversee the servicing activities of Midland on behalf of Owner; and, 

WHEREAS, the parties desire to provide the terms and conditions of PLS’ oversight of the servicing performed by Midland. 

NOW, THEREFORE, in consideration of the mutual promises and agreements set forth and for other good and valuable consideration, the receipt
and sufficiency of which are acknowledged, the parties 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 following meanings: 

“Accepted Servicing Practices”: Servicing Mortgage Loans (a) in accordance with (i) applicable federal, state, and
local laws, regulations, and ordinances, and investor requirements (ii) the terms and provisions of the Mortgage Loan Documents, (iii) the express terms hereof, and (iv) the customary and usual standards of practice of prudent
institutional commercial mortgage loan servicers, and (b) to the extent consistent with the foregoing requirements, in the same manner in which the Master Servicer or the applicable Special Servicer services commercial mortgage loans for
itself, its Affiliates, or other third party portfolios of mortgage loans similar to the Mortgage Loans. 
 “Action”: Any
litigation, claim, action, suit, arbitration, inquiry, proceeding, investigation, or similar proceeding by or before any Governmental Authority or arbitrator. 

“Additional Collateral”: Any non-real property collateral (including any letters of credit or reserve funds) pledged and/or
delivered by or on behalf of the Borrower and held by the mortgagee to secure payment on any Mortgage Loan. 
 “Affiliate”:
With respect to any specified Person, any other Person controlling or controlled by or under common control with such specified Person; provided, however, that in respect of Owner, the term “Affiliate” shall include only PennyMac Mortgage
Investment Trust 

  
 2 

 
and its wholly owned subsidiaries and, in respect of Oversight Servicer, the term “Affiliate” shall include only Private National Mortgage Acceptance Company, LLC and its wholly owned
subsidiaries. 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. 

“Agreement”: This Commercial Mortgage Servicing Oversight Agreement, as the same may be modified, supplemented or amended
from time to time. 
 “Borrower”: The obligor on a Note. 

“Business Day”: Any day other than a Saturday, a Sunday or a day on which banking institutions in the States of California or
New York are authorized or obligated by law or executive order to be closed. 
 “Change of Control” means the acquisition
(in one or more transactions) by any Person, or two or more Persons acting in concert, of (i) beneficial ownership (within the meaning of Rule 13d-3 of the Securities and Exchange Commission under the Securities Exchange Act of 1934) of
outstanding shares of voting stock or other ownership interests of an entity at any time if after giving effect to such acquisition(s) such Person or Persons own(s) fifty percent (50%) or more of such outstanding voting stock or other ownership
interests on a fully diluted basis or (ii) the power or right to control or otherwise limit or modify, directly or indirectly, the management and operations of such Person. 

“Custodian”: Deutsche Bank Trust Company Americas, in its capacity as Custodian under the Amended and Restated Custodial
Agreement dated May 12, 2015, as amended from time to time, or any successor custodian duly appointed by Owner. 
 “Event of
Default” has the meaning set forth in Section 8.01 of this Agreement. 
 “Freddie Mac”: The Federal Home Loan
Mortgage Corporation or any successor thereto. 
 “Governmental Authority” means any federal, state, municipal, national,
or local or other governmental department, court, commission, board, bureau, agency, intermediary, carrier or instrumentality, or political subdivision thereof, or any entity or officer exercising executive, legislative or judicial, regulatory, or
administrative functions of or pertaining to any government or any court, in each case, whether of the United States or a state, territory, or possession thereof, a foreign sovereign entity, or country or jurisdiction or the District of Columbia.

 “Loan Servicing”: Those services pertaining to the Mortgage Loans which Master Servicer or Special Servicer must
perform, applying Accepted Servicing Practices, under the terms of the Midland Servicing Agreement. 
 “Losses” mean any
and all losses, damages, liabilities, fines, claims, demands, deficiencies, judgments, assessments, settlements, penalties, injuries, actions, suits, costs, and expenses of any nature whatsoever including, without limitation, reasonable
attorneys’ fees and court costs. 

  
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 “Master Servicer”: Midland, or any successor servicer as provided in the Midland
Servicing Agreement. 
 “Midland”: Midland Loan Services, a Division of PNC Bank, National Association, or any successor
Servicer as herein provided. 
 “Midland Servicing Agreement”: The Servicing Agreement dated July 13, 2015 among
Owner, Midland and PLS. 
 “Monthly Payment”: With respect to any Mortgage Loan, the scheduled monthly payment of interest
or the scheduled monthly payment of principal and interest, as the case may be, on such Mortgage Loan which is payable by a Borrower on the due date under the related Note. 

“Mortgage”: With respect to each Mortgage Loan, the mortgage, deed of trust or other instrument securing the related Note,
which creates a lien on the real property securing such Note. 
 “Mortgage Loan”: Each of the MSS Mortgage Loans and PMSS
Mortgage Loans identified on any Mortgage Loan Schedule under the Midland Servicing Agreement. 
 “Mortgage Loan
Documents”: With respect to each Mortgage Loan, the related Note, the related Mortgage and any and all other documents executed and delivered in connection with the origination or subsequent modification of such Mortgage Loan. 

“Mortgage Loan Schedule”: A schedule of certain mortgage loans owned and held by the Owner which sets forth information with
respect to such mortgage loans, as amended from time to time by the parties pursuant to Section 4.01(a) of the Midland Servicing Agreement. 

“Mortgaged Property”: The real property and improvements thereon securing repayment of the debt evidenced by the related
Note. Such term shall also include any REO Property. 
 “MSS Mortgage Loans”: The Mortgage Loans identified as such on any
Mortgage Loan Schedule under the Midland Servicing Agreement as being special serviced by Midland. 
 “Note”: With respect
to any Mortgage Loan, the promissory note or other evidence of indebtedness or agreements evidencing the indebtedness of a Borrower under such Mortgage Loan. 

“Oversight Servicing”: Those services to be performed by the Oversight Servicer pertaining to the Mortgage Loans in
overseeing the performance of Midland in its capacity as Master Servicer and Special Servicer under the Midland Servicing Agreement, applying Accepted Servicing Practices, as more specifically set forth in Section 3.01. 

“Owner”: PennyMac Corp. and PennyMac Holdings, LLC, each with respect to any Mortgage Loans which it owns or holds a
beneficial interest in. 

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

“PMSS Mortgage Loans”: The Mortgage Loans identified as being special serviced by PLS on any Mortgage Loan Schedule under the
Midland Servicing Agreement. 
 “Private Securitization Transaction”: Any transaction involving either (1) a sale of
some or all of the Mortgage Loans directly or indirectly to an entity that issues privately offered, rated mortgage-backed securities or (2) an issuance of privately offered, rated securities, the payments of which are determined primarily by
reference to one or more portfolios of mortgage loans consisting, in whole or in part, of some or all of the Mortgage Loans, in each case, in a transaction exempt from registration under federal, state and local securities laws. 

“Public Securitization Transaction”: Any transaction subject to Regulation AB involving either (1) a sale or other
transfer of some or all of the Mortgage Loans directly or indirectly to an issuing entity in connection with an issuance of publicly offered, rated mortgage-backed securities or (2) an issuance of publicly offered, rated securities, the
payments on which are determined primarily by reference to one or more portfolios of residential mortgage loans consisting, in whole or in part, of some or all of the Mortgage Loans. 

“Regulatory Event” means a situation in which (i) either Owner or Oversight Servicer becomes subject to any Regulatory
Order or an Action initiated by a Governmental Authority, and (ii) such Regulatory Order or Action prevents or materially impairs such party’s ability to discharge its material obligations hereunder in any material respect, or the
continuance of the arrangements contemplated by this Agreement by such party. 
 “Regulatory Order” means any injunction,
order, judgment, decree, memorandum of understanding, consent decree, directive, or regulatory restriction, or any change in or interpretation of any law, rule or regulation, issued or imposed by a Governmental Authority and such event is not
removed or stayed within thirty (30) days, or such shorter period as necessitated by such Governmental Authority, after reasonable efforts to so remove or stay such event are instituted by the party or parties made subject to thereto. 

“Servicing File”: With respect to each Mortgage Loan, all documents, information and records relating to the Mortgage Loan
and any Additional Collateral that are necessary to enable the Master Servicer or the Special Servicer to perform its duties and service the Mortgage Loan in compliance with the terms of this Agreement, and any additional documents or information
related thereto maintained or created by the Master Servicer or the Special Servicer. Documents or information in the Servicing File may be maintained by the Master Servicer or the Special Servicer in any commonly used electronic format in lieu of
paper. For the avoidance of doubt, Original Mortgage Loan Documents held by Owner’s designated document custodian shall not be considered part of the Servicing File but the copies of such originals shall be considered part of the Servicing
File. 
 “Servicing Transfer Date”: With respect to each Mortgage Loan, the first Business Day of the month following
delivery by Owner to the Master Servicer of a Mortgage Loan Schedule and the related Servicing File under the Midland Servicing Agreement or such other date as agreed in writing between the parties. 

  
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 “Special Servicer”: With respect to MSS Mortgage Loans, Midland or any successor
special servicer. With respect to PMSS Mortgage Loans, PLS or any successor special servicer. 
 “Whole Loan Transfer”: The
sale or transfer by Owner of some or all of the Mortgage Loans in a whole loan or participation format other than a Private Securitization Transaction or a Public Securitization Transaction. 

Section 1.02. General Interpretive Principles. For purposes of this Agreement, except as otherwise expressly provided or unless
the context otherwise requires: 
 (a) The terms defined in this Agreement have the meanings assigned to them in this Agreement and include
the plural as well as the singular, and the use of any gender herein shall be deemed to include the other gender; 
 (b) Accounting terms
not otherwise defined herein have the meanings assigned to them in accordance with generally accepted accounting principles in the United States of America; 

(c) 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; 

(d) 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; 
 (e) The words “herein”,
“hereof”, “hereunder” and other words of similar import refer to this Agreement as a whole and not to any particular provision; 

(f) The term “include” “includes” or “including” shall be deemed to be followed by the phrase “without
limitation”; and, 
 (g) Any and all capitalized terms which are not defined herein and which are defined in the Midland Servicing
Agreement shall have the respective meanings set forth in the Midland Servicing Agreement, unless the context otherwise requires. 

  
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 ARTICLE II 

RETENTION AND AUTHORITY OF OVERSIGHT SERVICER 

Section 2.01. Engagement. The Owner engages Oversight Servicer to perform, and Oversight Servicer agrees to perform, throughout
the term of, and upon and subject to the terms, covenants and provisions of, this Agreement, oversight of the Loan Servicing activities of Midland with respect to each of the Mortgage Loans where Midland is the Master Servicer and/or Special
Servicer. 
 Section 2.02. Servicing Standard. Oversight Servicer shall review Master Servicer’s performance of Loan
Servicing activities with respect to the Mortgage Loans in light of Accepted Servicing Practices. 
 Section 2.03. Authority of
Oversight Servicer. 
 (a) In performing its Oversight Servicing obligations hereunder, Oversight Servicer shall, except as otherwise
provided herein and subject to the terms of this Agreement, have full power and authority, acting alone or through others, to take any and all actions in connection with such Oversight Servicing that it deems necessary or appropriate. Without
limiting the generality of the foregoing, Oversight Servicer is hereby authorized and empowered by the Owner when the Oversight Servicer deems it appropriate in its reasonable judgment, to execute and deliver, on behalf of the Owner, (i) any
and all documents or instruments necessary to maintain the lien of each Mortgage on the related Mortgaged Property and any other Additional Collateral; (ii) any and all instruments of satisfaction or cancellation, or of partial or full release
or discharge and all other comparable instruments with respect to each of the Mortgage Loans; and (iii) any and all documents or instruments necessary to provide instructions or approval of any action as requested by Master Servicer or
Custodian; provided, however, that Oversight Servicer shall notify the Owner in writing in the event that Oversight Servicer intends to execute and deliver any such instrument referred to in clause (ii) above. The Owner agrees to cooperate with
Oversight Servicer by executing and delivering to Oversight Servicer (i) a power of attorney evidencing Oversight Servicer’s authority and power under this Section in the form provided in Exhibit B, and (ii) from time to
time, such other documents or instruments deemed necessary or appropriate by Oversight Servicer to enable Oversight Servicer to carry out its Oversight Servicing obligations hereunder. 

(b) In the performance of its Oversight Servicing obligations hereunder, Oversight Servicer shall take any action that is directed by the
Owner which relates to Oversight Servicer’s Oversight Servicing obligations under this Agreement; provided, however, that Oversight Servicer shall not be obligated to take, or to refrain from taking, any action which the Owner requests that
Oversight Servicer take or refrain from taking to the extent that Oversight Servicer determines in its reasonable and good faith judgment that such action or inaction (i) may cause a violation of applicable laws, regulations, codes, ordinances,
court orders or restrictive covenants with respect to any Mortgage Loan, Borrower, Mortgaged Property; (ii) may cause a violation of any provision of a Mortgage Loan Document; or (iii) may be a violation of the Accepted Servicing
Practices. 

  
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 (c) In performing its Oversight Servicing obligations hereunder, Oversight Servicer shall, except
as otherwise provided herein and subject to the terms of this Agreement, have the same access as the Owner to Servicing Files, other Mortgage Loan Documents, Borrower data and information, and other books and records maintained by the Master
Servicer and Custodian. Owner agrees to cooperate with Oversight Servicer by executing and delivering to Master Servicer and Custodian such documents or instruments deemed necessary or appropriate to provide Oversight Servicer such access. 

ARTICLE III 
 SERVICES TO BE
PERFORMED 
 Section 3.01. Oversight Services. Oversight Servicer agrees to oversee the Loan Servicing activities of Midland on
behalf of Owner with respect to each of the Mortgage Loans, upon and subject to the terms of this Agreement. Oversight Servicer shall perform such Oversight Servicing in a commercially reasonable and professional manner and consistent with Accepted
Servicing Practices, which shall include but not be limited to the following: 
 (a) appointing a knowledgeable, single point-of-contact for
the relationship with Midland to ensure direct communication of any issues, concerns or requests; 
 (b) accessing Midland’s system of
record to perform a series of data integrity checks relative to primary servicing functions, including timely and accurate boarding and set up of all Mortgage Loans; 

(c) reviewing a number of reports from Master Servicer, including reserve, payment and delinquency status, to confirm that Master Servicer is
performing in accordance with the Servicing Agreement and Accepted Servicing Practices; 
 (d) downloading information from the system of
record to produce customized borrower performance reports to aid Owner in tracking Mortgage Loan performance; 
 (e) reviewing Master
Servicer’s accounting and cash management processing procedures to verify that payments are timely and accurately applied; 
 (f)
meeting at least monthly with Master Servicer to review data, reports and other appropriate topics related to Master Servicer’s performance of services under the Midland Servicing Agreement; 

(g) developing a vendor scorecard to evaluate Master Servicer on appropriate commercial servicing obligations including compliance with
regulations, investor guidelines and Owner’s policies; 
 (h) reviewing Master Servicer’s escrow administration procedures to
confirm that taxes and insurance are timely paid, reserves are properly calculated, and escrow analysis is performed in accordance with Accepted Servicing Practices; 

  
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 (i) analyzing Master Servicer’s asset management process, including tracking of Mortgage
Loan covenants, property inspection procedures, and Borrowers’ financial statement collection and analysis, if applicable; 
 (j)
assessing Master Servicer’s customer service quality, including average time to answer calls, average response time to email and written inquiries, website functionality, call handling process, dispute resolution success, and complaint
handling; 
 (k) assisting Owner in monitoring Master Servicer’s process for collecting delinquent payments and managing delinquencies,
if applicable; 
 (l) reviewing calculations of interest and penalties to ensure Master Servicer’s compliance to the Mortgage Loan
Documents, if applicable; 
 (m) reviewing Master Servicer’s process for sending deferred maintenance notices in order to preserve the
value of Mortgage Property; 
 (n) assisting Owner in timely reporting investors and ensuring that Master Servicer, including in its
capacity as Special Servicer of the MSS Mortgage Loans if applicable, provides all necessary information for such reporting, if applicable; 

(o) monitoring Midland’s performance of special servicing activities on MSS Mortgage Loans, including loan workouts, foreclosure,
bankruptcy and REO management, if applicable; 
 (p) monitoring Master Servicer’s forbearance activity to ensure appropriate handling,
if applicable; 
 (q) reviewing Master Servicer’s investor reporting capabilities, including accuracy and timeliness of reports and
ability to create ad hoc reports; 
 (r) assessing Master Servicer’s investor remittance capabilities; 

(s) assessing the strengths and weaknesses of Master Servicer’s system of record, including technology initiatives, data backup
procedures, and disaster recovery and business continuity plans; 
 (t) reviewing Master Servicer’s staffing levels, employee training,
hiring practices, and employee performance and monitoring; 
 (u) assessing the quality of Master Servicer management’s response to
audit findings and quality control reviews; 
 (v) reviewing Master Servicer’s litigation and regulatory inquiry management process;

 (w) reviewing Master Servicer’s policies and procedures and process for updating such P&Ps; and, 

  
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 (y) reviewing Master Servicer’s vendor management process and procedures, including for
appraisers, environmental and engineering firms, attorneys, receivers, property managers and real estate agents; and, 
 (z) performing any
other tasks outlined as “PennyMac Owner” or “PennyMac Owner Oversight” tasks in the Servicer Responsibility Matrix attached as an exhibit to the Midland Servicing Agreement. 

Section 3.02. Administrative Procedures. Owner and Oversight Servicer shall develop appropriate administrative procedures for
coordinating with each other, reporting on Oversight Servicer’s results of work performed, and meeting with Owner from time to time to discuss Oversight Servicer’s recommendations regarding the Loan Servicing activities of Master Servicer.

 Section 3.03. Additional Consulting Services. Oversight Servicer agrees to perform such additional consulting services
related to the Loan Servicing as may be reasonably requested from time-to-time by Owner, subject to mutual agreement on an appropriate statement of work and additional fees for such services. 

ARTICLE IV 
 COMPENSATION 

Section 4.01 Oversight Servicing Fees. As compensation for services performed by Oversight Servicer under this Agreement, Owner
will pay Oversight Servicer the fees set forth and calculated in accordance with attached Exhibit A (“Oversight Servicing Fees”). For the avoidance of doubt, such Oversight Servicing Fees shall be separate from and in
addition to any compensation that PLS is entitled to under the Midland Servicing Agreement for acting as Special Servicer with respect to the PMSS Mortgage Loans. 

Section 4.02 Reimbursement of Travel Expenses. During the term of this Agreement, Owner will reimburse Oversight Servicer for its
actual, reasonable, out-of-pocket expenses for travel reasonably necessary in connection with work under this Agreement (e.g., visits to Master Servicer’s facilities). Oversight Servicer shall submit accurate and complete supporting documents
for reimbursement of such expenses and shall follow any reasonable policies, requirements, or directions imposed by Owner in connection with such expenses. 

Section 4.03 Invoices and Payments. Oversight Servicer shall deliver to Owner an invoice on or before the [seventh (7th)] calendar
day of each month, accompanied by a report detailing the calculation of the Oversight Servicing Fees earned for the preceding calendar month (in a mutually agreed format). Owner will pay the Oversight Servicing Fees, as reflected on such invoice and
report, to Oversight Servicer in immediately available funds on or before the [eighteenth (18th)] day of each calendar month, or the immediately preceding Business Day if the [18th] is not a Business Day. Each monthly payment shall also include reimbursement of any travel expenses of Oversight Servicer pursuant to Section 4.02 if Oversight Servicer submits the supporting
documents to Owner on or before the [seventh (7th)] calendar day of such month. 

  
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 ARTICLE V 

REPRESENTATIONS AND WARRANTIES 

Section 5.01 Representations and Warranties of Oversight Servicer. Oversight Servicer makes the following representations and
warranties as of the date of this Agreement and as of each Servicing Transfer Date: 
 (a) Due Organization and Good Standing.
Oversight Servicer is a limited liability company duly organized, validly existing, and in good standing under the laws of Delaware. 
 (b)
Authority and Capacity. Oversight Servicer has all requisite organizational power, authority, and capacity to carry on its business as it is now being conducted, to execute and deliver this Agreement, and to perform all of its obligations
hereunder. Oversight Servicer does not believe, nor does it have any cause or reason to believe, that it cannot perform each and every covenant of Oversight Servicer contained in this Agreement. 

(c) Effective Agreement. The execution, delivery, and performance of this Agreement by Oversight Servicer and consummation of the
transactions contemplated hereby have been or will be duly and validly authorized by all necessary organizational or other action; and this Agreement is a valid and legally binding agreement of Oversight Servicer enforceable against Oversight
Servicer in accordance with its terms, subject to bankruptcy, insolvency, and similar laws affecting generally the enforcement of creditors’ rights and the discretion of a court to grant specific performance. 

(d) No Conflict. Neither the execution and delivery of this Agreement nor the consummation of the transactions contemplated hereby, nor
compliance with its terms and conditions, will (a) violate, conflict with, result in the breach of, constitute a default under, be prohibited by, or require any additional approval under any of the terms, conditions, or provisions of the
articles of incorporation, by-laws, or other organizational documents of Oversight Servicer, as applicable, or of any mortgage, indenture, deed of trust, loan or credit agreement, or other agreement or instrument to which Oversight Servicer is a
party or by which Oversight Servicer is bound, or of any law, ordinance, rule, or regulation of any governmental authority applicable to Oversight Servicer, or of any order, judgment, or decree of any court or governmental authority applicable to
Oversight Servicer, or (b) result in the creation or imposition of any lien, charge, or encumbrance of any nature upon the Mortgage Loans or the properties or assets of Oversight Servicer. 

(e) Consents, Approvals and Compliance. Oversight Servicer has all licenses, approvals, permits, and other authorizations required
under Accepted Servicing Practices to oversee servicing of the Mortgage Loans, and the same are in full force and effect, without notice of possible suspension, revocation, or impairment. Any requisite consents or approvals of other Persons to the
execution and delivery of this Agreement, or the performance of the transactions contemplated hereby by Oversight Servicer, have been or will be obtained prior to the applicable Servicing Transfer Date or such other earlier or later date as
expressly provided herein. Oversight Servicer has complied with, and is not in default under, any law, ordinance, requirement, regulation, rule, or order applicable to its business or properties, the violation of which might materially and adversely
affect the operations or financial condition of Oversight Servicer or its ability to perform its obligations hereunder. 

  
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 (f) Ordinary Course of Business. The transactions contemplated by this Agreement are in
the ordinary course of business of Oversight Servicer. 
 (g) Litigation. There is no Action existing or pending, or to the best of
Oversight Servicer’s knowledge, threatened, or any order, injunction, or decree outstanding, against or relating to Oversight Servicer that could have a material adverse effect upon: (i) the Mortgage Loans to be oversight serviced by
Oversight Servicer hereunder; (ii) the performance by Oversight Servicer of its obligations under this Agreement. 
 (h) Authority
of Oversight Servicer. Oversight Servicer’s execution and delivery of this Agreement has been (i) specifically approved by the Board of Directors of Oversight Servicer, and such approval is reflected in the books and records of such
Board of Directors, or (ii) approved by an officer of Oversight Servicer, who was duly authorized by the Board of Directors of Oversight Servicer to enter into such types of transactions and such authorization is reflected in the books and
records of the Board of Directors. 
 (i) Insurance. Oversight Servicer has in full force and effect all insurance required to
oversee servicing of the Mortgage Loans pursuant to Accepted Servicing Practices and as necessary to perform its obligations hereunder. 

Section 5.02 Representations and Warranties of Owner. As an inducement to Oversight Servicer to enter into this Agreement, each
Owner represents and warrants as to itself as of the date of this Agreement and each Servicing Transfer Date as follows: 
 (a) Due
Organization and Good Standing. PennyMac Corp., as Owner, is duly organized, validly existing and in good standing as a corporation under the laws of the State of Delaware and has the power and authority to own its assets and to transact the
business in which it is currently engaged. PennyMac Holdings, LLC, as Owner, is duly organized, validly existing and in good standing as a limited liability company under the laws of the State of Delaware and has the power and authority to own its
assets and to transact the business in which it is currently engaged. 
 (b) No Violation of Organizational Documents or Agreements.
The execution and delivery of this Agreement by each Owner, and the performance and compliance with the terms of this Agreement by each Owner, will not violate the Owner’s organizational documents or constitute a default (or an event which,
with notice or lapse of time, or both, would constitute a default) under, or result in the breach of, any material agreement or other instrument to which the Owner is a party or which is applicable to it or any of its assets. 

(c) Full Power and Authority. Each Owner 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. 

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

(e) No Violation of Law, Regulation or Order. Each Owner is not in violation of, and its execution and delivery of this Agreement and
its performance and compliance with the terms of this Agreement will not constitute a violation of, any law, any order or decree of any court or arbiter, or, to the Owner’s knowledge, any order, regulation or demand of any federal, state or
local governmental or regulatory authority, which violation, in the Owner’s good faith and reasonable judgment, is likely to affect materially and adversely either the ability of the Owner to perform its obligations under this Agreement or the
financial condition of the Owner. 
 (f) No Material Litigation. No litigation is pending or, to the best of the Owner’s
knowledge, threatened against the Owner that, if determined adversely to the Owner, would prohibit the Owner from entering into this Agreement or that, in the Owner’s good faith and reasonable judgment, is likely to materially and adversely
affect either the ability of the Owner to perform its obligations under this Agreement or the financial condition of the Owner. 
 (g) No
Consent Required. Any consent, approval, authorization or order of any court or governmental agency or body required under federal or state law for the execution, delivery and performance by the Owner of or compliance by the Owner with this
Agreement or the consummation of the transactions contemplated by this Agreement has been obtained and is effective except where the lack of consent, approval, authorization or order would not have a material adverse effect on the performance by the
Owner under this Agreement. 
 Section 5.03 Survival. The representations and warranties of set forth in this Article V shall
survive the execution and delivery of this Agreement and each Servicing Transfer Date and shall continue in full force and effect after the termination date. Upon discovery by any party of any breach of any of the foregoing representations and
warranties, such party shall give prompt written notice thereof to the other parties. 
 ARTICLE VI 

TERM AND TERMINATION 

Section 6.01 Term of the Agreement. The initial term of this Agreement shall be for the same three (3) year term as the
Midland Servicing Agreement unless terminated earlier as provided in this Article VI (“Initial Term”). After the Initial Term, this Agreement shall renew automatically every 18 months for an additional 18 month period (an “Automatic
Renewal Term”) unless the Owner or Oversight Servicer terminates this Agreement upon the expiration of the Initial Term or any Automatic Renewal Term and upon at least 90 days’ prior written notice to the Owner or Oversight Servicer, as
applicable. 
 Section 6.02 Termination for Convenience. Owner may terminate this Agreement for convenience (i.e., for any
reason or no reason) by giving Oversight Servicer written notice, (i)

  
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specifying termination in whole or in part as to a portion of the Mortgage Loans, as the case may be, and (ii) designating the termination date, which shall be not less than ninety
(90) days after the date of such notice. 
 Section 6.03 Termination for Event of Default. 

(a) By giving Oversight Servicer written notice and designating the termination date, which may be immediately on the date of such written
notice, Owner may terminate this Agreement for an Event of Default by Oversight Servicer. 
 (b) Termination by Owner in connection with an
Event of Default will be without prejudice to and with full reservation of any other rights and remedies available to Owner under this Agreement or at law or in equity. 

(c) No termination fees will be payable in connection with any termination by Owner for an Event of Default by Oversight Servicer. 

Section 6.04 Termination for Regulatory Event. Any party may terminate this Agreement in whole or in part by giving the other
parties at least thirty (30) days’ prior written notice and designating the termination date if there is a Regulatory Event or changes are made to applicable law that would prohibit, prevent, or materially impair such party’s
continuing this Agreement with the other party with respect to all or specific Mortgage Loans. Such termination will not be considered a termination for convenience or as a result of an Event of Default. 

Section 6.05 Termination for Change in Oversight Servicer Circumstances. 

(a) Owner may terminate this Agreement by notice to Oversight Servicer in the event of (a) a sale of a direct or indirect majority
interest in Oversight Servicer to a nonaffiliated Person, (b) a Change of Control of Oversight Servicer, or (c) a change in the corporate status of Oversight Servicer, including any merger or consolidation with any Person (other than any
merger or consolidation (i) with respect to which Oversight Servicer will be the continuing Person, and (ii) if such merger or consolidation will not otherwise result in an Event of Default by Oversight Servicer hereunder). 

(b) Owner’s written consent to a change in Oversight Servicer circumstances under this Agreement will constitute consent under all other
agreements between Owner and Oversight Servicer concerning the servicing of the Mortgage Loans. 
 (c) Such termination will not be
considered to be a termination for convenience or a termination in connection with an Event of Default. 
 Section 6.06 Other
Termination Provisions. If a Mortgage Loan is repurchased by the originator, a prior servicer or other third party, this Agreement will automatically terminate with respect to such Mortgage Loan, and such termination will not be considered to be
a termination for convenience or an Event of Default. 
 Section 6.07 Duties upon Termination; Transfer of Books, Records and
Accounts. Regardless of the basis for termination or expiration of this Agreement (in whole or in part), 

  
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commencing upon effectiveness of a notice of the termination of this Agreement, and continuing after the effective date of expiration or, if applicable, termination of this Agreement (as such
effective date may be extended pursuant to Section 6.08), Oversight Servicer will provide reasonable assistance with the transfer of the Oversight Servicing to Owner or another designated Person. Oversight Servicer shall (i) deliver all
books, records, documents, files, data tapes, and other information and data related to the Mortgage Loans to the Owner or other Persons designated by the Owner; and (ii) fully cooperate with the Owner and any new servicer to effectuate an
orderly transition of Oversight Servicing of the related Mortgage Loans. Oversight Servicer will use commercially reasonable efforts to minimize Owner’s costs and management time resulting from the cessation of the terminated servicing and to
minimize the implementation time for the transfer of the terminated servicing to Owner and/or its successor servicer or Oversight Servicer. Upon such termination, any Oversight Servicing Fees which remain unpaid shall be remitted by Owner to
Oversight Servicer within ten (10) Business Days after Owner’s receipt of an itemized invoice therefor. Such transfers and actions will be at Oversight Servicer’s expense, unless this Agreement is terminated by Owner in accordance
with Section 6.02. 
 Section 6.08 Extension of Expiration or Termination Date. Oversight Servicer acknowledges that the
services provided under this Agreement are vital to Owner and must continue without interruption during any transition period (except as otherwise directed by Owner) if Owner decides to perform such services itself or engage a successor servicer to
perform them, or to provide an orderly wind-down of servicing in the event of a partial or complete cessation or termination of servicing with respect to any or all Mortgage Loans. To provide for orderly completion of such transition, Owner has the
right to extend the effective date of termination or expiration one or more times as it elects, in its discretion, provided that the total of all such extensions will not exceed ninety (90) days following the original effective date of such
termination or expiration. Owner will use commercially reasonable efforts to exercise this option by notice delivered to Oversight Servicer at least thirty (30) days before the upcoming expiration or termination date. 

Section 6.09 Transfer of Mortgage Loans. 

(a) The Oversight Servicer acknowledges that any or all of the Mortgage Loans may be sold, transferred, assigned or otherwise conveyed by the
Owner to any third party without the consent or approval of the Oversight Servicer. Except as provided in Section 6.03, any such transfer shall constitute a termination of this Agreement with respect to such Mortgage Loans, subject to the
Owner’s notice requirements under Section 6.02. Owner acknowledges that the Oversight Servicer shall not be obligated to perform Oversight Servicing with respect to such transferred Mortgage Loans for any third party unless and until the
Oversight Servicer and such third party execute an oversight servicing agreement having terms which are mutually agreeable to Oversight Servicer and such third party. 

(b) Until Oversight Servicer receives written notice from the Owner of the sale, transfer, assignment or conveyance of one or more Mortgage
Loans, the Owner shall be presumed to be the owner and holder of such Mortgage Loans and Oversight Servicer shall continue to earn Oversight Servicing Fees with respect to such Mortgage Loans. 

  
 15 

 ARTICLE VII 

INDEMNIFICATION 

Section 7.01 Indemnification by Oversight Servicer. Oversight Servicer will indemnify and hold Owner, its directors, officers, and
employees, harmless from, and will reimburse Owner, its directors, officers, and employees for, any and all Losses incurred to the extent that such Losses arise out of, relate to, or result from any breach of any representation or warranty of
Oversight Servicer hereunder or the material breach of any term, covenant, condition, agreement, or obligation of Oversight Servicer set forth in this Agreement, or in any schedule, exhibit, or certificate furnished pursuant hereto. Notwithstanding
any provision to the contrary, Oversight Servicer will have no obligation to indemnify or hold Owner harmless from and against that portion of any claim for indemnification that arises from any fact or circumstance for which Oversight Servicer is
entitled to indemnification by Owner pursuant to Section 7.02. Further, Owner will not enforce against Oversight Servicer any indemnity obligation with respect to (i) Losses relating to any representations and warranties made by a third
party and related to the sale or origination of the Mortgage Loans, or (ii) any servicing deficiencies, to the extent any servicing deficiency is caused solely by any action or failure of the prior servicer or Master Servicer. Notwithstanding
the foregoing, Oversight Servicer will be liable to the extent of any Losses caused by Oversight Servicer’s failure to notify Owner of such Losses as required by this Agreement and Accepted Servicing Practices and will take any corrective
action requested by Owner, to the extent any such corrective action is reasonably able to be taken by Oversight Servicer, or for any other failure in Oversight Servicer’s performance of its responsibilities on or after the applicable Servicing
Transfer Date. 
 Section 7.02 Indemnification by Owner. Owner will indemnify and hold Oversight Servicer harmless from, and
will reimburse Oversight Servicer for, all Losses incurred to the extent that such Losses arise out of, relate to, or result from the following: (i) the breach of any term, covenant, condition, agreement, or obligation of Owner set forth in
this Agreement or in any schedule, exhibit, or certificate furnished pursuant hereto; (ii) any acts or omissions of the Master Servicer or prior servicer relating to the Mortgage Loans except to the extent that Oversight Servicer was a
contributing cause; (iii) a claim by a Borrower or any other party to a Mortgage Loan to the extent that such claim arises solely out of alleged acts or omissions of the Master Servicer or prior servicer or any party in connection with the
origination or servicing of such Borrower’s Mortgage Loan and except to the extent that Oversight Servicer was a contributing cause; or (iv) subject to Oversight Servicer’s performance under this Agreement and its reasonable effort to
avoid such claim: (A) the failure of the information contained in a Mortgage Loan Schedule or other data or information provided by or on behalf of Owner to be true and complete in all material respects, (B) Owner, the Master Servicer or
the prior servicer’s failure to provide information regarding the Mortgage Loans, or (C) a data integrity failure with respect to data provided by or on behalf of Owner, Master Servicer or a prior servicer. 

Section 7.03 Notice of Indemnifiable Actions. 

(a) Each party to this Agreement will promptly (but in all cases within ten (10) days) notify the other party in writing of the existence
of any matter known to it giving rise to any obligation of the other party under this Article VII and, in the case of any Action brought by a 

  
 16 

 
third party which may give rise to any such obligation, each party will promptly (but in all cases within ten (10) days) notify the other party of the commencement of such Action as and when
same becomes known to it. Subject to Section 7.05, the indemnifying party (the “Indemnifying Party”) may, at its own cost and expense, assume and control the defense of any third-party Action, including, without limitation, the right
to designate counsel and to control all negotiations, litigation, settlements, compromises, and appeals of any such claim or potential claim; provided, however, that the counsel is reasonably satisfactory to the indemnified party (“Indemnified
Party”) in the exercise of its reasonable discretion. The party not controlling the defense or prosecution of any such third-party Action may participate at its own cost and expense. Following the full discharge of the Indemnifying Party’s
obligations, the Indemnified Party will, subject to Accepted Servicing Practices or other requirements of Owner, assign to the Indemnifying Party any and all related claims against third parties. Subject to Accepted Servicing Practices, promptly
after receipt, the Indemnified Party will refund to the Indemnifying Party the amounts of all recoveries received by the Indemnified Party with respect to any Action with respect to which it was also reimbursed for Losses by the Indemnifying Party.

 (b) Following receipt of written notice from the Indemnified Party of a demand for indemnification, the Indemnifying Party will seek to
cure the problem giving rise to the demand, if possible, and pay the amount for which it is liable, or otherwise take the actions which it is required to take within thirty (30) days or such other time as may be required by Owner or other
third-party claimant. As to any claim for indemnity for which notice is given as herein provided, the corresponding obligation of indemnity will continue to survive until whichever of the following events first occurs: (i) the Indemnifying
Party will have discharged its obligation of indemnity to the Indemnified Party with respect to such claim, as required hereunder; (ii) a court of competent jurisdiction will have finally determined that the Indemnifying Party is not liable to
the Indemnified Party with respect to such claim; or (iii) the Indemnified Party will have released in writing (or be held by a court of competent jurisdiction to have released) the Indemnifying Party from any liability with respect to such
claim. 
 Section 7.04 Mitigation of Losses. An Indemnified Party will, to the extent practicable and reasonably within its
control, make good faith efforts to mitigate any Losses of which it has adequate notice, provided that an Indemnified Party will not be obligated to act in a manner which it reasonably believes is adverse to its own best interests. Except to the
extent required by Accepted Servicing Practices, nothing in this Article VII will be construed as obligating any party to this Agreement to sue any third party. 

Section 7.05 Control of Actions. 

(a) Owner will have the right to assume some or all of the control or defense of any Action, including by transfer of some or all of the
control or defense of such Action to the prior servicer or other third party settlement; provided, however, that the Owner shall not enter into any settlement that obligates Oversight Servicer to take any action, incur any expense, or make any
admission of guilt without Oversight Servicer’s prior written consent, and further provided that Oversight Servicer shall have the right to be represented by independent counsel of their own choosing, at their own cost and expense, in
connection with such claim or suit. In connection therewith, Oversight Servicer will make available such information and assistance as 

  
 17 

 
Owner or such prior servicer or other third party may reasonably request, including any witnesses, pertinent records, materials, and information in Oversight Servicer’s possession or under
Oversight Servicer’s control. 
 (b) If Oversight Servicer retains control over the defense of an Action as permitted herein, Oversight
Servicer and Owner (and to the extent requested by Owner, the prior servicer or other third party) will confer in good faith, and Oversight Servicer will reasonably consider suggestions from Owner and its counsel regarding the control or defense of
the Action. The parties may jointly agree upon counsel reasonably acceptable to such parties to represent them to defend the Action, and when appropriate, will enter into joint defense agreements for retaining joint counsel. Oversight Servicer will
follow any directions from Owner to bill all or any portion of the Losses or any cost or expenses of the defense of such Action to a third party, provided that Owner will remain liable for such amounts to the extent provided in this Agreement. 

ARTICLE VIII 
 DEFAULT 

Section 8.01 Events of Default. 

(a) The following shall constitute an Event of Default under this Agreement on the part of the Oversight Servicer: 

(i) the failure by the Oversight Servicer duly to observe or perform in any material respect any other covenant or agreement on the part of
the Oversight Servicer set forth in this Agreement that has not been remedied for a period of thirty (30) days after the date on which notice of such failure is given to the Oversight Servicer by the Owner; provided, however, that, with respect
to any such failure that is susceptible to cure but not curable within such 30-day period, Oversight Servicer shall have an additional cure period of thirty (30) days to effect such cure so long as Oversight Servicer has commenced to cure such
failure within the initial 30-day period, Oversight Servicer is diligently pursuing a full cure, and Oversight Servicer has provided evidence of such curability and such diligent pursuit that is reasonably satisfactory to the Owner; 

(ii) any breach of any representation or warranty on the part of Oversight Servicer set forth in this Agreement that has not been remedied for
a period of thirty (30) days after the date on which notice of such breach, requiring the same to be remedied, is given to Oversight Servicer by the Owner; provided, however, that, with respect to any such breach that is susceptible to cure but
not curable within such 30-day period, Oversight Servicer shall have an additional cure period of thirty (30) days to effect such cure so long as Oversight Servicer has commenced to cure such failure within the initial 30-day period, Oversight
Servicer is diligently pursuing a full cure and Oversight Servicer has provided evidence of such curability and such diligent pursuit that is reasonably satisfactory to the Owner; 

(iii) a decree or order of a court or agency or supervisory authority having jurisdiction for the appointment of a conservator or receiver or
liquidator in any insolvency, bankruptcy, readjustment of debt, marshaling of assets and liabilities or similar proceedings, or 

  
 18 

 
for the winding up or liquidation of its affairs, shall have been entered against Oversight Servicer and such decree or order shall have remained in force undischarged or unstayed for a period of
60 days; 
 (iv) Oversight Servicer shall consent to the appointment of a conservator or receiver or liquidator in any insolvency,
bankruptcy, readjustment of debt, marshaling of assets and liabilities or similar proceedings of or relating to Oversight Servicer or of or relating to all or substantially all of its property; 

(v) Oversight Servicer shall admit in writing its inability to pay its debts generally as they become due, file a petition to take advantage
of any applicable insolvency or reorganization statute, make an assignment for the benefit of its creditors, or voluntarily suspend payment of its obligations; 

(vi) Oversight Servicer fails to maintain its license to do business or service residential mortgage loans in any jurisdiction where the
Mortgaged Properties are located for more than ninety (90) days after receiving notice from any Person thereof, provided that such failure shall not constitute an Event of Default if, prior to the expiration of such ninety (90) day period,
the Oversight Servicer transfers the affected Mortgaged Properties to an oversight servicer that (A) satisfies the licensing requirements for the jurisdiction where such Mortgaged Properties are located and (B) is reasonably acceptable to
Owner; or 
 (vii) without the prior consent of the Owner or as expressly permitted or required by the other provisions of this Agreement,
Oversight Servicer attempts to assign this Agreement or its right to servicing compensation hereunder, or to delegate its duties hereunder, in each case whether in whole or in part, or Oversight Servicer sells or otherwise disposes of all or
substantially all of its property or assets. 
 In each and every such case, so long as an Event of Default shall not have been remedied, in
addition to whatever rights the Owner may have at law or equity to damages, including injunctive relief and specific performance, the Owner, by notice in writing to Oversight Servicer, may terminate without compensation all the rights and
obligations of Oversight Servicer under this Agreement. 
 (b) In case one or more Events of Default by Oversight Servicer occur and shall
not have been remedied, the Owner, by notice in writing to Oversight Servicer, shall be entitled, in addition to whatever rights the Owner may have at law or equity to damages, including injunctive relieve and specific performance, to terminate all
the rights and obligations of Oversight Servicer under this Agreement, by notice in writing to Oversight Servicer and without payment of any other compensation; provided, however, that Oversight Servicer shall continue to be obligated to pay and
entitled to receive all amounts accrued or owing by or to it under this Agreement on or prior to the date of such termination, whether in respect of Oversight Servicing Fees or otherwise and such amounts shall be due and payable at the times and in
the manner as if Oversight Servicer were not terminated. Upon receipt by Oversight Servicer of such written notice, all authority and power of Oversight Servicer under this Agreement, whether with respect to the Mortgage Loans or otherwise, shall
pass to and be vested in the Owner or any successor appointed by the Owner. Upon written request from the Owner, Oversight Servicer shall 

  
 19 

 
prepare, execute and deliver any and all documents and other instruments, place in such successor’s possession all Mortgage Files to the extent provided to Oversight Servicer, and 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 related documents, or otherwise, at Oversight
Servicer’s sole expense or as otherwise consistent with Accepted Servicing Practices. Oversight Servicer agrees to cooperate with the Owner and such successor in effecting the termination of Oversight Servicer’s responsibilities and rights
hereunder. 
 Section 8.02 Waiver of Defaults. The Owner may waive in writing any default by Oversight Servicer in the
performance of its obligations hereunder and its consequences. Upon any such written waiver of a default, such default shall cease to exist, and any Event of Default 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 Event of Default or impair any right consequent thereon except to the extent expressly so waived. 

ARTICLE IX 
 MISCELLANEOUS
PROVISIONS 
 Section 9.01 Entire Agreement; Amendment. This Agreement, including all documents and exhibits incorporated by
reference, together with the Midland Servicing Agreement, constitute the entire agreement between the parties with respect to servicing of the Mortgage Loans. All prior negotiations or representations of the parties are merged into this Agreement
and shall have no force or effect unless expressly stated herein. This Agreement may be amended and any provision hereof waived, but, only in writing signed by the party against whom such enforcement is sought. 

Section 9.02 Governing Law. This Agreement and any claim, controversy or dispute arising under or related to or in connection with
the Agreement, the relationship of the parties, and/or the interpretation and enforcement of the rights and duties of the parties will be governed by the laws of the State of New York (without regard to conflicts of laws principles other than
sections 5-1401 and 5-1402 of the New York general obligations law), except to the extent preempted by federal law. 
 Section 9.03
Notices. All notices, requests, demands and other communications which are required or permitted to be given under this Agreement shall be in writing and shall be deemed to have been duly given upon the delivery or mailing thereof, as the
case may be, sent by registered or certified mail, return receipt requested: 
 If to the Owner to: 

PennyMac Corp. 
 Attn: Chief
Operating Officer 
 6101 Condor Drive 

Moorpark, CA 93021 
 PennyMac
Holdings, LLC 
 Attn: Chief Operating Officer 

6101 Condor Drive 
 Moorpark, CA
93021 

  
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 With a copy to: 

PennyMac Operating Partnership, L.P. 

Attn: General Counsel 
 6101
Condor Drive 
 Moorpark, CA 93021 

If to the Oversight Servicer: 

PennyMac Loan Services, LLC 

Attn: Director, Servicing Operations 

6101 Condor Drive 
 Moorpark, CA
93021 
 With a copy to: 

PennyMac Loan Services, LLC 

Attn: General Counsel 
 6101
Condor Drive 
 Moorpark, CA 93021 

Section 9.04 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 such covenant(s), agreement(s), provision(s) or term(s) 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. 
 Section 9.05 Successors and Assigns. The provisions of
this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns. 

Section 9.06 Relationship of Parties. Nothing herein contained shall be deemed or construed to create a partnership or joint
venture between the parties. The duties and responsibilities of Master Servicer or Special Servicer shall be rendered by it as an independent contractor and not as an agent of the Owner. Master Servicer or Special Servicer shall have full control of
all of its acts, doings, proceedings, relating to or requisite in connection with the discharge of its duties and responsibilities under this Agreement. 

Section 9.07 Attorneys’ Fees. If any claim, legal action or any arbitration or other proceeding is brought for the
enforcement of the Agreement or because of a dispute, breach, default or misrepresentation in connection with any of the provisions of the Agreement, the successful or prevailing party shall be entitled to recover reasonable attorneys’ fees and
other costs incurred in that claim, action or proceeding, in addition to any other relief to which such party may be entitled. 

Section 9.08. Confidentiality. Each party understands that certain information which it has been furnished and will be furnished
in connection with the Agreement, including information concerning business procedures, servicing fees or prices, Non Public Personal Information and/or Personally Identifiable Financial Information (as those terms are defined in

  
 21 

 
Regulations on Privacy of Consumer Information published at 12 C.F.R. Sections 43(m) and (o)), policies or plans of the other party or any of its Affiliates, is confidential and proprietary, and
each party agrees that it will maintain the confidentiality of such information and will not disclose it to others (except for its Affiliates and its and their respective directors, managers, officers, employees, financing sources, agents,
representatives and advisors who have a need to know such information) or use it, except in connection with this Agreement or as such party reasonably determines necessary as a part of its filing of Securities and Exchange Commission Forms 8-K, 10-Q
or 10-K as related to disclosures to investors, without the prior written consent of the party furnishing such information. Information which is publicly known or which has been disclosed to the other party by third parties who have a right to do so
shall not be deemed confidential or proprietary information for these purposes. If any party, or any of its Affiliates or any officer, director, employee or agent of any of the foregoing is at any time requested or required to disclose any
information supplied to it in connection with the Agreement, such party agrees to provide the affected party with prompt notice of such request(s) so that the affected party may seek an appropriate protective order and/or waive notifying
party’s compliance with the terms of this Section 9.08. Notwithstanding the terms of this Section 9.08, if, (i) in the absence of a protective order or the receipt of a waiver, a party is nonetheless, in the opinion of its
counsel, legally compelled to disclose information concerning another party or else stand liable for contempt or suffer other censure or penalty, or (ii) such request for disclosure is made by a governmental entity, the party may disclose such
information without liability hereunder. Following termination of this Agreement, each party agrees to promptly return to the other, immediately upon request, all confidential materials, and all copies thereof, which have been furnished to it in
connection with this Agreement. 
 Section 9.09 Cooperation of Oversight Servicer with a Reconstitution. 

(a) Oversight Servicer and Owner agree that with respect to some or all of the Mortgage Loans, on one or more dates (each a
“Reconstitution Date”), at the Owner’s sole option, the Owner may effect a sale (each, a “Reconstitution”) of some or all of the Mortgage Loans then subject to this Agreement and the Midland Servicing Agreement, without
recourse, to: 
 (i) Fannie Mae or Freddie Mac in one or more Whole Loan Transfers with respect to multifamily Mortgage
Loans; 
 (ii) one or more other third-party purchasers in one or more Whole Loan Transfers; 

(iii) one or more trusts or other entities to be formed as part of one or more Private Securitization Transactions; or 

(iv) one or more trusts or other entities to be formed as part of one or more Public Securitization Transactions. 

  
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 (b) With respect to each Whole Loan Transfer, Private Securitization Transaction or Public
Securitization Transaction, as the case may be, entered into by the Owner, Oversight Servicer shall: 
 (i) upon request of
the Owner, continue to provide oversight for the servicing of the Mortgage Loans included in such Reconstitution pursuant to a pooling and servicing agreement or other agreement; 

(ii) if Oversight Servicer will continue to provide oversight for the servicing of the Mortgage Loans included in the
Reconstitution, provide as applicable: 
 (A) information pertaining to Oversight Servicer of the type and scope customarily
included in offering documents for commercial mortgage-backed securities transactions involving single or multiple loan originators including information regarding financial condition and mortgage loan delinquency, foreclosure and loss experience or
other information as is otherwise reasonably requested by the Owner, and to deliver to the Owner any non-public, unaudited financial information, in which case the Owner shall bear the cost of having such information audited by certified public
accountants if the Owner desires such an audit, or as is otherwise reasonably requested by the Owner and which Oversight Servicer is capable of providing without unreasonable effort or expense (collectively “Servicer Information”), and to
indemnify the Owner and its affiliates for material misstatements or omissions contained in Oversight Servicer Information; provided, however, Owner shall indemnify and hold harmless Oversight Servicer and its affiliates for material misstatements
or omissions contained in all other information in any offering document, other than Servicer Information; and 
 (B) such
opinions of counsel, letters from auditors, and certificates of officers of Oversight Servicer as are reasonably believed necessary by the trustee, any rating agency or the Owner, as the case may be, in connection with such Private Securitization
Transaction or Public Securitization Transaction. The Owner shall pay all third party costs associated with the preparation of the information described in clause (ii)(A) above and the delivery of any opinions (other than opinions by in-house
counsel), letters or certificates described in this clause (ii)(B). 
 (iii) if Oversight Servicer will continue to provide
oversight for the servicing of the Mortgage Loans included in the Reconstitution, aid in the negotiation and execution of one or more custodial agreements among the Owner, Master Servicer or Special Servicer and a third party custodian/trustee which
is generally considered to be a prudent custodian/trustee in the secondary mortgage market designated by the Owner in its sole discretion after consultation with Oversight Servicer, Master Servicer or Special Servicer, in each case for the purpose
of pooling the Mortgage Loans with other Mortgage Loans for resale or securitization; and 
 (iv) if Oversight Servicer will
continue to provide oversight for the servicing of the Mortgage Loans included in the Reconstitution, (1) cooperate fully with the Owner, any prospective purchaser, any Rating Agency or any party to any agreement to be executed in connection
with such Whole Loan Transfer, Private Securitization Transaction or Public Securitization Transaction, with respect to all reasonable requests 

  
 23 

 
and due diligence procedures, including participating in meetings with Rating Agencies, bond insurers and such other parties as the Owner shall designate and participating in meetings with
prospective purchasers of the Mortgage Loans or interests therein and providing information reasonably requested by such purchasers; (2) to execute, deliver and perform all reconstitution agreements required by the Owner, and to use its best
reasonable, good faith efforts to facilitate such Whole Loan Transfer, Private Securitization Transaction or Public Securitization Transaction, as the case may be; (3) (a) to restate the representations and warranties set forth in this
Agreement as of the Reconstitution Date which shall not be materially more onerous than those required under this Agreement or (b) make the representations and warranties with respect to the oversight of the servicing of the Mortgage Loans set
forth in the related selling/servicing guide of the master servicer or issuer, as the case may be, or such representations and warranties with respect to the oversight of the servicing of the Mortgage Loans as may be required by any Rating Agency or
prospective purchaser of the related securities or such Mortgage Loans, in connection with such Reconstitution; provided, however, that such representations and warranties shall not be materially more onerous than those required under this
Agreement. Master Servicer or Special Servicer shall use its reasonable best efforts to provide to such master servicer or issuer, as the case may be, and any other participants in such Reconstitution: (i) any and all information and
appropriate verification of information which may be reasonably available to Master Servicer or Special Servicer or its affiliates, whether through letters of its auditors and counsel or otherwise, as the Owner or any such other participant shall
reasonably request and (ii) subject to the provisions of this Section 9.09(b), to execute, deliver and satisfy all conditions set forth in any indemnity agreement required by the Owner or any such participant; provided that Master Servicer
or Special Servicer is given an opportunity to review and reasonably negotiate in good faith provisions of such indemnity. 
 (c) Any
execution of a pooling and servicing agreement or reconstitution agreement by Oversight Servicer shall be conditioned on Oversight Servicer receiving the Oversight Servicing Fees, or such other servicing fees and compensation acceptable to Oversight
Servicer. All Mortgage Loans not sold or transferred pursuant to a Whole Loan Transfer, Private Securitization Transaction or Public Securitization Transaction shall be subject to this Agreement and shall continue to be overseen in accordance with
the terms of this Agreement and with respect thereto this Agreement shall remain in full force and effect. Notwithstanding any provision to the contrary in this Agreement, if Oversight Servicer is performing oversight servicing with respect to a
Reconstitution, the Owner agrees that in such Reconstitution any performance termination triggers shall be substantially similar to those contained in this Agreement or otherwise subject to approval by Oversight Servicer in its reasonable
discretion. 
 Section 9.10 Article and Section Headings. The article and section headings in this Agreement are for convenience
of reference only, and shall not limit or otherwise affect the meaning hereof. 
 Section 9.11 Counterparts. This Agreement may
be executed simultaneously in any number of counterparts. Each counterpart shall be deemed to be an original, and all such counterparts shall constitute one and the same instrument. 

  
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 Section 9.12 Trademarks. Owner and Oversight Servicer agree that they and their
employees, subcontractors and agents, shall not, without the prior written consent of the other party in each instance, (i) use in advertising, publicity or otherwise the name of each and every other party to this Agreement or their Affiliates
or any of their managing directors, partners or employees, nor any trade name, trademark, trade device, service mark, symbol or any abbreviation, contraction or simulation thereof owned by the other party or their Affiliates, or (ii) represent,
directly or indirectly, any product or any service provided by Owner and Oversight Servicer as approved or endorsed by the other parties to this Agreement or their Affiliates. 

Section 9.13 WAIVER OF TRIAL BY JURY. OVERSIGHT SERVICER AND OWNER EACH KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVES TO THE
FULLEST EXTENT PERMITTED BY APPLICABLE LAW ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY OF ANY DISPUTE ARISING UNDER OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. 

Section 9.14 LIMITATION OF DAMAGES. NOTWITHSTANDING ANYTHING CONTAINED HEREIN TO THE CONTRARY, THE PARTIES AGREE THAT NEITHER
PARTY SHALL BE LIABLE TO THE OTHER FOR ANY SPECIAL, CONSEQUENTIAL OR PUNITIVE DAMAGES WHATSOEVER, WHETHER IN CONTRACT, TORT (INCLUDING NEGLIGENCE AND STRICT LIABILITY), OR ANY OTHER LEGAL OR EQUITABLE PRINCIPLE, PROVIDED, HOWEVER, THAT SUCH
LIMITATION SHALL NOT BE APPLICABLE WITH RESPECT TO THIRD PARTY CLAIM MADE AGAINST A PARTY. 
 Section 9.15 SUBMISSION TO
JURISDICTION; WAIVERS. OVERSIGHT SERVICER AND OWNER EACH HEREBY IRREVOCABLY AND UNCONDITIONALLY: 
 (a) SUBMITS FOR ITSELF IN ANY LEGAL
ACTION OR PROCEEDING RELATING TO THIS AGREEMENT, OR FOR RECOGNITION AND ENFORCEMENT OF ANY JUDGMENT IN RESPECT THEREOF, TO THE NON-EXCLUSIVE GENERAL JURISDICTION OF THE COURTS OF THE STATE OF CALIFORNIA, THE FEDERAL COURTS OF THE UNITED STATES OF
AMERICA FOR THE CENTRAL DISTRICT OF CALIFORNIA AND APPELLATE COURTS FROM ANY THEREOF; 
 (b) CONSENTS THAT ANY SUCH ACTION OR PROCEEDING MAY
BE BROUGHT IN SUCH COURTS AND, TO THE EXTENT PERMITTED BY LAW, WAIVES ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE VENUE OF ANY SUCH ACTION OR PROCEEDING IN ANY SUCH COURT OR THAT SUCH ACTION OR PROCEEDING WAS BROUGHT IN AN INCONVENIENT
COURT AND AGREES NOT TO PLEAD OR CLAIM THE SAME; 
 (c) AGREES THAT NOTHING HEREIN SHALL AFFECT THE RIGHT TO EFFECT SERVICE OF PROCESS IN
ANY OTHER MANNER PERMITTED BY LAW OR SHALL LIMIT THE RIGHT TO SUE IN ANY OTHER JURISDICTION. 
 [SIGNATURE PAGE FOLLOWS] 

  
 25 

 IN WITNESS WHEREOF, the parties have executed this Agreement by their respective officers duly authorized as of
the date first above written. 
  

					
	PENNYMAC CORP., a Delaware corporation
	
	(Owner)
		
	By:	 	 /s/ Steven F. Skolnik

		 	Name:	 	Steven F. Skolnik
		 	Title:	 	Chief Commercial Lending Officer
	
	PENNYMAC HOLDINGS, LLC, a Delaware limited liability company
	
	(Owner)
		
	By:	 	 /s/ Andrew S. Chang

		 	Name:	 	Andrew S. Chang
		 	Title:	 	Chief Business Development Officer
	
	PENNYMAC LOAN SERVICES, LLC, a Delaware limited liability company
	
	(Oversight Servicer)
		
	By:	 	 /s/ Vandad Fartaj

		 	Name:	 	Vandad Fartaj
		 	Title:	 	Chief Capital Markets Officer

  
 26 

 EXHIBIT A 

OVERSIGHT SERVICING FEES 
  

			
	Monthly Oversight Servicing Fee:	 	An amount equal to the product of (a) the aggregate outstanding principal balance of Mortgage Loans as of the first day of each month subject to the Midland Servicing Agreement during such month, times (y) 0.05% (5 basis points)
divided by (z) twelve (12).

  
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 EXHIBIT B  

FORM OF POWER OF ATTORNEY 

LIMITED POWER OF ATTORNEY 
 KNOW ALL
PERSONS BY THESE PRESENTS: 
 THAT, PENNYMAC CORP., a Delaware corporation, as an Owner, and PENNYMAC HOLDINGS, LLC, a Delaware limited liability
company, as an Owner (“Owners”), by these presents do hereby make, constitute and appoint PENNYMAC LOAN SERVICES, LLC (“Oversight Servicer”), a Delaware limited liability company, Owners’ true and lawful agent
and attorney-in-fact, and hereby grant it authority and power to take, through its duly authorized officers and designated agents, the Actions (as such term is defined herein) in Owners’ name, place and stead. This limited power of attorney
(“Limited Power of Attorney”) is given in connection with, and relates solely to that certain Commercial Mortgage Servicing Oversight Agreement dated as of December [_], 2015, between Owners and Oversight Servicer, under the terms
of which Oversight Servicer shall oversee the servicing activities of Midland Loan Services, a Division of PNC Bank, National Association “(Midland”) under a Servicing Agreement dated July 13, 2015 among Midland, Owners and Oversight
Servicer (“Midland Servicing Agreement”). Pursuant to the Midland Servicing Agreement, Owners engaged Midland to act as the Master Servicer of Mortgage Loans that the Owners acquire or originate from time to time and as the Special
Servicer with respect to certain of those Mortgage Loans as defined in the Midland Servicing Agreement. 
 As used above, the term “Actions” shall
mean and be limited to the following acts, in each case only with respect to any of the Mortgage Loans and only as mandated or permitted by federal, state or local laws or other legal requirements or restrictions: 

 

	 	1.	Execute or file any documents necessary and appropriate to authorize or consent to Midland’s performance of actions respecting any Mortgage Loan; 

 

	 	2.	Correct or otherwise remedy any errors or deficiencies contained in any transfer or reconveyance documents provided or prepared by Owner, Master Servicer or a prior transferor, including, but not limited to note
indorsements; 

  

	 	3.	Execute or file quitclaim deeds or, only where necessary and appropriate, special warranty deeds or other deeds causing the transfer of title to a third party, in respect of property acquired through a foreclosure or
deed-in-lieu of foreclosure (“REO Property”); 

  

	 	4.	Execute and deliver documentation with respect to the marketing and sale of REO Property, including: eviction notices, listing agreements, purchase and sale agreements, escrow instructions, HUD-1 settlement statements,
and any other document necessary to effect the transfer of REO Property. 

  

	 	5.	 To execute, acknowledge, seal and deliver deed of trust/mortgage note endorsements, lost note affidavits, assignments of deed of trust/mortgage and
other recorded documents, satisfactions/releases/reconveyances of deed of trust/mortgage, subordinations and modifications, tax authority notifications and declarations, deeds, bills of sale, and other instruments of sale, conveyance, and

  
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transfer, appropriately completed, with all ordinary or necessary endorsements, acknowledgments, affidavits, and supporting documents as may be necessary or appropriate to effect its execution,
delivery, conveyance, recordation or filing. 

  

	 	6.	To execute and deliver insurance filings and claims, affidavits of debt, substitutions of trustee, substitutions of counsel, non military affidavits, notices of rescission, foreclosure deeds, transfer tax affidavits,
affidavits of merit, verifications of complaints, notices to quit, bankruptcy declarations for the purpose of filing motions to lift stays, and other documents or notice filings on behalf of Owner in connection with insurance, foreclosure,
bankruptcy and eviction actions. 

  

	 	7.	To endorse any checks or other instruments received by the Oversight Servicer and made payable to either Owner. 

  

	 	8.	To pursue any deficiency, debt or other obligation, secured or unsecured, including but not limited to those arising from foreclosure or other sale, promissory note or check. This power also authorizes the Servicer to
collect, negotiate or otherwise settle any deficiency claim, including interest and attorney’s fees. 

  

	 	9.	To do any other act or complete any other document that arises in the normal course of oversight servicing of all Mortgage Loans and REO Properties, as defined in, and subject to the terms of the Midland Servicing
Agreement. 

 With respect to the Actions, Owner gives to said attorney-in-fact full power and authority to execute such instruments and to do
and perform all and every act and thing requisite, necessary and proper to carry into effect the power or powers granted by or under this Limited Power of Attorney as fully, to all intents and purposes, as the undersigned might or could do, and
hereby does ratify and confirm all that said attorney-in-fact shall lawfully do or cause to be done by authority hereof. 
 Nothing contained herein shall
be construed to grant Servicer the power to (i) initiate or defend any suit, litigation, or proceeding in the name of Owners or be construed to create a duty of Owners to initiate or defend any suit, litigation, or proceeding in the name of
Servicer, (ii) incur or agree to any liability or obligation in the name of or on behalf of Owners, or (iii) execute any document or take any action on behalf of, or in the name, place, or stead of, Owners, except as provided herein. 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. 

[Remainder of page intentionally left blank.] 

  
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 IN WITNESS WHEREOF, the Owners has executed this Limited Power of Attorney this
     day of December, 2015. 
  

			
	 PENNYMAC CORP.

		
	By:	 	  

	Title:	 	  

	
	PENNYMAC HOLDINGS, LLC
		
	By:	 	  

	Title:	 	  

		
	Witness:	 	  

	Name:	 	  

	Title:	 	  

		
	Witness:	 	  

	Name:	 	  

	Title:	 	  

  

	
	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 CALIFORNIA 

COUNTY OF                     ) 

On                      before me,
                                         
                                        

(insert name and title of the officer) 

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 the 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 California that the foregoing paragraph is true and correct. 

  
 30 

 WITNESS my hand and official seal. 

Signature                      (Seal) 

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. 

  
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